Contemporary critics did poke a hole in his debt-deflation hypothesis: rising real debt makes debtors worse off but creditors better off, so the net effect should be nil.

• 他的债务型通货紧缩假说也激起了同时期的批驳：不断上升的不动产负债会使得债务人更穷债权人更富，那么净效应便为零。