The weak real economy and job market, together with high debt ratios, suggest the need to exit monetary stimulus slowly. But a slow exit risks creating a credit and asset bubble as large as the previous one, if not larger.
我们已经知道那个故事的结局，并且可能要为续集做好准备。疲软的经济就业市场和高负债率表明需要慢慢退出货币刺激政策。但缓慢退出可能造成与之前同样大的信贷资产泡沫。现在看来，追求实体经济稳定可能导致金融动荡的危局。