令人不快的事实是:作为基础货币垄断生产商的央行,有能力强行实施他们希望在信贷市场所看到的任何市场收益产量水平。
The uncomfortable truth is this: central Banks, as monopoly producers of base money, have the capacity to enforce any yield level they wish to see in credit markets.
即使消费者和公司有此倾向,紧缩的信贷严重地限制了他们的支付能力。
Tightened credit severely limits the ability of consumers and companies to spend even if they were so inclined.
每当制造能力受到高信贷成本的约束时,来自美国的增量需求都会如约而至。
Increased demand from the U.S will come at a time when manufacturing capacity is constrained by the high cost of credit.
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