When dealers purchase the debt, cash shifts from their reserves accounts to Treasury deposits at the Fed, where they remain, unspent.

券商买进国债，现金从券商的储备金账户美联储的国库存款，这笔存款一直没有动。

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Then the first bank run in Britain since Victorian times was stopped only when the Treasury guaranteed all the deposits at beleaguered Northern Rock, the country's fifth-biggest mortgage lender.

接着，从维多利亚时代开始首次出现的银行挤兑直到财政部承诺担保该国第五大抵押贷款银行Northern Rock的全部存款才停止。

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Cautious or fearful consumers save in safe forms, such as insured bank deposits, Treasury bills, or cash.

谨慎或胆怯的消费者会以例如银行担保定期存款、国债或现金这样的安全方式进行储蓄。

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When dealers purchase the debt, cash shifts from their reserves accounts to Treasury deposits at the Fed, where they remain, unspent.

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However, the financial crisis in 2008 reduced returns across riskier asset classes, which resulted in investors pulling their money out and parking them in safe asset classes (low yield sovereign treasury bonds, fixed deposits, etc).

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Carmen Reinhart of the Peterson Institute for International Economics and Belen Sbrancia of the University of Maryland calculate that average real rates on deposits and Treasury bills were negative throughout the 1945-80 period in advanced economies.

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