to rabid nationalist fervor are beginning not to work.

以及對狂熱民族主義的熱忱開始逐漸消退"

-The business of who I am and whether I'm good or bad

"關於我是誰 是好人還是壞人

or achieving or not, all that's learned along the way.

是成功還是失敗的種種 都是在生活中習得的"

-It's just a ride

"這一切不過是坐一趟雲霄飛車罷了

and we can change it anytime we want. It's only a choice.

我們能隨時改變它 這只是個選擇

No effort, no work, no job, no savings of money.

沒有所謂的成就 工作 職業 存款"

-I realized that I had the game wrong

"我意識到我看錯這遊戲了

that the game was to find out what I already was.

這個遊戲是為了發現自我"

-We were saying,

"我們正在討論

how very important it is

對人類的心靈

to bring about, in the human mind

進行徹底的變革

the radical revolution.

是何等重要

The crisis is a crisis in consciousness.

所謂的轉折點即意識的轉折點

A crisis that cannot, anymore

是一個不再接受

accept the old norms

舊標準

the old patterns

舊模式

the ancient traditions.

古老傳統的轉折點

And, considering what the world is now

考慮到世界的現狀

with all the misery

充斥著各種苦難

conflict

衝突

destructive brutality

毀滅性的暴行

aggression

侵略

and so on...

等等...

Man

人類

is still as he was.

依舊本性難移

Is still brutal

依舊殘忍

violent

暴力

aggressive

好鬥

acquisitive

貪婪

competitive.

熱衷競爭

And, he's built a society along these lines.

並據此構建了一個具有類似特徵的社會"

.

.

ZEITGEIST ADDENDUM

時代精神:附錄

"It is no measure of health to be well adjusted

對於病入膏肓的社會而言

to a profoundly sick society. " J. Krishnamurti

不存在可使其痊癒的良藥" J·克裡希那穆提

-Society today, is composed of a series of institutions.

今天的社會 是由一系列的體系組成

.

.

From political institutions

從政治體系

legal institutions

法律體系

religious institutions.

宗教體系

To institutions of social class

到社會階層體系

familial values

家族觀念體系

and occupational specialization.

以及職業劃分體系

It is obvious the profound influence

很顯然 這些傳統的社會結構

these traditionalized structures have

對我們的理解力

in shaping our understandings and perspectives.

和洞察力的形成 有著深遠的影響

Yet, of all the social institutions, we are born into

然而 在所有這些我們生於其間

directed by and conditioned upon

受其引導 為其所制約的社會體系中

there seems to be no system as taken for granted

似乎沒有哪個像金融貨幣體系那樣

and misunderstood

被想當然爾地

as the monetary system.

接受並誤解

Taking on nearly religious proportions

具有近似於宗教成分的特徵

the established monetary institution exists

人為建立的金融貨幣體系

as one of the most unquestioned forms of faith there is.

已成為最無可爭議的信仰之一

How money is created, the policies by which it is governed

金錢從何而來? 受何種法規監管?

.

.

and how it truly affects society

又如何實際地影響社會?

are unregistered interests of the great majority of the population.

絕大多數人都對此漠不關心

In a world where 1% of the population owns 40% of the planet's wealth.

在這樣一個1%的人口 擁有全球40%財富的世界

In a world where 34.000 children die every single day

一個每天有34000名兒童

from poverty and preventable diseases

死於貧困和可預防疾病的世界

and where 50% of the world's population

一個全球50%人口 日均可用開銷

lives on less than 2 dollars a day...

不足2美元的世界

One thing is clear.

很顯然

Something is very wrong.

有些環節出了大問題

And, whether we are aware of it or not

無論我們是否意識到

the lifeblood of all of our established institutions

我們所有既建體系的根基

and thus society itself, is money.

甚至社會本身 就是"金錢"

Therefore, understanding this institution of monetary policy

因此 理解這種金融貨幣政策的體系

is critical to understanding why our lives are the way they are.

對於理解我們的生活方式十分重要

Unfortunately, economics is often viewed with confusion and boredom.

不幸的是 經濟學總被看作是令人困惑和無聊的學科

Endless streams of financial jargon

沒完沒了的金融術語

coupled with intimidating mathematics

伴隨著令人畏懼的數學

quickly deters people from attempts at understanding it.

很快就讓人們敬而遠之

However, the fact is:

然而 事實是:

The complexity associated with the financial system is a mere mask

金融體系的複雜性僅僅是個假象

designed to conceal one of the most socially paralyzing structures

其目的是掩飾人類史上所承受過

humanity has ever endured.

最具麻痺性的社會結構

"None are more hopelessly enslaved

"誤以為擁有自由的人

than those who falsely believe they are free."

是最無可救藥的奴隸"

-Johann Wolfgang von Goethe - 1749-1832

- 歌德(1749-1832)

-A number of years ago

許多年以前

the central bank of the United States, the Federal Reserve

美國的中央銀行 即美聯準(美國聯邦準備理事會 亦稱聯準會)

produced a document entitled "Modern Money Mechanics".

出版了《現代貨幣機制》一書

This publication detailed the institutionalized practice

這份出版物詳細描述了美聯準

of money creation as utilized by the Federal Reserve

及其支持的全球商業銀行網絡

and the web of global commercial banks it supports.

所遵循的貨幣擴張制度

On the opening page the document states its objective:

此書在第一頁便開宗明義

"The purpose of this booklet is to describe

"這本小冊子目的是描述

the basic process of money creation

"部分準備金"銀行系統之中

in a 'fractional reserve' banking system."

進行貨幣創造的基本過程"

It then proceeds to describe this fractional reserve process

然後進一步用各種銀行業術語

through various banking terminology.

著重描述了這種部分準備的過程

A translation of which goes something like this:

換一種說法如下:

The United States government decides it needs some money.

美國政府決定需要弄點錢花

So it calls up the Federal Reserve

然後就打電話給美聯準要錢

and requests, say, 10 billion dollars.

比如要100億美元

The FED replies saying:

美聯準回覆:

"Sure, we'll buy ten billion in government bonds from you".

"沒問題 那我們買100億的政府債券"

So the government takes some pieces of paper

然後政府就拿幾張白紙

paints some official looking designs on them

在上面蓋上一些看起來很官方的章

and calls them treasury bonds.

稱之為國庫債券

Then it puts a value on these bonds to the sum of 10 billion dollars

然後賦予這些債券100億美元的價值

and sends them over to the FED.

發給美聯準

In turn, the people of the FED

反過來 美聯準

draw up a bunch of impressive pieces of papers themselves

也印一堆唬人的紙扔給政府

only this time, calling them "Federal Reserve notes"

不過這次 把這些紙叫做美聯準券

also designating a value of ten billion dollars to the set.

並同樣賦予這堆債券100億美元的價值

The FED then takes these notes and trades them for the bonds.

然後美聯準就拿著這些美聯準券去換國庫債券

Once this exchange is complete

一旦交易完成

the government then takes the ten billion in federal reserve notes

政府就拿著價值100億美元的美聯準券

and deposits it into an bank account.

存進銀行

And, upon this deposit

然後通過存款

the paper notes officially become legal tender money

這些紙票就正式成為合法流通貨幣

adding ten billion to the US money supply.

美國貨幣供應就增加了100億美元

And there it is, ten billion in new money has been created.

就是這樣 100億的新鈔票就造出來了

Of course, this example is a generalization.

當然 這只是個概括性的例子

For, in reality, this transaction would occur electronically

因為在現實中 這些都是通過電子交易完成的

with no paper used at all.

根本用不著紙

In fact, only 3% of the US money supply exists in physical currency.

事實上 美國供應的貨幣中只有3% 是以實物貨幣形態存在的

The other 97 percent essentially exists in computers alone.

另外的97%實際上只存在於電腦之中

Now, government bonds are by design instruments of debt.

現在 政府債券本身就是債務工具

And when the FED purchases these bonds

當美聯準用無中生有的錢

with money essentially created out of thin air

購買了這些政府債券時

the government is actually promising

政府實際上是承諾

to pay back that money to the FED.

去把那筆錢還給美聯準

In other words, the money was created out of debt.

換句話說 金錢是從債務中產生的

This mind numbing paradox

關於如何從債務中創造金錢或價值

of how money or value can be created out of debt or a liability

這矛盾絕對能讓你抓狂

will become more clear as we further this exercise.

但這將隨著我們對這個例子的深入而清晰起來

So, the exchange has been made

好了 交易已經完成

and now ten billion dollars sits in a commercial bank account.

現在 100億美元已經存入一個商業銀行帳戶

Here is where it gets really interesting.

從這兒開始就變得真正有意思了

For, as based on the fractional reserve practice

因為 基於部分準備金的運作

that ten billion dollar deposit

那100億美元存款

instantly becomes part of the bank's reserves

立即成為銀行準備的一部分

just as all deposits do.

就像其他所有存款一樣

And, regarding reserve requirements

根據《現代貨幣機制》中

as stated in "Modern Money Mechanics":

關於準備金的要求:

"A bank must maintain legally required reserves

"銀行必須維持與其儲蓄金額掛鉤的

equal to a prescribed percentage of its deposits".

規定比例的法定準備金"

It then quantifies this by stating: "Under current regulations

緊接著 還規定了準備金率:"根據現行規定

.

.

the reserve requirement against most transaction accounts is 10%".

對大多數交易帳戶的準備金率的要求是10%"

This means that with a ten billion dollar deposit

這意味著一筆100億的存款

10%, or one billion, is held as the required reserve

其10%即10億 要作為法定準備金留存

.

.

while the other nine billion is considered an excessive reserve

而其他90億則被視為過剩準備

and can be used as the basis for new loans.

可以作為發放新貸款的本金

.

.

Now, it is logical to assume, that this nine billion

那麼 我們就可以順理成章地認為 這90億

is literally coming out of the existing ten billion dollar deposit.

確實來自於已有的100億存款

However, this is actually not the case.

然而 事實並非如此

What really happens, is that the nine billion

真相是這90億

is simply created out of thin air

只是在已有的100億存款之外

on top of the existing 10 billion dollar deposit.

無中生有

This is how the money supply is expanded.

貨幣供應就是這樣擴張的

As stated in "Modern Money Mechanics":

如同《現代貨幣機制》中所說:

"Of course they" -the banks-

"他們(銀行)

"do not really pay out loans for the money they receive as deposits.

當然沒有真的把接收到的存款 當作貸款發放

If they did this, no additional money would be created.

如果這樣做 就不會產生額外的錢了

What they do when they make loans

他們在放貸時做的

is to accept promissory notes" -loan contracts-

就是接受本票" 即貸款契約

"in exchange for credits" -money-

"並將貸方餘額" 即錢

"to the borrowers' transaction accounts."

"記入借方帳戶"

In other words, the nine billion can be created out of nothing

換句話說 那90億完全是憑空產生

simply because there is a demand for such a loan

僅僅是為了滿足借貸

and that there is a 10 billion dollar deposit

以及那100億美元存款的

to satisfy the reserve requirements.

準備金要求

Now, let's assume that somebody walks into this bank

現在設想一下 有個人走進銀行

and borrows the newly available nine billion dollars.

要借這90億美元

They will then most likely take that money

他們很可能拿到錢以後

and deposit it into their own bank account.

又存進他們自己的銀行帳戶

The process then repeats.

整個造錢的過程週而復始

For that deposit becomes part of the bank's reserves.

因為存款成為銀行準備的一部分

10% is isolated and in turn 90% of the nine billion, or 8.1 billion

其中的10%被留下 而90億的90% 即81億

is now available as newly created money for more loans.

現在成為最新創造的錢 去提供更多貸款

And, of course, that 8.1 can be loaned out and redeposited

當然 這81億貸出去以後變成存款

creating an additional 7.2 billion.

又造出額外的72億

To 6.5 billion... to 5.9 billion... etc.

然後65億...59億...如此下去

This deposit money creation loan cycle

從技術角度講 存款創造貸款

can technically go on to infinity.

可以無限循環下去

The average mathematical result is that about 90 billion dollars

平均的數學結果是 原始的100億

can be created on top of the original 10 billion.

大概可以再造出900億

In other words, for every deposit

換句話說 銀行系統中的

that ever occurs in the banking system

每筆存款

about nine times that amount can be created out of thin air.

大概可以憑空產生出其9倍的數額

Money-Jitters. Ask the obliging Bank of America

"缺錢焦慮症患者"向樂於助人的美國銀行

for a jar of soothing instant money.

要一瓶可以"速效鎮定"的錢

M-O-N-E-Y in the form of a convenient personal loan.

錢 以一種便捷的個人貸款形式

So, now that we understand how money is created

因此 我們現在明白了 錢是如何由

by this fractional reserve banking system

部分準備金銀行系統創造的

a logical yet illusive question might come to mind:

另一個令人疑惑的邏輯問題便浮現了:

What is actually giving this newly created money value?

到底是什麼 給這些新造出來的貨幣賦予了價值呢?

The answer: the money that already exists.

答案是:已經存在的錢

The new money essentially steals value from the existing money supply.

本質上 新貨幣從已有的貨幣供應中偷取價值

For the total pool of money is being increased

因為貨幣總量的增長

irrespective to demand for goods and services.

愈加對商品和服務的需求無關

And, as supply and demand finds equilibrium, prices rise

而且 由於供需本質上具有平衡性 價格的上升

diminishing the purchasing power of each individual dollar.

降低了單位美元的購買力

This is generally referred to as inflation.

這就是經常所說的通貨膨脹

And inflation is essentially a hidden tax on the public.

通貨膨脹本質上是一種對大眾的間接稅

-What is the advice that you generally get?

你通常會得到什麼建議呢?

And that is, inflate the currency.

那就是 讓通貨去膨脹吧

They don't say: debase the currency.

他們不說: 讓貨幣貶值

They don't say: devalue the currency.

他們不說: 讓貨幣貶值

They don't say: cheat the people who are safe.

他們不說: 欺騙善良的老百姓

They say: lower the interest rates.

他們說: 降低利率

The real deception is when we distort the value of money.

真正的欺騙是當我們扭曲了貨幣的價值

When we create money out of thin air, we have no savings.

當我們憑空創造金錢時 我們沒有存款

Yet there's so called "capital".

但有所謂的"資本"

So, my question boils down to this:

因此 我的問題概括如下:

How in the world can we expect to solve the problems of inflation

我們難道期望這樣就能解決通脹問題?

that is the increase in the supply of money, with more inflation?

即:"增加貨幣供給 製造更多的通脹"

-Of course, it can't.

這當然解決不了

The fractional reserve system of monetary expansion

這種金融擴張的部分準備金系統

is inherently inflationary.

具有先天的通脹傾向

For the act of expanding the money supply,

因為經濟體系中 商品和服務

without there being a proportional expansion of goods and services

並沒有成比例擴張 這種擴大貨幣供應量的行為

in the economy, will always debase a currency.

將總是會使貨幣貶值

In fact, a quick glance at the historical values of the US dollar

實際上 只要瀏覽一下歷史上美元的價值

versus the money supply, reflects this point definitively

對比貨幣供應量 就明確地反映了這點

for the inverse relationship is obvious.

因為兩者的反比關係非常明顯

One dollar in 1913 required $21.60 in 2007 to match value.

1913年的1美元 相當於2007年的21.60美元價值

That is a 96% devaluation

自從美聯準出現以來

since the Federal Reserve came into existence.

貨幣貶值了96%

Now, if this reality of inherent and perpetual inflation

現在 如果這個長久存在先天通脹的事實

seems absurd and economically self defeating

看上去很荒謬 而且在經濟上具有自我顛覆性

hold that thought, for absurdity is an understatement

記住這點 因為"荒謬"還不足以形容

in regard to how our financial system really operates.

金融體系真正的運行方式

For in our financial system money is debt

因為在金融系統中 金錢就是債務

and debt is money.

兩者是相同的

Here is a chart of the US money supply from 1950 to 2006.

這是一張描述1950至2006年美國貨幣供應的圖表

Here is a chart of the US national debt for the same period.

這是描述同一時期美國國債的圖表

How interesting it is that the trends are virtually the same.

有意思的是 兩者的趨勢幾乎相同

For the more money there is, the more debt there is.

因為錢越多 債務越多

The more debt there is, the more money there is.

反過來亦然

To put it a different way, every single dollar in your wallet

換句話說 你錢包裡的每一塊錢

is owed to somebody by somebody. For remember:

都是某人欠某人的債務 記住:

The only way the money can come into existence is from loans.

錢出現的唯一途徑就是通過貸款

Therefore, if everyone in the country were able to pay off all debts

因此 如果國家中的每個人（包括政府）

including the government

都能償清

there would not be one dollar in circulation.