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随着美国经常项目逆差的不断扩大,美国境外债务不断积累起来,形成庞大的境外美元资产,这是美国债务经济的国际循环。美国债务经济根源于美元本位的国际货币体系,美元国际本位货币的地位和美国各类金融资产的国际流动渠道畅通是形成其国际循环的两个支柱。美国债务经济的持续扩张使全球流动性因此而加速膨胀,于是不断膨胀的美元流动性最终将导致国际货币体系的危机,引起全球金融系统的严重动荡。国际货币体系正处在发生巨变的前奏,它必须适应发生了巨大变化的世界经济格局。
As the current account deficit in the United States continues to expand, the debt outside the United States continues to accumulate, forming a huge offshore dollar asset. This is an international cycle of U.S. debt economy. The debt economy of the United States is rooted in the international monetary system based on the U.S. dollar. The international currency status of the U.S. dollar and the smooth flow of international flow of various financial assets in the United States are the two pillars forming the international cycle. The continuous expansion of the U.S. debt economy has accelerated the expansion of global liquidity. As a result, the expanding liquidity of the U.S. dollar will eventually lead to a crisis in the international monetary system and cause serious turmoil in the global financial system. The international monetary system is at a prelude to a drastic change. It must adapt to the great changes in the world economic structure.