一个敢作敢为的时刻

纽约——即将到来的G-20峰会是一个不成功则成仁性质的大会。如果它不能为支援处于全球金融系统边缘的国家提出实际的解决方案,全球金融市场将会遭受另一轮的衰退,就像美国财政部长蒂莫西·盖特纳(Timothy Geithner)二月没有提出实际的措施来调整美国银行系统的资本结构导致的结果一样。

当前的金融危机不同于自二战以来我们经历过的所有金融危机。以前的金融危机,金融系统无论何时濒临崩溃,政府都会齐心协力,把它从崩溃的边缘挽救回来。这次,在去年9月莱曼兄弟投资公司倒闭之后,金融系统实际上已经崩盘,并且不得不借助人为的支持。在其他措施中,欧洲和美国双方都曾有力地保证不再允许其他金融机构破产。

此项措施是必要的,但它却无意造成了不利后果:从东欧到拉丁美洲、非洲以及东南亚,许多国家无法同样提供令人信服的担保。由于受到世界经济中心各国金融机构决定保护自己的金融机构、资本领地免遭外围损害的怂恿,货币贬值,利率上升,信贷违约互换飙升。当这次金融危机被编入史册时,它将被如此记录下来:与大萧条期形成鲜明对比,保护主义首先在金融领域盛行,而不是贸易领域。

To continue reading, please log in or enter your email address.

Registration is quick and easy and requires only your email address. If you already have an account with us, please log in. Or subscribe now for unlimited access.

required

Log in

http://prosyn.org/ypESG8T/zh;
  1. An employee works at a chemical fiber weaving company VCG/Getty Images

    China in the Lead?

    For four decades, China has achieved unprecedented economic growth under a centralized, authoritarian political system, far outpacing growth in the Western liberal democracies. So, is Chinese President Xi Jinping right to double down on authoritarianism, and is the “China model” truly a viable rival to Western-style democratic capitalism?

  2. The assembly line at Ford Bill Pugliano/Getty Images

    Whither the Multilateral Trading System?

    The global economy today is dominated by three major players – China, the EU, and the US – with roughly equal trading volumes and limited incentive to fight for the rules-based global trading system. With cooperation unlikely, the world should prepare itself for the erosion of the World Trade Organization.

  3. Donald Trump Saul Loeb/Getty Images

    The Globalization of Our Discontent

    Globalization, which was supposed to benefit developed and developing countries alike, is now reviled almost everywhere, as the political backlash in Europe and the US has shown. The challenge is to minimize the risk that the backlash will intensify, and that starts by understanding – and avoiding – past mistakes.

  4. A general view of the Corn Market in the City of Manchester Christopher Furlong/Getty Images

    A Better British Story

    Despite all of the doom and gloom over the United Kingdom's impending withdrawal from the European Union, key manufacturing indicators are at their highest levels in four years, and the mood for investment may be improving. While parts of the UK are certainly weakening economically, others may finally be overcoming longstanding challenges.

  5. UK supermarket Waring Abbott/Getty Images

    The UK’s Multilateral Trade Future

    With Brexit looming, the UK has no choice but to redesign its future trading relationships. As a major producer of sophisticated components, its long-term trade strategy should focus on gaining deep and unfettered access to integrated cross-border supply chains – and that means adopting a multilateral approach.

  6. The Year Ahead 2018

    The world’s leading thinkers and policymakers examine what’s come apart in the past year, and anticipate what will define the year ahead.

    Order now