Those of us who fear that the Fed’s approach has greatly deepened the US economy’s malaise and is turning America’s cyclical unemployment into permanent long-term structural non-employment have lost the domestic monetary-policy argument. But there is another policy argument that needs to be joined.
我们这类担心美联储的手段导致美国经济困境极大恶化并导致其周期性失业转变为持久性长期结构性非就业的人们已经在其国内货币政策讨论中败下阵来。但还有另一场政策讨论需要我们的参与。美联储不仅是美国的中央银行，它也是全世界的中央银行。