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The central banks still exist so you still have the Bank of France the Deutsche Bundesbank etc.
中央银行仍然存在,所以我们现在仍然有法国银行,德意志银行等等。
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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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Generally it has been inflationary after 1933; central banks have generally gradually allowed prices to rise.
大体上在1933年之后，一直处于通货膨胀时期；,中央银行大都,渐渐将价格抬高。
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I think maybe the concluding lesson the central banks were institutions that emerged out of experience with bankers.
新工具的迅速扩散,我认为也许结论就是,中央银行是银行主。
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What I want to do is talk about what the Fed in this country is doing and what other central banks are doing.
我想谈论一下,这个国家的联邦政府正在做什么,并且其它的中央银行正在做什么。
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There's been a trend to making central banks more independent and there are particular things that happened.
有一个,使中央银行更加独立自主的趋势,并且一些特殊的事情发生了。
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Many central banks in Europe they have dates that go back to the eighteenth or nineteenth century.
许多欧洲的中央银行,他们都能追溯到,十八世纪或十九世纪。
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In the 1960s and 70s central banks around the world were inflating the currency.
在六十年代和七十年代，世界各地的中央银行,都在使货币上涨。
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That's because it replaced central banks of the member countries of the European Union.
这是因为它代替了,欧盟成员国家的中央银行。
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The Federal Reserve System that was created in 1913 was different in that it was independent or much more independent than central banks in other countries.
913年建立的,联邦储备金系统是不同的,因为它独立，或者说比,其他国家的中央银行独立得多。
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Well what it means is that starting in the 1930s we began to think of central banks as managing the money stock to stabilize the economy.
好吧，它意味着从二十世纪三十年代开始,我们就认为中央银行是,为了稳定经济而,管理金融债券的。
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Incidentally the U.S. did create what sounded like central banks.
顺便提一句,美国确实有过中央银行。
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Let me just mention a couple of other central banks.
让我说说一些其它地方的中央银行。
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Other countries had set up central banks following on the Bank of England but the U.S. didn't set up a central bank; it set up a system of twelve banks and they were regional.
其他国家依照英格兰银行,建立了自己的中央银行,但是美国没有设立自己的中央银行；,美国建立了十二个银行的系统,并且这些银行是区域性的。
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One thing that's been a trend around the world is that the I mentioned that the U.S. Federal Reserve System was different from other central banks in that it was designed to have independence.
一个在世界范围内,流行的事实是,我提到过美国联邦储备系统,与其他中央银行不同,因为它有独立自主性。
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What do central banks do?
中央银行是做什么的呢
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Central banks around this time I think it was under the leadership of Paul Volker who was the Federal Reserve Chairman they raised interest rates to kill inflation and they threw the world into a huge recession.
在这个时期，中央银行,我认为正处于保罗？沃尔克的领导之下,保罗是美联储的主席,他们提升了利率来抵制通货膨胀,然而却将整个世界都卷入了一场巨大的经济衰退。
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The optimistic thing is I think that we have a very good Fed chairman and we have coordinated efforts by central banks around the world and we're doing things that are attempts to prevent the collapse of the financial institutions.
积极的方面在于,我认为我们有一个很优秀的美联储主席,并且我们有世界各地的中央银行,协调的努力,而且我们正做着试图,阻止金融机构崩溃的事情。
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So we finally got tough and we got Paul Volker in there and central banks around the world all managed to get tough around that time and we killed inflation but it created a recession.
所以，我们最终强硬地实施,并且将保罗？沃尔克作为主席,世界各地的中央银行,全都在那段时期内严格的实施,最终我们消除了通货膨胀，却制造了经济衰退。
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All of these central banks of Canada England Europe and Switzerland got together with the Federal Reserve and said--obviously they were worried about the financial crisis that was engulfing the world.
所有的这些中央银行,加拿大，英国，欧洲，瑞士,与联邦准备银行聚集到一起,说-明显的他们是担忧,现在正吞没整个世界的金融危机。
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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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Instead of having a central bank we decided that there would be a list of banks called the National Banks.
与拥有一个中央银行不同的是,我们决定将很多银行归到,国家银行的行列中。
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The central bank posts an interest rate that is the rate at which these member banks can borrow.
中央银行设定一个利率,这个利率是这些会员银行可以借进的利率。
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