全球金融市场流动性创七年新低

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　　The global financial markets are not merely relaxed about the world's problems as they stand. They are positively¹ becalmed. The global index of market volatility², the so-called Vix Index or "fear gauge³" as some people call it, is registering a seven-year low. As low in fact as it was just before the financial meltdown of 2008. The renowned⁴ monetary⁵ expert, Professor John Taylor, a former United States undersecretary of the treasury⁶, says that this lack of worry is now itself a worry.

　　There is just too much money in the financial markets. Is that what's happened? It's got nowhere else to go.

　　I think that's the best way to think about it. But again, to me, it's time to get back to kind of a normal monetary policy. You know we had, in the UK, in the US, had a very good monetary policy for a long time in the 90s until recently. That period of time, some economists⁷ call the Great Moderation 'cause the economy's working so well. When recent years the economies haven't been working that well, we had a financial crisis and this remarkably⁸ slow recovery. So to me the evidence is pretty clear that they should go back to these kinds of rules-based policies I call them that work so well in the past, and the sooner the better in my view.

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