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, or achieving or not,

"關於我是誰 是好人還是壞人

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.

我們能隨時改變它 這只是個選擇

It's only the choice. No effort, no work, no job, no savings of money.

沒有所謂的成就 工作 職業 存款"

I realised I had the game wrong.

"我意識到我看錯這遊戲了

The game was to find out what I already was.

這個遊戲是為了發現自我"

We will see

"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

並據此構建了一個具有類似特徵的社會"

along these lines.

.

It is no measure of health to be well adjusted to a profoundly sick society.

時代精神:附錄

Society today,

對於病入膏肓的社會而言

is composed of a series of institutions.

不存在可使其痊癒的良藥" J·克裡希那穆提

From political institutions,

今天的社會 是由一系列的體系組成

legal institutions,

.

religious institutions.

從政治體系

To institutions of social class,

法律體系

familiar values,

宗教體系

and occupational specialization.

到社會階層體系

It is obvious, the profound influence these traditionalized structures have

家族觀念體系

in shaping our understandings and perspectives.

以及職業劃分體系

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

很顯然 這些傳統的社會結構

directed by, and conditioned upon..

對我們的理解力

There seems to be no system as taken for granted,

和洞察力的形成 有著深遠的影響

and misunderstood,

然而 在所有這些我們生於其間

as the monetary system.

受其引導 為其所制約的社會體系中

Taking on nearly religious proportions,

似乎沒有哪個像金融貨幣體系那樣

the established monetary institution exists as one of the most unquestioned forms of faith there is.

被想當然爾地

How money is created,

接受並誤解

the policies by which it is governed,

具有近似於宗教成分的特徵

and how it truly affects society,

人為建立的金融貨幣體系

are unregistered interests of the great majority of the population.

已成為最無可爭議的信仰之一

In a world where 1% of the population owns 40% of the planets wealth.

金錢從何而來? 受何種法規監管?

In a world where 34.000 children die every single day

.

from poverty and preventable diseases,

又如何實際地影響社會?

and, where 50% of the world's population lives on less than 2 dollars a day...

絕大多數人都對此漠不關心

One thing is clear.

在這樣一個1%的人口 擁有全球40%財富的世界

Something is very wrong.

一個每天有34000名兒童

And, whether we are aware of it or not, the lifeblood of all of our established institutions,

死於貧困和可預防疾病的世界

and thus society itself,

一個全球50%人口 日均可用開銷

is money.

不足2美元的世界

Therefore, understanding this institution of monetary policy

很顯然

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

有些環節出了大問題

Unfortunately, economics is often viewed with confusion and boredom.

無論我們是否意識到

Endless streams of financial jargon, coupled with intimidating mathematics,

我們所有既建體系的根基

quickly deters people from attempts at understanding it.

甚至社會本身 就是"金錢"

However, the fact is:

因此 理解這種金融貨幣政策的體系

The complexity associated with the financial system is a mere mask.

對於理解我們的生活方式十分重要

Designed to conceal one of the most socially paralyzing structures,

不幸的是 經濟學總被看作是令人困惑和無聊的學科

humanity has ever endured.

沒完沒了的金融術語

None are more hopelessly enslaved than those who falsely believe they are free. - Johann Wolfgang von Goethe - 1749-1832

伴隨著令人畏懼的數學

A number of years ago, the central bank of the United States, the Federal Reserve,

很快就讓人們敬而遠之

produced a document entitled "Modern Money Mechanics".

然而 事實是:

This publication detailed the institutionalized practice of money creation

金融體系的複雜性僅僅是個假象

as utilized by the federal reserve and the web of global commercial banks it supports.

其目的是掩飾人類史上所承受過

On the opening page the document states its objective.

最具麻痺性的社會結構

The purpose of this booklet is to describe the basic process of money creation

"誤以為擁有自由的人

in a fractional reserve banking system.

是最無可救藥的奴隸"

It then precedes to describe this fractional reserve process

- 歌德(1749-1832)

through various banking terminology.

許多年以前

A translation of which goes something like this:

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)

The United States government decides it needs some money.

出版了《現代貨幣機制》一書

So it calls up the federal reserve and requests say 10 billion dollars.

這份出版物詳細描述了美聯準

The FED replies saying: "sure, we'll buy ten billion in government bonds from you".

及其支持的全球商業銀行網絡

So the government takes some pieces of paper,

所遵循的貨幣擴張制度

paints some official looking designs on them, and calls them treasury bonds.

此書在第一頁便開宗明義

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

"這本小冊子目的是描述

and sends them over to the FED.

"部分準備金"銀行系統之中

In turn the people of the FED drop a bunch of impressive pieces of papers themselves.

進行貨幣創造的基本過程"

Only this time, calling them federal reserve notes.

然後進一步用各種銀行業術語

Also designating a value of ten billion dollars to the set

著重描述了這種部分準備的過程

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

換一種說法如下:

Once this exchange is complete,

美國政府決定需要弄點錢花

the government than takes the ten billion in federal reserve notes,

然後就打電話給美聯準要錢

and deposits it into an bank account.

比如要100億美元

And, upon this deposit the paper notes officially become legal tender money.

美聯準回覆:

Adding ten billion to the US money supply.

"沒問題 那我們買100億的政府債券"

And there it is! Ten billion in new money has been created.

然後政府就拿幾張白紙

Of course, this example is a generalization.

在上面蓋上一些看起來很官方的章

For, in reality, this transaction would occur electronically. With no paper used at all.

稱之為國庫債券

In fact, only three percent of US money supply exists in physical currency.

然後賦予這些債券100億美元的價值

The other 97 percent essentially exists in computers alone.

發給美聯準

Now, government bonds are by design instruments of debt.

反過來 美聯準

And when the FED purchases these bonds

也印一堆唬人的紙扔給政府

with money it essentially created out of thin air,

不過這次 把這些紙叫做美聯準券

the government is actually promising to pay back

並同樣賦予這堆債券100億美元的價值

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

然後美聯準就拿著這些美聯準券去換國庫債券

This mind numbing paradox, of how money or value

一旦交易完成

can be created out of debt,

政府就拿著價值100億美元的美聯準券

or a liability, will become more clear as we further this exercise.

存進銀行

So, the exchange has been made. And now, ten billion dollars sits in a commercial bank account.

然後通過存款

Here is where it gets really interesting. For, as based on the fractional reserve practice,

這些紙票就正式成為合法流通貨幣

that ten billion dollar deposit

美國貨幣供應就增加了100億美元

instantly becomes part of the banks reserves.

就是這樣 100億的新鈔票就造出來了

Just as all deposits do.

當然 這只是個概括性的例子

And, regarding reserve requirements as stated in " Modern Money Mechanics":

因為在現實中 這些都是通過電子交易完成的

"A bank must maintain legally required reserves

根本用不著紙

equal to a prescribed percentage of its deposits".

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

It then quantifies this by stating:

另外的97%實際上只存在於電腦之中

"Under current regulations,

現在 政府債券本身就是債務工具

the reserve requirement against most transaction accounts is ten percent".

當美聯準用無中生有的錢

This means that with a ten billion dollar deposit,

購買了這些政府債券時

ten percent, or one billion,

政府實際上是承諾

is held as the required reserve.

去把那筆錢還給美聯準

While the other nine billion is considered an excessive reserve,

換句話說 金錢是從債務中產生的

and can be used as the basis

關於如何從債務中創造金錢或價值

for new loans.

這矛盾絕對能讓你抓狂

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

但這將隨著我們對這個例子的深入而清晰起來

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

好了 交易已經完成

However, this is actually not the case. What really happens, is that the nine billion

現在 100億美元已經存入一個商業銀行帳戶

is simply created out of thin air

從這兒開始就變得真正有意思了

on top of the existing 10 billion dollar deposit.

因為 基於部分準備金的運作

This is how the money supply is expanded.

那100億美元存款

As stated in "Modern Money Mechanics":

立即成為銀行準備的一部分

"Of course they" the banks, "do not really pay out loans for the money, they receive as deposits.

就像其他所有存款一樣

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

根據《現代貨幣機制》中

What they do when they make loans

關於準備金的要求:

is to accept promissory notes

"銀行必須維持與其儲蓄金額掛鉤的

- loan contracts -

規定比例的法定準備金"

in exchange for credits - money - to the borrowers transaction accounts.

緊接著 還規定了準備金率:"根據現行規定

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

.

Simply because there is a demand for such a loan,

對大多數交易帳戶的準備金率的要求是10%"

and that there is a 10 billion dollar deposit to satisfy the reserve requirements.

這意味著一筆100億的存款

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

其10%即10億 要作為法定準備金留存

borrows the newly available nine billion dollars.

.

They will then most likely take that money and deposit it

而其他90億則被視為過剩準備

into their own bank account.

可以作為發放新貸款的本金

The process then repeats.

.

For that deposit becomes part of the banks reserves.

那麼 我們就可以順理成章地認為 這90億

Ten percent is isolated and in turn 90 percent of the nine billion,

確實來自於已有的100億存款

or 8.1 billion is now availlable as newly created money for more loans.

然而 事實並非如此

And, of course, that 8.1 can be loaned out and redeposited creating an additional 7.2 billion

真相是這90億

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

只是在已有的100億存款之外

This deposit money creation loan cycle can technically go on to infinity.

無中生有

The average mathematical result is that about 90 billion dollars can be created on top of the original 10 billion.

貨幣供應就是這樣擴張的

In other words: For every deposit that ever occurs in the banking system, about nine times that amount can be created out of thin air.

如同《現代貨幣機制》中所說:

Money-Jitters. Ask the obliging Bank of America for a jar of

"他們(銀行)

soothing instant money.

當然沒有真的把接收到的存款 當作貸款發放

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

如果這樣做 就不會產生額外的錢了

So, now that we understand how money is created by this fractional reserve banking system.

他們在放貸時做的

A logical yet illusive question might come to mind:

就是接受本票" 即貸款契約

what is actually giving this newly created money value?

"並將貸方餘額" 即錢

The answer: the money that already exists.

"記入借方帳戶"

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

換句話說 那90億完全是憑空產生

For the total pool of money is being increased irrespective to demand for goods and services.

僅僅是為了滿足借貸

And, as supply and demand defines equilibrium,

以及那100億美元存款的

prices rise, diminishing the purchasing power of each individual dollar.

準備金要求

This is generally referred to as inflation.

現在設想一下 有個人走進銀行

And inflation is essentially a hidden tax on the public.

要借這90億美元

What is the advice that you generally get? And that is, inflate the currency.

他們很可能拿到錢以後

They don't say: debase the currency. They don't say: devalue the currency.

又存進他們自己的銀行帳戶

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

整個造錢的過程週而復始

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

因為存款成為銀行準備的一部分

When we create money out of thin air, we have no savings. Yet there is so called "capital".

其中的10%被留下 而90億的90% 即81億

So, my question boils down to this: how in the world can we expect to solve the problems of inflation?

現在成為最新創造的錢 去提供更多貸款

That is: increase in the supply of money, with more inflation.

當然 這81億貸出去以後變成存款

Of course it can't.

又造出額外的72億

The fractional reserve system of monetary expansion is inherently inflationary.

然後65億...59億...如此下去

For the act of expanding the money supply, without there being a

從技術角度講 存款創造貸款

proportional expansion of goods and services in the economy,

可以無限循環下去

will always debase a currency.

平均的數學結果是 原始的100億

In fact, the quick glance of the historical values of the US dollar, versus the money supply,

大概可以再造出900億

reflects this point of definitively.

換句話說 銀行系統中的

For inverse relationship is obvious.

每筆存款

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

大概可以憑空產生出其9倍的數額

That is a 96 percent devaluation since the Federal Reserve came into existence.

"缺錢焦慮症患者"向樂於助人的美國銀行

Now, if this reality of inherent and perpetual inflation seems absurd and economically self defeating.

要一瓶可以"速效鎮定"的錢

Hold that thought. For absurdity is an understatement in regard to how our financial system really operates.

錢 以一種便捷的個人貸款形式

For in our financial system money is debt,

因此 我們現在明白了 錢是如何由

and debt is money.

部分準備金銀行系統創造的

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

另一個令人疑惑的邏輯問題便浮現了:

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

到底是什麼 給這些新造出來的貨幣賦予了價值呢?

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

答案是:已經存在的錢

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

本質上 新貨幣從已有的貨幣供應中偷取價值

The more debt there is the more money there is.

因為貨幣總量的增長

To put it a different way. Every single dollar in your wallet is owed to somebody by somebody.

愈加對商品和服務的需求無關

For remember : the only way the money can come in to existence is from loans.

而且 由於供需本質上具有平衡性 價格的上升

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

降低了單位美元的購買力

there would not be one dollar in circulation.

這就是經常所說的通貨膨脹

"If there were no debts in our money system, there wouldn't be any money."

通貨膨脹本質上是一種對大眾的間接稅

- Marriner Eccles - Governor of the Federal Reserve September 30th, 1941

你通常會得到什麼建議呢?

In fact, the last time in American history the national debt was completely paid off

那就是 讓通貨去膨脹吧

was in 1835 after president Andrew Jackson shut down the central bank that preceded the Federal Reserve.

他們不說: 讓貨幣貶值

In fact, Jackson's entire political platform essentially revolved

他們不說: 讓貨幣貶值

around his commitment to shut down the central bank.

他們不說: 欺騙善良的老百姓

Stating that one point: "The bold efforts the present bank has made to control the government... are but premonitions of the fate that awaits the American people

他們說: 降低利率

should they be deluded into a perpetuation of this institution

真正的欺騙是當我們扭曲了貨幣的價值

or, the establishment of another like it." Unfortunately this message was short lived.

當我們憑空創造金錢時 我們沒有存款

And the international bankers succeeded to install another central bank in 1913,

但有所謂的"資本"

the Federal Reserve. And as long as this institution exists

因此 我的問題概括如下:

perpetual debt is guaranteed.

我們難道期望這樣就能解決通脹問題?

Now, so far we have discussed the reality that money is created out of debt through loans.

即:"增加貨幣供給 製造更多的通脹"

These loans are based on a banks reserves,

這當然解決不了

and reserves are derived from deposits. And through this fractional reserve system,

這種金融擴張的部分準備金系統

any one deposit can create 9 times its original value.

具有先天的通脹傾向

In turn, debasing the existing money supply raising prices in society.