We may be in a permanent liquidity trap, in which nominal interest rates cannot fall below zero, but the expected rate of return to investment remains negative. Unconventional monetary policies like quantitative easing may inflate a new generation of asset bubbles, but the underlying problem – negative returns to new investment – will not have been solved by the time the next crash comes.
今天也是如此。我们可能陷入了持久的流动性陷阱，名义利率不可能降到零以下，但投资预期回报率可以是负数。量化宽松等非常规货币政策可能带来新一波资产泡沫，但根本问题——新投资的负回报——无法在下一次大崩盘前得到解决。