Yet the US found a way to finesse this problem. Exploiting what&#160;Valéry Giscard d’Estaing called the “exorbitant privilege” of the world’s reserve currency, the US borrowed surplus savings from abroad on very attractive terms, running massive balance-of-payments, or current-account, deficits to attract foreign capital.
但美国找到了一条解决这一问题的妙招。利用季斯卡（Valéry Giscard d’Estaing）所谓的世界储备货币的“过度特权”，美国可以廉价借入国外的盈余储蓄，维持巨额国际收支（或经常项目）赤字以吸引外国资本。