That's because nobody trusted these banks they could go under any day and so they tended to sell at a discount.
那是因为没有人信任这些银行,它们可能在任何一天倒闭,所以它们倾向折价卖纸币。
And within the banking sector, you have, you don't have that as strongly.
在银行业,那个没有这么强烈。
There's no price per share that you can observe and the banks can't do anything except passively receive the dividend.
这里没有可以观察到的每股价格,这些银行也不能做任何事,除了被动地接受股利。
re not regulated tightly as ordinary banks would be I believe they have something, they have something like two billion dollar line of credit at the treasury.
他们所受管制,They’,没有普通银行严格,我想他们有,他们有大概20亿元,的授信额度,在财政部。
What would happen is there would be a panic; " people would say they're not paying on the notes.
这会导致恐慌的发生;,人们会说:“银行没有兑现纸币。
They usually talk about it as the "lost decade," where Japanese banks were not liquidated but they were not really in business.
他们在谈论它的时候称之为“垮掉的十年“,在这十年里,日本银行并没有破产,但是他们也没有真正在做生意。
They didn't succeed; we still had banking crises so the system didn't seem to work very well.
它们没有取得成功;,我们仍然存在银行业危机,所以这个系统似乎运行得不怎么好。
As a result, there was a huge banking crisis and I mentioned before that Mexico doesn't have much in the way of domestic banks anymore.
最终,爆发了严重的银行业危机,我之前提过,墨西哥已没有几家本土银行
It was something like a central bank but it was different essentially in that the National Banks really didn't have authority to run monetary policy.
它像是个中央银行,但是在本质上不同,因为国家银行真的,没有什么权力运行货币政策。
What was happening was, these banks were not being watched carefully enough; their capital requirements were not enough for the kind of assets they were investing.
当初是因为,对这些银行监管不力,它们的资本水平没有达到,投资这类资产的要求
The rating agencies weren't cutting the ratings as they should and these European banks were just kind of naively trusting and it just didn't get figured out.
信用评级机构并未按照实际评级,这些欧洲银行却很傻很天真地相信了,没有认识到潜在的风险
Bank failures occur when there's not enough gold in the vault and then people start asking for the gold and the goldsmith banker doesn't have it to give out.
当金库没有足够的黄金时,银行就会倒闭,因为当人们开始索要黄金时,金匠银行家却拿不出来
Other countries had set up central banks following on the Bank of England but the U.S. didn't set up a central bank; it set up a system of twelve banks and they were regional.
其他国家依照英格兰银行,建立了自己的中央银行,但是美国没有设立自己的中央银行;,美国建立了十二个银行的系统,并且这些银行是区域性的。
There are two things: you can have a cash account with them you put money into the cash account and you haven't bought shares with it yet; it's just sitting--it's like in a bank.
这里有两种情况,一种是你有现金账户,你将钱存进现金账户,但还没有买股票,仅仅是做储蓄,就像存在银行
That is--maybe this goes back to the -I didn't mention it, but it would apply to the old goldsmith banker story as well.
这也许又要回溯到...,我在前面没有提过,金匠银行家的故事同样适合解说这个问题
The government can't kick the central head- head of the central bank out for failing to offer them loans when they want it.
政府不能因为当它需要资金时-,中央银行的首领没有给予它贷款,而解雇他。
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。
The government was panicked because the banks didn't have enough money to give it to them, so the government shut down the bank accounts and it led to rioting in the streets.
这令政府感到恐慌,因为银行没有足够的资金支付给提款者,所以政府冻结了银行账户,这导致了街头暴乱
The big American banks are not functioning.
大型的美国银行并没有起作用。
We have--my colleagues and I founded an investment bank called Macro Markets and I'm not actually running it, I'm co-found--it's named after a book Macro Markets I wrote called Marco Markets.
在我大学时代我们建立了一个投资银行,叫做Macro,Markets,我并没有实际经营它,这个投行以我写过的一本书来命名,我写的那本书就叫做。
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