If observers today view the Fed as overcompensating against deflation, we could see a shift in liquidity from bonds and property to equities, prompting another Y2K-style bull run.

• 同样，如果观察家们认为美联储现今已为预防通缩投入了过多的资金，那我们可能会发现流动资金从债券和不动产转向股市，激发另一次Y2K式牛市的出现。