这种价格和定价基础的脱节是泡沫的表现。

This disconnection between price and fundamentals is a bubble.

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周行长赞赏上世纪40年代凯恩斯提出的以商品为定价基础的国家货币——Bancor的设想。

Mr Zhou praised John Maynard Keynes's proposal in the 1940s for an international currency, the "Bancor", based on commodities.

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另一种选择是破产基础，即根据可以立即出售的资产来设定价值。

The alternative is a break-up basis, which sets values according to what the assets could be sold for immediately.

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That will lead us into the capital asset pricing model, which is the cornerstone of a lot of thinking in finance.

然后引出资本资产定价模型，这个模型是很多金融思想的基础。

耶鲁公开课 - 金融市场课程节选