A joke doing the rounds has it that on confronting an alien invasion, the first thing the US would do is cut interest rates. The gag is only moderately unfair: an absence of political leadership, and the White House’s undermining of American bureaucracy, have left the Federal Reserve as the first defence in the face of economic crisis. This may help in the short term. But socialising risk on the balance sheet of the central bank stores up problems for the future.
一個廣為流傳的笑話說，面對外星人入侵，美國的第一反應會是降息。這個笑話只是稍微有失公平：政治領導缺位、以及白宮對美國官僚體制的破壞，把美聯儲(Federal Reserve)推到面對經濟危機的第一道防線。這可能在短期內有所幫助。但將央行資產負債表上的風險社會化給未來埋下了隱患。
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