Meanwhile, savers are being repressed, asset prices distorted, and incentives to maintain or even increase leverage enhanced. Competitive devaluations, even if they are not policymakers’ stated objectives, are becoming increasingly tempting – though they will not solve the aggregate-demand problem.
与此同时，储蓄者受到抑制，资产价格被扭曲，保持甚至增加杠杆的激励获得了增强。竞争性贬值——即使它们并非决策者公开承认的目标——的吸引力正在日益增加，尽管它们更本无法解决总需求问题。