True, the Crane 100 index of taxable money-market funds yields an average of 0.07% and the Barclays Capital U.S. Aggregate bond index just 3.4%.

的确，Crane 100应征税货币市场基金的平均收益率只有0.07%，巴克莱资本美国总体债券指数的回报率也只有3.4%。

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Because investors cannot beat the market in aggregate, all this means is that money is transferred from investors to fund managers.

因为总体上来说投资者无法超越市场的表现，这就意味着资金从投资者手里转移到了基金经理的手里。

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To balance out the equation, Americans, in the aggregate, either have to sell assets (stocks, real estate) or borrow money from abroad (by issuing Treasury bonds) to pay for the goods they buy.

为平衡方程序，总的来说，美国人就不得不出售资产(股票，不动产)或者从国外借款(通过发行财政长期债券)来偿还他们购买的商品。

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Banks have a strong incentive to lend some of the money deposited with them, so expanding the aggregate supply of money and credit.

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Looking only at M2, the U.S. broad money aggregate, it has only risen 20% in that time period.

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M3 is the most important money aggregate for economists.

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