The velocity of money (the frequency at which money is spent, or GDP relative to base money) continues to plunge to historic lows. No wonder monetary policy has had so little impact.
现金就是王道。货币流动速度（即货币支出的频率，以GDP与基础货币的比值衡量）仍然徘徊在历史最低水平。因此，货币政策收效甚微一点都没有什么好奇怪的。作为经济增长引擎的资本被空置着——所有人都在耸肩。