So why isthe euro not stronger with all this enthusiastic buying of BMWs and other euroarea goods?
那么，既然大家购买宝马和其他欧元区产品的热情这么高，为什么欧元也没有变得更强劲呢？
In 2016 theUS basically pleaded with the rest of the world to lend it money. US interestrates are above those of the euro area (euro area interest rates are negative).US bond yields are above those of the euro area (many euro area bond yields arenegative). US equities have outperformed those of the euro area (by about 15per cent, and euro area is negative this year). The US basically did everythingthat it could to persuade investors to buy dollars — and at the end of all ofthat effort the euro still trades within 4 per cent of where it traded againstthe dollar at the start of the year.
在2016年，美国主要在恳求别国向其借债。美国利率高于欧元区（欧元区利率为负）。美国债券的投资收益优于欧元区的（许多欧元区的债券投资收益为负）。美国资产优于欧元区资产（大概15个百分点，今年欧元区的资产不大乐观）。美国基本上已经完成所有能促进投资者买进美元的措施–这种努力的结果就是：欧元仍然在和年初与之交易美元的4%进行交易。
Thechallenge for the US is that it needs foreigners to buy dollars every day tostop the dollar from falling. In the first nine months of 2016, foreigners hadto purchase $2.7bn every day. That is more than the daily GDP of theNetherlands. Any day that foreigners were not inclined to buy $2.7bn, thedollar would weaken. This is important — if foreigners decide that they want to“wait and see” what Donald Trump’s policies are like before committing tobuying more dollars, then the dollar will fall. “Wait and see” is not goodenough for the US.
美国面临的挑战是它需要外国人每天购进美元来组织其贬值。2016年最初的九个月里，外国人必须每天买27亿美元。这比荷兰的日均JDP都高。这样的每日目标如果完不成，美元就会衰弱一些。重要的是如果外国人决定他们想再“等等看”川普的政策是怎样的，在那之后决定要不要买进更多的美元，这种观望心理也会促使美元贬值。“等等看”对美国来说根本不够。
