In this world of massive savings surpluses in a range of important countries and weak demand for capital from non-financial corporations, central banks ran easy monetary policies. They did so because they feared the possibility of a shift into deflation. The Fed, in particular, found itself having to offset the contractionary effects of the vast flow of private and, above all, public capital into the US.
一批重要國家擁有大量儲蓄盈余，與此同時，非金融企業的資本需求又相對疲軟，各國央行因而開始實行寬松的貨幣政策。這么做的原因，是由于這些央行擔心(經濟)有可能發生通貨緊縮。尤其是美聯儲，該機構的決策者們意識到，必須抵消掉大量私人資本、特別是公共資本流入美國所產生的緊縮效應。
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