German politicians would thus seem to be suffering from some serious delusions about the importance of gold and the effects of shifting its location. But they are right to worry about the ECB’s policies: Providing unconditional credit to eurozone governments is unlikely to make these governments more careful.
因此，德国政客大概是受到了严重的黄金及其所在地重要性错觉的毒害。但他们对欧洲央行政策的担心是正确的：为欧元区政府提供无条件信用不可能让这些政府变得更加谨慎。所谓的“财政主宰”（fiscal dominance）是真正的威胁，它会破坏货币政策，并让通胀变得更加难以控制。