The problem is that low interest rates will not motivate firms to invest if there is no demand for their products. Nor will low rates inspire individuals to borrow to consume if they are anxious about their future (which they should be).
问题在于低利率无法刺激企业投资，如果它们的产品根本没有需求的话。低利率也不会刺激个人贷款消费，如果他们焦虑自己的未来（很应该如此）的话。货币政策可以做什么？形成资产价格泡沫。它甚至推高了欧洲政府债券的价格，从而阻止了一场主权债务危机。但必须搞清楚，宽松货币政策重塑全球繁荣的希望是渺茫的。