Where’s the money coming from?                                                  钱从何来？


恒甫学社：慕光居 【译】

The huge borrowing by major governments, the U.S. government in particular, has confused many people — and not just Niall Ferguson. What I hear again and again is either the assertion that all this borrowing must drive up interest rates, or worries that the Chinese won’t be willing to lend us the money.
诸主流政府之大举举债，美国政府尤甚，不解者众，非独Niall Ferguson君一人。播腾于吾耳者，非此举必推升利率之断论，即中国必不肯解囊之危言。
We know as a matter of principle that these concerns are misplaced: if there were a shortage of savings, the economy wouldn’t be depressed. Indeed, one way to think about our current problem is that the world as a whole wants to save more than it’s willing to invest.
据于理吾知彼忧心之枉置矣：若储蓄不足，则经济必不至低落。质言之，可循此一路径以解当下之惑：举世欲储蓄之心甚于欲投资之心。

But it’s always nice to have some real-world data illustrating a principle. From Brad Setser, private and public borrowing in America, as a percentage of GDP:
可得阐明原理之真实世界之数据，恒为幸事。据Brad Setser君，美国公私之债，以占GDP之比计，吾知：

We’re actually borrowing less from foreigners than we were before



吾国举自外国之债实少于往昔矣。