Because the debts of the large industrial borrowers – the UK and the US – are externally financed, the argument that their governments can always monetize debt is not convincing. A moment may come when foreign investors do not believe that their sterling or dollar assets are protected against inflation, and at that point their willingness to hold low-yield sterling and dollar assets will end.
由于工业化大国的债务——如英国的和美国的——都依靠外部融资，因此它们的政府总是可以将债务货币化也是站不住脚的。总会有那么一天，投资者不再相信英镑和美元资产会免受通胀影响，那时，他们持有低收益率英镑或美元资产的意愿就会消失。