What has the market turmoil of August been telling us? The answer, I suggest, is three big things: first, the debt-encumbered economies of the high-income countries remain extremely fragile; second, investors have next to no confidence in the ability of policymakers to resolve the difficulties; and, third, in a time of high anxiety, investors prefer what are seen as the least risky assets, namely, the bonds of the most highly rated governments, regardless of their defects, together with gold. Those who fear deflation buy bonds; those who fear inflation buy gold; those who cannot decide buy both. But few investors or corporate managers wish to take on any longer-term investment risks.
8月份的市场动荡告诉了我们什么？我认为答案是三件重要的事情：首先，高收入国家负债累累的manbetx20客户端下载 仍极度脆弱；其次，投资者对政策决策者解决这些难题的能力几乎毫无信心；第三，在这种高度焦虑的时期，投资者更愿意持有普遍认为风险最低的资产，比如评级最高的政府所发行的债券——不论这些政府存在怎样的缺陷——以及黄金。那些担心通缩的投资者购买债券；害怕通胀的投资者买入黄金；举棋不定的则两者都买。但没有什么投资者或企业管理者愿意承担任何长期投资的风险。