World Bank President Robert Zoellick has rightly warned that all this massive temporary fiscal stimulus is a “sugar high” that will ultimately pass without deeper reforms. As I have argued before, the endgame to the financial bailouts and fiscal expansion will almost certainly mean higher interest rates, higher taxes, and, quite possibly, inflation.
世界银行行长罗伯特•佐利克最近警告说，如果没有深层次的改革方案跟进，目前的财政刺激方案就象是吃了“棒棒糖”那样，只能是短暂的兴奋。就如同我以前说的那样，金融救助和财政刺激方案的最终结果是高利率，高税收，还很可能出现通货膨胀。