On one level, this is very frustrating: we economists believe that people are smart enough to understand their situation and capable enough to pursue their own interests. Yet the typical investor in dollar-denominated assets – whether a rich private individual, a pension fund, or a central bank – has not taken the steps to protect themselves against the very likely dollar decline in our future.
在某种层次上，这一事实令人沮丧：我们经济学家相信人们有足够的智慧理解周边的环境，也有足够的能力保护自己的利益。但投资于美元计价资产的典型投资者——无论他是富有的个人、退休基金还是中央银行——都没有采取措施保护自己不受未来很可能发生的美元贬值的侵害。