Most important, however, has been what looks, from today’s perspective, like a permanent collapse in the risk-bearing capacity of the private marketplace, and a permanent and large increase in the perceived riskiness of financial assets worldwide – and of the businesses whose cash flows underpin them.
更重要的是，从目前情况看来，私人市场的风险承受力似乎出现了大规模崩溃，而对于全球金融资产以及那些需要现金流支撑的商业来说，其风险将永久并无限增大。考虑到发达国家人口老龄化加速，政府所承担的大量社会保障，以及政府长期清晰预算平衡计划的缺失，我们可以预见通胀和风险溢价——可能数量不多，但却清晰可见——会被包含到最大最富裕的经济体的国债中去。