The key of this article is this paragraph:

在封闭经济中，通货膨胀就是一场财富再分配的零和博弈。收益固定的投资者受损，而借款者获利。由于美国对外负债非常庞大，通货膨胀（至少是其中不可预期的部分）就可为美国经济增值。它确实能鼓励美联储容忍更高的通胀。那么，为什么美联储不干脆彻底放任通胀，让所有外债都灰飞烟灭呢？这是因为，外国投资者可能会看出苗头，并立刻出售所有证券，而这将引起美国债券市场崩溃，给美国经济带来灾难。所以，只有当外国投资者蒙在鼓里时，通胀才能使美国获益。

Actually, the smartest investors are still on the Wall street. Many people thought that China is upping the US in this game, quite contrary, China is footing the bills for US. It's very much like the relationship between a tenant and a landlord. Unfortunately, in this relationship, China is a tenant, footing the bills for his landlord. This analogy may not be exact, so don't take it literally. But that's the best analogy I can come up with.

所有跟帖： 

• Yeah, all the foreign investors/countries are too dumb -mnosense- ♂ (124 bytes) () 10/02/2007 postreply 11:05:19

• You have perfect understanding: They have NO choices -miat42- ♂ (166 bytes) () 10/02/2007 postreply 11:10:11

• this unequal game will not last forever. -pediatrician2- ♂ (0 bytes) () 10/02/2007 postreply 11:15:23

• 这样对美国也有问题：制造业完了 -dividend_growth- ♀ (262 bytes) () 10/02/2007 postreply 11:24:00

• 制造业 is not a future for US anyway. The future in US -miat42- ♂ (64 bytes) () 10/02/2007 postreply 11:31:16

• 还是需要的，为了保险起见。 -dividend_growth- ♀ (0 bytes) () 10/02/2007 postreply 11:36:43

• true -miat42- ♂ (0 bytes) () 10/02/2007 postreply 11:40:51