另一个因素是通货紧缩，通缩放大了现行关税及斯姆特-霍利法案所增加之关税对经济产生的影响。
The other was deflation, which amplified the effects of the existing tariff and the Smoot-Hawley increases.
一旦面对通货紧缩，它可行的办法就少得多了，而通缩的危险也不远。
It has far fewer tools at its disposal for battling deflation, not a remote risk.
反通货紧缩用货币量的单纯扩张不能解决问题，重点应当放在调整货币分布结构上；“搞点通货膨胀”的政策建议不可取，用通胀治通缩的结果很可能是滞胀；
The goal of anti deflation can not be reached by unilaterally expanding money circulation, but should be based on the adjustment of monetary structure.
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