Two other destabilizing developments emerged in the last quarter of the twentieth century: a strong incentive to use debt to prop up demand, and a shift toward financing public debt through private institutions at market prices, under the pretext of fighting inflation. These trends boosted public-debt burdens, while flooding the global financial system with liquidity generated by private banking activities that were unconnected to transactions in the real economy.
二十世纪后二十五年还出现了其他两大破坏性趋势：用债务来提振需求的强烈激励以及以抵抗通胀为幌子转向私人机构以市场价格为公共债务融资。这两个趋势增加了公债负担，与此同时，与实体经济交易无关的私人银行活动所产生的流动性充斥着全球金融系统。