Massive liquidity injections carried out by the world’s major central banks – the Fed, the ECB, and the BOJ – are neither achieving traction in their respective real economies, nor facilitating balance-sheet repair and structural change. That leaves a huge sum of excess liquidity sloshing around in global asset markets.
由世界主要的央行——即美联储、欧洲央行、日本央行——贯彻的大规模流动性注入既不能在各自的实体经济里促进交易，也不能促进资产负债表修复和结构性变革。这就让大量多余的流动资金在全球资本市场上流动。不管这些资金流到何处，下一个危机也无可避免地注定随之而来。