All these features have been present in the current economic expansion.

所有这些特点在当前的经济扩张中显现出来。

© Project Syndicate 1995 – 2011

http://www.project-syndicate.org/ 24.01.2011

© Project Syndicate 1995 – 2011

http://www.project-syndicate.org/ 24.01.2011

Today’s financial crisis, triggered by the collapse of the housing bubble in the United States, also marks the end of an era of credit expansion based on the dollar as the international reserve currency.

由美国住宅泡沫破灭所引发的当前金融危机也标志着以美元国际储备货币地位为基础的信用扩张时代彻底结束。

© Project Syndicate 1995 – 2011

http://www.project-syndicate.org/ 23.01.2011

© Project Syndicate 1995 – 2011

http://www.project-syndicate.org/ 23.01.2011

This time, manufacturing employment has actually fallen during the expansion, something unprecedented in American history.

这一次，制造业就业在扩张时期实际上下降了，这在美国历史上是前所未有的。

© Project Syndicate 1995 – 2011

http://www.project-syndicate.org/ 24.01.2011

© Project Syndicate 1995 – 2011

http://www.project-syndicate.org/ 24.01.2011