The serial numbers on the money tell the order that the bills were printed.

VOA: special.2010.11.15

They can't sell them to get money so the Fed is saying fine we'll just take those and we'll give you Treasury bills which are completely everyone trusts them.

他们不能够卖掉资产来获取金钱,所以美联储说，好吧，我们拿走你的资产,给你完整的国库券,每个人都相信他们。

耶鲁公开课 - 金融市场课程节选

But, when you move from lending money to the government -either short-term with bills or longer term with bonds -to investing in the equity market, there's a stunning difference in terms of the returns.

当你转变投资方式,从借钱给政府,即通过短期债券或长期债券的形式,变成投资于股票市场,回报率的差别会大到让你吃惊

耶鲁公开课 - 金融市场课程节选

He uses M-Pesa to receive money from his son and to pay bills.

VOA: special.2009.11.02

You get nineteen times your money over eighty-one years, but then if you take into account the inflation consumes a multiple of eleven and you're an institution like Yale that consumes only after inflation returns, putting your money into treasury bills really didn't get you very much.

1年后你的钱翻了19倍,但是如果考虑通货膨胀,在此期间侵蚀了11倍的收益,而且如果你是像耶鲁这样,减去通货膨胀调整到实际回报后再论支出,那么将钱投资于短期国库券,不会让你赚得多

耶鲁公开课 - 金融市场课程节选