How would you feel if you were told that two-thirds of the apparently scary rise in the stock of UK government debt since the start of the crisis has taken the form of ultra-cheap, irredeemable bonds? Would you not feel reassured that the government need never redeem this debt or, if it wanted, even pay interest upon it? Yet as soon as you learn that this ultra-cheap debt is money, the phrase “Zimbabwean economics” might trip at once off your tongue.
如果有人告訴你，自危機爆發以來，英國政府債務總量出現了令人觸目驚心的增長，其中三分之二是極廉價的不可贖回債券，你會怎么想？英國政府永遠不需要贖回這批債務，或者如果它愿意的話，甚至不用付利息，你難道不會松一口氣嗎？然而，一旦你知道這種廉價債券其實就是貨幣的話，或許你就會脫口說出“津巴布韋經濟學”這個詞語吧。
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