And that leverage – much of it the result of monetary expansion in most of the world’s advanced economies – is not even serving the goal of boosting long-term aggregate demand. After all, accommodative monetary policies can, at best, merely buy time for more durable sources of demand to emerge.
增长正在受到腹背夹击。杠杆率正在上升，自全球金融危机爆发以来，全世界债务已高达57万亿美元。这一杠杆——大多是大部分发达经济体货币扩张的结果——甚至连提振长期总需求这一目标都没有达到。毕竟，有利的货币政策充其量只能为更加持久的需求源的出现赢得时间。