Wilson’s son-in-law, Walter Bagehot, recommended that the Bank of England lend generously (but at a penalty rate) to illiquid banks (but not to insolvent ones).

威尔逊的女婿，白芝霍特曾建议英格兰银行以惩罚税率大量放贷给流动性出现问题的银行，而不是清偿能力出现问题的银行。

youdao

Walter Bagehot, a 19th-century editor of the Economist, argued that people like to see a "family on the throne" because it "brings down the pride of sovereignty to the level of petty life".

19世纪的经济学家沃尔特·白芝霍特，曾提出人们乐于见到“王座上的家庭”因为它将把君主的荣耀降低到一般家庭的程度。

youdao

Walter Bagehot, an authority on bank runs, once wrote: “Every banker knows that if he has to prove that he is worthy of credit, however good may be his arguments, in fact his credit is gone.”

银行经营的权威沃尔特·白芝浩曾经写道：“所有银行家都知道，信用需要证明之日，即是信用不再之时，不管证明信用的依据有多强。”

youdao

Mr Blair's idea of Britain is one that Walter Bagehot would understand and support.

ECONOMIST: Anti-war Americans

Walter Bagehot's dictum needed updating when the crisis of confidence affected entire markets rather than single banks.

ECONOMIST: A collaboration over the credit crisis

Walter Bagehot, the Victorian editor of The Economist after whom this column is named, made a distinction between the efficient and the dignified parts of government.

ECONOMIST: A general theory of spin doctors