More than a decade of persistent monetary inflation, including the innovation of quantitative easing and long-term interest rate manipulation, spurred huge malinvestment in the public sector activity.

长达十多年的持续货币通胀，包括量化宽松和长期利率操纵的创新，刺共部门活动中大量的错误投资。

Government subsidies and guarantees encourage irresponsible attitudes and behavior, and thereby promote malinvestments and other wasteful uses of available resources.

政府补贴和担保助长不负责任的态度和行为，从而推动错误投资和其对可用资源的浪费使用。

When it came to specific questions on inflation, the complaint was the cost of living and a related fall in living standards, the latter consistent with malinvestment.

当涉及通胀的具体问题时，人们抱怨的是生活成本的增加以及随之而来的生活水，这与错误投资相符。

All the malinvestment spawned by the Fed's years of recent artificial credit expansion has locked in a major and painful correction at some point.

美联储近年来人为的信贷扩张所催生的所有错误投资，都注定在某个时刻将迎来一次重大且痛苦的调整。

Cumulative asset inflation from the Great Bernanke experiments onwards has brought about much malinvestment.

从伯南克时代的大规模实验开始，累积的资产通胀导致大量错误投资。

But what if this subsequently turns out to be giant malinvestment?

但倘若事后证明这是巨大的错误投资，又当如何？