他还觉得，鉴于没有通货膨胀的压力，日元比黄金更有吸引力，而黄金的购买多出于非理性动机。

He also argues that the yen is much more attractive than gold, which is being bought for irrational motives, given the lack of inflationary pressure.

youdao

他还觉得，鉴于没有通货膨胀的压力，日元比黄金更有吸引力，而黄金的购买多出于非理性动机。

He also argues that the yen is much more attractive than gold, which is being bought for irrational motives, given the lack of inflationary pressure. Mind you, he admits that.

youdao

但前提是几乎没有通货膨胀；鉴于当前美国通胀率为3.8%，自1900年以来的平均通胀率是3.1%，投资者购买国债风险就大了。

But that depends on negligible inflation; and given that the current American rate is 3.8% and that the average rate since 1900 has been 3.1%, this is a big risk for investors to take.

youdao

It used to be that there was zero inflation if you define it with respect to gold and they were really true to that zero inflation in terms of gold.

如果你用金子来定义它,那从来没有过通货膨胀,这是事实,就金子而言没有过通货膨胀。

耶鲁公开课 - 金融市场课程节选

The general view is that if it's not extreme the rise is not too extreme it's good for the health of the economy as long as we don't have inflation that's too high.

一般的观点是如果它不极端,价格提升不太严重的话,只要我们没有太高的通货膨胀,它就对经济有好处。

耶鲁公开课 - 金融市场课程节选