致使旧的布雷顿森林体系宣告结束。
那么，布雷顿森林体系II之后又将是什么呢？
许多学者过于草率地抹杀《布雷顿森林体系II》。
换言之，相当于美元在布雷顿森林体系终止后贬值了90%。
In other words the dollar had lost around 90% of its value since the demise of Bretton Woods.
在考虑新布雷顿森林体系时，以上原则应当被记住。
These principles need to be born in mind when considering any putative Bretton Woods II.
并不是新的布雷顿森林体系，但却是对旧秩序的坚决转变。
Not a new Bretton woods-but a decisive shift in the old order.
布雷顿森林体系易于改变：所需要的就是西方国家的意愿。
The Bretton Woods duo are easier to change: all that is needed is Western will.
然而，美元和以其作为动力之源的后布雷顿森林体系绝不可能完整复苏。
But it is unlikely that either the dollar, or the post-Bretton Woods system of which it is the beating heart, will emerge whole.
在布雷顿森林体系I终结后，随之而来的是一个浮动利率时期。
The end of Bretton Woods I was followed by a period of floating exchange rates.
金融体系(象我们所共知的布雷顿森林体系II)以美元为主导。
This system (often known as Bretton Woods II) has thus propped up the dollar.
不难想象，布雷顿森林体系II可能将以一种无序的方式土崩瓦解。
It is not difficult to imagine a situation in which Bretton Woods II could unravel in a disorderly fashion.
根据布雷顿森林体系，世界货币与美元挂钩，而美元又与黄金的固定价格挂钩。
Under the Bretton Woods regime, world currencies were pegged to the dollar, which in turn was tied to a set price of gold.
1944年，布雷顿森林体系的设计师们抓住了构建美好未来的机遇。
In 1944 the architects of the Bretton Woods system seized a moment to build for a changed future.
布雷顿森林体系对汇率和资本的管制阻止了国内的储蓄者到国外寻找更高的回报。
The exchange-rate and capital controls of the Bretton Woods financial system kept savers from seeking high returns abroad.
自固定汇率的布雷顿森林体系在1971年崩溃后，其平均实际利率为3.3%。
Since the Bretton Woods system of fixed exchange rates collapsed in 1971, the average has been 3.3%.
在某些方面，布雷顿森林体系II理论似乎就像一个巨大的洗钱卡特尔。
In some respects, Bretton Woods II appears like a giant money laundering cartel.
但这就表明布雷顿森林体系II理论无法再按照其应该运行的方式运行。
However, that suggests that the Bretton Woods II system is no longer working the way it is supposed to work.
本周的《经济学人》问：“应该用什么来取代《布雷顿森林体系2.0版》？”
THIS week the Economist asked: "What should replace the Bretton Woods 2 monetary system?"
在权力集中掌握在少数国家的时代背景下，“布雷顿森林体系”由44个国家共同制定而成。
The Bretton Woods system was forged by 44 countries at a time when power was concentrated in a small number of states.
“布雷顿森林体系”由44个国家共同制定，而其制定的时代背景是权力集中在少数国家手上。
The Bretton Woods system was forged by 44 countries at a time that power was concentrated in a small number of states.
“布雷顿森林体系”的代表已深刻体会到，对权力关系转变的认识是构筑未来的基石。
Understanding shifting power relations is fundamental for shaping the future -- as the Bretton Woods’ delegates appreciated.
1973年，在关于固定汇率的布雷顿森林体系崩溃以后，德国马克成为了欧洲大陆的基准货币。
After the breakdown of the Bretton Woods system of fixed exchange rates in 1973 the Deutschmark emerged as the benchmark currency in continental Europe.
在布雷顿森林体系下，其他国家的货币以固定汇率与美元挂钩，而美元则以固定价格与黄金挂钩。
Under the Bretton Woods arrangement currencies were pegged to the dollar at fixed exchange rates. The dollar in turn was tied to gold at a fixed price.
根据旧式的黄金标准进行衡量，自布雷顿森林体系时代结束以来，美元已经贬值了98%。
In terms of the old gold measure, the dollar has devalued by 98% since the end of the Bretton Woods era.
70年代布雷顿森林体系在巨大的通胀压力下瓦解，富裕国家在随后30年中走上了金融自由化道路。
The Bretton Woods system fractured amid the inflationary pressures of the 1970s, around the time the rich world embarked on a three-decade process of financial liberalisation.
这样的安排终将破产，新的货币体系应运而生。19世纪40年代的布雷顿森林体系即是如此。
Eventually such an arrangement must surely break down, bringing a new currency system into being, just as Bretton Woods emerged in the 1940s.
各国努力维持黄金衡量标准和布雷顿森林体系的一个理由，就是要让债权人放心他们借出去的钱会得到偿付。
One reason why countries tried so hard to maintain the gold standard and the Bretton Woods system was to reassure creditors that they would be repaid in sound money.
布雷顿森林体系崩溃以降，巨大的资产泡沫也已形成，金融部门快速扩张，消费者债务呈快速增长。
The period since the Bretton Woods system fell apart has also seen enormous bubbles in asset markets, a huge expansion of the financial sector and a rapid rise in consumer debt.
布雷顿森林体系崩溃以降，巨大的资产泡沫也已形成，金融部门快速扩张，消费者债务呈快速增长。
The period since the Bretton Woods system fell apart has also seen enormous bubbles in asset markets, a huge expansion of the financial sector and a rapid rise in consumer debt.
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