This is 1889, under the government of Otto von Bismarck-- although, he has nothing to do with this, it was other people--economists in Germany that invented this idea.

889年时，当时俾斯麦执政德国-,他和这事儿没多大关系，这是由德国的经济学家,想出了这个主意。

耶鲁公开课 - 金融市场课程节选

Within collaboration with colleagues in Berlin, Germany.

我们在德国柏林同事的协助下。

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It kind of was a wake up call in Germany because they were watching with amusement the subprime crisis in the United States and here it was causing losses to the German Government.

这次危机震醒了德国,当初德国还把,美国次贷危机当笑话看,德国政府付出了沉重的代价

耶鲁公开课 - 金融市场课程节选

And that's what he did. And for the point of view of France, they emerged from the war with the reality that they are in victory a weaker nation than Germany is in defeat.

他就是这么干的,从法国这边来看,他们在战后的现实中发现,他们作为一个战胜国,比德国一个战败国还要弱小

耶鲁公开课 - 1871年后的法国课程节选