$ F: V( d9 m C ^5 Q- J" s# M默文·金在谈到德国时说，德国被困在欧元之内，货币无法升值，但是德国可以通过拯救计划和消除其银行所持主权债务的方式承担损失。 / g f' K0 z! }0 x" |1 D 9 j& l3 t4 G( @2 \7 ?+ D. b 4 C9 `3 o4 t. x& U+ F3 I0 L7 }! {" A$ Y/ L7 ^3 Q
0 ]4 ?4 [9 h0 i" n' U 6 w+ S. \' a" p# S英国中央银行英格兰银行行长默文·金3 x3 W4 v0 P( E5 o1 ^
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The fate of the world is now in the hands of Chinese and German policymakers $ q$ V! i* c( ~* s# t( v L: B+ mUK growth is now in China's hands& s9 X7 s& ^: d
0 n/ K. R8 J! Q4 g4 _0 TIf there was one message to take away from the Bank of England's dramatic Inflation Report yesterday, bar rates being on hold for another two years and growth being weaker than hoped, it was that the global economy is back on the precipice – and it is the world's creditor nations that are holding the rescue lines." H% O5 h1 c- N6 z# U5 \
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There is only one way for the world to go, said the Bank's Governor Sir Mervyn King: for the pent-up losses caused by the vast debts amassed in the boom to be "shared between creditors and debtors". This, he said, meant "in the world economy between creditors in the East and debtors in the West, and within the euro-area between creditors in the North and debtors in the South". 1 T y8 T0 H, K, k9 b/ X% J9 y+ k ! p- h& S+ c" g/ V! iThe problem is that there are two ways the problem can be resolved. Either voluntarily, as surplus countries like China let their currencies appreciate, or violently, "in the context of a downturn in the world economy"." I; u: y' A+ e% c5 T& a( @, u$ A' p
6 `) r# n! _4 @9 R' c3 [8 c/ C) iGiven the lack of political leadership currently, an ugly denouement looks all too likely.+ `# _' V, u. J u: @ }* ~# ~0 w
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The issue is, and has always been, "global imbalances". China and Germany export too much and plough their returns back into the financial system, creating bubbles of cheap credit and distortions in behaviour.
