Irving Fisher’s prescient warning in 1933 about such a debt-deflation spiral resonates strongly today, given that public and private debt levels are at or near historic highs in many countries. Especially instructive is the 2.2% price decline in Greece for the 12 months ending in July – the most severe example of ongoing deflation in the advanced countries and counterproductive to an orderly solution to the country’s problems.
欧文·费雪（Irving Fisher）在1933年以先见之明发出的这一债务-通缩螺旋警告在今天引起了巨大的回响，许多国家的公共和私人债务水平处于或接近于历史最高点。特别具有说明意义的是希腊在截至7月的12个月中物价下降2.2%——是发达国家持续通货紧缩最严重的例子，也不利于有序解决该国的问题。