Interest rates are negative in real terms, while the government has opened the fiscal tap (so far this year central-government current spending has risen by an eyepopping 48% in nominal terms).

• 利率的净值出现下滑，而政府也已经启用了国家库存资金（从名义上讲，中央政府到今年为止的开销已经上升了48%25，这是一个让人目瞪口呆的事实）。