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  • "The old appeals to racial, sexual and religious chauvinism,

    "原有對於種族 性別 宗教沙文主義

  • 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 than 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 it 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 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.

    所有債務的話 就不會再有美元流通了

  • "If there were no debts in our money system,

    "如果我們的貨幣系統中沒有債務

  • there wouldn't be any money."

    就不會存在任何錢了"

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

    - 瑪裡納·艾克爾斯 (美聯準理事 1941年9月30日)

  • In fact, the last time in American history

    事實上 美國歷史上最後一次償清