The only good thing about the continuing barrage of bad economic news is that it could have been worse: all three rating agencies could have downgraded the US, stock markets could have fallen further and the US could have defaulted on its debt. The general view is now that in this, the next round of the Great Recession, there is a high risk of things getting worse, with no effective instruments at governments’ disposal. The first point is correct but the second is not quite right.
最近一連串經濟壞消息中蘊含的唯一好消息是,情況本來可能更糟:三大評級機構本來都可能調降美國的評級,股市本來可能下跌得更厲害,美國本來可能出現債務違約。人們普遍認為,在“大衰退”(Great Recession)發展到眼下這一最新階段時,情況惡化的可能性非常高,而政府手中卻沒什么行之有效的政策工具。這一觀點的第一部分是對的,第二部分則不完全對。