What I want to do is talk about what the Fed in this country is doing and what other central banks are doing.
我想谈论一下,这个国家的联邦政府正在做什么,并且其它的中央银行正在做什么。
I'm also interested in like how the fed does monetary policy.
我还对美联储怎样出台货币政策有兴趣。
I mean, they live in the house, they get fed,probably with everybody else, they work with the master; the difference being that they are slaves rather than free men.
他们住在奴隶主家,他们和大家一起吃饭,他们和主人一起耕作,唯一不同之处在于,他们是奴隶而不是自由人
Virtue is invariably rewarded with glory and evil evil is always punished. In this amazing image, it's gathered like scum in some eternal cesspool ! where it's self-fed and self-consumed -- problem solved!
总能获得荣光,而邪恶,总会受到惩治,这是个绝佳的画面,邪恶像是永远堆积在粪坑中的糟粕,只能自生自灭--这样就无可担忧了!
Arthur Burns, chairman of the Fed, There's a big inflation run up to Richard Nixon's reelection in 1972.
亚瑟·伯恩斯,前美联储主席,当时出现了严重的通货膨胀,一直持续到1972年,理查德·尼克松连任总统。
The Fed then again cut interest rates in 2001 in response to the very definite weakness of the economy.
美联储在2001年又一次降低了利率1,为了适应经济中明确的弱点。
Long-term Capital Management was a big hedge fund that failed in 1998 and got bailed out by the Fed.
长期资本管理公司,是一个1998年失败了的对冲基金8,并且被美联储保释了。
Unfortunately we're in this collapse situation in the economy so the Fed has a problem.
不幸的是,我们正处于经济中的这种崩塌的情形中。
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。
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。
The Fed is taking on a serious risk in doing this because these assets that it takes on in exchange for Treasury securities could fail.
美联储这样做很有风险,因为这些他们作为国库证券交换来的,资产可能是个烂摊子。
But they are expecting that the Fed is eventually-- and they were right of course in this case-- the Fed is eventually going to raise rates.
但他们预计联储局最终会,人们这次正确预测了走势,联储局最终会调高利率
On the other hand the Fed is also concerned with unemployment and the possibility of a collapse in the system.
另一方面,美联储也被失业和,这个体系中崩塌地潜在的可能性困扰着。
Most recently--A few years ago, we were living in a regime of negative real interest rates, when the Fed was pursuing a very aggressive monetary policy.
就在最近几年之前,我们生活在,负实际利率的政策中,当时美联储追求一种,非常激进的货币政策
Right now the Fed is in a difficult situation.
现如今,美联储处境困难。
I suspect that with the subprime crisis the Fed will be pushing real interest rates down dramatically again and we may be in a period of negative real interest rates again.
我推测,由于次贷危机,美联储会又一次大幅下调实际利率,我们可能会再次进入,负实际利率的时代
What they did instead of just-remember the Federal Funds Rate is a target interest rate that the Fed attempts to hit through buying and selling treasury bills in the U.S. or in other countries buying and selling government bonds to affect the market.
他们真正做的事-记住,联邦资金利率是,美联储试图通过在美国,买进和卖出国库券,或在其他国家买进和卖出政府债券,来影响市场的目标利率。
It wasn't caused by the Fed's sudden tightening against inflation. It was different it was this recession was not understood not anticipated; the Fed came in late to cut interest rates to try to prevent it from being worse because it just didn't seem to have any reason for happening.
它不是由于美联储对通货膨胀的,突然紧缩政策造成的,它不同之处在于,这个经济衰退没有被理解,没有事先准备好;,美联储试图阻止它恶化而,降低利率为时已晚,因为,它似乎看起来没有任何理由发生。
Inflation is the most important thing according to many views because the Fed has to guarantee the soundness of the money supply -- and there have been so many cases in history when the central bank allowed debasement of the currency through inflation.
通货膨胀是最重要的事情,根据很多观点,因为美联储必须保证,货币供应的稳固,并且在历史上有太多的例子,当中央银行允许,通过通货膨胀改造货币。
The thing I stressed in my column was the market stability regulator, which is the Fed.
我在我专栏中强调的是,市场稳定性调控者,也就是联邦政府。
Mr. Trichet thinks that the Fed is running dangerous inflation risks ." by cutting rates too soon in the face of Wall Street pressure."
特里谢认为,美联储降息过快,将面临来自华尔街的压力而最终身陷囹圄“
I think that we're probably going that way anyway and I think that in the next presidential administration we'll see an expansion of the role of the Fed.
我想我们正超那方面发展,无论如何,那都是,下一任总统的事情了,我们将看到联邦政府的职权在扩大。
I wish the Fed had behaved better they didn't seem to recognize the bubbles that we had in the stock market in the '90s and the housing in the 2000s.
从某种意义上说,我希望,政府没有发现出来,九十年代的股票市场泡沫,和新世纪房地产的泡沫。
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