“流动性主义者（Liquiditists）” 应该好好注意日本正在发生的事情。 你无法印刷“财富”！ 这正是凯恩斯当年避而不答的问题：“如果一个经济体被一次又一次刺激，直到利率降到零，会发生什么？” 凯恩斯的回答是：“从长期来看，我们都死了。” 但事实是……我们现在正要亲眼看到，当货币刺激走到尽头，会发生什么。 多年印钞的回撤（unwind）过程——绝不会是什么好看的场面！ “Liquiditists” should make note of the situation in Japan. You cannot print Wealth! This is the exact situation which Keynes avoided to answer: “What happens when you have stimulated the economy over and over and rates reach Zero?” His answer: “In the long run we are all dead”. Fact is… we will now see what happens, when Monetary stimulus comes to end of the road. The unwind of years of money printing will not be pretty!