But it is rising because the private sector is hoarding money rather than spending it. By providing extra liquidity, central banks merely reduce the amount of money withdrawn from expenditure on goods and services, which mitigates, but does not reverse, the negative demand shock that hit the world economy.
然而这些担心并不太有根据。的确，流动性的存量是在快速上升，但是上升的原因是私人正把钱贮存起来而不是花费出去。通过提供额外的流动性，央行只是削减了从商品和服务领域撤出的消费资金数量。这缓和了消极需求的震荡（打击世界经济的正是这种震荡），但却没有彻底改变局势。