忘掉通胀

慕尼黑—套用温斯顿·丘吉尔的句子,从来没有如此众多的政府和央行拿出如此巨额,动辄数以十亿计的美元。美国政府为本国经济注资7890亿美元,欧洲是2550亿美元,中国则是5870亿美元。美联储2008年将基础货币的存量提高了97%,欧洲央行也提高了37%。美国的联邦基金利率实际为零,而欧洲央行的主要再贷款利率虽然一直以来已经低到2%,还是可能在以后的几个月中降得更低。

美联储已经授权普通银行直接动用它的信贷工具,而欧洲央行(ECB)也不再限制基础货币的供应,反而是银行要求多少流动性,它就提供多少。从去年10月以来,西方国家为银行提供的救助资金已经达到了约4.3万亿美元。

许多人现在担心大量注入现金将会不可避免地带来通货膨胀。德国曾在1923年饱受高通胀之苦,现在人们普遍担心他们将再次丧失积蓄,需要从头再来。其他国家也有同样的忧虑,只是程度稍小一些。。

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