许多评论员认为发展中国家的资本倒流是不自然的（他们其实是说这不道德）。这里显然有一些特殊因素的影响，比如中国经济的政府管理和石油生产国的巨额盈余。但这些因素看起来不会很快发生逆转，我们最好学会适应这种新的资本流动方向——在学术著作中，这似乎被称为“卢卡斯之谜(Lucas Paradox)。

The intriguing question is what the emerging nations will do with their accumulating surpluses. There are already many signs that they have had their fill on holdings of dollars and other western currencies that earn low or even negative real interest rates. The next stage is both portfolio investment and direct investment in areas such as Africa, but also in America and Europe. For the moment, they can be assured of a welcome but what will happen as their stake grows?

有趣的问题是，新兴国家将如何处理它们日益累积的盈余。目前已经有许多迹象表明，它们已经厌倦了持有收益很低、甚至实际利率为负的美元和其他西方货币。下一阶段它们将不仅在非洲等地区进行证券投资和直接投资，而且还要在美国和欧洲投资。就目前而言，它们一定会受到欢迎，但随着它们投资规模的增长，情况又会如何？

There are almost bound to be tensions. Zillions of words have already been written about the declining real power of western governments. Even more will need to be written as they become responsible for ever smaller proportions of their own economies. The main sufferers are not likely to be ordinary citizens, but the hitherto governing and business classes.

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