The Federal Reserve is just days away from ending one of the major steps to aid the U.S. economy─but the effort has done little to solve the original problem: The government and individuals alike are still heavily in debt.

　　美聯(lián)儲(chǔ)離結(jié)束其幫助美國(guó)經(jīng)濟(jì)復(fù)蘇的一項(xiàng)重大舉措的最后期限只剩幾天的時(shí)間了，但這項(xiàng)措施基本未能解決本質(zhì)問(wèn)題：美國(guó)政府和個(gè)人仍然負(fù)債累累。

　　Around the globe, the inability of governments and households to reduce their debt continues to cast a shadow over Western economies and the financial health of individuals. Today, U.S. consumers have more mortgage and credit-card debt than they did five years ago, and the U.S. budget deficit is worsening. At the same time, European governments are having to throw billions more euros at Greece to keep it afloat.

　　放眼全球，各國(guó)政府和家庭無(wú)力減輕債務(wù)負(fù)擔(dān)的現(xiàn)實(shí)繼續(xù)給西方經(jīng)濟(jì)體以及個(gè)人的財(cái)務(wù)狀況蒙上了一層陰影。今天，美國(guó)消費(fèi)者比五年前背負(fù)更多抵押貸款和信用卡債務(wù)，美國(guó)的預(yù)算赤字還在惡化。與此同時(shí)，歐洲各國(guó)政府不得不繼續(xù)砸進(jìn)數(shù)十億歐元，為的只是能避免希臘破產(chǎn)。

The repercussions are likely to play out for years to come in the form of patchy economic growth, further government market intervention─such as last week's decision by oil-consuming nations to release more oil onto the markets─and frequent financial-market swings.

　　債務(wù)負(fù)擔(dān)過(guò)重的后果有可能在今后幾年以各種形式漸漸表現(xiàn)出來(lái)：經(jīng)濟(jì)增長(zhǎng)不均勻；政府加強(qiáng)對(duì)市場(chǎng)的干預(yù)（比如上周石油消費(fèi)國(guó)決定向市場(chǎng)釋放戰(zhàn)略石油儲(chǔ)備）；金融市場(chǎng)頻繁動(dòng)蕩。

The fundamental problem is that reversing the trend of piling on the debt requires some combination of cutting spending, growing income or the economy, and inflation. But wage growth is stagnant and home prices, which underpin much of the debt problem, are still falling.

　　根本問(wèn)題在于，想要逆轉(zhuǎn)債務(wù)堆積的趨勢(shì)，需要一系列舉措的配合：削減開(kāi)支；增加收入并促進(jìn)經(jīng)濟(jì)增長(zhǎng)；應(yīng)對(duì)通脹。但目前的現(xiàn)狀是，工資增長(zhǎng)停滯；構(gòu)成債務(wù)問(wèn)題主要原因的房?jī)r(jià)卻仍然在下跌。

　　Meanwhile, in a vicious circle, businesses aren't hiring or investing because they know consumers are tapped out. Banks, for their part, are hoarding cash, being stingy with new loans.

　　與此同時(shí)，一個(gè)惡性循環(huán)出現(xiàn)了：企業(yè)不愿雇工或投資，因?yàn)樗麄冎老M(fèi)者囊中羞澀；銀行則寧可守著現(xiàn)金也不愿放出新的貸款。

　　Unlike the aftermath of typical recessions, simply lowering interest rates hasn't been enough to get growth back on track, economists say. Central-bank efforts have boosted financial markets in the short term─raising stock prices and significantly lowering interest rates─but they have been unable to push people and governments to whittle down debt.

　　經(jīng)濟(jì)學(xué)家說(shuō)，通常衰退過(guò)后只要降低利率就能讓經(jīng)濟(jì)增長(zhǎng)回到正軌?？蛇@一次僅僅這么做就不夠了。中央銀行推出的舉措短期內(nèi)提振了金融市場(chǎng)：股價(jià)上升，利率大幅降低。但央行卻沒(méi)有辦法讓政府和個(gè)人逐漸削減債務(wù)。

　　Quite the opposite has been the case. The lowered cost of borrowing has enabled individuals and governments to delay taking measures to change the way they spend and save.

　　事與愿違的是，借貸成本的降低使個(gè)人和政府并不急著采取措施改變他們的消費(fèi)和儲(chǔ)蓄習(xí)慣。

　　Given the difficulties of paying down debt, "you have to get comfortable with the idea that it's going to take a long time for the markets to adjust and the economy to get back on solid footing," says Tom Luster, director of investment-grade-bond research at Eaton Vance Investment Managers.

　　財(cái)富管理公司Eaton Vance Investment Managers的投資級(jí)債券研究總監(jiān)拉斯特（Tom Luster）說(shuō)，由于償還債務(wù)并不容易，你得適應(yīng)這樣一種情況，即市場(chǎng)做出調(diào)整且經(jīng)濟(jì)重新企穩(wěn)需要很長(zhǎng)的時(shí)間。

　　Carmen Reinhart, a senior fellow at the Peterson Institute for International Economics, has said that the experience of past financial crises suggests the unwinding of debt on average takes seven years, with debt ratios not coming down significantly until three years after a crisis.

　　彼得森國(guó)際經(jīng)濟(jì)研究所（Peterson Institute for International Economics）高級(jí)研究員卡門•萊因哈特（Carmen Reinhart）說(shuō)，過(guò)去幾次金融危機(jī)的經(jīng)驗(yàn)表明，想要完全甩掉債務(wù)負(fù)擔(dān)平均需要七年的時(shí)間，危機(jī)發(fā)生后的頭三年負(fù)債比率不會(huì)顯著下降。

　　"The issue with debt is you can't get rid of it quickly and you can"t get rid of it nicely," Ms. Reinhart says.

　　萊因哈特說(shuō)，問(wèn)題在于你無(wú)法很快且令人滿意地甩掉債務(wù)包袱。

　　Ms. Reinhart looked at 15 post-World War II financial crises and found that seven involved a double-dip back into recession. She says the current economic weakness highlights a feature of the post-financial-crisis landscape that investors and businesses need to become accustomed to: "The ability to absorb shocks that you normally could withstand…is much more limited," she says.

　　萊因哈特仔細(xì)研究了二戰(zhàn)以后15次金融危機(jī)的情況，發(fā)現(xiàn)其中七次都涉及雙底衰退（即W型復(fù)蘇）。她說(shuō)目前經(jīng)濟(jì)疲軟凸顯了金融危機(jī)過(guò)后經(jīng)濟(jì)格局的一種特征，即投資者和企業(yè)必須習(xí)慣以下現(xiàn)象：其承受一般性沖擊的能力會(huì)大大受到影響。

　　"If your household is already feeling the weight of an underwater mortgage…you're going to feel differently about adding more debt to absorb the cost of gas," Ms. Reinhart says.

　　萊因哈特說(shuō)，如果因?yàn)榉績(jī)r(jià)下跌，你的按揭貸款住宅已經(jīng)是負(fù)資產(chǎn)了，那么因油價(jià)上升而造成更多負(fù)債，你對(duì)此的感受肯定是和別人不一樣的。

　　Since the autumn of 2008 there have been repeated attempts by central banks and governments to cushion the blow of the debt-cutting process. In the U.S., efforts included the Fed's first round of so-called quantitative easing, in which the Fed essentially printed money through purchases of more than $1 trillion of mortgage-backed securities. There have been multiple rounds of stimulus by the federal government. The European Central Bank, along with the Bank of England, also employed quantitative easing.

　　自2008年秋天以來(lái)，各國(guó)央行和政府多次嘗試降低債務(wù)減縮造成的沖擊。美國(guó)推出的舉措包括被稱作第一輪量化寬松的貨幣政策。從本質(zhì)上講，這是美聯(lián)儲(chǔ)通過(guò)印鈔購(gòu)買總值超過(guò)1萬(wàn)億美元的抵押貸款支持證券。聯(lián)邦政府也已經(jīng)推出了好幾輪刺激計(jì)劃。歐洲央行和英國(guó)央行也采取了量化寬松的做法。

　　This week the Fed is set to end its second round of quantitative easing, known as "QE2," which pumped $600 billion into the financial markets since last autumn. All told, the Fed has flooded the markets with roughly $2 trillion since August 2008.

　　按照計(jì)劃，本周美聯(lián)儲(chǔ)將結(jié)束第二輪量化寬松政策（即QE2）。自去年秋天以來(lái)美聯(lián)儲(chǔ)通過(guò)本輪量化寬松已經(jīng)向金融市場(chǎng)注入6,000億美元的資金。如果算上2008年8月后推出的第一輪量化寬松，美聯(lián)儲(chǔ)已經(jīng)總計(jì)向市場(chǎng)注入了大約2萬(wàn)億美元。

　　Yet U.S. consumers have 37% more credit-card, auto and other nonmortgage debt than a decade ago, before adjusting for inflation, according to the Fed. That is down 6% from its peak of $2.6 trillion hit in September 2008, but most of that decline took place within the first 12 months. Over the past year, consumer credit has been essentially flat at around $2.4 trillion.

　　據(jù)美聯(lián)儲(chǔ)透露，美國(guó)消費(fèi)者信用卡、車貸以及其它非抵押貸款債務(wù)的總額比10年前高出37%（未經(jīng)通脹因素調(diào)整）。這一數(shù)字較2008年9月創(chuàng)下的最高記錄2.6萬(wàn)億美元下降了6%，但債務(wù)總量的下降主要是在金融危機(jī)出現(xiàn)后的頭12個(gè)月內(nèi)發(fā)生的。過(guò)去一年，消費(fèi)信貸大致保持在2.4萬(wàn)億美元的水平。

　　The news is especially grim when it comes to mortgage debt. Nearly 23% of mortgages are underwater, according to data compiled by J.P. Morgan Chase. Meanwhile, there is still more mortgage debt outstanding than there was five years ago, roughly $9.9 trillion, according to the Fed. The result is consumers find it harder to tap home-equity credit lines or sell their houses.

　　當(dāng)涉及抵押貸款債務(wù)時(shí)，這一消息就顯得尤其嚴(yán)峻了。摩根大通（J.P. Morgan Chase）匯編的數(shù)據(jù)顯示，近23%的抵押貸款出現(xiàn)資不抵債的情況。與此同時(shí)，據(jù)美聯(lián)儲(chǔ)數(shù)據(jù)，未償付的抵押貸款債務(wù)總額高于五年前，約為9.9萬(wàn)億美元。其結(jié)果就是消費(fèi)者更難申請(qǐng)房屋凈值貸款、也更難出售房屋。

　　Pumping money into the financial system "doesn't stop the need for the private sector to heal itself," says Dominic Wilson, chief global-markets economist at Goldman Sachs Group Inc. "We're still facing the headwinds of an economy that is struggling to get on its feet without stimulus."

　　高盛集團(tuán)（Goldman Sachs Group Inc.）首席全球市場(chǎng)經(jīng)濟(jì)學(xué)家威爾遜（Dominic Wilson）說(shuō)，向金融體系注入資金不能取代私營(yíng)部門自愈的需要。當(dāng)前經(jīng)濟(jì)仍然難以在不借助經(jīng)濟(jì)刺激的情況下實(shí)現(xiàn)增長(zhǎng)，給我們?cè)斐闪撕艽蟮淖璧K。

　　On the fiscal front, the outlook is worsening. The U.S. government debt-to-GDP ratio will hit 100% this year, up from 62% in 2007, according to the IMF

　　財(cái)政狀況的前景也在惡化。據(jù)國(guó)際貨幣基金組織（IMF）透露，美國(guó)政府債務(wù)與GDP的比率今年將達(dá)到100%，2007年這一比率還只有62%。

　　The core of Europe is seeing fiscal balances worsening as well. Germany's debt-to-GDP ratio is expected to be 80% this year, up from 65% in 2008. France will reach 88%, up from 64%, according to the IMF.

　　歐洲主要國(guó)家的財(cái)政狀況也在惡化。據(jù)IMF透露，今年德國(guó)債務(wù)對(duì)GDP比率預(yù)計(jì)將達(dá)到80%，高于2008年65%的水平。法國(guó)的這一比率也將從64%上升到88%。

　　The Congressional Budget Office last week forecast that the amount of government debt will reach its highest point relative to the size of the economy since just after World War II.

　　 國(guó)會(huì)預(yù)算辦公室（Congressional Budget Office）上周預(yù)測(cè)，相對(duì)于經(jīng)濟(jì)規(guī)模來(lái)說(shuō)，政府債務(wù)的規(guī)模將達(dá)到自二戰(zhàn)結(jié)束以來(lái)的最高水平。

　　This environment is a stark contrast to the so-called "Great Moderation" of the late 1980s and 1990s when economic ups and downs were shallower. That economic resiliency "had a lot to do with increased ability to access the credit markets," says Jason DeSena Trennert, chief investment strategist at Strategas Research Partners. "Without the benefits of that cushion…the volatility of economic growth is going to be greater."

　　當(dāng)前的經(jīng)濟(jì)環(huán)境和上世紀(jì)80年代末以及90年代出現(xiàn)的所謂“大緩和”（Great Moderation）形成了鮮明對(duì)比。當(dāng)時(shí)經(jīng)濟(jì)的上下波動(dòng)沒(méi)有這么劇烈。機(jī)構(gòu)經(jīng)紀(jì)商Strategas Research Partners首席投資策略師特倫納特（Jason DeSena Trennert）說(shuō)，當(dāng)時(shí)經(jīng)濟(jì)復(fù)蘇的能力較強(qiáng)和信貸市場(chǎng)能夠發(fā)揮更大作用有著很大的關(guān)系。失去這個(gè)緩沖機(jī)制帶來(lái)的好處，經(jīng)濟(jì)增長(zhǎng)的波動(dòng)將會(huì)加大。

　　The uneven economic performance is translating into frequent sharp reversals of sentiment in markets. Goldman's Mr. Wilson says it is most evident in the short-term bond markets.

　　不均衡的經(jīng)濟(jì)正表現(xiàn)為市場(chǎng)情緒的劇烈波動(dòng)。高盛的威爾遜說(shuō)，這一點(diǎn)在短期債券市場(chǎng)最為明顯。

　　"It's definitely a start-and-stop flavor for the markets," says Mr. Wilson.

　　威爾遜說(shuō)，這種情況肯定會(huì)讓市場(chǎng)時(shí)好時(shí)壞。

　　Another effect is that interest rates could stay exceptionally low for much longer than would usually be the case, says former World Bank official and author Liaquat Ahamed, whose book Lords of Finance examined monetary policy in the 1920s and 1930s. He notes rates have been essentially zero in Japan since 1995 and that during the Great Depression, the Federal Reserve cut the discount rate to below 2% in 1934 and it held at those levels until the mid-1950s.

　　世界銀行（World Bank）前任官員、作家艾哈邁德（Liaquat Ahamed）說(shuō)，另一個(gè)影響是，相比正常情況，超低利率持續(xù)的時(shí)間可能會(huì)長(zhǎng)得多。他的作品《金融列王記》（Lords of Finance）回顧了上世紀(jì)20至30年代的貨幣政策。艾哈邁德指出，自1995年以來(lái)，日本實(shí)際上一直在實(shí)施零利率政策。大蕭條期間，美聯(lián)儲(chǔ)在1934年將貼現(xiàn)率降到2%以下，并一直維持到上世紀(jì)50年代中期。

　　History shows "that when people have borrowed too much, they stop borrowing and interest rates stay very low for a very long time," he says. "So you can forget about investing in bonds."

　　艾哈邁德說(shuō)，歷史證明，當(dāng)人們負(fù)債累累時(shí)，大家停止借貸，利率將在長(zhǎng)時(shí)間內(nèi)停留在超低水平。所以就別去想投資債券了。