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。

耶鲁公开课 - 金融市场课程节选

What we have--we have a problem that there can be a systemic problem to fractional reserve banking if there is ever a run on the banking system.

我们面临着一个问题,如果出现银行挤兑,部分准备金制度会,导致系统性的问题

耶鲁公开课 - 金融市场课程节选