This tale of export fetishism tells us how Germany looks abroad for demand to kick-start its recoveries and explains why its trade balance rises in the early phase of the cycle.

• 迷恋出口导致的一系列后果说明了，德国为什么希望依靠外需启动其经济复苏，以及在本轮经济周期初期，为什么其贸易盈余会上升。