最近欧元区和美国经济几乎同时发生市场信心崩溃，背后的真正原因在于经济战略和政府领导的失败。我们没有必要指责评级机构：欧洲和美国的政府没能处理好全球资本市场的现实和来自亚洲的竞争，理应承担最主要责任。

A failure of economic strategy and leadership lies behind the near simultaneous collapse of market confidence in the eurozone and US economies. No need to blame the rating agencies: governments in Europe and America have been unable to cope with the realities of global capital markets and competition from Asia – and deserve the lion’s share of the blame.

我仔细研究过数十次金融危机，知道成功的政策意味着要向公众指出一条出路，它既要大胆、在技术上合理，又必须以社会价值观为基础。大西洋两岸的领导人在所有这些方面都不孚众望。甚至，美国和欧洲都未能正确诊断出核心问题所在，即这两个地区都深受全球化的危害英语口译。

I’ve watched dozens of financial crises up close, and know that success means showing the public a way out that is bold, technically sound and built on social values. Transatlantic leadership is falling short on all counts. Neither the US nor Europe has even properly diagnosed the core problem, namely that both regions are being whipsawed by globalisation.

国际竞争导致制造业的低技术工人失去工作、大量工业领域的新投资减少。21世纪头十年里，美国和欧洲的就业率一开始之所以得以保持，只是因为低利率和不负责任的放松监管刺激了住房建设，直到后来泡沫破裂。现在的复苏之路，不在于催生一个新的房地产泡沫，而在于提高工人技能、扩大出口、以及增加在基础设施和低碳能源方面的公共投资。可恰恰相反，美国和欧洲却时而采取行不通的消费导向刺激计划，时而诉诸于不考虑未来投资的紧缩政策上海翻译。

Jobs for low-skilled workers in manufacturing, and new investments in large swaths of industry, have been lost to international competition. Employment in the US and Europe during the 2000s was held up only by housing construction stoked by low interest rates and reckless deregulation – until the construction bubble collapsed. The path to recovery now lies not in a new housing bubble, but in upgraded skills, increased exports and public investments in infrastructure and low-carbon energy. Instead, the US and Europe have veered between dead-end, consumption-oriented stimulus packages and austerity without a vision for investment.