然而,从一个债权人的观点来看,一个政府的印钞能力是没有用的,如果结果是对国内投资者更高的通货膨胀率或者对国外投资者的货币贬值。
Investors who bought Treasury bonds in 1946, when yields were around current levels, didnot suffer a formal default.
在1946年国库券年收益率与现在的水平差不多的时候,购买它的投资者没有遭受正式违约。
But over the following 35 years they lost money in real terms at a rate of 2% a year.
但是在后续的三十五年他们以每年2%的利率实际上亏钱。
The cumulative real loss was 91%.
累积的实际损失是91%。
By that standard, Greek creditors, who recently suffered a 50% loss via default, were lucky.
跟据这个标准,最近因为违约损失50%的希腊债权人是幸运的。
Given this baleful history, the idea that sovereign debt is risk-free is puzzling.
考虑到这个可怕的历史,认为政府债务无风险的观点是令人费解的。
When it comes to the purchasing power of an investor s money, what does it matter if theloss comes in the form of a formal default or erosion in real terms?
那么当提到投资者资金实际购买力时,如果损失以正式违约或者实际侵蚀的形式发生时,这有什么差别呢?
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