More ominously, monetization of these fiscal deficits is becoming a pattern in many advanced economies, as central banks have started to swell the monetary base via massive purchases of short- and long-term government paper. Eventually, large monetized fiscal deficits will lead to a fiscal train wreck and/or a rise in inflation expectations that could sharply increase long-term government bond yields and crowd out a tentative and so far fragile economic recovery.
更恐怖的是，许多发达经济体对财政赤字货币化开始习以为常了，其央行已大量购买短期、长期政府票据，使货币基数猛增。财政赤字大规模货币化终将导致财政列车脱轨，或引发高通胀预期，甚至双鬼拍门，从而大幅推高长期国债收益，把本就犹疑脆弱的经济复苏活活扼杀。