Today, as in the 1960’s or 1970’s, we face a fundamentally global problem of inconsistent monetary policies. Back then, Europeans complained that low interest rates in America were driving global inflation; now low US interest rates are blamed for driving irresponsible asset-price booms.
今天的局面跟 20 世纪 60 、 70 年代相似，摆在我们面前的是全球层面上货币政策各自为政的老大难问题。当年，欧洲抱怨美国的低利率导致全球通货膨胀；如今人们抨击美国的利率政策不负责任地催生资产价格泡沫。