This deflationary tendency will create serious economic problems, which do not necessarily result from deflation as such, but may stem from a natural resistance to deflation. In each country, a number of prices are rigid, because sellers resist selling cheaper, as low productivity gains and wage defense by unions leave no margin for lower prices.
这种通缩趋势将会产生严重的经济问题。这些问题不一定是因为通缩产生的，倒有可能是源于针对通缩作出的天然抵抗。每个国家都有许多价格是固定的，因为卖方反对降价销售，其原因在于：较低的产能收益和工会的工资保障制度没有留出任何降价的空间。因此，通缩的压力在某种程度上将会导致减量调整，而这又会加深真正的危机。