[{"data":1,"prerenderedAt":1650},["ShallowReactive",2],{"library-ba-fei-te-2009nian-mei-yuan-xiao-ying":3,"library-sidebar-buffett":114,"library-sidebar-dao":1116,"library-sidebar-models":1418},{"id":4,"title":5,"body":6,"category":100,"date":101,"description":102,"extension":103,"meta":104,"navigation":105,"order":106,"path":107,"seo":108,"seoDescription":102,"seoTitle":109,"slug":110,"stem":111,"__hash__":112,"_collection":113},"buffett\u002Fbuffett\u002Finterview\u002Fba-fei-te-2009nian-mei-yuan-xiao-ying.md","巴菲特：2009年美元效应",{"type":7,"value":8,"toc":95},"minimark",[9,13,18,22,25,31,34,37,40,43,46,49,52,55,58,61,68,71,78,84,89,92],[10,11,5],"h1",{"id":12},"巴菲特2009年美元效应",[14,15,17],"h2",{"id":16},"巴菲特美元效应2009","巴菲特：美元效应2009",[19,20,21],"p",{},"2009 年8 月18 日",[19,23,24],{},"在自然界中，每一个行为都会产生各自后果，这种现象被称为蝴蝶效应。而且，这些后果并不一定成正比。例如，如果我们向大气中排放的二氧化碳增加一倍，那么随之而来的社会问题可能会增加一倍还多。意识到这一点，全世界理应都为温室气体排放而担忧。",[19,26,27],{},[28,29,30],"strong",{},"蝴蝶效应还延伸到了金融领域。在这里，美国正在向我们的经济注入一种潜在的破坏性物质，\"美元放水\"。",[19,32,33],{},"当然，我们这样做是有原因的，我对此大加赞赏。去年秋天，我们的金融体系濒临崩溃，有可能引发经济大萧条。这场危机要求我们的政府表现出智慧、勇气和果断。幸运的是，美联储以及布什和奥巴马政府的主要经济官员，都对这一需求做出了出色的反应。",[19,35,36],{},"当然，他们犯了错误。当我们经济结构中，本应坚不可摧的支柱在他们身边摇摇欲坠时，他们怎么可能不犯错呢？不过，由于大量联邦资金在拯救过程中发挥了至关重要的作用，经济崩溃得以避免。",[19,38,39],{},"美国经济现已走出急诊室，似乎正在缓慢复苏。但是，巨大剂量的货币药物仍在继续使用，不久之后，我们将需要应对货币放水的副作用。就目前而言，这些副作用大多是隐形的，而且可能会潜伏很长一段时间。尽管如此，它们的威胁可能与金融危机本身造成的威胁一样不祥。",[19,41,42],{},"要理解这种威胁，我们需要从历史的角度上，审视我们现在所处的位置。如果撇开1942-1946 年受战争的影响不谈，美国自1920 年以来最大的年度赤字是GDP 的6%。但在本财年，赤字将上升到约占GDP 的13%，是非战时记录的两倍多。以美元计算，相当于惊人的1.8 万亿美元。在财政方面，我们正处于未知领域。",[19,44,45],{},"由于巨额赤字，我国的\"净债务\"(即公开持有的数额)如雨后春笋般增长。在本财年，净债务将每月增加一个百分点以上，从占GDP 的41%攀升至约56%。诚然，日本和意大利等其他国家的净债务占国内生产总值的比例要高得多，没有人知道美国的净债务占GDP 的比例达到哪个精确水平，才会失去其金融诚信的声誉。但再过几年，我们就会知道了。",[19,47,48],{},"增加联邦债务的资金来源有三种：向外国人借贷、向本国公民借贷，或者通过迂回的方式印钞。让我们来看看各自以及组合的前景。",[19,50,51],{},"首先是经常账户赤字，也就是我们向世界其他国家强行输入的美元，它们将必须用于投资，其规模今年将达到4000 亿美元左右。假设在一个相对温和的情况下，所有这些资金的接受方(以中国为首)，都将被引导投资美债。别忘了，这种投资国债的方式并不可靠：一些国家可能会决定购买美国股票、房地产或收购整个公司，这比投资美元债券更有意义。这方面的传言最近越来越多。",[19,53,54],{},"再看方案的第二个要素：向本国公民借贷。假设美国人储蓄了5000 亿美元，远高于他们最近的储蓄水平，但也许与不断变化的国民情绪相一致。最后，假设这些公民选择将其所有储蓄投入美国国债(部分通过银行等中介机构)。即使有了这些英勇的假设，财政部也不得不再筹集9000 亿美元来为其发行的1.8 万亿美元债务的剩余部分提供资金。华盛顿的印钞机将需要加班工作。",[19,56,57],{},"要减缓这些变化，需要非凡的政治意愿。目前，政府支出占财政收入的185%，因此需要对税收和支出进行真正的重大改革。经济复苏也无法弥补这样的差距。",[19,59,60],{},"立法者会正确地认识到，无论是提高税收还是削减开支，都会威胁到他们的连任。为了避免这种命运，他们会选择提高通胀水平，而高通胀率从来不需要记录在案的投票，也不能归咎于任何民选官员采取的具体行动。",[19,62,63,64,67],{},"事实上，凯恩斯(JohnMaynardKeynes)很早以前就制定了在这种经济灾难中政治生存的路线图：\"通",[28,65,66],{},"过持续的通货膨胀过程，政府可以秘密地、不被察觉地没收其公民财富的重要组成部分....","。这个过程调动了经济规律中所有潜在的破坏力量，而且以被发现的概率低于百万分之一的方式进行的\"。",[19,69,70],{},"我想强调的是，债务的增加与收入或资产的增加成正比，这并没有什么邪恶或破坏性。随着个人、公司和国家资源的增长，每个国家都可以承受更多的债务。到目前为止，美国仍然是世界上最繁荣的国家，它的债务承受能力在未来也会像过去一样增长。",[19,72,73,74,77],{},"但有位智者说过：",[28,75,76],{},"\"我只想知道我将死在哪里，所以我永远不会去那里","。\"我们不希望我们的国家演变成凯恩斯所描述的香蕉共和国经济。",[19,79,80,81],{},"我们的当务之急是让我们的国家重新站立起来并蓬勃发展，\"不惜一切代价\"仍然是有意义的。然而，",[28,82,83],{},"一旦实现复苏，国会必须停止债务\u002FGDP 比值的上升，并使我们的债务增长与资源增长保持一致。",[19,85,86],{},[28,87,88],{},"不加控制的碳排放很可能导致冰山融化。不加控制的美元放水必将导致货币购买力的下降。",[19,90,91],{},"美元的命运掌握在国会手中。",[93,94],"hr",{},{"title":96,"searchDepth":97,"depth":97,"links":98},"",2,[99],{"id":16,"depth":97,"text":17},"访谈与文章",null,"巴菲特分析美元政策的蝴蝶效应，警告二氧化碳排放加倍将引发不成比例的社会问题，强调系统性风险。","md",{},true,86,"\u002Fbuffett\u002Finterview\u002Fba-fei-te-2009nian-mei-yuan-xiao-ying",{"title":5,"description":102},"巴菲特：2009年美元效应｜巴菲特","ba-fei-te-2009nian-mei-yuan-xiao-ying","buffett\u002Finterview\u002Fba-fei-te-2009nian-mei-yuan-xiao-ying","AArUQee-Qdq_YhHlPQGq_9n29gNewZi9A7fMCNsOApY","buffett",[115,120,123,127,130,133,136,140,143,146,150,153,156,160,163,166,170,173,176,180,183,186,190,193,196,200,203,206,210,213,216,220,223,226,230,233,236,240,243,246,250,253,256,260,263,266,270,273,276,280,283,286,290,293,296,300,303,306,310,313,316,320,323,326,330,333,336,340,343,346,350,353,356,360,363,366,370,373,376,380,383,386,390,393,396,400,403,406,410,413,416,420,423,426,430,433,436,440,443,446,450,453,457,460,464,467,471,474,478,481,485,488,492,495,499,502,506,509,513,516,520,523,527,530,534,537,541,544,548,551,555,558,562,565,569,572,576,579,583,586,590,593,597,600,604,607,611,614,618,621,625,628,632,635,639,642,646,649,653,656,660,663,667,670,674,677,681,684,688,691,695,698,702,705,709,712,716,719,723,726,730,733,737,740,744,747,751,754,758,761,765,768,772,775,779,782,786,789,793,796,800,803,807,810,813,814,818,821,825,828,832,835,839,842,846,849,853,856,860,863,867,870,874,877,881,884,888,891,895,898,902,905,909,912,916,920,924,928,932,936,940,944,948,952,956,960,964,968,972,976,980,984,988,992,996,1000,1004,1008,1012,1016,1020,1024,1028,1032,1036,1040,1044,1048,1052,1056,1060,1064,1068,1072,1076,1080,1084,1088,1092,1096,1100,1104,1108,1112],{"title":116,"slug":117,"category":118,"order":119},"1956 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巴菲特致股东信","1996-ba-fei-te-zhi-gu-dong-xin",67,{"title":682,"slug":683,"category":100,"order":680},"巴菲特：2007年对话佐治亚大学学生","ba-fei-te-2007nian-dui-hua-zuo-zhi-ya-da-xue-xue-sheng",{"title":685,"slug":686,"category":118,"order":687},"1997 巴菲特致股东信","1997-ba-fei-te-zhi-gu-dong-xin",68,{"title":689,"slug":690,"category":100,"order":687},"巴菲特：2007年巴菲特接见Dardashti","ba-fei-te-2007nian-ba-fei-te-jie-jian-dardashti",{"title":692,"slug":693,"category":118,"order":694},"1998 巴菲特致股东信","1998-ba-fei-te-zhi-gu-dong-xin",69,{"title":696,"slug":697,"category":100,"order":694},"巴菲特：2007年接受央视专访","ba-fei-te-2007nian-jie-shou-yang-shi-zhuan-fang",{"title":699,"slug":700,"category":118,"order":701},"1999 巴菲特致股东信","1999-ba-fei-te-zhi-gu-dong-xin",70,{"title":703,"slug":704,"category":100,"order":701},"巴菲特：2007年接受欧洲MBA学生专访（珍贵精彩实录）","ba-fei-te-2007nian-jie-shou-ou-zhou-mbaxue-sheng-zhuan-fang-zhen-gui-jing-cai-shi-lu",{"title":706,"slug":707,"category":118,"order":708},"2000 巴菲特致股东信","2000-ba-fei-te-zhi-gu-dong-xin",71,{"title":710,"slug":711,"category":100,"order":708},"巴菲特：2007年查理罗斯专访","ba-fei-te-2007nian-cha-li-luo-si-zhuan-fang",{"title":713,"slug":714,"category":118,"order":715},"2001 巴菲特致股东信","2001-ba-fei-te-zhi-gu-dong-xin",72,{"title":717,"slug":718,"category":100,"order":715},"巴菲特：2008年21 世纪经济领导者采访","ba-fei-te-2008nian-21-shi-ji-jing-ji-ling-dao-zhe-cai-fang",{"title":720,"slug":721,"category":118,"order":722},"2002 巴菲特致股东信","2002-ba-fei-te-zhi-gu-dong-xin",73,{"title":724,"slug":725,"category":100,"order":722},"巴菲特：2008年买入美国正当时","ba-fei-te-2008nian-mai-ru-mei-guo-zheng-dang-shi",{"title":727,"slug":728,"category":118,"order":729},"2003 巴菲特致股东信","2003-ba-fei-te-zhi-gu-dong-xin",74,{"title":731,"slug":732,"category":100,"order":729},"巴菲特：2008年对话IVEY 商学院学生","ba-fei-te-2008nian-dui-hua-ivey-shang-xue-yuan-xue-sheng",{"title":734,"slug":735,"category":118,"order":736},"2004 巴菲特致股东信","2004-ba-fei-te-zhi-gu-dong-xin",75,{"title":738,"slug":739,"category":100,"order":736},"巴菲特：2008年对话商学院学生","ba-fei-te-2008nian-dui-hua-shang-xue-yuan-xue-sheng",{"title":741,"slug":742,"category":118,"order":743},"2005 巴菲特致股东信","2005-ba-fei-te-zhi-gu-dong-xin",76,{"title":745,"slug":746,"category":100,"order":743},"巴菲特：2008年对话瑞士洛桑国际管理学院","ba-fei-te-2008nian-dui-hua-rui-shi-luo-sang-guo-ji-guan-li-xue-yuan",{"title":748,"slug":749,"category":118,"order":750},"2006 巴菲特致股东信","2006-ba-fei-te-zhi-gu-dong-xin",77,{"title":752,"slug":753,"category":100,"order":750},"巴菲特：2008年怀念恩师格雷厄姆","ba-fei-te-2008nian-huai-nian-en-shi-ge-lei-e-mu",{"title":755,"slug":756,"category":118,"order":757},"2007 巴菲特致股东信","2007-ba-fei-te-zhi-gu-dong-xin",78,{"title":759,"slug":760,"category":100,"order":757},"巴菲特：2008年给保尔森的信","ba-fei-te-2008nian-gei-bao-er-sen-de-xin",{"title":762,"slug":763,"category":118,"order":764},"2008 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巴菲特致股东信","2014-ba-fei-te-zhi-gu-dong-xin",87,{"title":819,"slug":820,"category":100,"order":817},"教学方法期刊","ba-fei-te-2009nian-a-ke-lun-da-xue-shang-xue-yuan-wen-da-shi-lu",{"title":822,"slug":823,"category":118,"order":824},"2015 巴菲特致股东信","2015-ba-fei-te-zhi-gu-dong-xin",88,{"title":826,"slug":827,"category":100,"order":824},"巴菲特：2010年\"捐赠誓言\"计划","ba-fei-te-2010nian-juan-zeng-shi-yan-ji-hua",{"title":829,"slug":830,"category":118,"order":831},"2016 巴菲特致股东信","2016-ba-fei-te-zhi-gu-dong-xin",89,{"title":833,"slug":834,"category":100,"order":831},"巴菲特：2010年CNBC 专访","ba-fei-te-2010nian-cnbc-zhuan-fang",{"title":836,"slug":837,"category":118,"order":838},"2017 巴菲特致股东信","2017-ba-fei-te-zhi-gu-dong-xin",90,{"title":840,"slug":841,"category":100,"order":838},"巴菲特：2010年与罗克国度创始人、福布斯主编对谈","ba-fei-te-2010nian-yu-luo-ke-guo-du-chuang-shi-ren-fu-bu-si-zhu-bian-dui-tan",{"title":843,"slug":844,"category":118,"order":845},"2018 巴菲特致股东信","2018-ba-fei-te-zhi-gu-dong-xin",91,{"title":847,"slug":848,"category":100,"order":845},"巴菲特：2010年央视财经采访","ba-fei-te-2010nian-yang-shi-cai-jing-cai-fang",{"title":850,"slug":851,"category":118,"order":852},"2019 巴菲特致股东信","2019-ba-fei-te-zhi-gu-dong-xin",92,{"title":854,"slug":855,"category":100,"order":852},"巴菲特：2010年对话IVEY 商学院学生","ba-fei-te-2010nian-dui-hua-ivey-shang-xue-yuan-xue-sheng",{"title":857,"slug":858,"category":118,"order":859},"2020 巴菲特致股东信","2020-ba-fei-te-zhi-gu-dong-xin",93,{"title":861,"slug":862,"category":100,"order":859},"巴菲特：2010年慈善中国行","ba-fei-te-2010nian-ci-shan-zhong-guo-xing",{"title":864,"slug":865,"category":118,"order":866},"2021 巴菲特致股东信","2021-ba-fei-te-zhi-gu-dong-xin",94,{"title":868,"slug":869,"category":100,"order":866},"巴菲特：2010年给全体经理人备忘录","ba-fei-te-2010nian-gei-quan-ti-jing-li-ren-bei-wang-lu",{"title":871,"slug":872,"category":118,"order":873},"2022 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