>>KEYNES: The pleasure's all mine. >>CLERK: Your agenda--

我很榮幸，你的議程... ...

>>KEYNES: That won't be necessary. I am the agenda. >>CLERK: [laughs]

＆gt;＆gt;KEYNES：這沒有必要。 我就是議程。 >>書記員：[笑]

>>KEYNES: Tell them I've arrived-- >>HAYEK: And then tell them I've arrived.

告訴他們我到了------然後告訴他們我到了。

>>CLERK: And, your name is?

你的名字是？

>>HAYEK: Hayek. F.A. Hayek. With an "H".

>>HAYEK：Hayek. F.A.哈耶克。 有"H"。

>>KEYNES: Freddy. (yeah) Keynes. Hey, listen, party at the Fed.

>>凱恩斯：弗萊迪。 （是）凱恩斯。 嘿，聽著，在美聯儲的聚會。

>>HAYEK: Already? >>KEYNES: Twenty minutes. Lobby.

＆gt;＆gt;海耶克：已經開始了？ ＆gt;＆gt;凱因斯：20分鐘。 大廳。

John Maynard Keynes. F.A. Hayek.

約翰-梅納德-凱恩斯。 F.A.哈耶克。

>>KEYNES: Yeah, we're opposed >>HAYEK: We oppose each other philosophically

>>KEYNES：是的，我們'是對立的>>HAYEK：我們在哲學上互相對立。

>>KEYNES: In the same studio

>>KEYNES：在同一個攝影棚裡。

We've been going back and forth for a century

我們已經來回走了一個世紀了

>>KEYNES: I want to steer markets

>>KEYNES：我想引導市場。

>>HAYEK: I want them set free

我想讓他們自由。

There's a boom and bust cycle, and good reason to fear it

有'繁榮和蕭條的週期，也有充分的理由去害怕它

>>HAYEK: Blame low interest rates >>KEYNES: No... it's the animal spirits

＆gt;＆gt;HAYEK：責怪低利率＆gt;＆gt;KEYNES：不......是動物精神。

John Maynard Keynes wrote the book on modern macro The man you need when the economy's off track

約翰-梅納德-凱恩斯寫了一本關於現代宏觀經濟的書 當經濟偏離軌道時，你需要的人。

Depression, recession, Now your question's in session

抑鬱症，經濟衰退，現在你的問題'的會議。

Have a seat and I'll school you in one simple lesson

請坐，我給你上一堂簡單的課。

Boom! 1929: the big crash, We didn't bounce back, economy's in the trash

1929年：大崩盤，我們沒有反彈，經濟陷入困境 1929年，大崩潰，我們沒有反彈，經濟在垃圾中

Persistent unemployment, the result of sticky wages, Waiting for recovery? (Seriously?) That's outrageous

持續失業，是工資粘性的結果，等待復甦？ (真的嗎?)這太離譜了。

I had a real plan any fool can understand, The advice real simple: boost aggregate demand!

我有一個真正的計劃，任何一個傻瓜都能理解，建議很簡單：提高總需求!

C, I, G, altogether gets to Y, Keep that total growing, watch the economy fly

C，I，G，一共到Y，保持總量增長，看經濟飛速發展。

We've been going back and forth for a century

我們已經來回走了一個世紀了

>>KEYNES: I want to steer markets

>>KEYNES：我想引導市場。

>>HAYEK: I want them set free

我想讓他們自由。

There's a boom and bust cycle, and good reason to fear it.

有'繁榮和蕭條的週期，有充分的理由害怕它。

>>HAYEK: Blame low interest rates >>KEYNES: No... it's the animal spirits

＆gt;＆gt;HAYEK：責怪低利率＆gt;＆gt;KEYNES：不......是動物精神。

You see it's all about spending, Hear the register cha-ching

你看這都是花錢的事，聽著登記簿上的嚓嚓聲吧

Circular flow, The dough is everything

循環流動，麵糰就是一切

So if that flow is getting low, It doesn't matter the reason

所以，如果流量越來越低，不管原因是什麼。

We need more government spending, Now it's stimulus season

我們需要更多的政府開支，現在是經濟刺激季

So forget about saving, Get it straight out of your head

所以，忘掉儲蓄，直接從你的腦海裡把它拿出來吧

Like I said, "In the long run, we're all dead"

就像我說的，"從長遠來看，我們'都會死&quot。

Savings is destruction, that's the paradox of thrift, Don't keep money in your pocket or that growth will never lift, because

儲蓄就是毀滅，這就是節儉的悖論，不要把錢放在口袋裡，否則，增長永遠不會提升，因為

Business is driven by the animal spirits, The bull and the bear and there's reasons to fear

生意是由動物精神驅動的，牛和熊和有'的理由害怕

It's effects on capital investment, income, and growth That's why the state should fill the gap, with stimulus both

它對資本投資、收入和增長的影響 這就是為什麼國家應該填補這個缺口，刺激措施既要

The monetary and the fiscal, they're equally correct Public works, digging ditches, war has the same effect

貨幣和財政，他們同樣正確 公共工程，挖溝渠，戰爭也有同樣的效果。

Even a broken window helps the glass man have some wealth The multiplier driving higher the economy’s health

哪怕是一扇破窗戶，也能幫玻璃人賺點錢 乘數推動經濟健康發展更高

And if the Central Bank’s interest rate policy tanks A liquidity trap, that new money’s stuck in the banks!

而如果央行的利率政策出現問題 流動性陷阱，那新的錢就會卡在銀行裡!

Deficits could be the cure, you been looking for Let the spending soar, now that you know the score

虧損可能是治標不治本，你一直在找讓花銷飆升，現在知道了分數

My General Theory’s made quite an impression [a revolution] I transformed the econ profession

我的通論給人留下了深刻的印象 我改變了經濟學界的現狀

You know me, modesty, still I’m taking a bow Say it loud, say it proud, we’re all Keynesians now

你知道我的，謙虛，我還是要鞠一躬 大聲說，驕傲說，我們都是凱恩斯主義者了。

We’ve been goin’ back and forth for a century

我們已經來回走了一個世紀了

>>KEYNES: I want to steer markets,

>>KEYNES：我想引導市場。

>>HAYEK: I want them set free

我想讓他們自由。

There’s a boom and bust cycle and good reason to fear it

有一個繁榮和蕭條的週期，而且有充分的理由害怕它。

>>KEYNES: I made my case, Freddie H Listen up , Can you hear it?

我已經說過了，弗雷迪-H 聽著，你能聽到嗎？

>>HAYEK: I’ll begin in broad strokes, just like my friend Keynes His theory conceals the mechanics of change

＆gt;＆gt;海耶克：我將以寬泛的筆觸開始，就像我的朋友凱恩斯一樣，他的理論掩蓋了變化的力學。

That simple equation, too much aggregation Ignores human action and motivation

這個簡單的等式，太過聚合，忽略了人的行動和動機。

And yet it continues as a justification For bailouts and payoffs by pols with machinations

但它仍然是政客們用陰謀詭計救市和收買的理由。

You provide them with cover to sell us a free lunch Then all that we’re left with is debt, and a bunch

你為他們提供掩護，讓他們賣給我們免費的午餐，然後我們就只剩下債務和一群人

If you’re living high on that cheap credit hog Don’t look for cure from the hair of the dog

如果你靠著那廉價的信用豬過活，就不要從狗毛上找解藥了。

Real savings come first if you want to invest The market coordinates time with interest

想投資就得先有真金白銀 市場用利息協調時間

Your focus on spending is pushing on thread In the long run, my friend, it’s your theory that’s dead

你對消費的關注是在推波助瀾 從長遠來看，我的朋友，你的理論已經死了。

So sorry there, buddy, if that sounds like invective Prepare to get schooled in my Austrian perspective

對不起，夥計，如果這聽起來像在罵人的話 準備好接受我的奧地利視角的教育吧。

We’ve been going back and forth for a century

我們已經來回走了一個世紀了

>>KEYNES: I want to steer markets, >>HAYEK: I want them set free

>>凱因斯：我想引導市場，>>海耶克：我想讓他們自由。

There’s a boom and bust cycle and good reason to fear it

有一個繁榮和蕭條的週期，而且有充分的理由害怕它。

>>HAYEK: Blame low interest rates. >>KEYNES: No… it’s the animal spirits

歸咎於低利率。 不，是動物的精神。

The place you should study isn’t the bust It’s the boom that should make you feel leery, that’s the thrust

你應該學習的地方不是破敗的地方 而是讓你感到恐懼的繁榮，那才是重點

Of my theory, the capital structure is key. Malinvestments wreck the economy

我的理論中，資本結構是關鍵。投資不善會破壞經濟

The boom gets started with an expansion of credit The Fed sets rates low, are you starting to get it?

繁榮從信貸擴張開始 美聯儲設定低利率，你開始懂了嗎？

That new money is confused for real loanable funds But it’s just inflation that’s driving the ones

新的錢被混淆為真正的可貸資金 但這只是通貨膨脹的驅動力。

Who invest in new projects like housing construction The boom plants the seeds for its future destruction

誰投資建房等新項目 繁榮為其未來的毀滅埋下種子

The savings aren’t real, consumption’s up too And the grasping for resources reveals there’s too few

節約不是真的，消費也增加了，對資源的攫取也發現太少了。

So the boom turns to bust as the interest rates rise With the costs of production, price signals were lies

所以，隨著利率的上升，繁榮轉為蕭條 隨著生產成本的提高，價格信號是謊言。

The boom was a binge that’s a matter of fact Now its devalued capital that makes up the slack.

繁榮是一場狂歡，這是事實，現在它的資本貶值，彌補了空白。

Whether it’s the late twenties or two thousand and five Booming bad investments, seems like they’d thrive

不管是二十年代末還是兩千零五蓬勃發展的不良投資，似乎都能茁壯成長起來

You must save to invest, don’t use the printing press Or a bust will surely follow, an economy depressed

你一定要存錢投資，不要用印刷機，否則一定會破產，經濟蕭條。

Your so-called “stimulus” will make things even worse It’s just more of the same, more incentives perversed

你所謂的 "刺激措施 "會讓事情變得更糟糕 只是更多的相同，更多的激勵措施滲透其中

And that credit crunch ain’t a liquidity trap Just a broke banking system, I’m done, that’s a wrap.

信貸緊縮不是流動性陷阱，只是銀行系統破產，我不幹了，就這樣吧。

We’ve been goin’ back and forth for a century

我們已經來回走了一個世紀了

>>KEYNES: I want to steer markets, >>HAYEK: I want them set free

>>凱因斯：我想引導市場，>>海耶克：我想讓他們自由。

There’s a boom and bust cycle and good reason to fear it

有一個繁榮和蕭條的週期，而且有充分的理由害怕它。

>>HAYEK: Blame low interest rates. >>KEYNES: No it’s the animal spirits

>>海耶克：都怪低利率。 >>凱因斯：不，是動物的精神。