Now, we delivered 13% earnings per share growth despite a $0.10 to $0.11 currency headwind, and that’s compared to a very strong second quarter 2009 base.

尽管汇率下降使每股损失达到0.1美元至0.11美元，但我们第二季度每股盈利仍上涨了13%，同2009年同期相比涨幅较大。

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The Fed pumped up the monetary base (currency plus bank reserves), but broader measures are growing slowly.

联储随为基础货币(货币加银行储备)注水，但用于作为QE支撑的广义指标增速却不高。

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Central Banks control the narrowest measure of the money supply, called the monetary base-typically, currency plus the reserves that commercial Banks hold with the central bank.

央行控制着控制着狭义货币供应量，这被称作基础货币——通常是流通货币加上商业银行和中央银行的贮备货币。

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Like the pressure to de-list the US dollar as the base currency for international trade, with innovation activity shifting to Asia, countries other than the U.S. will have an increasingly larger say in international intellectual property rights, standards setting and commercialization of intellectual property.

FORBES: The locus of innovation has shifted away from the U.S.

So while growth in the Fed's monetary base is overrated when it comes to currency values and inflation (base growth was the same in the '70s as it was in the '80s), the failure of the Nixon Treasury to clearly state its commitment to the Bretton Woods gold standard led to a falling unit of account.

FORBES: Magazine Article

First, neither excess reserves nor the monetary base (currency plus bank reserves) are money.

FORBES: America, Be Thankful: Bernanke Critics' Prophecies Of Inflation Have Been Dead Wrong