G20并非布雷顿森林。
What should replace Bretton Woods 2?
用什么替换布雷顿森林2体系？
Bretton Woods I is often compared to a poker game.
布雷顿森林会议经常被比作是一场扑克游戏。
Many pundits are too hasty in writing off Bretton Woods II.
许多学者过于草率地抹杀《布雷顿森林体系II》。
This was true of the preparations for the Bretton Woods meeting.
这是布雷顿森林会议真实的准备情况。
The most important, signed in 1944, is called the Bretton Woods Agreement.
最为重要的一个协定是1944年签定的布雷顿森林的协定。
The end of Bretton Woods I was followed by a period of floating exchange rates.
在布雷顿森林体系I终结后，随之而来的是一个浮动利率时期。
THIS week the Economist asked: "What should replace the Bretton Woods 2 monetary system?"
本周的《经济学人》问：“应该用什么来取代《布雷顿森林体系2.0版》？”
The world has changed radically since Keynes attended the Bretton Woods conference in 1944.
自从凯恩斯1944年出席布雷顿森林会议以来，世界已经发生翻天覆地的变化。
These principles need to be born in mind when considering any putative Bretton Woods II.
在考虑新布雷顿森林体系时，以上原则应当被记住。
In other words the dollar had lost around 90% of its value since the demise of Bretton Woods.
换言之，相当于美元在布雷顿森林体系终止后贬值了90%。
Under the Bretton Woods arrangement currencies were pegged to the dollar at fixed exchange rates.
在布雷顿森林协议下各国货币以固定汇率和美元绑定。
Since the Bretton Woods system of fixed exchange rates collapsed in 1971, the average has been 3.3%.
自固定汇率的布雷顿森林体系在1971年崩溃后，其平均实际利率为3.3%。
In 1944 the architects of the Bretton Woods system seized a moment to build for a changed future.
1944年，布雷顿森林体系的设计师们抓住了构建美好未来的机遇。
The original Bretton Woods lasted three weeks and was preceded by more than two years of technical preparation.
当年的布雷顿森林会议历时三周，之前还经过了两年多技术上的准备工作。
It is not difficult to imagine a situation in which Bretton Woods II could unravel in a disorderly fashion.
不难想象，布雷顿森林体系II可能将以一种无序的方式土崩瓦解。
The original Bretton Woods lasted three weeks and was preceded by more than two years of technical preparation.
当年的布雷顿森林会议历时三周，之前还经过了两年多技术上的准备工作。
However, that suggests that the Bretton Woods II system is no longer working the way it is supposed to work.
但这就表明布雷顿森林体系II理论无法再按照其应该运行的方式运行。
Under Bretton Woods, capital could not flow freely from one country to another because of exchange controls.
在布列登森林系统下，资本不能从一个国家自由的流通到另外一个国家，这是由于有外汇兑换控制。
The Bretton Woods system was forged by 44 countries at a time that power was concentrated in a small number of states.
“布雷顿森林体系”由44个国家共同制定，而其制定的时代背景是权力集中在少数国家手上。
The Bretton Woods system was forged by 44 countries at a time when power was concentrated in a small number of states.
在权力集中掌握在少数国家的时代背景下，“布雷顿森林体系”由44个国家共同制定而成。
The idea went nowhere because America, then a surplus economy, called the shots at the Bretton Woods conference in 1944.
这种思想没有得到推广因为美国(当时是盈余经济体)，在1944年的布雷顿森林会议上定下了基调。
The exchange-rate and capital controls of the Bretton Woods financial system kept savers from seeking high returns abroad.
布雷顿森林体系对汇率和资本的管制阻止了国内的储蓄者到国外寻找更高的回报。
Under the Bretton Woods regime, world currencies were pegged to the dollar, which in turn was tied to a set price of gold.
根据布雷顿森林体系，世界货币与美元挂钩，而美元又与黄金的固定价格挂钩。
The Bretton Woods currency system gave way in 1973 to floating rates, with the dollar as the world's main reserve currency.
“布雷顿森林货币体系”在1973年让位于浮动利率，以美元作为世界主要储备货币。
The Bretton Woods currency system gave way in 1973 to floating rates, with the dollar as the world's main reserve currency.
“布雷顿森林货币体系”在1973年让位于浮动利率，以美元作为世界主要储备货币。
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