Right now we're in a liquidity trap, which, as I explained in an earlier post, means that we have an incipient excess supply of savings even at a zero interest rate.

现在我们陷入了一个流动性陷阱(在我此前的一篇文章中解释过)，意味着我们即使在零利率的时候，也将会遇到初始就过剩的储蓄。