Early in that terrible decade, deflation became a reality for nearly all countries and for all of the advanced economies. In the last two years, at least six of the advanced economies – and as many as eight – have been coping with deflation.
我们不知道，如果政策有所不同会发生什么，但你可以轻易想象出，如果没有美国、欧洲和日本的量化宽松，这些经济提将陷入类似于20世纪30年代的危机后通缩局面。在这个可怕的十年的初期，通货紧缩成为几乎所有国家和所有发达经济体的现实。在过去两年中，至少六个发达经济体——可能多达八个——已经陷入了通货紧缩。