But, over time, the longer central banks create liquidity to suppress short-run volatility, the more they will feed price bubbles in equity, bond, and other asset markets. As more investors pile into overvalued, increasingly illiquid assets – such as bonds – the risk of a long-term crash increases.
这一宏观流动性和市场无流动性的组合是一颗定时炸弹。目前，它只是造成了高波动性的闪崩和债券收益率和股票价格的突变。但是，假以时日，央行制造流动性以抑制短期波动的时间越长，所催生的股票、债券和其他资产市场的泡沫就越大。随着更多投资者涌入价值高估、流动性日益缺失的资产——比如债券——长期崩溃的风险也在增加。