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Buttonwood 金融市场 Where there s money, there s risk 哪里有货币，哪里就有风险 Events in America show that no asset iscopper-bottomed 在美国发生的事情显示出没有资产是毫无风险的。 A GOVERNMENT with debt denominated in its own currency need never default, or so thetheory goes. 一个拥有以本币为计量单位的债务的政府需要的是永不违约，大概这个理论是可以实现的。 It can simply print more money to pay off the debt. 它能简单地印刷更多的货币来支付它的债务。 In practice, however, countries dodefault on local-currency debt: six have done so in the past 15 years, including Jamaica,Russia and Ecuador. 但是实际上，国家不履行本国货币债务：在过去十五年已经有六个国家这样做了，包括牙买加，俄罗斯和厄瓜多尔。 Before this week s budget deal, markets had feared that America could join the list, if only ina technical sense. 在本周的预算计划前，市场已经担心美国会加入这个名单，但愿在技术层面上。 From the point of view of a creditor, however, the ability of a government to print money isof little comfort if the result is higher inflation or currency depreciation. | 
