If jobs continue to be shed and bankruptcies pile up, shocking depositors out of their cautious mode will be tough, even if they are seeing real cash balances eroded by reflation.

• 如果失业人数和破产企业继续增加，要让人们把储蓄的钱拿出来消费可不是容易事，即使他们发现通货膨胀正在侵蚀自己的真实财富。