The sky is falling, scream the hysterics: the Federal Reserve is pouring forth dollars in such quantities that they will soon be worthless. Nothing could be further from the truth. As in Japan, the policy known as “quantitative easing” is far more likely to prove ineffective than lethal. It is a leaky hose, not a monetary Noah’s Flood.
“天要塌了，”歇斯底里者大声尖叫着：美联储(Fed)向市场注入了大量美元，它们很快就会变得一文不值。但事实决非如此。与日本的情况一样，这种名为“定量宽松”的政策更有可能被证明是无效的、而非致命的。这只是一根漏水的管子，而不是货币方面的“诺亚洪荒”(Noah’s Flood)。
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