可能产生这种情形的情况不一定需要反映美国经济的基本面。一些国债拍卖认购不足、高于预期的消费者价格指数报告或显示赤字高于预期的中期预算评估都可能改变债权人对通货膨胀前景的预期。
　　The circumstances that could give rise to such a scenario would not necessarily need to reflect the underlying fundamentals of the U.S. economy. A few undersubscribed Treasury auctions, a higher-than-expected consumer price index report or a mid-session budget review indicating a larger deficit than forecast could shape creditor expectations regarding the prospects for inflation.

　　“美元陷阱”看法的支持者认为，理性的债权人都不会通过抛售美元破坏其资产价值。但是，如果债权人认为，美国并不是真的想遏制通货膨胀，并预计美元的跌势将会持续，那么以尽可能高的价格抛出美元资产对债权人而言就是非常合理的做法。
　　Proponents of the 'dollar trap' view argue no reasonable creditor would undermine its asset values by a starting a dollar sell-off. However, if a creditor believes the U.S. is not serious about containing inflation and expects the dollar's decline to persist, it is perfectly rational for the creditor to sell dollar assets at the best possible price.

　　我们从中得到的教训是，美中经济关系的稳定在很大程度上依赖于美国其他主要债权人的预期：它不再仅仅是两个超级大国间的事情。此外，美国的金融战线拉得越长，它就越容易受到看似微不足道的金融事件的摆布。
　　The lesson here is that the stability of U.S.-China economic relations is highly contingent on the expectations of other major U.S. creditors: It is no longer solely the province of the two superpowers. In addition, the more the U.S. becomes financially overextended, the more it is at the mercy of seemingly insignificant financial events.

　　虽然中国可以利用“美元外交”找到摆脱困境的出路，但美国却几乎没有可行的替代办法减少赤字，并最终紧缩银根。如果美国政府没有足够的意愿控制货币供应和自己国家的债务，它就面临着对手日益制约美国的经济政策选择，或全球对美元信心崩溃的前景。这两种情况对美国来说都不是好兆头，这也是国会和政府应该更认真看待美元问题的理由。
　　While China can use 'dollar diplomacy' to find a way out of a difficult situation, the U.S. has few viable alternatives to deficit reduction and eventually tightening the money supply. If the U.S. government cannot muster the will to rein in the money supply and the national debt on its own, it faces the prospect of a rival power increasingly constraining U.S. economic policy options or a collapse in global confidence in the dollar. Neither scenario bodes well for the U.S., which is all the more reason for Congress and the administration to get serious about the dollar.

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