Possibility #1 is unlikely: banks certainly created mountains of debt, but mountains of money would show in skyrocketing monetary aggregates and high inflation, neither of which happened.

可能性1是不可能的：银行肯定是创造了大量的贷款，但是大量的钱将表现为快速增加的货币总量和高通胀，这些都没有发生。

youdao

True, alternative sources, like oil from Canada’s tar sands, have continued to grow. But these alternative sources come at relatively high cost, both monetary and environmental.

诚然，从诸如加拿大油砂油等替代石油供应持续增长，但是无论从货币上还是从环保上讲，这种替代来源的相对成本都太高。

youdao

True, alternative sources, like oil from Canada's tar sands, have continued to grow. But these alternative sources come at relatively high cost, both monetary and environmental.

诚然，从诸如加拿大油砂油等替代石油供应持续增长，但是无论从货币上还是从环保上讲，这种替代来源的相对成本都太高。

youdao

Especially since the 1997 Asian financial crisis, in which the International Monetary Fund demanded high interest rates to bail out banks, developing countries have stocked up on reserves for fear of losing their national economic sovereignty.

FORBES: Cause of U.S. Trade Deficit: Money Flows Uphill

Consequently the shadow interest rate is high and monetary policy is effectively very tight.

FORBES: Student Loans and the Spring Swoon

The Fed is conducting monetary policy to counter high unemployment and possible deflation.

FORBES: Global Pots Calling the Kettle Black