To try to explain the recent stabilization of the dollar’s status, one might note something that the last three years have in common with the previous period of temporary reversal from 1992 to 2000: striking improvements in the US budget deficit. By the end of the 1990’s, the record deficits of the 1980’s had been transformed into record surpluses; today, the federal deficit is less than half its 2010 level.
要想解释最近的美元地位趋稳之势，可以把注意力放在过去三年与1992—2000年衰落之势暂时扭转期间的相似之处：美国预算赤字大幅改善。到20世纪90年代末，80年代创纪录的赤字变为创纪录的盈余；如今，联邦赤字也不到2010年水平的一半。