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The United Kingdom was the prominent first case even though they had invented the gold standard hundreds of years earlier.
英国是著名的第一个放弃金本位的国家,即使它在几百年前,发明了金本位制度。
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So central banks around the world began to manage became managers of inflation rather than defenders of a gold standard.
所以，世界各地的中央银行,开始管理，成为了通货膨胀的管理者,而不是金本位制度的守卫者。
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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。
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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。
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There's a famous story about Irving Fisher who was a professor here at Yale who remarking on how few people understand the gold standard.
有一个著名的关于耶鲁大学教授,欧文？费雪的故事,他探到了很少人,懂得金本位的道理。
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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。
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What happened in the 1930s was that one country after another abandoned the gold standard.
在二十世纪三十年代发生的是,一个接连一个的国家放弃了,金本位制度。
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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。
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The gold standard was a success in the sense that the price of gold stayed constant because that's what the whole system was designed to do.
金本位制度是一个成功,因为金子的价值保持不变，并且这也是,人们当初对这设计整个系统的意图所在。
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The Federal Reserve System was a gold standard institution like the Bank of England.
当时的联邦储备系统是一个,像英格兰银行一样的金本位制度的机构。
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Of course the price of gold never changed in the gold standard because that was the whole point of the gold standard that's if currency was convertible into gold.
当然，在金本位制度中,金子的价格从来没有变过,因为这是金本位制度,的核心所在,如果货币能够与金子转换的话。
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The reason that countries dropped the gold standard was that under the effort to keep the currency convertible into gold they were worsening the depression of the 1930s.
这些国家放弃金本位制度,的原因在于，伴随着保持,货币与金子的转换功能,三十年代的大萧条正在被加深。
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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。
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It used to be that it was actually the gold standard kind of came in by accident in England originally; that was in the 1600s.
过去事实上，金本位制度,起初是意外地被引进英国的；,那是在17世纪。
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So England became on the gold standard.
于是，英国成为了一个金本位制度的国家。
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The old gold standard was supposed to maintain the convertibility of gold in currency but now we're not even backing it with currency anymore with gold anymore ? so what does it mean?
旧的金本位制度目的在于,保持金子与货币的转换功能,但是现在我们甚至都,不用货币来支持它了，或是用金子,所以这意味着什么呢？
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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。
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