In the early 1930’s, monetary-policy incoherence paralyzed US policy, with the Federal Reserve Bank of New York locked in insurmountable conflict with the Chicago Fed over monetary easing (at that time through open-market securities purchases). Today’s chronic policy disputes between Germany and France are producing a level of uncertainty that is potentially even more destructive.
欧洲当前政策裹足不前，其所带来的威胁怎么估量都不过分。20世纪30年代初，货币政策分歧令美国的政策陷入瘫痪，纽约和芝加哥两地的联邦储备银行在货币宽松（当时通过在公开市场购入证券来操作）的问题上争执不下。如今，德法两国习惯性的政策争议也造成重大的不确定性，其潜在破坏力更甚于当初。