【正文】 other than more fiat money。 ? 8． The system of keeping one’s money on deposit with the goldsmith was safer than leaving money where it could be easily stolen, but it was a bit nuisance to have to visit the goldsmith each time money needed. ? 以存款的形式將貨幣存放在金匠那里比將貨幣放在容易被盜竊的地方要安全 ， 但是也存在一點麻煩就是每次需要貨幣的時候都要去拜訪金匠 。 玉米不是最終的交換物而是最終交換物的中介 。金融英語 ? THE VALUE OF MONEY ? ● Words and Expressions ? claim against sb. 對 … ..的債權 honor 如期支付 ? fiat 法令 命令 creditor 債權人 ? debt 債務 withdrawal 提款 ? interest 利息 rate of exchange 匯率 ? purchasing power 購買力 receipt 收據(jù) ? check 支票 legal tender 法定貨幣 ? fractional reserve system 銀行部分準備金制度 ? fiduciary money 信用貨幣 price index 價格指數(shù) ? ? TEXT ? 1． When specialization first emerged, perhaps as hunting and farming, hunters and farmers no doubt had little difficulty finding mutually beneficial trades. ? 當專業(yè)化開始出現(xiàn)時 ， 可能是狩獵和耕作 ， 獵戶和農戶毫無疑問在尋找互惠交易中遇到一些麻煩 。 ? 5． Rather than having to quote rate of exchange for each good in terms of every other good, as was the case in the barter economy, the price of everything could be measured in terms of corn. ? 與以物易物的經濟不同 ， 那時每種貨物都必須用其他貨物標出它的交換率 ，而現(xiàn)在任何東西都可以用玉米計價 。 ? 9． The check was a claim against the goldsmith, but the borrower’s promise to repay the loan became the goldsmith’s asset. ? 支票是對金匠的索償權 ， 但是借款者貸款歸還的承諾形成金匠的資產 。 it is not backed by promise to pay something of intrinsic value. ? 不兌換貨幣不能兌換任何東西 ， 只能換取較多的不兌換貨幣 ， 它沒有用承諾支付具有內在價值的東西去擔保 。 結果 ， 對于財富在金融資產和商品之間的分配要考慮的變量同樣是實際利率 。 ? 7． In many countries, official control over interest rates is exercised simply by virtue of the fact that all banks, or the largest banks, are nationalized, and, even when such banks are formally regarded as autonomous entities, the influence of the government over the activities of these institutions is often powerful, whether continually or only intermittently exercised. ? 在許多國家官方對利率控制的實施僅僅是基于這樣的事實 ， 即所有的銀行或者大型的銀行都是國有的 ， 即使是當這些銀行通常被認為是自主的主體 ， 然而政府對這些機構行為的影響仍然是強有力的 ， 無論這些影響是持續(xù)的還是間斷實施的 。 ? LESSON THREE ? POWERS OF THE FEDERAL RESERVE SYSTEM ● Background The Fed is one of the institutions that influence American’s economic condition. It seeks to keep the American’s money health within a growing economy. By influencing the money supply, the Fed’s money policy aims to avoid the extremes of inflation and recession, to encourage high employment and to safeguard the purchasing power of dollars. ? ● Words and Expressions ? clear 清算 Depression 大蕭條 run on 擠兌 ? sound 健康 crumble 瓦解 solvency 償債能力 ? inaugural 就職演說 ? savings and loan association 儲蓄貸款委員會 ? Board of Governor 聯(lián)儲系統(tǒng)理事會 ? ● TEXT ? 1. Other powers given the Federal Reserve were the ability to buy and sell government securities, to extend loans to member banks, to clear checks, and to require that member banks hold reserves equal to some fraction of their deposits. ? 賦予聯(lián)儲的其它權利有買賣政府債權的能力 ,向會員銀行發(fā)放貸款 ,清算支票 ,要求會員銀行持有相當于他們部分存款的儲備金 . ? 2. In fact, the Federal Reserve Banks get their name because they hold member bank reserves on deposit both to promote banking safety and to facilitate interbank transfers of fund. ? 事實上 ,聯(lián)儲名字的由來是因為它持有會員銀行的存款基礎上的儲備 ,以提高銀行業(yè)的安全性和便利同業(yè)銀行之間的資金轉移 . ? 3. These reserves allow Reserve Banks to clear checks written by a depositor in one mercial bank that are deposited in another mercial bank. ? 這些儲備使得聯(lián)儲可以對存款者向一家商業(yè)銀行簽發(fā)的針對在另一家商業(yè)銀行存款的支票進行清算 . ? 4. The Fed did not act as a lender of last resort— that was, it did not lend banks the money they needed to satisfy deposit withdrawals in case of runs on otherwise sound banks. ? 聯(lián)儲沒有扮演最后的貸款人 —— 也就是它沒有向銀行貸放他們需要用于滿足其存款提取所需的貨幣 ， 即使是對健康的銀行 。 ? 8． Part of the problem of the Great Depression was thought to be because of mercial banks and other types of depository institutions were peting for customer deposit by offering higher rates of interest. ? 大蕭條的部分原因被認為是商業(yè)銀行和其它類型的存款機構對客戶存款以提供較高利率的方式進行競爭的結果 。 ? The . Treasury Department also holds deposits in mercial banks. The Treasury accounts are maintained to help banks avoid large fluctuations in reserves that would occur if the Treasury deposited consumer’s and businesses’ tax and loan payments directly at the Fed. ? 美國財政部同樣在商業(yè)銀行有存款。 ? Since the beginning of deregulation of the financial system in 1980, these accounts are being a less important source of funds for all banks as consumers switch to higheryielding and more convenient checkable accounts. ? 從 1980年金融體系開始管制以來 ， 這些帳戶對所有的銀行來說開始成為一種不太重要的資金來源 ， 這是由于客戶將資金轉向高收益的 、 更便利的支票帳戶 。 ? 1 Repurchase agreements are a form of loan in which the banks sells securities to the lender but simultaneously contracts to repurchase the same securities either on call or on a specified date at a price that will produce an agreed yield. ? 回購協(xié)議是一種貸款 ， 貸款時銀行賣出證券給貸款方 ，但是同時簽訂合同在即時或者約定時間購回同一證券 ，并以一個可以產生協(xié)商收益的價格成交 。 ? When signed and accepted by the importer and formally acknowledged by the importer’s bank, the exporter can use the draft as collateral to borrow funds from his or her own bank, creating, in effect, an international form of accounts receivable financing. ? 當（即期匯票）被進口商簽字蓋章和承兌，并且由進口商銀行正式承兌以后， 出口商就可以使用匯票作為抵押以從他的開戶銀行借入資金，這事實上創(chuàng)造了帳戶基礎上的國際融資形式。 ? The bank in Wisconsin credits the manufacturer’s account for the amount of the sale, debits the Singaporean issuing bank’s account, and sends the documents to the issuing bank. ? 威斯康星的銀行貸記制造商的帳戶數(shù)額是銷售額，借記新加坡發(fā)行銀 行的帳戶，并將文件轉交給發(fā)行銀行。 也就是說 ， 新加坡元是遠期貼水 。 ? Most transactions in the economy for goods a