An attempt to increase inflation would not be unexpected: Investors would write debt contracts to hedge against such a risk if monetization of the fiscal deficits does occur.

但增加通胀的企图并不是不可预期的：如果财政赤字货币化一旦实施，投资者将签下债务合约以对冲风险。

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While Fisher blamed the monetization of the federal debt on fiscal policymakers, his statement was a shot across the bow of those who expect easy money to continue forever.

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Leaving aside the monetization of debt, using taxes or savings to handle a large fiscal deficit reduces the amount of money available to private investment and therefore curtails the creation of new businesses and limits much-needed increases in productivity.

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Although the adoption of Reaganomics and the end of the Cold War permitted huge gains in peace and prosperity in the 1980s and 1990s, the earlier abandonment of gold-based money has eroded those gains, in large part by allowing massive deficit-spending, debt monetization, and now the downgrade of U.S. debt.

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