与此同时，公众对资产流动性的看法也从以前的立足于（可变卖的）资产转变到现在的专注于（易借贷的）债务了。

Along the way the public perception of liquidity changed, from one based on assets (what you could sell) to one centered on liabilities (ease of borrowing).

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概要：联储局大量地造钱是为了回应银行和公众不断增长的对流动性的需求。

Bottom line: the Fed's massive infusion of money was a response to the tremendous increase in demand for liquidity by both Banks and the public.

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如果所有成员国家的公众债务规模都微乎其微，那么发行最高占到GDP40 %或者60%的欧洲债券应该可以覆盖它们所有的资金需求，而且它们还能够收获到适量的流动性溢价。

If all member countries had little public debt, issuing European bonds up to 40% or 60% of GDP would cover all their funding needs, and they could reap a modest liquidity premium.

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