The degree of leverage now being reversed is staggering, and the underlying global imbalances - notably between the savers and the spenders - will require long and painful adjustment.
目前杠杆率的逆转程度令人震惊，而根本的全球失衡——尤其是储蓄者与支出者之间的失衡——将需要长期而痛苦的调整。
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