Finally, those who view the Great Depression as fundamentally a product of tight fiscal policies and “Treasury orthodoxy” overlook the much greater culpability of a fixed exchange-rate regime for the transmission of bad monetary policy, and thus for fueling the contraction.
最后，认为大萧条基本上是紧财政政策和“财政正统思想”产物的那些人忘记了，固定汇率体制才是更大的罪人，它使得恶劣的货币政策四处传导，引发通缩。