The answer is: fiscal deficits.
答案是：财政赤字。
Finally, soaring fiscal deficits favor gold.
最后，财政赤字飙升对黄金有利。
Fiscal deficits are huge and structural.
结构性金融赤字无比巨大。
Huge fiscal deficits are a symptom of the crisis, not a cause.
巨额财政赤字是危机的症状，不是原因。
Thereupon the fiscal deficits would surely worsen, once again.
财政赤字也必然会因此再度加剧。
The huge increases in fiscal deficits were appropriate to the circumstances.
大幅增加财政赤字适合当时的环境。
It is also to focus as much on debt levels as on annual fiscal deficits.
同时该意见也给予国家债务水平和年度赤字同样的关注。
What this implies is that, over time, fiscal deficits will have to be trimmed.
这意味着，随着时间的推移，必须减小财政赤字。
And "outsize fiscal deficits" suggest that fiscal stimulus may also be exhausted.
“特大号财政赤字”也暗示财政刺激可能也气数将近。
Judging by fiscal deficits alone, it is America and Britain that should fret.
如果仅仅考察预算赤字的话，美国和英国应该为此感到焦虑。
In fact investors have been remarkably tolerant of fiscal deficits in recent years.
事实上，投资人在最近几年对财政赤字是非常容忍的。
In contrast, eurozone members face years of austerity to reduce large fiscal deficits.
相比之下，欧元区成员国为了削减巨额财政赤字，未来几年内必须厉行节约。
In countries such as India, Turkey, Brazil, and Russia, chronic fiscal deficits persist.
印度、土耳其、巴西、俄罗斯等国长期以来的财政赤字仍会继续存在。
This private frugality has caused the fiscal deficits, they insist, not the other way round.
他们坚持认为，这种私人部门的节俭造成了财政赤字，而不是反过来。
Japan has run continuous fiscal deficits and seen its debt downgraded by the ratings agencies.
日本连年都有财政赤字而其债券也被评级机构降级。
France and Italy have struggled harder, and are hampered by large fiscal deficits of their own.
法国和意大利正身陷困境，并把自己束缚在巨额财政赤字中。
This is not surprising: today's fiscal deficits exceed those of any previous period, in peacetime.
这并不令人感到意外：目前财政赤字的规模，为以往的任何和平时期所未见。
So it is hardly surprising to hear more and more voices question the wisdom of rushing to cut fiscal deficits.
因此，并不令人意外的是，有越来越多的人开始质疑：急于削减财政赤字是否明智？
After all, the currency has no yield support, a continuing trade deficit and the prospect of endless fiscal deficits.
毕竟，现金没有收益率，贸易赤字依旧，财政赤字没有尽头。
Jobs disappear in both grasshopper colonies and ant nests and fiscal deficits soar, especially in grasshopper colonies.
蚱蜢窝和蚁巢两边的工作岗位消失，财政赤字飙升，尤其是在蚱蜢窝。
A consensus is forming that policymakers should tighten fiscal policy, sharply, in countries with large fiscal deficits.
各方正在形成一个共识，即在巨额财政赤字的国家，政策制定者应大幅收紧财政政策。
So private sector spending surges anew, fiscal deficits shrink and the economy appears to being going back to normal, at last.
这样一来，私人部门的支出就会重新大幅上升、财政赤字会出现收缩、经济似乎最终也将重返常态。
Maybe, the collapse in private spending in the wake of the financial crisis was caused by terror of the fiscal deficits to come.
或许，金融危机过后私人部门支出骤降是由于财政赤字恐慌即将来临。
Maybe, the collapse in private spending in the wake of the financial crisis was caused by terror of the fiscal deficits to come.
或许，金融危机过后私人部门支出骤降是由于财政赤字恐慌即将来临。
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