The problem is that the current economic and policy configuration in the developed world entails an unusual amount of “divergence.” With policy adjustments failing to keep pace with shifts on the ground, an appreciating dollar has assumed the role of shock absorber.
问题在于当前发达世界的经济和政策配置存在异常巨大的“分化”。政策调整无法跟上变化，升值的美元因此承担了冲击吸收器的角色。但历史表明，如此剧烈的货币波动本身可能造成经济和金融动荡。