John Bull can stand many things,” wrote Walter Bagehot, “but he cannot stand 2 per cent.” The great Victorian journalist claimed that faced with such a low return on capital, his contemporaries would throw their money away on “impossible” investments. Such as lending to foreigners, for instance. A century and a half later, we are still chasing higher yields abroad. The great global carry trade, however, is getting rather long in the tooth.
“英國人忍受得了很多事情，”維多利亞時代的偉大記者沃爾特?白芝浩(Walter Bagehot)曾寫道，“但唯獨無法忍受2%的利率。”他表示，面對如此低的資金回報率，他的同代人都愿意把資金扔到“不可思議”的投資項目上，例如，貸款給外國人。150年過去了，我們仍在追逐更高的海外收益。然而，大規模全球套利交易也開始難當重任了。
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