The loss of competitiveness can be reversed (Ireland is doing it), but only at the cost of a long-term decline in wages and demand, which will require in turn even more fiscal retrenchment.

竞争缺失可以修复（爱尔兰正在这样做），但要付出工资和需求长期下跌的成本，这样一来势必需要做出更多财政紧缩。

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Not with the financial system in virtual lockdown, and much of the world in a similar state of retrenchment, shrinking demand for American goods and services.

处于实质防备状态的金融系统不允许节俭，况且几乎全球都处于类似的需求紧缩状态，对美国产品和服务需求也在减少。

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