主题：一些说明 -- 葡萄

一是分配方面，劳动收益不断减小而资本收益不断扩大。二是价格方面，所谓的解决方案都会扭曲商品价格，导致市场机制慢慢的虚化。

--stagflation. Inflation happens because of the Fed monetary policy. Stag-because of no technological breakthrough to push up productivity and growth.

这两个问题其实也就是这次危机的根本问题。随着问题的不断积累，终于有一次危机无法通过通货膨胀的方法解决。于是一个小危机真正转化成一个超级大危机，那个时候才是全球变革（也可能表现为世界大战）的真正标志，就像1929年一样。

--so long as various nations hold nuclear weapons, the risk of world war is small.

Finally America needs to restore the credibility of fiat money and when US external debt falls to a reason range (in relation to inflated GDP), US and Europe will have to take back liqudity again.

Greenspan actually lays out the blueprint long time ago in his book.

In the long run, global growth will be driven by new tech/real productivity again. A repeat of 1890s and 1980s.