An attempt to increase inflation would not be unexpected: Investors would write debt contracts to hedge against such a risk if monetization of the fiscal deficits does occur.

但增加通胀的企图并不是不可预期的：如果财政赤字货币化一旦实施，投资者将签下债务合约以对冲风险。

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Without having the savings to bring down rates, the Fed has supplanted savings with monetization of debt.

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Gold edged up as policy-setters signaled low rates would continue until mid-2015 and monetization of debt would continue, said Zachary Oxman, portfolio manager for TrendMax.

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Leaving aside the monetization of debt, using taxes or savings to handle a large fiscal deficit reduces the amount of money available to private investment and therefore curtails the creation of new businesses and limits much-needed increases in productivity.

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