The good news about America is that we aren’t in that kind of trap: we still have our own currency, with all the flexibility that implies.

就美国而言，好在我们没有陷入那样的陷阱里：我们有自己的货币，以及随之而来的灵活性。

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Securites become a kind of currency, traded in the so called “secondary market” at fluctuating price.

证券变成一种货币，在所谓的“第二市场”以波动价格予以交易。

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In the longer run, a firm proposal may emerge on the continent to back the single currency with some kind of fiscal co-ordination across the EU.

从更长远来看，欧洲大陆也许会出现支持单一货币的强烈提议，整个欧盟在某种程度上都需要财政合作。

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I would be looking at this--at the debt areas Student: You mentioned about the U.S. dollar falling in value recently. What kind of foreign currency vehicles or trading would you recommend to kind of hedge a bet against a dollar assuming that it continues to fall?

我会考虑这方面的投资--债务市场方面的机会,学生：你刚才提到美元,最近贬值的问题，那么哪些品种的外汇金融工具,或者外汇交易在你看来可以用来,对冲美元贬值的风险,如果我们假设美元还会将继续贬值？

耶鲁公开课 - 金融市场课程节选

So in a cooperative G20 kind of world, devaluing your currency to keep your exports cheap is a no-no.

FORBES: We're All Currency Manipulators These Days

Scrip of this kind becomes, in effect, a proto-currency.

ECONOMIST: The euro

In the longer run, a firm proposal may emerge on the continent to back the single currency with some kind of fiscal co-ordination across the EU. Once upon a time, Britain would have opposed this outright.

ECONOMIST: Britain and Europe: No laughing matter | The