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

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

Well there weren't government banks; originally they were all private.

确实，不只政府银行在印制；,起初，所有银行都是私有的。

耶鲁公开课 - 金融市场课程节选

Then you'd have inflation because they're printing all this money.

然后通货膨胀就会发生,因为他们印制了所有的货币。

耶鲁公开课 - 金融市场课程节选