七月廿七日，他又宣布了最新保护措施，针对短期资本流入再次增税，并提高银行通货交易的准备金需求。
Having previously increased a tax on short-term capital inflows and raised reserve requirements for Banks' currency trading, on July 27th he fired his latest salvo.
银行可能会选择死抱住自己的准备金不放，从而削弱了该政策的效力——如同八九年前，日本实行定量宽松政策以对抗通货紧缩时遇到的情况。
Banks may choose to cling on to their reserves, thus undermining the effectiveness of the policy-as happened when Japan used quantitative easing earlier this decade to fight deflation.
部分准备金制度扩大了货币供应，而直到凯恩斯和菲舍尔之前的时代，这一现象一直被称为通货膨胀。
Fractional reserves expand the money supply, which, until the age of Keynes and Fisher, was called inflation.
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