If you put your gold in the care of a goldsmith - initially you don't think you think the money is there.

如果你把你的金子放到一个金匠手中保管,起初你不会认为,你会认为钱就在那里。

耶鲁公开课 - 金融市场课程节选

Don't buy gold coins that you might see--and you know that, right?

不要去买金币,你们知道为什么,对吧

耶鲁公开课 - 金融市场课程节选

Meanwhile, when people come back to ask for their gold, as long as they're willing to take other gold, that's apparently what they -they don't care whether they are the same coins.

同时,当人们回来取金子的时候,只要他们愿意拿到其他的金子就行了,非常明显,他们不介意这些金币是不是原来的那些

耶鲁公开课 - 金融市场课程节选

The problem with private banks issuing notes is that there would periodically be banking crises when the banks failed to pay on their notes and they couldn't pay out the gold that was demanded--that was required.

私有银行发行纸币的问题在于,当它们没法用要求的金子-规定的金子数量,支付它们发行的纸币时,它们将周期性的,陷入银行业危机。

耶鲁公开课 - 金融市场课程节选

They trust to the fact that the depositors won't all come on the same day, just like a goldsmith banker -he leaves only enough gold in the safe to cover the kind of withdrawals that are normally accepted.

他们是基于这样一种考量,即储户们不会在同一天上门来取钱,正如金匠银行家那样,他留存在保险箱中的黄金数量,刚好可以应付一般的提款要求

耶鲁公开课 - 金融市场课程节选