Almost three years ago, at the World Economic Forum’s “Summer Davos”, in Tianjin, I heard a Republican politician say that the US would be in hyperinflation within two years. I was stunned. Yet a large number of people believe that hyperinflation is coming. If the US is in trouble, so, surely, is the UK. Is there anything in such predictions? The answer is: possibly, in the very long run. At present, however, the risk is that inflation may be too low, not too high. Paradoxically, that increases inflation risk in the long run.
将近三年前，在世界manbetx20客户端下载 论坛(World Economic Forum)之天津“夏季达沃斯”上，我听到一位共和党政客说，美国将会在两年内陷入恶性通胀。我感到非常吃惊。然而，很多人都认为恶性通胀正在到来。如果美国有麻烦，那么英国也在劫难逃。那么这样的预言有没有道理呢？答案就是：从超长期来看，有可能。但目前的风险是通胀过低而不是过高。而矛盾的是，正是这种情形增加了长期的通胀风险。
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