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【双语音+文稿】美国正陷入经济危机的困境——经济学博主:Ec

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P1【双语音+文稿】美国正陷入经济危机的困境——经济学博主:Ec32:44

P1 · 【双语音+文稿】美国正陷入经济危机的困境——经济学博主:Econoclasts p01 英文版 (P1)

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时间英文中文
0:00The private sector in America is loading up with debt like never before.美国私营部门负债累累 前所未有的。
0:03I am predicting that the U.S. will have a debt crisis.我预言美国将面临债务危机.
0:06Default, when you are in a debt crisis, is happening.当你陷入债务危机时,违约正在发生。
0:10The question is, who is going to pay the price of the default?问题是,谁要支付违约的代价?
0:13There's always an American economist who will tell me,总有一位美国经济学家会告诉我
0:15don't worry, we are the anchor currency, the dollar is the global reserve currency.别担心,我们是固定货币,美元是全球储备货币。
0:18The U.S. cannot default, full stop.美国不能违约,全停.
0:20And that's just nonsense.胡说八道
0:22If this breaks, then you have every reason to be fearful.如果这断了 你就有理由害怕
0:25We're heading into a broader-based crisis of the global financial system as a whole.我们正面临全球金融系统整体上一个更广泛的危机。
展开字幕全文(767 条)
序号英文中文
1The private sector in America is loading up with debt like never before.美国私营部门负债累累 前所未有的。
2I am predicting that the U.S. will have a debt crisis.我预言美国将面临债务危机.
3Default, when you are in a debt crisis, is happening.当你陷入债务危机时,违约正在发生。
4The question is, who is going to pay the price of the default?问题是,谁要支付违约的代价?
5There's always an American economist who will tell me,总有一位美国经济学家会告诉我
6don't worry, we are the anchor currency, the dollar is the global reserve currency.别担心,我们是固定货币,美元是全球储备货币。
7The U.S. cannot default, full stop.美国不能违约,全停.
8And that's just nonsense.胡说八道
9If this breaks, then you have every reason to be fearful.如果这断了 你就有理由害怕
10We're heading into a broader-based crisis of the global financial system as a whole.我们正面临全球金融系统整体上一个更广泛的危机。
11If our global financial sector is not going to hold,如果我们的全球金融部门无法维持
12that will be a singularity in our modern history.这将是我们现代历史上的一个奇特之处。
13China could be writing a new chapter in history,中国可以写历史新篇章
14and that opportunity will require the Chinese to ensure而这一机会将要求中国人确保
15that the benefits from this production-focused AI tech are spread across the population.这种以生产为重点的人工智能技术的好处分布在民众中。
16The idea that we have to work longer hours forever, I never accepted this.这个想法,我们必须工作更长的时间 永远,我从来没有接受这一点。
17Certainly what I can say from my end is that the approach当然,我可以从我的结尾说, 方法
18to start off with open source models seems to me the right one.从开源模型开始,在我看来是正确的。
19欢迎回到Econoclast队
20It is my great pleasure to welcome back to the program我很高兴能回来参加节目
21Wolfgang Munchau, 他离开了, 一个非常值得的节日。
22And I have to say that currently I speak to you from the Mediterranean Sea.我不得不说,我目前正在地中海与你们交谈。
23This is a boat floating, so I'm having my own holiday.这是一条漂浮的船, 所以我有我自己的假期。
24But how could I miss the opportunity to welcome Wolfgang back?但我怎么能错过欢迎沃尔夫冈回来的机会?
25Hello Wolfgang, tell us where you've been.哈罗 沃尔夫冈,告诉我们你去哪了
26I've been in cooler waters.我去过更凉的水域。
27I've been in the north of Europe.历任欧洲北部知县.
28My family and I, we took a trip around the Baltic Sea,我的家人和我 我们环游波罗的海
29spent quite a bit of time in the Baltic Republics and then in Finland and Sweden.在波罗的海各共和国以及芬兰和瑞典度过了相当长的时间。
30There's something we should probably discuss at some point,有些事情我们也许应该讨论一下
31something I noted this time.这一次我注意到的东西。
32I've been visiting the Baltic Republics before,我以前去过波罗的海共和国
33but something I noted for the first time for another podcast, not for today.但我第一次注意到 另一个播客,不是今天。
34But I noticed that prices in those countries have risen enormously.但我注意到这些国家的价格已经大幅上涨。
35In some respects, it was a relief to go to Finland because things were cheaper.在某些方面,去芬兰是一种宽慰,因为事情比较便宜。
36And that was like an almost absurd experience.这就像一个几乎荒谬的经历。
37Tell us something about a monetary union,告诉我们一个货币联盟,
38that the one-size-fits-all policy of a monetary union货币联盟的一刀切政策
39that doesn't fit those small countries anymore.这已经不适合那些小国了
40And that's something, quite an interesting development这是件有趣的事情
41that I didn't quite have on my radar screen.我雷达屏幕上没有这个
42Today I would like to talk about something that happened last week.今天我想谈谈上周发生的事情。
43The rise in US interest rates, the intervention by the US Treasury Secretary,美国利率的上升,美国财政部长的干预,
44and the fact that it didn't work really as well as intended.和事实,它没有真正 工作如意。
45And I think this is sort of a reminder of the kind of times we're living in,我觉得这有点提醒人们 我们生活在什么样的时代,
46of the kind of debt-ridden times we are living in.那种充满债务的时代 我们生活在。
47The private sector in America is loading up with debt like never before.美国私营部门负债累累 前所未有的。
48So is the public sector.公共部门也是如此。
49Donald Trump's budget, I thought it was one of the most irresponsible唐纳德・特朗普的预算,我认为这是 最不负责任之一
50fiscal plans in US history, is exploding the deficit.美国历史上的财政计划正在爆发赤字。
51The Congressional Budget Office has revised the deficit projections.国会预算办公室修订了赤字预测。
52And I think we're sort of in a debt trap situation where you pile on debt,我认为我们处于一种债务陷阱的情况 你堆积债务,
53the markets push up the interest rates, it increases your debt servicing costs.市场推高利率 增加你的偿债成本
54So your debt goes up higher by what it was originally projected.所以,你的债务上升了 以它最初的预测。
55And as a result, the markets keep on pushing up the interest rates.因此,市场不断提高利率。
56This can easily get out of control.这很容易失控
57Now, it hasn't gotten out of control.现在,它还没有失控。
58We're talking about interest rates of 5.3% around that level in the United States美国的利率是5.3%左右
59for 30-year bonds.30年的债券
60That's not a debt crisis.这不是债务危机。
61But it's an uncomfortable level.但它是一个不舒服的水平。
62We're no longer living in the zero interest rate environment.我们不再生活在零利率环境下.
63It is sort of also a reminder that the United States is not immune to debt issues,这也提醒人们,美国不能免除债务问题,
64to debt problems.解决债务问题。
65For pretty much the last 20, 30 years, whenever I raised the issue of the US deficit,过去20、30年里 每次我提出美国赤字的问题
66there was always an American economist who would tell me,总是有一位美国经济学家告诉我
67don't worry, we are the anchor currency.别担心 我们是固定货币
68We are the dollar is the global reserve currency.我们是美元是全球储备货币。
69The US cannot default, full stop.美国不能违约,全停。
70And that's just nonsense.胡说八道
71It really is nonsense.这真是胡说八道。
72And I think it conflates a number of issues.我认为它概括了一些问题。
73Of course, the US can default, anybody can default.当然,美国可以违约,任何人都可以违约。
74The fact that the Fed can print money, that doesn't mean that the US cannot default.美联储可以印钱 并不意味着美国不能违约
75Every central bank can print money.每个中央银行都可以印钞票.
76The ECB can print money for every member state.欧洲中央银行可以为每个成员国印制货币。
77It doesn't do that.它不会做到这一点。
78But it can.但它会的。
79The Bank of England can print money.英格兰银行可以印钱.
80But look at what's happening here in the UK.但看看英国发生了什么
81It's not like the fact that the Bank of England can print money英国银行不会印钱
82makes the UK immune to debt crisis.使英国免于债务危机。
83Very much on the contrary.甚处相反.
84Well, your story is about debts and deficits.你的故事是关于债务和赤字
85My story for today will be about surpluses and will be about China.我今天的故事是关于盈余和中国。
86And the orthodoxy that I want to debunk is the standard argument我想解开的正统是标准论点
87that for China to escape what I call its rent trap at the moment,对于中国逃避我所说的 租金陷阱,目前,
88the Chinese, both the private sector and the public sector,中国,私营部门和公共部门,
89need to go on a spending spree.需要花一大笔钱。
90The radical solution I see on the horizon, because this is no solution.我在地平线上看到的激进解决方案,因为这不是解决方案。
91Consumerism galore is not a solution.消费主义不是解决办法。
92The radical solution I see on the horizon,我在地平线上看到的激进解决方案
93and I'm going to be talking about that later on,我稍后会谈这个
94concerns the smart use of Chinese AI.担心中国AI的聪明使用.
95I'm sure this is going to be a controversial point我敢肯定,这将是一个有争议的问题
96and I'm looking forward to your response to it.我期待着你对它的反应。
97But let's go back to your orthodoxy of the day但让我们回到你的正统时代
98about American debt mattering or not mattering.关于美国的债务是重要还是不重要。
99Debt is not a problem in itself if you can service it.如果你能偿还债务,债务本身就不是一个问题。
100So there isn't such a thing as a correct level of debt因此,没有这样的事情 正确的债务水平
101or a maximum level of debt.或债务上限。
102The maximum level of debt is the one that you can service.债务的最高水平是您可以偿还的债务。
103This is very simple as that.这很简单。
104And governments have instruments available to themselves政府拥有工具
105that private companies don't.私人公司不会的
106They can tax.他们可以征税。
107This is why sovereign debt enjoys a special status in the bond markets.这就是为什么主权债务在债券市场上享有特殊地位的原因。
108Government must not default.政府决不能违约。
109It can always raise the money if it wants to.如果愿意,它总是可以筹钱的.
110It can choose to default.它可以选择默认.
111So this is another matter.所以这是另一个问题。
112But a private sector borrower can be in a position但是,一个私营部门的借款人可以处于一个地位
113where the private sector, where they want to service the debt私营部门,它们想偿还债务的地方
114but can't, physically can't.但不能,身体上不能。
115Governments are rarely in that possibility, in that situation.在这种情况下,政府很少有这种可能性。
116Governments usually have more options available政府通常有更多的选择
117than the private sector.而不是私营部门。
118And the reserve currency of the world,和世界储备货币,
119the government of the reserve currency of the world,世界储备货币的政府,
120the United States, has more options available than others.美国比其他国家有更多的选择。
121That's for sure.当然
122It has a lot of investments locked up.里面有很多投资
123It can tax investments.它可以对投资征税。
124As Donald Trump even tried to do at one point,唐纳德·特朗普甚至一度试图这么做,
125it can impose a tax on all the deposits,它可以对所有存款征税,
126foreign deposits in the United States.外国在美国的存款。
127There's an awful lot they can do to avoid default.他们可以做很多事情来避免违约
128And I'm not predicting that the US will default.我无法预测美国会违约
129I am predicting that the US will have a debt crisis我预测美国将面临债务危机
130and that it will need to act fairly forcefully to counter it,并且它需要相当有力的行动来对付它,
131either through accepting higher inflation,要么接受更高的通胀率,
132which is, I think, what they will do,我认为,这是他们要做的,
133or through taxing foreign investors,或通过对外国投资者征税,
134or through a combination,或通过组合,
135or maybe even of defaulting on obligations to their citizens,或甚至不履行对其公民的义务,
136on health care, on pensions.关于医疗保健,关于养老金。
137And we can always default, not only on markets,我们总是可以违约, 不仅仅是在市场上,
138we can default on our own citizens.我们可以放弃自己的公民。
139This is another form of default.这是另一种违约形式。
140And I would actually call it that,而我会说,
141because if you promise people that they have a safe pension因为如果你向人们保证 他们有安全的养老金
142and then you rate the pension fund,然后把养老基金评分
143that's a form of default.这是一种默认形式。
144It is very unlikely that this is sustainable.这极不可能是可持续的。
145I'm not a pessimist of the US.我不是美国悲观主义者
146I'm not one of these people who say that Trump will fail我不是说特朗普会失败的人
147because he's Trump.因为他是特朗普。
148And I've been sort of, as listeners and viewers will know,我一直有点, 听众和观众会知道,
149I've been, I wouldn't say pro-Trump,我一直,我不说亲特朗普,
150but I've been sort of open-minded about some of the things,但我对一些事情有些开明
151especially some of the tariff policies特别是一些关税政策
152and some of his economic policies.以及他的一些经济政策。
153I didn't see them in the same light我没在同一个光线下看到他们
154as sort of traditional commentators in Europe would do.就像欧洲的传统评论家一样
155I also think that some of his policies我也觉得他的一些政策
156have actually worked better than people predicted,其实比人们预测的要好
157like his tariffs.像他的关税。
158They certainly raised a lot of money他们肯定筹了很多钱
159and they didn't produce the kind of inflation他们没有产生那种通货膨胀
160that people predicted.人们预言。
161So I'm not really dissing him here所以,我不是真的 迷惑他在这里
162or dissing his administration.或破坏他的管理。
163The issue is very much that,问题是,
164can the US maintain this level of growth?美国能否保持这种增长水平?
165If they can, if they can grow at 3% every year,如果他们能,如果他们能以每年3%的速度增长,
166I think it will probably be all right.我觉得可能没事
167But we have also an issue in the tech sector.但我们也有技术部门的问题。
168If there is a bubble,如果有气泡的话
169if the AI investments that are currently being made如果目前进行的人工智能投资
170and that are competing,那是互相竞争的,
171the bond issuance of AI companiesAI公司的债券发行
172are competing with the bond issuance与发行债券竞争
173of the US administration.美国政府。
174Now, if some of these investments go bad,现在,如果这些投资有问题
175and I'm sure some will,我敢肯定,一些意愿,
176then we might be ending up那我们就完了
177in a sort of combined public-private sector debt crisis.在公私部门债务危机中。
178And should this result in the US recession,如果这导致美国衰退,
179and the Fed will be prevented from supporting the economy美联储将无法支持经济
180because of high inflation,由于高通胀,
181we might well be in a situation我们很可能处于某种状况
182where interest rates rise fairly dramatically.利率大幅上升。
183And it's like with all debt crisis,就像所有债务危机一样
184they follow the old Hemingway format他们按照海明威的格式
185of gradually then suddenly.渐渐地,
186That's the case here.就是这样
187And there's an actual sort of economic还有一种实际的经济
188or even mathematical reason for that.甚至是数学原因
189It is the fact that debt levels raise relatively slowly,事实上,债务水平上升相对缓慢,
190even with high deficits.即使有很高的赤字。
191But once the interest rates,但一旦利率,
192once the market responds to this,一旦市场对此作出反应,
193then this creates a toxic dynamics这样就会产生一种毒性动力
194between interest rates, debt levels, deficits,利率、债务水平、赤字、
195and you can easily end up, like Greece did,你可以轻易结束 像希腊那样
196end up starting with 100% debt to GDP,最终从100%的债务到GDP,
197it was a bit more,有点多
198ending up at 200 in no time.很快就到了200岁
199I remember the early austerity programs in Greece我记得希腊早期的紧缩计划
200actually drove up the debt level债务水平上升了
201because people completely misjudged因为人们完全误判
202the Europeans that kind of forced Greece into this,那些欧洲人强迫希腊这么做,
203completely misjudged the economic dynamics of this.完全错误地判断了经济动态。
204And you could see similar things happening你可以看到类似的事情发生
205in the United States.在美国。
206It's genuinely difficult for a country一个国家真的很难
207to be in this situation,面对这种情况,
208to extricate themselves through domestic policy changes.通过国内政策改革使自己摆脱困境。
209So default is always an option.所以默认总是一个选项。
210It was an option in Greece.这是希腊的一个选择。
211It's going to be an option in the United States这将是一个选择在美国
212should they come into this scenario.他们应该加入这个圈套
213This is not an outright default on bondholders.这不是债券持有人完全违约。
214It could take different, different, different ways.它可能采取不同,不同,不同的方式。
215One could, I've been hearing in France,可以,我在法国听说了
216Jean-Luc Mélenchon's party,让-吕克·梅伦森的派对,
217the party of the far left in France,远在法国的政党,
218they're now openly discussing turning the French bonds他们现在公开讨论 转换法国债券
219at the Bank of France and the ECB法国银行和欧洲中央银行
220into zero-coupon perpetuals.变成零圈的永恒
221That sounds like an interesting technical thing,这听起来像 一个有趣的技术事情,
222but all it means is a default.但它意味着默认。
223Basically, the bond will never be repaid基本上,保证金是不会还的
224and it never pays any interest.它从不支付任何利息。
225That's basically the same thing as like,基本上就是一样
226you no longer have it.你不再拥有它。
227This is the kind of debate that we're now starting to get.这就是我们现在开始的争论。
228This is, I don't think Jean-Luc Mélenchon这是,我不认为 让-吕克·梅伦森
229will be the next president of France,将成为法国的下一任总统,
230but he is in there with a chance.但是他有机会在里面
231There is certainly a scenario in which he might be,肯定有一个情景 他可能会,
232he might be a second round candidate.他可能是第二轮候选人
233And it's not just some people on the fringes.而且不只是一些边缘的人。
234These are main, I would call him a mainstream politician.这些是主要的,我称他为主流政治家。
235He's certainly polling higher than the vast majority他的投票率肯定比大多数人都高
236of the centrist candidates in France.法国的中间派候选人。
237So yeah, we should take this seriously所以,我们该认真对待
238and we should take Trump seriously我们应该认真对待川普
239because he is clearly not interested因为他显然不感兴趣
240in balancing the budget.平衡预算。
241That was never going to happen.这永远不会发生。
242The US private sector is going into an investment spree美国民营部门正在投入投资
243that is unprecedented and that relies这是前所未有的,并且依赖
244on extremely optimistic assumptions about the economy.对经济极为乐观的假设。
245And I'm optimistic about AI.我对AI很乐观
246I'm not one of these European pessimists我不是那些欧洲悲观主义者
247who always think, see the problems谁总是想,看问题
248but never see the opportunities.但永远看不到机会
249I think AI is going to be a sort of a life我觉得AI会是种生活
250and society changing event.社会变迁
251That doesn't mean that the investments we're making today这并不意味着我们今天的投资
252are all sensible.这很明智
253It's a bit like the dot-com bubble.有点像点-com泡沫.
254Dot -com不是一个泡沫,
255but a lot of the investments people made at the time但很多投资的人在当时
256were a bubble.是个泡泡
257AI may well follow the same pattern,大赦国际很可能遵循同样的模式,
258that it will be a successful technology in the long run从长远来看,这将是一项成功的技术
259but not in the way people envisage it today但不是今天人们想象的那样
260and that a lot of the investments people are making很多人在投资
261will not come good.不会有好的。
262And the same, if this private sector crisis同样,如果这个私营部门的危机
263and the public sector debt crisis come together,和公共部门债务危机汇聚一堂,
264because that crisis of a state is the private因为国家危机是私人的
265and the public sector taking together公共部门的共同努力
266because ultimately the government is responsible因为最终政府有责任
267for the debt of the nation,为了国家的债务,
268not just of the public sector of the nation.不仅仅是国家的公共部门
269If both come together,如果两者合在一起,
270we could see a serious turmoil in the financial markets我们可以看到金融市场的严重动荡
271to the extent that the dollar may no longer be在美元可能不再存在的情况下
272the global anchor currency that we've known it to be.我们所知道的全球锚值货币
273And this is now, I think a scenario而现在,我认为一个情景
274that's no longer outlandishly small probability这已经不是小概率了
275but it is a mainstream scenario for me.但对我来说,这是一个主流的情景。
276I'm not saying the most probable scenario我不是说最有可能的情况
277but I think it is a scenario但我觉得这是场景
278that we should take sufficiently seriously.我们应当充分认真对待。
279When you were discussing the possibility当你在讨论可能性时
280of government defaulting on its people,即政府违抗人民,
281given that, of course, here in Greece,当然,在希腊
282in the heights of our debt crisis,在我们债务危机的高潮中,
283this default did take place,这个默认发生,
284you reminded me of something that happened你让我想起了发生的事情
285when I was Minister of Finance during that crisis.那次危机期间我担任财政部长
286Klaus Regling, a gentleman who was heading克劳斯・雷林,一个绅士 谁去
287the European Sustainability Mechanism,欧洲可持续性机制,
288he said at some point to me,他说,在某个时候,我,
289you have to make a payment你必须要付钱
290to the International Monetary Fund, Giannis, tomorrow.明天去国际货币基金组织,吉安尼斯
291The thing to do is default on your pensioners,要做的是拖欠你的退休金
292cancel all pensions for six months.取消所有六个月的养老金。
293So default when you are in a debt crisis is happening.所以,当你处于债务危机时,违约正在发生。
294The question is, who is going to pay the price of the default?问题是,谁要支付违约的代价?
295Will it be the lenders?会是贷款人吗?
296Will it be the public?会是大众么.
297Will it be the pensioners?会是养老金领取者吗?
298Will it be the foreigners?是外国人吗?
299Indeed, in 2011, 2012,事实上,2011年、2012年,
300Greece had the greatest default in human history.希腊是人类历史上最严重的违约国。
301A hundred billion euros was written off.1000亿欧元被注销.
302But, of course, the bankers lost nothing当然,银行家一无所获
303because they were compensated,因为他们是受报酬的,
304overcompensated for whatever losses they made.他们的损失都过重赔偿
305But, you know, small bondholders但是,你知道,小债券持有人
306of the Greek state were wiped out completely.希腊国家被彻底消灭。
307Our pension funds were wiped out.我们的养老基金被消灭了
308Anyway, I just want to do...总之 我只想...
309I couldn't prevent myself from making this jab.我不能阻止自己做这个刺拳。
310In response to your reminder, apt reminder,以记念和记念发誓,
311that when the debt is unpayable,当债务无法偿还的时候,
312somebody suffers a default.有人违约了
313But the question is who?但问题是谁?
314And the answer to that question is always political.这个问题的答案总是政治性的。
315It's never economics, not macroeconomics, not scientific.它从来不是经济学,也不是宏观经济学,也不是科学学.
316The people who suffer from the default,受违约之害的民众,
317which is inevitable, are the weakest links.这是不可避免的,是最薄弱的环节。
318The people with the least political power.政治权力最小的人.
319Now, when it comes to your worries,现在,当你的担心,
320the worries that were spearheaded by the fact由事实引领的担忧
321that 30-year bonds in the United States rose above 5%.美国的30年债券增长了5%以上。
322There was this spike.有个钉子
323Now, when we talk about the United States,现在,当我们谈论美国,
324we have to make sure that we talk specifically我们一定要确保我们谈谈
325about the United States.关于美国。
326Because what applies to the United States因为对美国适用
327doesn't apply to other countries.不适用于其他国家。
328So, you know, the United Kingdom,所以,你知道,英国,
329it may be also privileged enough可能也有足够的特权
330to be printing the currency in which it borrows.用来打印其借入的货币。
331But it doesn't have the privileges但是它没有特权
332that come with the issuer of the world reserve currency.和世界储备货币的发行商一起来的
333So the question is, are these American economists所以问题是 这些美国经济学家
334that always remind you that,那总是提醒你,
335oh, we have the exorbitant privilege哦,我们有很高的特权
336of the reserve currency,储备货币,
337so don't worry about our debt.所以别担心我们的债务
338Are they right or are they wrong?他们是对还是错?
339Is it possible?有可能吗?
340Essentially, the question is,问题是,
341is the exorbitant privilege under threat?贵重的特权是否受到威胁?
342As long as it isn't, then they're right.只要它不是,那么他们是正确的。
343But just because they have had the exorbitant privilege但只是因为他们拥有了高贵的特权
344all these years doesn't mean这么多年 并不意味着
345they will continue to have it tomorrow.他们明天会继续拥有它。
346The problem of empiricism.模范主义的问题.
347You remember, of course, the allegory你记得,当然,寓言
348where the chicken always assumes鸡总是假设
349that it will live forever它将永生
350because the farmer keeps feeding it因为农民一直在喂它
351until one day the farmer chops its head off.直到有一天农民砍掉头
352So, you know, is the exorbitant privilege's head所以,你知道,是高贵的特权的头
353going to be chopped off or not?会不会被砍掉?
354Well, I don't think it's got anything to do really嗯,我不认为它有什么 做真的
355with interest rates, interest rate policies利率政策
356by the Fed or, you know, what Scott Besant is doing.或者,你知道,斯科特·贝桑特在做什么。
357By the way, I was amazed by the article对了,我对这篇文章很惊讶
358he wrote in the Financial Times他在"金融时报"上写道
359in which he is threatening Iran他威胁伊朗
360with an economic D-Day.经济日。
361It just goes to show that Scott Besant它只是显示,斯科特贝桑特
362is far lesser of a Treasury Secretary比财政部长要小得多
363than I thought.比我想的还要多
364He seems to be in a state of panic now.他现在似乎处于恐慌状态.
365But anyway, the question about但总之,关于
366the exorbitant privilege of the dollar美元巨额特权
367turns on another question打开另一个问题
368which is more profound, deeper and more meaningful.更深刻、更深入、更有意义。
369Is the United States economy美国经济
370going to continue to be able能够继续
371to recycle other people's surpluses?回收别人的剩余?
372Because, you know, the reason why因为,你知道,原因
373American hegemony has been growing美国霸权不断增长
374since 1971, the end of Bretton Woods,自1971年以来,布雷顿森林的终结,
375in spite of the fact that it has been,尽管它一直以来,
376the United States has been sinking美国一直在沉没
377deeper and deeper into red ink,越来越深的红色墨水,
378both when it comes to its current account在涉及经常账户时
379and its budget accounts.及其预算账户。
380The reason why it has been为何如此
381increasing its hegemony analogously同样的,增加其霸权
382in proportion to how much in debt it went债务金额的比例
383and in deficit it went,在亏损中,
384the reason is because it was原因是因为...
385recycling other people's money,回收别人的钱,
386other people's profits.其他人的利润。
387So, you know, I keep saying this所以,你知道,我一直说
388but it's important to remind this,但重要的是提醒这一点,
389you know, every time Mercedes Benz每次梅赛德斯奔驰
390was sold to the United States卖给美国
391or aluminum was sold by some或铝被某些人卖掉
392factory in Shenzhen to California,深圳至加利福尼亚的工厂
393a pile of dollars ended up一大笔钱最后
394in German or Chinese accounts德国或中国的账户
395and then it migrated back to Wall Street然后它又搬回华尔街
396to be recycled in American government bonds,在美国政府债券中回收,
397some equities and real estate.一些股票和房地产。
398And this is the manner in which这就是我们...
399other people's profits and surpluses其他人的利润和盈余
400have maintained and financed维持和资助
401American hegemony.美国霸权.
402Is this recycling scheme,这是回收计划吗?
403which is pretty remarkable,这是相当了不起的,
404it's never happened in human history before,这在人类历史上从未发生过
405that's not how the British Empire functions,大英帝国不是这么运作的
406not how the Dutch Empire function,不是荷兰帝国如何运作,
407it's only how the American Empire has functioned.美帝国就是这样运作的
408Is this under threat?这是受到威胁的吗?
409Will this break?这能打破吗?
410If this breaks,如果这断了
411then you have every reason to be fearful.那你就有理由害怕了
412I'm also not saying that我也没那么说
413the US is about to default.美国即将违约。
414It's not my prediction.这不是我的预言。
415I am, however, saying that even不过,我是说,甚至
416the issuer of the global reserve currency全球储备货币发行人
417and the country that enjoys享受经济、社会和文化权利的国家
418the exorbitant privilege高贵的特权
419that the US undoubtedly does美国无疑会
420is not immune from financial crises无法免于金融危机
421and it's not immune from financial crises也不能免于金融危机
422of a sort that might be very difficult那种可能很困难的
423to fix with a classic bailout mechanism.以典型的救市机制进行修复。
424This is a debt crisis of that proportion这是如此比例的债务危机
425if it's based on a loss of trust by investors.如果它是基于投资者失去信任。
426It's not going to be fixed by a central bank中央银行不会修好的
427that issues money and monetizes the debt.发行钱和货币化的债务。
428We're heading into a broader-based crisis我们正面临一场更广泛的危机
429of the global financial system as a whole.整个全球金融体系。
430It is indeed a distributional issue这的确是一个分配问题
431of who gets to pay for this crisis.谁能为这场危机付出代价。
432And I would agree for you,我同意你的意见
433and this is the people这就是人民
434with the least amount of representation,代表人数最少,
435and this is the poorest这是最贫穷的,
436and those that are least organized.和那些组织最差的人。
437I think the bigger question is,我认为更大的问题是,
438if the global financial system,如果全球金融系统,
439as we know it,正如我们所知,
440which was the backdrop这是背景
441to our age of globalization,我们的全球化时代,
442it was an age of financial globalization.这是一个金融全球化的时代。
443This wasn't just a feature of it.这不仅仅是它的一个特点。
444It was a central pillar of it.这是它的核心支柱。
445If our global financial sector如果我们的全球金融部门
446{\fn黑体\fs20\shad2\2aH82\3aH20\4aH33\fscx95\3cH592001\be1}我无法忍受
447if it suffers a collapse,如果它崩溃了
448that will be undoubtedly more serious这无疑会更严重
449than the one after the Lehman Brothers collapse.而不是雷曼兄弟倒闭后的那个
450That will be a singularity in our modern history.这将是我们现代历史上的一个奇特之处。
451I think we'll end our discussion我想我们讨论完了
452on the United States on this point.在美国,在这一点上。
453We'll be back after the break.休息后再回来
454Don't go away.别走
455欢迎回到Econoclast队
456In the second part of our series today,我们今天系列的第二部分
457Yiannis wants to talk about China, spending, and AI.延尼斯想谈中国,支出,和AI.
458交给你了,Yiannis。
459Well, thank you, Wolfgang.谢谢你,沃尔夫冈
460The orthodoxy concerning China,关于中国的正统思想,
461at least in the West,至少在西方,
462but not just in the West,但不只是在西方,
463is that to escape stagnation是为了避免停滞
464and to stop China exporting deflation停止中国出口通货紧缩
465to the rest of the world给世界其他地方的
466through its huge net exports,通过其巨大的净出口,
467the going orthodoxy is that the Chinese正统是中国人
468need to go on a spending spree,需要继续花大钱,
469both the private sector and the public sector.私营部门和公共部门。
470Now, I shall be arguing现在,我要争论
471that this will not solve China's economic problems.这解决不了中国的经济问题。
472At least it won't do so sustainably至少它不会持续这样做
473or prevent China from impinging on other countries.或防止中国侵扰他国.
474But I think there is a radical solution to the problem,但我认为这个问题有一个彻底的解决办法,
475which is not part of the orthodoxy or the mainstream,它不是正统或主流的一部分,
476and that depends on the smart use of Chinese AI,这取决于中国人工智能的智能使用,
477specifically Chinese AI,特别是中国的AI,
478because the Chinese do AI very differently因为中国人做AI的方式很不一样
479to what the Americans do,美国人做什么,
480and certainly more differently当然更不同
481to what the Europeans do,对于欧洲人的行为,
482if the Europeans are doing anything with AI如果欧洲人跟AI有什么瓜葛
483that is worth mentioning.这值得一提。
484The United Kingdom, the European Union,联合王国、欧洲联盟、
485and the United States,和美国,
486the advanced North Atlantic economiesA. 对北大西洋先进经济体的影响
487have fallen into a rent trap a long time ago.很久以前就陷入了租房陷阱了
488And the question is, can China escape it?问题是,中国能逃脱吗?
489What do I mean by a rent trap?什么叫房租陷阱?
490A rent trap is what happens,租房陷阱是会发生什么,
491the thing you fall into,你掉进去的东西,
492when privateers decide how and where当私人决定如何和在哪里
493to channel accumulated wealth.用来引导积累的财富。
494Because as competition in the productive因为作为生产的竞争
495industrial sectors drives profit rates down,工业部门推动利润率下降,
496privateers buy assets,私人购买资产,
497rent yielding property, in other words.换句话说,是租房
498And the more wealth chases rents,而财富追逐租金越多,
499the higher the asset prices,资产价格越高,
500and the faster the exodus from industry并且越快地离开工业
501into the rentier sector.进入租房部门。
502Now, unsurprisingly, rent traps hollow out industry现在,不奇怪, 租金陷阱 空洞的行业
503and turn proud industrial powerhouses变成骄傲的工业家,
504like the North of England,就像英格兰北部一样
505once upon a time,曾经,
506the American Midwest,美国中西部,
507they turn them into wastelands他们把他们变成荒地
508with momentous political repercussions具有重大政治影响
509of the sort that we are immersed in,那种我们沉浸在其中,
510and we live through across the West.我们穿过西方
511Now, China almost fell into this rent trap现在,中国几乎陷入这个租界
512recently with the real estate bubble,最近房地产泡沫,
513who can forget Evergrande,他能忘记永孙,
514that huge real estate company that went bust.那个大房地产公司破产了
515If I'm right, its managing director如果我是对的,它的总经理
516or chairman was imprisoned recently.或者主席最近被关进监狱
517The Chinese solution to this rent trap,中国人解决这个租借陷阱的办法
518which seems to have worked quite well这似乎很有效
519in the shofan at least,至少在绍凡,
520is the fact that instead of leaving it而不是离开它
521to the private sector私营部门
522to channel investments,引导投资,
523the state has played an activist role,国家扮演了积极的角色,
524has directed investment投资方向
525with great success in many cases.在许多情况下取得了巨大的成功。
526Ultra-fast railways are crisscrossing China.超快铁路贯通中国.
527Critical minerals have been cornered关键矿物被围住
528the whole market globally.整个市场
529Green energy, I mean,绿色能源,我的意思是,
530batteries, electric vehicles,电池、电动车辆、
531microchips now taking advantage微芯片现在占便宜
532of Joe Biden's ill-conceived ban乔・拜登的不良禁令
533of exports of microchips to China.向中国出口微芯片。
534More recently, of course, AI.最近,当然,AI。
535Now, this has helped China现在,这帮助了中国
536avoid or skirt or steer clear,或退避,或退避,或退避,
537at least temporarily,至少暂时的
538from the rent trap that I mentioned before.从我之前提到的租金陷阱。
539But there is a side effect但有一个副作用
540to this success story,对于这个成功的故事,
541and it's the huge accumulated savings of China.这是中国积累下来的巨额储蓄
542There are 170, more than 170 trillion won,有170万亿韩元
543that's around 25 trillion dollars大约25万亿美元
544of accumulated savings.累积节余。
545Now, if these are channeled现在,如果这些有渠道
546into asset purchases,用于购买资产,
547you have a rent trap.你有一个租金陷阱。
548If they're invested abroad,如果他们投资到国外
549you have a kind of imperialism.你有一种帝国主义。
550And you also have the problem你也有一个问题
551that the German investors faced,德国投资者面对的,
552who forgets the Eurozone crisis.他们忘记了欧元区危机。
553And what is the problem that they faced?他们面临的问题是什么?
554Well, they realized that they were entrusting嗯,他们意识到 他们委托
555their savings to foreigners.他们的储蓄给外国人。
556Now, why am I saying that Chinese AI为什么我要说中国的AI
557is offering the opportunity,正在提供这个机会,
558it doesn't mean that the Chinese government这并不意味着中国政府
559or economy is going to take advantage或经济会占上风
560of this opportunity.利用这一机会。
561What I'm saying is that it is offering我想说的是,它提供
562the opportunity of escaping the rent trap逃离租金陷阱的机会
563and actually having a historic impact具有历史影响
564on the evolution of the political economy,关于政治经济的演变,
565not just of China, but of the world.不仅是中国,也是世界
566Now, the point I'm going to make is that现在,我要说的是,
567Chinese AI is not just a labor-saving technology.中国AI不仅仅是一种节省劳动力的技术.
568It is that, but it is a lot more than that.就是这样,但不止于此。
569Unlike in the United States, Silicon Valley,不像美国 硅谷
570which obsesses over building AGI,它沉迷于建筑AGI,
571all-purpose general intelligence machines通用一般情报机
572that essentially offer us services基本上为我们提供服务
573like creating lots of slop,譬如创造许多 s,
574bad poetry, plagiarizing stuff and so on.不良诗歌,盗用东西等等.
575A kind of process which enriches一种可以丰富
576a tiny rentier class made of big tech,一个小型的租借阶级 由大科技,
577technology.技术。
578In China, the focus of AI,在中国,AI的焦点,
579of the technological AI revolution技术知识革命
580is actual production of stuff.是实际生产的东西。
581AI is incorporated into machines人工智能被纳入机器
582that build stuff.那东西。
583And that is leading to what can这导致什么
584usefully be described as a productivity singularity.可以说是一种生产力的奇特之处。
585And by productivity singularity,而生产力奇异,
586I don't mean just labor-saving automation我不是说只是节省劳力的自动化
587that replaces living labor.代替活的劳动力。
588The important point to notice here is that,这里需要注意的是,
589at least from the political economy tradition至少从政治经济传统来看
590where I come from, Volkang,我来自哪里,沃尔康
591value is the result of expending值是支出的结果
592socially necessary labor to build something.社会必需的劳动来制造一些东西。
593Now, a robot does not create value.现在,机器人不创造价值。
594It transfers the value embedded in it它转移嵌入的值
595by the workers who build it.以建造者发誓,
596Similarly with textile machinery.与纺织机械类似。
597The point about AI replacing labor关于人工智能替代劳动力的问题
598is that it does so not in a localized manner,因为它不是以本地化的方式这样做的,
599but it does replace labor但它确实取代了劳动
600across the entire supply chain,在整个供应链中,
601including increasingly design包括日益完善的设计
602and the theoretical aspects理论方面
603of the production process.生产过程。
604So this is where Chinese AI这就是中国的人工智能
605is proving to be quite revolutionary.证明是相当革命性的。
606It's not simply giving a competitive advantage这不是简单地赋予竞争优势
607to the companies that use it.给使用它的公司。
608It offers a possibility of the material basis它提供了物质基础的可能性
609for the abolition of value itself.价值的废除本身。
610Because if you think about it,因为如果你考虑一下
611if dark factories,如果黑暗工厂,
612the way that they produce CAETL batteries他们生产CAETL电池的方式
613or the way that they produce electric vehicles或生产电动车辆的方式
614without using almost any labor,没有使用几乎任何劳动力,
615in the end, you're going to have a lot of output最后,你会有很多输出
616that has very little economic value经济价值很小
617to have a lot of utility,有很多用处,
618but no economic value但没有经济价值
619because the labor costs因为劳动力成本
620will be absolutely infinitesimal.绝对是无限的。
621Now, the big question is,现在,最大的问题是,
622can Chinese society organize itself中国社会可以组织自己
623so that the benefits,以便他们得享福利,
624this utility that can be produced可生成的此工具
625with no value be shared?没有共享值 ?
626Because if it can,因为如果可以的话
627then they don't need a consumer expenditure spree那他们就不需要消费支出了
628in order to stabilize aggregate demand稳定总需求
629in order to stabilize society.为了稳定社会。
630Now, if they manage to pull this one off,现在,如果他们成功完成了这个,
631to use the revolutionary character of Chinese AI,用中国AI的革命性,
632which is also open source,也是开源
633so it means that it can be adapted也就是说它可以被改造
634by small businesses and medium-sized businesses小企业和中小型企业
635at almost negligible cost费用几乎可以忽略不计
636in order to assist in the maximization of output协助最大限度地实现产出
637and the minimization of prices.和尽量减少价格。
638If they can make sure that the benefits of this AI,如果他们能确保这个AI的好处,
639unlike in the United States,不像美国
640where the benefits are going to fall squarely好处会完全落下
641in the bank accounts银行账户
642of a tiny, tiny number of tech lords,少数科技大师,
643if those are spread,如果那些是散漫的,
644the benefits in China中国的利益
645on the basis of the democratization,在民主化的基础上,
646if you want,如果你想的话
647of the returns to AI revolutionary technologies,对AI革命技术的回报,
648then China could be writing a new chapter in history.那时中国可能正在写历史的新篇章.
649I'm not saying it will.我不是说它会。
650What I'm saying is that they have an opportunity.我想说的是他们有机会
651And that opportunity will require the Chinese state这个机会需要中国国家
652moving from simply directing investment从简单的投资方向转移
653into managing to ensure管理以确保
654that the benefits from this production-focused AI tech这种以生产为重点的AI技术的好处
655are spread across the population.人口分布在各地。
656I'm moderately optimistic我有点乐观
657that they might actually achieve this他们可能真正实现这一点
658because China has a different strategy on AI因为中国对AI有不同的策略
659than the United States,而不是美国,
660and one that worries the United States,一个令美国担忧的,
661and which is the open source strategy.这是开源策略。
662They also exist in the United States.它们也存在于美国.
663There are open source companies that compete,有公开源码公司竞争,
664but that's the smart way of doing this,但这是明智的方法,
665rather than having closed systems.而不是有关闭的系统。
666The Europeans tried it with closed systems欧洲人用封闭的系统尝试过
667because they wanted to keep everything secret,因为他们想保守一切秘密
668and they completely failed.他们完全失败了
669When open source started for the first time,当开源首次启动时
670I myself, I have to admit, I didn't understand it.我自己,我不得不承认,我不明白
671I understood commercial models,我了解商业模式,
672but when I heard that sort of operating system like Linux,但我听到Linux这样的操作系统
673they were sort of distributed on an open source basis,它们是在开源的基础上分发的,
674I thought this was a fad initially一开始我还以为这很热闹呢
675because I didn't know anything about this stuff,因为我对这东西一无所知
676but it didn't make sense to me until I sort of realized但直到我意识到 这才有意义
677that this is actually very smart,这其实是非常聪明的,
678because what happened here因为这里发生的事
679is that an awful lot of business opportunities那是很多商业机会
680were possible through it,通过它,
681and it would actually leverage opportunities,它实际上会利用机会,
682including for the founder of Linux,包括Linux的创始人,
683who became sort of very much high in demand他们变得非常高的需求
684because people needed to repair it,因为人们需要修复它,
685and people needed to service it,人们需要为它服务,
686and people needed to develop it.人们需要开发它。
687It gave rise to much more business这引起了更多的生意
688than it would have been had it been a business,若不是生意的话,
689and that's the idea of open source.这就是开源的想法。
690It's a spread.传之.
691It's actually also quite democratic其实也是很民主的
692because it reduces barriers to entry.因为它减少了进入的障碍。
693I mean, we're seeing technologically,我的意思是,我们正在看到 技术上,
694the Americans are very much ahead.美国人非常领先
695毫无疑问,OpenAI和Anthropic的模型
696are very, very good.非常,非常不错。
697I use them.我用他们。
698I use the OpenAI models, the latest one,我使用OpenAI模型,最新的一个,
699and I'm massively impressed by the speed,我对速度印象深刻
700by also the change relative to where they were以及相对于其所在地的变化
701even like six months ago,甚至六个月前
702and there is no slowdown inside.内部没有减速。
703It's suspected that there will come a point疑似会出问题
704where it will slow down.在那里它会减速。
705That may happen at some point,这可能会发生在某个时候,
706but right now we're still on something但是现在我们还在做一些事情
707that looks like an exponential curve.这看起来像一个指数曲线。
708So are the Chinese.中国人也是
709They're basically, I wouldn't say at the top,他们基本上,我不会说在顶部,
710but they're closing the gap.但他们正在缩小缺口。
711They're very close, but more importantly他们很接近,但更重要的是
712is the fact that they have this distributive model.他们有这种分配模式
713When I learned about the economy,当我得知经济,
714everybody's assumption was that progress每个人都认为进步
715meant we had to work less.意思是我们必须少干活
716When I grew up and had my first jobs当我长大 有了我的第一个工作
717and saw people in other jobs,并看到人们在其他工作,
718certainly in the financial sector.当然,在金融部门。
719I never worked directly in the financial sector.我从来没有直接在金融部门工作。
720I was a journalist who observed it,我是一个记者 谁观察它,
721but everybody in the financial sector但金融部门的每一个人
722seemed to work longer and longer hours,工作的时间越来越长
723and that seemed to counter the trend这似乎与趋势相反
724of we're getting more productive我们越来越有生产力
725and we need to work less.我们需要少做点工作。
726In finance, at least, everyone worked longer hours.在金融领域,至少每个人都工作时间更长。
727In industry, there was a trend在工业中,有一种趋势
728towards reduced working hours,缩短工作时间,
729but that trend also didn't go all the way.但是这个趋势并没有彻底改变。
730And in some, the German response right now,有些德国人现在的反应
731for example, is to actually increase working hours.例如,实际增加工作时间。
732Some companies want to go back to the 40-hour有些公司想回到40小时
733week, having had the 35-hour week,每周35小时,
734so they get more competitive.让他们更有竞争力
735I think this is not the way to go,我想这不是该走的路
736but the general idea of if AI brought this about,但一般的想法是 如果AI带来了这一点,
737that we all work less,我们都工作少,
738that would be a very good idea.这将是一个非常好的主意。
739Now, labor is not a lump.现在,劳动不是一团糟。
740There have been various lumps of labor theories.各种劳动理论纷纷出现.
741You can't divide it,你无法分割它,
742so we can't all work like 10 hours,所以我们不能都工作 像10小时,
743and this isn't the way it will work.事情不是这样的
744But the idea that we have to work longer hours forever,但是,关于我们必须工作更长的时间的想法,
745which was sort of the mantra of the globalization philosophy,这是一种全球化哲学的口号,
746I never accepted this.我从来没有接受过这一点。
747And I think the idea that, as you outlined,我想这个想法,正如你所描述的,
748that it will eventually be shared widely最终将广泛分享
749and it will actually produce benefits to broader...这会给更广泛的...
750It's really about distribution.这是真正的分配。
751It's about how will the massive proceeds,这是关于 如何将大规模收益,
752and the proceeds, I believe, will be absolutely massive.我相信,收益是绝对巨大的。
753How will it be distributed?如何分发?
754Certainly, what I can say from my end当然,我可以从我的结尾说
755is that the approach to start off with open source models是从开源模型开始的方法
756seems to me the right one.在我看来是正确的。
757Well, Wolfgang, I wish I had a crystal ball.好吧,沃尔夫冈,我希望我有一个水晶球。
758I have no idea whether the Chinese will succeed in doing it.我不知道中国人是否会成功
759What I'm saying is that they have a chance of doing it,我想说的是 他们有机会这么做
760unlike the Europeans and unlike the Americans,不像欧洲人和美国人
761because of the preponderance of the power of big tech.因为大科技的优势
762We'll have to wait and see.须'等.
763Maybe the next generation will find out也许下一代会发现
764and will have to find some way for informing you and me还要想办法通知你和我
765in some really high-tech way.在某种真正的高科技方式。
766So, folks, until next week,所以,伙计们,直到下周,
767不要忘记评分,喜欢, 订阅Iconoclasts。
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