Then of course there is QE itself. Printing money for too long and in too great a volume is a bad idea for many reasons, but one is that printing money eventually kills faith in money. The legendary investor Sir John Templeton liked to point out that abusing weights and measures was a pretty fast way for a government to lose the trust of an electorate. And what is QE, something that changes the value of the dollar, pound and euro in your pocket, if it is not an abuse of a measure? 当然,接下来还有定量宽松本身。太长时间和太大数额的印钞从很多方面来讲都是一个糟糕的想法,但其中一点是,印钞最终会扼杀人们对金钱的信任。有传奇色彩的投资者约翰?邓普顿爵士(Sir John Templeton)喜欢指出,滥用度量衡是政府失去选民信任的一条捷径。改变你口袋里美元、英镑和欧元价值的定量宽松如果不是滥用度量衡的话,又是什么呢? You could also blame the crisis for the fact that the size of western governments is more likely to increase than decrease from here. Why? Inequality. 你还可以将这一事实归咎于这场危机:西方国家政府的规模更有可能从现在的水平扩大,而非缩小。为什么?不平等。 You can make a (pretty good) argument to say that rising inequality, in the form of falling real wages for the 99 per cent, left consumers with no power to consume unless they borrowed to do so – another big contributory factor in the financial crisis. But whether that is true or not doesn't really matter. Inequality has become a political big deal across the West and that means politicians of all colours, even as they fail to deal with their budget deficits, are still trying to find new ways to redistribute. 你可以提出(非常充分)的理由,称日益加重的不平等(99%的人实际薪资下滑)让消费者没有能力消费,除非他们借款(这是引发金融危机的另一个重要因素)。但这点是否属实其实并不重要。不平等已成为西方的一件政治大事,这意味着,所有意识形态的政界人士都在寻找新的再分配方式,即便他们未能解决预算赤字问题。
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