相反，美国把全部力量用在了货币宽松上，发动了我所谓的货币战争，在这场战争中，全球投资者为了追寻高收益，纷纷涌向新兴市场，推高了它们的汇率。
Instead, the US has placed all of its chips on monetary easing, unleashing what I have called a currency war, in which global investors, chasing higher yields, flood into emerging countries, driving up their exchange rates.