As many have observed. we need to rebalance the economy from imports to exports, from private consumption to savings, from tax breaks to infrastructure rebuilding and from the financial sector to everything else. The process of rebalancing will require movement of capital from older industries and activities to newer ones -that is, investment. Moreover, a lot of what was termed "investment" during the boom years was misallocated - wasted - capital. so many productive projects were ignored.

But investment has been held back because of uncertainty over the economy's future prospects. And the ability to attract investors is being limited by the giant burden of private-sector debt, In other words, a financing problem is inhibiting the restructuring of our economy. Alleviating generalized financing problems and low investor confidence is precisely what monetary stimulus does.

Some claim that monetary easing will impede restructuring. But this makes no sense. For all the talk that monetary austerity promotes the "creative destruction" necessary for the economy to recover. it does not work that way.

中央银行：别再惊慌和犹豫，行动起来

美国经济和世界经济都面临着一个熟悉的敌人：政策的失败。纵观现代经济史，上个世纪中，不管是二十年代的西欧，还是三十年代的美国，或是九十年代的日本，每一次主要的金融危机之后，政府都过早放弃了为了使经济持续复苏所必须的刺激政策，甚至是反其道而行之。可悲的是，今天的世界正在重复这个错误。

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