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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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Unfortunately, what we've seen recently is a kind of a bank run on the asset-backed commercial paper.
不幸的是,最近的情况是,有些银行开始运作资产担保商业票据
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Some people ask what is the currency backed by?
一些人会问，货币被什么支持呢？
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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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An SIV is a company of a sort that invests in assets and they issue something like asset-backed commercial paper, but it's not a real company because it only exists as an organization sponsored by some bank.
IV类似从事资产投资的公司,同时也发行类似资产担保商业票据的证券,但它不是一家真正的公司,因为它只是由某家银行建立的一个组织
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