Both US and European policymakers have misdiagnosed what ails the global economy. It is not a short-run, cyclical problem curable with textbook Keynesian stimuli (and exotics like quantitative easing). Rather, it is a long-term structural disequilibrium caused by chronic trade imbalances — the result, in turn, of manipulated currencies, mercantilist practices and poorly negotiated trade deals. Enter, stage centre, Donald Trump.
美國和歐洲的政策制定者都錯判了全球經濟的困境。它并非一個通過教科書般的凱恩斯式經濟刺激（以及量化寬松等不尋常舉措）就能解決的短期周期性問題，而是一個因長期貿易失衡導致的長期結構性失衡，而長期貿易失衡是匯率操縱、重商主義慣例和談判糟糕的貿易協議的結果。唐納德?特朗普(Donald Trump)站到了舞臺中央。
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