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In order to keep the currency convertible they had to keep interest rates high to prevent people from demanding the gold.
为了保持货币的转换性,他们不得不将利率提高,以防人们向他们索求金子的兑换。
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There're five balconies, and the roof is made of gold.
那里有五个包厢，房顶是金子做的。
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The goldsmith might also write notes promising so much gold and not promising the return of any particular item of gold.
这个金匠会写下票据,保证归还一定数量的金子,但是不保证归还某个特定的金器
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All that glitters is not gold, but it must have free electrons.
并非所有发光的都是金子，但是要发光必须有自由电子。
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I have some old records and I'll see what I'm paying for my gold for the gold fillings ten years ago.
我有一些旧的记录,我可以去看看十年前,我到底补金牙时为了金子花了多少钱。
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Then they started minting new coins out of gold and the government was issuing coins they called them guineas.
之后，他们开始用金子铸币,并且政府也开始发行硬币,他们叫它几尼。
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We're left with the central banking institutions that are now functioning without convertibility to gold.
我们现在与那些,现如今运行时没有金子转换功能,的中央银行机构打交道。
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They would store gold and they would have a safe or some sort of safekeeping.
他们用保险箱,或其他安全的方式储存金子
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That means you could go to a bank and demand gold and the bank then could go to the Federal Reserve and get gold for it.
这意味着你可以走进一家银行,索要金子，然后那家银行可以,去联邦储备银行得到这部分金子。
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I'll have enough, still, in my safe so that I can pay them off.
我仍然有足够的金子,保存在我的保险箱里,所以我能付给他们
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So everyone would run to the bank and demand their money.
于是，每一个人都会跑到银行,要求兑现他们的金子。
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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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I could make it out of gold.
可以用金子。
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A lot of people would ask them, since they had a safekeeping for gold, could you put my gold in your safe?
因为他们可以妥善保管金子,所以很多人上前询问,你能不能帮我保存我的金子呢
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They still hold gold and right now the Federal Reserve System has about eleven billion dollars of gold.
他们仍然持有金子,并且现在，联邦储备系统拥有价值,一百一十亿美元的金子。
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Before that the United States went through repeated banking crises when people would start demanding the gold for their notes.
才有了中央银行，在这之前,当人们向银行索要金子来兑现他们的纸币时,美国经历了一次又一次的重蹈覆辙的银行业危机。
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If you put your gold in the care of a goldsmith - initially you don't think you think the money is there.
如果你把你的金子放到一个金匠手中保管,起初你不会认为,你会认为钱就在那里。
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You still have to hide the note from theft, but at least you don't have to hide a whole bunch of gold from theft.
你仍然需要小心藏好票据防止被偷走,但是至少你不用,再藏一堆金子了
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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。
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He said to the dentist just out of curiosity can you tell me what the price of gold has ? what it's been doing lately?
他对牙医说，只是出于好奇,你能告诉我金子的价钱是多少吗,最近价格怎么样？
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Meanwhile, when people come back to ask for their gold, as long as they're willing to take other gold, that's apparently what they -they don't care whether they are the same coins.
同时,当人们回来取金子的时候,只要他们愿意拿到其他的金子就行了,非常明显,他们不介意这些金币是不是原来的那些
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You have lots of banks; the banks are taking in gold and issuing notes but they are forced by the Bank of England to keep a deposit at the Bank of England.
英国有很多家银行；,它们吸入金子并且发行纸币,但是它们都被英格兰银行强迫,在英格兰银行付保证金。
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It used to be backed by gold.
过去它被金子支持。
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The problem with private banks issuing notes is that there would periodically be banking crises when the banks failed to pay on their notes and they couldn't pay out the gold that was demanded--that was required.
私有银行发行纸币的问题在于,当它们没法用要求的金子-规定的金子数量,支付它们发行的纸币时,它们将周期性的,陷入银行业危机。
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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
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Then the relative price of gold versus silver shifted to the point that the gold with at the twenty-one shilling exchange rate the gold shilling was worth less the gold guinea was worth less than twenty-one shilling.
之后，金子相对于银子的相对价格,就移动到另一个值,在二十一个先令的兑换率下,金先令价值少于,金几尼的价值少于了二十一个先令的价值。
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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。
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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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Now there was inflation with regard to a basket of the Consumer Price Index is not just the price of gold; it's the price of many things but the there would be inflation or deflation as the relative price of gold changed.
现在，就一组物品来说，是存在通货膨胀的,消费者价格指数并不仅仅是金子的价格；,它是很多东西的价格，但是,当金子的相对价格变化时,通货膨胀或通货紧缩就会发生。
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So, the goldsmith would sign his name on it saying, I promise to give so many ounces of gold.
所以这个金匠会在票据上签名,保证归还多少盎司的金子
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