"There is a glut, and the glut isn't healthy," Mr. Setser said.

“存在一种过剩，而且是不健康的过剩，”塞策说。

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Mr Setser points out that over the past few years central banks have consistently acted as a buffer to falling private demand for dollar assets.

Setser先生指出在过去几年里，当私有投资人对美元资产需求下降时，那些中央银行一直起着缓冲作用。

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For instance Mr Setser and his colleague, Arpana Pandy, estimate that since mid-2006, China has accounted for around 30% of purchases of American Treasuries though London.

举例来说，Setser先生和他的同事Arpana Pandy推测从2006年中期开始中国30%的美国国债是通过伦敦购买的。

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Those in the gloomy camp, epitomised by Messrs Roubini and Setser, put forward several reasons why it will happen sooner rather than later.

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Messrs Roubini and Setser accuse the Fund and its major shareholders in the capitals of the rich world of coming close to abdicating their traditional roles.

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Brad Setser, of Roubini Global Economics, an economic-analysis website, is paid to spend two to three hours or so each day blogging as a part of his job.

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