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{"i18n":{"language":"zh_CN"},"detailType":1,"isChannel":false,"data":{"magic":2,"id":838870758,"tweetId":"838870758","gmtCreate":1629387478574,"gmtModify":1631890111837,"author":{"id":3585564713983052,"idStr":"3585564713983052","authorId":3585564713983052,"authorIdStr":"3585564713983052","name":"CHUMOI","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[],"fanSize":15,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"extraTitle":"","html":"<html><head></head><body>Ok&nbsp;</body></html>","htmlText":"<html><head></head><body>Ok&nbsp;</body></html>","text":"Ok","highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/838870758","repostId":1142906661,"repostType":2,"repost":{"id":"1142906661","kind":"news","pubTimestamp":1629377291,"share":"https://www.laohu8.com/m/news/1142906661?lang=zh_CN&edition=full","pubTime":"2021-08-19 20:48","market":"us","language":"en","title":"Fed Monetary Policy Hides Risk... Nothing More<blockquote>美联储货币政策隐藏风险...仅此而已</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1142906661","media":"zerohedge","summary":"The Federal Reserve has pumped trillions of dollars into the economy through itsquantitative easing ","content":"The Federal Reserve has pumped trillions of dollars into the economy through itsquantitative easing&nbsp;programs. This has generateda surge of inflation. But there are other less obvious impacts from the Fed’s extraordinary monetary policy.It conceals risk. Everybody sees a “booming” economy and assumes everything is fine. But underneath, the entire thing is rotting from the inside.<blockquote>美联储通过量化宽松计划向经济注入了数万亿美元。这导致了通货膨胀的激增。但美联储非常规货币政策还有其他不太明显的影响。它隐藏了风险。每个人都看到“蓬勃发展”的经济，并认为一切都很好。但在内心深处，整个事情正在从内部腐烂。</blockquote> If we look closely,we can see the signs of misallocation and malinvestmentin the economy.<blockquote>如果我们仔细观察，我们可以看到配置不当和投资不当的迹象在经济上。</blockquote> For instance, look at the bond market. Despite surging inflation, Treasury yields have remained stubbornly low.<blockquote>例如，看看债券市场。尽管通胀飙升，美国国债收益率仍顽固地保持在低位。</blockquote> Why?<blockquote>为什么？</blockquote> You can thank the Federal Reserve.<blockquote>你可以感谢美联储。</blockquote> A 10-year Treasury still returns less than 1.5%. Given the current level of inflation, real returns dip below 4%. Why would anybody do this?<blockquote>10年期国债的回报率仍低于1.5%。鉴于目前的通胀水平，实际回报率降至4%以下。为什么会有人这么做？</blockquote> Enter the central bank.<blockquote>进入中央银行。</blockquote> The Fed is buying billions in Treasuries through its QE program each month, keeping yields artificially low. That sends a signal to the markets that all of the federal borrowing and spending isn’t really problematic.<blockquote>美联储每月通过量化宽松计划购买数十亿美元的美国国债，人为地将收益率保持在较低水平。这向市场发出了一个信号，即所有联邦借款和支出都没有真正的问题。</blockquote> But if we look a little deeper, we see that over the last year,&nbsp;the Fed’s balance sheet has exploded&nbsp;to record levels. All of the money printing necessary to buy the bonds creates inflationary pressure. It also disguises the true economic risk, as economist Daniel Lacalle explained in an interview with NTD News.<blockquote>但如果我们更深入地观察，我们会发现，在过去的一年里，美联储的资产负债表已爆炸式增长至创纪录水平。购买债券所需的所有印钞都会造成通胀压力。正如经济学家丹尼尔·拉卡勒在接受NTD新闻采访时解释的那样，它也掩盖了真正的经济风险。</blockquote> More money created is going to assets that are scarce. Be it equities in which the companies are buying back stocks – that is a direct consequence. The massive buyback of stocks is a direct consequence of quantitative easing, as well of cheap money — be it commodities, be it houses, be it scarce assets. It’s basically more units of money chasing scarce assets, and that generates inflation.” Lacalle said despite the recent correction in commodities, looking at the overall price increases in both 2020 and 2021 makes it clear we’re seeing broad-based inflationary price increases.<blockquote>创造的更多资金流向了稀缺资产。无论是公司回购股票的股票——这是一个直接后果。大规模回购股票是量化宽松的直接后果，也是廉价资金的直接后果——无论是大宗商品、房屋还是稀缺资产。基本上是更多单位的货币追逐稀缺资产，这就产生了通货膨胀。”Lacalle表示，尽管大宗商品最近出现了调整，但从2020年和2021年的整体价格上涨来看，我们清楚地看到了广泛的通胀价格上涨。</blockquote> He said extreme danger to the economy goes along with all this QE.<blockquote>他说，所有这些量化宽松都给经济带来了极大的危险。</blockquote> The biggest risk of QE is that by having it prolonged year after year, in periods of crisis and periods of growth, is that the risk of a financial crisis is higher and that the importance of that financial crisis is also very relevant — it is much larger than expected.” It’s important to remember risk builds slowly. With the markets going up and the economy artificially sedated via debt and monetary policy, the mainstream generally thinks everything is fine.<blockquote>量化宽松的最大风险在于，在危机时期和增长时期年复一年地延长量化宽松，金融危机的风险更高，而且金融危机的重要性也非常相关——比预期的要大得多。”重要的是要记住风险是慢慢积累的。随着市场上涨，经济通过债务和货币政策被人为镇静，主流人士普遍认为一切都很好。</blockquote> So, the risk continues to build and continues to build. And we don’t know exactly, because if we did we would be geniuses, but we don’t know exactly where and how it’s going to end.” Lacalle said it’s the same as what happened leading up to the subprime crisis.<blockquote>因此，风险不断增加。我们并不确切知道，因为如果我们这样做了，我们将成为天才，但我们不知道它将在哪里以及如何结束。”拉卡勒说，这与导致次贷危机的情况是一样的。</blockquote> Everybody understood the prices of houses were going up too fast and too much. But very few thought when and how that would end. And when it ended, a lot of people thought, well, it’s contained because it’s only a certain percentage of the economy and the rest is fine. But it creates ripple effects. So, the problem of quantitative easing is disguising risk and giving the idea to investors and to citizens that there’s absolutely no problem with governments entering into monster deficits that will lead the economy to run 100, 120, 200 percent of GDP debt.” <blockquote>每个人都明白房价涨得太快太多了。但是很少有人想到这种情况何时以及如何结束。当它结束时，很多人认为，嗯，它被控制住了，因为它只占经济的一定比例，其余的都很好。但它会产生连锁反应。因此，量化宽松的问题是掩盖风险，并让投资者和公民相信，政府出现巨额赤字绝对没有问题，这将导致经济债务达到GDP的100%、120%、200%。”</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Fed Monetary Policy Hides Risk... Nothing More<blockquote>美联储货币政策隐藏风险...仅此而已</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nFed Monetary Policy Hides Risk... Nothing More<blockquote>美联储货币政策隐藏风险...仅此而已</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nzerohedge2021-08-19 20:48\n\n</h4>\n</header>\n<article>\nThe Federal Reserve has pumped trillions of dollars into the economy through itsquantitative easing&nbsp;programs. This has generateda surge of inflation. But there are other less obvious impacts from the Fed’s extraordinary monetary policy.It conceals risk. Everybody sees a “booming” economy and assumes everything is fine. But underneath, the entire thing is rotting from the inside.<blockquote>美联储通过量化宽松计划向经济注入了数万亿美元。这导致了通货膨胀的激增。但美联储非常规货币政策还有其他不太明显的影响。它隐藏了风险。每个人都看到“蓬勃发展”的经济，并认为一切都很好。但在内心深处，整个事情正在从内部腐烂。</blockquote> If we look closely,we can see the signs of misallocation and malinvestmentin the economy.<blockquote>如果我们仔细观察，我们可以看到配置不当和投资不当的迹象在经济上。</blockquote> For instance, look at the bond market. Despite surging inflation, Treasury yields have remained stubbornly low.<blockquote>例如，看看债券市场。尽管通胀飙升，美国国债收益率仍顽固地保持在低位。</blockquote> Why?<blockquote>为什么？</blockquote> You can thank the Federal Reserve.<blockquote>你可以感谢美联储。</blockquote> A 10-year Treasury still returns less than 1.5%. Given the current level of inflation, real returns dip below 4%. Why would anybody do this?<blockquote>10年期国债的回报率仍低于1.5%。鉴于目前的通胀水平，实际回报率降至4%以下。为什么会有人这么做？</blockquote> Enter the central bank.<blockquote>进入中央银行。</blockquote> The Fed is buying billions in Treasuries through its QE program each month, keeping yields artificially low. That sends a signal to the markets that all of the federal borrowing and spending isn’t really problematic.<blockquote>美联储每月通过量化宽松计划购买数十亿美元的美国国债，人为地将收益率保持在较低水平。这向市场发出了一个信号，即所有联邦借款和支出都没有真正的问题。</blockquote> But if we look a little deeper, we see that over the last year,&nbsp;the Fed’s balance sheet has exploded&nbsp;to record levels. All of the money printing necessary to buy the bonds creates inflationary pressure. It also disguises the true economic risk, as economist Daniel Lacalle explained in an interview with NTD News.<blockquote>但如果我们更深入地观察，我们会发现，在过去的一年里，美联储的资产负债表已爆炸式增长至创纪录水平。购买债券所需的所有印钞都会造成通胀压力。正如经济学家丹尼尔·拉卡勒在接受NTD新闻采访时解释的那样，它也掩盖了真正的经济风险。</blockquote> More money created is going to assets that are scarce. Be it equities in which the companies are buying back stocks – that is a direct consequence. The massive buyback of stocks is a direct consequence of quantitative easing, as well of cheap money — be it commodities, be it houses, be it scarce assets. It’s basically more units of money chasing scarce assets, and that generates inflation.” Lacalle said despite the recent correction in commodities, looking at the overall price increases in both 2020 and 2021 makes it clear we’re seeing broad-based inflationary price increases.<blockquote>创造的更多资金流向了稀缺资产。无论是公司回购股票的股票——这是一个直接后果。大规模回购股票是量化宽松的直接后果，也是廉价资金的直接后果——无论是大宗商品、房屋还是稀缺资产。基本上是更多单位的货币追逐稀缺资产，这就产生了通货膨胀。”Lacalle表示，尽管大宗商品最近出现了调整，但从2020年和2021年的整体价格上涨来看，我们清楚地看到了广泛的通胀价格上涨。</blockquote> He said extreme danger to the economy goes along with all this QE.<blockquote>他说，所有这些量化宽松都给经济带来了极大的危险。</blockquote> The biggest risk of QE is that by having it prolonged year after year, in periods of crisis and periods of growth, is that the risk of a financial crisis is higher and that the importance of that financial crisis is also very relevant — it is much larger than expected.” It’s important to remember risk builds slowly. With the markets going up and the economy artificially sedated via debt and monetary policy, the mainstream generally thinks everything is fine.<blockquote>量化宽松的最大风险在于，在危机时期和增长时期年复一年地延长量化宽松，金融危机的风险更高，而且金融危机的重要性也非常相关——比预期的要大得多。”重要的是要记住风险是慢慢积累的。随着市场上涨，经济通过债务和货币政策被人为镇静，主流人士普遍认为一切都很好。</blockquote> So, the risk continues to build and continues to build. And we don’t know exactly, because if we did we would be geniuses, but we don’t know exactly where and how it’s going to end.” Lacalle said it’s the same as what happened leading up to the subprime crisis.<blockquote>因此，风险不断增加。我们并不确切知道，因为如果我们这样做了，我们将成为天才，但我们不知道它将在哪里以及如何结束。”拉卡勒说，这与导致次贷危机的情况是一样的。</blockquote> Everybody understood the prices of houses were going up too fast and too much. But very few thought when and how that would end. And when it ended, a lot of people thought, well, it’s contained because it’s only a certain percentage of the economy and the rest is fine. But it creates ripple effects. So, the problem of quantitative easing is disguising risk and giving the idea to investors and to citizens that there’s absolutely no problem with governments entering into monster deficits that will lead the economy to run 100, 120, 200 percent of GDP debt.” <blockquote>每个人都明白房价涨得太快太多了。但是很少有人想到这种情况何时以及如何结束。当它结束时，很多人认为，嗯，它被控制住了，因为它只占经济的一定比例，其余的都很好。但它会产生连锁反应。因此，量化宽松的问题是掩盖风险，并让投资者和公民相信，政府出现巨额赤字绝对没有问题，这将导致经济债务达到GDP的100%、120%、200%。”</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.zerohedge.com/markets/fed-monetary-policy-hides-risk-nothing-more\">zerohedge</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPY":"标普500ETF",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite",".DJI":"道琼斯"},"source_url":"https://www.zerohedge.com/markets/fed-monetary-policy-hides-risk-nothing-more","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1142906661","content_text":"The Federal Reserve has pumped trillions of dollars into the economy through itsquantitative easing programs. This has generateda surge of inflation. But there are other less obvious impacts from the Fed’s extraordinary monetary policy.It conceals risk. Everybody sees a “booming” economy and assumes everything is fine. But underneath, the entire thing is rotting from the inside.\nIf we look closely,we can see the signs of misallocation and malinvestmentin the economy.\nFor instance, look at the bond market. Despite surging inflation, Treasury yields have remained stubbornly low.\nWhy?\nYou can thank the Federal Reserve.\nA 10-year Treasury still returns less than 1.5%. Given the current level of inflation, real returns dip below 4%. Why would anybody do this?\nEnter the central bank.\nThe Fed is buying billions in Treasuries through its QE program each month, keeping yields artificially low. That sends a signal to the markets that all of the federal borrowing and spending isn’t really problematic.\nBut if we look a little deeper, we see that over the last year, the Fed’s balance sheet has exploded to record levels. All of the money printing necessary to buy the bonds creates inflationary pressure. It also disguises the true economic risk, as economist Daniel Lacalle explained in an interview with NTD News.\n\n More money created is going to assets that are scarce. Be it equities in which the companies are buying back stocks – that is a direct consequence. The massive buyback of stocks is a direct consequence of quantitative easing, as well of cheap money — be it commodities, be it houses, be it scarce assets. It’s basically more units of money chasing scarce assets, and that generates inflation.”\n\nLacalle said despite the recent correction in commodities, looking at the overall price increases in both 2020 and 2021 makes it clear we’re seeing broad-based inflationary price increases.\nHe said extreme danger to the economy goes along with all this QE.\n\n The biggest risk of QE is that by having it prolonged year after year, in periods of crisis and periods of growth, is that the risk of a financial crisis is higher and that the importance of that financial crisis is also very relevant — it is much larger than expected.”\n\nIt’s important to remember risk builds slowly. With the markets going up and the economy artificially sedated via debt and monetary policy, the mainstream generally thinks everything is fine.\n\nSo, the risk continues to build and continues to build. And we don’t know exactly, because if we did we would be geniuses, but we don’t know exactly where and how it’s going to end.”\n\nLacalle said it’s the same as what happened leading up to the subprime crisis.\n\n Everybody understood the prices of houses were going up too fast and too much. But very few thought when and how that would end. And when it ended, a lot of people thought, well, it’s contained because it’s only a certain percentage of the economy and the rest is fine. But it creates ripple effects. So, the problem of quantitative easing is disguising risk and giving the idea to investors and to citizens that there’s absolutely no problem with governments entering into monster deficits that will lead the economy to run 100, 120, 200 percent of GDP debt.”","news_type":1,"symbols_score_info":{".SPX":0.9,".IXIC":0.9,"SPY":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":582,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":2,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/838870758"}