But still, Northern Rock is in such trouble that in February of '08 -that's last month -the British Government nationalized Northern Rock.

008年2月北岩银行再次陷入危机,也就是上个月,英国政府将北岩银行国有化

耶鲁公开课 - 金融市场课程节选

The British Government will never promise to pay you 10% more each year because they can't do it.

英国政府永远都不会承诺给你们,每年支付你们高于10%的利息,因为他们根本就做不到

耶鲁公开课 - 金融市场课程节选

What if the British government promised to pay 10% more each year, how would the market value that?

如果英国政府承诺,每年都支付高于10%的利息会怎么样呢,市场该如何定位它

耶鲁公开课 - 金融市场课程节选

You may say, what audacity for the British Government to promise to pay anything forever.

你会说,英国政府鲁莽地承诺,永远支付利息

耶鲁公开课 - 金融市场课程节选

This puts the British Government in an embarrassing situation of owning a failing mortgage lender, so they've got to now be the government collecting on all these mortgages; it's a mess.

承认其银行抵押贷款出现严重问题,着实令英国政府颜面扫地,所以现在不得不由政府出面,收购所有这些抵押贷款,真是一团乱

耶鲁公开课 - 金融市场课程节选

We call them consols because, in the early 1700s, the British Government issued what they called consols or consolidated debt of the British Crown that paid a certain amount of pound sterling every six months forever.

我们称之为公债是因为早在十八世纪初,英国政府规定他们称之为英国皇家,统合公债或者联合公债,要求永久性地,每六个月支付一定数量的英镑

耶鲁公开课 - 金融市场课程节选

The British Government issued those consols in the early 1700s and, while they were refinanced in the late nineteenth century, they're still there. If you want to go out and buy one, you can get on your laptop right after this lecture and buy one of them.

英国政府,在十八世纪初就推出了这份债券,当他们在十九世纪再融资的时候,公债仍然有售,如果你想去买一份的话,你可以在这堂课后用笔记本电脑,买一份公债

耶鲁公开课 - 金融市场课程节选

Let's say that the British Government didn't say that they'll pay one pound per year, but it'll be one pound the first year, then it will grow at the rate g and it will eventually be infinitely large.

我们假设英国政府并没有说,他们会每一年支付一英镑,但它会是第一年支付一英镑,然后它会顺着利率g上涨,最后它就变成了无尽大的数目

耶鲁公开课 - 金融市场课程节选