Those industries, banks, and political authorities that are not so privileged are inevitably resentful, and view the central bank’s actions as an abuse of power. In federal systems, in particular, those businesses and political authorities far removed from the center are most likely to be excluded from the monetary stimulus and hence are inclined to be resentful.
归根结底，货币当局不会只是决定要把所有负债转化成纸币。相反出于总体利益的考虑，它会认定某些行业，银行或者政治权力机构必须得到扶持。而那些并受优待的行业，银行或者政治权力机构无疑会对此感到愤愤不平，并将中央银行的行为视作滥用货币。尤其是在联邦系统中，那些远离核心的企业和政治权力机构最有可能被排除在货币刺激政策之外，并因此埋怨不已。