另一种金融危机

发自纽波特滩——金融危机的两个变体正继续蹂躏着西方经济,令失业和贫穷状况进一步加剧:一个是我们经常在报纸上读到的涉及各国政府的金融危机;另一个不那么起眼的则是中小型企业和家庭层面上的危机。 在这两种危机得到恰当应对之前,西方世界将继续背负着增长滞缓、失业率长期居高及收入与财富差距过大的负担。

主权债务危机是众所周知的。为了避免出现经济萧条,各国政府在全球金融危机期间都忙于实施财政及货币刺激政策。此举成功抵消了因私营部门去杠杆化所导致的严重经济紊乱,但却是以破坏自身财政收支平衡以及扰乱央行资产负债表为代价的。

虽然主权信贷的质量几乎全面恶化——并很可能继续恶化下去——但它对各国的影响却有所不同。某些西方国家——比如希腊——起初其政府账目就非常糟糕,所以很快就陷入了长期持续性的危机模式。这些国家将一直深陷危机,即便很长一段时期之后都依然无法为其公民带来一丝希望。

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