The continuous injection of liquidity would imply a greater likelihood of renewed asset bubbles in housing, equities, or modern art. Government stabilization of the banking system can either be international, provoking complaints by outraged taxpayers about subsidizing others, or national, but only at the cost of greatly extended regulation of capital movements.
今天，沿用对付1907年和1931年危机的方法只能使事情更糟。不断注入流动资金会增大房地产、证券或当代艺术领域出现新一轮资产泡沫的可能性。政府稳定银行系统的措施如果是国际性的，会激起愤怒的纳税人对补贴别国的不满，如果是国内的，则必须付出资本流动管制大大加强的代价。两条路线都不是非走不可。