The sky is falling, scream the hysterics: the Federal Reserve is pouring forth dollars in such quantities that they will soon be worthless. Nothing could be further from the truth. As in Japan, the policy known as “quantitative easing” is far more likely to prove ineffective than lethal. It is a leaky hose, not a monetary Noah’s Flood.
「天要塌了，」歇斯底里者大聲尖叫著：美聯準(Fed)向市場注入了大量美元，它們很快就會變得一文不值。但事實決非如此。與日本的情況一樣，這種名爲「定量寬鬆」的政策更有可能被證明是無效的、而非致命的。這只是一根漏水的管子，而不是貨幣方面的「諾亞洪荒」(Noah’s Flood)。
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