赤字财政

Although its public debt was relatively low before the financial crisis started in August 2007, Britain was ill-placed because it was running a sizeable deficit at what turned out to be the peak of the economic cycle. That shortfall reflected Gordon Brown's decision, as chancellor of the exchequer, to embark on a spending spree a decade ago. Total expenditure jumped from 36% of GDP in 1999 to 41% by 2005 and then stayed at that level, even though the economy was growing fast.

虽然公共债务在2007年8月金融危机前的时后还处于一个相对较低的水平，但英国已将自己置于了不利境地，因为在经济处于拐点的时刻英国的财政赤字依然相当庞大，这是财政部大臣Gordon Brown挥霍性消费政策的结果，总开销从1999年占GDP的36%跃升至2005年的41%，此后便一直维持在这个水平，即便如此经济的增长依然强劲。

Then, there is $2 trillion fiscal deficit to fund in 2009, nearly one fifth of the outstanding amount. The US is dependent on foreign money to fund its treasury issuances.

2009年，美国将有2万亿美元的财政赤字需要融资，接近其在外流通国债的五分之一。

This fiscal deterioration has occurred during one of the mildest economic slowdowns in memory.

在过去，财政赤字曾经发生在温和的经济衰退中。

But the deficit worriers have it all wron g.

但是，担心财政赤字的人们完全错了。

The US is also acting faster and with greater firepower than in Japan, where the idea of reflating the economy through large deficits and a recapitalisation of the banks took many years to gain acceptance.

而且，美国官方采取行动的速度和力度都要超过当年的日本；在日本，以巨额财政赤字和向银行业注资的方式启动经济的思路经过了几年时间才为官方所接受。

Indeed, such "quantitative easing" is an augury for the option to be tried in extremis: reflating the economy by printing money to finance budget deficits.

实际上，这些&数量上的缓冲政策&预示着政府的选择是走向一个极端：通过印更多的钱使得通货再次膨胀从而解决财政预算赤字问题。

Indeed, such "quantitative easing" is an augury for the option to be tried in extremis: reflating the economy by printing money to finance budget deficits.

事实上，像这种&定量宽松型&货币政策预示着极端的选择：为弥补财政赤字，增印钞票，引发经济通胀。

Indeed, such \』quantitative easing\』 is an augury for the option to be tried in extremis: reflating the economy by printing money to finance budget deficits.

事实上，像这种\』定量宽松型\』货币政策预示著极端的选择：为弥补财政赤字，增印钞票，引发经济通胀。

Transparent subsidies granted from the government budget to state-owned enterprises undergoing restructuring, and with the abolition of the window for financing the quasi-fiscal deficit through direct credits and interest-rate subsidies in 1992 to 1996, enabled the policy-makers to assess the real size of the economic imbalances and to implement several corrective measures.

透明的补助金从政府预算中的国有企业正在进行重组，并在经费筹措准通过直接贷款和利率补贴率在1992年至1996年的财政赤字窗口取消，使决策者评估实际规模的经济失衡，并实施了若干纠正措施。

In any case, I thought it might be useful to re-explain why our current predicament can be thought of as a global excess of desired savings - which means that fiscal deficits won't drive up interest rates unless they also expand the economy.

无论如何，我认为再解释也许是有用的，为什么我们目前的困境，可以理解为是一个全球性储蓄过剩-这意味着财政赤字将不会推高利率，除非他们还扩大经济规模。

For a big chunk of credit-card losses; the number of filings (and thus charge-off rates) would be rising again, whether

年美国个人破产法的一个改动使得破产登记急速下降，而后引起了信用卡大规模的亏损。

Eph. 4:23 And that you be renewed in the spirit of your mind

弗四23 而在你们心思的灵里得以更新