There are no psychological preferences, natural-resource constraints, or technological factors that make investing in private enterprises riskier than it was five years ago. Rather, the risk stems from governments’ refusal, when push comes to shove, to match aggregate demand to aggregate supply in order to prevent mass unemployment.
不过，当前全球投资者希望通过购买美国，日本和德国主权债务来规避的并不是“基础”风险。与5年前相比，投资者的心理偏好，自然资源的约束或技术因素都没有发生根本性变化，也因此使得当前对私人企业的投资风险更高。确切地说，主要的风险来自于政府在紧急关头时为避免大规模失业而拒绝调控总需求以适应总供给。