But if that were the problem, one would cause all prices – including, say, clothing and haircuts – to rise. That is what the Federal Reserve Chairman Arthur Burns meant when he said that the United States was “awash with liquidity” in 1971, a period when the concern was general inflation.
传统上讲，“流动性泛滥”意味着世界各国的中央银行过分地扩大货币供应，造成过多的钱追逐过少的货物的现象。但是如果问题是这样的话，那么 所有的 价格——就是说，包括服饰和理发的价格——都应该上涨才对。这正是美联储前主席伯恩斯在1971年说美国面临“流动性泛滥”时所指的情况，当时大家担心会发生全面的通货膨胀。