通胀和通缩

Inflation and deflation

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1
通胀和通缩对债务的效应截然不同。
Inflation and deflation of debts produce very different outcomes.
2
通胀和通缩最终都属于政策选择。
Inflation and deflation are, at the end of the day, policy choices.
3
这样，通胀和通缩辩论的两造，都有可能是正确的，不过时间不同罢了。
So, in the debate about inflation and deflation, both camps could be right but at different times.

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