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ʷʵͬϾĽ塢¬ıֵ޽ڷ籩СϢģriben÷·𱻹ԻҩƵһ겻ǷϸһֻżȻɺϣǣ˭Ļ֣˭ֿܳΪһĿꣿǰعԴࡢŷ޵мҽӶɱǰĿ̨ûϵأҪθĸﻹǽڴ

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ܵļƣȫ͸ĺӱһ㾫ȷЭԶгϢȡͷβǣֹĽȨͻһ֮ϵĶԽǮͲƸ̶죬ԼŵԤʹ˹ж¼ٶڡκսĲпңһΪֹʷΪӴĽڵ۹




1.1صĻ¬˹жµĿ


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һϵŷ޴½˺ǰ;ҪսȡʤɵسΪŷ޴½ˡѫ˷Ӣŷ޵Ĵơ

սǰ˹ж¼ͷǳԶؽԼս鱨ռͿϵͳǳӴܴ˻ƣЩս鱨˱ΪǡЩ˱פŷе׶СҪĽĺҵģҵκ鱨׶ء衢˸άҲɺǲ˹֮鱨ϵͳЧʡٶȺ׼ȷȶﵽ̾Ϊֹĳ̶ȣԶԶκιٷϢٶȣҵָһʹ˹жڼеĹʾдԵơ

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ʱɭȻޱؿıϡ״˷С˹ж֪ˣ˹ж֪ˣս!е񴥵һѹζڱ˿ֻšȻʧȥǵʱ򣬸˵ΪһǿΪÿ˶׵еѾ޼ֵӢծܵסһЩ಻ĲƸСʱĿףӢծѳΪһƬƱֵʣ5%

ʱɭһʼһȻĮȻؿһСһֲǾѵܶ΢һ£εźȴȫͬߵڶཻԱԵĽ̨ʼгܼÿһӢծ

62111㣬ѫʹ.Henry Percy)ڵ׶أϢش8СʱĿս󱻳״ˣʧ֮һʿˣ

Ϣɭ鱨һ죡ɭһ֮ڣ׬20ĽǮغټʮսõĲƸܺͣ[ע1.2]

¬һսʹɭһٳΪӢծȨˣӶӢĹծУӢбɭơӢĹծδ˰յƾ֤Ӣɵĸ˰˹жȫ˰Ӣ֧ǿйծＯ仰˵ӢΪûлҷȨ˽нǮҪ֧8%ҵϢбϢԽҽ㡣ɭ߬žѹƵӢծʱʵϾ;Źծļ۸ӢĻҹӦӢľ˹ж¼С

־ɭ˴Ӣ۹ĽҲںʲôӢܱλͳӴղ۹˭ŴӢ۹ĻҹӦ˭Ϳ˴Ӣ۹ҿŴӢ۹ĻҹӦ




1.2˹жҵʱ


Щϵͳ֧ƱҺûңҪôǶϵͳǳȤҪôǷǳϵͳʩ(μ)ײǲᷴǵġһ棬ǲϵͳʱľ޴ƣǽѹȶҺԹԣһ㶼ỳϵͳǵ档

˹жڹҵŷѸͷչ,ҵǰٵʱȫµĽʵ˼ӺӢȫŷ޷俪1694ӢеĳBankofEngland),һԶϹȥӵöĽǮĸʵһðվмҴ˳17͵һУǮĸʽ̱仯1694굽1776ǵ.˹ܵ<<>>ʱʷзеֽһγͨеĽע1.3ݡҵĶ·ɽ촬е֯Դҵǰ޴봫ͳеĹϵЧͼΪ޵֮ǿҵìܡ˹ж¼ΪмңץסһʷԵҪԶԼΪķʽȫִҵʷ򣬶˵򲻵ò֪رƶ

1625սֶʹӢ飬1689һӢȢӢղķʿŮŵõλʱԵһ̯ӣټ뷨·ʮڽеսʹһĴǮʳĳ̶ȡʱ.ɭWilliamPaterson)Ϊ׵мһӺѧһ˽еШCӢУΪӴĿ֧ʡ

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ӢеֽļϹ2000ӢϵʸΪӢеĶ£Governor)һ1267˳ΪӢеĹɶ14˳Ϊж£.ɭ

169427գӢһ䷢ӢеĻʼִգRoyal Charterһִоˡ

ӢеĺǰѹҳԱ˽ծתΪծȫ˰ѺӢлծĹһҡһǮ̻ˣǮԼˣмҷų˼ҹľ޶͵õ˿ɹ۵Ϣ룬ƺһԴϲľ棬ֻ˰ճ˱ѺƷǿµĽڹߣӢĳֱ1670굽1685꣬Ӣ2400Ӣ16851700꣬һ࣬ﵽ5570ӢӢĴӢеĽ16851700걩17࣬80Ӣǵ1380Ӣ[ע1.4]

ǣưѹһҵķкùծһҪҾͱӹծծ͵ڴݻ˹һңгϽûлͨҲԶܻծҪϢ;÷չҪȻĻңЩǮнծԹծֻԶӣЩծϢȫмҵǮϢĸ˰

ȻӴԺӢҲûлծ񣬵2005ףӢǷծ1694120Ӣӵ5259ӢռӢGDP42.8%[ע1.5]

˿,Ϊһʾ޿,˭ҵ˽лĹ֮·ѹͷ,ɱɸͳķ,ʵֵðһ¡




1.3˹жµĵһͰ


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÷Ү˵ԺڷѸеĸרżܣ7ˮһղŴӢֽҵ˼롣ĳɫ÷ҮγɳϻˡйʶһЩбĿͻаչشõķ.˹и÷ҮʶǮ͹Ҫȴ˵ͱϵߵö࣬ö࣬˰ѺӢȫµĽʹ÷ҮͷԻȻһ¡

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ڼϡĽ֮Ҳò̫˼÷ҮʲôҪæģ÷ҮʧʱҪΪ͢ʽˣԸԳˡ1769921գ÷ҮԼҶܻգԱýдϣM.A.˹ж£ӵָˡһʱ䣬÷ҮǣԽԽ

ӱʷһȲˣ18͵ŷԡӡĹάƽŷ޸ҶϵУϲӢ⣬Ӣкܶຣ棬ҪñԼľʹãӢǮ϶࣬ҲǷԺһļϡսʱʢٶԸĵ¹ʿӢĻҪࡣӻŷʷһŲԼ൱2ԪѹǳǡŷѪĴ㡱ע1.6

Ͷӵº÷ҮĽذÿ¶þƾΡ÷ʲ׼17891799ˣ˳ӷܱߵľƹӡӿʼǲԽԽĸڵ¹ͽǻϴĲƸӵ뷨෴÷ҮȴԷǳˣΪֻŵĽǡìͷָʥ۹ʱӢóжˣڻļ۸ǡӢƷ¹ʹ÷Ү׬һʡ

÷Үһֱ̫ǳÿϣ̫õݽ֮÷ҮǻһЩǻ۵̫ѧߵļǴ£һһغѾһϸһЩµ˳ֱҹע1.7

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1800ʱ˹ж¼ѳΪ˸е̫֮һ÷Үһʥ۹ʵġ۹ʼҴĳƺšƺʹͨе۹ĸ˼̫ϵĸָ˰Ĺ˾Աȡ

1803꣬÷ҮӵĹϵУʹ÷ҮԾһ̨סģӵһλǵһʿӣ¶ͲԸӦ÷Ү֪ԺΪǸܺõĻᣬһӳǮ÷ҮЭ̣˹жµĵϢ÷Үɡϸ룬Ǹİ취³׳ŴǮֲ©÷Ү˵Ŵ£õɿĻرľûᡣǴ˼ĳɹţʵҵĴͨ÷Үɽ˹жȵҵϵŷ޿ʼΪ֪

صԺͼԼһߣˣԸ֮ǰѡվӣز䷳,ҪѺ˼ɪӼ壩ŷ޵ͳȥ漴ѹӲֻ󣬳֮ǰһʼֵ300Ԫֽ𽻸÷Үܡ300ֽΪ÷ҮǰδеȨͲƸ,Ϊ÷ҮͨĽڵ۹ĵһͰ

÷ҮбȽһӢҪöģڵõӵʾ޿ʱҪʼǲˡŷ޵ϴķ˹ط˸ܲ϶ŵάҲǿսɭӢִ֣Ŀǲ˹ݵزΪֵ֮ʹķ˹ִưҵ




1.4ɭ׶ؽڳ


ǮгףȻҲǼһסʵӵĲѺʲŷޣйҵĹͲǵĽ̻塣

Ӣ౾.˹Benjamin Disraeli

׶ؽڳǴ׶صĵһռؽ2.6ƽĵ18һֱӢĽģӵж˾ϵͳٸԺƣһ֮֮ƼŰӢܲڵҪĽڻ˵ӢGDP֮һ˭׶سǣ˭Ӣ

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ɭһҪڴϴһʡĴƽĻԴöӡȹ˾һƽմӡ׼ۣӢҲ빺ֻǾü۸̫ߣȻƽ۸ٹɭ׼Ӣµӵ300ֽԼ˽Ӣ׬Ĵʽȫѹϣ붫ӡȹ˾ɽƽ80Ȼ̧߻ƽ۸Ӣۼƽ۸񽵲ǰʮ𼱣ֻдɭԸ߼۹һɭ׬

ɭƺֲϣҪƽٹľСʱӢܵ½ϷзռӢԸ⸶ܸߵļǮƽõ֮ɭĵܵܽķ˹֪ͨɭͻƽ𵽷ӢǳŭΪƽӢĲһ˻Ĵ£вֵ֧ĵ;һ·СƳķԱҲؽ¸װơɭѹ͵Ļƽ𣬵õӢ֧֣ƺƵҡڵؽУɭһμӷĻӭᣬһ˰ѻƽһٹܹܵĽң֪ͨ˹жµ˵ӢСַĸֱ׷ִĵӰڡ

һλ³ʿסӢ⽻˵˹ж¶׶أĽӰþˡȫ׶ؽڳǵ㽻׼۸ΪмңǵȨĿɭŭʱӢжڲ

һΣɭ簢ķ˹ӷ˸˹жп֧ƱӢҪһֻֽһ֧ƱΪɼԾܾɭȻŭڶһ磬ԼľְԱŴӢе֧ƱҪֻƽֻһʹӢеĻƽ𴢱½ڶ죬ɭ֧Ʊһеĸ߼ܲɭҪһ죬ɭػش:Ӣоܾҵ֧ƱҸҪģӢٿ飬Ȼеĸ߼ܷǳظɭӢнҵضһ˹же֧Ʊ

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1.5ķ˹


һмҵĽǮʱǣмң쵼žƣΪǮʼոǮ֡ǮûڼҲ֪Ϊ͸УǵΨһĿľǻ

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1817꣬¬ս֮󣬷ɥʧսеƬڱΧµľأ񾭼Ҳס·ʮ˵ĴϣڲվȽŸһҷкӢİеõĿӴĿպյ˹жȴɽķ˹Ϊ˷߷߲ƽ

1818꣬ǰһ귢еծȯڰŷ޳жǣʵͷд˹жֵܳһа취Ҳò档ԭѳԺѪ߹󣬾˹ж¼岻һȺϱԸ⡣ܽķ˹ڰ֣լλߣĸ߰ķ˹߳ŭ

ֵܿʼ߻ƷǵļƻĹǸ߰ȴ͹˹ж¼ڽڷ͵սս˳ᢾʤǧھϵ衣

18181115գһȽֵķծͻȻʼĲѰصۡܿ죬ծȯҲʼܵӰ죬۸˲̶ͬȵ»гϵͶ߿ʼ۷׷סӵƣǵûкתԽԽ㡣ݱ˵ؿٴ̨Ҳ˵˰ղԳϢ˵µս

·ʮ˵Ĺ͢ڲҲ൱ţծȯ»ԺĿ֧޴ӳＯ߰ĹǵҲ˳ݣÿ˶ڵҵδֻһԹۣǾǽķ˹ĸ翨

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ۿԼծȯ۸һ㻬Ԩ·ʮ˾ԼҲ֮ȥˡʱ͢˹ж¼ĴԣΪʲôøµ˹жȾء񲻶·ʮҲʼҵݵλˣټķ˹ֵܡṬķΧΪ֮һ䣬õĽķ˹ֵܴЦӭš

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1.6ʶµ


ǣ˹ж¼壩ûսƽûпںźԣҲûǺЩԻ۾Ķǵֻеʯһһ÷

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÷Ү϶괩ŷ޸֮䣬μ֮Эɫڼֵой˵⽻ܣ˵ôǿڹάһλŴм۵û뿪ʱˬΪԭ򣬵ǹάҲɿŷҵ

άҲǵʱŷ޵ģеŷҶͰµĹ˹ǧ˿ƵѪԵϵ˹Ϊʥ۹1806壩ͳŰİµ¹ʿʱ¬ɭݿˡ˹Լ400꣬ŷڵѪ

սȻʥ۹ļ̳߰µȻŷͷԾӣҡ֮ͳ̽壬Ӣ½ʢеĹҪ١ĸ߹򽻵ҪӵĵθߵöˡȻ˹ж¼ȥ͹˹ҵϵʼձҵȦ֮⣬Ŷ롣

սٴߵάҲɵĴʱѾȫȻͬˡ˹ж¼ŷѳΪһʱ壬ЮӢ֮˲١ҲȥֱӺ͹˹̸⣬ҵһʯ19ŷ̳İµⳤ÷(KlemensvonMetternich)

ڴ֮ŷޣ÷ǣͷάҲάϵ19ŷĺƽʱڡڰµս˥ǿлٹĲ̬£ƺľ跢ӵ˼¡ù˹ŷ޲дĻʼͳסڹ³ʿͶʥͬˣȴﵽ˶ƷĶɽǣ˶ŵ궯γѹƾ˳Ļƣȷ˰µڶʧء

1818衻飨Aix-la-ChapelleCongressս֮ŷδһҪ飬Ӣ¡աȹ˷սͬ˹⡣źĵܵܿμλ顣λϣ÷ֽ˹Gentz)Žʶ÷ܿ÷Ϊ޻̸ѣһŻس÷Ϊãһ棬÷Ҳ˹ж¼Ĳƴ˴һһļȺϡźͽ˹òֱ˴ˡ

÷ͽ˹ļƼ£֮˹жӺ͵еҵϵ˹ߴΧǽڱԽˡҿʼ̶ƵŵдʣźܿͳˡȦˡ1822꣬˹˹жֵܣɭ⣩оš

ŵĴ֮£÷ʼŰµӰĴɳȥ鷳ƽʹԭ˥İµ˸ծ̶Ӷŵ䡣1814굽1848ŷޱΪ÷ʱʵϿ÷Ǳ˹жС

1822꣬÷˹šķ˹ͿֵܲμҪάګ(VeronaCongress)ڻ˹жеõһŷ·ĿµԽԽܵ˹жµӰǿʼ˵µһѵϣFerdinand)ʵۺһŹ1843꣬չVtkoviceϿҵ˾Ͱµ-ұ˾ҹ˾еʱ10عҵ˾

1848꣬ѳΪµں;õߡ




1.7˹ж¶ܻµĵ¹


Դشӵ¹֮󣬵¹ɹȥ300ɢķ⽨Сϲ30ϴĹң˵־TheGermanConfederation)ط˸ϴķ˹屻Ϊ־׽1822걻µʵۼӷΪо˸˹жгΪ¹ڵġڰķ˹ϥӣΪ£ԶԺ֮ķ־ˡһλðķ˹ϲ˾Ǻִʷĵ¹Ѫ˹(OttovonBismarck)

ĿֵƽӹһμҪʹŷ޸شϢЭֵܡڰڷ1818ծսȡûԻʤ֮󣬱ִƼŵɭǲ˹Сȴ˳ֵԤڵˮƽ÷ѹľӣԳɫʹеռķá߻ǲ˹󳼵Ҫְ𽥵سΪ͢Ĳ֧Ӱ鼰뵺ٸԽ͢ҵ̻ʸʮʱÿǣǹ߳




1.8˹ж½ڵ۹


ֻҪֵһûκһܹǾ˺ǣǴǺһӵбκһжҪ

άɭɭš1814624

˹ж1812ȥ֮ǰɭϵ

1еļеҪְɼڲԱΣˡֻԼԱܹҵ

2ֻͨڱ֮УֹƸϡͺһǰڱϸִУſ̫мͨ顣

3Բ׼⹫Ʋ

4ڲƲ̳ϣԲ׼ʦ롣

5ÿҵĳΪ죬Ǽһͬ⣬ѡӽӰࡣ

κΥˣʧȥһвƲ̳Ȩ

йо׻ֵͬģϽ˹ж¼ͨڲͨϸֹƸϡͺ100ڲͨ18Σ16ڵһףã֮䡣

ݹƣ1850ң˹ж¼ܹ60ԪĲƸ6%Ļرʼ㣬150Ľ죬ǵļʲ30Ԫ֮ϡ[ע1.8]

ܵļƣȫ͸ĺӱһ㾫ȷЭԶгϢȡͷβǣֹĽȨͻһ֮ϵĶԽǮͲƸ̶죬ԼŵԤʹ˹ж¼ٶڡκսĲпңһΪֹʷΪӴĽڵ۹

˹ж¼б鼰ŷҪУӵԼ鱨ռͿٴϵͳŷ޹ҵҺ͹ҪѸٺͱܵشݸϢʱͨǵϵͳǻ״˹ʽϵͳǶƽгĿƣڼϵȽʵƽĿϵͳϣֻû˱˹ж¼ƽ塣2004˹ж¼˳׶ػƽ𶨼ϵͳʱĵԶδǰĽڷ籩ģժƽ۸֮Ĺϵծ۵ԪúΣķ編ϵԼ㴢ϵпܽһ㣬ֻӵ΢Ļƽ𴢱޹һ۶ĲƸ·䡱δӮҡԳٴηֻһεĶ󽫲Ӣ޻ң羭õ֧-Ԫ

мҶԣսϲѶΪƽʱڻ۾ɵĸְʩƷս֮ҷ𣬽ս᲻ϧһдȥȡʤսʱӮеծ֮СӢгս121ʱ1694-1815Ӣ56괦ս֮Уʣµһʱ׼һս߶սмҵĸ棬˹ж¼Ҳ⣬ӷ1789꣩ڶսļеĽսı󼸺ǵӰӡ˹ж¼ǵҪծȨˡ˹жµķˣGutleSchnaperȥ֮ǰ˵ҵĶǲϣսǾͲȰսˡ

ʮҶӢ¡¡ŷҪҵĻҷдȨ˹ж¼֮УʥľȨʥĽȨȡʱ˰ٸ½ǵҰ




ڶ¡мҺͳİս


ҪĵˣǰϷӣҺĽڻ֮У߲вҿδһҲΣǿҶǵĹҵİΣѡǮͳβ˺ֱƸջ۵ǵĹ͹ᱻݻ١ڶҰΣĽʤκʱս֮Ҳˡ

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µ

˵йʷΧȨչ޷йʷľ衣ôʷŽǮģ˽ǮĻıͲܰʷ硣

ʷһǳصĹңѸ͵͹㷺Ӱʷ϶Ǿ޽еġĳɳ̳˹ĸԤıУԹʽ͸͵߸˾ĶǣȴΪ֪

ƶȵƺͽȫעط⽨רвⷽȡ˿ɹ۵ĳЧǣƶȱԽǮȨһġĲȴûпɿ

ƶȶڹмͨƻҷȨһսжϺͷش©Ǯ漯šѡϱսǰһٶʱ˫˽ϵͳĽһƸߵϽ˷ǰ7λͳ˱д̣λԱɥʷѧָͳʱսڼ䣬ŵ׵½һ߲ӵƽʻҪ!

йڵȫ濪ţмҽйĽڸأ췢Ĺ£й




2.1ɱֿͳ


1865414ϣڼΣжȹпսֿͳ5ǰӭϾ޲ء򱱷ؽͶʤϢͳ߶ȽŵһɳĸߵʢٵĸؾԺݡ1015֣ǱûͳᣬھֿϲӢߵĺ棬һѴھǹͳͷǹֿͳеǰڶ賿ֿͳȥ

һв˹(John Wilkes BoothڵʱԱڴɱֻֿ֮ʳӣ426;бСֵ,˺ܶдɵżһЩ̴󡤱˽Ʒ̴ǵʱϷսͺĹ䣬ҲϷڷʵȨΪŷ޵ĴмǹܡӵӢֿϴɱ¼㷺ΪһģııĿֿϵڸԱŦԼͷѳǵмҡϷ߹١ŦԼıֽ̺ͱļӡ

ֵŮĻ¼ᵽֿϵı̺ŷ޵йأ˹д֮ǰȥŷһΡ̴ֺ󡤱ϵ̴ܽ󱻹㷺Ϊ˹жеĴˡ

ҪֿϱɱͼıǱԸʷѡͽǮȨڿƻҷȨһսƸߵϵķ




2.2ҷȨս


йսԴʷαУȽ϶زȡȫغͳԭ塣ǽһӽǣȥⳡĽڱ𵽵ĺá

絽޴½ı˴ǷǳƶǳļûʲôƲͽǮʱıûзִ͵ĽгͨĻҼΪȱ֮ĸӢóʹôӢӾͨҵϡȱ[ע2.1]

ͨڵͶĴƷͷͨҶȱ޷гֺЧĽӶصԼ˾õĽһչΪӦ⣬ǲòʹøҽƷס綯Ƥëǡ̲ݡסС׵Ƚ̶ܳȽϸߵƷǮʹڱݣ1715ʱж17ֲͬƷңLegalTender)ЩƷ˰ɡ˽ծ񳥻ƷʱһҶӢΪƽ׼ʵУЩƷĳɫ񡢽ܶȺͿɱԶܴԽб׼Ȼһ̶ϻûлҵȼü֮ȻƷ÷չҪƿ

ڵĽȱʵӦõĲʹͳ˼άʼһոµĳԣǾӡˢͷֽңColonial*)Ϊͳһͱ׼ķҡֽҺŷеȯûκνʵѺһȫûҡϵ˶Ҫ˰ֻҪֽΪ˰ƾ֤߱гͨĻҪء

µĻҹȻشٽᾭõѸٷչƷó١

ͬʱӢǵ.˹Ҳע⵽˱ֳһµĻҳԣ൱ֽĶҵľ޴̼ãرǶȱٽҵıõʹ̼ҿÿ»ÿ궨ڽ໥֮⽫٣׵ģ㡣һõֽϵͳκβ㣬ĳЩӵиơ[ע2.2]

ǣһûеѺĻмҵУΪûծѺͲҪн赱ʱΪϡȱĽңмһӾʧȥ

.1763ӢʱӢе´½ֳԭʱֻش𣺡ܼ򵥡ֳأǷԼĻңСֳȯǰҵ͹ҵҪеȱĻң,Ʒͺ׵شﴫݵСַʽԼֽң֤ĹǣҪκ֧Ϣ

µֽұȻᵼֳӢеĿơ

ŭӢмжǿ֮µӢ1764ͨҷ(Currency Act)ֳֹظӡԼֽңǿȵʹûƽͰ֧ȫӢ˰ա

ʹֳظݴؾúֻһʱ䣬ֳصģȫתˣʱˣ˥˵СﶼվʧҵȺ

ӢֳصķȨֳ֧ҶƷ˰ġʧҵͲֳزܷԼĻҴӶ޷õذѹ͹мҵĿƣսҪԭ򡣡ע2.3]

ĿǶӢжӢεĿƺͶĲ൱ѵʶ33ԡߣҲͳ˹.ܸѷһ侯ԣ

˽п˹ҵĻҷУôЩнͨͨͣȻͨĲƲֱһ糿ǵĺһѹʱѾʧȥǵļ԰ǸعĴ½

2001791ܸѷһλʱǲ̾Ԥ˵׼ȷ죬˽йȻ˹һͨ97ҲȻǷ44ԪְծҲһһͻʧȥ԰ͲƲ1929귢һ

ΰǻۺĿʷδʱܷһµڰ˽ڿд£ӵлҵͼֵ涨Ȩע2.4




2.3мҵĵһս:һ(The First Bank of the United States,1791-1811)


Ҽлǵɵвȵ˵ľӸءͳ˹.ܸѷ1809

ɽ.ܶһ˹ж¼ϵӢӡȺ䡢ͳصŦԼŮףݴӢղصĸվʾܶٽܹ˹ж¼[ע2.5]

1789꣬ܶٱʢͳΪһβʼƶȵҪ֡1790꣬Զս֮صľծΣǿҽӢе˽еȫлҵְҪ˼·ǣ˽ӵеУܲڷѳǣ֧УĻҺ˰ձϵͳУийһ㾭÷չҪ,ȡϢܹɱΪ1000Ԫ˽ӵ80%Ĺɷݣӵʣ20%25ɵĶ»е20ɹɶƾ٣5

ܶٴžӢ׼棬ָеᶼֳɼʹǰ߳öУ޴ڡǶ͸ıģǺȷжϺ;

ܸѷڵ棬ںܶٵĹ۵㣬ĻӦǣΪǲԶģƽȣɲɰȨаȨȨ׷ҸȨ

179112£ܶٵķύʱ˿ǰҵۡգԺ΢ͨ᰸ԺҲ3920ƱءʱصծΣѹôͳʢԥѯ˵ʱĹܸѷѷȷıʾ᰸ܷͻܷȨᷢлңûȨת÷Ȩκ˽СʢȻشˣѾҪ÷֪Ϣ󣬺ܶ˵ʢ٣ܶٵ˱ƺ˵ǾԵõʽɣ̨ܿգü޵ΣѹδԶĹǣʢͳ1792225ǩһеȨЧ20ꡣ

мȡ˵һشʤ1811꣬ʱռ1000ɱе700[ע2.6]Ӣкɭ.˹ж³ΪеҪɶ&<60;&<60;

ծ17815.6Ԫ1.2ԪĹծ4.4ԪĹծ񣬶г1791굽1796̶̵ʱծ820Ԫ

ܶճΪ޸.ŦԼٹ˾Ϊ˻ֵĵһУ1955˷յĴͨкϲΪͨУChaseManhattanBank)

ܸѷ1798յ˵ϣһܷȡǮȨ

ܸѷѡͳ1801-1809֮ͼϳһУ1811Чʱ˫Ľﵽ˰Ȼ̶ȣԺ6564һƱȨڵ᰸Ժ1717ƽɸͳֶٴƽͶ¹ؼķƱһ181133չŴˡ

ʱ׶صɭ.˹жѶвҪôһȨڣҪôһԵսΪɭ̻ӦЩһѵǴصֳʱ

֮󣬱Ӣ֮1812սս꣬˹жµĿķǳȷҪծ̨󲻵òϥͶյмΪֹծ4500Ԫӵ12ǧ7Ԫ1815ˣѷͳ1815125ڶУ1816굮ڶУ1816-1832




2.4мҾڶУThe Bank of the United States1816-1832)


лӵеĶʶ֧뱻ƣ֧佫ǣĹң

ܸѷ1815дޣͳ

ڶеõ20ӪҵȨܹɱߵ3500ԪȻ80%˽ռУʣµ20%͵һһ˹жεذ˵ڶеȨ

1828꣬³.ܿѷμͳѡһмҷݽʱɫ˵

һȺߡҴεϵ۵壬һὫε֪ǵĻҺϵͳǺεȵĲ֮ǰͻᷢ

³.ܿѷ1828굱ѡͳķϳڶСָܷȨᷢлңùԼʹȨģùȨκθ˻˾ġ11000˵ԱУ2000صԱ

1832ǽܿѷͳѡεͷΣڶеЧڽ1836һڽҶ֪ͳԵڶеĹ۸УΪ˱ҹζ࣬ڴѡǰ20ľӪȨͬʱм300ԪؽϧѪܿѷľֺ.ףHenryClay)ܿѷľѡںǡҪܿѷҪСܿѷѹƻʤ

оӪȨڵ᰸ڲԺ2820ͨԺ10785ҲɹأڶϯУBiddle)ŷǿ˹ж½ڵ۹ΪԮûнͳ۽ܿѷܻ᰸ʱкõرʾܿѷ᰸ҽ

ܿѷͳȻʵط˵ڶڵ᰸,ӵڶ˻ȡߣתС183518գܿѷͳһʹծʷΨһһνծ0Ҳ3500ԪӯࡣʷѧһΰɾΪͳΪõҲΪҪĹסʿʱһɾͺҮսŴߣMoneyChangers)ϳᲢۡ




2.5ҪɱңҽɱС-߽ͳ³.ܿѷ


1835130գ߽ͳ³.ܿѷɽμһλԱһλӢʧҵέ.˹ĵظŽܿѷͳĿڴװϺӵǹͳʽķʱ˹ͳԶĵصȴŸõʱʽ˹غ֮䣬ͳıؾ֮ءͳһɲǣ˹˳ھͳ׵ĵطǹǹըţӵûʱΧ˶ˡʱһ67Ľܿѷͳûоʧ룬׼ɱ֣ܵؾʱͳڶǹ˻𣬽ȻǸ󸣴ĽܿѷЩΪʷϵһɱͳǹǳļʾ˵Ϊ1250001

λ32ĴɱߺųԼӢĺϷ̳ˣͳɱĸףܾõһǮڷͥϾӵͶ϶о,û׷䷨Ρ

ӴԺ,񲡾ͳΪıɱʵĽˡ

183518գܿѷͳһʹծ130վͷ˴ɱ¼.˹дǸ̿ҪôķˣҪôǼװӱسͷ˿˵ŷȨƵϵõŵץסõ[ע2.7]

184568գܿѷͳȥĹ־ֻһ仰ɱС

еٶȱϣӢӢֹͣ˶ĸִɱսĻƽҹӦʱӢ˹жµ£ӵģĻƽͨͨеȫĻҹӦڶе⵽ͳ֮󣬵ڶϯеĶͳġˡڶٻдֹͣһ´ķС˹ж¼ѳֵŷҪҲͬʱսصġΪͨ޼ľأˡ1837ֻš˥˳5֮ãƻ֮ǰδֱ׷1929ʱڡ

1837ֻšԼġ1857ֻš,1907ֻšٴӡ֤˹жµһԣֻҪܿһҵĻҷУҲں˭ƶɡ




2.6µսߣϵͳIndependent Treasury System)


1837꣬ܿѷͳֵ֧ļ..׽ְ׹ʱսο˷ڹмҽҹӦɵΣԵĲǽϵͳƵĻҴ˽ϵͳȫȡڲԼϵͳСʷѧҳ֮Ϊе顣

&<60;ϵͳǽܿѷͳڶоӪȨʱͬʱĻҴӸȫȡת浽֮С˭룬ǰն˹жµħƣݼҲʡ͵ĵơǮΪReserve)ȻŴͶǵ¡1837ֻšһԭ..ǮӦϵͳѹȻΪ˱ʽҲǵ˰սдͶŴ˾ϵĲ

ϵͳһصнϵͳǮǽңԹҵĽҵĹӦһص֧㣬ԶԳŷмҶҷеĿơ˼·ӳԶӦòʧһƣǾͶڶȴڶеΣڶеɿΣ޷ơ

.һǳؼǺܶ˽˼Ҫ²̳ˣмǵĳڲżѣ˼·ܣľɿ߾ۼһȺ֧ҵмֵ֧Ա֯³˻Ը񵳡Ը񵳼Խܿѷߣʼ»ָ˽еƶȡ

1840ͳѡƳսӢ۹ɭWilliamHenryHarrisonھΣ˼䣬ɭ˳ѡھŽͳ

.ԻԸԾӣΡ̵ɭӦڹɭѡͳ֮ì񡣺.пǶصļټεͳɭΪ˹ȫ.׵ļңΪУƶԼֵòɢԭΪ̫ϻݷʩĺ.,δɭͬѾ˴ͳľְ˵ɭܾˣɭ˳8000ֵľְ˵ƪϵͳι˼·ļУ.ŵ˽кͷϳ˼·󳪷شʹмҵ[ע2.8]

184134Ǹӣɭͳںз˾ְ˵˺һӵĹɭͳʲô£˭֪Ĳȴֵأ44վȻζոεĹɭͳ׼չͼȴͻȻһǰͳͻȻʹˣһǳɵ¡ʷѧΪͳǱ˪ģ¶ʱ330գ6Ժ󣬹ɭͳȥ

Χ˽кͶϵͳĶΪɭͳȥӼҡ.ĻԸ1841ҪָкͷϳƶȣαɭͳĽԭͳԼ.̩߳ŭĺ.ͳԼ.̩տԸ񵳣̩ͳҳΪʷΨһһλġ¶ͳ

1849꣬һλԸͳ̩յѡ󣬻ָеϣƺߡһȫӢģʽ˽мߵ룬ζмվŹҺˡڹɭͳǰ̩֮شϱ൱ģԣͬʱҲĳΪ.׵Ŀܡ˽ȷʾеˣҵǲῼġĲеǡǡ̩ͳԼ

185074գ̩ͳμڻʢټǰеĹǳȣ̩պЩţֳ̣˼ӣңЩֶӣ79λͳصȥˡ

Сλ˳ͳòףȻǵĹעʷѧΪ۴֮ã1991̩꣬ͳ˵ͬ屻ھͳָ׺ͷ飬Ȼ˪ֺܿ˪ĽۣȻҴҽ᰸û֪ΪʲôͳڻЩ˪


2.7мٶȳɡ1857ֻš


1836ڶеĹرն¹мͻȻ֣ͳͨĽң5ؾΣȻ1841꣬мҵĴͼָ˽ϵûгɹ˫뽩֣Ļҽ״ֱ̬1848ſʼֻ⡣

ʼתԭȻڹмҴ󷢴ȱ1848꣬ݷ˾޴Ľ󣺾ɽɽ

1848꿪ʼ9ĻƽӦǰݾֵ5ԪĽҡ1851ĴҲ˴緶ΧڵĻƽӦ18511.4418613.76ڵĽ18408300Ԫ18602.53Ԫע2.9ݡ

ͰĴǵĻƽִŷ޽ڼҶԻƽӦľԿơסҹӦشһʻҵĹӦǿгģ¿ʼģŴҪĹҵɽͨеȹҲƸҪĻһλƽɵġ

ۿڶЧмµĶԲߡǾǣϿƣϷֻ

Σ֮ǰѾʼֵʲ1853꣬ʱʱӢʱѾӵծ46ծȯ58·ծȯ26,Ӷٶȸͷ͵ƶһλþͺŷһмˡ

мٶʩչǵľʹŴĭҵƴƸȻͻȻͲŴɲʹôҵʧѪƲмǾһճɡȻջļڵˣмҺĴЯٶսŴˡ1857ֻš֮⣬ʱѷ20ǰɱȣ1857ֻŲûشãһͻָԪ

ʵԽԽǿ󣬽ԽԽԲٿʱսͳ˹мҵĵ֮




2.8սԴŷ޵Ĺʽ


ʣѳϱʵս

ǰŷ޵ĽǿȨ˵ġ

¹˹

ʷһǳصĹңѸ͵͹㷺Ӱʷ϶Ǿ޽еġĳɳ̳˹ĸԤıУԹʽ͸͵߸˾ĶǣȴΪ֪

ʷϷ䱾ģսϱսⳡʱѪսϱ˫սߴ300ˣռ˿ڵ10%60սԱˣƲսսĴ˵140ĽȻûȫƽ

죬ϱսԴ۴Χսĵ⣬ϳūƵԣǡϣ˵ûūƣͲսûжūƵĵǴ𣬾Ͳս(ע2.10)

ʵ19ҶūƵǾһڶʱϷ֧޻ֲҵūƣϳūƣũͲòͶг۸֧ʸԭūôҵͻᾭýṹƱر

˵սζļôͻıǾĽ־ĽΪϱľ죬ʵǹʽΪڹŪֶ֮DivideAndConquer)Ĳԡ

¹˹˵͸ʣֳϱʵսǰŷ޵ĽǿȨHighFinancialPowerofEurope˵ġ

ʵ׶أͷ˸ġмϱսĻ֡

Ϊսмǽ˳ܶĲ߻ս֮Ӣķ֯ҵϷūײ𽥽еҵϵŷ޵Ľڼ׼һᣬܷչһԽϱͻ硣ڵʱϷӢڼҵĸˣAgentsǺ͵صͬ߻ıƸźۡϱ˫ūƵϵľͻϵǿͻһԭŵĻ⣬ճɹذū߻ϱ˫ˮݵļìܡ

м˳׼͵սȻսơڲ߶սĹУôע˭ʤ˭޶ս֧µ޶ծмʢ͡

1859мš˹ж£SalomondeRothschildķ˹˹жBaronJamesdeRothschild֮ӣΪһߴӰмƻЭˡϱߣ㷺ӴڽҪˣϵذռ鱨Ӣ׶صı˹ж£NathanieldeRothschild뵱ʿĻ̸Уʾڽڷ֧ϷʾȫϷȡŷ޴ĳϡע211

мڱĴˣǺųŦԼ֮TheKingofFifthAvenue)̫мҰ¹˹ءɣAugustBelmont)Ƿ˸˹ж¼еĴˣҲǸüס1829꣬15İ¹˹ؾͿʼмģʼΪ˸˹жйܿ¶͵Ľ츳1832꣬εǲ˹һйԱʽҵľ顣ͨ¡Ӣ1837걻ŦԼֱʳԽծȯܿΪŦԼڽ伶ͳڹʡӢͷ˸˹жб̬Ըӽֱֿ֧ϡ

ΪԱľѹ1861Ӣ8000˵ôʱ׼ӦϾĽӱ߽вֿ1862꣬Ӣīۿڵ½Ϸ߾ɼᣬҪʱϷֱ뱱ս1863103գҮ3򣬲ռīǡ

սڣϷľ½ڽڵ֣Ӣŷǿǿлٹֿ˼ѡм׼˴ʱֿͳ飬о޶սΪ̡1812ӢսĹֿ֣֮ǰԤĳֶծȯʽУתӢ˹жкͰУҪ֧߶Ϣծʹٲά衣

мֿͳһʼƻмǿϢҪߴ24%36%ʱ򣬾Ŀɿڴֿͳָм뿪һƲصĺУֿ֪Զ޷ֵծ




2.9ֿϵĻ


ûǮ޷սмҽǮǰѽԼסֿϿ˼ڤʱ֥ӸѵϿˡ̩ոֿϳһ⣬Լлң

ùͨһȨӡȫЧĻң֧ʿʣȻȥӮսֿǷ»ңϿ˵еϽѡֻҪʹ»ҾȫķЧȫ֧֣ǽǮһͨ,Ϊܷᷢк͹涨ҼֵȨ

ֿ󣬴ϲõϿ˳ﻮ¡ʯ쾪İ취˽нǮ߶ϢĹ»ʹɫͼл(BankNote)ʷơ̱ҡ(Greenback)»ҵĶӱ֮ȫûнȻҽѺ20ṩ5Ϣսڼ䣬ֻҵķУ˷սȱҵ״͸ЧصĸԴΪսʤϷ춨˼ʵľûͬʱֵͳɱĻΪеĴңŴԴţ¹ҵ·衢ũҵҵó׶õǰδеĽ֧֡

1848Ļƽ֣ʹĽ𽥰ȫŷмҿƵļ˲ľ棬ҲڴʻΪĻֿϵ±ҲܹΪܣΪӮϱսʤ춨˿ɿĽڻ˳ԾǣֿϷе±Ҳûƶսʱڵͨͣ1861ս1865ָº͵ش100216ǵսĹģƻ̶ȵأԼͬȹģսȣܲ˵һֽ漣෴ϷҲֽͨʽЧ֮Ϸָͬڴ1002776

ϱսڼ䣬ֿһ45ǧԪ»ҡµĻһе֮ãֿͳǳؿҪծңDebtFreeMoney)ķгڻͷƻһشʹ˹ʽڹͷĸ档нǮȻԼлңмҶԻҷе¢ϽڣҪ

ѹϢ󣬴Ӣмҵ׶ʱ

ԴµĲߵûôͿûгɱطԼĻҡܹеծҲǷծбҪĻչҵǰδеķٹңϵ˲źеĲƸӿұ뱻ݻ٣ݻÿһƹҡ

ӢŦԼЭᣨNewYorkAssociationsofBanks)ŭʾҪʵʩ18611228գֹֿ֧ͣңSpecie)ŦԼһЩлֹͣ˻ƽȡƽ𣬲ûƽծȯĳŵз׷ӦܵʢֿͳͨȻȡȥѸϢծȯŷмǣĻƽ浽˽ΪŴŵĴReserve)мҺôƣҵź˰ȥ֧սע2.12)

ֿͳȻؼܾмȫϳҪģӻԾȫծȯݷɰǵֽʹá

мǼһƲɣһơǷֹֿᷢ±ҵķвûᵽծϢ֧ǷʹûƽмǺ͹ԱһЭֿ±ҹծϢҪý֧һƻĵһȰڵֿ±ҺͻƽļֵҹΪʱӵ索ҵӢϵͳŷмǣӵԶԶĻƽҡмҺ͹ЭʹʽöƽĿƣӴﵽҼֵЧ




2.10ֿϵĶͬ


ŷ޵Ĺ1861սǰ޴ɱ׼Σյʱֿ̣뵽ŷ޾ǵ޵Уֿɳʹɳɽȡɳյֿϵţû̴򿪣ֻϵ˵࣬Ȼ˵ǴŻ֪֮ǰǽͬκҪ󡣡ע2.13

ɳ׼½սмԭһǴݺĵǣɽʱڣɨŷ޵ĹʽѾߵ˿ķֹĴšмǿҪŷޡȽڹҵľ飬˽еУɳеɱУܾҪ󡣵᧿ΣһԹʽֿͳΣվʱɽ粻ֻһֵˡһԭϱս֮ǰ186133գɽ˽ũūķɣڷϳū棬˫Щ֦ͬϧһǶ1856ĿսTheCrimeanWarаӢ֣֮ɽѩ֮δ

δսĽά˹Liviski)£1863924տŦԼۡ򽫾ͳĶ̫ƽ󽢶1012յɽɽڶΪ.ʿ۵Ϸڸ߳ڵͳʱģǵĳӢͷԥոֿŤתӮʱ䡣

սԺΪ֧ܼ720ԪķãķһۡΪͳûܷȨȥ֧սãʱͳԼѷԹİ˹ӵ֧սõЭ顣ʷϳΪµĴ¡Seward'sFolly)ǵʱĹ䣬ǿӦû720ԪȥʱֵһĵĻĵء

ͬԭɽ1867걻д̣ûгɹ188131ɽڻڴ֮̿֡




2.11˭Ǵɱֿ֣¹Ѫ˹һѪָ


ֿϣӹõȨͨ۹ծнծ͹ҾʹڼҵȦ˳ǣʽڼң׹ӳǵʱֿϵھͲԶˡ

ֿϽ˺ū,ͳһϷԺ,ϷսսծȫһʹսһֱΪϷṩ޶ֵ֧ĹмǣʧءΪ˱ֿϣΪ˵߸ֿϵĻǾ˶ֿͳĸܲ߻˴ɱжָֺɼд̵Ŀȷʵڲһѵ¡

ֿϱ̺ڹʽĲ£ϳֿϵ±ߣֿ±ҵķΪ4Ԫ

1972ֿ꣬Ϸе45ǧԪ±ҵ׽ʡ˶Ϣ㣬֮ĻشǣΪֿϷԼĻһΪʡ40ԪϢע2.14

ϱսӸϿǹʽһҷȨͻߵ֮ϱսǰһٶʱ˫ϵͳĽƸߵϽзǰ7λͳ˱ɱλԱɥֱ1913꣬ϵͳĳձ־Źмȡ˾ʤ

ֿϵǻͽشʧûܹΰ㼣ǰУмǽЩеˡҵмǸ߳ͲпյõĸģȻϵͳظʴִ

¹˹




2.12Э1863з


ڴз𵽵һصĲзģҹӦ¢ϽӰҵÿһ档Ӧñϳڴ֮ǰҽѳߣһߣмһߣҵʷϻδֹ

.˹1861-1864

ϱսԺֿϾܾ˹ж¼Ϣߴ24%36%ĽڽתȨԼġȯUnitedStatesNotes)ֳ̱ңGreenback)18622ͨķҷLegalTenderAct)Ȩ1.5̱ң18627º18633£ٶȱȨ1.5̱ңսڼ䣬̱ܹ4.5ڡ

ֿ̱ҵķоͱ˹ҵѣмǶԴʹ෴ͨҵ̱ҳַǳӭ̬ȣֿ̱ϵͳһֱͨ1994ꡣ

1863꣬սҪĹͷֿҪ̱ȥӮսΪ˻õ̱ҷеȨòмͷһҪЭǩ1863꡶з÷Ȩ׼(NationalBank)ͳһ׼ȯ˷ƲͬЩʵϽĹһҡҪһЩծȯGovernmentBond)Ϊȯ׼Reserve)ʵϽĻҷкծһԶܻծ

ѧԼ.˹.Ӳ˹JohnKennethGalbraithһѪָսԺÿ궼˴ӯࡣǣȴ޷ծ峥гծȯΪζûծȯȥһҵĵѺծ͵ڴݻ˻ͨ

мҰӢģʽƵıڵóˡӴ˳õĺԶӵծϢһεĲϣԽԽ2006꣬Ƿ86ǧԪֵծƽÿһĿ֮ңҪ̯112ǧԪĹծҹծܶÿ2ԪٶԹծϢĿ֧ڽҽƺ͹2006꽫ﵽ4000Ԫ֮ޡ

1864꿪ʼмǿùծϢһֱ͡ӷлһծȯзлһ㿴Ʋ۵Ĳ𣬾ʷĲƽмҼӽ˰ΪԭѪͶĲƸͻң

ĿǰΪֹйϽΪֱӷлҵĹҡΪ˶ʡľ޶Ϣ֧йܹٳڷչȱٵҪءҪѧϰġȽ顱бĹծΪѺңйҪˡ

ֿϲǲ֪õвֻǰΣòȨ֮ơ

ֿϱ1865֮ϳ÷ѡʤ֮41ͱɱмڹʤ׷سֿϵ̱Ҷ죬1866412գͨˡContractionAct)ͼٻеͨе̱ңһɽңȻ̱߳ͨ򣬻ָмռƵĽλϵ

һովǰսƽٰٷϴ˵ĹңûбʵʩҸΪˡͨ186618Ԫÿ50.46Ԫ186713Ԫÿ44.00Ԫ18766Ԫÿ14.6Ԫ)󽵵18864Ԫÿ6.67Ԫ)սؽҽΣüָͷչͬʱ˿ڴӵʱڣȴΪɻҹӦضȱǾ÷ٺ˥Ǿ÷չĹɣʵϲڹмеĻҹӦʱʱɲĸԴ

1872궬мɳŷ˹¡£ErnestSeyd)ŴʽǮӢ,ͨ¸ٳˡ1873ӲҷCoinageAct)ʷơ1873񷨡Crimeof1873)ŷ˹±˷ȫģ÷Ҵӻͨ˳ȥҳΪ˻ΨһסһɶԱضȱĻͨѩϼ˪ЧӦºŷ˹±Եõ˵1872궬ȥһȷ˷ϳҵӲҷͨӢжǵ档1873꣬ҳΪΨһĽҡ

ʵϣϳڹʻͨΪȷʵмǶҹӦľԿԽԽ󷢾򣬽Ŀ̽ͲҪϡеö࣬ȫ󿪲֮󣬹мҵȻϣԿƵͨڵİȨλԴ1871꿪ʼڵ¹Ӣµ˹άǹұձϳ¸ҵĻͨӶŷ޳20ؾô˥ˣLongDepression1873-1896)

͡ӲҷֱӴ18731879ľô˥ˡʱʧҵʸߴ30%ǿҪصֿ̱ҺҹͬɻҵʱԷ˰ίԱᣨUSSilverCommissioṉҵGreenbackParty֯ƶȫָҺͽ˫ƣ·ܵӭֿ̱ҡίԱıָڰʱڻҶȱͼ۸½ɡûлңͲܷҹӦ٣ؽĻͽʱ۹൱18ԪĽͨ15ĩŷޣĽֻͨʣ2ԪʷûκԵı仯ܹ۹Ϊڰȡ

֮γԱȵмЭᣨThe American Bankers Association̬ȡЭڷлԱָ

ǽǽ߾ȫȥ֧ձܿرũҵڽ̷ý壬̱ңҪֹͣЩԸʾ̱ҷеĺѡˡϳзйһһָ̱Ҷʹңܹṩң⽫˺ΪмҺͷŴߵȥԼǵĹԱҪǱǵ棬Ǿܹ

1881꣬һƬ̨֮ڶʮͳķ˹.ӷƶѾȷذסҪ˵

κһ˭ŻҹӦ˭йҵҵľˡңϵͳǳ׵ɼķʱͲñ˸ͨͺͽĸԴˡ

ⷬزżڣӷƶͳͱһ񲡻ߡ˹.188172д̣ͳǹ919ȥ

м19УɹŷԡʥĽȨȡʥȨʥĽȨҲ߽ʥȨмѡ˳ļҽ֮ѾȫռϷ硣ʷѧָͳʱŵ׵½ĵһ߲ӵƽʻҪߡ

мǳ־1863зʱǾյĿ꣬ȫһӢеļƻֻʣһ֮ңһȫҷе˽еУһмҵѾĵƽϡ




ο:


2.1HistoryofMoneyFromAncientTimestoThePresentDaybyGlynDaviesp458

2.2WealthofNationsbookIVChapterone,byAdamSmith,1776

2.3BenjaminFranklin'sAutobiography

2.4USConstitutionArticleISection8

2.5TheIntimateLifeofAlexanderHamilton,byAllanHamilton1910

2.6HistoryofMoneyFromAncientTimestoThePresentDaybyGlynDaviesp475

2.7TheCreaturefromJekyllIslandbyG.EdwardGriffin

2.8InauguralAddressofPresidentWilliamHenryHarrisonMarch4,1841

2.9HistoryofMoneyFromAncientTimestoThePresentDaybyGlynDaviesp486

2.10AReligiousHistoryoftheAmericanPeople,YaleUniversityPress,1972,onp.649

2.11JewishHistoryinCivilWar,Jewish-AmericanHistoryDocumentationFoundation,Inc.2006

2.12LessonsofAbrahamLincoln,RochelleAscher

2.13DecentIntoSlavery,byDesGriffin,ChapterFive

2.14AbrahamLincolnandJohnF.KennedybyMelvinSickler




¡:˽е


һΰĹҵұϵͳεؿšϵͳ߶ȵؼСҵķչеģãȫСѾΪͳ֮£һȫ׵Ŀơɵӵ˾ȨǸѡѡڼӵ֧Ȩǿ֮£

ҵĺܶ๤ҵʿηĳֶֿ֪Ȩ˵֯˵ȻΡ˵޿ײ롢˵Ļһ˵ĳ׺ȫ棬ǲҹȥǴȨ[3.1]

28ͳ.ѷ

µ

ŵ˵ֱ죬йҲûмѧ֪ʵ˽еСνСʵȲǡûСҲ㲻ϡС

йĹԱܻ뵱ȻΪԪʵǣûлҷȨ1963ͳ̺ɥʧ˽ʣġԪķȨҪõԪͱ뽫δ˰գծѺ˽еСȯǡԪ

ʺѧýУһղġýÿԳƪ빵رۡͬ޹ʹ⣬Ե˭ŻҷУһϵÿһˡÿһ졢ÿһǮ롢ÿһϢ֧ġء⣬ֲֻᡣ

гԾĸо˵һҪģȻ֪һ½ý⡰ˡأŷŴ󾵣ͷطһӰʷ̵ش¼ͷʱ¼չȷСʱΪλ

19131223գѡڱǮȨ߸




3.1صܻ(Jekyll)


19101122ҹ,ŦԼһȫܷĻ𳵳еĳȫܵڵסгʻȥŵȫҪмңûκ֪ǴеĿĵءгյӢ֮ݵܻ

ݵܻһȺӵеĶȼʤأJPĦΪ׵ĴǳһܻԾֲ֮һĲƸۼֲԱУԱֻܼ̳Уתáʱþֲõ֪ͨҪʹþֲԼڣлԱʱʹûзԱȫӴ½еĿһֻƺԲʹϡΧ50ӢķΧڱȷκμߡ

һ׼ǳڻСμܻУ

ɭ.棨NelsonAldrich)ԱһίԱᣨNational Monetary Commissionϯɭ.˷յ游

Ƥ.³A.PiattAndrew

.(FrankVanderlip)ŦԼҳܲ(National City Bank of NewYork)

.άɭ(HenryP.Davison),J.PĦ˾߼ϻ

˹.ŵ(CharlesD.Norton),ŦԼһУFirst National Bank of NewYorkܲ

.˹ʣBenjamin Strong),J.PĦұ

.ֲPaul Warburg¹̫1901굽ײ˾KuhnLoebandCompanyĸ߼ϻˣӢͷ˹ж¼Ĵˣʦһ¡

ЩҪƫƧС˴ԺȤǵҪһҪļ(Federal Reserve Act)

.ֲзĸ֣ͨеϸڡиʱ޲Ľ𣬸ϲؽÿһϸڸʷԨԴе޲ΪзԨ֪ʶ۷ȻΪļҪߺͽߡ

ɭ.ΨһУҪļݷȷҪܹڹᱻܡͬмŵ棬Χűķϸڽ˳9ļۣڴ˹ʶ

1907ΣмĿ̫Աû˵ҹ֧мҲƶķЩ˲ԶǧŦԼ㵽ƧСļ⣬ƹз磬ԽܸѷͳеʼӢĹмıϵԱ޽ϵͳFederal Reserve System)˶ĿǣһеְܣӢһƳ˽ӵйɷݣлþ޴档һк͵ڶвͬǣĹɷݹУԭ20ĹɷݱõˣΪһ⡱˽С

Ϊʹϵͳƭԣ˭ϣڶ»ӵдǶ»ĶԱЭֱӻӿơ

İ汾иΪ»ԱͳǶ»ѯίԱᣨFederal Advisory CouncilƣѯίԱ붭»ᶨڿᡰۡѯίԱԱ12еĶ¾һ㱻ˡ

һҪӦŦԼмҽʵ19СˣũΣĺƽ٣ԶмʹЩԱ֧ŦԼмռСΪһ12йϵͳŽȦ֮⣬ףҺŴŸ߶ȼŦԼһ£齨ֻǸеҵûмŦԼļˡ

һֱıԶ֮ľǽܲ׶ʢ٣ԶָĽ֮ŦԼԽһɢڶŦԼмҵĹǡ

ĸ޵β12ҵеĹԱɭ.ĹᾭóָԱձŦԼме⣬Ϊ˱ʧееĶӦͳҪɹ֡һ©ܷһµڰ˽ȷ涨ɹḺлңų⣬ζһʼΥܷȻһΪ˺ܶԱİӡ

ھһľ߽ĵİԺ󣬸÷ٲȻģܷȨƺĿ֡ͳˣʿζ£мʣǵˮ©!




3.2߾ͷĻ


ֵ߸ڿ󲿷ֻҵԴJPĦķ˹.ϣ.ˣŦԼһеܲãνĦţˣԼ.˷գ.˷գķ˹.˹ٶҳܲãŸ.л򣨿ײ˾ڱ׼ʯͳмšɵʱĺŦ

Լ.µϣµͶϵĴʼˣ1911

ֵλǽĻ֮֡Լŷ޵˹ж¼ЭսӢķ档

Ħ

Ħеǰǲ̫Ϊ֪Ӣ.ƤϹ˾George Peabodyand Company.ƤԭͶĦһɻ̣ڷһЩС֮1835Ӣ׶ش硣׼˽ҵǸƵҵͿʼ׶غһЩһж(Merchant Bank)⣬ǵʱһַǳʱֵġ߼ڡHigh Finance)ҵ񣬿ͻҪ˾ʹ󸻺ǡṩó״йƱծȯӪƷ,ִͶеǰ

.ƤͨͶĦĲֵܹ˾ӢֺŵܿӢĽȦӡã.ƤϷǳԾյɭ.˹жоǰȥ͡ϻ̳Ͽֵ.ƤϾܱнɭȥͣͺͽ̻ʽӼһҡɭżɽϣ.Ƥϰһæ˹ж¼ܹشˡ˹ж¼ŷȡᣬȻҲᣬҲܶʹ޺ͱӡ׶صĹ׼ͲмɭΪ飬Ŵؾܾɭ룬Ȼ˹жӢܴ󣬵ʼЩĸоɭ.ƤϵһԭΪǫͣԵļѣˣ󻹿ϴá.Ƥ϶ɭȻӦУһӦؿȫɭ򵥣.ƤϵĹ˾ܿͳΪ׶罻ġرÿ74.ƤϼҾٰᣬ׶عȦһʢ[ע3.2]ǿû뵽ûʺݻдһǰܸͨġ

ֱ1854꣬.ƤϻֻһӢмңڶ̶̵6֮ڣȴһʽ2000ӢĺƣһٳΪмҡԭ˹ж¼߶1857꾭ΣУ.ƤڴͶ·ծȯծȯϣӢмͻȻ׺մ߶һծȯʱ.ƤҲΡֵǣӢƲԵʱ򣬷·ʹṩ80Ӣöȣ߶˻ʹʹһἫ˽ʧǵ.Ƥ϶ĳȫңʳԽ״ծȯͶߵ۵ĸծȯ1857ΣȫȻͬ183710һʱ䣬ľþȫ߳˥˵Ӱ.ƤеծȯʹܿΪ1815ɭӢծս۾˵ơû׼ȷϢ£մƲجоѹ.ƤϣǶȻҴԽծȯġ

.ƤһûãӴĲҵ˼̳УΪɷѿģھ˹.ĦJuniusMorgan.ƤԺ˹.Ħȫ⣬˾Ϊ˹.Ħ˾JuniusS.MorganandCompanyȻ׶ء˹ĶJPĦ˹˾ķ֧ΪJPĦ˾J.P.MorganandCompany1869꣬JPĦDrexel׶˹ж¼棬Ħȫ̳.Ƥ˹ж¼Ĺϵֺչһµĸ߶ȡ1880꣬JPĦʼ·˾ҵ

189125գ˹ж¼ӢһЩмҳ֯Բ鼯šҲӦ֯ǣͷľĦ塣һսԺġԲ鼯šΪ⽻ЭᡱCouncilonForeignRelationӢΪʼҹЭᡱRoyalInstituteofInternationalAffairsӢҪԱǴЭбѡġ

1899꣬J.P.ĦDrexelӢ׶زμӹмҴᡣǻʱJ.P.ĦѾָΪ˹ж¼ϯˡ׶ػĽǣŦԼJ.P.Ħ˾ѳǵ˾׶صĸ׷ѶGrenfell˾Ħ.˹.ϣ˾MorganHarjesCie¹ֲ˾M.M.WarburgCompany˹ж¼ȫϵһˡ[ע3.3]

1901꣬J.P.Ħ5Ԫչ˿ڻĸ˾齨ϵһֵ10Ԫľްԣ˾UnitedStatesSteelCorporationJPĦʱΪеˣǣݹʱίԱᣨTemporaryNationalEconomicCommitteeı棬ӵԼ˾9%ĹɷݡպյĦֻһǰ̨

˷գʯʹ

Լ.˷ʷһǹԡˡȻǺʹı׼ʯ͹˾ܲɷֵġʯĿʼսʱڣ1861-1865ֱ1870׼ʯ͹˾ʱȻһˮ׼ԴӵõҳеһӴһҵ˸оڶ⾺չֳ˵ǳõʯ;ҵУʯ;Ȼ󼫸ߣûпƵļҾսɱĶԾ취ֻһ֣ΪĿĿԲϧһֶΡ

巽ǣƵΪ֪м乫˾ͼֽչ֣⵽ֽܾٲҵļ۸սֱԷƲЧ˷󽫼־УƻŹֵĹˣŻնֳȣغҴ޼˰Ե¢ΪȻͬеĹߣҲŦԼмҵĸ߶Ȥᰮ¢ϵмҷǳ˷յʵ¢ϵĸ߶ִ

˹ж¼һֱɷѿǿʧ֡һŷ޵ĹȿһѡҪ򵥵öࡣսԺ˹ж¼忪ʼļƻڽҵĦкͿײ˾ڹҵ绹һֱûɫʵĴѡ˷յΪ˹ж¼ǰһڽڷѪ˷յʵԶԶССĿ

˹ж¼ɳҪĽսԼҿײ˾Ÿ.лJacobSchiff1875꣬Ÿ.л׸ȥָ˷һżƻŸ.л˷붼Ŀǰ֧֣˹ж´ʱͨĦкͿײ˾Ѿ95%·Ÿ.лⶨһӰӹ˾SouthImprovementCompany棬˷յı׼ʯ͹˾ṩǳ˷ۿۣ˷ۿѹ֮£ûм͹˾ܹ档˷պܿȫ¢ʯҵʵġʯʹ

Ÿ.лJacobSchiff˹жµĽսԼ

˹ж¼л֮йϵݵ1785꣬˹ж¾ټҰᵽ˸һ¥ʱлס˶ꡣͬΪ¹̫мңг֮ͨá

1865꣬18Ÿ.лӢ˹жмϰһʱԺֿͳɱ֮ŸЭŷмҴ֮棬ͬƶ˽ƶȡһĿľǷ֡ŷеĴˣ͵ԺСҵŵȸҪλϣԴʱ

187511գŸ˿ײ˾Ӵ˳Ϊ˾ĺġǿ˹ж֧֮£ײ˾ճΪ19ĩ20ͳͶ֮һ

ķ˹.ϣJamesJ.Hill·

·Ľֵ֧ҪҵӴ·ҵķչں̶ܴӢŷ޹ҵʱгĽǮŵʵֵġ·ծȯŷ޵ķУͳΪ·ҵֱֶΡ1873ڹмǶͻȻʵʩڽծȯ·ծȯҲδ⡣Σ1879ʱ˹ж¼ѳΪ·ծȨˣֻҪˣʱκ·˾Ľʱ֮£úҵĽķ˹.ϣͶڽڼҵ£ſ·ҵҵľ׳ĦıڿɽĦĴ£1873Σ·˾յĻᣬķ˹.ϣʵѸټ沢ŵļƻ

1893꣬ķ˹.ϣӵк½·ʵˡ·ȨʱChicago,BurlingtonandQuincyRailroadķ˹.ϣǿĶ֣˷ղֵ֧̫ƽ·UnionPacificRailroadͻȻϮ̫ƽ·ܲùʼչķ˹.ϣƵı̫ƽ·˾NorthernPacific)ĹƱķ˹.ϣʧȥȨʱ40000ɾʹ󹦸ˡķ˹.ϣŷ޶ȼٵĺ̨ϰĦȣĦָ·˷յսһʱ仪ַ𣬶Ա̫ƽ·˾Ʊﵽ˰Ȼĳ̶ȣÿɼ۸һȴﵽ1000Ԫۡ

ǿභһˣмǲòͣɵսǳһµĿعɹ˾֤ȯ˾NorthernSecuritiesCompany)ǿͬ·䡣ڹ˾죬ͳɱͳ˹Ρ˹ǿ£֤ȯ˾1890ͨġл¢Ϸǿƽ塣ܴ֮󣬽ķ˹.ϣķչͷϣչ˴ӿֱֵÿ˹·1916ȥʱķ˹.ϣ5300ԪĲƲ

ֲWarburgֵ

1902꣬޺ͷ˹ֵܴӵ¹˸ҵֵܣҵʮ־ͨǱޣƵڶ֡˹ж·ǳر޵֣ŷս˵ֲУM.M.WarburgandCoֵܳ˲ŵսߡ

ʱ˹ж¼˽еļƻѽ꣬ʼûյ֡һΣ޽еڵִã޼ͷ

Ÿ.лJacob SchiffĿײ˾ȢлõŮ˹ȢлŮ

˹ѷͳڹʼɭColonel Ely Garrisonָڰƻȫ·ߺ޺ͷԵ£Ǳ.ֲġݼƻıǻ۶Դ׶صİ׵.˹ж¡




3.3ǰս1907Σ


1903꣬޽һνŷеġȽ顱ܵж콻Ÿ.лļֱתŦԼҳУĻУܲýķ˹.˹ٶŦԼмȦӣҶñ޵˼ඥʹҶٿé

ʷϷ˽е൱ǿŦԼмҵСҵȦڱԱǶмκй˽е᰸һ֮ΨֲͨмҵзƱȵ졣

ΪŤתֲ̬ƣһ޴ĽΣʼ

۵ʼ½¡190716շ˱޵£ĿǡϵͳȱҪDefectsand Needs of Our Banking SystemӴ˱޳Ϊƶȵϯ֡˺󲻾ãŸ.лŦԼ̻ơӵһԿԴУǽһǰδжӰԶĽΣ

Ӭûļ1837꣬1857꣬1873꣬18841893һмƳùȷչгֵĭҲǲϷµıȻ˵м㣬мˮʱڷ򾭼עңڵõĽǮ֮󣬸иҵ˾ͿʼڽǮջ֮ҹɣŬƸ̾ˮʹո֣ԽԽʡмҿջʱʱͻͻȻսпʼˮʱĶֻоصűˡ

ǣʲôʱʼˮȴֻмйͷ֪һҽ˽еƶԺйͷԷˮˮĿƾ͸ӵӦ֣ջҲԽӾȷ÷չ˥˺ͲƸΪмҿѧıȻ

ĦĹмǾȷؼνڷ籩Ԥɹᣬáʵ˵һûеǶôǼͼ沢С֣мΪĿͶʹ˾оǴѾõҪҵ

ʱֵͶʹ˾ڵʱвܾӪҵ񣬼ַܷǳɣһеͶʹ˾ʽͶڸ߷յҵ͹С190710ΣʱŦԼһҵдϢرͶʹ˾ΪѺͶڸ߷յĹкծȯϣг뼫Ͷ״̬

Ħڴ֮ǰļһֱŷ޵׶֮䡰ȼ١ʽڼǾĲ߻ĦصãŦԼͻȻʼ㷺й˾˲ˣKnickerbocker TrustƲ,񲡶һѸٴȾŦԼ,״Ĵڸй˾ſڳҹŶӵȺȡǵĴҪй˾ܵ߿й˾ֻƱгǮMarginLoanϢһ³嵽150%ۡ1024գн׼ͣ״̬

ĦʱԾĿˣŦԼ֤ϯĦİ칫ʱرʾ3֮ǰＯ2500Ԫ50ҽ̽Ʋ˹رչƱгѡ㣬Ħٿмһ飬16мǳǮĦ˵֤Ϣ10%ӦһƬһ죬ʽϢٶȷ賤˼кй˾ѾաĦϵŦԼУҪ󷢷ƱΪʱӦصֽȱ

112ĦʼıѾõļƻȡڷƮҡ֮еĦ˹MooreandSchley˾ù˾2500Ԫծ񣬱ٵաȴҵ˾Tennessee Coaland Iron CompanyҪծȨ,Ħ˹Ʋ峥ŦԼнȫ롣ĦŦԼȦĴϤ뵽ͼݣҵмұڶ鷿й˾ܱ鷿̻̲յĽڼǽصȴĦǰŵˡ

Ħ֪ҵ˾ӵеݡݺݵúԴǿĦԼĸްԣ˾¢ϵλڷ¢ϷԼ֮£Ħʼն޷죬Σһѵõļ沢ᡣĦǣΪĦ˹˾ҵй˾뼯2500Ԫάй˾˾Ħ˹ҵ˾ծȨǷ飬ƲѹҹδߵļƣͶʵĦеͶ

õҵ˾֮ϲʤĦһҪǾǶԷ¢һ㲻˹ͳ113ϣĦҹʢ٣һƱг֮ǰõͳ׼Σҵգʧȥһĳǧŭγ˾޴ȨΣ˹òĦȶ֣ʱ̱ǩ³֮ˡʱһп̽ʣ5ӣ

ŦԼѶǡ

Ħ4500Ԫĳͼ۳ҵ˾ù˾ǱڼֵԼ.µϵ10Ԫҡ[ע3.5]

ÿһνΣıѾõľȷƣڶĿո½ڴǽڳǧƲߵķ֮ϡ




3.4ӽλңFiat Money)м۵Ĵת


ʮĩмҶԽǮʶһʵشԾ

ԭеӢģʽԹծΪѺлңͨߵʵ־ծзлҡȷծģԽԽ󣬴Ӷ֤мҲľ޶棬ڽλϵ֮£мҼͨͣΪκλұֱֵ˺мҵϢʵ롣˼·ǱȽԭʼķŴϢİ취ҪȱǲƸ۵̫ʹϲ׼ƶȣFractional Reserve),Ȼмս͵θڡرǻƽͰӻ͵ڸзŴһޡ

ʮ֮ŷޣмѾһ׸ΪЧҲΪӵķơҳװ˻ƽͰԴĸԼûҿƸӵԣElastic)ҲءмͨӻҹӦõԶͨʹĴϢʧҪöʱ漴ΪҵӵߡͨңмǵӶҴߵľ޶Ƹԭǿ˲ƲķʽͨҪö࣬ĵֿҲҪСö࣬Ϊ˲

мҵ֮£ͨ͵ľѧ̽𽥱ѧϷĹϣֽµͨͣCurrency In flationĸѾִȫ۸ǵͨͣPrice In flationû

ʱмз¸ֶгԭеġִ𡱣Fractional Reserve)ƶ,ծ֮⣬һΪǿĹߣͨͣCurrency In flationӴˣмʵ˴ӻƽʿƽһϷԵת䡣

˹ͨ͵ۿνһѪ취ܵغԲûĲƸһҲһܹ͵Ϊ

׼ȷ˵ʹ취˽еǡ




3.51912ѡ


ڶ˹ٵУᵱѡǣݣݳڡ191211£ѡͳ19173£ͳʷΰͳ֮һ

1910¬.˹RabbiStephen Wiseݽ

Ϊѷͳҵ˹ǰ׼ȷԤͳѡĽ׼ȷԤ֮ͳѡΪˮ򣬶ΪеĽмǾȷıġ

мϣ1907ΣȷᡣǶͶʹ˾ķŭеյĿֻţԻֽڹͷĽһһɷһн¢ϵǿ⳱ϯȫ

˹ٴѧУ.ѷһλķԽ¢ϵĻԾӡŦԼҳУNational City Bank of NewYorkܲ÷(Frank Vanderlip)˵:д˹ٵ.ѷμһ粢ݽΪ֪һҪĻᣬᵽ˲Ա棨Aldrich)ҲҪݽҵѷʿĻشҴһܾͰԱ̨ͬ˵[ע3.6]

Ա浱ʱȨ㳯Ұ40Ĺģ36ΪԱȨĲԺίԱϯΪСԼ.˷յ뻪нܡ1908꣬ڽ£пԷлңݺ͵طծȯ·ծȯѺ¾˺£ɺţôȫмҵã˲òֵֶΡ÷ΪҷEmergency Currency ActΪ5ԺΪǻֵĴˡ

.ѷ1879ҵ˹ٴѧ,븥Ǵѧ취ɣ1886Լս˹ѧòʿѧλ1902˹ٴѧУѧʮ.ѷһߵԽ¢ϣȻڹͷĴ׽ѧϵľ黳ֲȱҵ֪ʶԻмǵ׬Ǯɸһϲͨ

мǿѷĵױõص㣬ṫϵķ¢ϵң¿ˣһѵõм׼ͶؽϤġԱá

ãŦԼҳеĶ¿.棨Cleveland Dodgeѷ˹ٵĴѧͬѧ1902ѷܹ˳˹ٵУǲƴֵĵ润Ľһ㲻ǳĹϵмǵĲ߻¿ʼڻַŷ˵ѷһ鵱ͳϡ

һβżУͻȻΪͳϣһϲҲ֮顣ȻҪ۵ģѷʼͻȻѷܿڻִǵķ£1910굱ѡݵݳ

ĳ£ѷȻϵֽ¢ϣ˽Ҳĵλǰ;ȫҪмҵмǶѷ̺Ϳƣ˫һ΢ԴĬ

ѷ¡ʱмܹĵΪ뾺ѡͳľѡŦԼϻ42Ϊѷİ칫ң˻ϵһ1000Ԫ֧Ʊܿ죬ֱͨʵķʽѸмҵȦ˴ʾѣ֮ľԴ7мҡ[ע3.7]

ѷڻͳѡͼ飬ڸ˵޷ҵĸˡԴˣѷѾȫ˽мҵĻΪѡ˵ѷĪϣʧȥͳȨļʺѷһǿҡ

ѷսͳأ뵱ʱȫΧڻѷȣӵкܴơ־׼žεڶͳرʾ׼԰淨̵ʱһǰδĹ·ˣصǰͳ˹ͻȻᵶɱȻҪμͳѡ˹ԼѡĽӰ˺ͬǹ͵ضԣجġ˹ʹ֤ȯ룬з¢ϾʤͻȻֽʴصѡƱ

ʵϣѡ˱ȫмֻ֧֣м䰵ƫ߿ɿԵѷˡڻֵİ£˹ȻСġشأʹѷ˳ѡһĻ1992ϲʲߴѡƱذֶֿ֮ͬ




3.6Bƻ


оͷܻ(Jekyll)Ĳ߻ʮֻܣϽְҵܣ׼ݼƻһݾɰ棨Nelson Aldrich)Աֵļƻ𹥣ԱɵĻ͵ǰƻ֧ߡһݱΪBƻķǺҪƶʵݼƻޱֻǴͬѡ

ͳѡҲΧĿչġԱͻֵĹϵǾ˽֪£ڵʱȫձǿҵķֵķΧУĽڸĸ﷨ȻʧܡԶȨжһֱǿ¢ϵĽɫټµѷһʹֵ֧ŸĻᱻܡ1907Σش˽Ʊĸʶ˳Ӧ⣬ʱм͵ȫͳΪ߼ϵıȻ

Ϊ˽һԻڣмʹʵ֧ͬһݣͬ汾ɻ๥ĸСԱȷѣϴɫָ᰸ле⣬Ҳڡһбλķ߶ǶмҵսңNation־19131023ָԵûлƽ֧ŵķңǡǡԼ1908ķҷҪ¡Ӧ֪ʵҷк޹ϵеķ涨ίԱȫȨƻҷС

԰᰸ָͬ˴۽磬ưάǻмҵͽ¢ϵλ᰸ּڴ¢ϣһ׵ͳˣмṩר໥ԼȨϵͳѷʵ˻мǶԽڵ¢ϡ

ڰͷԼֲطԺָ,ʹӮڵĺøУмǰջȳ²ֵļıӵİƾĳ̶ȡ




3.7أмγ


ѷѡͳͬʱBƻʽ1913626գѷ׹£ɸǵԱмҸ˹Carter GlassԺʽ׳Bƻ˹᰸The Glass Billеȹڴ̼ôʣ֮918գ᰸ڶԱ֪28785Ʊͨ

᰸ת͵Ժɸ˹-ŷ᰸Glass Owen BillԱŷҲһλмҡԺ᰸1219ջͨʱ᰸40ദдԺĹʥǰһ֮ڲͨҪյʱԺ᰸Ĳ㣬£ֻܵȵڶˣҪķԸ÷Ա׷뿪ʢٻؼҹȥˡ

ʱڹɽһʱ칫,սֱָӵı.ֲ׼һǧѷʱһսİ칫ÿһСʱһԱϵһļƻ1220ϣԺٿϯҪ硣ʱһֲϧһдҲҪʥǰͨա׹1217Ѿʼǵһ³Աֱ20ҹҪķһҲδܽҪ1222һͨѾ̫ˡ

мǵĴ֮߱£ϯ21ȫᣬݻᡣ

20ҹԺҪȻûдһ¡Щеȷ𣻻ƽ𴢱ıڹóеĻҽ⣻׼᰸еĻܷΪҵеĴծȯΪҷеѺƷıͨȡ[3.8]

ھ21սŵһ֮22һŦԼʱͷǳ᰸ܳΪɡҪţƪس޹ЧʣּǰδеٶȣϯԺ᰸Ĳ죬ڽ糿ȫ깤ƪᵽʱδԼһ賿һ뵽ĵ㡣һӰÿһ˵ÿһҪһֲִٺѹ֮½еģԱûüϸĶ޸֮ˡ

22賿430֣ļͽӡ

7ϸ塣

2㣬ӡõļԱİ칫ϣ֪ͨ4㿪ᡣ

4㣬鿪ʼ

6ϯ鱨ύʱԱѾȥˣ᳡Ա޼

730֣˹ʼ20ݽȻ۽׶Ρ

11㿪ʼ29860ͨԺ

23գʥǰ죬Ժ4325Ʊ27ȱϯͨѷͳΪֵ֪֮ڲԺͨһСʱʽǩ˸÷

ֺ׶ؽڳǶʱһƬڡ

мǶȴ糱УAmerican National Bank

ܲð︥Oliver Sands)˵

ҷͨҴӰ죬ҵҿһձ鷱ʱĿʼ

ʼٸ߰Ա19147¡־Ĳɷ͸¶

֮ǰŦԼмֻܿŦԼʽڣǿҵд𡣡

ּԱֵ²LindberghһԺݽ

Ȩ˵áͳǩ󣬽ǮȨĽϷڶڲ֪һ㣬ԺǻῴһеġʱҪٴ桶ԡܽԼӽǮȨ֮½ųǮȨܹտƹᡣǵĲԱԱƭᣬ޷ƭǵġӵһĹᣬ񽫻ȶķĻϵͳзʱصͷͷܻһΰԼĵõ洦Ļᡣ

һٶļҽмڴﵽǵĿģ׿ĹһҷȨӢеģʽƳɹˡ




3.8˭ӵ


˭ӵһֱһĪĻ⣬ԼǺǡӢһԹɶܡԱءWright PatmanԺкͻίԱϯ40꣬20ϵ᰸ҪϳҲһֱͼ־˭ӵ

ڱˡܡSecretsof Federal Reserveһ˹˹Eustace Mullins͵оڵõ12ҵӪҵִգOrganization Certificatesؼ¼ÿеĹɷݹɡ

ŦԼϵͳʵʿߣ1914519Comptroller of the Currencyļϼ¼ŹɷݷΪ203053ɣУ

˷պͿײ˾ƵŦԼҳУӵĹɷݣ3ɡ

J.P.Ħĵһӵ1.5ɡ

ҹ˾1955ϲɻкӵŦԼн1/4ĹɷݣʵϾϯĺѡˣͳֻһöƤͼ¶ѣ֤һ߹ıݡ

ޡֲŦԼҵӵ2.1ɡ

˹¼嵣ζµĺŵУHanover Bankӵ1.02ɡ

ͨУChase National Bankӵ6000ɡ

УChemical Bankӵ6000ɡ

й40%ŦԼйɷݣ1983ܹ꣬ӵ53%Ĺɷݡǵĳֹɱǣ15%ͨ14%Ħ9%ŵ7%8%[11]

ŦԼеעʱΪ1.43ԪЩоǷ֧ǮȻǸաЩʷѧΪֻһֽһЩʷѧΪǸûκֽ𣬶֧Ʊ֧Լӵе˻ֻмֵı䶯ѣʵǡֽѺֽšѹеʷѧҼϵͳȲǡûСҲС

1978615գԺίԱᣨGovernment AffairsҪ˾滥ı棬ñʾ130Ҫ˾ӵ470ϯλƽÿҪ˾3.6ϯλмǡ

Уп97ϯλJ.P.Ħ˾99п96ͨٿ89ŵ89

191493գŦԼʱ۹ɷݵʱ򣬹ҪеĹɷݹɣ

ŦԼҳз25Ʊղķ˹˹ٶӵ47498ɣJ.P.Ħ˾14500ɣ˷1ɣԼ˷1750ɡ

ŦԼҵз25ƱΡӵ1ɣJ.P.Ħ˾7800ɣ5650ɣޡֲ3000ɣŸϣ1000ɣСJ.P.Ħ1000ɡ

ͨУΡӵ13408ɡ

ŵУղķ˹˹ٶӵ4000ɣ˷1540ɡ

1914޿ɱ粵ʵʾмǲҵȥˣȻˡЩֵмҶ׶سǵ˹¼屣ϵ

мй˾Bankers Trustܲñ˹ʱѡΪһŦԼж»ϯ˹ʵĿ£ϵͳӢкͷγ˻Interlockingϵ˹ΪŦԼж1928ͻȻʱڵºŷоͷǵܻ飬Щܻ鵼1929꾭ô˥ˡ



3.9һ춭»


ѷԼϣָֻһ£඼ŦԼмѡڱޡֲΪµĹУԺҪ19146µشѯҪ˽ڡⶨеĽɫȻܾдƣҪشκ⣬Ӱ»ãԸܾµŦԼʱΪԩ1914710յıǴԺеѯޡ

Ȼϵͳĺֻµʱûеڶ֪׸תǿӲ̬ǰֻеͷǰṩ嵥޾ĳЩ⡰ӰáԲش𡣱ǿӦˣҪʽ档

ίԱʣ֪һ͵ˣǵ˹ѡʱȴѷ߲֧ͬ

޴ǵġ

ίԱʣĸ磨˹ֲȴ֧أ͵

޴ǵġ

˼ǣײ˾ϻȴ֧ͬͳѡˣаͼOtto Kahn֧˹޵Ľ˱˴˲ԷΪ޹ء˳֤ͨΪһ춭£Ϊ»ḱϯ

˱⣬»Աǣ

գAdolph Millerѧң˷֥ӸѧĦĹѧ

˹ķ֣Charles Hamlin

׵ˡŵFrederick Delano˹ݣ·мҡ

W.P.GHardingһܲá

ѷͳԼ˹˹߷ڱ˾ߣ˹Լ˳»

ԱǲͻԱ



3.10Ϊ֪ѯίԱ


ѯίԱᣨFederal Advisory CouncilǱޡֲƵһܵңװãԴ˲ٿ»ᡣ90УѯίԱǳɫʵ˱޵Ĺ룬ûעҲûд׿ɹо

1913꣬˹ԱԺѯίԱĸ˵治ʲôаĶÿ꣨»ᣩмҵѯίԱ̸ĴΣÿԱԼڵʲôְŸܱڵ𣿡˹ԱԼмңûнͻṩκ֤мʷϺڵ档

ѯίԱ12иѡһɣÿڻʢ»ĳԱ̸ĴΣмĶֻߵġ顱ÿмҶľ棬ÿ˶ͬͶƱȨϼֱиɻҵҲпʵȴȫȻһ׹

һСмҺͱޡֲĦĹʽھͷһǰЩͷߵĽ顱ͷеκһӿڴһ֧ƱʣʹСмҵʵϣ12еÿһСе棬ȫȡڻֵоͷĶͣͷذѺŷеĴʽ׻Ϊ㣬ԼڸصġСȥСΪõЩ߻رȻӸͷҲӵЩСеĹɷݡЩԵ桱СǺͷһ̽ߵʱֵ̽ĽҲͿ֪

ѯίԱġ顱Ķ¾ûǿԼǻͷÿĴβͿܵʢ٣ǽΪ˺ļλºȺȿȡҪ֪Ħ63˾Ķְĳæˣǵġ顱òκοǣȻִ˲ƣرʵ֮ˡ



3.11


˲ʷŴߵʽĿûбƹȫڹƵķΧ֮ãӦ

Ա»

Ϊ߼۸ֻҪʣúһٵĹСҵѾϰʻֽ֮ͨϢַֹ١

ӵмǣͨ΢Ϣʹгļ۸ӰڰҲҵϢʹг۸Ҳӵн״ڲϢȵ֪ı仯

һκδģȨײӵеΣյģгϢ֪Ȩ

ϵͳ˽еģȫĿľñ˵ĽǮ޶ȵ

֪ʲôʱֻ֪ͬʲôʱֹֻͣšǿ˽ڵʱͨͺͨʵǵĿķͬЧʡ

Ա˹ֵ²

ÿһԪͨеȯFederal Reserve NoteԪǷһԪծ

ұ棬ԺίԱ

вǶģ˽ӵеĺ͵طƵĹ˾

˹1982

ΪܵĻ֮һҽݽˣûһ˲֪ǵĹʵǱмͳš

ЩΪĻǣУ˽еŴ¢ߣΪԼƭӵ̰

Ա˷

д֧Ʊʱǵ˻ϱҪ㹻Ǯ֧֧ƱĽǣд֧Ʊʱ˻ûκǮ֧ŵġд֧Ʊʱڴҡ

ʿ

1913굽1949꣬ʲ1.43Ԫǵ450ԪЩǮֱӽйɶǵ

˹ˡ˹

ڶͳԽǮȨв棬˴Ĺ¼ͷɰ˵˽ʣжˡй˺ҵ֪һأĿ֮ΪɹȨýᱨһ࣬ԭǴʵءˡˡôĽ̿أʵǣԹмǵĻᣬΪһѡšݽĽ̿顣

ѷͳȥ֮ǰԼǱƭˣھεرʾ֮дݻҵĹҡ

19141025ʽʼʱһսˣһʱ䡰ɺϡĹɶעҪһʺˣ

ע

[1]Quotedin"NationalEconomyandtheBankingSystem,"SenateDocumentsCo.3,No.23,Seventy-sixthCongress,Firstsession,1939.

[2]JohnMoody,TheSevenMen,McClure'sMagazine,August,1911,p.418.

[3]WilliamGuyCarr,PawnsInTheGame(LegionfortheSurvivalofFreedom,1978).

[4]EustaceMullins,TheSecretsoftheFederalReserve(JohnMcLaughlin1993)Chapter3.

[5]PaulMWarburg,Defectsandneedsofourbankingsystem,1907.

[6]RonChernow,TheHouseofMorgan(GroovePress,1990),p128.

[7]AntonyC.Sutton,TheFederalReserveConspiracy(TabBooks,1995)p78.

[8]Ibid.,p83.

[9]EustaceMullins,SecretsofFederalReserve(JohnMcLaughlin,1993)Chapter3.

[10]CongressmanCharlesLindbergSr.SpeechonflooroftheCongress,December23,1913.

[11]EustaceMullins,TheSecretsoftheFederalReserve(JohnMcLaughlin1993)p178.

[12]FerdinandLundberg,Americas60families(HalcyonHouse,1939).

[13]EustaceMullins,TheSecretsoftheFederalReserve(JohnMcLaughlin1993)Chapter3.



¡һս˥ˣмҵġʱڡ


ǹ͹вһ޴㽫ճĴǽЮǵĳСݺ͹ҡͷ˷յı׼ʯͼźһС鱻ΪмҵľмĽڹͷʵϲԼ˽

ͨƻҹӦʹһҵĹԴøסΪʲôЩҵ֮ͽ߾ȫʹȨǽǵġ쵼ߡŪڹ֮䣩ͲƸͨĻҷȡƸ߶ȼС

ЩмҺ˷ձ׼ʯͿҴıֽ־ЩֽרǯԱЩϾͷˣͨ۽ЩԱϳ

ǣмңʵϿ͵⣨ģθ죬쵼ˣ˽й˾ͷͷһֶ߲㰲˳ǸܵĴĺѡˡ[4.1]

1927ŦԼгԼ.أJohn Hylan

µ

̾ҪǮԽսǮԽ࣬Ǿ˽֪ĵǣ˭˭ǮŷûлҷȨҲֻмҽǮսʹĴﵽȼյٶȣսʹսҹҲҪ֣սʹϧһд۵мʣѹսʼмҵǲ߻սսսмǻĴãǽķ֮ϡ

мһ׬Ǯֶξ쾭˥ˡŴĭĲƸͶͶ񳱺Ȼͳ쾭˥ʲʲ۸񱩵۸ʮ֮һٷ֮һʱٳԳļ۸չڹмǵнë˽г󣬡ëжȺͷΧﵽʷǰĳ̶ȡ

һΡëж1997ССϡйֻܷⱻëĶˣҪйǷȥоʷϵһĻĻĿĵġëҾˡ

ȫй֮ǰĲͬڣǰĹȻƶʲͨ׬ȡĳ嶯ûжͨѪϴƸͼй֮Դδش󾭼Σԭûж쾭ΣͼͿ͹мȫй֮˸Եı仯




4.1ûûеһս


⽻DiplomacyһжԵһսıһӡ̵ۣ˵һս˾֮䱬ԭΪһǰΣԵص¼Ϊսòű[4.2]

1914628գŷͳҹ˹쳵ϴ1908걻µ̵Ĳ˹Ӳ죬һλάǴ̿ʹɱԭֻһʵĿֲ֯߻ĸΪʱֻûκ˻뵽¾ȻΪһ漰30ң15˿ڣߴ3000˵缶սĵ

շս¹𣬵Ӣòӡٹŷ޴½߳ʱٵǵǿľ档¹ŷ޵һǿԶƣƱسΪӢĸ󻼡ǣӢ϶Ե¹ҲΪɵĶ뷨һЭԼTriple Entente¹µˣŷžʹ˳͡

ӪսŴģĳծ̶һϸŷ޹ծ뱨ʾծȯϢ֧ͱ𳥸ÿߴ534300Ԫŷ޸ĽУҪʣսиֿµĿܣǱ˰Ͳȶĺƽ˵սһֵָÿǵѡŷ޵ľ׼ղսǾͱȻԸƲա[4.3]

1887굽1914ֲ꣬ȶͰĺƽţ߶װѽӽƲԵŷ޸ŭĿš׻˵һ죬ƽ˹ж¼巢չŷϵĸṩŴȫٳ־¶š

սʵϴǮ1914ʱŷ޵ҪҶѾܸһģսˡȻӵӴĳռľ¶Աƣִϵͳǵľȴ֧ž޶սáǡԺ19142ɳʵĽָսĻɽ˹޲ܸҹƱҪ˰۲ơսҹսܵľúԹȫľýȫ̱ʹսȡʤҹĲҲΪ¹һͿغ⳥ҹľѡԼӢ棬¹óָǵծĻᣬսܾԺҲܡ[4.4]

£һģս޷ġĿսҲֻǾֲġݵĺ͵Ҷȵģܸǳ10ҵ1870շսսֻܻ޷ŷ޵Ķ档ǣսʱֻڲȶͰĺƽţֱĳ

˰ȻʱһĹҵǿӵӴĹҵͷḻԴǣֱ1913ǰȴһծĹңṩŴԭȱУŦԼмԼеȫĽԴMobilizationof CreditǣмҵʹǶԴģսȤŨսܹʵΪмҴ󡣵ͨ󣬹мж191483գ˹жڷо͸Ħ֯1ԪŴڷʡѷѶʾԣ.William Jennings BryanǴΪӵķǷס

¹κ;÷޹ڣʱдԼ800¹ᣬԼռȫ˿ڵ10%֮һΪٷԣӵŲСӰ֮İӢ޺øУӢȽսս֮Ӣ¹֮ս²ؼĹ̬ȡ뼱ȹϵϵмȣԵ侲öࡣȻǣмһŶԵսս

ʱмһȨ֮ƣǾԴΪЭԼṩծȯеĴΪΪЭԼṩʡмҵ֮£ѷֻдӦ˺ߡŴѡʱ𲽽ӽѷڲսмҵб

19131223գͨ缶սڳˡʿ˵õսڿˡ

19141116ʽʼ1216գĦִάɭDavisonӢ뵱ʱӢղ.˹˹HerbertH.Asquith̸ṩŴһ¡1915115գĦӢŴЭ飬Ϊ1000Ӣڵʱһ൱ɹ۵ĵĴ⣬ʱûκϵյĴܶﵽ𾪵30ԪĦȡ1%ѣ3000ԪĦսеĳԵòͬ괺죬Ħ뷨ǩŴЭ顣

19159£黪ǷܹΪĵʱ̵ˡ5Ԫİ³-Anglo-FrenchLoanʽĻԭԵѷͳܲסмҺڸԱл¹޲.˵ûдޣҵ˥ˣʱͶãģƲΣԹںͲ[4.5]

ѷóһ亹ֻٴòιģǰծȯֵۣмҲʹ˻61ծọ̇Underwriter1570ҽڻ˷ҵ[4.6]һμΪѵرЩծȯ͸Ϊѡձ鲻Ϊŷ޵սʲôֱӹϵԸǮͶŷ޵սȥΪ˴ǣмǴЩǮַֻܲһ֥ӸԸ뻪ӪΪŭ˵صĵᴢǷ˵˶1915ף1.87Ԫծȯû

ս򵽹ؼʱ̣Ϊ˵õĽǮӢӢеծȯϢ˰Ӣ̼۳ЩծȯӢкܿծȯӢǵĦ˾ЩծȯڻۣͶ߶ԱծȯܶȻܸߣܿ30Ԫծȯ֣Ӣֵõһʾ޿֧ս¡ǣӢ۵һٶծȨ˵λҲ֮ɢˡӴˣӢ֮ծȨϵ˸仯

ŴһͣսʼѸӣսҳ̶ҲսۣЭԼһҪ20ڵڼʶִĹҵͺϵͳ֮£ִĽֶΣսǺεȲңεȿճ־á

սʹĴﵽȼյٶȣսʹսҹҲҪ֣սʹϧһд۵дѹսʼмҵ




4.2˹ʲµսʱ


.˹ʣBenjamin StrongʼĿ1904굱ΪмУBankers TrustĶ³ʱ򡣵ʱĦŴάɭй˾ԽԽģЩй˾ҵΧҵиӹ㷺ܵȴ٣ܹԸߵϢʽΪӦµľάɭڵõĦ1903Ҳе˹ʳΪά˹ľִˡ1907籩Умлڻж˹˶롣1913֮󣬴ά˹ͱ.ֲҵ˹ʽһ̸ϣ˹ʳŦԼж³һؼλã˹ˬشӦˡӴˣ˹ʳΪϵͳʵϵĦޡлȻ־ͼõ˲۲۵Ĺִ᳹С

˹ѸӦµĽɫ˷ʽ̳֯ھۻսʱڵж׼ԷǳַĻߣɢ12еȨеŦԼСϵͳ12иݱʵҪƶԵʺҵƱݵѺߣ仰˵»ȨҵƱݿΪѺúʡ1917꣬13ֲͬҵƱݵѺ׼򱻽[4.7]

ǣսŦԼʵֻѸӵĹծΪѺƱݣڹծԶԶҵƱݵܺͣѸͣܿͽеƱݵѺ߱Ե˹ʿµġгܿͽծȷΪҪΨһĵѺƱݣӶȫϵͳ

ŷսĴģծȯۣʹͨ޼еʼֳʼӹծҲԾ˵θڳԽ޶ȯFederal Reserve Note罭ӾһֲͨŷսծȯµĻҽծֱʼȫĶ̶4У1916굽1920꣩Ĺծ10Ԫ25250Ԫ[4.8]еĹծδ˰ΪѺսУмǱ׬ǮȴǮѪ




4.3Ϊ͵ԭ򡱣ѷս


¹פʹɵͬţΪʲôҪ͵¹̣ʹԻΪ˵ԭͶսġĻشɶͷԡʿǽ͵ģԿʼڼڲͬ⽻γ໥ì̬ܵȣһڹʹļֵʹΪȫƹЩֵ[4.9]

ľȷڲֵͬҲȷΪ˳ƵҪӲ˵μӵһսΪ˵º룬ʿǴ˵Ϳˡ

191735գפӢʹܣWalter Hines Pageѷͳ˵ΪڵΣѹѾԽĦ˾ṩӢͷĳܹṩ˹İá¹սҹ޷˹ṩֱá[4.10]

ʱعҵϵͳѾΪս׼һʱˣ½ͺѾ1916ʼɹװΪ˽һӲԴмǺеμҿʼǸĴʩǰĳͻ(һս)ʹǿǽһչ˰ĸһδҪԴ˰ķѾΪսҪˡ[4.11]

ע⣬˰ָ˾ԣǸ˰м1916ͼͨҪ˰ķξ߷ԺءҪ˰Ĺ涨ûзݡ2006728عӳĵӰɵ˹(AMERICA:FREEDOMTOFASCISM)У6λð˹ݰ.Aaron Russo𺳵ľͷչʾһʵõӰ2006ɵӰڷӳʱ˹ڵǿ𺳣һʵģýȫͬ䱳֮˵ĵһоš3000ҵӰԺֻ5ҸڹӳǣⲿƬŵ֮ǲ˾޴Ӱ죬94˸Ƭֵ8100˼һ¸ۡ[4.12]

ɵ˹(Դhttp://www.freedomtofascism.com)

19171013գѷͳҪ˵ü޵ǱʹԴ׶ԱMobilization˹ѹȨҵÿһлекڴ˿һְΣĳԱоغҪİ֤[4.13]

ѧڳѷϴŨɫʱΪ棬Դظ޴֪˭ͽ˰׹ҲͶұѷͳԼҲνġ硱ʥսϡսΪǾþ

ʵǣЭԼṩ30ԪĴ60Ԫĳʣʾ޿δ¹ȡʤмеЭԼծȯͻһĲֵĦ˷գ.ֲлΪ˱ǵĴ߾ȫս




4.4սʱҪ


191746սսԺѷҵҪȨѡʱ.ֲϵͳɵ.³սʱҵίԱᣨWarIndustriesBoardϯȽ.÷Үսʱڹ˾WarFinanceCorporation

ֲֵ

޵Ĵ˹MaxWarburgʱε¹鱨ŵԣߵĽھߣϯܷ˹ײ˾ĸ߼ϻˣĵܸǺϯ¹ź͡ĸȫ̫меĶ

ڱֵܵϢ19181212ܱƣ.ֲŦԼ¹ᣬ1911黯Ϊ1912꣬¹ʵۼνϯһֵܵε¹鱨ԡ[4.14]һݱᵽ¹ʵۣӶ˹ѵȷ𣿡ǻϸ˹Խڵ[4.15]

ֵǱ19185Ѵȥְλݱвδἰս֮Ϊ޵ĸ絣ε¹鱨ŵԣϿָܱͨʵûܶŽıޡ19186£ڴȥְ֮󣬸ѷд˸ֵڵ¹мҡȻھܵذǵĹңڰҵĹһ[4.16]

ɵ.³(BernardBaruch)սʱҵɳ

Ͷҵİ³1896ϲ6Ҫ̲ݹ˾̲ݹ˾ConsolidatedTobaccoCompany,ְŸķGuggenheimϲͭҵлµĹŦԼϵͳ

1901ֵ꣬һ˰³ֵܹ˾

1917ѷͳ³ΪսʱҵίԱϯʱӵйҵ˾ɱȨÿĲɹߴ100Ԫһ˾սʲɹļ۸ں1935Ĺ֤ϣ³˵ѷͳһţȨҽӹκһҹ͹ҵҵҺ˾ܲø.JudgeGaryйһЩ죬Ҹź˵Ҫ֮Ĺڡȷʵˡ[4.17]

ЩԱ԰³ʹҵɱȨʸʾɣΪȲǹҵңûڹһ죬Լڹ֤ҲʾְҵǡͶ̡SpeculatorŦԼ͡³ڵ֪ʢٵĺƽϢһ75Ԫ

Ƚ.÷Ү(EugeneMeyer)սʱڹ˾WarFinanceCorporation

Ƚ.÷ҮĸĹ.գLazardFreres˾ĺϻˣȽԳιְѰ顣³ϰһҰ˹ӵĽ˾һıһЩĽ¼Ҳˡ

սʱڹ˾Ҫʹ֮һǷծ,Ϊսṩ֧֡

Ƚսʱڹ˾ĿΪĪˡԸù˾ʱù˾Ȼÿ϶ʱ޸ĿڶٸԱĿ˷McFaddenԱ19251930Ըù˾ĵз˴Ŀظծȯ2314飬ظۿȯ4698飬ֵ50Ԫ1Ԫȣһڵ19247¡ЩظǴɣһЩ١[4.18]

ѹһսԺȽȻܹչϻѧȾϹ˾AlliedChemicalandDyeCorporationչ˻ʢʱ

ݹƣȽļԪծĲ[4.19]

˹̩˹(EdwardStettinius):Ŀɽ

˹̩˹һһ˿ˣִϸڣ֥ӸͶⷢ˴ơսڼ䱻ĦвܳڲExportDepartment,ҪɹսڼΪߣÿɹߴ1000ԪľʣȻЩװϱգ˵ŷޡЧʺЧ,ڻ23ŵܲһ£²Ĵ̺̾ӿİ칫¥ڼÿһǰ˾ÿһ£Ĳɹ൱20ǰֵ¹˴δ뵽̵ʱת¹ҵ

ĦŴάɭ

ΪĦ۹ºΪJ.PĦ˾߼ϻ˵Ĵάɭõʮֻ⣬Ӷĸߴ37ǧԪľ޿




4.5ԼһΪ20ս


19181111գѪȲпĵһսĻ¹Ϊսܹɥʧ13⳥320Ԫĵսÿ5ԪϢڲƷ26Ķãɥʧкֳء½ֻܱ10ˣսó6ңӵǱͧɻ̹˻ڵȹ

Ӣͺ.ΣDavidLloydGeorgeơѱ¹˵ĿڴҲҪǮҳ˽ϡݵļԼע20սǰǿڵ¹ϣֻܵµ¹ҪôԼҪôսӢݣLordCurzonͬĿ˵ⲻƽֻһΪ20ս顣

ͳѷЭҲü˵ǵ¹ˣҾǩЭ顣

ⲻμǷʶıʣǱġʦүǡľߡͬѸмУϯڹʱ.ֲĦʦˡĦ˾ĸ߼ϻ˹.ɡսʱҵίԱϯİ³˹ֵܣһǺCIAͷͷһǰɭĹ䣩ӢǷ.ɾʿSirPhilipSassoon˹ж¼ĵϵĸ߲ǽ˹.¶GeorgesMandelǽ岨.˹ж£JeroboamRothschild¹ĴϯǱ޵Ĵ˹.ֲ񡣵м뼯ʱ򣬺ġɫ֮.˹жо(BaronEdmonddeRothschild)ΪṩĽӴŵͷﰲԼڰĺׯ԰

ͻʵһмǵĿ񻶽ڣڴս֮־Ͳһսӣڶս




4.6ë(Fleecing of the Flock)1921ũҵ˥


189491գǽֹͣһдӳһ죬ǽǵǮǽӵвδ峢ĲƲǻԼļ۸õȺ֮ũԶĳǧءũ񽫣ʧȥأܹãӢ

1891мЭᣨ¼1913429յĹ¼

ëмȦһר˼þ÷ٺ˥˵ĹĻ,۸ļ֮һӵ˵ĲƲмҿĻҷдȨõķٺ˥˱˿ԾȷƵḶ́ʱļëΪм˵ӿΪ׶ν˿ѧȲ߲׶Ρ

һսձ鷱٣ģսʲɹشٽҵ1914굽1920򾭼Ͷ˴ңŦԼ1914619163һֱֵ1920ꡣ

ΪŷЭԼṩм19171918нĴδģծȯļΪծȯLibertyBondծȯϢ3.54.5ȡЩծȯеһҪĿľѾسеĻҺá

սУ˵õ˸߹ʣũʳս˺ܸߵļǮ͹ײľ״˺ܴߡսʱѽڼũдֽ𣬶ʾ޶ƸȴڻмҵĿ֮¡ԭũձǮڱصĵУЩСмҶŦԼĹмձǵִͶԿ̬ȣȲμϵͳҲֶ֧ŷսֵĴһúһЩУټũȺֱ׳ѿȵĻм׼ּëˡ

мȲˡܹݡļƲߣһΪũҵίԱᡱFederalFarmLoanBoardĻרšũǵѪǮͶڹµأ֯ṩڴũȻ֮áǴũڸ֯Эм˳ڴ˸߱׸

ũǿԶҲ֪ǵһƵ塣

19204567ĸڣҵҵó˴ȵ԰ǶɹŴֻũ뱻ȫܾһλ־ƵĽڶƣּӶũĲƸʹݻũҵܾСС

ԺίԱϯŷģ19131939ĲԺ֤˵1920ũǷǳԣġǼٳŰңء1920°꣬ͻúͻҽʹǴƲ1920һУũƲӦ÷ȫ෴[4.20]

Ϊս෢ŵŴӦ𲽽»192058վһһȫ֪ܻ顣һıһ죻¼60ҳЩ¼1923219ճڲԺĵСAත£ѯίԱĳԱμ˻飬Bත£ҵó׺ũҵĶûб롣CĶͬûб롣

ֻдмҲμܻ飬ǵĻֱӵŴյ˵ڶ150Ԫʧҵغũֵ200Ԫ

ѷĹ䲼һĸԴбӦũҪıߣȴΪũĵĵˡũҵŴһıķ[4.21]

ڶũҵġëжϲ֮翹СҲ˵Ŀģֿʼ




4.7мҵ1927ı


.˹Ħ˾ײ˾ϷŦԼеĶ³ıӢеĶ³ŵMontagu Normanһı˰³-ѷҵҪ¼,а1929緶ΧĴ˥ˡ

ŵүү游ιӢеĶ³ԺյӢʷϿν޽С

ڡǮΡһУԼѷдΪѵ˹ʺŵڷϲһȼ١1925굽1928꣬˹ŦԼĻҿŵ֮һ˽ЭĿʹŦԼʵ׶ءΪʺ˹ѹŦԼһֱ޷صĺŦԼĻҿ߹20ķ٣Ͷ񳱡[4.22]

ЭԺȶ֤ᣨHouse Stabilization Hearing1928˷Louis McFaddenԱ쵼½飬óĽ:мͨݻƽĹƱ̡

˷Ա򵥳һʲôӰ»ָ1927ĵĽϢߣ

գһ޷ش⡣

˷ҿԳһ,ȥıϢľĽǴӺζģ

գŷǵĴҡӢеĶ£ŵŶ?ɳزʿ¹еܲãͷе˹ؽڣRistЩǺŦԼеһ𿪻ᡣԼһԺǳڻʢٴ˴졣һڶĶǽӴǣͻŦԼˡ

˷Ķʱڳ

գޣǵġ»ⰲŴҾһġ

˷һ罻ʵĻأۣ

գҾҪһ罻Ҹ֮ǰҺŶ.ɳزʿ̸˺ܾãҲ˹ؽ˰죬ҺŵŦԼ˹ʣŦԼж³Ҳ̸һ

˷һʽģ»

գǡ

˷ֻŦԼ̸ķʽ

գҾֻһ罻ֻǷ̸ǣŷеĶǣҲ

˷Ҫʲôأ

գǶԸܳϿҡŵ̸һ£ǷˣҲЩǶǳĽλʽǿŦԼĻҿߺ͵ʣ⽫ֹƽŷ

BeedyЩмҺŦԼеĶ»½

գǵġ

BeedyЩ½Ȼûʽ¼

գûСгίԱᣨOpen Market Policy CommitteeһᣬһЩʩˡҼǵðƻ8·ݾдԼ8000ԪƱݱŦԼУлң

˷һ߸ıֱӵǰδеġΪصĽϵͳ״̬19271929ƱгͶ糱ҿһشľӦڻʢиʽļ¼

գͬĿ

˹Աʵǿܻ飬ǴԴȣǸ̸ۣʣȻˣǵģƽ

˹ظȶŷ޵Ļҵ߸ǵԪ

գǵģ߾Ϊ˴ﵽĿġ

[4.23]

ŦԼʵȫڻ7˶»ǰ裬ŷ޵мŦԼоʱ䳤һܵʵԵܻ飬ڻʢٴ˲һ죬ֻ罻ŦԼܻľµļֵ5ԪĻƽŷޣҪľ߾Ȼڻʢȫû¼ɴ˿ɼ7˶»ʵʵλ




4.81929ĭ:һΡëж


1929굽1933֮ͨһעɴ˥ˡ

׶.

ܻ֮ŦԼжϢ43.51928ĳԱз600ԪĻңЩԱ15бƱѺЩǮȫһɻƽ𣬽൱ڵʱȫƽͨ6ַͨʽŵԪŦԼڹгƱŵĻ߳33˸Ӿ㵵ǣ1929ŦԼԱз580ԪĻң4.24

ʱŦԼƱг1ʽƱǮɽ̵ṩֳ־޶͵̰ʵ֤ọ̇һļϡ

дŦԼпɽ赽Ϣ5ҵĿӣһת12Ϣ֤ọ̇7¾£

ʱŦԼĹ벻Ƕˡ

ʱϵӶ񱻹óеĻйƱͶʡʢٵμҶֵĴǷˣ÷Mellon)һƪʽĽ֤ŦԼĹвߣͳмΪݵĽȫҲ˵Ʊܰȫ

19283£ĶڻشԺѯʱ֤ȯ̴Ƿʱش˵Ҳ˵֤ȯ̵ĴǷߣҿ϶ǣ֤ọ̇ȫͱصġ

192926գӢеŵٴصʼ1927ĿɻߡӢмƺһµ׼ֵʱˡ

19293£ڽ̸.ֲڹʳжеĹɶϷ˾棺ֺ޽Ƶ̰ĻյıͶԼһʹ˥ˡ[4.25]

ġ޽Ƶ̰ﱣųĬͻȻ˳棬Ӱ͵λĽһŦԼʱг֡

Թео1929420գŦԼʱͷͷһҪϢ

ѯίԱڻʢٵܻ

ѯίԱѾγ˾鲢ύ»ᣬǵͼԱϼӱܡѯίԱ»һȻһ֡βͬѰĻıܴʩǳϸ񡣼ֻܵõһЩģɵĻش[4.26]

192989գϢߵ6ŦԼн֤ȯ̵5ߵ20Ͷʽ壬˲һеӳб޳·Ʊг漱תֱ£罭Ӿһ1011ºɨƱг1600ԪĲƸʱҷ1600ԪǸʲôأӽڵڶսӴȫʵܺ͡

һλ껪ֵ֤ȯģȷƻŦԼгͶʹƱĴӦͻȻɵ1929Σ,ʵǹʽǮƺõԹڵġëж4.27

ĿĵãŦԼʱ193074ղİ̾ԭƷļ۸䵽1913ˮƽ͹ʣʼ٣ܹ400ʧҵĦͨŦԼкͻʢƽӹ»ϵͳ

ֲͨΣ켺1930굽1933꣬8812еգ󲿷ָںŦԼ5мͥ񡢶ϵͳ˵з׷Ʋ




4.9߻˥˵ͼı


ʣ1929ĹƱ1927ܻϾö£ŦԼʱΪѹͣ׶صʱذθߣ֮ĻƽӢ԰Ӣŷ޹һָλ

ʵŷ޵Ľڼ֪ͨ͵ֶӶƸЧҪԶʤڷŴõϢ롣ԻƽΪҷŵĻʯֽҿɶһΪƽһɻԼмҷʹָͨЧЧΪʲôʱӢмΪŷ޽ڽҪָλأ

ԭмһ̴塣

һսԵ¹սܶգӴսȻɵ¹˹¼ֲеˣǻҪһʹѲơԣһ壬ɵ¹мͨⲿƸѸӶ¹Ļһμʶ˳ͨ͵1913굽1918꣬սڼ䣬¹ҷ8.5¹Ԫֵ501921꿪ʼ¹еĻҷʻɽ緢̬ƣ1921191851922192110192319227253򱶡19238۴ﵽ֣һƬһƱļ۸ߴ1000ˡ¹ÿĹʱ֧ΣõǮ֮ҪһСʱ֮ڻȥ4.28

¹мѪϴв׼Ĵʹʿһҹ֮ΪƶӶ춨պɴ̨Ⱥڻ˵¹˶̫мҵʹޡ1870շսʧܺ󷨹ľ¹ܵıҿҪصö࣬һΪҵս1923ȫλˡ

¹˵ĲƸѹεòˣ¹Ҳȶˡڹмǵĵ֮£Ļƽȶ¹ҵľȦ

ڶֵӢмҴչȭˡ1914һս¹ǱͧڴƵϮӢͻƽĴֻ޷ۣӢвòʱֹͣƽһӢĽλʵ

1924꣬Ӣص𼪶Ӣ󳼣Խȫûио𼪶׶мҵĹ֮׼ָλǱ뺴ӢԵȨλ1925513գӢͨ˽λGoldStandardActʱӢĹսľ侭ʵԶѷ˵ŷҲѲһҶľ棬ǿлָλƱصӢͦشɥʧӢھͬʱɹ½ˮʧҵʴȾú

ʱһʦ˹ճˡ˹1919ͻӢĴԶԵ¹ϧԴְ顣ϳλ׶صмγˮݵ̬ơӢλĿԵίԱϣ˹ʹ½λı׶ˣƽֻǡҰżǾ÷չԼӢеŵҲʾƽλڳʵмǲɻȱģӢĸжأ۶ҵ𣬲Ȼ׶ؽڳмҵĳӢͿˡһ׶мҲѣȻмֵ֧ģǲõģмҵĹ۵㣬Ӧġ

Ϸľʲ֡

ܲ򵥵Ŀ˹ΪĽɫмԻƽʿ֣˫ݵó뻭ۺľɵزš

Ȼ˹ġԤԡмҵļƻӢڻָλ֮һǧɣʧҵ19203ǵ192618ְչ˷ңӢصΣ

мҪľΣ

ֻΣƶڸĸһƬǿҺ޸ķɵĺУͨ1928ҺȯCurrencyandBankNotesAct1928÷Ӣͷϳ84ԹծΪѺĻҷ޵Ľ䣬1844귨涨ӢԹծΪѺӢΪ1975ӢӢֽҷбûƽѺԹծΪѺСծ񡱻ҶƿĻƽԼ֮һʵһ׶мǣƵľ硣·ͨڣӢоͷ26000ծӢ·ȨӢڽ¿ƷСծӢֻҪºϿɾ[4.29]ĽƵķлҵĴȨڱӢҲ㵽ˡ

ֵֻ˸ñëļˡ1927ܻ֮ĵߣʹֵ5Ԫľ޶ƽ1929Ȼ֮ȱƽ𴢱޷ЧŴֻ׳ķڼʧѪݿˡмһӵϣ۸ļ֮һʮ֮һĳͼ۸ٳԽɺʲ˷Աһݾ60000ũһбݵİ¿71000ũɨسšƵÿһء

ⳡǰľúƽУֻȦ֪ʷͶϷĻЩ˵Լʱ׳йƱתծȯǶ׶˹ж¼屣ϵȦˣЩʹǳҲδѡȦJPĦͿײ˾ԼѡġȿͻСǱƵʵҵҡҪ͡Ѻùҵͳߡ

мĬɭְʱ1936530յġܿģһΪʧȥһλܸɵˡ1929꣨Ʊ֮ǰټһ飬µļ91֮ǰȫ֤ȯ̵Ĵҵԣ˥г˷𡣡[4.30]

.ϣJoeKennedyҴ19294Ԫӵ19351Ԫ25ɵ.³ڴǰйƱתйծ.ĪHenryMorgenthauڡɫڶ19291029գǰҴҸϵмй˾BankersTrustĹ˾3ֵܼ֮6000ԪйƱѣڼڵʱ֣Ҫ׬500Ԫ.ĪȻŭŭ𣺡ҵǺۣ˵ȥ

ھ80عͷʷȻҪ̾Щмǵ̣ǺʵΪһȺˣַȨı˿˿۵ƣŪڹ֮еĵԣʵ̾Ϊֱֹ죬˶ȫǵʵǲڼ˵С

ڹмëϲ֮󣬿˹ġۻ˼롱Ϊмǵ²Ƹոµġ˹һмµջ񼾽ڡ




¡ۻҵġ


˵߸ʱƶõİ취ʹұֵͨͨ͹̣ܵءΪ֪ûչƸһְ֡취ĲƸʹƶĹУȴʹ˱ûκֶͨͣκͿɿ߸ȨˡǱڵػ˸־ùеƻأһҲһ˿óĸԴ[5.1]

˹1919

µ

˹ƻƽΪҰżһ˿ڡйǴҶˡ˹ħƽĶʲôͨ͵Ŀ˹ô˻ƽУ

˹40ʱȻǽλᶨƵĺߣȵϯ֮󣬶ԻƽͿʼҶȻ2002ʱȻϡƽлҵֶ֧ΡȴԹۡ90мϴѹƽ۸ı

ΪʲôмҺǵġáۼƽΪʲô˹ġۻҡܳ裿

೤5000ʵУʲôʱʲôңʲôڽ̣Ҳʲô壬ƽ˹ǲƸʽָٹ̵ʶǿ˹˼ƮƮġƽҰżܻġ

ԻƽƸıȻϵѳΪеȻ߼ߺ;ƲʱǿѡеֽҶһɽ,ԵȴӵƳֺתֽɶһƽʵϳΪľɵĻʯֻڴ˻֮ϣκʽɲžʵ塣ǿаֽҶһƽһȨʱҲʹӸϰɡ

мǷǳƽͨĹӱϿƽΨһġ߶еġʷеġνûƽ⣬ǻ緶Χڷ籩ġ״£ϳλƱصᶯǱֻڼ£񱻱βŻᱻʱԼȨΪʲôмҪصΣ˥ˡΣ˥˵в֮£ЭŽױƣױ󵼣עױɢмҵļı׵ʵ֡Σ˥˱мǵԸЧʷϱʹá

1929ؾΣмǡش״̬¼ʵֵġϳλĴҵӶƽͨڶսĽڴ




5.1򵥵Ŀ˹


ԣ˹1919μӰͻʱѾʶͨͶɵľ޴Ǳ˺ǱʹһҹСӡƽľúУ̶ָͨ͵ʵʣ¹1923ĳͨѾȫ֤ͨ͵ľ޴ɱ

һǡ40귢ƽ;ɡĸ˹ˣи϶ͨ͵ļ뿭˹һޣָ

ûнλ£ûκΰ취ģͨɣûаȫĲƸءЩͳѧҼҷԻƽܡֲ򵥵˵ûղƸıƽסյḶ́䵱ŲƲȨıߡץסһҪ㣬Ͳ˶ԽλĶ̰ˡ[5.2]

˹ָλεضͨ͵ķͷϽ˹͸˹˶ӦǽλļᶨӵߣֺһƽΪҰżһƽ֮ɴڲƽĻҵλأ

Ը˹˶ڽɼ˹ͶJPĦĻJPĦ˾еĶµʱʼ׽ڽнڽĹء

ȫľ۹ƶ۽ڸ˹ɲʱ򣬿ֻԼ׵۱Ĳܲ١ŦԼвľߡ2002ڹ֤ϱԱޣRonPaul׷ʼˣ˹˲űʾԼδ1966Ĺ۵㣬ȻΪƽлеġֶ֧Ρֻǡģ⡱(Mimic)Žλƶȡ

˹˹ͬ

ѧĪ˹(MurrayRothbard)Կ˹˸һ̵Ϊ˹ļ塢ӢͳξӢԾӺͶµӣ˼ϵֱӵӰ졣

ӢŴѧ֯ʹͽᡱApostleԿ˹ӰΪ޴ŷѧе֯ƽĴѧͬѧ֮ɢţǸڽʹľӢģеʷֽ꣬ϵͳνײ᲻ɴݵ漯š

ŵġʹͽᡱһѧԺ͹ѧԺ12ԱɣЩ˲ҪҪԺգÿһ˶עΪӢͳνײеһԱÿһܻۻᣬ۷ΧѧѧΡҵԼϸɣͬʱҲͨ£Ϊӵǻ۵ͷԣΪԼͳߣ໥֮䷴һ˹дһλѵ˵ֵϵԽǲЩԴһָоϵľ˴ͿκıʣΪ̫޴̫а񡣡5.3

Ȧ˿˼ѧѧ;Ӣ˹жоĽھͷ뿪֮ÿȻμӡʹͽᡱܻĳʹͽΪʹǻѡʹͽ

ȿ˹Сά˶.˹ж£VictorRothschildλӢ۹ҷȨɭ.˹жµĵоŵĵ̳ˡά˶뿭˼ͬ⽻ЭᡱCouncil of Foreign RelationshipӢʼҹЭᣨRoyal Institute of International AffairsĻߣ֯νŷġ뵳УΪŷͳμ˴ɲ

ά˶ఴŷеĹJPĦйһʱ䣬ԻַǳϤǺʯ͹˾Ķ¡ά˶Ӣ鱨ţMI5ĸ߹٣Ӣж˵İȫʣ尮.˹жоΪɫ֮ά˶Я£ԼߵĿ˹ܿ۵ծҺۣͨǵʱм

˹ԼϵĻԺٸеΪҪͨ˵ĵ¹淶ԼϰԵؼľǡ˹ָΪԭֻȷʱȡȨĻᡣˣԸʱıǰض£ʹΪһöӲңҲ[5.4]

˹һѧҪѧ˵ΪѧͱнںĴĻ̨ǰкãڵʽб족˹ʷչȷ֮ʩչ츳۱Ŀڲź;˵ǵ.˹ܡͼЪĹ⻷֮£ƺȻĻΪ羭۵ķԴءΪЪѡĽӰˣ˹һΪλϡ1936꣬ҪҡϢ;ҵͨۡTheGeneralTheoryofEmployment,InterestandMoney֮󣬹мҶ˼΢ľѧ۵Ȼǰ֣μǶ֡ǮӡǮǮۻֳͻƵ̬кϯѧ硣

˹ȷۻ˼ؽõмҺμҵĴ֧֣ܵ𺦵̫ͨ͡޴̫а񡱣ʣǸ㶨ѧˡ

ȿ˹ΪִۺϾɴͳӪĶȻһƣǱɬ¾áʥֻС30µྭѧҲܿһܵ꾭ѧҵĻ.ѶɭڸѵϲʤԼ30꣬˵áѶɭҲϡͨۡһдú㣬֯ң顣5.5

ѧΪⱾһƫԶѧԺдģѣҪ˵ʷˡ




5.2ͳվӣⲻ


1932ͳѡһƬɱ֮Ļ1300ʧҵ˿ڡ25%ʧҵʣͳ𱶸ѹͳѡ˹1928ߵԼԺͳ뻪мĽܹϵָ𣬺ͳѰζĳĬԼı¼¼ʵ뷨

ڻӦ˹ӦΪ1929ģͶ糱ʱ˼֪ǷӦð1925굽1928ŷӰ¹ʵʩͨߵع⣬ҵʱǷߵġ[5.6]

ͳȷЩԩȻΪͳǶԾߺͻȴû̫ӰûлҷȨ˽ӵеŦԼвϣκ߶ǿ̸

ͳڻʧʼڵ¹ƫмҵļȶ롣ԭ1929Ħ߻ƻYoungPlanӵ¹ծ񸺵Ϊۣͨڻַе¹ծȯķʽΪ¹ļսԼڳծȯеĹб׬һʡ19315£üƻʼִвã͸ϵ¹ͰµĽΣ˹ж¼кӢежδܶΣӣĦȻмҲԸտ˸ͷƻ;زۣĦĺϻɣLamontͳ绰Ҫͬ¹սծŸ̼٣ȵ¹ΣͣһЩٻָɻ˵ŷ޽ϵͳһ˥ҲӾ硣

ͳѴӦκ漰¹ս£Ҫ󷨹ΪμҵĺܳԺ̲ػش𣺡һῼ£εĽǶȿǣ²̫ʵŦԼǲ˽ΪһԣЩ֮ծġ[5.7]

Ҳ»Щ϶˲ٴԣ׼1932ģ͵ϣİӿվǵļƻЩԾͻһҹ֮ɢɻһܲ³ɣȫͳͳһ£ֻõͷ

19327£ٴǰ׹ͳӦ¿ǵ¹ս⣬һκ޿̣Թߺ;ɥغɰˡһʹ޺ͷԵĻǾֺıƳٵӢծ񣩴ǵ档ɲϯȫģмҵģŭǣмңǣμңҲΪڰͬıǣмңѾ͵¹˾Э飬ȴķʽɵġ[5.8]ܾ˻ֵҪ󣬷˳Ƿ

мŭɶǺͳԹƱгΪ׷ʹǣһϵнڳţټϿǰʧҵʡֵľúͲϴٵ񣬸۳һɶԻмҵǿҷŭͳãм˺ӣһҪ󡣺ֱŦԼһмҲ̵ĴĳгյͶ谭гĵĻָŦԼƱܲûᣬƹΪжԹƱгмܡ

ֶͳҪشü򵥶ɴࣺ

׼ƴƵĺͳԺίԱῪʼΪܻĻɵ׹ͳ乲жϵжͳΪ[5.9]

20ĩĹƱ̺Ļ󣬴Ҫ׷ױʢšĦ˾гű¡б뾭ô߼ϵչڹǰʱŭھ۽мҵϡ

ͳ;ҲͬʱмҺ˫ŭ֮С֮ľǱΪ20ΰͳC.ŵ.˹




5.3˭Ƿ.ŵ.˹?


Ҷ֪ʵǾ޴ģȨеĽӰ³.ܿѷͳʱʼͿҽҪظܿѷʱеĶֻڸ͸Ļϰˡ[5.10]

19331121˹

˹һסЩѷ˵ѷȷѧ߳мǵַô˹ľ˵һЩͳ뻪ϵΪͻƿڣͳѡжսһԶǰԲˬķ1932820˹ڶݵľѡݽ鲢ï˵

Ƿ2/3ҵڼټҹ˾УʵЩ˾5˿šǷ30кҵе֤ȯ̾ʱ仰˵Ƿһ߶ȼеľȨٿڼУһͳ˵ĸ෴[5.11]

˹ʹԼоȰмƲĽܿѷͳһԸΪСսڴ¸ͳϧ˹ľȴмҵĹϸȺͳֻ಻١

˹游ķ˹.˹JamesRoosevelt1784괴ŦԼУBankofNewYorkνϵм֮һ,Ǹ2006ծгϣӲݹծ۸⵽ָءеҵֱ˹ѡͳʱδ˹ĸҲнķ˹ҵĴ࣬ҵڹѧԺӵú·ȶദӴҵϷ·֤ȯ˾SouthernRailwaySecurityCompanyĴʼˣù˾һԼ沢·ҵΪ֤ȯй˾˹ҲǹҵʦҪͻͰĦ˾ǿб֧£34˹1916Ħĸ߼ϻˣôͳɸ˹ڻʢٰŵ¼ҡ

˹һͳ壬аɶ.˹ǵһ.ķ.˹Ҳǻֺպ·ϲʱ14·˾ͬʱΪĦµġͶʹ˾GuarantyTrustCompanyУChemicalBankŦԼжְ֮ε˾ĶԴһСӡ

˹ĸ׵ŵDelanoҲӧңһ9λͳǼմסʷϣûһλͳ˹ӵиΪǿκԴ

1921˹ת˻֣ΪҽڻĶ»ܲãн㷺ϵΪڵĹ˾ı˾޶档Ϊһҽڹ˾ծȯĹУ˹Ա÷յֱԲ䣺ϣ֮ĳõİϣӲ³ֵĴһЩծȯͬծȯйأϣҵܹǵҡҲܴʱȥ߶ǣΪҵҲѣһԣǽһİİһġ[5.12]

ڸһλõһʴѵУ˹ᵽںѺżȻһǹ˾8Ӣڵĺͬʹҵκʱ֮ĺܷҵĹ˾ڳһЩǵծȯҷǳϣҵ۴绰[5.13]

һЩ漫ϣ˹¶Ǳʾ˽ǲġЩ˾ڲżʱһʻ˹ԾȻֽˡ

1922꣬˹ŷͶʹ˾UnitedEuropeanInvestors,Ltdܲáù˾Ķº͹аһ1923¹ͨ͵ĵ¹ǰ.ŵWilhelmCuno˹.ֲ˹ĵܱܵʦ͸ϯڸù˾е60000ȹУ˹ĸ˹ɳߡù˾Ҫڵ¹ĸͶ⣬ڵ¹񱻳ͨϴٵһƶϴʱ˹ŷͶʹ˾ȴȻطŹѲơ[5.14]

ͨʹǡƸոڸùҾҵıֵз˴ģĲƸתơͨصĵ±1923ĵ¹κһһЩԪӢˣڵ¹Ԫʹ˹ͬһ㡣˷ӵĴԱ˵ŵļ۸¹˵ģͥƸ鱦Ʒ5.15

ͬ90ǰĳͨһ޴Ƹ⵽ϴ٣в׼ҵԪӢĹǧ򱶵ķŴ󣬲Ƹ֮ĿͱǹУȻ֡ǡ翭˹ԣְ취(ͨ)ĲƸʹƶĹУȴʹ˱Ǳڵػ˸־ùеƻأһҲһ˿óĸԴ

˹ϵʹĻֱʱԼͨߣֻľͱʵ֮Զӡ

ʱ壡ÿëжѪͰĶ




5.4ϳλмҸ˹ʷʹ


ڽλԼ֮£һսѾŷ޸ظծӶеĽԴսģֻǾֲսһսùмǴãԴһ͡ǣԺڽλϸԼ֮,ԴҲ׽⣬֧һ缶ĴսϳλǾͳŷмҵĵ֮

ƽǧݻ𽥳ΪձͬĻҵʽԻƽƸıȻϵѳΪеȻ߼ߺ;ƲʱǿѡеֽҶһɽ,ԵȴӵƳֺתֽɶһƽʵϳΪľɵĻʯֻڴ˻֮ϣκʽɲžʵ塣ǿаƽֽҵɶһȨʱҲʹӸϰɡ

״£ϳλƱصᶯǱֻڼ£񱻱βŻᱻʱԼȨΪʲôмҪصΣ˥ˡΣ˥˵в֮£ЭŽױƣױ󵼣עױɢмҵļı׵ʵ֡Σ˥˱мǵԸЧʷϱʹá

1812꣬һбϳ˹жµıӢ1812ս,ڶжա

1837꣬ܿѷͳϳڶУм׶ؿծȯлظִ˥ֱ1848ꡣ

185718701907Ϊʹ½˽еУмٶȳ˥ˡڽ˽е-ӶȫĻҷȨ

1929Ĵ˥˵ĿֱָϳλʵʩۻߣӶΪڶսƽͨ

193334գ˹32ͳʼ˹ͳ뻪ƲĴ죬εȫд36ͣҵ٣BankHolidayֱ˹ɲ¿ҵʷ״ιرȫڴĴ٣ʱľΪ֮һľ,ڼȫûӪҵĿǰ״̬,10졣[5.16]

ţ˹ֽŤסʱѾʼԻֵĵ鲻ţìͷֱָĦ塣һϵе֤ϣܿ.ĦĺϻȫǰŪûͷͷɥ

˹Իмҵȭһ͹һУ1933616ǩˡ˹-˹ٸGlass-SteagallActĦ˾ֲΪĦкĦ˹̹˾ǰֻܴҵеĴͳҵ񣬺ֻܴͶҵ

˹ŦԼƱҲǺȺͨˡ1933֤ȯ͡1934֤ȯ׷֤ȯίԱᣨSECԹƱгмܡ

˹һͷֶβ۵ձлѹѾõĶԻмҵĶĦҲϣҶ˶˹ͳĳݡͳһڵĳɾͼֱ˼ǴûоƵĹ̡[5.17]

1933ŦԼƱгŴ󼪣¼54%ľ˻ر

Ӣһ˹ƣǮǣMoneyChangersʥıˣڿԻָʥùϵòˡ[5.18]

ڣʱýĹ֮,ž޴ǶԾıർĳִ

ǿ˹еı֮µʵɡ

гܾ֮ҲûܿҵƬг˳мϴơ˹Ĳѡǰᵽ1929Ʊ֮ǰѾÿɿϢϧʧ500ԪҲҪ3֮ȫеϺ.ĪHenryMorgenthauSr.֮ӣСĪҲǻֵȦˡ

˹ѡ֤ȯίԱϯѡ˿ЦãSECϯλ1929Ʊ֮ǰƴչеͶԼɪ.(JosephKennedy)ʲ1929400Ԫ֮1933̶4б251ԪԼɪ.Ҳǽܿ.ĦȦˣӾǴĿͳ

ԷֲĦ˾ȵġ˹-˹ٸ᰸,ǵ߻ĸ˹Ա÷ûشĦ˾ʵĦ˾ҵ¡JPĦ˾425ԱУ25齨Ħ˹̹˾ܿ.Ħɱ90%ĿعȨʵϣֲҹ˾Ȼȫڽܿ.Ħ֮¡1935꣬Ħ˹̹ŵĵһͻ˾˵10Ԫծȯ⣬ϯȫгݶ25%[5.19]ʵϣ˾ծȯȻĦģĦŦԼκδ˾ĦҪɵ֡

ϷɫʵĹĦ֤ᣬҲעȵšһƬ֮У˹ջɳ²֣ĵͨ˷ϳλļҪ

ְ֮һڵ311վͷȶΪֹͣеĻƽһ45ϽеĻƽ20.67Ԫһһ˾ļ۸չϡнҺͻƽ֮⣬κ˽ػƽˣ1025ԪķȻ˹ֻǽ״̬µʱʩ÷ֱ1974űϳ19341ͨˡƽ𴢱۶λ35Ԫһ˾ȨһƽոϽ˻ƽ𣬶ĻͿ˴룡1929д֮ǰõĻϢĹмҵġȿͻǣԽʽвһɻƽЩƽ˵׶أʱЩƽ׶سʱȴ35Ԫһ˾֮ͱ׬69.33%

˹ԱѧʶԨä˲Ա˹.ѯʶϳλĿʱػش𣺡Ե͵ԣͳڸԱ̹ʣ˹һֱڻλԱǺͳүү

һλһ׷ָλԱ.ͷ1948ָҾ,μҶԻָλЩ͹⿿ұֵƵ,ҲᷴԻָʵҵƶȡǱ׼ǻۺͻǵķԡ[5.20]

ԻƽΪջϰͷûܿλĻָӡĶ,񶦶Ĺ.ͷصԺСͷƷƶձؽʷȻ1997۵ʷ͵ʱϵسԽ1/3ʵ

ʣ

Ҫװγƽڻеĵλһ򵥶ɵ£̱Ϊ׶ʵʩһǷϳڵͨһڶ緶ΧڷϳƽĻҹܣ1944겼׶ϵԪһϵDollarExchangeStandardȡƽһϵGoldExchangeStandardʵ˵ڶ1971˵

˹ҡźмƲ˹ڰε˽λħƿǣֲծһڴεĽ˳

ֻǰȨˮ족Ŀ˹һԣͳöԣǶǵΪԶʷ




5.5Ͷʡѡϣ[5.21]


19331124յŦԼʱһΪ.ֲ(SidneyWarburg)СӡⱾ1933ں棬ֻ˼ͱȡˡ

Ҵ鱻ӢģӢİڴӢչֹںоԱšߡ.ֲ񡱾žм֮һֲĳԱݱֲϡ

ⱾصСӽ¶ӢмͷϣȨʷݸأ1929ǰ󣬻ͨ˹ƻDawesPlanƻYoungPlan¹ս⳥1924굽1931꣬ͨƻܹ¹ṩ1380˵Ĵ¹ڴڼܹ֧860˵ս¹ʵǵõľ޶սԵ¹Ĵʵͨڻ۵¹ծȯļʽĦֲеõ˷

гһ⣬ǾǷڵ¹⳥ϵĸѹߡʹĴڵ¹Ͱµ൱һֱˣҷõ˵¹⳥Ҫ֣ЩǮԴǻ֡ŷԽԽ˳۵Ļм19296ٿһλ飬Ħϵ˷ϵмҺͷͷǾһΰѵ¹ӷĸѹ֮¡šһֶͨѷǯơһܵѡϣաֳ⽻գͳ˷ױŵ.ֲȥϣս˽˽Ӵ

ɴĽӴ˳פĽڵ¹ݰ²ǽĽгİżϣաڳλϣмҿǡŽԵ⽻ߣɿϣյҪҲͣ1ʲô˵ϣյı۴ŦԼмǾϣʨӴſڣ2400Ԫʵڸߵף1000ԪķۡʱδϣһڴӦ

ϣյҪǮ򵽺һУMendelsohn&Co.BankȻֳ֧Ʊĵ¹10СصŦԼмǻ㱨ʱ˷նϣյɴԡţһϣղŦԼʱͻȻʼɴѧ˵ϣյݽڽܣ192912£ѧҲʼо¹Ĺ˶

1931ͳӦκծ󷨹ʱڻʧˣܶʷѧΪͳѡʧֱӹϵ

193110£ϣոᷢһšǻֵмٿһλ飬߻ӢеĶ³ŵγ˷Ϊ׵ϣգһЩ̫϶ŵΪϣϵ1000ԪѾˣϣԶҲжվһ֧ϣա

һ¹ϣյ֧ߵһλϣɴӺ͵ӷǳѷǹǹǹʱװѾͷڵ¹߾ıʱͰµĳУֻҪɴֽ֧̿ϣն˵ƻȨͺϷִϣʵȨҪ5ˣϷִҪ2ˣмһô

5Ժ󣬻ֵĻصָĽȫ޷ܡǲҲܽܡԴ˽˵ģʽŷ޻г

˽һı棬Ժ󣬻ֵĻصƣյ׼֧10001500Ԫ˶߲ȡԵıҪԡ

1500ԪĺϷִ·мöʽʽԴ500򸶸İķ˹صɵУMendelsohn&Co.Bank500򸶸¹صУRotterdamseheBankvereinigung500򸶸УBancaItaliana

1933227գ¹ݻ𰸵ĵϣϣս˵λ̸ϣҪ1ĶȨжֻӦ700Ԫϣ500У200򵽶ǹ˾RenaniaJointStockCompany

ʹ֮᲻пϸִҵʹֱһϸڡϣŷĶߡѾ۲мµʱˡΪջ֤ĺûΪǺߡԵ¹ԣϣǴġȻҪϣգ磬ࡣ




5.6µɴ¹


1933130գϣձΪ¹࣬¹ȫ1923곬ͨ͵ľѣҲϯȫ˥пٻָڳеž޶սľ޴󾭼ѹ£Ծ˵ٶװŷǿװ193991շڶսʱ!

ʱһǿȻ1929˥˵пֱ1941ֱӲսľ״ŵõŤת

¹6ʱѸɾøպʹģս׼ûǿĽȫġӴʽעΪ׼սкϺ߼Ľ͡

ʵϣ־ɴ¹ʽԴ

1924¹ͨ͸ոƽϢʱ򣬻ֵмҾͿʼﻮΰ¹ս1924꿪ʼĵ˹ƻ1929ƻΪĿġ

1924ĵ˹ƻطϵ¹ı¾ѧҵļƻ[5.22]

Ħϵͨõܲŷ.OwenYoung˹ŷͶʹ˾ҪĽںܡҲŷ.ЭмҺϵĹУBankofInternationalSettlementǡֶγǴѧĶʦʷѧҿ.ףCarrollQuigleyָУһϵͳ磬һ˿Ƶġܹƺ羭õģƣ[5.23]

1924굽1931꣬ͨƻܹ¹ṩ1380˵Ĵ¹ڴڼܹ֧860˵ս¹ʵǵõһ520˵ľ޶¹¹ҵѸͷչ1919꣬Ӣͺ.ξԤ˷Լеĵ¹޷еľ޶,ձȻµ¹ҪôˣҪôսҵ󶼷ˡ

ɴ¹һոµִ¹ٿڴ˥⼣߰ߵ䣬ѹԱ˷ʹ⻪мҺ˰˵ĽǮȥ¹ս

ϯ¹ŵ˾۸ձޣйĵط԰ۻƱԪ㣬Ȼ͵ŦԼгнԸƱݽ,ԴΪѺµԪֽңʵϾڰ¹Ĺ˾ĿϵͳȻΪʲôҪɴ߲μӣ¹þĻأίԱвҹΪձӳ¹˾ծ𣿡[5.24]

ŦԼҵƱг϶Ե¹ձ¹ҵṩϢĶʣĻƽ𴢱ֱ¹

д޴ĽǮ͸˵¹ûκεѺίԱнǿ¹˵ҵƱݾͷҡʮԪʽע¹ľ壬̵ڼ¹۵ҵƱŦԼۺڣѺ֧õ1932427գ˳˼ֵ75ԪıĻƽ¹һ֮30ԪĻƽͬķʽ¹5Ѯиߴ1200ԪĻƽίԱ¹ÿڶʻ¹Ļƽ䴬ϯеĴȨ֪ǵǮڸʲô[5.25]

˻ֵľ޶ϣյĽƶȸĸҲ൱ãؼһǴӵ¹˽ջ˻ҷȨڰԹծΪѺܷлҵĵЧʸĳ֮󣬵¹ľش¹ʧҵ1933ʱߴ30%1938ȴ͹ȱ

˾Ե¹ڼͽڷľ޴ѲʲôܣЩֱʷѧҽΪ¼ΪЩĶӡ˵¹¹ҵ

1934꣬¹ʯΪ30Ȼʯͺ80ֺϳͣúתͣʣಿȫڡ׼ʯ͹˾⻯ʯרתø¹֮󣬵1944꣬¹550ֺϳͺ100Ȼʯ͡

ܵ¹¼ƻҪҵҵװִ豸дģǵ¹ľ¾רҺ͹ҵҵûȫģĺ壬ֱҪΪŷгڵ¹ʽ֮󣬲Ǵ۽硣¹רұɵȥѧϰģרҵˮҵ¹ʦι˷ɻ쳧ۿҪʩǴѧ˴ļЩԸ[5.26]

¹¹ҵϵкϵ˾ͨͨõŰ˾ȣǶĦС˷մͨлֲе¡




5.7ս۵Ļ


𼪶һԣսҪԶȽսѵöࡱէ˻ϳϸƷζŷȷԡһսֻҪս˫ܴһּۻһ޷ǽͻѣһЩ׬һ㣬û̸ɵĽס

ǷսѶˣṲʶһ˷£һȷ˹мǡ

ĬָǣмңûսƽûпںźԣҲûǺЩԻ۾Ķ

˹мұʵҲһѪ˵ǮûڼҲ֪Ϊ͸УǵΨһĿľǻ

ܻмϴٵ,ھ˵һս1929֮ҲôϵˣûԸ䵱мҵڻٰŮ͵ŷȥ̣Ǿٹ³˱мʹ޵ġ塱ա

1935꣬ԱGeraldNye쵼رίԱᷢ˺1400ҳı棬ϸ¶μһսܣмҺ;˾ڲսеıͲΪټϲǰĦ֤Ի29Ʊеֳ¶ʹսΪǿҡʱ˹ĳ顶ս֮·ڶԲսļ硣ڴ֮£1935굽1937ȺͨϽٴαƭս

ڹھ÷棬˹Ѿʼ5ˣʼղɫʧҵȻߴ17%1938ٴص˥ˡ

мǺ˹Ϊֻп˹ᳫĳֲۻҲȾãֻдģսܴﵽЧ

1933ϳλ֮ͨս֮·ϵϰѱῪ¾㱸ֻǷսڡ

γǴѧʷڲ˹.CharlesC.TansillΪձս1933˹̨֮ǰѾƻˡ1932꣬Ѿ֤ʵ˴ۺ60Ӣ﷢Ϯش̫ƽ󽢶ӡ鱨19408ձ룬Խǰػձ籨¼͵أΨ©̫ƽĺءʷѧҶţ˹ȾѾ֪ձ͵Ϯۡ

1943113գ˹𼪶ڿ˵¹Ͷ¹ڲϣգ˹ź͵һ¹19428¾˺˹ź͵¹˻193991֮ǰı߾,Խһ¹ذܵս[5.27]

¹ڲƷϣպɴȨѾֲ߻䣬˹ش˵¹ڲսӰ˹ԵĶģ

˹ɶ¹Ͷ۶Եºƽʹ˹ڲ磬ϣ˹ȼӮս˵Ҳ˹ָս۽ֵ˹ֵԵ͡ǣԭ˹ͼպ¹ʿƣ¹Ǳտڳŵڿƭͣսġ[5.28]

˵ĵȻеʵǲпʹ۸߰սӳ࣬ͲƸΪҽоͰ600ɴֵ̫֮ˣս1943е൱һ˷ǳܵҴ棬Ͼڵ¹ͶЭϣ˹кܴķȨ

ǣողĹм׽Ƶĺûᡣս19458ϨʱĹծ1930160Ԫǵ19462690Ԫ˹ĳֲۻҵڵڶսеõ֤мڵڶսٴαһʺơ




¡ͳľӢֲ


ʱһΪԶĵļƻּڽһϵͳ磬һ˿Ƶġܹƺ羭õģƣ

ϵͳԷ⽨רƵģʽмƣͨƵĻɵЭЭ

ϵͳĺľʿĹУһ˽еУǱҲͬ˽й˾

ÿжͨƲ㽻סӰҾûˮƽҵԱֺμṩرȷʽƸԵ[6.1]

γǴѧʷѧҿ.1966

µ

ǵУҡ֮ĴʻֵƵԽԽߡ

ûصʷǳܰᷨͨųʵһ޴ļƻǵǣйԴȻ֪֮١

19447£ŷǴ½ķ֣Ӣŷ޴½ٵڶսһ£ص44ҵĴºʲڶݵȼʤز׶ɭ֣ս羭ͼмǿʼʵʩǲ߻ѾõļƻȫĻҷ!

ʱĹмѾһϵкĵ֯ӢʼҹЭᣨRoyalInstituteofInternationalAffairs⽻ЭᣨCouncilonForeignRelationsĻµķ֧ɱ˶²ֲBilderbergGroupִƴ룬ι˧ίԱᣨTrilateralCommittee)

Щ֯յĿģǽһɼӢӢͳεͽͳһҷϵȻǶеա˰ν򡱣NewWorldOrder

ϵ֮£ȨҵĻߺ;Ȩ뱻ᣬȨҼľɺɱ뱻ݡִϵļծΪʹÿһִūЧ棬ַŵľӪЧĿѧ׶ιɣֽᡢӻҡ

ͳһƵ֤RFIDIdentifierֲ֤ȼΪհִ˱ɡūı־ƵʶмսԼÿһκʱκλáֽʧֻ֮Ҫü¼̣ÿһ˶пܱʱȡԼƸȨһ

ϧȨ˵һֲľ󡣵ڹм˵ǡ򡱵߾硣

ӢΪǵļƻǡıǡıOpenConspiracy)봫ͳıͬǣûȷ쵼ֻǡɢġ־ȤͶ罻Ȧӡǣͨ˲ǣЩ־ȤͶʿƺͨ˵ʵǵġ롱

⽻ЭĴʼˣһս˵׳ߺ˹УһƻһλҪ֡




6.1̸˹У롰⽻Эᡱ


ڻʢ٣ͳǿģǴĻʹȨ[6.2]

˹.߷Ժ󷨹ٺ˹Уа».˹EdwardHouseУĳƺǵ¿˹ݳڵݵطѡٷ׵ıá˹ڵ¿˹ݵһԣмҵļͥ˹ĸף˹սڼŷ˹ж¼Ĵˡ

˹Ӣ飬ͺܶ20ͳмһ˹ԸӢΪӢȦӱйϵ

1912,˹һʷѧǿȤС˵.ţߡPhilipDru:AdministratorС˵У˼һʴȵĶȨУʵʩ۽˰ϳ˱Թ˰ᰲȫϵ˹ˣLeagueofNationsȡ

Ԥ⡱δһ˾˵ƣ䡰Ԥֱ׷˹

ʵ˹УͿ˹д˵δԤ飬˵δʵʩļƻø׼ȷ

˹УһĿжδԤмĸ߶Ǻϡ˹УܿΪӢȦеġ̸

Ϊ1912ͳѡѡ⣬ĴרŰź˹Уԡѡ֮һѷѷ˹ԼŦıݣ̸һСʱ˴ѷԼĻ˵ǣ˹ҵĵڶԡԼһڡ뷨ҵԷֱ

λϣһһ顣[6.3]

˹μҺм֮ŹͨЭãѷѡ֮ǰڻмҾеϣ˹ڴǱ֤ͷ¿ѷţ·ӵġлֲ˷աĦ˶ϣں˹ϡ[6.4]лѺ˹ĦԼмҾס

191211µͳѡ֮󣬵ѡͳѷĽȼ٣ڴڼ䣬ϸĶ˺˹ġ.ţߡ1913굽1914꣬ѷߺڷ˹С˵

19131223աͨ󣬻ֵмлд˹˵λҷͨĹĬĬ׿гЧĹ׵һл[6.5]

ɽ˽еһ֮󣬺˹ʼעתŷŹ㷺ϵĺ˹ܿΪ̨ϵ˹ŦԼĹмŷǳԨԴӰ鼰ܶڻмңǰ.ֲͷ˹.ֲֵܡͼ.·˹..ŸĪī.лֵԼղ.˹ŷͬǿмҺμȦӡ[6.6]

1917ѷίк˹֯С顱TheInquiryİδƽЭƶ⡣1919530գ.˹жоڷһұټһ飬μ߰顱СԱӢԲ飨TheRoundTableĳԱӢľӢӵ65գЩٴοᣬ֯ʽ룬ͳһЭжȽ617գ˹ΪټŦԼˡЭᡱInstituteofInternationalAffairs1921721գ˹ЭᡱΪ⽻ЭᡱCouncilonForeignAffairs顱ĳԱμӰͻͲ뽨270н羫Ӣ˸Эᣬֵмҿңһڿε֯ɴ˵ˡ

˹ѷµĺʱ򣬾Ͱݶ˺˹ġ.ţߡġº͵Ķߡǡ˹ʵдա˹ѡͳ󣬺˹̳Ϊ׹ɻȱĸ߲Ρ

˹ŮĻ¼д

ںܳһʱһֱΪ˹Լ˺ܶźͰ취ʹ档ʵȴˡĴ뷨Ρҩ⽻Э絥һҵ֯Ϊƺõġ[6.7]

.ֲ֮ӣмҽķ˹.ֲ˹ĽڹʣҲ⽻ЭԱ1950217ղԺ⽻ϵίԱ˵ӦýһǷϲΨһǾɣƽģʶǣģ[6.8]

֥Ӹ̳1950129յһƪָ⽻ЭĳԱԶͨ˴öӰòƸλĸһȵĵλ򾭼Ʋ±ĵ·Ӧÿǵ˫֣մһսѾɵĺһսȻʺѪ[6.9]

1971꣬·˹ȵԱԼ.ˣJohnRarick۵⽻Эڽһõļ˰Ӳ֧֣ȨӰĴڽڡҵ͹¡ʹڴýӵо޴ӰÿһڱͺܷҵĺĹ˽⽻Эᣩ

ǹҺ֪Ȩýһڽ¶ŷǳнԣ漰⽻ЭἰԱʼձɻĳĬ⽻ЭһӢ֯߾߲ӵȨӰ϶µѹͨ˺ͻ

ʩѹְ֧Ȩܷ͹һõʹӡ[6.10]

⽻ЭξžԵӰڶս3,ͳѡ˶ǸЭԱʮִַܹ֮һ£Ϊ⽻ЭĳԱѳмҪְλ

1921ĲɸЭˣɭԽĹҰȫʻɸЭڶ֮⣬⽻Эỹ14䣨1949йѡ119鱨־ֳ

Ƕ⽻ЭӢǵġ뵳Уһ⽻ЭĺĳԱĳضߺ⽻ЭģӴоͿʼȫתƳԵĺ͸Ե۵㣬ǿߵ˵Ϻ˼ϣȥͱκη[6.11]

ÿʢٵĹٳϳȱҪλã׹ȲľŦԼ⽻Эĵ绰̿ѧԱƣ⽻ЭԱѯʡ

⽻ЭĳԱ3600֮ڣԱ񣬰ҪӰмң˾쵼㣬߼Աý徫Ӣ֪Ĵѧڣǿңӵĸ߼ȡЩξӢġǿġ

ý塰۵򡱷棬1987⽻Эᱨָж262ߺʹýרԱЩ˲ǡ⽻ߣڡƶЩߡ⽻ЭĳԱѳCBSABCNBCPBSȵ硣

ڱֽ棺⽻ЭԱˣŦԼʱʢʱձʿٻձͶĦ̫ɼʱȴ󱨡

־⽻ЭԱţʱƸǮܿܿҵܿ籨ժ˹ܿ־

ڳ⽻ЭԱţ¡˹ءֵܡޣϣĳ湫˾[6.12]

Ա.ɣWilliamJenner˵ͨõĵ·ȫϷᡢͳҲӱϿһܷ֮µǣϵͳ֮УһȨšӢǡĹ۵㣬ΪǵܷѾʱˣʱһߡ

ľȨѾ빲УڳӢֲСȦ




6.2Умҵ


ĻרҸ.Ƥ˵ҵҲΪҵˡ

ͬҵˣҲˡ

ܹʵĹ֯ȴⱣŵ͵ע⣬ѧоǳ㡣

8º10£ÿ10׶ءʢٺͶһ¹ڳʿʿİȻȻסݣEulerHotelμӵܡ͵ӰشĶڻ顣ʮÿ˶Լİ칫Һܵרߵ绰ͨԵĹҡ300˵Ĺ̶ŶΪṩ˾ʦŲ롢ټǡоȫ׷ͬʱ䱸ǵĻгȫյֲ򳡡Ӿصʩ

ֲܹϸƣֻЩƶÿʡŴģͻҹӦмҲʸ롣ǰӢСձСʿк͵¹еĶǡӵ400Ԫֽ𣬸ծȯ൱㴢10%Ļƽƽӵ⡣ƽͿȫ֧еȫÿµܻĿּЭͿйҵĻһ

еܲ¥ӵܵϮĵ½걸ҽԺʩķϵͳʹڷ£ҲضľȻԱ¥߲һĲʮμӡĩĳʹáվڲľ޴̨ϼĿ¹ʿҵ

ɫ۵ס

ڴ¥ļģмרֱӸе磬ʽгݿʵʱʾڴĻϡ18̲ϵشŷ޻гϵĶڴסһĻƽ򼸺Զڵ绰ϽмĻƽͷ硣

ڸֽм伸ûκηգΪеĴͻƽ׶иеĴΪѺڽйȡ߶ѡǣΪʲЩԸЩӵҵؽ׬ȡߵأ

ֻһܽס

г1930꣬ϯĴصʱڣмѾʼ˼һķŴ棬һмҵС1930ĺЭ飬ȫڸսƽʱȫ˰ֻܸеĴÿһʽȡɹ۵ķá羭˥˺Ͷ3040ŷ޸з׷װԼĻƽ𴢱ڹУӦأֹ֧ս⳥Ҳɹн㡣

ƻĲ߻ǵ¹ŶꡤɳأHjalmarSchachtɳ1927ŦԼ˹ʺӢеŵͬı߻1929Ĺб1930꿪ʼ׷ɴƵĹĿľṩһɹмΪһЩܵʽṩ׷ٵƽ̨ʵϣڵڶսڼ䣬ӢĹмͨƽ̨Ϊɴ¹ṩ˴ʽ֣԰¹սϵøһЩ

ڵ¹ս֮󣬴սʴţ˹ת˵¹еĽҵܶ඼Ǿɹнġ

еĶ»ᾹȻɽս˫мɣ˹.ˣThomasMcKittrickɴ¹ҵ˹I.G.Farben.ʩܴģHermannShmitz¹мҷ..ʩ޵о¹۹е.ˣWaltherFunkͰ׶.նEmilPauhlһζ£λϣġ

19383£¾ռµ󣬴ϴάҲɵĻƽЩƽڽݿ˺ͱ¹ռŷ޹ٵĻƽһ𱻴ڹеĽ֮Сɴ¹Ķ½ֹеĶ»һ⡣Уݿ˵Ļƽڵ¹ռ֮ǰѾתƵӢУɴռʹݿӢȡʻƽӢеŵհˣƽ𱻵¹˴սʡ

ϢһӢ¶۵Ĺע.ԸӢԼ.ɴ绰ʵɰٰáŲױʼʱŲ׵Ļشǣûе¡ԭŲǵ۹ѧҵ˾ImperialChemicalIndustriesĴɶù˾ɴ¹I.G.Farbenеҵ顣

ɵк˲ĿƿȻCochranежԹҵĶ֮Ĺϵģ

ȫѺõġмұ˴ʶѾ꣬ҵؾһкܸ¡Ӧ÷˴˵໥ڵѣһӦú˹ͳһȥ㣬˷ҵĽ͸ӵһõ״̬ʹǰӵιϵ򵥻[6.13]

ӢбȳϽݿ˻ƽת¹ʵǵĽǣֻǼϵĲƽʵû뿪ӢȻڹеĴڣͻƽɴ¹ֻҪеĿϸĶ־ͿˡǲòŶꡤɳ1930ƳĽƽֵ̨֧¹δս

1940꣬ˣThomasH.McKittrickΪеܲãҵڹѧӢ̻ϯͨ뻪ֹϵУԵ¹йҵκ󲻾ֺ͵¹к͸̫йܻ飬һ¹ս״̬ҵӦμС

1941527գնڲĪҪ֮£פӢʹ磬ϸӢɴµĹ֮ĹϵĪΪӢеŵһֱǹеĶ¡ʵӢͷлսϵе¹еĶ»ȷѺöеģֹŹֵĹϵһֱս

194225գձ͵Ϯ֮2£ѾȫԵսֵǵ¹кͬ˼ιеֱܲսȻбҵ

ӢһֱӢеĲ岻׵Ĺϵֻ̬ȣζشٲи˵˵ڹӵжȨ棬ЩŶǻڸ֮Э顣жеĹϵǵ档һսʱ֮ĻַԼʱԷʱӢȴظм֮Э飬˲ܲӢ˶Էɵġ̬ȡǣ1944շ˵¹о󲿷ֺӢĴֲɡ

1943괺죬ˡ˸˰Σڸս֮䡣Ȳֲ⽻٣Ȼ⽻ǩ֤ϣķܾȫ̻ս׶Ȼ˹䴬ֻص4£ŦԼԱд̣Ȼֳǰ¹׶¹еĹԱܵĽ鱨߲̬ȡ

1943326գԱ.˹JerryVoorhisԺе᰸ͼסһĹƺܲõԭ򡱣ͲûȤе顣

19441£һ¡ԱԼ.쳷ŭرʾɴ8500ʿɴڹС¶ɴԱĽǮȴһֱ[6.14]

һֱΪʲʿսĻ±šͬСıʱ¬ɭŲʹ뱣Ҳɴ㡣ʵڹλʿʵʹܾͰӢм¹ṩսԱʹսøһЩ

1944720գڲ׶ɭֻϣϳеڰڵϡ˹ͻأHarryDexterWhiteλʦǵսеֿΪʼַ֧ϳУǵ̬Ⱥܿ÷˱仯˹ÿĪķʱĪԾؿƽ̬Ⱥͷ緶޿޵Ŀ˹Ǻ죬þƽ͵Ŀ˵ΪӦüֱµĹʻһ֯г˹Ҳһ˵Ī쵽ĪҪɢеľ޴ѹʱ˹һϸӦùرգǹرյʱҲҪĪ֡ԽԽá

ɥĿ˹صԼķ䣬ټһӢŵĽ飬鿪賿2㣬˹ױʲһĪţҪм

ڶĻϣĪĴ˳Ծͨ˽ɢеľ顣

֪һʱĪӢдţǿսȻкܴãͬʱֱʾеĿܹʵĿ1930굽ڵ76дδκ

սеֿоȴܹмǵͣ˷ΪͨеĸܲáҲûбɢ

ս󣬹еĻءһ֮Ϊľֲ߸мɣʿС־ССձСӢеĶǣкҵбųںȦ֮⡣

ľֲҪҪѸųڹʻҾ߹֮⡣ʿб˽Уȫơ־мʿһأʱ䶯شľҲȫкܲնԸŵķɻᣬԸԼĺγʿȻһԼڻϰ׹͹ȫԵਡϱƣܲôǺҧң1979вҪܲ.ͷǣPaoloBaffiڹмǵѹ֮£ȴû֮κΡձеΪ⣬80ձزĭ֮󣬴ʡձеĸԤݳףձгô˻ǯơӢбúܽܲöͨĴҲĳԱ

оûˣĿܣųں֮⡣




6.3ʻһ֯IMF


ǻ˵IMFǳǻ˵IMFķչйҵĺǻ˵IMFľܵĺͲġǻ˵IMFľáƷʹӶ񻯨Cʹ÷չΪӲΪ˥ˡ˵ĲҴ1996굽2000꣩9µеϯ

ѧң˰ص羭Σ޽ڷ籩Ͷ˹ΣĿIMFΣĴʩұˡ[6.15]

ǰϯѧ˹ٸ˹ٸģJosephStiglitzΪеϯѧңкIMF2000ǰһܷһʽڻǿгֶɭǿݡˡʵ˹ٸĵĲֶɭĦ˹LawrenceSummersӵ17%ĹɷݣӵгȨһƱȨʵϿ

еĦ˹˹ٸ뵽޷͵ĳ̶ȣԸǿ˹ٸĬĬݣһҪáߡ(Removal)ļʽ˹ٸġ

˹ٸ2001ٻŵѧ˹ٸĻοֶͳϯùʡ

ⲻǳ˹ٸĵľѧˮƽǳġ⣬ҪǶԹмҷĵġȫ򻯡̬ȡҹʽڻۺͼ⵱ȻǽڴһϵĻ֮ϣȫû뵽ǣЩ⡱ҽڻʹ

˹ٸȫšıۡĹ۵㣬ͬģкIMFĴѧҺ͹ԱҲйԱҲͬǵĹдκΡıʵϣӲ棨OperationLevelϿеĹȫǿѧϽģÿһݶгÿһ㷨пѧÿһгɹİ˵ǵճУšıȷʵԩˣκͬѧģͺͷóͬĽۡ

ǸƵĸ֮ϸںͲȫ͸ѧиɻġı߲棨PolicyLevelϡսǣǰľתЧྶͥ

ڽܷ.˹(JeffreySachs)˹ǰϯ.ֶˡиܲðŵ.³(AnnoRuding)һͬˡƷ˹ԼܽһƷģ

ҿǵչֳƱ仯ᵼ¾øơһԳԵĵط׼һЩй㷺ľøĸʩ3ɲ֣ҡṹծ顣ΪĿͬʱҪڵʵʩһֺ۾õծɷû

ڲƷʵʩĹУ͹мڽǮϸʵԵ֧֣ڴʽǮġѪ£ġƷЧ

ȵܡáǷ̨ϣһƶ֮Ԯ͹мԭӦõĽڡѪȴȻֹ˵³֪ѹ˹ڴԩ֤ĳɹȴ⣬ܡ˾Ȼһغˡ

ʵƷĳɹԭһ׶߲֡桱ϵıͲ˹˹ٸĽڡ桱ˡ

ڲ׶ϵ֮ҽڻĽΪȷԪҰȨλмҷϳλΪʵ֣˹1933ϳ˴ͳĽλϵ󣬻ƽԪֱӶһϵGoldStandardƽӶһGoldExchangeStandardȡ˷ϳƽĵһڹͨгУԪȻԽԪһɻƽ𡣶׶ϵһԪһDollarExchangeStandardȡ˻ƽ𱻻ƽӶһԪҹԪƽҹֻвԪһƽ𣬻ƽһ˻ͨԴˣϳƽ˵ڶ

IMFжʵʿƣIMFŷͷѽΣΪ˷ֹʧأشϣﵽ޳Ʊ85ϲʵʩӶ൱ڸ17ͶƱȨһƱȨУѡгȫȨ£ֻкٵ²85޳ƱżԱߡЧʡ桰ơͽڡ̡֮ε

׶ϵʦ˹˼һʡĸرȨSpecialDrawingRightsδҿܣرȨνġֽƽ𡱣ֲڳڵ벻ɵĻƽʵȱʷһǰġΪع涨ĳֽ֡ҡֵͬڻƽ𣬵Զܶһɻƽ1969صĻƽ֧Σʱ¡ƳȻûԪƽһϵĹʳŵı׶ϵ֮󣬡رȨֱ¶롰һӡһʹҹһ˹40͹ġҡҲûܷ̫ó

1971ֹƽԪϵIMFеʷʹʵѾսˣмҺܿΪҵµĶλչйҽСȫ򻯡

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6.4ͳľӢ


¶ϵ조Ĵá෴սȨĹһһвʳİ취ϰ취شﵽǵĿġ[6.18]

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6.5˶²ֲ(BilderbergGroup)


ЩǾڿţǾͲΪƶչƻԽԽӣ׼֪ʶӢмɵĳȨʵ϶ùȥʵĹԾ[6.21]

ά˷1991˶²ֲȡԺһùݣɺĲPrinceBernhard1954һִ˶²ֲ⽻Эġʰ桱ŷ޵мҡμҡҵ䡢ýѧɡеÿһԱ˹жº˷һѡģЩ˺ܶͬʱ⽻ЭᡢʥЭᣨPilgrimsSocietyԲЭᣨRoundTableίԱĳԱ˶²ֲǰŷڵļŷϻĲԴأյĿľǽһ[6.22]

֯صǡء

˶²ֲܲںУLeidenе绰롣

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ýڱ˶²ֲǰ˳Ĭĸ2005꣬ʱԵ͵ַȱԷзı۵ʵϣκǿľֲ˶ᱻЦıߡӢԱߵȱ˶²ֲԱ˵ֻһĵطһ˶ԡɷ̳

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áԴԴϵʯԪ롱ͼĽ




6.6ίԱ


ǵĹܹӵΰƶȣҲܹĲƸʹǻڼУǲͬʱӵС

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7.1ϣԪѳƷ


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һ޴ɵǵ׼˲ıɱϣίԱĽǰ˹ߵ5.6ʱǹһӵɣһпϵľһӵͷûŰ˹ߵ̵ʱ׼ȷΣֵǴпϵľӵȻ˿ϺڿǰĵݳģļʼΪ㣬ǳ֮Ϊһӵרţֻһ˴Ӳͬķ򳯿ϿǹҲֹӵ

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һ˽ܿɷ˿վһŵﻪʢٻʱȻŽѪĴ£Ϊáǿµ񡱣ʱְ˹ߵԱѺܿ˵ġǡ˭ܿԼ˵50꣨2044519գСĺѾȥȨͼݹһ500ҳĹڿϵļû뵽СĶ1999һηɻʧɥ

ϵĵܵ޲أȨ˶ƶߣ1968굱ѡͳѡ֮󣬼϶յѡͳǾʤʱڴͥڵĳϱ

ڿϱɱĶ̶У18ؼ֤6˱ǹɱ3ڳ2ɱ1˱1˱š˲ӣ5ˡȻӢһѧ19672µ׶ʱƣɺϵĸΪ10ڷ֮һ1963굽1993꣬115֤ڸ¼ɱıɱ7.2

ίԱɵĻзļ֤ݳ75ֱ2039ŽܣЩļ漰CIAFBIͳؾڡNSA(Ұȫ)Ժ½սӵȻ⣬FBI֤ݡ

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ǣϼҲǹмҼеġȦˡ丸Լɪ.Ͼ1929Ʊʱƣ˹ͳ׽֤ȯίԱᣨSECϯ40򸻺ˣԺյļҾҲܳΪʷϵһλ̵ͳôϺԿͳξӢײ㣬ɱ֮أ

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ԽԽǿҵ밴ԼõԸʱͱȻǿεͳξӢŲĳͻͻĽ漰ме⡡ҷȨʱ򣬿Ҳ֪ԼĴѾˡ

196364գǩһΪ֪11110ͳExecutiveOrder[7.3]ԲӵеκʽİҺͱ׼Ԫ(SilverDollar)Ϊ֧ţСȯSilverCertificate̽ͨϵͼʮԣ˽ежػҷȨüƻյʵʩ𲽰ѱǮ֧߰ϢĻأ԰Ϊ֧ŵĻҲǡ͸֧δծңǻͶɹġʵҡȯͨ𽥽еġԪFederalReserveNoteͨȣܿʹƲ

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Ҫ11110ͳ壬ǱӰԪļ˵

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18732£1873ҷ[7.5]ŷ˹ж¼ѹ£ϳ˰Ļҵλʵ˵һĽλ˹ж¼ϴ󲿷ֵĻƽͻƽӦʵϿŷ޵ĻҹӦĲرȻƽΪɢ͹ӦҲö࣬Ѷȸ1873ǰ˹ж¼Ⱥвŷ޴󲿷ֹҷϳĻҵλʵȫĽλҲ岽еһݼǿҷԣǳΪ1873񷨡Crimeof1873˺ҵְ֧ݸ˶

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7.2ԼѷԪλս


ڹмҶԣ׷ϳƽĻҵλȫ̼ƻ֮УӵŸߵȼڰǱڿԴǳ޴һг۸¿ʼģĿ̽ͿϳƽҵĿ꽫ʵ֣һƽͰսһӦǣȯܿҸȼ롰ȯһ£ŷСȯĴȨʱ¹˭޶ۡȯռϷ磬żķա

ԹмȵǾѹۣһҵڿ΢״̬ӶӻĿ̽ͿٹӦһʹҵڰ۸ʹϵоӦñúޱҪӶٶİòʱ򣬡ȯȻͲսϳĻҵλҲ˳ˡؼȡʱ䡣

ȻǶԴ֪һԹмұ̬ʵʱԿǷϳĻҵλһȴšҵǣĲ˹.ףDouglasDillonĸ׳ڻд壬Ϊ͵˱мǿϵڸУҪȨɵмǸڵκҪٶĲİȻײ91һ˾ĳгҵû1947ûЭᣨTheSilverUsersAssociationңӦǿҪʣĴû󡱡7.8

1961319յŦԼʱ

ԱԹͼۣ

Ա.ٲAlanBibleԵڹгļ۸۰ߡλڻԱڸ˹.׵˵ڵ󿪷Ѿ󣬶Ϊǿһʵļ۸ޡԵİȱֻͨڱ²˵ֻеԹгڹϿļ۸ѹһв̸ϡ

1961819յŦԼʱһƪϢ

ҪԲݵ13ԱͳύһţҪֹͣ۰Ϊѹ˹ʺ͹гİ۸

19611016գŦԼʱ

۰Ѿ԰гļ۸һĸӡҵû֪ǿԴӲõÿ˾9192ֵİǾܾ֧Ǯµİ̡

19611129գŦԼʱ

ϲһϢͳѾֹͣҵ۷ǻҰĹҵûˡ

19611130գŦԼʱ

ļ۸41ŦԼг߼λڶͳȫıİߣгļ۸񡣵һֹֽ֧ͣңȯİ7.9

ͳڳˣȻʱѾһЩΪİʱʣ²17ڰ˾ˡĹϴʩѾʹгصİҷȷźţͲĴȶǿԤڵ¡˾ĹƱһɳ졣

ϵһΪ߸Եƻ˹мҵͼı

19634£ϯ.ڹ֤˵ίԱȷţûбҪϵͳʹð˾ðѰ֧һֻϵͳгܻɻұֵҲֹͬ۵㡣[7.10]

һɣгõȷļ۸ǵźţ¿ʼµԴ̽豸ģܹӦҪ5ҵڣܷձסĻҵλӶֱӷлҵϣؼʱ̽1966ꡣ

мƸߵǰĻҵλս۹ϵѡǷܹסҷȨһ¿ʼӦϾͿֽһƶԪҵİعӴ󡰰ȯķȯƱٶ

ʱ196364տǩ11110ͳͻ̳ΪԸȯɱС

ϧǣмҲͬ˿ϵĲѡȰͳԿ϶1964׵ĴѡлΣ4ͳ潫޷ʰ

ϳΨһѡ

мĸͳԼѷڿϱ̵ڷɻϼ36ͳʱ֪мǶʲôҲҹ֡

19643£Լѷ̨󲻾ãֹͣȯʵĶһӶʵϷϳˡȯķСֿʼ1.29ԪΪ֧ŵ㣬ҵ۰Լѹư۸񣬴ѹ̵ֹӦ

ţԼѷ19656ϡҴȣһͰӲͨеĵλ˵ȷЩ仯ϡҵĴȣӰӲҵĹڣµҽֵֽͬ໥һ[7.11]

ձ196667յһƪػӦȷʵˣǸֽҵĹͬ30ͨѾ𲽵ʴˡΪˣѹǵĻȫͽֵˡ[7.12]

ԼҲϣÿмƻءѧءԪĹ½3%4%Ա͹ײܡǡ

1967죬ûСáİɹˡ

սҵĴҵԼѷʵ




7.3ƽ


ڷϳĻҵλĽУмҲȡˡ𡱵սԷ롣ȡҪԭڵ60ֻʣΪļһʹðΪңϵͳСժֻһֲͲ涼ޡ

ƽӺѵöࡣ೤5000ʵУʲôʱʲôңʲôڽ̣Ҳʲô壬ƽ˹ǲƸʽָٹ̵ʶǿ˹˼ƮƮġƽҰżܻġмǷǳƽͨĹӱϿƽΨһġ߶еġʷеġνûƽ⣬ǻ緶Χڷ籩ġڰսδ֮ǰסƽߵսߡ

30Ĵģͨߵҷسֽ׷޵ĽҹУ޿ɱƸ˽۸ڣɲѹס۸ڹϣһӦ֯вĹܣгۻƽ𣬽ӿĻƽѹ̲ͷء

ɻʱĵʹùмܹ棬ԲߡλʿĹǳΪġĩڵء

196111£ܼЭ̣мҴһļƻ7ŷҪҽˡƽ𡱣ּѹס׶гĻƽ۸񡣸ûɲμӹгӣܶΪ27000ԪĵȼۻƽΪƴ֣ҳеһ룬¹ս󾭼ɣɰҲս֮սܹԾһأϾ3000ԪӢⶼ2500ʿʱΪ1000Ӣʵʸ̣ԼĽе֧ƽȻĩа㡣[7.13]

ƽ𡱵ҪĿ۳35.20ԪʱӭͷʹԽ׳һ35.20Ԫļ۸а˴ŦԼ˻ƽɱ

вûж֤׶гϹƽҲôϷǡȵƽ֤κοܵ£˵ҵҲȡͬߡ

Сƽ𡱵ڵʱΪ߽ڻܣеĴͳܻһκ¼һֽƬļ¼κЭ鶼ǿͷɣͬĦֺͿͷЭɾ޶һмǵĿͷŵӵ뷨ɺͬͬߵԼ

ڡƽ𡱿ʼɹõȫԤȵ󡣻ƽ1963ũҵǸգòۻƽʳ1963һܹ۾˵47000Ԫĵȼۻƽ𣬴ƽ𡱵ȫƽҵף21Уƽ𡱵ĻƽҩⱩǵ13ԪмҼԼĺ[7.14]

ǣԽսĲϼӴԪĹӦˮĵԪܺܿˡƽ𡱵ӯʹ󲿷ּҵסۿȥ˳ƽ𡱣ˣӽеĴսɥʧԪɻƽ𣬴1962굽1966꣬жһ˽30ԪĻƽ˻ذ财档

196711µףƽܹʧ10ԪĻƽ𣬽ӽ900֡ʱԪѴ緶ΧڵΣ֮С

Լѷͳڳסˣʲôˡ

ԼѷͳһȺмΪĸ߲ΣǷͳһ⣬Ǿǳʹʹһһ㱻ɻƽ𴢱עһһѣóȫƽҵ׶ؽгˣһݵؽƽԪֵ⣬ʰԪġԼѷĽ飬ȫƽ𴢱ѺⳡǰģĶֵĽשװӢкŦԼУ׼ûƽȫͶһʹĽѵƻ˳ӢкŦԼֺۻƽɻƽͻȻӦ۴35Ԫ£ͶƱȫֻţջǵֹߣɸģۻƽ𡣴״ƽҵ֮Եͼػƽ˲֪ذѻƽ𻹻ؽ⡣ʵһ޷ļƻ

1968ļ֮ڣüƻִСԼѷͳ˼Ⱦǣгȫ˻ƽ̡ۣܹʧ9300ֻƽ𡣿ᰮȨȴһͿԼѷͳüپѡͳΡ[7.15]

19683£ƽıԵ

39գͳر˹УRostowڸԼѷı¼д

ңͳùʣĽǣһ·ûƽǼӦԵǰΣ򱣳֡ƽתΪŷ޷ЭѣѻָгƽΪղòرաƽ𡯡ҵ뷨Ƚϻң֪Ȱ˵ǡƽ𡯵ĹǺǾIMF(ʻһ֯)óΪǱ30֮ڶԺȥδһ뷨ȡж

ԿЩ뷨ǵû̫Ĳͬĩİ飨У֮ǽԸ׼ȷ˽⵽ŷ˵뷨

312գһݱ¼У˹д

ͳ

ҶԱȶ.BillMartin,ϯղμ飩¼㣺

1ڻƽ۸ı仯Ӣͺ˿ͬѡ񣨱֡ƽ𡯣¹ԥʱʿǿҷԡ

2Э飬׷5ԪĻƽԳŵ5Ԫ֤ļתĿǰ׶гƽʧٶЩƽֻּ֧ʱ䣩

3ŷʶǺܿͻٷǳѡ׼ʱر׶ػƽгûƽоС

4£Ժͳùæһһرաƽ𡯺󣬸ԺЭ

5ǻ֪Լգͱȶĸ˹۵㡣ǻڽǽ

Ҹ˵ĸоǣൽʱԽԽˡ

314գڻƽϣ˹нһ棺

ĸ߼ʴһ£

1ڵٳȥˣϣкת

2ĩҪڻʢٿһƽ𡱲Ļ顣

3ǽۣƽڹڼĹ򣬱ֽгĴʩӽرȨSDR's

4ڹڼ䣬ǽԹٷԪ߰ԭ۶һ

5ܴκЭ飬ǽֹٷԪһƽʱˡȻٿ顣

6⽫ʹгһʱңΨһʹҽһԶİ취һΪûƽ۸ĺ

ڱ¾Ƿر׶ػƽг[7.16]

۲ȡʲôʩҲȲˡƽƲˡ1968317գƽ𡱼ƻڹŴˡ׶ػƽгӦҪرڡ

ƽսҰܵͬʱԽսҲϷԵı仯1968130ԽλӶԽ30ʡʡͬʱģռڵһЩҪĿ꣬˳ŶҲݡΪνȻԽȡϵʤǴӾ½ǶȴǱԽܱʣλӷԼóƮĴ򷨣սƻ֮£λءҵʧȥλڻıԽӽдģԽսǰܻиĹ[7.17]û̾ǣԼѷһλᡣʱԼѷڽսϵĲҰܣѾʹɥʧ˼Խսĵ

׶ػƽгĲҰܣľ߾ӢȫֻţֽλıʿҪϳλɲ˼ۡ˫Ϊ˻ҵĽھ£Խսճˡ

ǣ۵ʼת䡣1968227տʿأWalterCronkiteԤԡʧܡձʡ̬ǷѾŪԭȿɼԦĿꣿû׼õĻӦ׼Խ¼ǰʱܿ315˵1968ʹ˾򵽣Խϻʤֻȡľ棬ѾǣһǿȨܼˡʱ˯ѾõĲԱҲѹԱʼɣȨͬս𣿡˹ƶһĵطһս

1968331գԼѷԱγ20ԱֹըжɴǰԽϣơԽϵĿͲˡѡͳ

Խսıԭ׶ػƽսĲҰܵͳξӢײĽڡĴ




7.4رȨSpecialDrawingRights


ѧڷԪΣʼռǻƽȱ˻ΣӽλʷȻǵΪ򣬻ƽȱԭ޽ƵԪΣĸԴͰ۸ڱѹһƽ۸񱻳ŤһҪĿľɻƽľΣʱֵͨȡľڶļǳʵıʡڡƽ𡱴Сӵ֮󣬹м𿭶˹40ġֽƽ𡱵˼룬֮°װرȨΰ

編ѧſ.³ָͬʱѧǷһڸҵƲ״̬ʵÿҵб䵽һĹʴҡΪ˲ͨͣرȨ뱻ϸرȨķ£Ȼ޷ԪծһС֡[7.18]

ǻһϲףǸִʷϵĴ٣

ֽƽʤ

γ.ֶЦݵظý壬ʵʩرȨƻձѧɵһشʤΪǶϾɵĻƽǻҼֵΨһָӰ;ҩֱӴ[7.19]

ǣձ˵ʹرȨҲԻƽģԻƽȻǻҵָӰرȨֵܱ

رȨһξʵ

һ죬رȨᱻʷѧԼ.ͣJohnLawıɵġϺĭһΰ󡮷֮СΪͬƽȴܶһɻƽֱרˡκֽһõλֻڹ̶ºƵؿɶһƽܱͬڡƽ[7.20]

¹ѧԡֽƽ𡯵ĸҲ˼У

µSDRֻ緶Χڴ̼³çĽźͨ͡SDRͨͷӵʤῪ˵ȫܿƵġҡ·ϵһʯͷԶϡȱ[7.21]

1969318գȡеԪӵ25%Ļƽ֧ŵǿҪһΪж˻ƽԪеǿƹϵ

಻Զˡ

ȻмҵļƻÿζԸʵ֣˹40رȨΪδġҡĹȷʵЩڡǰˡмǵֹҲȫȻûеսսϹġԭ͡Ѿʵˣʻһ֯һԡͳһĻҷлҲͬʱλˣرȨڳΪңҵӡֻϧƻϲϱ仯Ӣ˹汾δ硰õͼ뻳ص汾вСĳ룬ռʱ˺ͣǲƴ֣ȻֳɵԪȨĿ˹ļƻ˫ЩˡûйƵҵ˳ͣ޵ֶҡĻԱȣرȨʼû޳




7.5ϳƽҵܹ


ɲȥƽ̵Ľӱӿӣ赲޼¡ı֧Ŀ˱ըԵĳ֣ʵֶԻƽĹ̶ʡǻƽ̫٣ϵͳ̫Ԫ

Լ.˹ؽⳡƽսһι£

1971810գһȺмҡѧҺͻר߾һηʽֻۣ̽Σ⡣Լ3㣬.ֶ˵ĳˡʱǲγ⡣

һ۸ֿܵĽ֪һֱ֧صĻߣĴʵ˷ˡΪŴţĻᵼ˥㡣ֽ߻ƽ۸񣬱.ֶΪеùͨ쵼˲Ըǵϻұֵʵжءʵ̫ˣʱΪֹģңΣ໹֪ⲻ1933Ҵڽ״̬£˹ΪΪ

ʱ.ֶתңӦҸΪԸϢֲԸƽǼۣǾֻйرջƽһڣ35Ԫһ˾۹ĻƽѾˡ5Ժɾ͹ر˻ƽ𴰿ڡ[7.22]

1971815,ˡѾԪƽҹĹʳŵˣ1933˹ٴζԹˡڵϷ˵У˹ʽгϵͶ˽гĻңΪ˱Ԫ롰ʱԪһƽǣ˭ָġͶӡأҪ֪˹ǻСгڲ׶ϵԼʱ仯ԺԲơÿһͶ˶һƽģֻивʸ񡣶ͷ¡ȻǷˡ

ƽԪһ˿ϵ1971815ձͳն֮ùмҽżʱˣʷȫһһ뷨ʱǸǻ¶ۻΪʱ硣

Ϊ׵ҵ˻ƽһ֮󣬹ȻʼǰδеŴʱҷѴﵽ޽ĳ̶ȣ2006Ϊֹ˾˽ǷծܶѾߴ44Ԫ5%Ϣ㣬ÿϢ͸ߴ22000Ԫ

ծѾ޷ĳ̶ȣծֱ뱻ǷǮ˻ǽǮ˻ǣͶ˰




7.6ô̿͡ʯԪTheRecyclingofPetrodollars


1973106գĴжսͬʱɫзȻмϣɫеƫ̻ߣ1016жʡɳغ4Ҽʯͬʱͼ70%˾ٶ70Ժ˼ΪԶӰ졣

ڿصİҲϣ˴ǿҪΪҪĿ꣬һûڰҵҵƲʵʩлʯͽˣϵͳгʽΪ⽫29󾭼ΣȻЩûбɣ1017Ǵ5%ʯͲÿ¼5%ĲֱǵĿʵ֡

1019գͳҪɫṩ22ԪĽԮ1020գɳغȫֹͣʯ͡ʯͼ۸Ӧǣ19701.39ԪһͰԭͳ嵽19748.32ԪȻʯͽֻ5µ19743½ǣ¼ᡣ

мǧټƵıɳصȹʯԪ

ϸȡֶ֮Ĳԣڲֻ߽жʯͳҪͻѡΪɳءɳһعϡĹңʢʯͣشжأʡǡˡɫеǿڻţ·˵ɳһ̵ĲȫСһ֮ɳ˺£ȫ֧֣Ҫʱľ±ṩ֧ԮѵȷɳڡǣʯͽױԪ㣬ɳر׬ʯԪȯȷʯ͹Ӧʯͼ۸񲨶뾭Ͽɣʡˡӡίʯͽˣɳֲɴ˲ʯ͹ӦȱڣɳػҪСȰ衱Ҷʯͽˡ

ô̿͡ɳȥƻľ֡Ϊһ̹˾ϯѧҡǡʹͶɳؾԵ÷ǳǰǰǣĹ̺ͽ˾бꡣ[7.23]

ھһ˼ڤ֮ͻȻһУɳ׶ŵôϵȺִϢ̫󣬴ģнܹ׬غܶʯԪһ棬֪ŷ˳ԱľѧҴҪʯͽӹӵԼʯ;ҵԻñȳԭ͸ߵ뵽һáˡĽӴȺ֣ʯԪ֧ִ豸ŵõҲҪ߾Ʒڹҵ棬ʯԪԭͣӹԭ͵Ļʩ棬޴ʯͼӹҵɳĮаεضǵǴ͹ҵ԰ͷ糧ϵͳٹ·ʯ͹ܵͨѶϵͳ۸죬֮׵ľ޴ķҵϵ

ļƻзֳĿһǻӲʩĺͬһǳڷͬMAINBechtelBrown&RootHalliburtonStone&Webster๫˾δʮ궼׬

뵽˸Զǰ뵺ľ޴ҵ»ؽ裬ҵͬصһлĺͬӴĹͬһֻһĹ̽ͬûءԱѵĵ֮صĿ

ĿǣҪʯԪ󲿷Ҫʹʾ޿Ϣȫ˾ϡ

ɳ˻ִĹҵʩͳݱнŷ˹ҽɳѸٵرһִҡȻһ׼ƻҡ

ĳɫƻ˵Ļϰǳ⣬һƻ֮£ʿ1974ɳأöʯԪĴ롣

˽λӻ֮µķƮҡеԪҵʯ




7.7һ׵ӵ˽λϣ


緶ΧڣλѾȫϳʿɵȼңƽֽѾȫȻûκϵùмҳԲ˯õĻǻƽļ۸70ĳǣֹλǹмȼĹ

197511գΪչֻƽ𲻹һͨǶԴֽԪģʵ˳40ĻƽнҶԻƽȡ˰İ취Իƽеոߴ50%Ļƽֵ˰ValueAddedTaxڻƽʧ40ѾԻƽǳˣټϹķ벻㣬ƽûвԤĽž棬мڳһϯ.ֶ˿ǰмԼ.˹ŪĽʱʵԼĽǴģ

ŷ˹.ڡΪʲôҪƽһе˹мҴѹƽʵʣ

1975꿪ʼIMFҪԱ¿ʼˡѹƽг;ѹƽ۸ĿʹҪҵŷֽұȻƽáɹƻƽ۸񣩵ĲȷֽҵĹܹ޽ȥ

ѧҲͬΪʧȥٷĹ֮󣬻ƽᱻ֤һּûʲôֵĶЩΪ25Ԫһ˾ǻƽġڼֵ

19758£Ϊ˽һƽӰҵĻƽ𴢱ӣIMFĻƽҪ5000˾ѹͽۡǻƽ۸ɼͦ19799³嵽430Ԫһ˾ʱĽ۱1971겼׶ϵʱļ۸Ѿʮ

19751¿ʼһƽ𣬺30˾ӵ75˾ȻԵֵƽֻ̡е197811ǰ150˾ʱг۸䡣19791016գڳŲסˣΪ⡱

400ԪĻƽ۸ձΪطӳԪ1933سеʵӦȶɳļλ

197911±ġΣı˻ƽĳڼ۸ΣѸĻƽ𴢱һٶдĵðһ˿⣬ʵĻƽԱᣬҴĻƽҲȫǸ׷׹ƽֱ˻ر档ʸǾ״ڹгϿƽҲʼį˳ҵУڼ֮ھ850Ԫһ˾ƶˡ

Ŀһвɣޱͳʼȷֻлָλá19811£ʼҪƽίԱᡱGoldCommissionоָλĿԡ˾ֱӴ˹мҵĽ1981330գ׹69ͱһ׷һǹУӵ1ס˵ΪӰ.˹صע⡣Ȼ;ɱͳһ˱Ϊ⡣

һǹͳҲ˻ָλϣ19823£17ɵġƽίԱᡱ152Ĳ࣬˻ָλ˼·ͳϽ

ӴˣҲûһλͳҶλͷˡ




ڰ¡սĻս


ǾȺվڸ߸ߵɽ֮ϣһȺ¹̩ľÿ˵һͷ޵Сϻ˵һֻ˵ѡģɱΪ˱¹Ⱥϸ[8.1]

ʱܿ1997

µ

֪˭¢ĳƷĹӦ˭ʵֳ󡣶һ˶ҪƷ˭¢һĻҷУ˭ӵ޷׬ȡֶΡΪʲôмҪʾ֭Ļǡ伫ıȡ¢һĻҷȨԭߵľ¢ȫĻҷȨ

ΪȷҷһսƸߵ㣬мҴ70𣬷һϵּڹԪġ֫⡱չйҾáʹǱھֵĻսյսĿľǣ羭áпƵؽ塱Ϊһ׶أĿ֮µġҡ͡˰ա춨ʵĻ

ע⣬мһ漯šǲκһҺ෴ǿƹҺһʷ׶Ԫǣǵ׼󣬾ͿʱԪӶ緶Χ1929꼶ľΣصΣʹвȸȨʩҺ

йĽϵʵǵ֮ءй֣ǻ᲻⣬ʲôʱʲôʽ⡣һϣκνҵ뷨Եĺǿܲȡĵսսʹձźܴԣйĳʲĭйľǵġ¡мļȷʱڣ1985굽1990ձȻǽʹɱ֣ʵʩԶ̷ǽӴʽĽں˴йõģʺ͹ʽŵɢӡ¥չйĺʲйýС׽塱ͳһеѵһ

ȻҪ뾭ϡ֫⡱йһҪǰûйգйɮ˳ˡ




8.11973жս:Ԫս


ʵ1973106ձĵĴжսżȻġͬ5µı˶²ֲϣ84λмҡ˾ͷͱѡеͻӦͷʹʧȥƽ֧ŵԪơά.˷մĸıʿȽ˹ZbigniewBrzezinski۵ĽǱԪģҵʧصĽսȨ

мһ˵ļƻùͼ400%[8.2]

һ󵨵ļƻɼĿģһ棬ʯͽձʹԪ㣬ʯͼ۸4ԪԪʧȥƽ֧źԪĸáһ棬ǰꡰô̿͡ǵĳɫͶǵѾ˹ȴĺУһʯͼ۸ǣ˳ƴʣЩԴḻĹҽΪһȺ׵ĸ

ƻʵĵطǡ޻ˡǽɫУٹ֧ɫŭˣ°һŭ֮¶ʵʯͽˣʯͼ۸ؽһɳ죬ȫŭȫ˰ϡмһɽۻһʯԪĳƱһԪƣضսȨ˳ǣʹӡȹë˼ƿߡ

ݹʷϹмҵγ֣Էʼѭš㷨ÿһشսжͬʱ3ϵҪĿ꣬áһʯҲ֡мҴǴȭĸ֡

Ƚ˹ͻλмҵĺ߹ȫЭͬ¼չȫϡȽ˹ıߣΪ鱨ɳʡֱӲִС.WilliamEngdahlڡսһмָ

ѹģж鱨鱨ŽػİԱս׼ȷϡʢսڼսġ⽻ȷִ˱˶²5»·ߡʯΪȫйߵ򣬶³-ȴĵضĻ󡣡[8.3]

ڻջ£ɳǵһɺŷ˹ңʯԪծȯӶʵ֡ʯԪȻն1975꣬ŷ˵ĲֻͬԪʯͽ㡣ǽˡʯͱλʱ

ʯͼ۸ǵʯó׽ԪıǣʹԪڹ»֧š

1949굽1970ʯͼ۸һֱȶ1.9ԪһͰ1970굽1973꣬ͼ3ԪһͰ19731016ս󲻾ãŷ˽ͼ۵70%5.11ԪһͰ197411գͼһ11.65Ԫ1973˶²֮ǰͼ۵19741£ʯͼ۸Ȼ˽400%

1974꣬ͳͼŷʩѹͼۻ䣬һ֪ĹԱڱ¼дмҰ֮ǿáʯԪĲԶԸͼۣһľ

ĸͼʱߴλͨͣϴ١ΪҵǺ޷ʶķչйң͵

ʯͼ۸400%ıǶʯΪҪԴľ˺ܴȱʯԴľ壬ͻȻ˳Ϻ֧400%ĽԴɱ˵ũҵʹõĴʯͶĻʵȵĳɱ

1973꣬ӡȵó˳һľ÷չ״̬1974꣬ӡȵ㴢Ϊ6.29ԪȴҪ֧ڴ˵Ľʯͷã124100Ԫͬ1974꣬յͻ˹̹ɱ̩޺ޣһҽһó׳֡IMFͳƣ1974귢չйҵó׳ִﵽ350Ԫڵʱһֵ֡ǣܺǡ൱19734Ҳ˵ʯͼ۸ǳɱ

70ǿĹҵóף1974굽1975緶ΧڵĹҵóήȡس̶Ƕս֮[8.4]

70УʵʩҵķչйѾеϢʯͼ۸ʹЩҵĴʽ𱻸ͼɡչйҪôֹͣҵ̣Ӷ޷йĴҪô͵нǮʯͺͳ޶ծıϢ

IMF׵ĹмԴIMFһЩп̵ԮǿЩϡͿ͵˴ùķչйҺġIMFĸҩҺʲ˽лʱгɻҪгó׹ʻ󲿷ֹҺ⼸ҩˣֿǿĹҲԪˣƶ

ڷչйŵԪڰʯʱһڵȴǡ




8.2.ֶˣ羭áпƵؽ塱


ֶ˵ѡϯΪǻֵѡǵĿۡΪ֪ܴͱأΪ֪һޱ䡣

ʷѧҲ˹.˹

1973ͨж³ά˷Ϊ˼ǿŷձڽ֮ĹϵڲȽ˹ĳЭ齨һŷίԱ塣ίԱҪԱǱŷձһЩмҡҵҺŦԼ衢ֱܲһ˵ϯŦԼܲϯȻǴά˷գΪά˷յĸıʿĲȽ˹ΪܲճִΡȽ˹иڸױǴѧڵĺѣеϰ˹ˣˣϡԼѷƹܰ׹ʱι䡣Ƚ˹ݳزμίԱᣬһصĴҵԶ

˹˵£Ƚ˹ͬؼ档Ƚ˹һ۾˿أ϶պسɴȻ뽫ߣԿصʱְλҪΪίԱĳԱִίԱʱֺͨǣȽ˹㵱ά˷ƼشһִίԱϯССݳסصֱίԱԱСܿϰ׹̨Ҫһ󲽡

ڿ1977׹֮ġ뵳ˡȽ˹˳µسΪͳĹҰȫʵǴмҽСɫʱĻơ

1978꣬ϯְλȱǹмҷǳصһҪǣά˷.ֶ˵Σͳ޷ܾһҪ

ŦԼʱơֶ˵õ˲˸ʿŷеϿɡѾõŦԼƱге9.73㣬ԪڹгһӼͦ

Դ1933Ƚ.÷ҮEugeneMeyerְмĳԱѾȫӽгĵһ߳ĻҪͨϸѡŦԼгѡֿ˶ǳǵѡͶ˹ٺ͹𣬺׶ؾѧԺLondonSchoolofEconomicsһ죬50ŦԼеľѧң󵽴ͨξѧң60ڲʱǷϳλҪ֮һ1974꿪ʼŦԼгҪλãʵʸȫ

1978119գ緢ֶӢά˴ѧWarwickUniversityһƪݽ͸¶羭ĳ̶ֳȵġпƵĽ塯80һĿꡣ[8.5]

ǣ˭壿ν壿

׵Ȼظծĵң붫ŷ

ֶʼ緶Χͨ͡ʵĴ죬ͬӢһʹԪðޱȡԪϢƽֵ197911.2%һǵ198120%ʣPrimerateߴ21.5%ծ17.3%Ӣж19795µѡġҪͨʹӾȥνһ¾Ͱѻ׼ʴ12%12֮ߵ17%̵֮ʱ֮ڰҵĽɱȻ42%ںƽʱڵĹҵпνʷǰˡҲӮˡӡĳƺš

ڡͨ͡Ĵ£˥ˣҵʹĴۣӢмȴС

֧˰ҵơƹȿں쳹죬ծ񸺵֮µķչйңǰأ塣ʱչйҵծѾɱ˶²19735»ʱ1300Ԫ51982ʱﵽ˾˵6120ԪӢڡͨ͡Ŀں£ͻȻߵ20ҵʱ򣬷չйҵľ޶ծ˾˵ġѹե֮£ѾʹעΪмҵϵˡ޽սʶǷҽΪǵʹĴۡ

1982930յϹָIMFӦöԷչйҵĻծϼӼලشٷչйӦʹڲƷֻСóסǣмӴԭϵܼӿծ峥Ĺ̡

īͳޣLopezPortilloԵָӢмҵĲԾҪʹʺ֮ĵԭϼ۸ԡ˫ɱһЩչйѾȡõĽɾͣȡýĿܡһвҪ췢չйֹͣծָ֧

īҲܹʵ޴ʱծǷչйҲԸΪҵģӹǲܹ̱ǵľûǵҵľЩծûǲ£Щծ񳥻ķѾ3ǶԴûΡּ֪ŬûɹΣ[8.6]

ҵǣϹԺ2¾ͱмҿеѡȡIMFΪάľ족īծ峥ʷ

ִʷ߹ģ֯жʼˣģԶ20ƻŷý徫ε෴ծ˺üǷծѪ͡һ⡯ִŦԼ׶صǵġ19828ԺչйҲٻծʵ顣ǵͷϱǹIMF£ǩмԻծЭ飬ĶŦԼлͨС[8.7]

IMFĴֻծǩһϵСر֮ܵõЩ֧˰գұֵȻծչչйһҪ֧һʡѡмңծıС

ī类ҽҩʳƷȼ͡Ʒͬʱֵ˲Ҳ̶õĳ̶ȡ1982ڲͳһϵоøĸʩ֮£ԪȼΪ1211989꣬Ԫѱᵽ23001ī羭ѾʵϱмǡпƵؽ塱ˡ

ͳƣ1980굽1986꣬һٶծм֧Ϣһ͸ߴ3260Ԫ𳥸֧3320ԪܹչйΪ4300Ԫ(1980)ծ֧6580Ԫķá1987꣬109ծǷм13000Ԫ˾˻Ͻֻ·չйԶûлծʱˡǣмIMFͿʼծʵʩƲ峥мҡծĹұ¥۳ʲˮȻ·绰ʯ͡еȡ

ڼʶм߻羭áпƵؽ塱кεȵɱ




8.3绷УWorldConservationBankҪȦ30%½


Ƿչйծ̶֮ʣмҿʼ߻һж䷽ʽͨļޣҲ벻Ȼһͼı㡣

ʷĽǶȿ⣬Ͳ׹мۻҵġȭľ޴

19638³һѧһλΪԼ.񼡱JohnDoeѧڣӵһʢٴĵ绰μһо⣬üƻ15רҶѧĶѧߡԼ.񼡱ڴźһСɽIronMountainĵطɽŦԼݵĹѸǣHudsonеսڼΪ˴޽ľ޴ĵʩټ˾ܲڴ˴ʱ칫ص㡣Щ˾ı׼ʯ͹˾ʯ͹˾ͺŵй˾ȡսｫΪҪҵģȷս֮ҵϵȻܹƽʱЩ˾ļĵط

صоСҪоĿǣˡúƽ׶ΣʲôսԼĶӦԡо2ʱ䡣1967꣬15˵Ŀһݾܱ棬ݱǱҪԸñϸܡǣеġԼ.񼡱ھݱʵ̫ҪˣӦҵŷ.ģLeonardLewinŷ.ĵİ£ⱾСɽı桷ReportFromIronMountain湫˾DialPress1967ʽ档һ硣Ҷڲµ˭ǡԼ.񼡱ñ汻ΪǵʱĹRobertMcNamara߻⽻ЭĳԱгоΪǹѸоHudsonInstituteûĴʼ˺.HermanKahnҲ⽻ЭԱ

й¼ԼѸĹҰȫر˹УRostowվнָñ洿Сͬ⽻ЭԱ.³˹(HenryLuce)µġʱҲ˵ñǡĻԡñ澿Ǽ٣ᵽȻ۲ݡ

19671126գʢʱWashingtonPostڡĿнܹⱾ顣ܸľǹѧڼӲ˹JohnKennethGabraithҲ⽻ЭԱָеһֵϢ֤ñʵģΪ˾ڱ֮СûܲμĿĹĿһֱѯ⣬Ҳ֪ҪⱣܡԸ⽫Ҹ˵ļɽ桯ʵԣҲԸ֤ʵĽ۵Чԡֻǽû׼ĹǷǡ8.9ݺӲ˹ýñʵԡ

ôñ澿ʲô˵ĽۣáӢǡ˽أ

ԭñʵ͸¶ˡ羫Ӣǡδķչ滮Ļּǣ۶⣬ҲȨ֮Ŀնһʶ̬ڽռκλãһݡ͹ۡı档

濪ָ

ĺƽܴ˵ǲܣȴпɳԡ㣨ƽĿ꣩ǿԴﵽģҲ϶һȶѡ...սȶһ⹦ܡʽܹչսϵͳӦñֺǿ8.10

Ϊֻսʱڣսв֮£пܷûԹԡԵ˵ĳ޺ͱӵĿ־壬ʹܹܹص˰սǿĴ߻ڰҳϺʤľ״̬£طӣκηᱻΪǱΪ෴ںƽ£᱾ܵطԸ˰ߣԤ˽

սϵͳһΪϵͳڵıҪأȶҲǱزٵġûսͳġϷԡͻ⡣սĿṩһܹӵȨĻʷϲʤöٵӱʧȥսвԵȨյȨ߽⣬ƻԴڸ͡᲻ԹޣءսĿܳΪ֯ṹȶءײ֤ķӡ8.11

ǸñΪͳսʽҲʷľԣ״̬֮£Ĵҵʵ֣رںսʱսһԤͷռ⡣ǵоڹŰ͵Σ֮󲻾ÿʼеģʱ˴սӰ϶һ̶Ӱǵ̬

ǣһˡúƽĳ·أоСҪ׷ѰĴ𰸡

仰˵ҪΪҵһܹս·оרս·ͬʱ߱31ھϣǡ˷ѡģҪÿGDP102һֺսΣƵġģġŵشв3ṩǿԷĺϺ߼ɡ

ҪͬʱҲһɵĹר뵽ƶսƶȻ㹻Ӵ󣬵ǲ߱㹻Ŀ־УԺܿ챻ˡһѡ֣Ȼ㹻ֲ60ȱŶȣֱˡ뵽ˡȾ൱̶һʵ߱ŶȣڶԻȾ¹Դﵽս֮ĩյĿ̶ֲȣϵȾȷھϷǳ˷ѡģܸ˰պͽԤ˽Ϊǡȵĸסǳ߼

ʵһѡ

ѧع㣬ȾҪﵽ緶ΧǿΣʱԼΪһң2030ꡣķʱ1967ꡣ

20......

19879£ҰίԱᣨWorldWildernessCongressĴδݵٿ60ҵ2000μһλ顣μλ1500ȵط֣һΪԡDenverDeclarationforWorldwideConservationļѾΪ׼ˡ

ԡָ

Ϊµʽ뱻Ｏ󻷾ĻΧӦôһµģʽԱ㽫ԻĹԮԮԴϡ

µģʽǡ绷Сķ

ǰƻȻͬǣһмҳϯλ飬Ϊ׵ľǰ.˹ж£EdmundDeRothschildоά.˷պķ˹.ˣJamesBakerЩæ˾Ȼһ̻6죬ܺ绷СĽڷ

.˹жڴϷԽ绷СΪڶЪƻĽѷչйҴծ̶Сȡͬʱܱ̬[8.12]

ע⣬ֹ1987꣬չйҵȫծߴ13000Ԫ

绷еĺĸǡծ滻ȻԴDebt-for-NatureSwapмǼƻչйҵ13000Ԫծٴծת绷ϣծ̬ΣѺ绷õծӳµSoftCurrencyLoanмȦķչйҵġ̬ء鲼ޡ޺ޣߴ5000ƽ൱5йռ½30%!

70չйIMF͹мҵĴûеѺƷԹΪƾ֤ծΣ󣬹мҲ̫׽Ʋ峥Щծת绷ͷϺ󣬹мĿԭѿôһ±ʲ绷ӵΪѺһչй޷峥ծЩѺĴڷϾ绷ˣ绷еĹмǾ˳µĳΪƬصʵӵߡȦ˶Ĺģ绷пǰ޹ˡ

Ϊ˾޴棬ѹ˹жº˷ҲҪġ˴λ᳤6֮á

߼Ա˹ʿJosePedrodeOliveiraCosta˹жµ绷֮һҹδߡΪṩڶڿܶ԰ľаپ÷ٶǴӳԶ޷ЩģյĽΪѺƷķˮѷΪӵС

ѺԴأˮԴ͵µȻԴҲڱѺ֮С

绷еƱȽۣȫ򻷾GlobalEnvironmentFacility1991иĹɶмǵĳԶ滮Ŀǰʵʩ




8.4ں˵Ŀ궫


ձڹѾ˾޶ƸǷ˿ǰծͳ׷ľϵֻһֻþɥʧ羭еķŴߵλΪ۵ġձͼӰĵطչ׳ʵձѾΪ缶мҡ

ձΪĽǿȨһǳ˲顣[8.13]

1987˹

ӢڵһսнʷŴߵĵλʱͬʱʧȥǴӢ۹ȫλмҶһ¼Ȼ£ǹҵľڶսԺѸ𣬸׶ػֵм˾ӣһпӺƻͳһҵκǱھ֣ϼӷ

ձΪɵľ壬ǾҵƷھǲƸ۵ٶȺ͹ģѸٴﵽùмҾֵĳ̶ȡÿֶʱĪ˹LawrenceSummersĻ˵һձΪ޾˴˵Ŀ־壬Ϊձɵв

ձսģƷңȻѸٽɱ󷴹ռŷгձ60Ѿʼҵдģʹùҵˣ˹ʧʽΪ㡣70ʯΣʹ8׺ͽγܿͱձʡͳ仨ˮڵͼҵУѾɥʧ˵ֿձ80ձĵӹҵͻͽᡢ֥һҵģµ£˳봦֮ļмɵ·ͼоƬ켼ڹҵ˺Ͷ֮£شӺͼӲҵձﵽĵʹձоƬĳ̶ȡһţ֥չIBMӢضֻʱ⣬ĲҵձĻ˻Լķ롣

Ӣ80ʵʩĸ߹ȻԪģͬʱʹ˷޺޵ڶ෢չйһѣҲɱĹҵʵձƷ80ٽռгľ档

ձٹһƬձ˵и֮߳ʱһձڵĽɱսڹмҵĲ֮ˡ

19859£мڿʼˡӢյ·5ƳŦԼ㳡ݣPlazaHotelǩˡ㳡Э顱ĿԪҪҡпơرֵձƳ˵ĸѹ֮£ֵͬڡ㳡Э顱ǩļ֮ڣԪԪ250Ԫ1Ԫֵ149Ԫһ1Ԫ

198710£ŦԼб̡ձʩѹձмµʣʹпձиһЩгʽв˵̨ó׳ԸձȻ󱴿ó޲֤͵ִϲʲشٽƣͷˣܿԪʵ2.5%ձϵͳʼԣLiquidityģʱӿкͷزĹƱɳʸߴ40%ز90%һ޴Ľĭʼ͡

̵֮ʱڣҶһ־ұ仯ձĳ̴ѪΪֲԪֵµĳ½Ŀգҵ׷״еϢƱձеĸҹгѸٳΪϹģġ1988꣬ǰ10ģбձʱƱгѾ3֮300%زﵽĿĳ̶ȣһķزԪ㣬˵ʱȫķزֵձĽϵͳѾ᧿Σĵز

ûⲿƻԵ𵴣ձҲԺͻĽʵ½ձû뵽ǣһмҲսĽڽɱж

ձʵǿڴͳĳսȡʤޱʤİգҪձϵͳһͱ붯ƳĽں˵ƱָڻStockIndexFutures

1982֥꣬ӸҵChicagoMercantileExchange硰ơɹƱָڻһǰĽŦԼ֤ȯĹߣ֥ӸŦԼƱָʱŦԼƱ֧Ӷ𡣹Ʊָ޷Ǿһй˾嵥ȨóݣƱָڻǶ嵥ϵĹ˾δƱ۸ƣ˫ӵУҲӵЩƱ

ƱгľĶ֣ģչָڻȻ¹Ʊг̣һѾ198710µŦԼбеõЧ֤

80ձľڷʹձ˶ٲһĿĺԽСձƱ۸ߵûһλǵۼܹĳ̶ʱձȻдԼǶһ޶ġһʱձͶר˵һձвµ8788꣬89ʱȻǾһַǳرĶǵģƱгУձ֮УĶܹʹձΥдصĹɡ

ڶĹƱгϣչ˾һǳҪͶߡмɳĦ˹ֵ̹ܹ˾һͶΪҪͻձʱմֽĴѰǱڵĿ꣬ǵĹİˡָϹȨStockIndexPutOptionֵʱձδŵĽ²Ʒձıչ˾ǶԴȤһˣձ˿Щ˱ضˮôֽȥܷձбĿܣձҵˬسŵ˫ĵľվָָµ׬ǮձǮָ÷

ձĴʡҲ޷ͳƵжĽͬڹб֮ǰɽ˲ġڲһûмܵġܵġƹ̨׵ĵгϣһƬٵѸš

19891229գձдﵽʷ۷壬վָ嵽38915㣬ĹָȨڿʼվָٴ졣1990112գʹɱﵣͻȻ֡վָϹȨ֤NikkeiPutWarrantsһµĽڲƷʢ˾ձҵ򵽵ĹָȨתȨ֤Ĺߣŵվָߵʱ֧վָϹȨ֤ӵߡֻøʢ˾һԸʢеվָȨųǿáȨ֤Ͷз׷Ч£ձҲԲסˣվָϹȨ֤һ¾ȫ߽ˡ

ƱгıȲձҵͱҵҵձҵǰڹƱгԱٱһĳɱＯʽһжŹƱгĵԶΪջƻ

1990ձ˳ʮ˥ˣձб70%ز14µڡսܡһУ߼ԪΪͲƸʧıԣձ1990սܵĺ͵ڶսսܵĺ൱

.ձڽڵʱ˵ģ

ûһұǰĵ--ձʵͻ֧ʱĲֺ;޶ˡ¹ԻʢٵҪձ˿ҳϺͿعծزʲջıʷƻԵĽѡ[8.14]

2006ģβɭûءףйɹʱǱ󲻽ð˿˿֪ǰα˵ձʱǲҲ˵ͬĻ




8.5˹мҵĽںڿ


صý嶼˹̻пյġСĽţִ˵Ϊƾ˼ɫʣ³ЦΪһգSOROSڲͬ

˹ƾһ˵ġںڿš͵ӢУ¹ˣɨ޽г

ֻдԼ򵥵˲ŻĴ档

˹ɨгӻעڼձȺĺذ˹Ⱥı˰ÿCarucaoӶûҪͶߺʽټҲǹҪķϴǮġ

֤ȯ涨ġӡSophisticateInvestorsͶ˲ó99˹ɷѿĵȷ99ûһˡһ밶ԳУ˹ڶ»Ա֮УֻԡͶʹʡˣѡŦԼ˹˾SorosFundManagement嵣ְҪṩûϸԼͶʹΡ

˹ӻɲ򵥡Ķ»

£.ȣRichardKatz׶˹жеĶº˹ж¼еܲá

£˹.вNilsTaube׶St.JamesPlaceCapitalĺϻˣҪҲ˹ж¼塣

£׶ʱרۼ.˹-ĪWilliamLordRess-MoggҲ˹ж¼µSt.JamesPlaceCapitalĺϻˡ

£¸.ƤУEdgardePicciottoʿ˽ΪмҡƤеǰŦԼУRepublicBankofNewYorkӵɳEdmundSafraɳѾִȷĪ˹зＯйأʿٷ϶漰͸ױǵĶƷϴǮ

˹ġȦӡﻹʿͶ.(MarcRich)ض.άTelAvivɫ鱨ŵľɳ.ɭShaulEisenberg

˹˹жȦӵܹϵʹΪǿܵĽڼŵǰ䡣˹ж¼岻Ӣ׶ؽڳǵİɫеĴߣ鱨ʦү5еĺ̨ƽ۸ƶߣLondonGoldFixȻ׶ػĵû֪ǵӵжٲƸ˹жºмҰ׸ҫ۵ľ۹ƴ򵽱ȶ.Ǵĺ͹ͷʱԼ߳׸ǡĲƸʿձȺ밶˻ϴ

˹ľӢȦӹϵҲͬһ㣬ľͬ̿Ͷʼ(CarlyleGroup)Ͷ1Ԫ˽ʽ𣬸üŰϲʲǰķ˹.˵80˹һЩҪˣǰ䲼Ƚ˹.²صһ𴴰ˡ𡱣NationalEndowmentforDemocracyһ֯ʵ鱨֣CIA˽ʱʽġ

ڹмǵĵ֮£˹90гһһη籩˹ÿһҪжֳмǵشսͼľǴʹáпƵĽ塱׶-Ŀ֮µġ͡ҡ׼

80мһʵ޺ͷ޷չйҾõġпƵؽ塱80кڣֳɹضձšڿס޵ľŷ³Ϊмصעĵ嶫ŷͳΪһ

һҪʹ˹ҡһΪƼҡڶŷǰֻᣬЩᶼǱŦԼġЭᡱΪģʽ˷ԵĸɵŷѧCentralEuropeanUniversity֮µȨҵĸаĺͷ塱ģҩԷǡר塱ġѧУݽ硰֮ݣЩ˼Ȼܵ⽻Эĸ߶ȳޡ

ۼҼ˹.Gillesd'Aymeryȷ˹ǺĹ֯ʵͼ

ںϷԺ˵ɴǿԷͬһ򸻺ġƼҡԼĸ֯˹ġЭᡯػᣬƽЭᣬȨ۲죬ʴ֯Σ֯ȡЩм䣬˹Ϊۣһֻ޴㽫ŷŷ߼ǰ͹Щ֯£˹ҿţ̺͹ڹ۵㣬ԿԴƶͳһ롣

ڶŷҽĹУ˹Թáڲ˹ŽṤȡȨӹΰ²ͷλͳֱӰ

˹ǰϯ.ֶˡиܲðŵ.³(AnnoRuding)ڽܷ.˹(JeffreySachs)һͬöŷǰһġƷ˹ԼܽһƷģ

ҿǵչֳƱ仯ᵼ¾øơһԳԵĵط׼һЩй㷺ľøĸʩ3ɲ֣ҡṹծ顣ΪĿͬʱҪڵʵʩһֺ۾õծɷû[8.15]

ҵṹ൱ڶԺ۾ȫͬʱȴƫƫҪҹӦڶȴܾѪĽֵȻǾó׽壬˥ˣˮƽֱ½ҵҵƬգʧҵᶯӾ硣

ʱǹмԡծתɡѪ˦ʱչЩҵĺʲ˹ڿһһʹϴ٣ʹЩҵľ20δָܻԪ޺޹СȫͬǣǰͶŷӵǿ޷˯ľھʵȻǿ״̬⵽֯ķ٣ʷϻǵһΣ

˹֮Ѫĸֶ߳β֮һȷһ֮Чİ취




8.6ŷ޻ҵġΣδ


˺«ðưŷпƵĽ塱սĿ֮󣬴ͱųȨ֮ŷ޵ĺĵ¹뷨òʧȥһӴв֮̾Ҫ¯ŷԪӢͷŷԪһƱγɶԪϵİȨصĶҡá׶-·֮ͬĻҳͻҡ

ĸԴ1971겼׶ϵĽϵʧڻƽӱλĲ׶ϵ֮£ҪҵĻһʼǸ߶ȶģó׺ͲҲʧ⣬ΪֵĹƱʧĹҲƸӶʹùϵŴ½Զ½˥ˣѳήƱ½ó׳ʧʼʱʼӣģó׳˳ܲƸӡһȻѭͿϵͳ1971ǰȫʵ֤صĳָ޴ҷնԳ弸ޱҪ߲ڻƽԼ֮£еĹҶʵͿ̿Ĺ۲ƸҲǹмƽĸԭ

ʧȥƽһ֮󣬹ʻϵȻңھΪġʯΣɶԪǿ֮£79ĳʣԪվ˽ŸΪĴҵԪ۸ϴȨȫ׶-ĵϣȸҹɽŷ޹Ȼˮǣ70ĩ¹ʩ(HelmutSchmidt)ҵͳ˹̹Giscardd'Estaingŷ޻ϵͳEuropeanMonetarySystemŷ޹֮óͷʹĻʲȶ⡣

1979ŷ޻ϵͳʼתЧãδŷ޹ҷ׷ױʾ˼Ȥϵͳδݱŷͳһҵģʼǿҵ׶-ֵľӢȦӡ

˲Ǵ1977꿪ʼ¹ͷͿʼŷǼƻضʯṩ߼ƷͰЩʵֹҵΪұ֤ŷȶʯ͹Ӧʯŷ޵ϵ׶طһʼͼԵ·¯ļƻŬȫʧܺ󣬾ܾŷ޻ϵͳ

¹ʱиͼıǾͳһҵһͳһǿĵ¹Ʊŷ޴½ΪĿģ¹ʼӽ׼ºͶĹϵ

Ϊ˶Ը·ͼ׶-ֵıʿˡΣδArcofCrisisһۣľǷų˹ʹж͵ನԲϲ˹ֵ˼Ƽȴŷжĺǰ谭ŷͳһҵĲǣΪ½뺣׼ʵһʯ֮Ч

ҰȫʲȽ˹͹˹ȻúƯжƳض1979ʱֵڶʯΣʵϴδֹʯ͹Ӧȱжϵÿ300Ͱʯ͵ȱڣȫܹ֮ܿµɳصĲ㡣׶ػֵʯͼڹͷͼ۱ǣȻҲΪ˽һ̼ԪһְѳʯͲҵһֿԪУʱֳУֻӣʱ෴ֽͨвظ췭֮

Ƚ˹һָоǴйơ197812ʽййػϹһش̼̾ԵУбԼй滹СΣδ˸սж¹ԭʹĺϵ

198911°ǽ¹˻ͳһʱ򣬻ȴǱһζͷľѧ۵

ȷʵ2090Ľʷдʱ򣬷ҿܻѰǽ̮˳ڿ־ձһĽ𵴡ǽĵζǧԪʱһ60гصĵ

ܵ¹ҪͶʹңԴ1987ӢΪͶʹ˲Ӧõĵǣûеõ¹ĴӢǲܶ˹ģͶʵġ[8.16]

׶طĸܸǿһЩжıʿ¹ĵ۹ˡ׶յѶı༭1990722۵

Ǽͳһĵ¹Ϊһľˣأټͳһĵ¹̵ҲΪһľˣأʵϣвֻ󡣼һͳһĵ¹İǵĹо˭Чֹ¹ǵȨأ[8.17]

1990죬׶ط齨µ鱨ţӶԵ¹鱨Ӣ鱨רǿҽͬӦôӶµľ鱨ԱļԱڵ¹鱨ʲ

¹Զ˹ֵ֧¹ͳһĴмİ˹ؽ̱ľá¹Ƴδŷõǰһִ·衢ŵάͰ֣ͨɳĪ˹ƣͳһĻңˮ齻ڵľ壬ŷҲսֻ̣λһδ

ǹмǵ룬ǿǵδ˺δ͵ŷԪ룬µ¹ؽɹ

90׶-ֲ߻֮£˹ӢĴ󱳾

1990꣬ӢȻ׶ؽڳǵķԣȻŷ޻ҶһϵERMۿŷԪϵ𽥳ͣպȻΪ׶-ĵشмǲ߻ƵĴ򷨣ŷԪϵɱҡ֮С

1990ǽƵˣ¹ʵͳһ֮ľ޶֧ȴǵ¹ʼϲģ¹вòϢԸͨ͵ѹͬһŷ޻ҶһϵӢҲ̫ãͨǵ¹3ʸߴ15%80ĭ𡣵1992꣬Ӣ˫ѹѳֳԸ߹̬ƣ˹Ϊ׵Ͷ׼һ1992916շܹӢֵܼߴ100Ԫ7㣬ӢͶ˹նߴ11ԪһٽӢ߳ŷ޻Ҷһϵţ˹ʤһɺˣθߴ400ԪĺУûռˡ˹ܹ25ĸܸ˽赽Ӵʽ䱳ʵǿܽڵ۹žá




8.7޻ҽɱս


90׶-ڶսϣشձͱ˵ͷսϣ˶ŷľã·ŷͳһҵҲ˹Ľֶʱǳͷ֮־֮£ĺ֮ڣΨϵĶǵġ޾ģʽԽԽ˳ۡ÷չ룬ҼԴصͻƹؼԳΪߴΪҪɫķչģʽ70ʼڶǵѸпеЧǣÿǰ٣ˮƽߣƽˮƽȲƶ½ȫˡʢٹʶġгáģʽչйҵȤ˹мƶġпƵĽ塱һսԷ롣

һ޻ҽɱսּڴﵽҪսĿǣ顰޷չģʽƣ޻ҶԪرֵѹĽڼ۸Աڲٿͨʣֿɽ޹ҵĺʲ۸ŷ˾ӿ조пƵĽ塱ִнȡһǳҪĿģǾǴ̼޹ҶԪ󡣶Ծڷ籩޹˵ԪڹؼʱǺεȡ󡱣ʹĽѵԶҶԪͷ

199412£³Ĵ漣˼The Mythof Asia's Miracleһķڡ⽻ϣԤ޾ñȻײϸǽָ޹ҶߵͶձ鲻㣬ģջ伫޵ȹ۵㣬Ȼе޹ҵձܵͣչĹؼˣʱˣﳤ̡ܶЩⱾҲЩҿͷгֵȻȫڷչԵصԽӸ³µЧ൱޻ҽɱսźŵ

мҵĿ̩ϡ

ʱܿɷùһֱӵ̩ĽںڿͣпʵǾȺվڸ߸ߵɽ֮ϣһȺ¹̩ľÿ˵һͷ޵Сϻ˵һֻ˵ѡģɱΪ˱¹Ⱥϸ

1994ҺԪֵ¼ѹ֮£̩ƣԪҹֱ̩ǿԪϵ˼Ϊĳ̶ȣΣȻΡڳ½ͬʱǮӿ룬Ƹ߷ز͹Ʊг۸ͬʱ̩㴢Ȼ380Ԫ֮࣬ծܶߴ1060Ԫ1996̩ʽ൱GDP8%ΪԸ̩ͨͣвòʣһʩʹծ̩Ĵѩϼ˪

ֻ̩һ·ˣǾѸٵֵ̩мǹ㣬ʧҪԪծøӰ㴢100ԪңʧŹʽгӦԵĿ϶õѸٻָǽںڿǶ϶̩ػƴһս̩־ܵġ

ķչȻ֤˽ںڿ͵жϷǳ׼ȷ뵱ԸձͬձżۺĽʵףֱӴձѻʯԹмҲµĽȡʱϵġԶ롱͡ӾࡱЧǡԶսڼµĺĸսԸսнһ㣬ʹձսнǿĽ޴ӷӾס̩ڵ£ƴսսͼȫ¶սȱԺͻȻԣյʧǱȻġںڿڶԸ̩ǹҵսУҪұͨԶںԼ͹ָڻγǯιƣ6µʱɨǵͺ

̩ںڿ͵Ľֵսȫʧִ֮ͶIMFȦסԡ֯äĿΣҵİΣ׽þٴη޿صĴ

޶ծǷչйΣҪԭιμʵͬĵ߸ծȻ¾ý״̬Ĵڻȫɿص£ֻƾҡʵУмҲŹʵԵεƣʹԭܿɿĽڻͻȻתӶȵӷչйծĸںڿٳƷ͹ֵĸ൱

ȫûзʶǶԿ⵽޴ε׶-Ĳս׼̩սܵĵڶҪԭ

Ե˵жȫ󣬵ȰڽںڿͣIMF׸൱ʧΡǹձظ̩ĽսܵĹ̡

ǵ߼ȺȺķֹ˹ڻСʢ˾һԺյмŵĲӦ֮¿ʼɱж֮˵صͽʻһ֯IMF׺̨¼˴ߵŷ˾

˵չһҹ˾зֲ֮˾Ͷмܹ׬ԪĻֲһȨҵĺʲ׬ʮٱĽǮ

޹ͼԼġ޻ڹʱȻ⵽ҵձ鷴ԡ˵ΪҪʵǿԼԵ֯ǽ³֯ΪⱾӰԶԽ̫Ľ硱ƳĬ˹ŦԼձЭ´ʱ֣ΣʱԮĽ򻯹ķաָٿӦδ籩ԴҲӦΣΪʻһ֯ĽɫҪԭ򡱡

ʻһһϯϣ棬𲻿ʻһ֯ϸҪйع徭øĸԻȡԮϣ˵ǲΪһͬӴǳڻԴ˻а

ձǡ޻𡱻ĳߣ׶-ֵѹòӣձڣʾʻһһڹʽڻзάȫȶĺá޹ҽ֯𣬽ΪʻһһɶƵ¸һûʽĻafund with out fundsݶ¸ǽһӪԻԺܿٶȣмƻԤȵʽԮЩܵͶ߾ѻĻҡ޻Ľ۾к͹ʻһʱҵľ裬ǵ⽫ƻʻһĹ

ձűֻ̫ñʾǲԴΪ䵱̫ãĻͷ˵ձԮһЩܴ޹ҷףôӲðݵĽɫ

¼¸̸޻ʱΪΪȡʻһã޻С·ա

޹ҽԼĻԱΣ֮໥ԭǼ쾭£ȴ˲⵽׶-ĵļԣձΪľ壬ȴȫˣȱ쵼޾߳͵ʶܲĶǹĺ¼µĹ۵㣬ԼԼھӵڲӵ໥Ȩܲ·աˡзյĵ¡˭ҵġ¡

ٶǰΣʵʿñȽ͸쵼ˣٶ˵ǲ֪ǵǮǴҲ֪˭ڽнף֪ǵı˭ǲ֪׬ȡǮǷи˰ͬʱЩ˰ָ˭֪ͬ˭ǵı󣿡ΪĿǰĻҽƶ£û֪ЩǮǷܵϴǮΪû˿ԹʣҲ޴Ӳ𡱡ֻҪЩκһҷƣôĽǮͻӿǸһۻκ˶ֵˡǻƷгڻ֤ȯףǱ½УˣǱƻҽףʹ֮͸ٶ漴⵽۽ȫΧˡٶ̵Ҳ̫ʺ⽻Ϸĵȷȷʳš

һսʱڵļᶨ麫ڷ籩ɨ֮Ԯ֣֮ľܾ֮˵ļڹмҿ뺫ܹϵѾΪսĲкڴ½˼ҵıۣԹ²غ͹ҰȫʵӦСֵһѣֵĲԣָ²زѧ󣬿ֶٷ˲Ŀ

ڲ³Σ߿ôŵľʱʻһ֯ԺʩӱȴͳĿĴʩԴԮѡIMFѹ֮£ԡԮ룬Զ֮ó׾ף˷ŭָIMFΪֲ

еϯѧ˹ٸΪΣԴ߾ȫرȺȫͿٵĽʱгšΪֶϯùʵ˹ٸļ³çΪΪֿİȫ棬ڻֵмҡ

Ƚз֧˾ӵй˾Ĺɷݴ26%50%˿ӵй˾Ĺɷݴ7%50%ҵʹùʻԭ򣬽ڻܹʻƣбȫʱµĻɶһ֤͸˾ṹල͹гĸȡмҶԺҵѴߣֻǩЭ飬׼ӵ뽫˺÷顣

ǣмС˺˵ǿҵʶʶ֧ŵĹҺѱͳΡڹԮصĺ˷׷ҾԼĻƽͰںľȫ㴢£ƽͰֽǮֶ֧Σ谭سΪծȨ˷ǳڽܵĳծʽмҸΪԾǣȻûгеĴģ˾еĵճ˾ûչκδͺҵͦѰ1998괺죬ĳӮѸٻѾ׿͸ְϷĺȻȻIMFǼҩ׼ƲĴҵһɶᣬϳϵͳг7001500ԪĻʣЩ֮ʱеĿȨУӶIMFųϵͳؽ֮⡣мҺջϲһʹѵʶõľԱҪԡ΢̺˾ͼıˣ8Һط˾յ֡չKIA˾ļƻزˣع˾˸صĺΡнӹҴ͵طежֹˣʱй

ȫ£ľǿ

ǣȻʻһ֯ɹȵĵ͵

2003̩꣬ǰ120Ԫծڴӹʻһ̩֯վھ޴Ĺǰ淢,̩Զ(ʱ)˵ʻһ֯ġԮ̩˽¹̩ҵܾмҵծԱ1997еķӶᡣ20069£̩䣬̨




8.8йδԢ


ٶҵСƬ˹˱˵ﶫ͵ˣС͵ǹ߷˹

Ƭ˹˺ٺһЦ˵ҲȫС͵ӦöԼԭ˭Ǽҵأ

ٶ˵С͵ôȥ͵йӡأ

Ƭ˹̾һ˵йӡȵԺǽ̫ˣ˹Ĳ㣬Ҫˤҵ𣿡

С͵˹Ա֮ЦһǵԺǽͼͽ𣿡

Ƭ˹˸ϽܣС˵Ѿɱɭȥйˣ˵2006׾Ϳڿ

С͵˹˴ϲóֻͿʼͬǷţɵǮ࣬ȥй




ھ¡ԪѨƽһָ


еĴдڣͨݽߡһ˾㵵뷨ǣȫҵСǻͨеÿһԪֳãܲҵУͨŴ㹻Ļңǵľþͻᷱ٣Ǿͻ˥ˡǾûһԵĻϵͳץסĹؼ֮ǣϵͳɱĻ֮ԼŵͻԡӦõ˼⣬Ҫڣ㷺ңϵͳ̲ȡʩڵ[9.1]

޲.ķѶ

µ

Ҿ䱾ʶԣɷΪծծࡣծҾǵҪͨеķңFiatMoneyϵͳҪ˾Լ˽˵ġһծɡ

Ԫ͵ӡԪծͬʱծ񳥻ͬʱ١ͨеÿһԪһծǷÿһǷÿһﶼڲծϢţЩֵϢ˭أ鴴ԪϵͳծԪϢԭл֮Ĳ֣ȻҪл֮ٴµծԪ仰˵ǮԽ࣬ͱǮծһ߼ıȻǣծԶӣֱծ˳Ϣظѹ÷չϵձծĻһִصǱڲȶ֮һͨ͸֧δڵҪйоϻî˵˼һңԽΪķծҡֻҲκ˵ŵκ˵ծѾɵͶɹǧʵȻġҪκǿƣԿԽʱ磬ǻеֶ֧Ρ

лУζšʵӵСǷ+ŵߵļֵű

йڶ֮䡣ĿǰҲšծ񻯻ҡĳɷ֣ԣȻֹȥѾɵĲƷĶҵķвԪһԹծѺ˽злңԵԱ˽ľ޶Ϣ֧ǶҵԸӽҡͬʱûнΪ֧ţзҵĻԣǿܱ֤Ҽֵ

ƶȣԪƶȵڱʣδĸıҪǰᡣ




9.1ִϵFractional Reserve Bankingͨ͵ĲԴ


ִԭǲģмӵŵ򡣰ǵһУ´촢Deposit)ȨֻҪʣܴ㹻ĴǶʧһСǣǴ촢ȨһвƸĺ˶ʧҲԼģǣ촢ȨӦʧΪ⽫һҸ͸õ硣ԸΪмǵūΪǵıū֧ãǾǼ촢ˡ

Լ.˹̹վʿӢгӢڶĽмṩǴġҴҵ񡱣ҽмʱмṩ׼ʽվݣЩվݾǡȯЩҵġ𽥳Ϊύ׵ý飬֮Ϊҡ

ʱǴȫϵ֮£ʱԽȯһɽҡҪǴɵġйܷѡ

ö֮ġмҷƽʱֻкٵĴǰҪ󽫡ȯһɽңۿŽĻƽ˯мҲʼβܡ̻Щ˯ʲأ

һЩ˼ǮмҾ͸ǿԵǮֻҪڹ涨ڳ֧һЩϢͿˡǮУмҾö࿪վݡİ취ȯдϢֻҪ̫ݣһ㲻𴢻ɡڵľ˵10ġȯǰȫġڴϢе֮ƣȻǶƣмҿʼΪˣǿʼԭշѵĴйҵ֧Ϣ

½ҴҵĽмҿʼдҵʱʵΪԭĴṩֽȻͬķƷһǴ⡰ҴšڶǡͶʴߵıڡҵȨڵһ£мﴢŵĽӵоԵȨмұŵʱվһҡڶǴһʱڣɥʧԴŽҵȨмҽзͶʣջͶ֮󣬴»Ȩ

һ֡ҴšӦȯǡʵڡȫڶ֡ͶʴӦȯǡǷ+ŵȯеʵʵĽӵǲִ֡Ƿ+ŵȯʹзϵͨ͵ԣעȯǳʺڳеƷͷĽý顣

ִϵͳģзƷ޵ĳ嶯мȯС׼ͨ˺ȯıʲ죬³-ѷ˶ķϺţ䶰ŭĴ״мδɣԽΪġйܽҡʱмƣȨ֧䴢ĽҡУľ1848ġ׶ϣˡFoleyvs Hilland Othersһ

ģǮʱȫڴˣʱǮмңڴҪʱ黹ӦĽǮУмĽǮеںϣмҵĽǮȨ⴦áûش𴢻ЩǮǷΣվأǷкͶûԴ˲ƲͶԴǣȻԣŽǮģΪԼԼ[9.2]

Ӣϵ֮£ӢٵоɳΪһʷϵҪת۵㣬еԼĽǮͻȻʧȥ˷ɱصַ˹ĲƲȨڴ֮󣬰³-ѷҵȫܾϡйܡĺϷԣȫʧȥ˺ϷλһдˡͶʡӷϵ춨˲ִϵ¢ϵλ

1815Ļ¬սۣ˹ж¼Ӣٷ24Сʱʱ֪ս֣ӶһӢծг˴Ӣ۹ĻҷУ󲻾ã̿˷µ³ʿȹĻҷУѳƽгȨ200ꡣ˹ж¡лֲ̫мڸ磬ʵγĹʽϵģֻмǵĽ磬е֧ƱܿͨγмҵĿضšЩ׼Ϊ˵ҵġʹ

пǲ׼ƶҪƶҲߡ֡漯šﵽ൱ģʱƱҪֱӽΪκ˾Ϸ

1913꣬пڳɹؽ˲׼ϵġģ-֮ȫ׼ƶȵĻھбӱҡ𡣵ʱеġȯ͡ƽȯȫ׼ƶȵҴߣֽұ󣬶100%Ѻһ˾ĻƽӦŵֵֽңʹϵͳծͬʱгȻȫġԪܹͨչ1913֮ǰһ

1913ִԪͿʼгȫԪмҾҪһֲִƶ¢ִļȳʵӻҷ򳹵߳ȥʹħƽͰ2060ɹطϳ˰Ԫ1971꿳˻ƽԪӴˣ׼ƶ¢ϡ


9.2ծԪɡ


ŦԼԪģԪܹһĻƽκʲ֧šȯʲûʵ壬ֻм˷Ҫڽ˳ŵǮʱIOUҡͨЩ˽˺ҵծ񡮻һǮġ

֥ӸеĽǣֽһдƷһڼֵԪһֽдҲֻǼ˲е֡ӲȻӵһڼֵͨԶǵֵ

ǾʲôʹЩ֧ƱֽҡӲҵȹڳծ;УܹǰǵֵأҪǵģԸ£ʱЩһĽʲԼʵĲƷеĲԭ÷ɹ涨Щҡ뱻ܡ[9.3]

Ҳ˵ծġһԪԪƱֵǿơôծ񾿾αԪأҪ塰ծתǮϸڣǱŷŴϸ۲Ļơ

ΪǽרҵĶߣҪĶµݣȫлġǮ̡ҵĵġҵܡûзȨֻзծȨȻùծ˽еѺͨҵϵͳлңԪԴͷڹծϡ

һ׼ծйģծƳɲͬծȯһڵĽT-Bills(Treasury Bills)2-10ڵĽT-Notes30ڵĽT-BondsЩծȯԲͬƵڲͬʱڹгϽûȥĹծȫ͵յȫգʱĿϽЩծ¼ڡ֤ȯʲSecurities Asset¡

Ϊծδ˰ΪѺ˱Ϊϡɿʲһʲ֮󣬾ͿһծLiabilityӡƵġ֧ƱǡСĹؼ衣һ֧ƱûκνǮ֧šͷ֧Ʊ

һƾºͳαװĲ裬Ĵʹծȯʱڿơ󡱣õǮġϢصõңֲ¶ӡƱĺۼǿװǵڻĿϾȻȫƽģծġʲҵġծȡϵͳذһ֮¡

һ򵥶ҪһĲδ˰ձѺ˽Ԫ˽СǮǷ˾޶Ϣ䲻ڣ

һδ˰ղӦѺΪǮûбѺδȻ»ҹֵӶ˺Ĵ

δ˰ոӦõѺ˽УмڼȫǮ£ͻȻӵδ˰յĳŵǵ͵ġװǡƾ޹ʵǷ¾޶ϢЩϢֳ֧Ϊĸ񲻽ĪرѺԼδھҪ̽˰Ƿ˽еϢԪķԽϢԽأԶ޷壡

ڶյġ֧Ʊ֧Ʊֱвҡһ䣬ˡGovernmentDeposits˻ϡ

ʼǮСС֧Ʊˡһ˳ӿ򾭼塣յЩ֧ƱĹ˾͸˷׷׽Ǵ浽Լҵ˻ϣЩǮֱˡҵдCommercial Bank Depositsʱǳֳ˫˸񡱣һеĸծΪЩǮڴҪˡһ棬ֹеġʲڷŴӻĿһжƽģͬʲͬĸծǣҵڴ˿ʼ׼𡱣Fractional Reserv Bankingһ߱Ŵʼ׼족ˡ

ĲҵдĿϱ·ΪдBank ReservesʱЩѾеͨʲһԾΪǮӵġ𡱡ڡ׼ϵ֮£ҵֻ10%Ĵ𡱣һԣֻ൱ܴ1%2%ֽ8%9%ƱԼġ⡱Ϊ𡱣90%Ĵǣ90%ǮͽŴ

һ⣬90%Ĵ֮ԭĴд֧ƱǮô죿

ʵʱЩԭĴȫеشġǮЩǮʹӵеĻȡǮ90%롰ǮһĵطڣǮΪдϢ롣ǡڶӿеĻҡڶһصҵʱͲ˸ನεġǮ죬ʵݼơ

20ΡʱһԪĹծҵеЭͬ£Ѿ10ԪĻͨծ䴴ҵನĻͨھҪʱСǮĹ½ͨ͵ĸԭ򡣵2001굽2006꣬3Ԫծʱ൱ֱӽ˻ͨټ϶ǰĹծϢ֧ɵĺԪұֵʹƷزʯ͡ҽơռ۸Ĵǡ

ǣĹծûֱӽϵͳǱУķǽڻ͸£Щ߻ѾڵԪԲûСµԪֻелծʱŻԪĲܹʱסͨ͵ԭ򡣲ڷеĹծᵽڣϢҲҪ֧һΣ30ծʱ޿ɱԪ

ӱϿ׼ƶȼծϵǳͨ͵Ԫסڻƽλ£Ȼȯ𽥴ƽ𴢱½λȻ塣ڲ׶ϵ£ǱȻ»ƽһϵıڴⷨƶ£ս޿ɱزͨͣյ緶Χ˥ˡ

ծ֮£Զ޷ծ˾˽ծΪծ֮գҲԪʧ֮ʱծǵ٣ծϢѩЧӦ;ȻĻծٶԽԽ졣




9.3ġծӡġ


80еĹģǰĹծϢĸߣ˽˺ͷлͶߣҲ֮ͣԪĻʹõĹУԪ١90ڴҪңԪծȻ֣ճƷļ۸ڵһձֵ£ҲԵøˣ˸ͨ͵Ļƽ¡2001ڷսӴ֧80еĸ޵Ĺծ׷׵ڣԼԽԽϢ֧ʹиĹծ滻Ϲծ1913굽2001꣬87һ6ԪĹծ2001굽2006̶̵꣬5ʱ˽3ԪĹծծѸߴ88000Ԫÿ25.5ڵٶšϢ֧֧и߾ӵλҽƽ͹ÿߴ4000Ԫռ17%

ծ1982굽1992꣬дڡºӡ״̬8%1992굽2002꣬롰쳵ﵽ12%2002꿪ʼڷսʹ̼˥˵ľõҪսʽӽ͵£ٶȴﵽ˾˵15%ʵծĶһȻ20063ֹͣM3ͳƱ沢żȻġ

(ʷϻûĸص͸֧δ͸֧ԼĲƸҲͬص͸֧δƸ,κһϤƱͶʵˣԤֶȵսζʲô)

2001911˹Ϊȹкծȯг˺İʴ6Ѹٽ1ɵԪŴǣʹԪȫ緺ĳ֣ˣԭԪʵӡɫƵֽƬȫҪԪ߼ͬʱ˷زʯͣƽ𣬰Ʒ䲻ĶһλͶ˵ŦԼܷԪֽңֻϵ۲ܷʯͺͻƽ𡣡ǣԭͼ۸22ԪһͰǵ60Ԫƽ𡢰׽ͭпǦ󶹡ǡȡɿɵȼ۸ֱ2002۸120%300%ѧȻĵ˵ֻͨ1-2%ǲ.µһԣ

ֻԣԡĻԺͳ֡

˲ծѸߴ44ԪЩծծطծ񣬹ծ˽ծܺ͡Щծƽ̯ÿһϸߴ15ԪһĿ֮Ҫ60Ԫծ˽ծУעĿľĿӴסҴÿǷ5%ıϢ㣬44ԪÿҪ֧ߴ2.2ԪϢ൱ȫĲ롣ȫծУ70%ծ1990Ժ󡰴족ġڵѾٷ80ĸսεˣΪѾظծκθʵ߶ھɱ

ծ񡰽ǮټϲִһŴѾ͸֧δĲƸ2006꣬Ͻɵĸ˰ܶͣȫתϵͳ֧ծԪϢ˽ɵ˰ûһǮõϣĽ֧Ҫصĵز˰룬ȫĸٹ·άõ˰ñսǡõ˾ɵĹ˾˰仰˵3˱мҡ˰˼ʮ꣬һҪ긴һ걻̰ȥĴͨͨͱмҵġǱ˰աٹεһƤ

ȲծǷܻծѹûд㳥ծֻǲϵԶӵծȯȥ滻ծȯDebt RolloverԼծۻϢѭֱԶѳָһ棬ӵڶΪծǷǳõģǣõģΪծȫҪ١

ǰһ˿ԲϿԽԽծݳ޵ҿԶûǮֻҲҲĺˡơġ¡ЩѧΪòծԶܡ뷨ΪһԿӡƱ¸˼·ûб

Щѧǻһָ޺ҹĴ羭ýṹʧĸԭֵ˱˻Ե۵֤ѧѶ䵽εȴĿĳ̶ȡ޹ҹĴﻹйĴأЩʮܵĴԴԴϵͨծʷϹģǰġġΰ顱ȥˡ

޹ҡڵ򡱵ľöծ󣬾һ㣬һ̲Ѫͻ̩ͨҲֵʵϡĹծ޹ձȻʶΪ5%ծرðȴԪʲ޷صľұֵʵʷգβһͶʡ

ǰĬ˹ָйֹͣƽÿڼʮԪծĹþͻд鷳йήҲд鷳ʵϣ˫Ѿ롰ڿֲƽ⡱״̬




9.4Ʒгġ⡱


ÿʽӵ2ԪϢ֧ᱻ족ϵͳĻһֿøծĴδѻһϢԪҲֵͨͣǣͨͣCPIƺԡмҵħأ

ڱɴȥǽʮĽƷг

20ǰȫĽƷֵNotional ValueܶΪ㣬2006꣬гܹģѾﵽ370Ԫ൱ȫGDPܺ͵8ࡣٶ֮͹ģ֮ԳκƷıʲôأԪһҲծծĴծļϣծļװ䣬ծĲֿ⣬ծϲɽ

ЩծΪʲŶԳͶϣҲЩծ񱻱չ˾ݻʲ˻ϡЩծ񱻽ţţѹţţţţͳţһծʢ磬ҲһĲʢ硣ڷ׷ѧʽֻпպͶѡÿһźͬһζĲÿһζĲؼӮ

ȻԪĺģĳϱׯҡ˭ׯأ5Уǲңǡ̡⡣

2006ڶȵҵнгָ5УĦͨ(JPMorgan Chase)켯ŵȣռȫ902нƷܺ͵97ռ94нƷУģǡʲƷࡱInterest Rateռӵ83ֵΪ987Ԫ[9.4]

ʲƷУʵڡInterest Rate SwapռơʵڡҪʽǣһڣáϢֽȥ̶Ϣֽһ㲻漰Ҫ;ԡ͵ĳɱģ⡱ڹ̶ծȯʹֹľGSE(Government Sponsored Entity)˾ͷҳڹ˾÷жծȯ30̶Ϣķز֮ԡʵڡԳδʱ仯ķա

98.7ԪƷУĦͨռͷռ74ڵķֶڽУ101ʽܸ˱Ͷǳðˣ1001ǡ͡Ͷʣ90ĳԳ𡰳ʱ𡱣Long Term Capital Managementλŵýָ£˵ʱӵķնԳѧģͣӵȽļӲʩһܸ˱Ͷʱһ˸⣬ЩϿĽϵĦͨƷʱĸܸǱڱȻߴ6261֮[9.5]

ĦͨʵƷгġ̡⣬ǼжԳ߸߷չ˾ĶԼҡ仰˵ҪͶʱֹδͻȻǣĦͨ˱֤ʲᱩǣľһֱաʲôصˮĦͨð˾춯صķգԤֻи˹˺ʱ֪ʱ仯أĴֻһĦͨŦԼĹɶ֮һŦԼһҲ۲۵˽Ӫ˾ĦͨԱ˸֪ʱ仯Ϣʱ仯ߵƶߣԶڻʢٵίԱᡱǸִлѣߵı仯ڻϲͶƱʱġȻͶƱǱģͶƱ˴һʼǱмǰõġ

Ħͨ׬ͺñĦͨһܹ˹ƽĹ˾ǺˮĵıգȻ֪ˮʲôʱģ֪ˮҪûĸ˹̹˵ϵ۲ӡĦͨгġ̡⣬ͬӡ

ŽƷгģըԵĳɳļԶԶˡƷĺͬ潻г֮еģҲ̨סOver the CounterڻƶϣҲѽƷĽ볣ҵȣ˵˰ʲծˡģӴ󣬽ڸܸ˱ƫߣԼҷԿƣɣڽгԲΪһöʱ˵

ͶгĿǰ٣ծϢ֧족ֵԡֻҪ޶ԪͺԪתгЯȥڴй¶гϣָͨͻ漣رסͬһг̣ǽʶʷصĽڷ籩;Σ




9.5(GSE):ڶ


ڻƺЩGSEеĶڣծȯķʡͶΪǵͶȫԱ⣨GSE÷գԭΣʱΪ㹻ԤʱԵЩծȯڼºʱ֡ڣΣʱGSEĶծȯڶ̶̵ļСʱ༸֮ȫɥʧԡκһͶ߿ѡ˳Ͷͬʱʱ˭ҲܲмʱһЩծȯеķزʲ޷ٱ֣˵GSEծȯĳԲɹ[9.6]

ʥ·˹ܲ.2005(Government Sponsored Entity)ָȨҷزĹ˾Fannie MaeͷFreddie Macҹ˾زĶг䷢еԷزΪѺƷծȯMortgage Backed Securitiesܶߴ4Ԫʵϵͳŵ7ԪķزеĴ󲿷֣תҹ˾ǰЩڵķزҴɰMBSծȯȻڻֳ۸Ľڻ޵СеMBSծȯǴչķزҴ֮һ͹ҹ˾Դͳƣ60гҹ˾ծȯʽ𳬹ʱ50[9.7]

Ϊй˾ͷ׷Ϊ򣬶ǶԣֱӳзزҴͼ£ʲǰ÷նԼе2002꿪ʼϢʱͷȴʼԽֱӳзزҴܶ2003Ѹߴ1.5Ԫ

ΪеӴծĽڻСĽܷգҪĲԾʹʲծޣDurationǺϣʲķսԿơΣӦñԶֳ֧ծ񡣴ͳıطʽǷгڿɻծȯCallable Bondsʹʲծʱ޴ﵽͬͬʱͿȫʲǰաǣʵҹ˾ȴҪʹóڹ̶ծȯͶծȯʣʵĹģߴÿܱRoll Over300ԪĶծȯ,ӶʹԼ¶ڸ߶ȷ֮¡

Ϊ˹ʲķգǱȡӵĶԳԣʹծ͡ʵڡInterest Rate Swapһֶծ+δ̶Ϣֽϣģ⡱ծȯЧáȨSwaptionԳ尴ǰա֮⣬ǻʹá걸̬Գ塱Imperfect Dynamic HedgingԣԶڿܵʾҲصءԳڲ̫ܵǡͨЩʩһпǹɱҲĵƺǸķʽ

׷ǿ֮£ڷͷͶУǻԽԼеMBSծȯէƺϺԼжծȯԼծȯĵ

йµĵͷȨķزг¢ϾӪ̣ҹ˾ṩżӵĵνӣҹ˾ṩһöȣLine of Creditڽ¿Զá⣬ԶԷͷծȯ֣Ҳ˵пֱӽǵծȯлһծûκι˾ծȯд١г֪ͷеծȯԪֽʱȾͽծˡеĶծȯϢȹծԸߣȻ˵ԴȻԼĳծȯȻĿռ䡣

Բŵ˵ҹ˾ծȯһ̶ϷծȯĽɫʵϳΪˡڶΪϵͳṩԣʱΪʲô17Ϣ֮󣬽гȻֳԷģԭͨGSEٳԽзز˽гǡƵӰصսйӴӾﲻϳˮȻĵصλְͨѹصˮͻ˾ùֱƣ֪صж

GSEԶծȯMBSծȯΪټϹмǴԪгԼͳɱʣԸܸ߱˹ծȨΪΪծȯծ30MBSծȯ쳣ֵġپ󡱣Ӷѹ˳ծȯֳʣ֮󣬿ȥгԳͨ͵ԵˡǣͶԥһ֮󣬻صծȯгǣĴԼġ顱ǣʢǼš

ֻĻþվǻþGSEǼΪ񻶽ڹӦƾʱ֪䣬ǵʱѾ½Σյ3.5ˮƽϡڱԪĳծ֮£ھҶĹг֮Уʱ֮ͣѾø˹ʧߵĳ̶ȡꡰʱϺųơáĴʦָºӵ걸ӵķնԳģͣһ˹ծΣʹĽԳ֮ҷ𡣸߶ߵGSEԳԣܲܿס벻ͻ¼أ

GSEڶԶͻȱݡʥ·˹ܲ.GSEĿ磬ڷ25ծÿʲȵ֮óĽǣ

ڳ1Ĺծ۸񲨶УԼ34ֵ3.5ı׼ƫֲ̬ͨģʽĸ߳16һ250գǿȵʲĸһΣǹƵ81ֲ̬ģʽȫʾҲķա4.5ı׼ƫĳǿȵĲԤڵİ֮ߣ6573з11ΣּĲһ߶ڸܸ˵Ĺ˾һ㣬ҵĲڼбһصҪģζһҹ˾ں̵ܶʱڱ𵴺üΡ걸ԳʾҲ£ᵼҹ˾׵ʧܡ[9.8]

ڽںڿͻȻԪֲӶкϮϮƽ۸ǵͻ¼ծгƱؾ𺳣GSEҪһ⣬ԪծȯڼСʱ֮ɥʧԣȣĹģҲֻĶ60пܱϿ壬߶ȴ370ڵĽƷгᷢѩгֲֿķ

GSEĽƷгľ޴սǱɽһǡ

ְְָ֡ڡծһġծ񾭼÷١ģ

ҿЩۣչĹ˾ǱǮʱµģǱծµġҵĳʶңһ˵óЩծ۹ձڶսĹ̰ҵĵڶծİصޡҵĽʲôأĿǰԣ˵ڣʢģϿ񻶰ɣǣȵ̫࣬Ҫվڳڸ[9.9]һʮɫַǷľ޴Ķĳ֮УǶھ۾ضű֮ΪҡԪʱδͷѵѾĳĽ俪ʼðˣǴʱĵؾƽĳխĳڡʱѾϡɼǶȻֻиŵζ˿ʼСۡĳϰ´ҷѾֵĻ磬ǴߺȲڳӾմ̼Ķľֱ֣ԡڽ˻棬˵Ŀʼɧ˿ʼܣ֪롣ĳϰ忪ʼ˵һЩģܹ̼ĳ⣬һ(ͨ)ȫɿصģ1971ˡȶĵãǼǮֻԽԽ˼ڷ򡣴ʱµľһС

ѷʱÿ˶ѰԼĳڡԣĳĳھǻƽͰڡĻƽ𣬱Ļҡһָ:

Ҿûƽܱˣʯͼ۸Լ˹ίҺͷԽԽԸǵԪʱ򣬻ƽͻǼۡĿǰǻǡĻҡ֧ҵĲƷͷ񣬵ѾԪˡ

ҶĲǣͶǮǾǻƽͰͬ򷿵زÿ۸ʱҾʵʲôĴͶ߻᲻Ը軬Ǯأ[9.10]




9.6ƽ𣺱Ļ֮


ƽӵкܶ಻ȶأһֱͼ𵴻ƽ۸֮һעһ¹ȥ20Իƽߣͻᷢڽ۸ߴ800Ԫһ˾1980꣩ʱûۻƽʱӦǺܺҿȶۡȴͼʱۣ1999꣩ƽӢˡͼۻƽɽ۲ȶ֮һ[9.11]

1999޲.ɴɴ˵Ļƽȶأ1980мħƽսԵһҪɲ֡ǶԻƽ۸Ĳȴһܣַ߳Բżƻ20ʱɹѹƻƽ۸ʷϻͷһء

޷ҪӢ199957պȻһĻƽ𴢱415֣ˡӢսģĻƽۡһʯ쾪ϢʹƣĹʽۿ280Ԫһ˾

ǲɣӢоҪͶ𣿲ҪͶӦ1980850Ԫһ˾ʱߴ13%رʵ30ծ׬ˡӢӲҪ1999280ԪĽӽʷͼ۳ۻƽȥͶʵʱر5%ծѹɴ

Ӣв𣿵ȻǡӢд1694۰Թʽг300ִ꣬ҵڣʲôĴûǰֻСѧҪ˵ĵֱ췽ҹ̷

ӢΥҵ£ֻΪһ£Ǿǿ־壡־ĵǽ۳µ»ƽ𴢱ֵǡǡ෴µǻƽǣΪӢеĿϼ¼ڰĻƽѲɣЩעɻƽӦĿµĻƽ𣬿ԶҲղˡ

ʿмҷѵ.˹Ferdinand Lips˵һѰζĻӢ֪ǵʵشۼƸ-ƽĻͷ̨½ͷʵΪ׼ȷ˵Ҫ֪мβݻƽ۸ĻʷĽڷΪ¡

ӢеĻƽȥأԭѱ衱ˡмǡBullion Bankers

ԭίģ90׶-ĳɹشձãסŷͳһҽ֮Ȼ⣬ԻһʱǣԻƽһĵȴʱ̲ҵġҪ֪ŷԪԪ׶-ĶԣֻǽѢ֮ƽĸ󻼡Ҫǻƽһ̣зϵ᳼ƽȻѾңɻƽʼԼмͨͨͽƸϰȻϢرڻϵ֮⣬ʷλΪƸȴʱ޿̲ڷǿз紵ݶǾͲرƽΧʵıӻҪȫ֮ʹһĹмҲǲģҲֻͼԶƽ

Ҫƽ𡱣ͱʹˡƽ֮ǶôȲܱĴҲ޷ṩȶָ꣬Ͷ֮ͽȤ

Իƽļ۸뱻ϸơ

ȡ1968ꡰƽ𡱲ҰܵĽѵ󣬹мʹ˼ʹٷʵƽԿӴг޴Ĵˡ1980ü˵20%ʱѹס˻ƽ۸񣬻ָԪ֮ǿʼʹýµ

˵ΪϣΪ¡мĵô˵ƽҲãԪҲգǹƱծȯز浽߾磬ģƷǳ1987гɹԱ˵֮1990һЧֱٴڶʹãɱмϲ⡣ǣú˱ըķʽжںǿҵЧڻƽԺͳڵвʹöԡβơʽĻϷʽй

˽пƵС⡱ҵĻƽ𴢱֮һ90мҿʼһ˵ƽеĲֿûκϢ룬ҳ֮⣬滹Ҫһʿ֧硰⡱õġ𶧡мңϢԵ͵1%ôҲһȶ룬Ȼ˷ŷ޺ܿεȻɷ硣

˭νġмҡأJPĦ˾Ϊ׵ĹмҵʲáԼá1%ĳϢƽٵƽгϳۣõֵǮת־͹5%رʵծȳ4%ⱻΪƽסGold Carry TradeһеĻƽȴѹ˻ƽ۸ֳԵͣͬʱ̼ծѹ˳ʣνһơ

һաмҴнĻƽ6ҵĶںԼͶʵĺܿǳծȯеҪƽ𣬻۳ǣмҵĴΣˡ

ΪˡԳ塱ַգֵĽǰ˻ƽϡƽ̷ƽ۸ڱȻߵ͵ġʷȻֻھδĳۼ۸񣬲ܱ⽫ʧ⣬мһṩ4%ҵĵϢƽ̼̽Ϳ֮ãϢʵԾܾټۿʽһ겻һ꣬ȵ۳ۣھͰδڵ´ɵĻƽüǮƽԶںԼGold Forward Sale

ǣмо˻ƽδĲΪлƽĵѺټϣмҺͽмԭһˣԡԼӳȥLoan Roll OverǣмҾ˫ա⿪ʼ󲻾ãŵĻмֲƳµƷӽֻͬSpot Defered SalesԶںԼContingent ForwardԶںԼVariable Volume Forward¶Գ壨Delta Hedging͸ȨԼ

ͶеƲ֮£ƽ̷׷ǰδеĽͶ֮Сƽ̷׷ס͸֧δ¿ܵĴͳͳвСԤۡĴǵĻƽδ7Ļƽ˳ȥǼɵҪƽAshantiڸʢ16еġı֮¹ߴ2500ŽƷĺԼ19996£ԳĿϵĽʲߴ29ǧԪۼҷ׷ָĻƽ̣˵ڿɻƽ𣬻˵ԿɻƽΪͷΣյĽͶ

ڻƽġԳ˳У˻ƽBarrick Gold˾ʵĴ󡣰˵ĶԳģѳԽ˷տƵĺ룬˵ĲǽںҲš亣ĵջƽжУ֮֮ͬ侺ɱ۵ľ棬ȻԻгڰ˵걨ϣϵͳԵͶˣԼӵĶԳʹԸгļ۸ƽʵгϵĻƽ൱־ͨмҡеϢĻƽгЩĻƽõ룬ڹծȯе棬νġӵĶԳ幤ߡЧԴ⹹˵͵Ĳթڼĺ֮£ƽ۸񲻶µвμӷ档ƽۼ۸ڽµʱջƽĸࡰʲֵǣƽֵ̾سΪµͬıߡ̵õֻǶݵͷʧȥȴǳԶ档

ƽ¢жίԱᣨGoldAnti-Trust Action Commiteeϯȶ.Īƽıƽ۸漯ų֮ΪƽضGold CartelĺĳԱJPĦ˾ӢУ־УDeutsche BankУʢ˾УBIS

۱ǿг󲻶Ƹʱоͻ嵽һߣ۴ƽֱͶΪֹ

˹19987µԺίԱᣨHouse Banking Committee֤ƣƽһдƷг⽻׵ƷͶ޷ƻƽĹӦƽ۸ǣʱ׼⡯ƽ𴢱ӹӦ仰˵˹˹ϣбҪƽ۸ȫмǵĿ֮¡

19993¿ս΢ı仯ԼĿϮٳδЧƽ۸ǿ֧¿ʼһʧض߸ߣмҡгϸ߼ػƽ𣬹黹мǡгûֻߵԡδƽѺĻƽƲֻ¸û㹻Ļƽ𣬲мҪܾ޴ʧмǵĻƽ𴢱ĿҲ־޴Ŀգ¶֪ʵ飬ֻĻ϶ͷ̨鼱֮£Ӣ199957գ嵽˵һߡܹͶߣۼµȻԴϲʧ֣˵ĻƽʱҲ޶֤νƽˣһ֮ΪʲôмǳۻƽʱǴ֪˭ԭ

ܿս1999610սһ亹мǾ̫ˣټϹʻƽгͶѾʼҪмǲݻƽ۸񣬸μҲʼעƽ۸⡣鿴Ҫִˡ

£19999ŷ޵мǴˡʢЭ顱Washington AgreementƸδ5ڳۻƽϢƽ衱ڼСʱ֮ڴ1%9%ջƽ̺Ͷ̵ĽƷʧءƽ20ڻ˾ţԤʾƷгţеĵ1999ǻƽսҪսת۵㣬൱ڶսеġ˹ָասӴԺ󣬴ѹ۵ͼҲδȡûƽսսȨԪΪ׵ķϵڻƽǿǰϰˣֱձ

ڿƻƽ۸ս֮⣬мһ˵ڶսǾսѧսмɹ֮ϵͳԵضԾѧϴԣѧȵʵ羭ѽڵѧʽϷ֮Сִѧɻʻƽ𾿾кôʱ򣬹мӦøеǳοһڿ֮¡

ȻʣƶкβãǲѾڷϵ30𣿾òչ

ԭŦԼиܲúͻ켯ŸܲԼ.˹صĻشǣ

һϵͳ֮£ûйҪһֵ֧ĻҡΪûжһңļԼǿֽȥʯͣӡֽҡǣѧңѡһܹزƸļʵҵĿʵϣǾܾϻƽǻңϵ϶ƽֻһͨƷǦпһڻϵͳûκλáûбҪƽӦгۡõƽ֮ضֽҼֵǲԶٶӵġIOUǷ㣩ܹʵֻұֵĹܡƺȫûʶٶֽһһծ⡣

˹͸ֻ20͵Լ.͵ķ档ѡĮֽҶһƽһɣĳЩѧһμҵ˼άʽеٶӡˢֽңΪܹƭȻɣеء졯ƸҵڣȷȫҵԶ١ζĳЩѧΪضƶߣڲԼĽǮгðյǰ£ԵԼ.һǻۣԾ֪ҡ˰աóס۸ߣáǾ͡΢ǵľá

ѧǶǿ˹ͽͽģЩŵĻߣĽ̲ġѧ߱.ѶɭĽ̲ѧʽ͸ֲɫͼǵԻƽĹ۵ʱŷĿûκʷԵ÷ǳǳ20ѧһ͵ӣѧȫ˶ԽǮʷоΪĳЩɶѡԡ[9.12]

ѶɭĶ1968ԺĻƽ۸˫Ƶ(The Freemarkettier)˵

IMFʻһ֮֯⣬ƽձȫȥһˡļ۸ȫɹϵͭСһ

һж55Ԫһ˾ļλϹ˻ƽ68ԪļλĻһǮǣ55Ԫ38.5Ԫ33Ԫ׳Ļͻϵĳ

Ѷɭһƽ߳ϵͳôԻƽֻںٵļֹҵҵԣ1971815ɹرջƽ𴰿ڣ׶ϵ̨֮󣬻ƽѲǻң˭Ҫƽأ1973꣬λڳκʱ϶197275Ԫһ˾Ľۿ϶άֲסƽտܵ35Ԫ¡ý°Ѿʵ7Ժ󣬻ƽļ۸嵽850Ԫһ˾

ãѶɭǻֵĶԳĻľͲĳˡ




9.7һ2004˹ж˳ƽ𶨼


һаȨԴȪʽڶȨ

ͨƼ۸Ĺʵڼ˵ĲƸ䷽ʽȨĲǡƵλһңȨıͻթ۸ƽɺгȻӵƵһ伫ֶȷԼ棬սûκα

ۼ۸оսս˼·ܽӽıƶ۸Ʒ۸Ť۸񡢲ݼ۸Ǹ·˷ҽĽû˵ΪձͲ׼۸γɵĹ켣

ǱȽΪʲôϰλϷʩֻܷӣΪһжз֮СϰϰͨϰӿˣͲô˺ֱˣ˳ȨԽԽ١ȨȡҲˣһƷļ۸϶µΪ

ͻƽԣ˭Ļƽ̣˭Ϳ˻ƽļ۸νƣǽΪƣ򱻶ؽȨϲİš

˹ж¼1815սһٶȡƽ𶨼Ȩн200ʷִĻƽ𶨼ƽ1919912գŵĴۼ˹жʱ۱4189ʿļλϣԼ7.5Ԫ1968ΪԪۣģʽδ䡣

μӵһνƶĴ˹ж¼ˣMocatta & Gold smid,Pixley & Abell,Samuel Montagu & Co.,Sharps Wilkins.˹ж¼Ϊ̶ϯټˡһ쿪ʼλÿ˹жлʵƽĽۡϯһ̼ۣ۸ͨ绰ңϯȻѯ˭400˾ı׼Ƕ٣˫ۺմɽ׵ļ۸ϯʱ۱öThe London Good Fixˡ

ƽ𶨼ƶһֱ2004ꡣ

2004414գ˹ж¼ͻȻ˳׶ػƽ𶨼ϵһʯ쾪ϢȫͶߡά.˹ж½͵׶Ʒгƽ𣩽׵ڹȥ5Ѿ½ҵ1սԷĽǶȿƽףѾǵĺҵѡ˳г

Ӣʱ416մһ˵翭˹˵ƽһҰż߽ʷĳ⡣ǿ𾴵˹ж¼ӻƽг˳ų˵ġƽӡķҲòĻƽ𴢱ʱƽΪͶƷѾӽӽľͷˡ

޶żгĴAIG61˳гۣԸΪ̡ͨ

´ﵽ͸Ρ

Ī˹ж¼ĿƽˣΪβ1999۵ʷ͵˳Ҫڻƽ2004ϴأ

һֿܾǣƽͰļ۸սʧأһƽ۸ı¶ٿؼ۸˽Ϊ繫Сժƽ֮κιϵ10Ժ󣬽۸Ȼ˴⣬˭Ҳֲ˹ж¼ϡ

Ҫǣ˹ж¼岻ȥȻӵ֯Чߵս鱨磬ų޷֪ϢԴıԶǼӴĽԴͶϢЧռʹڹȥ200ˡ

ͻȻ˳ľӪ200ļҵʱһ൱Ѱ¡




9.8ƽһָ


һʱʯͼ۸ǣ׶أڿһǣ˵й÷չǵĻ޷Ҫ˶йĲڸʯͱΪ˴̼ԪʵҥԲƣΪѡ٣ӲǷһһҹ֮䷢ˡشǡ1973ǲ߻ʯǼ400Ӷ̼Ԫͬʱͼ۱ǵμ޻жҵʯͽһ

Ԫĵ޷ıʣܿ죬жֻ£սս޷⣬ɫжҲãҲգ֮Ǽˮ׻򵼵˻ľȺϿж23ʯͨʯͼ۸׳100ԪأԪֻʡֻҪ˲ҪԪвͺá

70ƽ⵽ʼ֤ȯгʹƷгֳϵƷгΪ𱩵70Ҳ֤ȯг10ꡣ80ʼ֤ȯг18ţУŴƷгʱ2001꿪ʼƷгʼţ;ͬʱСծСزгҲͬ񳤡ϿԪʲֵʵծԪıը£еծ֧Ϣծķʽ͵ĽȻǣԭֻҪƷ֤ȯгеһˮܹʣԪڣеˮ׶ĳֵԪװ󣬻Ҫ

ǵȥôˮأǻֵֿʼ̸۽гǲϵƳɰǧµġڲƷڻҡծȯƷָáʵȷ涯Խ쿪شĲϽǿ԰δ1ÿһĺûԪǩгͬԽδ100ÿһÿһСʱÿһӵĵ𡢻ɽˮ֡֡֡иðͨ¹ʡɥȢɡƷʵ۵ڽгϽסϽгȷǡ޿ֻ۵е1999ITĭǷ켫ʱַĵ˵ҪΪÿһɳӷһIPַͬЩ˵ڡϺĭʱĽǮ̫࣬ûкõĿͶʣɺ캣ĺˮ׷Ħ̫ʱжٽƱס

Ѿա¶ʱڷ籩Ѿˡ

ƽںϵͳرħΪҰżĻҡӡͬһɣĥѵߣֻԹۡΪĪ֮ڮ٣Цѹ̣αһʵۡˣһֶκ󣬻ƽȻӲӣǿƵԪѳǿ֮ĩ

ڿЩŵˡ

ʵй˵ĿУʵƸĵֱǳƺǮйصĻΪڣŲƸڽСУʵĶΪٶʶծҵıֻһǷ+ŵνԪƸֻǡһİ͡ԲƸŵѣЩծԶֵģֵĿȡӡˢǵ˵̶̰ȡȫڵ޴ڣսǵֱͳʶȥѡںˮĲƸġŵǷۡƽͰýߡװݡĹмңսս󺣡

ǿǵĻƽ۸񽫻ƸծʣڹмгʮԪġʱա֤ͬʲǣһծʳֱ۱߸ߵľ棬мǽᱻ¶̰Ӫļȷ֮С

ȱƽǴƵĽǽƷгŪʵڡInterest Rate Swap74Ԫ(ҵ걨)ĳݡʽֻ3.5GSEǵƽΣѣƽ۸ͻȻңծʲ쳣ҺͼУGSEʶԳ߽ȱͻƣߴ4ԪGSEծȯڡСʱ༸족ʱȫɥʧ,ͬʱĻĦͨгͻƽг⡱ĳ,ͼѹƻƽ۸ͳʵĲ֡

ȱ̵ĽгǰδеԿֻţ״Ͷһͼеĸ֡պͬ۱ʱЩƷ:ҡծȯƷʯ͡Ʊͬʱ⵽ʽгģԿֻšΪѲɾҩĽг棬ƱƺӾһԪ֡ʮԪ纣Хһ羭ϵʱ羭ýһƬҡ

мıϳƽ֮30꣬Ѿ͸֧80Ĵ죬ÿϡѪ20ԪĴʹⲿתծϢӵٶԶԶ羭õйġʣ֮գҲڱ֮ʱһĵʵѲǻ᲻⣬ǺʱԺַʽ⡣

òȻԪĭϵѨĶ֣ƽǵһŵġһָ




ʮ¡ı


ͬһƽڵ͹ֵĵط

Ī1878

µ

1850꣬׶غʵϵ̫1950꣬ŦԼΪȫƸģ2050꣬˭ʶʽڰıأ

ʷľеĹһԸʢ޴ĲƸΪ˱ԼĲƸóвϡ͵ĻȡЩűָߴȻҵڶǡ19ͼͦĻƽӢ20ͰȫĻƽԪĲƸԶֵܹĵطͦȶĻҷּشٽֹгԴĺֲӶγɸЧʵľýṹĲƸ

֮ǿʢĹҿʼ·ʱήӴսͿ˴ǰĻǴӱֵҿʼͼӱܸծ̨ѹĲƸʱƸתȥѰܹӻǵĵط

ǷͦΪһʢ˥ֵס1914ӢֹͣӢĻƽһʱӢ۹۷һȥˡ1971굥رջƽ𴰿ʱĻԻҵѵʢ˥ת۵㡣ӢĹڵһսѸٵɢ˵һûشսܹһʱڵķ١ʻһ͵Ĵլţȴ𽥱޶ծͿˡ

ʷϿǲŪұֵͼƭƸĹңҲؽƸ




10.1ңĶ


ĵĶ⣬ҵþ൱еǧˡסҪĳ߶һһÿ춼ھҶĻϵͬǧˡסĶʱʱ̶̿ͣı仯һΣա

һʦеĳÿ쳤̶һô޽ʮĸ¥أˣ˭ס

ʱ׼ʱڸģ˶ԱܹȽϲͬؽеıɼ

һʱصǧ˱׼ÿ춼ˮͺ񲻶ϵصȣĸԸ

羭õĸ֮һûһȶĻҶ׼Ӷ޷׼ȷ㾭ûĹģ˾ȷжϳͶʵĺԣԲƸκγԶ滮ɥʧ˰ȫĲϵҶԾõмϵĲٿ£ѾŤгԴĺ䡣

ǼͶʹƱծȯزߡƷó׵Ͷʻرʱ޷ͶʻرʣΪԹҹˮ̶ȡ

Ԫ1971ȫƽ֮乺Ѿ½94.4һԪֵֻ705.6֡

й80ġԪǸԣı־90ġԪֻǳƽˮƽڼͥ1Ԫܾͽӽƶߡˡ

ѧֻġ۵ͨˮƽǸߵ˵ʲͨȴûע⡣ĻƶǶԴߵĲпͷΪʲôܹƱͷزгǳΣգͶʽΣա

ʱĴֻһǷе˻ϱûǮծͬʱȴеءˡǮǷ̱ϵͳһˣǻҹӦӼʮͨЩĻʵʱƸȫƽˮƽʲûзزʱ۲˸ߵˮƽΪ˰ܹס෴зز൱һ͸֧δ30룬δ30Ǯõһ𷢷ųɻң˺ĻұۡСծвǵĵ

͸֧δ30ĲƸ֮󣬷Ѿߵͨ޷󼰵ĳ̶ȡΪˡܹծ֧ŸߵķۣмӢԵ㡰ծ񡱵ġΰ¡ӢƳ50ķ׼Ե45İңԵóɹģծڶزӭһӡõĴ족дˣծûйӵ³Ϊǽƶеծмȥ˵ĳ̶ȡ50ծͻιмҵθأֻһ죬ծӻүծﻹġҴҲᱻ

һԪ㴢ϲ֮ʱ8ڵұЩصЩĻȫϵ6ķŴҪлӡȡĲ׼ƶⲿʥֻѡծƱݣ޵ЩѸ͵Ļ˳ǣծҪϢ,˭أǡٵġ˰ˡ

ҽҲСҵʱЩԴԭز㣬ڴȫṲĹԴһӱˡռʲڻҷĵ˳У᲻һɳأ

˾֮ĽƾݳΪ֡ǷʱнС֡ЩǷһۿΪеġʲͬʱµĻҡ

ˢÿʱÿһǩֺֽƬΪһǷÿһǷΪеġʲÿһеġʲΪĻң仰˵ÿһˢ족»ҡ

ծծ񣬻ծѸٻծҵԨ

ͬʱйûˡĽгЩĻңЩԵķĽڷز͹ծУûκЧֶܹЩġʲͨ͡ձĹ񻰣زȽй֡

мſһǾóĭĺϷȦˡж˲м˵йѳɴʱΣʻգǶծĭÿνʶ㡣ծĭ͵һ̶ʱѧǾͻӸйõĸָϢ͸潫ǵذýͨ⣬һĥѵȵòͷĽںڿǽһһӵϣڵͶ߽ɢӡ

ڲ׼ƶȺծΣյħһųħƿƶֻѾעˣծڲ׼ƶȵĸ߱Ŵ֮£нǮʲˡܡʲͨͺͱծεġôծһĴͳ˱Ȼʲͨ͵Ĳشֵۡ¢˹С֮󣬴ʧȥ˱ԼƸκѡ񣬶ҵעΪӮҡ

ծҺͲ׼ƶȺؽ֡Ƿ+ŵҵıֵĳֵġ⡱֮£ܹȶгطչ

һ¶Ҫ̸׼ʱҶȴûκα׼͹£

ǳ˽ծҺͲ׼ƶȵıʣ¡ɳıʾͱ¶ˡ

ûȶĻҶ⣬ͲоⷢչľãͲкгԴͱȻƶֻעʹƸҵУгҲֻ޷ʵֵĿ¥




10.2۸񶯵Ķ


˹˵һʵͨͨ͹̣ܵءΪ֪ûչƸһְ֡취ĲƸʹƶĹУȴʹ˱ͬ˹1966Ҳ˵ûнλ£ûκΰ취ģͨɣûаȫĲƸءЩͳѧҼҷԻƽܡֲ򵥵˵ûղƸıƽסյḶ́䵱ŲƲȨıߡץסһҪ㣬Ͳ˶ԽλĶ̰ˡ

ͨ͵ıʾͨʹҹֵʵƸתơһУܹڻұϡ֮ǰȡûҵ˳ΪӮңҵͨĻߡΣŴԽˣռıԽԽԶ˳ԿԽ󣬶ڼ˺̶˽ͨƷƶֻǵϵͳϾȷõģͨϴ˵ĲƸĵ˵ĿڴУͨʵ͵˲ƸҵԵľ磡

1974713գѧҡ־һ𾪵ӢҵʱͳƱ档1664굽1914250䣬ڽλ£Ӣڳ250бƽȶ΢½ơУҲҲڶܹϵرõˡӢĹ˾˵ȶԡ1664ָ趨Ϊ100Ļսڼ䣨1813꣩ݵǵ180֮⣬ھ󲿷ʱָ1664ı׼1914һսʱӢָΪ91仰˵˵ڽλ£1914һӢ250ǰ1664ĵֵҵĹǿ

ڽλ֮µ,Ҳǳơ1787ܷ꣬һµڰ˽ڣArticleI Section8ȨᷢкͶҡʮڣArticleI Section 10ȷ涨κݲù涨֮κλ֧ծ񣬴ӶȷĻұԽΪ1792ҷCoinage Act of 1792ȷһԪҵĻ⣬һԪľȷΪ24.1ˣ10ԪĶΪ16ˡΪԪϵĻʯȼΪ151κϡԪȣʹԪֵ˶̵Ĵ

1800꣬ĵָԼΪ102.21913ʱ½80.7ҵľޱʱ۲Ȳ261879굽1913Ľλʱ۲С17ٷչȫʵֹҵʷޱ113ƽͨʼΪ㣬۸񲨶1.3[10.1]

ͬڽλ֮£ŷҪڴũҵҵתľÿǰչĹؼʱǵĻͬ˸߶ȵȶԡ

ɣ1814굽1914꣬100Ļȶ

ܣ1816굽1914꣬98Ļȶ

ʿɣ1850굽1936꣬86ȶ

ʱɣ1832굽1914꣬82ȶ

ʣ1873굽1931꣬58Ļȶ

¹ˣ1875굽1914꣬39Ļȶ

1883굽1914꣬31Ļȶ

ѹְµѧɵ˹λ߶Ϊʱƽʱ߳ɾ͡ûһȶĻҶ⣬ʱѸͷչĽ׶չʾľ޴ĲƸһ޷¡

ƽгȻγɵĸ߶ȶļ۸ϵ20ġšù滮ǺաƽͰΪȻĲгõĲĳʵĻҡ

νҶ⣬ǲԽڹͷ̰ΪתƣĺöΪתƣԡšѧҵͶΪתƣʷֻгȻĻƽͰһ㣬δҲֻлƽͰܵһʷ,ֻлƽͰܳʵرĲƸԴĺֲ

ľѧһձеĹ۵㣬ΪƽͰӵٶȸϲϲƸӵٶ,ڻƽͰϵ֮£ᵼͨͨоĴСʵһΪΪĴͨȫǹм뿭˹ǹͬƳԷϳλӶͨͨ͵ֶ˰,¶ۼؽٺ͵ƸݡӢŷҪҴ17ʵ޿ɱ粵ʵ˵ᾭõľ޴չȻͨͣʵϣӢͨ״̬˹ҵ

ӦǣǻƽͰӵٶȸϲϲƸӵٶأǸϲծӵٶȣծҵķĶᷢչ洦




10.3ծ֬GDP


GDPΪľ÷չģʽǡΪʽԲߣͺñǿע伤̼ӡծأ֬

һԽԽԽӷ׵ˣķǳ

һҵľģʽ޷֣һɴĲƸȻЩʱͶʣӶʵʵڵĲƸᾭɴ˽Ǿüķ,ùǿӪֲľ⡣ȻЧߣСһģʽծ;ҡҵ͸˴ծЩծ񾭹ϵͳĻһ֮󣬾޶ծĭƸУұֵ޿ɱ⣬гԴñΪŤƶֻأǾ֬ծ;ע伤ѸʣȻӶЧǱڵĸջᵼ¸ֲ֢ʱԽԽĸҩӶһ񻯾ڷϵͳ̬ĳңս޿ɾҩ

ծ֬ȲľǾøѪǣͨʲͨ͡־øѪһ棬ֵܹʣظأ˷гԴҵļ۸սѹƷ۸ʹʲͨƷͨͬʱڡͥΪĻԪܵʲͨͼѹͬʱܻܿܵ򲻾ĲԱжĲӶͨͥ˾ڵĴϸʧȥ

һծ֬ɵǾѪҺĸѪ֬

ծһ֮󣬻ҽòϡȱµԷĽѻÿһ䣬ǻᷢ֡ǮԽԽ࣬ͶʵĻȴԽԽ١ڽλ֮£ƱгҪǣй˾ṹʵ˾ծãʱ㣬˾ȶƱֺӣƱгзգȴһֵͶʵг

ҪƱгѾѻɽծû,ڱظ߹״̬ûͶָϹƱֺ棬ǽϣڹƱ۸ǵԤϣνɵ֤ۡȯгսʧȥͶԵһ棬ݱһӵ쳣ĳĳزҲǳơ

ծ˾Ѫܱڱø࣬ӵծʹþѪҺ֤ȯгͷزгĴʽʹþѪܸӷĸѪѹ֢״޷⡣

ڴھøѪѹ״̬֮£ؾĸԴƸȻ̬Դ

صծҸ̬ص͸֧ȾԴݽߡ̬ƻ򷴳ֺƵծҹѩӵϢ֧ƶֻöìܡ̰۸ծҶԺгķ

ծ֬շЩøѪ֬ѪǡѪѹȲ֢ͬʱʱȻڷϵͳ״̬Ӫղ³´л޷תϵͳʧȥֿȡͷʹҽͷʹҽŵİ취ҩԣӶӶ񻯾ڷϵͳ

ծҵıʼΣ֮󣬾ͱԾ÷չսӦĵGDPΪծΪԳֲΪֶεģʽӦתΪгչΪģԳʵΪ⣬Ի۴ģʽ

𲽽һԽΪ֧ŵȶйҶϵծֲӻͨȥȲдΪں۵صҪֶΣʹҵʱҵƽˮƽϡֻиծҺͲ׼ƶ缲ձ֤ṫƽг

ծ񼷳ͨĹƱһʹḶ́һʳʳṹ˶һбծůıȷҪʹһЩ

֮ͨͺñӾǶ־Ŀ顣ʹ𲽱˷֮󣬾Խǿֿ־Σķϵͳӽȫ̬ѹᣬгԴںеĸѪǣѪ֬͸Ѫѹ֢״õЧ⣬Ȼڷϵͳ𲽻ָƽ⣬᱾Ӻг뽡

йȫ濪Žͬʱƶȵƺͱ׶ˣȡŵ̬̬ȣҪȫ洴µ͵ԡ

ʷ֮еĴػķչԵĹסйһ"սԹյ㡱֮ϡ




10.4ҵ:й÷չġսԿվ


索ҵλȨҷлҵ߾磬ױȵȨӵ֮µԴҹľöԣ󱻽Զ硣

ǾйڹгΪȱٶȨֶԽйҵƷѹեĳ̶ȣѧҽ˵ΪߣҴгӵŶȨҲ˽˵ֶгȨ˶Ȩ

ôʯأʯأҩƷأͻأӴأйг֮һҲȫйгΪߣô˵Ǿǣ˵йͱʵʵأ

ʵϣйȱٶȨĹؼûнڵսƿȨ

йľ÷չںܳʷ׶жʽûж⿪ʵߣͲйľ÷չʿѡйҲͬѡӡȣʿѡ룬ҲͬѡߡʽȨһĶȨӵߡ

ϵҵ100ǿ500ǿҲʲôҵİǵҵľ棬еҵʣǮҵ˵ˮһɻȱҵȫĸиҵԣǾԵˡ˭ŽǮ˭ͿԾκһҵ˥

¢ԪҷȨĹмҶԣҪĴǵ˾ۣһ绰㹻ˡҪҪʣӦĻҹ˾ڹʽгϽڡһЩڹ֤ȯгϣ߸Ʊծȯ۸ֱù˾Ϊֹҵɱﵾǿʱжҵġʹ־ͷ

ҵһҵսԿվûпд֧ԮĸиҵƱҲҵⲫսɱƴ۸ƴԴģƴӡ

һ仰ڹгУûнڵƿȨûвƷĶȨҲûо÷չսԵȨ

ΪʲôйĻұΪ索ҵԭ

ôʲôĻҿĴأӢԪȺ֮е̳ǳΪҵʷʵӢھȶĻҶľϵ£Ѹͷչó׽ϵʷӢԪĻʯǻƽͰĹУ𲽱鲼أӢԪڹϿɺͷضһɻƽг׷̱ǳΪӲͨ1945ڶսʱһӵ70ĻƽԪǱΪ𡱡λṩȶƸ⣬ӢıϣҲӢԪΪ索ҵʷǰᡣ

1971꣬ϵƽѹ֮󣬸ҵĹڻƽùâҫ֮£һ޷صؾڻ1971꣬һ˾ƽֵ35Ԫ2006һ˾ƽֵ630Ԫ20061123գ35ڻƽļ۸ԣ

Ĺ½98.2%1999ԺΪŷԪ

ʵĹ½96%

ӢĹ½95.7%

ɵĹ½95.2%1999ԺΪŷԪ

ԪĹ½95.1%

ԪĹ½94.4%

¹˵Ĺ½89.7%1999ԺΪŷԪ

ԪĹ½83.3%

ʿɵĹ½81.5%

Ԫϵ߼ϵıȻծ񻯵ԪסĻôƾʲôȥծܹԪøأ

СִծУͦĪʿɡȫʿɸ߶ԭ֮ʿ100ıƽ֧ţкͻƽͬ˿ڽ720ĵ֮أеĻƽ𴢱ߴ2590֣1990꣩ռлƽܴ8ڵʱϽ¹IMF1992ʿʻһ֯IMFʱIMFֹԱĻƽҹʿѹȽʿƽѹʿɵĻƽ֧Ŷ½1995ʱʣ43.22005꣬ʿʣ1332.1ֻƽȻйٷƽ𴢱600֣2ࡣʿɵĻƽ֧Ŷȵ½ʿɵĹҲձɽˡ

ձĻƽ𴢱2005ʱ765.2֣ձԸӻƽ𴢱ǱֹӻƽӵԭձòԪ־ƽרҷѵ.˹ʿмң˹ж¼һ˹жУRothschild Bank AGin ZurichִƸж꣬1987Լ˹УBank Lips AGin Zurich,ǹʽڵ۹ġȦˡġƽսһ¶1999ƽЭᣨWorld Gold CouncilڰٿϣһλԸձм˹Թ˵ֻҪ̫ƽ󽢶ӻձǵİȫձͱֹƽ[10.3]

ĿǰйѾӵ1Ԫ㴢ȷʹʾ޶Ƹغδйİ,Ƿɢڷ򵥵⡣ҪйӦÿڼĹʽսӮսȨʵһʡԪϵеĻҰλ

2006ףйȫ濪Ž򣬹мĥһ̵ĻսѾüˡһΣǿǹڣҲս˺ɱⳡսֽעйδˡйǷʶˣҲйǷ׼ˣйѾڲսĻս״̬ˡֻ׼ȷжϹмҵҪսĿĺ򣬲ƶ֮ЧӦԲԡ

мҴٽйĸսĿйĻҷȨйõġпƵĽ塱Ϊһ׶أµɨƽһϰ

֪˭¢ĳƷĹӦ˭ʵֳ󡣶һ˶ҪƷ˭¢һĻҷУ˭ӵ޷׬ȡֶΡΪʲôмҪʾ֭Ļǡ伫ıȡ¢һĻҷȨԭߵľ¢ȫĻҷȨ

̬мҴսԹ״̬йҵǽ˲ԴӪģʽʾ飬ʩ׷ϵǮĹмҲ˼ҪȫսܣΨһѡǡģҴҵġܰնԷĹ

һ۲۵Ļսսֻսʤߺսֳ·йⳡսб۹ڴֵĹУһ




10.5δսԣǽ


ͬһƽڵ͹ֵĵط

Ī1878

йӹٷĻƽӵͬʱйԿʼҸĸ𲽽ƽͰϵйĻʵֽλµġйԪתй羭õһҪ

йȫ濪Žͬʱƶȵƺͱ׶ˣȡŵ̬̬ȣҪȫ洴µ͵ԡ

ʷ֮еĴػķչԵĹסйһġսԹյ㡱֮ϡ

ǽ

ҪڽڷǽͶڷǽϵ

мҼйڸأйտء̸нʱ˹עĽֻڵʵΣյͨйҵ͸ṩŴֱӽйĻҷ͸׼ƶȣƽйҡҵ͸˵ծĻһ̣ЩġŴҡ֧ͨƱƱݡÿزҴҵʽƷȶַʽйľڡ

˵ʮԴܹеСҵ͸ˣʽĿɲôڳִ󷽵оͬһ˫һļ֮£йŴˮĽȫԤڣʽֽ¸ģظ裬۽ʲͨͬʱ񻯵Ϊأǰ߽йڴ̹ǵıˮ֮Уǰйڻ¯տعʣʲĭʱмҾͽʼйëˡм׬Ǯ֮ʱǾñ֮ա

Ԫѫ˹.ܸѷһ侯ԣ˽п˹ҵĻҷУôЩнͨͨͣȻͨĲƲֱһ糿ǵĺһѹʱѾʧȥǵļ԰ǸعĴ½

ʱٶܸ꣬ѷľȻôô

ȫй֮ǰĲͬڣǰĹȻƶʲͨ׬ȡĳ嶯ûжͨѪϴƸͼй֮Դδش󾭼Σԭûж쾭ΣͼͿ͹мȫй֮˸Եر仯

йڵĽڷǽּڷжͨƸйʲĭ̶ͳͨʹҵպƲӶ۸ļ֮һʮ֮һչйĺʲڹűϸеŴŹģͷԴʹɷнں۵أϷдծлһ

ʶԳĽںڿ֣Ҫϼӷйڵй˾ĽԼϱڹţǩĽԼҪӱģʽںڿںйϵʵʩԶ̷ǽӴ1990мԶ̡ˡձкͽгԶ

йĽڷǽҪԵԪϵıΣڽֵ44Ԫծĳ֮£Ӵڵʮ׵ġӡһ㣬Ӵծ֧ԷģҹԽԽΣյĺӵ̣ڡӡ֮µݵشйǹҺ͵˼в

йж׼нڡ֡͡ƲȫԪʲѸٱֵѲʲôԤ⣬ÿڷŵʵڵ״ֻǺˮй©ѣһ¹ʡ롣йӴ㴢Ѿڸ߶ȷ֮С

һͻعʽڷ籩У۽ѾĭĽƷгԪϵƽͰƸȫġŵǷۡйĻƽ𴢱ͰѳΪ̲ݻ⡣



ǹ񲢾٣йٷĻƽйڵнԴΪҪսʲܱʵȫл

ڹϣӦôչƽͰ˾ΪйδƽԴĲ䡣йҵĸĸշǽһ׷йĻƽ𡢰֧µġ˫ƻϵʵȶĻҶ⣬ΪҪҵս׼



ǱֿǵйѺ;ޡǿ޲ױȵĴ磬νǿܹ޷ȫ²Ʒȫ·񣬴ȵļѧ£ΰ˼йĿǰڴģģнչ˼ѧ·滹֮Զ˼ĻȱģȱĵҪ־޷ƶȵĺ벻ԣȱԻ֮ĵҳûеĶȱͼµĵԡһУһһϦܽ⡣йֻͼ




10.6йԪ索֮·


йÿ2000ԪĹģԽƽĻ650Ԫһ˾ļ۸㣬йɹ9500ֻƽ൱һ8136֣еĻƽ𴢱ս۵Ŀʼ׶ΣмƱͨƴѹƻƽ۸ҵпϳۻƽ𣬽ۿʱֱй濴ֵĵƣѹͽ۽Ϊʷ϶йĽԮ

Ҫ֪ȫ6000ȫɵĻƽֻ14֣ȫŷеƽ𴢱ֻ21ǧ֣ǵ90ŷзĳƽΪȫҵ׿Զ2֡ڽۣ650Ԫһ˾㣬ⲻǸ4000ԪСӣйóӯ˵ľ޴4000ԪĻƽ𴢱23¡ŷеӵڲ̫ʱȫ⡣

йθ5Խƽ𣬹ʽ۵ķǽ̴мõԪϢ޵ףǽĿòǿԪϵ߽ġ

ⲻйܲûƽ۸ԪϵҪҪ⡣ƽ۸ԪصĴ£йҪ˵ĳԽ2000ԪĻƽֻǷųϯͻ̸Ѫѹ

йʮ̨⽫תΪǡҪ̨壬ҪԪ⡣йȻĺڽϡͬھֻҪҪʱ򣬿ܻ԰Ԫһѡ

йӹٷĻƽӵͬʱйԿʼҸĸ𲽽ƽͰϵйĻʵֽλµġйԪתй羭õһҪס

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