部分准备金制度引起的泡沫之本质。
The Nature of the Bubbles Induced by Fractional-Reserve banking.
所以银行的产生是很自然的，而部分准备金制度也是自然产生的。
So, Banks are natural and fractional reserve banking is the natural thing to do.
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。
Fractional reserves expand the money supply, which, until the age of Keynes and Fisher, was called inflation.
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。
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.
我们也应该十分清楚所谓“部分准备金仓储制度”不过是对欺诈和侵占行为的一种委婉说法。
It should also be clear that "fractional-reserve warehousing" is only a euphemism for fraud and embezzlement.
所以，英格兰银行有效率地强制执行了，这种制度-英国的银行保有足够的准备金，并且他们将在向英格兰银行付的保证金里，看到准备金其中的一部分。
So the bank of England effectively enforced that the Banks in England kept adequate reserves and they would see some of these reserves in the deposits at the bank of England.
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。
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。
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.
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