伴随着失业率10.2%和众多的备用能量，美国仍然面对着更大的通货紧缩的威胁而不是通货膨胀。
With a jobless rate of 10.2% and oodles of idle capacity, America still faces a bigger threat from deflation than from inflation.
自从日本1999年进入通货紧缩时期，日本银行一直以来就坚决反对设定通货膨胀的目标，一方面是不想被评估，另外也担心如果没有完成目标，这将给自己带来尴尬的局面。
Since the start of Japan’s deflationary era in 1999, the BoJ has stoutly resisted calls to set an inflation target against which it can be judged—and by which it can be embarrassed if it misses.
瑞典里斯克银行在1931年至1937年采用这一目标制来防止其脱离黄金标准后所产生的通货膨胀和通货紧缩。
Sweden’s Riksbank did it from 1931 to 1937 as a way of warding off both inflation and deflation after leaving the gold standard.
“通过一系列的措施，潜在的通货膨胀率在过去的两年中呈下降趋势。”伯南克表示，但他并未讨论通货紧缩的可能性。
"By a number of measures underlying inflation has trended down over the past two years," Bernanke said without discussing the chance of deflation.
现在，人们指控美联储为避免通货紧缩和经济衰退而采取了过多的措施，以至通货膨胀几乎无法避免，对此，美联储官员开始为自己进行辩解。
Now Fed officials find themselves on the defensive, accused of doing so much to avert deflation and depression that inflation is nearly inevitable.
你更担心通货膨胀还是通货紧缩？
它们可能在面对政策压力或是一个明确的决定时犹豫，而这个决定错误的倒向通货膨胀这边而不是通货紧缩。
They may hesitate in the face of political pressure or an explicit decision to err on the side of inflation rather than deflation.
正常的情况下，尤其对当下，这种现象是不足为惧的：因为少量的通货膨胀好过于少量的通货紧缩。
Normally, and especially now, this is not a concern; a little bit of inflation is better than a little bit of deflation.
然而，现在希腊与德国拥有相同的货币，降低希腊相对成本的唯一途径是通过某种德国通货膨胀与希腊通货紧缩相结合的办法。
Now that Greece and Germany share the same currency, however, the only way to reduce Greek relative costs is through some combination of German inflation and Greek deflation.
失业率升高到灾难地步，而过去几年美国的通货膨胀数据与日本急速滑入腐蚀性通货紧缩前期的情况几乎完全吻合。
Unemployment is disastrously high, while U.S. inflation data over the past few years almost perfectly match the early stages of Japan’s relentless slide into corrosive deflation.
人们可以通过看黄金价格与日元的比对衡量市场通货膨胀还是通货紧缩（见图表）。
One could see gold priced in yen as a measure of the market's views on the deflation/inflation question (see chart).
不过，还有其他可能：比如复苏停止，或是通货膨胀进一步放缓，出现通货紧缩(各经济领域出现价格大幅下滑)的威胁。
But there are other scenarios: if the recovery falters, or if inflation slows much further and a threat arises of deflation, a debilitating fall in prices across the economy.
事实上，正如OECD和IMF所一致同意的那样，在2011年，通货膨胀率将会比今年更低一些，在大多数国家，它将会远远低于2%这样一个被认为能够很好的应对通货紧缩的水平线。
In fact, inflation in 2011 will be lower than this year, the OECD and IMF agree. In most countries it will be well below 2%, a level thought to provide about the right buffer against deflation.
相反，当通货膨胀随着时间降低而且有可能走向事实上的通货紧缩时，我们陷入了更深的困境。
On the contrary, as inflation falls over time and possibly goes to actual deflation, we sink deeper into the trap.
通货紧缩已经变成比通货膨胀更危险的敌人；随着很多国家的利率都达到或接近于零，各国央行已经不得不另寻其它政策工具。
Deflation has become a more dangerous enemy than inflation; with interest rates in many countries at or close to zero, central Banks have had to reach for other tools.
通货紧缩也比通货膨胀难以应付。
从大多数发达国家目前所处的通货紧缩环境来看，这些也不意味高通货膨胀即将爆发。
Nor does a new outbreak of high inflation seem imminent, given the pervasive deflationary conditions in most of the rich world.
在通货紧缩情况下名义价值的上升表示其真正价值也有一个更大的上升，所以我认为无论是在通货膨胀或是在通货紧缩情况下，实质的黄金价格都会上升。
A rise in nominal values in deflation represents an ever greater rise in real values, so I think gold's price ascent in real terms will be nearly identical in inflation or deflation.
欧洲央行说，已经避免了通货膨胀和通货紧缩：由16个国家组成的欧元区的年通货膨胀率约为1%。
The European Central Bank says it has avoided both inflation and deflation: Annual inflation in the 16-nation euro zone is running at about 1%.
失业率升高到灾难地步，而过去几年美国的通货膨胀数据与日本急速滑入腐蚀性通货紧缩前期的情况几乎完全吻合。
Unemployment is disastrously high, while U. S. inflation data over the past few years almost perfectly match the early stages of Japan's relentless slide into corrosive deflation.
大多数国家的通货膨胀率将会远低于2%，一个被认为能够为抵御通货紧缩提供恰到好处保护的水平。
In most countries it will be well below 2%, a level thought to provide about the right buffer against deflation.
但是现在由于需求疲软，家庭和公司面临巨大的负债压力，这次价格下跌更接近于1930年代的恶性通货紧缩，而不是更早期的良性通货膨胀。
Today, though, deflation is more likely to resemble the malign 1930s sort than that earlier benign variety, because demand is weak and households and firms are burdened by debt.
不过，同样重要的是我们需要防止通货紧缩，甚至需要防止通货膨胀太低。
Equally important, however, we need to steer clear of deflation, or even excessively low inflation.
如果老龄化使得通货紧缩泛滥，修补通货膨胀目标将无济于事。
If ageing has helped make deflation endemic, tinkering with inflation targets will make little difference.
欧美仍在担心通货紧缩之时，亚洲新兴市场正开始考虑如何应对截然相反的问题：通货膨胀。
While the West still worries about the ravages of deflation, emerging markets in Asia are beginning to contemplate what to do about the opposite problem: inflation.
将来会出现通货膨胀而不是通货紧缩。
It's inflation, not deflation, that's just around the corner.
鉴于已经很低的通货膨胀指数，这可能会煽起通货紧缩的恐惧。
That may fan fears of deflation given the already low readings on inflation.
鉴于已经很低的通货膨胀指数，这可能会煽起通货紧缩的恐惧。
That may fan fears of deflation given the already low readings on inflation.
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