然而，认为美国金融系统能永远操控巨额储蓄流量的论点则被打破。
But the belief that its financial system can handle huge saving flows indefinitely has been punctured.
与此同时，对于这些无法在国内消化的巨额储蓄，他们能做些什么呢？
In the meantime, what can they do with this mass of savings that cannot be absorbed domestically?
正当西方消费者着手重新提高储蓄率时，中国消费者很可能要开始消化自己的巨额储蓄。
Just as consumers in the west start to rebuild their savings rates, consumers in China are likely to start to run down their very high savings.
通货膨胀将是实现这一目标的较隐蔽方式。但它会损害私人和公共部门巨额储蓄存量的价值。
Inflation would be the more discreet way to achieve this end. But it would erode the value of substantial stocks of private and public savings.
亚洲人的生活水准低于自己的收入水平，积累了巨额储蓄(仅中国和日本就占全球央行储备的40%)，这使得美国人的生活水准能高于自己的收入水平。
By accumulating vast savings -china and Japan alone boast 40 per cent of global central bank reserves -asians have lived below their means so that Americans could live beyond theirs.
它通过指数化税收优惠，用代金券量度通货膨胀小于近十年来健康保险成本的增长值来达到巨额的健康保险储蓄。
It achieves its huge health-care savings by indexing the tax credits and vouchers to a measure of inflation smaller than the estimated growth in health costs over recent decades.
然而，刺激经济的财政政策在亚洲比在美国或欧洲更有效，因为亚洲家庭不承担巨额债务。所以税收减免或现金补助更可能用于支出而不是储蓄。
with huge debts, so tax cuts or cash handouts are more likely to be spent than saved.
这还会导致美元大幅贬值，同时也会抹去中国巨额的外汇储蓄。因此，双方都必须阻止这样的情况发生。
It could also spark a collapse in the dollar and thereby wipe out a big chunk of China's foreign-currency reserves, so both sides have an interest in preventing it from happening.
即使考虑到企业巨额的现金结余，充满传奇色彩的日本储蓄率已经低于了1990年的水平；
The legendary Japanese savings rate is down from its 1990 levels, even when one allows for the huge surpluses of corporations;
它近年来的巨额借款反映出其他部门对储蓄的渴望。
Its heavy borrowing in recent years reflects everyone else's eagerness to save.
从全国范围看，低家庭储蓄再加上巨额联邦预算赤字意味着国家的总体储蓄率为负数。
Nationally, low household savings coupled with huge federal budget deficits means that the country's overall savings rate is negative.
首先，巨额经常项目盈余未必意味着一种货币的价值被不公平地低估，这种盈余可能只是反映了该国的储蓄率和投资率存在差异。
First, a large current-account surplus does not necessarily prove that a currency is unfairly cheap; it may just reflect countries' different savings and investment rates.
首先，巨额经常项目盈余未必意味着一种货币的价值被不公平地低估，这种盈余可能只是反映了该国的储蓄率和投资率存在差异。
First, a large current-account surplus does not necessarily prove that a currency is unfairly cheap; it may just reflect countries' different savings and investment rates.
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