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In order to keep the currency convertible they had to keep interest rates high to prevent people from demanding the gold.
为了保持货币的转换性,他们不得不将利率提高,以防人们向他们索求金子的兑换。
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Why do you think the UK uses its own currency instead of using Euros like in other European countries?
英国使用自己的货币，而不是像其他欧盟成员一样使用欧元，你怎么看待这个问题？
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A perpetuity is an asset or a contract that pays a fixed amount of money each time period, forever.
永续年金是一种财产或者合同,规定在每一时间段内,支付一定数量的货币,直至永远
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And actually on terms of the dollar, I think you gotta be concerned about the dollar. -You do Dollar is our currency.
说到美元这个问题，我认为这才是我们应当担心的，-是吧,美元可是我们的流通货币呢。
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But more importantly,more successful in just as the currency of happiness and wellbeing.
更重要的是，我将“更成功,正如快乐货币和幸福货币一样。
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But it also kind of lose your identity because we used to have our own currency
但是也会有点失去自己的身份，因为我们曾经有自己的货币，
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It's exactly what we did with the World Bank and the IMF, with the Mashall Plan, with then the Alliance for Progress later, looking at Latin America.
就像当初我们和世界银行以及世界货币基金组织，像我们的马歇尔计划，和之后的进步联盟，再看看拉美。
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Then the problem was that the price relative price of those two was not really fixed by the government.
然后，问题就在于价格,这两种货币的相对价格,没有被政府统。
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TAF The Term Auction Facility or TAF was created by the Federal Reserve under Bernanke on December 12th.
货币短期拍卖-或者说,是于十二月十二日,由伯南克领导的联邦储备银行发明的。
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But the point is Reagan supported that effort and that made all the difference, and it took a lot of courage Reagan was going to take the recession in 1982 He was willing to support Volker no matter what to get the inflation down ... Alright, so... Interest rates in the summer of 1980 were quite high Yes, they were.
但是，里根力挺了这次货币改革,这才是重点，下这样的决心不容易,里根本打算在1982年来狠抓经济衰退2,他很信任沃尔克,为了降低通胀率，可以不惜一切代价,好吧，那么。,1980年夏天，银行利率已经相当高了,没错，确实如此。
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but they no longer have the importance that they once did because they no longer manage the currency.
但是它们再也没有当初的重要的地位,因为它们不再管理货币了。
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It's different from Fed policy in that they set up a certain amount of money and auction that off to the highest bidder.
这与美联储政策不同,因为他们设定了一定数量的连出价最高的投标者,都无法触及的货币拍卖。
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I mean, lately they've been more inefficient, in my view, because the Fed's creating too much money.
我是说，最近市场表现的更没效率，在我看来，这是因为美联储发行了太多的货币。
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There were seventeen categories of equity mutual funds and they compared the dollar-weighted to the time-weighted returns.
其中一共是17种股权共同基金,将它们的货币加权回报率,和时间加权回报率进行比较
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In every one of those seventeen categories, the dollar-weighted returns were less than the time-weighted returns.
发现这17种基金中的每一种,货币加权回报率,都是低于时间加权回报率的
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In the 1960s and 70s central banks around the world were inflating the currency.
在六十年代和七十年代，世界各地的中央银行,都在使货币上涨。
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The following lecture will be about banking, the supply of money and the money multiplier.
接下来的课我们讲银行业,货币供应和货币乘数
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So they agreed to auction off it's a little bit different than a it's a little different from an ordinary monetary policy.
所以，他们同意将财产拍卖掉,这有一点儿不同于，有一点儿与,普通的货币政策不同。
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The thing that really emerged just in the last week or so is that of course monetary policy is about setting of interest rates.
在上周左右出现的现象,当然，货币政策的目的,是为了调整好利率水平。
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It was supposed to maintain the convertibility of the currency into gold.
它的作用在于保持,货币与金子间的转换。
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For example, we have the Office of the Comptroller of the Currency.
例如，我们现有的,美国货币监理署。
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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。
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The question is what it means to say something is backed by something because well you could say it's backed by gold because the Fed has eleven billion dollars of gold.
问题在于，说某个东西被另一个东西支持,意味着，你可以说,货币被金子支持着,因为美联储有一百一十亿美元的金子。
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England's money was more stable than other countries.
英国的货币比其他国家的货币还更稳定些。
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Most of our fixed incomes, as they're called-- which are assets that are denominated in currency-- Most of our debts are written in money terms and people can't get over this framing in terms of money.
我们大多数的固定收入，如其名称-,属于以货币标价的资产-,我们的大多数负债以货币形式记录,且人们无法逾越这种对货币的心理框架。
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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？
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They never kept all the gold for all the dollars that they issued so you could say it's still backed by gold. The really important thing is it's not convertible into gold.
他们从不持有所有的发行过的,货币价值的金子，所以你可以说它是,被金子支持的，真正重要的在于,它不能转换成金子。
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There are not only debt instruments that are payable in currency, but there are also indexed debt instruments that are indexed to the price level so that they give real interest rates.
债券工具,不仅仅是可以支付的货币手段,还是指数利率工具,以指数的形式表达债券的价格水平,显示出实际利率
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The idea that emerged the memory of the '81-82 recession is very strong in our imagination because we think that it was caused by lax monetary policy by liberal thinking by the soft-hearted liberals who just didn't want to create any pain and suffering.
出现的观点,在我们的想象中,81-82年的经济衰退很严重,因为我们认为它是由于,松懈的货币政策，不拘一格的思想,那些仁慈的不想制造任何痛苦和疲劳的,自由主义者引发的。
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The value of money changes through time because of inflation or deflation; yet, most of our debts are written in money terms.
货币的价值因时而异,那是因为存在通货膨胀和通货紧缩;,但是，我们大多数负债都以货币方式记录。
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