“The Bernanke put is very much alive and well,” notes David Zervos of Jefferies, an investment bank, who says the Fed is determined to reflate the economy.

“伯南克看跌期权的形容十分生动形象”杰弗瑞投资银行的戴维德•泽尔沃斯这样写道，他认为联储正决心使经济再次陷入通货膨胀。

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The problem with buying bonds in a currency other than the US dollar is that if the currency weakens, then Zervos could end up taking a hit on the price of the bond when she sells them and converts them into dollars either upon maturity or for other strategic reasons.

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Fund managers like Zervos in the US and Japanese Toshin funds love those yields in local currency debt.

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For Zervos, the US deficit really starts looking scary around 2015 as the population ages and incomes remain stagnant.

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