Fractional reserves expand the money supply, which, until the age of Keynes and Fisher, was called inflation.

部分准备金制度扩大了货币供应，而直到凯恩斯和菲舍尔之前的时代，这一现象一直被称为通货膨胀。

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It is well known that Banks engage in fractional-reserve lending, meaning that bankers use their deposits in lending operations, with only a part of their loans covered by money reserves.

众所周知，银行采用部分准备金制度，这意味着银行家可以使用存款进行借贷活动，但是这些贷款却只有部分得到了真正货币储备的担保。

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And since the whole point of fractional-reserve banking is not to have sufficient money to redeem the receipts, the Rothbard bank would quickly go under.

且既然整个部分准备金银行制度的意义就在于银行不需要有足够的储备金去兑现它的票据，因而罗斯巴德银行会很快破产倒闭。

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That's a lot less than the amount of money out there but they always had fractional reserve of banking anyway.

这比流通的金钱少的多,但是他们总是有部分准备金银行制度。

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Once banks start lending again and expanding base money through the fractional reserve system, M2 could increase exponentially.

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Fractional reserve banking expands the money supply without regard to real wealth, and this is inflation, resulting in price increases.

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They withdrew deposits from banks, which because of a fractional reserve system caused a drop in the money supply in spite of a rising monetary base.

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