当然，这些直接与今天相互关联是不准确的，劳的体系仅仅四年就分崩离析了；而当今的不兑换纸币制度已经运行了将近40年。

Of course, the parallels with today are not exact. Law’s system took just four years to collapse; today’s fiat money regime has been running for nearly 40 years.

youdao

Under the gold standard your dollar bill represented so many ounces of gold and you were supposed to be able to always get that gold.

在金本位制度下,你的纸币表示着,很多盎司的金子,并且你可以一直兑换那些金子。

耶鲁公开课 - 金融市场课程节选

The issuing bank would be driven out of business if it didn't. They all were using fractional reserve banking so if you have a big player that's demanding gold from you you're in trouble.

发行纸币的银行将会被驱逐出银行业,如果它不这么做，它们都采取,部分准备金银行制度，所以如果你有一个对手,一直向你索求金子，你会陷入大麻烦的。

耶鲁公开课 - 金融市场课程节选