The Fed is purposefully and insidiously distorting the incentive system – specifically, signals provided by the price of money – resulting in mal-investment (and, when public debt is monetized, inflation). This can continue for a time, rewarding unproductive investments and aspiring oligarch-speculators who presume that the Fed has eliminated risk.
美联储在有目的地破坏激励系统——具体地说，是在扭曲资金价格所提供的信号——这将会导致投资不当（而当公债被货币化时，还会产生通货膨胀）。这一过程将维持一段时间，奖励生产率低下的投资，刺激认为美联储已经消除了风险的寡头投机者。但是，正如兰德所提醒我们的，总有一天，一切都会玩完。。