| Asia has an opportunity to save itself, and the world economy, from the crushing excesses of Wall Street. China and Japan, with other Asian countries holding substantial surplus reserves, should act now to create an Asia bond to contain the fallout from a weak dollar. | 亚洲有机会将自己和世界经济从华尔街崩溃中解救出来。中国和日本，以及其它拥有大量盈余储备的亚洲国家，应该现在就采取行动，创建一种亚洲债券，以遏制美元疲软的影响。 |
| I hope my US friends will not see this as an ungrateful act of abandoning a ship in trouble. On the contrary, my plan will keep the ship in service, as it is repaired. This is the best way for countries that have benefited from the American century to repay their debt. | 我希望，我的美国朋友不要将此视为抛弃遇难船只的忘恩负义之举。相反，我的计划会让这艘轮船在修复之际能够继续航行。这是让过去百年来从美国受益的国家偿还债务的最佳方法。 |
| The prosperity in Asia – created by US investment and trade – has spawned problems for the US. East Asia’s current account surpluses have averaged $400bnover the past decade, while the US current account deficit runs at an annual average of $800bn. Asian countries, other than Japan, accumulated the surpluses largely by supplying cheap goods and services to the US. They can no longer rely on this one major market given that America’s ability to sustain consumer spending is severely curtailed. Having parked most of their surpluses in the currency that was most convertible – the dollar – Asian countries face the prospect of losing as much as the country that issued the currency. Most of Asia’s sovereign surpluses are in US dollar-denominated equity and notes and Treasury bills. Is there a way to protect the value of these as the US economy finds its feet? Asia’s reserves could be turned into Asia bonds that, without losing their value, could be used to stimulate investment and trade in Asia. | 由美国投资和交易创造出来的亚洲繁荣，已经给美国带来了不少问题。过去十年，东亚的经常账户盈余平均达到4000亿美元，而美国每年平均经常账户赤字为8000亿美元。除了日本，亚洲国家积累盈余的主要途径是向美国提供廉价的商品和服务。考虑到美国维持消费开支的能力已严重削弱，这些国家再也不能依赖这个唯一的主要市场。由于亚洲国家的多数盈余都配置为兑换能力最强的货币——美元，它们面临着与该货币发行国相同的亏损前景。多数亚洲国家的盈余都以美元计价证券、票据和美国国债的方式持有。在美国经济试图重整旗鼓之际，我们有办法保护这些资产的价值吗？亚洲的储备可以转化为亚洲债券，在其价值不会受损的情况下，用于促进亚洲的投资和贸易。 |
| An Asia bond would not be a self-centred zero-sum game. It could offer an opportunity for wealth creation across the world. Three billion Asians want their governments to invest their hard-earned surpluses in tangible productive capacity that they can see rather than playing with paper investments, such as esoteric derivatives. | ***** 该内容需会员回复才可浏览 ***** |