通缩在全球传染

The Disaster of Deflation

当人们正在争论美联储是否会在年底加息时，不要忽视两个事实：2015年是金融危机以来全球经济最差的一年，全球的通缩形势仍在恶化。 全球通缩的背后是全球经济的萎靡不振，欧洲在靠QE政策补血，日本再度陷入技术性衰退，美国和英国近期经济也出现了回调。

Economically,this is the worst year since the2008 financial woes.Our world is suffering a globally spreading deflation,and behind it hobbles a dwindling world economy.For almost all countries,life is not easy.Europe is living on its controversial QE.Japan has plunged into a technical recession,again.The U.S.and the U.K.have both faced economic drawbacks.And China,the main impetus for the world economy in the past few years,or even in the past lew decades,has also been through a hard time.The deflation is infectious.At present,with the continuously declining prices of commodities as the vector,it is permeating around the world.The CRB Commodity Index is now staying at around 185,a new record low since the 2008 financial crisis,while the Brent Oil price is close to USD44 per barrel,near the lowest record.The inflation is unpleasing,for it erodes the wealth;but the deflation is horrible,for it may destroy the people's confidence.And even worse,once the deflation meets with the debt,there will be mutual boosts between them.Unfortunately,this is what many economies,including the U.S.,Europe.Japan,and China,arc nowfacing.