If America’s Democrats lose in the mid-term elections this November, there is a risk of persistent fiscal deficits as Republicans veto tax increases while Democrats veto spending cuts. Monetizing the fiscal deficits would then become the path of least resistance: running the printing presses is much easier than politically painful deficit reduction.
如果美国民主党在今年 11 月的中期选举中失利，财政赤字问题可能变成老大难：共和党会否决加税，而民主党会否决削减开支。这样一来，财政赤字货币化可能会成为受到抵制最少的折中方案，毕竟，开动印钞机比削减赤字在政治上容易多了。