但政府的赤字支出并没有放慢脚步，发达国家公债水平占GDP的比例从20世纪70年代末开始稳步攀升，这一次不再有通胀来帮它们拉低债务的真实价值了。
But deficit spending by governments continued apace, and public debt as a share of GDP in industrial countries climbed steadily from the late 1970’s, this time without inflation to reduce its real value.