Underlying all systems, however, is the central fact that each must have its supply of gold to support it (or currency based on gold, as in the gold Exchange Standard).

但在所有机制背后，都有一个核心事实，即每种机制都有黄金供应(或如在金汇兑本位制的国家，基于黄金的货币)作为支撑。

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The 1930s gold standard was a fixed exchange rate system in which deficit countries were required to adjust by way of deflation rather than devaluation.

上世纪30年代实行的“金本位制”是一种固定汇率制度，赤字国家必须通过通缩、而非汇率贬值的方式进行调整。

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In those countries where gold standard is adopted, the exchange rates between the currencies are fixed and calculated by the rates respectively.

在采用金本位的国家间，货币之间的兑换率时固定的，按各自兑换黄金的比率计算得出。

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Cornell University Professor George Warren persuaded FDR, against the advice of all of his experts, to rectify the pent-up deflationary pressures caused by the gold-exchange standard.

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So you could even put the switch down to the slow death of that natural deflation built into the Gold Standard (or rather its step-nephew, the Gold Exchange system), starting at the very same time as US stockholders kissed goodbye to earning a premium each year above Treasury yields.

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Yet it is the reason government spending has blown past budgetary constraints, revenue downturns, and public outrage since the last check on Federal Reserve dollar-printing ended in 1971 with the demise of the Bretton Woods gold exchange standard.

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