But if they maintain large budget deficits and continue to monetize them, at some point – after the current deflationary forces become more subdued – bond markets will revolt. At this point, inflationary expectations will increase, long-term government bond yields will rise, and the recovery will be crowded out.
如果政府继续加大投入，财政赤字就会不断增加。这么一来，债券市场就会出问题了。通胀就会变得不可避免。长期政府债券利率上升，复苏就无从谈起。