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The goldsmith might also write notes promising so much gold and not promising the return of any particular item of gold.
这个金匠会写下票据,保证归还一定数量的金子,但是不保证归还某个特定的金器
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and they... there's a clearing house and they give bids.
然后他们……有个票据交换所，他们投标。
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So, the goldsmith would sign his name on it saying, I promise to give so many ounces of gold.
所以这个金匠会在票据上签名,保证归还多少盎司的金子
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Cash box would be would have something called it was called Van Court's Bank Note Reporter and Counterfeit Detector .
钱柜将会是将有种叫做,凡？科特的银行票据报告,和验钞机的东西。
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Then he'd write on a little note " and hand it to the guy and say just keep this note.
之后金匠会将其记录到一张票据上,交给他个人并且对他说：“保留好这张票据。
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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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It emerged into an institution in which banks would have notes bank notes-that circulated widely and we began to think of them as money.
它出现于一个银行保有票据,的机构,这个票据就是钞票---那种流通广泛的钞票,我们把它视为金钱。
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You still have to hide the note from theft, but at least you don't have to hide a whole bunch of gold from theft.
你仍然需要小心藏好票据防止被偷走,但是至少你不用,再藏一堆金子了
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In other cases, they would have the name of the person on them.
在其他情况下,票据上会有持票人的名字
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The goldsmith in your town writes out a note saying, I will pay to the bearer of this note so much gold, and then the bearer could be anyone.
你居住城镇的金匠写下票据并承诺,我会付给持票人这么多数量的金子,任何人都可以是持票人
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When the Treasury in the United States sells Treasury bills notes and bonds they deal almost exclusively or we say primarily--with broker-dealers not the general public.
当美国的财政部,卖出国库券，票据，债券时,他们几乎是私下交易的,或者说首先与经纪自营商交易,而不是大众市场。
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In some cases, they were bearer notes.
有时候,这是不记名票据
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That's how paper money got started, as bearer notes, because if you had gold with the goldsmith you could spend the note, at least within the town that you live in where the goldsmith was known and had a reputation.
纸币就以不记名票据的形式出现了,如果你的金子存在金匠那里,你可以直接支出这些票据,至少在你所居住的城镇可以这样做,因为金匠在本地有着并众所周知的信誉
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Bearer notes became very important.
不记名票据就变得十分重要
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If it was a bearer note " if the note said I'll pay if it wasn't a unique object but just gold the note would say that this goldsmith will pay to the bearer so many ounces of gold.
如果这是一个不记名票据,如果上面写着：“我会付款的,如果上面写着的东西只是金子而不是特别的物品,那么票据上就会显示这个金匠,要给这个不记名者多少盎司的金子。
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And all of a sudden he had a crisis Well, I'm not going to get into the depth of it but our banks, because they wanted to make more and more money--and our investment bank, Wall Street--kept issuing different paper against mortgages so it made it simple to give a mortgage.
突然间危机降临在了他的头上,嗯~我不想继续深谈这个问题,但是我们的银行，由于它们想,赚越来越多的钱--还有我们的投行，华尔街--一直都在发行各种各样的抵押贷款票据,那样抵押贷款变得更加容易。
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Then you know, you might say, who would buy the paper of an SIV?
这样你们就了解了,你们可能会说,谁会购买SIV发行的票据呢
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The debt of a company is the amount of money it owes either to banks, or to bond holders, or to note holders, or commercial paper holders; these are fixed incomes.
公司的债务是指一笔借来的钱,不管债权人是银行还是股东,或债券所有人,或者商业票据所有人,这些都是固定收益
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But eventually you have this bearer note that you start passing around to spend to other people and they start to think of them as money and that's the origin of banking.
但是最终，你持有这个不记名票据,并且开始将其流传到,别人手中,然后他们开始将其视为金钱,这就是银行业的起源。
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These mortgages were given out to people that couldn't afford them and today you have what you call subprime mortgages--subprime paper They issued against this paper stuff called mortgage-backed security. They securitized them and these things are all floating around now.
我们发放这些抵押贷款给那些买不起房子的人,所以现在你们看到了一种你们叫做,次级抵押贷款的金融工具--次贷票据,他们把这种票据叫做,有抵押证券，他们把有抵押证券证券化,这些证券现在在市场上被多次交易，广为流通。
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Well,the only people who would buy it are people who trust the bank that supports it, so in effect, the bank is promising to bail out the SIV if it should get in trouble.
只有人们相信设立SIV的银行的时候,他们才会去买SIV发行的票据,所以实际上,银行已经作出承诺,如果SIV陷入麻烦,银行会出面解决
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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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