Beginning in September 1931, the markets became nervous about the US, causing large outflows from American banks – and thus from the dollar. The Depression had rendered capital markets incapable of absorbing large quantities of government (or, indeed, any other) debt.
从1931年9月开始，市场紧张起美国来了，出现了资本从美国各银行大规模流出的现象——也就是逃离美元。大萧条使得资本市场无力吸收巨量的政府债（其实连什么债都吸收不了了）。结果，财政巩固成了重振信心的唯一出路。