We're left with the central banking institutions that are now functioning without convertibility to gold.

我们现在与那些,现如今运行时没有金子转换功能,的中央银行机构打交道。

耶鲁公开课 - 金融市场课程节选

Remember what happened in 1933 is they abandoned convertibility with gold.

想想在1933年发生的事是3,他们放弃了金子的转换功能。

耶鲁公开课 - 金融市场课程节选

The reason that countries dropped the gold standard was that under the effort to keep the currency convertible into gold they were worsening the depression of the 1930s.

这些国家放弃金本位制度,的原因在于，伴随着保持,货币与金子的转换功能,三十年代的大萧条正在被加深。

耶鲁公开课 - 金融市场课程节选

The old gold standard was supposed to maintain the convertibility of gold in currency but now we're not even backing it with currency anymore with gold anymore ? so what does it mean?

旧的金本位制度目的在于,保持金子与货币的转换功能,但是现在我们甚至都,不用货币来支持它了，或是用金子,所以这意味着什么呢？

耶鲁公开课 - 金融市场课程节选

I mentioned earlier that we used to be on the gold standard and central banks were gold standard institutions that were trying to stabilize the economy but subject to the constraint that they had to maintain convertibility with gold but those central banks' role has changed a lot.

直至改变,我之前提到,我们过去是以金本位为基础的,并且中央银行也是以金本位为基础的机构,它们试图稳固经济,但是也在,保持金子的转换功能约束下。

耶鲁公开课 - 金融市场课程节选