悲观主义者以日本的痛苦经历作为一个教训，告诉我们资产价格泡沫破灭和巨大的债务负担是如何击败所有可以实施的货币和财政政策。
Pessimists point to Japan's travails as a lesson in how a deflating asset-price bubble and a vast overhang of debt can defeat all that monetary and fiscal policy can throw at it.
货币，而不是货币主义，在中央银行家们思考和实行政策时又重新成为重要因素。
Money, if not monetarism, is making a comeback in the way central bankers think about and carry out policy.
反之当货币主义不再作为政策而存在时，通货膨胀目标被证明是比其更加有效的。
Whereas monetarism buckled as a policy, inflation targeting has proved far more effective.
尽管所有这些干预主义与“积极的”货币与财政政策在30年代遭到了失败，在今日，同样的公共政策的疯狂建议是依然会被认为是“明智”之举。
After all of these failures of interventionism and “activist” monetary and fiscal policy in the 1930s, the same public policy madness is still recommended as “wisdom” today.
尽管所有这些干预主义与“积极的”货币与财政政策在30年代遭到了失败，在今日，同样的公共政策的疯狂建议是依然会被认为是“明智”之举。
After all of these failures of interventionism and “activist” monetary and fiscal policy in the 1930s, the same public policy madness is still recommended as “wisdom” today.
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