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The 1907 banking crisis then led finally to the creation of the system that we have now the Federal Reserve System.
907年的银行业危机最终导致,我们现有的系统的建立,联邦储备金系统。
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So that's the Federal Reserve System. Incidentally there are twelve banks and there are twelve districts.
所以，这就是联邦储备金系统，顺便提一句,这里说道有十二个银行和十二个区域。
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My lectures are going to presume no special knowledge on your part.
我的课程并不需要你们有什么专业性的知识储备。
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TAF The Term Auction Facility or TAF was created by the Federal Reserve under Bernanke on December 12th.
货币短期拍卖-或者说,是于十二月十二日,由伯南克领导的联邦储备银行发明的。
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They still hold gold and right now the Federal Reserve System has about eleven billion dollars of gold.
他们仍然持有金子,并且现在，联邦储备系统拥有价值,一百一十亿美元的金子。
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In the United States we have twelve Federal Reserve Banks but we have a Federal Open Market Committee.
在美国,我们有十二个联邦储备银行,但是我们有一个联邦公开市场委员会。
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That requires a theory of capital and they're going to have to invest the reserves in financial assets.
这需要借助于资本理论,并且还要将储备资金,投资于金融资产。
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In the United States we did not have a central bank until 1913 when we created the Federal Reserve System.
在美国，我们直到1913年,创立了联邦储备银行制度。
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But they can also participate in choosing the directors and the president of the Federal Reserve Banks.
但是它们可以参与挑选负责人和,联邦储备银行的行长这一过程。
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The company has to have enough money on hand to pay out in the case of default.
保险公司必须储备足够的资金,以应对突发的保险事故
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The Federal Reserve Banks are owned not by the government but by the banks in the region where they operate; they're called member banks.
联邦储备银行并不是,被政府所有的,而是被它们运行所在的区域内的银行所有；,它们被称为联邦储备银行的会员银行。
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So banks that become a member of the Federal Reserve System get shares and they become stockholders in the Federal Reserve Bank.
所以，联邦储备银行的会员银行,得到股份并且在联邦储备银行成为股东,它们分得股利。
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One of the things that the Federal Reserve does is it sets reserve requirements for banks.
一个联邦储备银行做的事是,它给银行设定了法定准备金率。
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That's a very dispersed system but it still works because member banks keep deposits at the Federal Reserve Banks and they're required to keep these deposits.
这是一个非常分散的系统,但是它还是能起到很好的作用因为会员银行,在联邦储备银行里付保证金,并且它们被要求付这些保证金。
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I don't know what percent; our oil reserves in the U.S. are pretty small, so we're kind of lying somewhere inside-- maybe on this pink line.
我不知道具体占百分之几;,美国的石油储备量是微不足道的，所以我们可能是位于这附近-,也许在这条粉线上面。
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That means you could go to a bank and demand gold and the bank then could go to the Federal Reserve and get gold for it.
这意味着你可以走进一家银行,索要金子，然后那家银行可以,去联邦储备银行得到这部分金子。
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The Federal Reserve System was a gold standard institution like the Bank of England.
当时的联邦储备系统是一个,像英格兰银行一样的金本位制度的机构。
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gets only one Federal Reserve Bank that's San Francisco but Missouri gets two.
只有一个联邦储备银行,旧金山联邦储备银行但是密苏里却有两家。
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Moreover they can also borrow from the Federal Reserve Banks when they're in trouble and need money and that's supposed to help prevent banking crises.
更多的是，当它们陷入困境,需要钱时可以,从联邦储备银行那里借钱,这样可以帮助阻止银行业危机的产生。
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We've centralized the note issue in the United States starting in 1913 with the Federal Reserve Board so your notes that you see are called Federal Reserve Notes.
我们在1913年通过联邦储备金监察小组,集中了美国发行的钞票,所以你看到的钞票,叫做联邦储备券。
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The Federal Reserve System that was created in 1913 was different in that it was independent or much more independent than central banks in other countries.
913年建立的,联邦储备金系统是不同的,因为它独立，或者说比,其他国家的中央银行独立得多。
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There are also two Federal Reserve Banks in one in the state of Missouri the Federal Reserve Bank of Kansas City and the Federal Reserve Bank of St. Louis.
而且，在一个州里有两个联邦储备银行,在密苏里州堪萨斯城联邦储备银行,和圣路易斯联邦储备银行。
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If you'll allow me I will talk first about just what is a central bank such as the Federal Reserve and what do they do.
如果可以的话，我将首先谈谈,中央银行到底是什么,比如说联邦储备局，还有他们都做什么。
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It started out that was as, what we call, fractional reserve.
这就出现了,所谓的,部分储备金制度
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The real difference between Federal Reserve Bank System of 1913 the most important difference and the Federal Reserve System of today is that we are no longer on the gold standard.
913年的联邦储备银行系统与,当今的联邦储备银行系统之间3,不同点在于,最重要的不同点,我们不再以金本位为基础了。
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Banks still are vulnerable to bank runs because they still have deposits so the system is still vulnerable and therefore the Federal Reserve has a set of reserve requirements.
银行仍然对银行挤兑敏感,因为它们仍然有存款,所以这个系统还是比较脆弱的，因此,联邦储备金有一系列的法定准备金率。
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Instead of setting up a central bank in the United States as was done commonly in other countries the United States instead created twelve banks; they're the twelve Federal Reserve Banks.
与在很多国家设立中央银行,不同的是,在美国,建立了十二个银行；,它们是十二个联邦储备金银行。
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What the Fed said it would do is announce an auction of so many billion dollars of loans to member banks and the banks have to supply collateral to the Federal Reserve.
美联储声明的它会做的事是,举行一场对,会员银行发放几十亿美元贷款的拍卖会,条件是这些银行必须,给联邦储备银行提供抵押品。
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The reserve requirement now is 10% 10% on demand deposits so they're forced to keep those reserves and much of that is in the form of deposits at the Federal Reserve Banks.
现在的法定准备金率%,在活期存款上是,所以它们被强迫持有这些准备金,并且一大部分是在联邦储备银行,存着的。
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One thing that's been a trend around the world is that the I mentioned that the U.S. Federal Reserve System was different from other central banks in that it was designed to have independence.
一个在世界范围内,流行的事实是,我提到过美国联邦储备系统,与其他中央银行不同,因为它有独立自主性。
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