The state, in the long run, simply cannot direct entrepreneurs to lend, borrow, and invest; investment capital will inevitably shrug when faced with oppressive manipulation of free markets. When that happens, we see the true result of loose monetary policy: not the creation of more economic activity, but the destruction of the natural mechanism of economic coordination and adjustment, robbing the system of its resilience.
从长期看，国家无法规定企业家怎样借贷和投资；如果对自由市场的操控压力太大，投资资本免不了要耸耸肩。当这一幕发生时，我们就会看到宽松货币政策的真正结果：它并没有创造出更多的经济活动，反而破坏了经济协调和调整的自然机制，削弱了系统的韧劲。总而言之，货币政策“停止了世界的马达”。