If the US is unable or unwilling to run the required deficits, the global economy will flounder in a savings glut of low demand and cheap capital until another alternative emerges. Or perhaps the low cost of international capital will entice the US to absorb some of the world’s excess savings, triggering a new period of global expansion.
如果美国不能或不愿产生需要的赤字，全球经济将陷入储蓄过剩、需求低迷、资本廉价的局面，直到美国的替代者出现。或者，低成本的国际资本或将诱使美国吸收一些过剩储蓄，带来新的全球扩张期。