They recognized that their countries’ debt-reduction prospects depended on nominal economic growth, and that their economic-growth prospects – not to mention continued peace – depended on a worldwide recovery. So they used – and even stretched – their balance sheets for investment, while opening themselves up to international trade, thereby helping to restore demand.
相反，世界领导人采取了长期的远见卓识。他们认识到，他们的国家的债务减少取决于名义经济增长，而它们的经济增长前景——更不用说持续和平了——取决于世界的复苏。因此，它们利用——甚至扩大——资产负债表进行投资，同时向国际贸易开放自己，从而帮助重塑需求。美国——它面临着巨大的公共债务，但实体资产基本安然无恙——自然在这一过程中起到了领导作用。