But deflation, a sustained decline in prices, is considered economic nuclear waste.
但通货紧缩则是物价持续下降，它被视为经济核废料。
But deflation also emerged that year, pushing up real interest rates and increasing the real burden of debt.
但那一年出现的通货紧缩，在推高实际利率的同时，也增加了实际的债务负担。
Deflation across the economy is not a problem (yet), but deflation in the housing market is the source of many of our present difficulties.
经济的通货紧缩并不是问题，真正的问题在于房地产市场的紧缩。它是造成现今经济困难的根源所在。
But Greece, Spain and Ireland don't have that option - they don't even have their own monies, and in any case they need deflation to get their costs in line.
但是希腊、西班牙和爱尔兰却没有这种选择——他们没有自己的货币，在任何情况下都需要通过通货紧缩使成本控制在范围之内。
But despite 15 years of deflation, Japan's punishingly high prices still take a toll on its residents' standard of living.
尽管出现了连续15年的通货紧缩，日本高昂的物价仍然使居民的生活水准大打折扣。
But its practical tools for preventing deflation are limited.
但防止紧缩的有用工具是极其有限的。
Japan lost its AAA rating in 2009 because of a world-leading debt burden. But because of deflation, its bond yields remain at rock-bottom levels.
日本在2009年因为较高的债务负担而失去其AAA评级，但是因为通缩，它的债券收益率仍维持在谷底水平。
But if deflation is the result of a deepening economic slump, that's another thing entirely.
但如果通缩是经济放缓加剧的结果，那就完全是另一回事了。
But optimists still regard that risk as remote. Today's deflation, they argue, is nothing more than the temporary consequence of falling fuel costs.
但乐观主义者们仍认为这种风险距离遥远，他们认为今天的通缩只不过是燃料费用下降的暂时结果导致。
But there are other scenarios: if the recovery falters, or if inflation slows much further and a threat arises of deflation, a debilitating fall in prices across the economy.
不过，还有其他可能：比如复苏停止，或是通货膨胀进一步放缓，出现通货紧缩(各经济领域出现价格大幅下滑)的威胁。
But to the extent the yield spread reflects inflation expectations, it suggests deflation is an increasingly likely possibility.
但是对折线传播所反映通货膨胀的预期范围来说，它暗示了通货紧缩正成为不断增长的可能。
This doctrine holds that deflation, or a general decline in prices, is a highly destructive phenomenon, but one that is unlikely to occur in the United States.
伯南克主义认为通货紧缩，或价格的普遍下滑，是一个具有巨大破坏性，而在美国不大可能发生的现象。
But Spain no longer has its own money, which means that it can regain competitiveness only through a slow, grinding process of deflation.
然而，西班牙不再拥有自己的货币，这就意味着它只能通过缓慢而折磨人的通货紧缩来重新恢复竞争力。
FEARS of a general deflation may be receding but in the rich world's housing markets at least, falling prices are still the norm.
对于普遍通货紧缩的担忧大概在消退，但是至少在发达国家的房产市场，价格还是在下跌。
So, in the debate about inflation and deflation, both camps could be right but at different times.
这样，通胀和通缩辩论的两造，都有可能是正确的，不过时间不同罢了。
But inflation is not a cheap solution to high public debt and the debt-deflation problems of the private sector.
不过，对于高公债和私人部门的债务紧缩问题，通货膨胀却并非一个廉价的解决方案。
So far, expectations of inflation remain stable: that sentiment is itself a welcome bulwark against deflation. But pay freezes and wage cuts may soon change people's minds.
目前为止，美国人对于通货膨胀的预期没有变化，这种预期本身就是预防通货紧缩的壁垒，人们喜欢这种预期，但是企业减少工资可能迅速改变人们想法。
But the more immediate problem remains deflation, given high unemployment and excess capacity.
但鉴于高企的失业率和过剩的产能，当前更紧迫的问题依然是通货紧缩。
But despite the rich world's heaviest debt burden, Japan still borrows at rock-bottom rates, thanks to deflation and the loyalty of its savers.
尽管该国的负债水平居富裕国家之首，但是因为有通货膨胀和忠心耿耿的储户，日本依然在以最低利率告贷。
He thinks deflation is bad, but unlikely to happen.
他认为通货紧缩是不好的，不过不大可能发生。
Their policy is always talking about controlling inflation or preventing deflation, but it is always inflationary.
他们的政策总是关于控制通货膨胀和防止通货紧缩，然而最后的结果却总是通货膨胀。
The policy may jangle inflationary nerves but it is in fact designed to combat deflation, the new bogeyman.
该政策可能牵动人们对通货膨胀的担心，但事实上这是用来抵御通货紧缩的，通货紧缩是一个新的威胁。
The policy may jangle inflationary nerves but it is in fact designed to combat deflation, the new bogeyman.
该政策可能牵动人们对通货膨胀的担心，但事实上这是用来抵御通货紧缩的，通货紧缩是一个新的威胁。
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