BERKELEY – For more than 170 years, it has been accepted doctrine that markets are not to be trusted when there is a liquidity squeeze. When the prices of even safe assets fall and interest rates climb to sky-high levels because traders and financiers collectively want more liquid assets than currently exist, it is simply not safe to let the market sort things out.
伯克利——170多年来，一个公认的理论是当市场出现流动性紧张时，就不能再信任市场。由于交易员和金融业者集体希望得到比存量更多的流动资产，导致安全资产跌价而利率暴涨时，还想靠市场来解决问题就太不安全了。