They would say oh they print paper money private banks print paper money " not just government banks.

他们会说：“哦，银行印制钞票,私有银行印制纸币,不仅仅是政府银行在印。

耶鲁公开课 - 金融市场课程节选

So, that's the whole idea of how banking got started, and how paper money got started, at least in the West.

这就是关于银行是怎么出现,和纸币是怎样出现的,至少在西方是这样

耶鲁公开课 - 金融市场课程节选

committed that their paper money would always and at all times be redeemable in gold.

他们的纸币将一直能够每时每刻,用金子赎回来。

耶鲁公开课 - 金融市场课程节选

If you went to a store to buy something with paper money then the person at the ? would it be a cash register?

如果你用纸币去一家商店,买些东西，那么收银员,等等，那时会是个收银员吗？

耶鲁公开课 - 金融市场课程节选

That's how paper money got started, as bearer notes, because if you had gold with the goldsmith you could spend the note, at least within the town that you live in where the goldsmith was known and had a reputation.

纸币就以不记名票据的形式出现了,如果你的金子存在金匠那里,你可以直接支出这些票据,至少在你所居住的城镇可以这样做,因为金匠在本地有着并众所周知的信誉

耶鲁公开课 - 金融市场课程节选

Well, they created special entities called SIVs and the SIVs would be borrowing money on the commercial paper market to buy subprime loans.

银行建立特殊实体结构投资公司,而结构投资公司,通过在纸货市场借贷,以购入次级债

耶鲁公开课 - 金融市场课程节选

The debt of a company is the amount of money it owes either to banks, or to bond holders, or to note holders, or commercial paper holders; these are fixed incomes.

公司的债务是指一笔借来的钱,不管债权人是银行还是股东,或债券所有人,或者商业票据所有人,这些都是固定收益

耶鲁公开课 - 金融市场课程节选

And all of a sudden he had a crisis Well, I'm not going to get into the depth of it but our banks, because they wanted to make more and more money--and our investment bank, Wall Street--kept issuing different paper against mortgages so it made it simple to give a mortgage.

突然间危机降临在了他的头上,嗯~我不想继续深谈这个问题,但是我们的银行，由于它们想,赚越来越多的钱--还有我们的投行，华尔街--一直都在发行各种各样的抵押贷款票据,那样抵押贷款变得更加容易。

耶鲁公开课 - 金融市场课程节选