There is an institution called the "gold standard" now totally and completely gone everywhere in the world.

这里有一个机构叫做“金本位制度“,现在完全在,世界各地遍及。

耶鲁公开课 - 金融市场课程节选

What it was it began the first country to adopt the gold standard officially was the United Kingdom and that was in 1717.

它是什么---它开始于,第一个官方正式地采取金本位制度的国家,是英国，那时是1717年。

耶鲁公开课 - 金融市场课程节选

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

So the gold standard ended in the 1930s and every country dropped it.

所以，三十年代，金本位制度结束,每个国家都放弃使用它。

耶鲁公开课 - 金融市场课程节选

The real difference between Federal Reserve Bank System of 1913 the most important difference and the Federal Reserve System of today is that we are no longer on the gold standard.

913年的联邦储备银行系统与,当今的联邦储备银行系统之间3,不同点在于,最重要的不同点,我们不再以金本位为基础了。

耶鲁公开课 - 金融市场课程节选

I mentioned earlier that we used to be on the gold standard and central banks were gold standard institutions that were trying to stabilize the economy but subject to the constraint that they had to maintain convertibility with gold but those central banks' role has changed a lot.

直至改变,我之前提到,我们过去是以金本位为基础的,并且中央银行也是以金本位为基础的机构,它们试图稳固经济,但是也在,保持金子的转换功能约束下。

耶鲁公开课 - 金融市场课程节选