But there are holes in this case. We have to look at the reasons that real interest rates were so much higher 10 or 20 years ago, and think about what that means, and we also have to look at the broader history of asset prices and their relation to real interest rates.
但这样的说法是有漏洞的。我们必须考查实际利率在10或20年前高出许多的原因，并思考其内涵。我们还必须从更广泛的历史中考查资产价格及其与实际利率的关系。