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？

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

南克时代的大规模实验开始，累积的资产通胀导致了大量错误投资。

He believed that boom-time malinvestments were responsible for the subsequent bust, much as binge-drinking is responsible for the next morning's hangover.

哈耶克对商业周期波动起伏颇关注，对学生讲解时口音浓重，因此他的学生戏称这位奥地利籍的教授“波动先生”。他认繁荣时期的良投资将导致日后破产，这好比饮酒作乐引起第二天早上的宿醉适。

They are what Hayek would call " malinvestments" , investments in capacity that no one is willing to pay for or wait for.

中国当局现在终于承认那些通常是显而易见的事实：很多项目根本来足够的收益来偿还债权人。云南和其他地方已出现拖欠现象。有些项目半途而废。这些就是哈耶克所说的“良投资”，即没人愿意偿还或者等待的投资。

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，刺激了公共部门活动中大量的错误投资。

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平下降，这与错误投资相符。