不过，大滞胀的观点也不能完全驳倒。

And yet the idea of a great stagnation cannot be dismissed entirely.

的确，为今天的滞胀种下祸根的正是各国央行。

Indeed, central Banks laid the foundations for today's stagflation.

我仍然认为，全球经济的主路是通向滞胀的。

I still think that the central path for the global economy is stagflation.

许多工业化经济将被推入到一个滞胀的循环中。

Many of the industrialized economies would be pushed into a cycle of stagflation.

后来出现了滞胀、纳税人的抗税、财政危机和自由市场的复兴。

Then came stagflation, taxpayer revolts, fiscal crisis and a triumphant revival of free-market ideas.