This was never more apparent than in the aftermath of the global financial crisis. Even though America’s financial markets nearly collapsed, its public-debt levels rose sharply, and the Federal Reserve was forced to undertake massive monetary expansion to support the economy, the dollar strengthened relative to most other currencies.
这一点在全球金融危机爆发之后显得尤为明显。即便美国的金融市场几乎崩溃，其公共债务水平大幅上升，美联储被迫要实施大规模的货币扩张以支撑其经济，美国兑其他大多数货币的汇率却依然有所走强。