They would say oh they print paper money private banks print paper money " not just government banks.

他们会说：“哦，银行印制钞票,私有银行印制纸币,不仅仅是政府银行在印。

耶鲁公开课 - 金融市场课程节选

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。

耶鲁公开课 - 金融市场课程节选

So the central bank would print up notes and give it to the government and the government would start spending it on the war.

于是，中央银行会印制钞票,并将其交到政府手中,之后政府开始,将其用到战争开销中。

耶鲁公开课 - 金融市场课程节选

Now these banks no longer issue notes.

现在，这些银行不再发行钞票了。

耶鲁公开课 - 金融市场课程节选