For more than half that time – say, 85 years – it has been accepted doctrine that markets are also not to be trusted even in normal times, lest doing so lead to a liquidity squeeze or to an inflationary bubble. So, central banks must set the price of liquidity in the market day in and day out.
这段时间中超过一半——就算85年吧——还有一个公认的理论，那就是为了防范流动性紧张或通胀泡沫出现，即便在正常情况下也不要信任市场。因此，央行就必须每天制定流动性市场价格。