存款货币的创造是一个实实在在的物质创造过程，是公众资产选择的一种形式，它代表了对现存社会产品和服务的贡献。
Deposit creation is a substance creation and a choice of people's assets. It represents the contribution to existent production and services.
而贷款的同时产生的存款，是货币的创造，它并没有创造出任何财富，只能是增加了更多交换媒介，使经济更具有流动性。
But the process that bank makes loans is only monetary creation. It doesn't create any value-added, but only creates more exchangeable intermediary and increase liquidity of economy.
然而从长期来看，创造货币以支撑资产价格是种不可持续的手段。
Yet in the long run creating money to prop up asset prices is not a sustainable tactic.
但如果其他情况不变，一国创造更多额外货币，会使得用他国货币来衡量的资产价格下跌。
But the creation of extra money in one country ought also, other things being equal, to drive down its price in terms of other currencies.
比如德国就曾允诺说，货币联盟不但不可能会上升为财政调度者，而且将创造一种至少像德国马克一样稳定的货币。
The Germans were promised that monetary union would not give rise to fiscal transfers, and would create a currency at least as stable as the Deutschmark.
这次以货币创造抬高资产价格的尝试最后以失败告终。
This attempt to boost asset prices by money creation was ultimately doomed.
他们对此毫不满足，放下柳叶刀，又拿起注射器，通过“定量宽松”，也就是用新创造的央行货币购进资产，为经济注入更多的钱。
Not content with that, they switched at once from scalpel to syringe and started to inject money into the economy through "quantitative easing" -buying assets with freshly created central-bank money.
然而，发行本币债券的国家，却能够保证一直都有充足的现金，因为它们总是能够迫使中央银行创造出货币。
States which issue their own bonds, however, can guarantee that the cash will always be available, because they can always force the central bank to create the money.
它能够保证它们不亏欠大量外债，同时也能保证它们的货币和有价证券被少量的交易，从而不给投机性攻击创造任何空间。
It is reassuring that none of them has much foreign debt, and that their currencies and securities are only lightly traded, creating little scope for a speculative attack.
结果创造了一系列文书，主要是衍生金融工具，旨在处理利率和货币走势带来的风险。
The result has been the creation of a whole series of instruments, mainly derivatives, designed to deal with the risks of interest-rate and currency movements.
为何证券投资者不对货币创造保持更多的警醒？
Why aren't bond investors reacting with more alarm to the process of money creation?
信用扩张创造的新增货币被用来购买生产要素，并部署到远离消费的资本品工业中。
The money created through credit expansions is used by entrepreneurs to demand factors of production, which they employ mainly in capital-goods industries more distant from consumption.
创造一个全球性的储备货币将是朝着这一目标所迈出重要的第一步。
The creation of a global reserve currency would be an essential first step in that process.
短期之内这样做会帮助他们省去利息成本，但却创造了一个危险的错配：他们的薪水和收入是由一种货币计算，而债务却是由另一种计算。
It saved them interest costs in the short term but it also created a nasty mismatch: their wages and revenues were in one currency and their liabilities were in another.
这种担心不无道理，因为看上去没人告诉掌控欧元的那些傻瓜们该如何切实管理他们创造的这一货币。
This is a rational fear, because apparently nobody told the fools in charge of the euro how to actually manage the currency they created.
这样，新货币-或者应该说新的“虚拟”货币，因为它只实现在银行账本上的条目栏里，在这个人为的信用扩张过程中，被持续地创造出来。
So new money, or I should say new "virtual money" because it only "materializes" in bank-accounting-book entries, is constantly created through this process of artificial credit expansion.
而这次，各国央行和及财政部都增加了减税措施、增加财政开支及定量宽松措施——即创造电子货币——由此酿造了更易醉人的烈酒。
And this time, central Banks and finance ministries have added tax cuts, spending increases and quantitative easing - the creation of electronic money - and so created an even headier brew.
所以，法定准备金率和银行的准备金额共同决定了货币创造的上限。 什么是银行准备金？
Thus, the legal reserve ratiotogether with the dollar amount of bank reserves are the factors that set theupper limit to money creation.
可能性1是不可能的：银行肯定是创造了大量的贷款，但是大量的钱将表现为快速增加的货币总量和高通胀，这些都没有发生。
Possibility #1 is unlikely: banks certainly created mountains of debt, but mountains of money would show in skyrocketing monetary aggregates and high inflation, neither of which happened.
是什么限制了银行的货币创造？
但杜塔特认为，同样的现象也出现在公共政策领域，比如越战和伊战，以及欧盟创造统一货币。
But Douthat says the same sort of phenomenon has cropped up in the realm of public policy with such endeavors as the wars in Vietnam and Iraq, or the European Union's creation of a common currency.
随着经济的崩溃甚至没有足够的纸张或印刷能力创造货币。
As the economy collapsed there was not even sufficient paper or printing capacity to create the money.
无论其他事情如何，联储还不清楚更多的货币发行能不能创造更多的工作岗位。
Apart from anything else, it is not clear that yet more monetary stimulus would have created many new jobs.
从另一角度也可以说，这正是得益于央行所掌握的权力是巨大的，尤其是在发现其可通过量化宽松来创造货币这一能力之后。
In part, also, it is because the powers of central Banks are vast, especially since they have discovered the ability to create money via quantitative easing (QE).
因此，企业创造的并不是一种新的可交易的货币，而是一种获得关注和认可(给予关注)个人状态的新价值体系。
Thus, what companies are creating is not so much new currencies that can be traded but new value systems for earning attention and recognizing (paying attention to) individual status.
带来全新货币制度的机会已经被这些完全不想看到转变的人创造了出来。
The opportunity to introduce a new one has been created by the very ones who do not want to see change.
带来全新货币制度的机会已经被这些完全不想看到转变的人创造了出来。
The opportunity to introduce a new one has been created by the very ones who do not want to see change.
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