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    1837꣬ܿѷͳֵ֧ļ..׽ְ׹ʱսο˷ڹмҽҹӦɵΣԵĲǽϵͳƵĻҴ˽ϵͳȫȡڲԼϵͳСʷѧҳ֮Ϊе顣
    ϵͳǽܿѷͳڶоӪȨʱͬʱĻҴӸȫȡת浽֮С˭룬ǰն˹жµħƣݼҲʡ͵ĵơǮΪReserve)ȻŴͶǵ¡ֻš һԭ..ǮӦϵͳѹȻΪ˱ʽҲǵ˰սдͶŴ˾ϵĲ
    ϵͳһصнϵͳǮǽңԹҵĽҵĹӦһص֧㣬ԶԳŷмҶҷеĿơ˼·ӳԶӦòʧһƣǾͶڶȴڶеΣڶеɿΣ޷ơ
    .һǳؼǺܶ˽˼Ҫ²̳ˣмǵĳڲżѣ˼·ܣľɿ߾ۼһȺ֧ҵмֵ֧Ա֯³˻Ը񵳡Ը񵳼Խܿѷߣʼ»ָ˽еƶȡ
    Ը񵳣ͳѡƳսӢ۹ɭWilliam Henry HarrisonھΣ˼䣬ɭ˳ѡھŽͳ
    .ԻԸԾӣΡ̵ɭӦڹɭѡͳ֮ì񡣺.пǶصļټεͳɭΪ˹ȫ.׵ļңΪУƶԼֵòɢԭΪ̫ϻݷʩĺ.,δɭͬѾ˴ͳľְ˵ɭܾˣɭ˳ֵľְ˵ƪϵͳι˼·ļУ.ŵ˽кͷϳ˼·󳪷شʹмҵ[ע2.8]
    ꣳ£Ǹӣɭͳںз˾ְ˵˺һӵĹɭͳʲô£˭֪Ĳȴֵأ£վȻζոεĹɭͳ׼չͼȴͻȻһǰͳͻȻʹˣһǳɵ¡ʷѧΪͳǱ˪ģ¶ʱǣ£գԺ󣬹ɭͳȥ
    Χ˽кͶϵͳĶΪɭͳȥӼҡ.ĻԸڣҪָкͷϳƶȣαɭͳĽԭͳԼ.̩߳ŭĺ.ͳԼ.̩տԸ񵳣̩ͳҳΪʷΨһһλġ¶ͳ
    ꣬һλԸͳ?̩յѡ󣬻ָеϣƺߡһȫӢģʽ˽мߵ룬ζмվŹҺˡڹɭͳǰ̩֮شϱ൱ģԣͬʱҲĳΪ.׵Ŀܡ˽ȷʾеˣҵǲῼġĲеǡǡ̩ͳԼ
    ꣷ£գ̩ͳμڻʢټǰеĹǳȣ̩պЩţֳ̣˼ӣңЩֶӣ£λͳصȥˡ
    Сλ˳ͳòףȻǵĹעʷѧΪ۴֮ã̩꣬ͳ˵ͬ屻ھͳָ׺ͷ飬Ȼ˪ֺܿ˪ĽۣȻҴҽ᰸û֪ΪʲôͳڻЩ˪
    7.мٶȳɡֻš
    ڣڶеĹرն¹мͻȻ֣ͳͨĽңؾΣȻڣ꣬мҵĴͼָ˽ϵûгɹ˫뽩֣Ļҽ״ֱ̬ſʼֻ⡣
    ʼתԭȻڹмҴ󷢴ȱڣ꣬ݷ˾޴Ľ󣺾ɽɽ
    ӣ꿪ʼĻƽӦǰݾֵԪĽҡĴҲ˴緶ΧڵĻƽӦɣģ.ģ.ڵĽӣģԪģ.Ԫע2.9ݡ
    ͰĴǵĻƽִŷ޽ڼҶԻƽӦľԿơסҹӦشһʻҵĹӦǿгģ¿ʼģŴҪĹҵɽͨеȹҲƸҪĻһλƽɵġ
    ۿڶЧмµĶԲߡǾǣϿƣϷֻ
    Σ֮ǰѾʼֵʲ꣬ʱʱӢʱѾӵծģծȯģ·ծȯģ,Ӷٶȸͷ͵ƶһλþͺŷһмˡ
    мٶʩչǵľʹŴĭҵƴƸȻͻȻͲŴɲʹôҵʧѪƲмǾһճɡȻջļڵˣмҺĴЯٶսŴˡֻš֮⣬ʱѷǣǰɱȣֻŲûشãһͻָԪ
    ʵԽԽǿ󣬽ԽԽԲٿʱսͳ˹мҵĵ֮
    8.սԴŷ޵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־ĽΪϱľ죬ʵǹʽΪڹŪֶ֮Divide And Conquer)Ĳԡ
    ¹˹˵͸ʣֳϱʵսǰŷ޵ĽǿȨHigh Financial Power of Europe˵ġ
    ʵ׶أͷ˸ġмϱսĻ֡
    Ϊսмǽ˳ܶĲ߻ս֮Ӣķ֯ҵϷūײ𽥽еҵϵŷ޵Ľڼ׼һᣬܷչһԽϱͻ硣ڵʱϷӢڼҵĸˣAgentsǺ͵صͬ߻ıƸźۡϱ˫ūƵϵľͻϵǿͻһԭŵĻ⣬ճɹذū߻ϱ˫ˮݵļìܡ
    м˳׼͵սȻսơڲ߶սĹУôע˭ʤ˭޶ս֧µ޶ծмʢ͡
    м?˹ж£Salomonde Rothschildķ˹?˹жBaron Jamesde Rothschild֮ӣΪһߴӰмƻЭˡϱߣ㷺ӴڽҪˣϵذռ鱨Ӣ׶صı?˹ж£Nathanielde Rothschild뵱ʿĻ̸Уʾڽڷ֧ϷʾȫϷȡŷ޴ĳϡע211
    мڱĴˣǺųŦԼ֮The King of Fifth Avenue)̫мҰ¹˹?ɣAugust Belmont)Ƿ˸˹ж¼еĴˣҲǸüס1829꣬15İ¹˹ؾͿʼмģʼΪ˸˹жйܿ¶͵Ľ츳1832꣬εǲ˹һйԱʽҵľ顣ͨ¡Ӣڣ걻ŦԼֱʳԽծȯܿΪŦԼڽ伶ͳڹʡӢͷ˸˹жб̬Ըӽֱֿ֧ϡ
    ΪԱľѹ1861Ӣ8000˵ôʱ׼ӦϾĽӱ߽вֿ1862꣬Ӣīۿڵ½Ϸ߾ɼᣬҪʱϷֱ뱱ս1863103գҮ3򣬲ռīǡ
    սڣϷľ½ڽڵ֣Ӣŷǿǿлٹֿ˼ѡм׼˴ʱֿͳ飬о޶սΪ̡1812ӢսĹֿ֣֮ǰԤĳֶծȯʽУתӢ˹жкͰУҪ֧߶Ϣծʹٲά衣
    мֿͳһʼƻмǿϢҪߴ24%36%ʱ򣬾Ŀɿڴֿͳָм뿪һƲصĺУֿ֪Զ޷ֵծ
    9.ֿϵĻ
    ûǮ޷սмҽǮǰѽԼסֿϿ˼ڤʱ֥ӸѵϿ?̩ոֿϳһ⣬Լлң
    ùͨһȨӡȫЧĻң֧ʿʣȻȥӮսֿǷ»ңϿ˵ еϽѡֻҪʹ»ҾȫķЧȫ֧֣ǽǮһͨ,Ϊܷᷢк͹涨ҼֵȨ
    ֿ󣬴ϲõϿ˳ﻮ¡ʯ쾪İ취˽нǮ߶ϢĹ»ʹɫͼл(Bank Note)ʷơ̱ҡ(Greenback)»ҵĶӱ֮ȫûнȻҽѺڣṩϢսڼ䣬ֻҵķУ˷սȱҵ״͸ЧصĸԴΪսʤϷ춨˼ʵľûͬʱֵͳɱĻΪеĴңŴԴţ¹ҵ·衢ũҵҵó׶õǰδеĽ֧֡
    Ļƽ֣ʹĽ𽥰ȫŷмҿƵļ˲ľ棬ҲڴʻΪĻֿϵ±ҲܹΪܣΪӮϱսʤ춨˿ɿĽڻ˳ԾǣֿϷе±Ҳûƶսʱڵͨͣӣսָº͵شӣǵսĹģƻ̶ȵأԼͬȹģսȣܲ˵һֽ漣෴ϷҲֽͨʽЧ֮Ϸָͬڴӣ
    ϱսڼ䣬ֿһˣڣǧԪ»ҡµĻһе֮ãֿͳǳؿҪծңDebt Free Money)ķгڻͷƻһشʹ˹ʽڹͷĸ档нǮȻԼлңмҶԻҷе¢ϽڣҪ
    ѹϢ󣬴Ӣмҵ׶ʱ
    ԴµĲߵûôͿûгɱطԼĻҡܹеծҲǷծбҪĻչҵǰδеķٹңϵ˲źеĲƸӿұ뱻ݻ٣ݻÿһƹҡ
    ӢŦԼЭᣨNew York Associations of Banks)ŭʾҪʵʩ18611228գֹֿ֧ͣңSpecie)ŦԼһЩлֹͣ˻ƽȡƽ𣬲ûƽծȯĳŵз׷ӦܵʢֿͳͨȻȡȥѸϢծȯŷмǣĻƽ浽˽ΪŴŵĴReserve)мҺôƣҵź˰ȥ֧սע 2.12)
    ֿͳȻؼܾмȫϳҪģӻԾȫծȯݷɰǵֽʹá
    мǼһƲɣһơǷֹֿᷢ±ҵķвûᵽծϢ֧ǷʹûƽмǺ͹ԱһЭֿ±ҹծϢҪý֧һƻĵһȰڵֿ±ҺͻƽļֵҹΪʱӵ索ҵӢϵͳŷмǣӵԶԶĻƽҡмҺ͹ЭʹʽöƽĿƣӴﵽҼֵЧ
    10.ֿϵĶͬ
    ŷ޵Ĺڣսǰ޴ɱ׼Σյʱֿ̣뵽ŷ޾ǵ޵Уֿɳʹɳɽȡɳյֿϵţû̴򿪣ֻϵ˵࣬Ȼ˵ǴŻ֪֮ǰǽͬκҪ󡣡ע2.13
    ɳ׼½սмԭһǴݺĵǣɽʱڣɨŷ޵ĹʽѾߵ˿ķֹĴšмǿҪŷޡȽڹҵľ飬˽еУɳеɱУܾҪ󡣵᧿ΣһԹʽֿͳΣվʱɽ粻ֻһֵˡһԭϱս֮ǰģꣳ£գɽ˽ũūķɣڷϳū棬˫Щ֦ͬϧһǶڣĿսThe Crimean WarаӢ֣֮ɽѩ֮δ
    δսĽά˹Liviski)£ڣ꣹£տŦԼۡ򽫾ͳĶ̫ƽ󽢶ڣ£յɽɽڶΪ.ʿ۵Ϸڸ߳ڵͳʱģǵĳӢͷԥոֿŤתӮʱ䡣
    սԺΪ֧ܼƣԪķãķһۡΪͳûܷȨȥ֧սãʱͳԼѷԹİ˹ӵ֧սõЭ顣ʷϳΪµĴ¡Sewards Folly)ǵʱĹ䣬ǿӦûԪȥʱֵһĵĻĵء
    ͬԭɽڣ걻д̣ûгɹꣳ£ɽڻڴ֮̿֡
    11.˭Ǵɱֿ֣
    ¹Ѫ˹һѪָ
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    ֿϱ̺ڹʽĲ£ϳֿϵ±ߣֿ±ҵķΪԪ
    ֿ꣬ϷеģڣǧԪ±ҵ׽ʡ˶Ϣ㣬֮ĻشǣΪֿϷԼĻһΪʡˣԪϢע2.14
    ϱսӸϿǹʽһҷȨͻߵ֮ϱսǰһٶʱ˫ϵͳĽƸߵϽзǰУλͳ˱ɱλԱɥֱ꣬ϵͳĳձ־Źмȡ˾ʤ
    ֿϵǻͽشʧûܹΰ㼣ǰУмǽЩеˡҵмǸ߳ͲпյõĸģȻϵͳظʴִ
    ¹˹
    12.Э1863з
    ڴз𵽵һصĲзģҹӦ¢ϽӰҵÿһ档Ӧñϳڴ֮ǰҽѳߣһߣмһߣҵʷϻδֹ
    .˹1861-1864
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    ֿ̱ҵķоͱ˹ҵѣмǶԴʹ෴ͨҵ̱ҳַǳӭ̬ȣֿ̱ϵͳһֱͨ1994ꡣ
    1863꣬սҪĹͷֿҪ̱ȥӮսΪ˻õ̱ҷеȨòмͷһҪЭǩ1863꡶з÷Ȩ׼(National Bank)ͳһ׼ȯ˷ƲͬЩʵϽĹһҡҪһЩծȯGovernment Bond)Ϊȯ׼Reserve)ʵϽĻҷкծһԶܻծ
    ѧԼ.˹.Ӳ˹John Kenneth GalbraithһѪָսԺÿ궼˴ӯࡣǣȴ޷ծ峥гծȯΪζûծȯȥһҵĵѺծ͵ڴݻ˻ͨ
    мҰӢģʽƵıڵóˡӴ˳õĺԶӵծϢһεĲϣԽԽ2006꣬Ƿ86ǧԪֵծƽÿһĿ֮ңҪ̯112ǧԪĹծҹծܶÿ룲ԪٶԹծϢĿ֧ڽҽƺ͹2006꽫ﵽ4000Ԫ֮ޡ
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    ֿϱ1865֮ϳ÷ѡʤ֮41ͱɱмڹʤ׷سֿϵ̱Ҷ죬 1866412գͨˡContraction Act)ͼٻеͨе̱ңһɽңȻ̱߳ͨ򣬻ָмռƵĽλϵ
    һովǰսƽٰٷϴ˵ĹңûбʵʩҸΪˡͨ186618Ԫÿ50.46Ԫ186713Ԫÿ44.00Ԫ18766Ԫÿ14.6Ԫ)󽵵18864Ԫÿ6.67Ԫ)սؽҽΣüָͷչͬʱ˿ڴӵʱڣȴΪɻҹӦضȱǾ÷ٺ˥Ǿ÷չĹɣʵϲڹмеĻҹӦʱʱɲĸԴ
    1872궬мɳŷ˹¡£Ernest Seyd)ŴʽǮӢ,ͨ¸ٳˡ1873ӲҷCoinage Act)ʷơ1873񷨡Crimeof1873)ŷ˹±˷ȫģ÷Ҵӻͨ˳ȥҳΪ˻ΨһסһɶԱضȱĻͨѩϼ˪ЧӦºŷ˹±Եõ˵1872궬ȥһȷ˷ϳҵӲҷͨӢжǵ档1873꣬ҳΪΨһĽҡ
    ʵϣϳڹʻͨΪȷʵмǶҹӦľԿԽԽ󷢾򣬽Ŀ̽ͲҪϡеö࣬ȫ󿪲֮󣬹мҵȻϣԿƵͨڵİȨλԴ1871꿪ʼڵ¹Ӣµ˹άǹұձϳ¸ҵĻͨӶŷ޳20ؾô˥ˣLong Depression1873-1896)
    ͡ӲҷֱӴ18731879ľô˥ˡʱʧҵʸߴ30%ǿҪصֿ̱ҺҹͬɻҵʱԷ˰ίԱᣨUS Silver CommissioṉҵGreenback Party֯ƶȫָҺͽ˫ƣ·ܵӭֿ̱ҡίԱıָڰʱڻҶȱͼ۸½ɡûлңͲܷҹӦ٣ؽĻͽʱ۹൱18ԪĽͨ15ĩŷޣĽֻͨʣ2ԪʷûκԵı仯ܹ۹Ϊڰȡ
    ֮γԱȵмЭᣨThe American Bankers Association̬ȡЭڷлԱָ
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    ݵܻһȺӵеĶȼʤأJPĦΪ׵ĴǳһܻԾֲ֮һĲƸۼֲԱУԱֻܼ̳Уתáʱþֲõ֪ͨҪʹþֲԼڣлԱʱʹûзԱȫӴ½еĿһֻƺԲʹϡΧ50ӢķΧڱȷκμߡ
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    .ֲPaul Warburg¹̫1901굽ײ˾Kuhn Loeband Companyĸ߼ϻˣӢͷ˹ж¼Ĵˣʦһ¡
    ЩҪƫƧС˴ԺȤǵҪһҪļ(Federal Reserve Act)
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    ɭ.ΨһУҪļݷȷҪܹڹᱻܡͬмŵ棬Χűķϸڽ˳9ļۣڴ˹ʶ
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    һҪӦŦԼмҽʵ19СˣũΣĺƽ٣ԶмʹЩԱ֧ŦԼмռСΪһ12йϵͳŽȦ֮⣬ףҺŴŸ߶ȼŦԼһ£齨ֻǸеҵûмŦԼļˡ
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    2.߾ͷĻ
    ֵ߸ڿ󲿷ֻҵԴJPĦķ˹.ϣ.ˣŦԼһеܲãνĦţˣԼ.˷գ.˷գķ˹.˹ٶҳܲãŸ.л򣨿ײ˾ڱ׼ʯͳмšɵʱĺŦ
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    .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״ծȯͶߵ۵ĸծȯ 1857ΣȫȻͬ183710һʱ䣬ľþȫ߳˥˵Ӱ.ƤеծȯʹܿΪ1815ɭӢծս۾˵ơû׼ȷϢ£մƲجоѹ.ƤϣǶȻҴԽծȯġ
    .ƤһûãӴĲҵ˼̳УΪɷѿģھ˹.ĦJunius Morgan.ƤԺ˹.Ħȫ⣬˾Ϊ˹.Ħ˾Junius S.Morganand CompanyȻ׶ء˹ĶJPĦ˹˾ķ֧ΪJPĦ˾J.P.Morganand Company1869꣬JPĦDrexel׶˹ж¼棬Ħȫ̳.Ƥ˹ж¼Ĺϵֺչһµĸ߶ȡ1880꣬JPĦʼ·˾ҵ
    189125գ˹ж¼ӢһЩмҳ֯Բ鼯šҲӦ֯ǣͷľĦ塣һսԺġԲ鼯šΪ⽻ЭᡱCouncil on Foreign RelationӢΪʼҹЭᡱRoyal Institute of International AffairsӢҪԱǴЭбѡġ
    1899꣬J.P.ĦDrexelӢ׶زμӹмҴᡣǻʱJ.P.ĦѾָΪ˹ж¼ϯˡ׶ػĽǣŦԼJ.P.Ħ˾ѳǵ˾׶صĸ׷ѶGrenfell˾Ħ.˹.ϣ˾Morgan Harjes Cie¹ֲ˾M.M.Warburg  Company˹ж¼ȫϵһˡ[ע3.3]
    1901꣬J.P.Ħ5Ԫչ˿ڻĸ˾齨ϵһֵ10Ԫľްԣ˾United States Steel CorporationJPĦʱΪеˣǣݹʱίԱᣨTemporary National Economic Committeeı棬ӵԼ˾9%ĹɷݡպյĦֻһǰ̨
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    ˹ж¼ɳҪĽսԼҿײ˾Ÿ.лJacobSchiff1875꣬Ÿ.л׸ȥָ˷һżƻŸ.л˷붼Ŀǰ֧֣˹ж´ʱͨĦкͿײ˾Ѿ95%·Ÿ.лⶨһӰӹ˾South Improvement Company棬˷յı׼ʯ͹˾ṩǳ˷ۿۣ˷ۿѹ֮£ûм͹˾ܹ档˷պܿȫ¢ʯҵʵġʯʹ
    Ÿ.лJacob Schiff˹жµĽսԼ
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    1893꣬ķ˹.ϣӵк½·ʵˡ·ȨʱChicago,Burlington and Quincy Railroadķ˹.ϣǿĶ֣˷ղֵ֧̫ƽ·Union Pacific RailroadͻȻϮ̫ƽ·ܲùʼչķ˹.ϣƵı̫ƽ·˾Northern Pacific)ĹƱķ˹.ϣʧȥȨʱ40000ɾʹ󹦸ˡķ˹.ϣŷ޶ȼٵĺ̨ϰĦȣĦָ·˷յսһʱ仪ַ𣬶Ա̫ƽ·˾Ʊﵽ˰Ȼĳ̶ȣÿɼ۸һȴﵽ1000Ԫۡ
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    ֲWarburgֵ
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    ĦĹмǾȷؼνڷ籩Ԥɹᣬáʵ˵һûеǶôǼͼ沢С֣мΪĿͶʹ˾оǴѾõҪҵ
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    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]
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    4.ӽλңFiat Money)м۵Ĵת
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    ԭеӢģʽԹծΪѺлңͨߵʵծзлҡȷծģԽԽ󣬴Ӷ֤мҲľ޶棬ڽλϵ֮£мҼͨͣΪκλұֱֵ˺мҵϢʵ롣˼·ǱȽԭʼķŴϢİ취ҪȱǲƸ۵̫ʹϲ׼ƶȣFractional Reserve),Ȼмս͵θڡرǻƽͰӻ͵ڸзŴһޡ
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    ˹ͨ͵ۿνһѪ취ܵغԲûĲƸһҲһܹ͵Ϊ
    ׼ȷ˵ʹ취˽е
    5.1912ѡ
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    1910¬.˹Rabbi Stephen Wiseݽ
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    ˹ٴѧУ.ѷһλķԽ¢ϵĻԾӡŦԼҳУNational City Bank of NewYorkܲ÷(Frank Vanderlip)˵:д˹ٵ.ѷμһ粢ݽΪ֪һҪĻᣬᵽ˲Ա棨Aldrich)ҲҪݽҵѷʿĻشҴһܾͰԱ̨ͬ˵[ע3.6]
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    һβżУͻȻΪͳϣһϲҲ֮顣ȻҪ۵ģѷʼͻȻѷܿڻִǵķ£1910굱ѡݵݳ
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    ѷڻͳѡͼ飬ڸ˵޷ҵĸˡԴˣѷѾȫ˽мҵĻΪѡ˵ѷĪϣʧȥͳȨļʺѷһǿҡ
    ѷսͳأ뵱ʱȫΧڻѷȣӵкܴơ־׼žεڶͳرʾ׼԰淨̵ʱһǰδĹ·ˣصǰͳ˹ͻȻᵶɱȻҪμͳѡ˹ԼѡĽӰ˺ͬǹ͵ضԣجġ˹ʹ֤ȯ룬з¢ϾʤͻȻֽʴصѡƱ
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    6.Bƻ
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    ᰸ת͵Ժɸ˹-ŷ᰸Glass-OwenBillԱŷҲһλмҡԺ᰸1219ջͨʱ᰸40ദдԺĹʥǰһ֮ڲͨҪյʱԺ᰸Ĳ㣬£ֻܵȵڶˣҪķԸ÷Ա׷뿪ʢٻؼҹȥˡ
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    ھ21սŵһ֮22һŦԼʱͷǳ᰸ܳΪɡҪţƪس޹ЧʣּǰδеٶȣϯԺ᰸Ĳ죬ڽ糿ȫ깤ƪᵽʱδԼһ賿һ뵽ĵ㡣һӰÿһ˵ÿһҪһֲִٺѹ֮½еģԱûüϸĶ޸֮ˡ
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    мǶȴ糱УAmerican Nationa lBank
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    8.˭ӵ?
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    .ֲŦԼҵУNational Bank of Commerce of NewYork Cityӵ21000ɣ
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    УChemical Bankӵ6000ɣ
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    ŦԼעʱΪһǧԪЩоǷ֧ǮȻǸաЩʷѧΪֻһֽһЩʷѧΪǸûκֽ𣬶֧Ʊ֧Լӵе˻ֻǼֵı䶯ѣʵǡֽѺֽšѹеʷѧҼϵͳȲǡûС,ҲС
    1978615գԺίԱᣨGovernment AffairsҪ˾滥ı棬ñʾ130Ҫ˾ӵ470λãƽÿҪ˾3.6λмǡ
    Уп97ϯλJPĦ˾99п96ͨٿ89ŵ89
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    ŦԼйз250000Ʊķ˹.˹ٶӵ47498ɣJPĦ˾14500.˷10000ɣԼ.˷1750ɣ
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    мй˾Bankers Trustܲñ.˹ʱѡΪһŦԼж»ϯ˹ʵĿ,ϵͳӢкͷγ˻ (Interlocking)ϵ.˹ΪŦԼжֱ1928ͻȻʱڵºŷоͷǵܻ飬Щܻ鵼1929˥ˡ[ע3.9]
    9.һ춭»
    ѷԼϣָֻһ£඼ŦԼмѡ.ֲζµĹУԺҪ 19146µشѯҪ˽ⶨеĽɫȻܾдҪشκ⣬Ӱ»ãԸܾµŦԼʱΪԩ1914710յıǴԺеѯޡ
    Ȼϵͳĺûֻµʱûеڶ֪׸תǿӲ̬ǰֻеͷǰṩ嵥޾ĳЩ⡰ӰáԲش𡣱ǿӦˣҪʽ档
    ίԱʣ֪һ͵ˣǵ˹ѡʱȴѷ߲֧ͬ
    ޴ǵġ
    ίԱʣĸ磨˹.ֲȴ֧أ͵?
    ޴:ǵġ
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    ˱⣬³Աǣ
    .գAdolph Millerѧң˷֥ӸѧĦĹѧ
    ˹.ķ֣Charles Hamlin
    .ŵFrederick Delano˹ݣ·м
    W.P.G Hardingһܲ
    ѷͳԼ˹.˹߷ڱ˾ߣ˹Լ˳»
    ԱǲͻԱ
    10.Ϊ֪ѯίԱᣨFederal Advisory Council
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    1913˹ԱԺѯίԱĸ˵治ʲôаĶÿ꣨»ᣩмҵѯίԱ̸ĴΣÿԱԼڵǻְܱŸӱڵ𣿡˹ԱԼмңûнͻṩκ֤мʷϺڵ档
    ѯίԱ12иѡһɣÿڻʢ»ĳԱ̸ĴΣмĶֻߵ 顱ÿмҶľ棬ÿ˶ͬͶƱȨϼֱиɻҵҲпʵȴȫȻһסǱ򡱡һСмҺͱ.ֲĦĹʽھͷһǰЩͷߵĽ顱ͷеκһӿڴһ֧ƱʾʹСмҵʵϣ12еÿһСе涼ȫȡڻֵоͷĶͣͷذѺŷеĴʽ׻Ϊ㽻ԼڸصġСȥСΪõЩ߻رȻӸͷҲӵЩСеĹɷݡЩԵ桱СǺͷһ̽ߵʱ򣬲Ҫֵ̫֪̽Ľˡ
    ѯίԱġ顱Ķ¾ûǿԼǻͷÿĴβͿܵʢٲǽļλºȺȿȡҪ֪Ħ63˾Ķְĳæˣǵġ顱òκοǣȻִ˲ƣرʵ֮ˡ
    11.
    ˲ʷŴߵʽĿûбƹȫڹƵķΧ֮⣬ãӦ
    Ա.أBarry Goldwater
    Ϊ߼۸ֻҪʣúһٵĹСҵѾϰʻֽ֮ͨϢַֹ١
    ӵмǣ΢Ϣʹгļ۸ӰҲҵϢʹг۸Ҳӵн״ڲϢȵ֪ı仯
    һκδģȨײӵеΣյģгϢ֪Ȩ
    ϵͳ˽еģȫĿľñ˵ĽǮܵ
    ֪ʲôʱֻ֪ͬʲôʱֹֻͣšǿ˽ڵʱͨͺͨǵĿͬЧʡ
    Ա˹.ֵ²
    ÿһԪͨеȯFederal Reserve NoteԪǷһԪծ񡣡
    ұ棬ԺίԱ
    вǶģ˽ӵеĺ͵طƵĹ˾
    Lewisvs. United States, 68 0F.2d123 99th Circuit 1982
    ΪܵĻ֮һҽݽˣûһ˲֪ǵĹʵǱмͳš
    ЩΪĻǣУ˽еŴ¢ߣΪԼƭӵ̰񡣡
    Ա˷Louis McFadden
    д֧Ʊʱǵ˻ϱҪ㹻Ǯ֧֧ƱĽǣд֧Ʊʱ˻ûκǮ֧ŵġд֧ƱʱڴҡעծԪϸ̽ڱڣ½ܣ
    ʿ
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    ˹.˹
    ڶͳԽǮȨв棬˴Ĺ¼ͷɰ˵˽ʣжˡй˺ҵ֪һأĿ֮ΪɹȨýᱨһ࣬ԭǴʵءˡˡôĽ̿أԭԹмǵĻΪһѡšݽĽ̿顣
    ѷͳȥ֮ǰԼǱƭˣھεرʾ֮дݻҵĹҡ
    19141025ʽʼʱһսˣһʱ䡰ɺϡĹɶעҪһʺˣ
 һս˥ˣмҵġʱڡ
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    ͨ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
    һΡëжڣССϡйֻܷⱻëĶˣҪйǷȥоʷϵһĻĻĿĵġëҾˡ
    ȫй֮ǰĲͬڣǰĹȻƶʲͨ׬ȡĳ嶯ûжͨѪϴƸͼй֮Դδش󾭼Σԭûж쾭ΣͼͿ͹мȫй֮˸Եı仯
    1.ûûеһս
    ⽻DiplomacyһжԵһսıһӡ̵ۣ˵һս˾֮䱬ԭΪһǰΣԵص¼Ϊսòű[4.2]
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    ӪսŴģĳծ̶һϸŷ޹ծ뱨ʾծȯϢ֧ͱ𳥸ÿߴ534300Ԫŷ޸ĽУҪʣսиֿµĿܣǱ˰Ͳȶĺƽ˵սһֵָÿǵѡŷ޵ľ׼ղսǾͱȻԸƲա[4.3]
    1887굽1914ֲ꣬ȶͰĺƽţ߶װѽӽƲԵŷ޸ŭĿš׻˵һ죬ƽ˹ж¼巢չŷϵĸṩŴȫٳ־¶š
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    £һģս޷ġĿսҲֻǾֲġݵĺ͵Ҷȵģܸǳ10ҵ1870շսսֻܻ޷ŷ޵Ķ档ǣսʱֻڲȶͰĺƽţֱĳ
    ˰ȻʱһĹҵǿӵӴĹҵͷḻԴǣֱ1913ǰȴһծĹңṩŴԭȱУŦԼмԼеȫĽԴMobilization of CreditǣмҵʹǶԴģսȤŨսܹʵΪмҴ󡣵ͨ󣬹мж191483գ˹жڷо͸Ħ֯1ԪŴڷʡѷѶʾԣ.William Jennings BryanǴΪӵķǷס
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    ʱмһȨ֮ƣǾԴΪЭԼṩծȯеĴΪΪЭԼṩʡмҵ֮£ѷֻдӦ˺ߡŴѡʱ𲽽ӽѷڲսмҵб
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    ѷóһ亹ֻٴòιģǰծȯֵۣмҲʹ˻61ծọ̇Underwriter1570ҽڻ˷ҵ[4.6]һμΪѵرЩծȯ͸Ϊѡձ鲻Ϊŷ޵սʲôֱӹϵԸǮͶŷ޵սȥΪ˴ǣмǴЩǮַֻܲһ֥ӸԸ뻪ӪΪŭ˵صĵᴢǷ˵˶1915ף1.87Ԫծȯû
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    ŴһͣսʼѸӣսҳ̶ҲսۣЭԼһҪ20ڵڼʶִĹҵͺϵͳ֮£ִĽֶΣսǺεȲңεȿճ־á
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    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
    3.Ϊ͵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˰мڣͼͨҪ˰ķξ߷ԺءҪ˰Ĺ涨ûзݡꣷ£عӳĵӰɵ˹(AMERICA: FREEDOMT OF ASCIS*M)Уλð˹ݰ.Aaron Russo𺳵ľͷչʾһʵõӰڣɵӰڷӳʱ˹ڵǿ𺳣һʵģýȫͬ䱳֮˵ĵһоšҵӰԺֻҸڹӳǣⲿƬŵ֮ǲ˾޴Ӱ죬94˸Ƭֵ8100˼һ¸ۡ[4.12]
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    19171013գѷͳҪ˵ü޵ǱʹԴ׶ԱMobilization˹ѹȨҵÿһлекڴ˿һְΣĳԱоغҪİ֤[4.13]
    ѧڳѷϴŨɫʱΪ棬Դظ޴֪˭ͽ˰׹ҲͶұѷͳԼҲνġ硱ʥսϡսΪǾþ
    ʵǣЭԼṩ30ԪĴ60Ԫĳʣʾ޿δ¹ȡʤмеЭԼծȯͻһĲֵĦ˷գ.ֲлΪ˱ǵĴ߾ȫս
    4.սƵм
    191746սսԺѷҵҪȨѡʱ.ֲϵͳɵ. ³սʱҵίԱᣨWarIndustries BoardϯȽ.÷Үսʱڹ˾War Finance Corporation
    ֲֵ
    ޵Ĵ˹Max Warburgʱε¹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˾Consolidated Tobacco Company,ְŸķGuggenheimϲͭҵлµĹŦԼϵͳ
    1901ֵ꣬һ˰³ֵܹ˾
    1917ѷͳ³ΪսʱҵίԱϯʱӵйҵ˾ɱȨÿĲɹߴ100Ԫһ˾սʲɹļ۸ں1935Ĺ֤ϣ³˵ѷͳһţȨҽӹκһҹ͹ҵҵҺ˾ܲø.Judge GaryйһЩ죬Ҹź˵Ҫ֮Ĺڡȷʵˡ[4.17]
    ЩԱ԰³ʹҵɱȨʸʾɣΪȲǹҵңûڹһ죬Լڹ֤ҲʾְҵǡͶ̡SpeculatorŦԼ͡³ڵ֪ʢٵĺƽϢһ75Ԫ
    Ƚ.÷Ү(Eugene Meyer)սʱڹ˾War Finance Corporation
    Ƚ.÷ҮĸĹ.գLazard Freres˾ĺϻˣȽԳιְѰ顣³ϰһҰ˹ӵĽ˾һıһЩĽ¼Ҳˡսʱڹ˾Ҫʹ֮һǷծ,Ϊսṩ֧֡Ƚսʱڹ˾ĿΪĪˡԸù˾ʱù˾Ȼÿ϶ʱ޸ĿڶٸԱĿ˷McFaddenԱ19251930Ըù˾ĵз˴Ŀظծȯ2314飬ظۿȯ4698飬ֵ50Ԫ1Ԫȣһڵ19247¡ЩظǴɣһЩ١[4.18]
    ѹһսԺȽȻܹչϻѧȾϹ˾Allied Chemical and Dye Corporationչ˻ʢʱ
    ݹƣȽļԪծĲ[4.19]
    ˹̩˹(Edward Stettinius):Ŀɽ
    ˹̩˹һһ˿ˣִϸڣ֥ӸͶⷢ˴ơսڼ䱻ĦвܳڲExport Department,ҪɹսڼΪߣÿɹߴ1000ԪľʣȻЩװϱգ˵ŷޡЧʺЧ,ڻ23ŵܲһ£²Ĵ̺̾ӿİ칫¥ڼÿһǰ˾ÿһ£Ĳɹ൱20ǰֵ¹˴δ뵽̵ʱת¹ҵ
    ĦŴάɭ
    ΪĦ۹ºΪJ.PĦ˾߼ϻ˵Ĵάɭõʮֻ⣬ӶĸߴڣǧԪľ޿
    5.ԼһΪڣս
    ꣱£գѪȲпĵһսĻ¹Ϊսܹɥʧ⳥ԪĵսÿꣵԪϢڲƷգĶãɥʧкֳء½ֻܱˣսóңӵǱͧɻ̹˻ڵȹ
    Ӣͺ.ΣDavid Lloyd Georgeơѱ¹˵ĿڴҲҪǮҳ˽ϡݵļԼעսǰǿڵ¹ϣֻܵµ¹ҪôԼҪôսӢݣLord CurzonͬĿ˵ⲻƽֻһΪڣս顣
    ͳѷЭҲü˵ǵ¹ˣҾǩЭ顣
    ⲻμǷʶıʣǱġʦүǡľߡͬѸмУϯڹʱ.ֲĦʦˡĦ˾ĸ߼ϻ˹.ɡսʱҵίԱϯİ³˹ֵܣһǺCIAͷͷһǰɭĹ䣩ӢǷ.ɾʿSir Philip Sassoon˹ж¼ĵϵĸ߲ǽ˹.¶Georges Mandelǽ岨.˹ж£Jeroboam Rothschild¹ĴϯǱ޵Ĵ˹.ֲ񡣵м뼯ʱ򣬺ġɫ֮.˹жо(Baron Edmondde Rothschild)ΪṩĽӴŵͷﰲԼڰĺׯ԰
    ͻʵһмǵĿ񻶽ڣڴս֮־Ͳһսӣڶս
    6.ë(Fleecing of the Flock)1921ũҵ˥
    ꣹£գǽֹͣһдӳһ죬ǽǵǮǽӵвδ峢ĲƲǻԼļ۸õȺ֮ũԶĳǧءũ񽫣ʧȥأܹãӢ
    мЭᣨ¼ڣꣴ£յĹ¼
    ëмȦһר˼þ÷ٺ˥˵ĹĻ,۸ļ֮һӵ˵ĲƲмҿĻҷдȨõķٺ˥˱˿ԾȷƵḶ́ʱļëΪм˵ӿΪ׶ν˿ѧȲ߲׶Ρ
    һսձ鷱٣ģսʲɹشٽҵӣ굽򾭼Ͷ˴ңŦԼɣģˣģһֱֵꡣ
    ΪŷЭԼṩмڣͣнĴδģծȯļΪծȯLiberty BondծȯϢӣ..ȡЩծȯеһҪĿľѾسеĻҺá
    սУ˵õ˸߹ʣũʳս˺ܸߵļǮ͹ײľ״˺ܴߡսʱѽڼũдֽ𣬶ʾ޶ƸȴڻмҵĿ֮¡ԭũձǮڱصĵУЩСмҶŦԼĹмձǵִͶԿ̬ȣȲμϵͳҲֶ֧ŷսֵĴһúһЩУټũȺֱ׳ѿȵĻм׼ּëˡ
    мȲˡܹݡļƲߣһΪũҵίԱᡱFederal Farm Loan BoardĻרšũǵѪǮͶڹµأ֯ṩڴũȻ֮áǴũڸ֯Эм˳ڴ˸߱׸
    ũǿԶҲ֪ǵһƵ塣
    ڣģĸڣҵҵó˴ȵ԰ǶɹŴֻũ뱻ȫܾһλ־ƵĽڶƣּӶũĲƸʹݻũҵܾСС
    ԺίԱϯŷģ𣱣ڣĲԺ֤˵ڣũǷǳԣġǼٳŰңء°꣬ͻúͻҽʹǴƲһУũƲӦ÷ȫ෴[4.20]
    Ϊս෢ŵŴӦ𲽽»ڣꣵ£վһһȫ֪ܻ顣һıһ죻¼ҳЩ¼ڣꣲ£ճڲԺĵСAත£ѯίԱĳԱμ˻飬Bත£ҵó׺ũҵĶûб롣CĶͬûб롣
    ֻдмҲμܻ飬ǵĻֱӵŴյ˵ڶˣԪʧҵغũֵˣԪ
    ѷĹ䲼һĸԴбӦũҪıߣȴΪũĵĵˡũҵŴһıķ[4.21]
    ڶũҵġëжϲ֮翹СҲ˵Ŀģֿʼ
    7.мҵ1927ı
    .˹Ħ˾ײ˾ϷŦԼеĶ³ıӢеĶ³ŵMontagu Normanһı˰³-ѷҵҪ¼,а緶ΧĴ˥ˡ
    ŵүү游ιӢеĶ³ԺյӢʷϿν޽С
    ڡǮΡһУԼѷдΪѵ˹ʺŵڷϲһȼ١굽꣬˹ŦԼĻҿŵ֮һ˽ЭĿʹŦԼʵ׶ءΪʺ˹ѹŦԼһֱ޷صĺŦԼĻҿ߹ķ٣Ͷ񳱡[4.22]
    ЭԺȶ֤ᣨHouse Stabilization Hearingڣ˷Louis McFaddenԱ쵼½飬óĽ:мͨݻƽĹƱ̡
    ˷Ա򵥳һʲôӰ»ָĵĽϢߣ
    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 CommitteeһᣬһЩʩˡҼǵðƻ·ݾдԼԪƱݱŦԼУлң
    ˷һ߸ıֱӵǰδеġΪصĽϵͳ״̬ƱгͶ糱ҿһشľӦڻʢиʽļ¼
    գͬĿ
    ˹Աʵǿܻ飬ǴԴȣǸ̸ۣʣȻˣǵģƽ
    ˹ظȶŷ޵Ļҵ߸ǵԪ
    գǵģ߾Ϊ˴ﵽĿġ
    [4.23]
    ŦԼʵȫڻģ˶»ǰ裬ŷ޵мŦԼоʱ䳤һܵʵԵܻ飬ڻʢٴ˲һ죬ֻ罻ŦԼܻľµļֵԪĻƽŷޣҪľ߾Ȼڻʢȫû¼ɴ˿ɼ˶»ʵʵλ
    8.1929ĭ:һΡëж
    1929굽1933֮ͨһעɴ˥ˡ
    ׶.
    ܻ֮ŦԼжϢӣ.ڣĳԱзˣԪĻңЩԱǣбƱѺЩǮȫһɻƽ𣬽൱ڵʱȫƽͨģַͨʽŵԪŦԼڹгƱŵĻ߳˸Ӿ㵵ǣŦԼԱзţԪĻң4.24
    ʱŦԼƱгԣʽƱǮɽ̵ṩֳ־޶͵̰ʵ֤ọ̇һļϡ
    дŦԼпɽ赽ϢҵĿӣһתԣϢ֤ọ̇㣷¾£
    ʱŦԼĹ벻Ƕˡ
    ʱϵӶ񱻹óеĻйƱͶʡʢٵμҶֵĴǷˣ÷Mellon)һƪʽĽ֤ŦԼĹвߣͳмΪݵĽȫҲ˵Ʊܰȫ
    ꣳ£ĶڻشԺѯʱ֤ȯ̴Ƿʱش˵Ҳ˵֤ȯ̵ĴǷߣҿ϶ǣ֤ọ̇ȫͱصġ
    ꣲ£գӢеŵٴصʼĿɻߡӢмƺһµ׼ֵʱˡ
    ꣳ£ڽ̸.ֲڹʳжеĹɶϷ˾棺ֺ޽Ƶ̰ĻյıͶԼһʹ˥ˡ[4.25]
    ġ޽Ƶ̰ﱣųĬͻȻ˳棬Ӱ͵λĽһŦԼʱг֡
    Թеоڣꣴ£գŦԼʱͷͷһҪϢ
    ѯίԱڻʢٵܻ
    ѯίԱѾγ˾鲢ύ»ᣬǵͼԱϼӱܡѯίԱ»һȻһ֡βͬѰĻıܴʩǳϸ񡣼ֻܵõһЩģɵĻش[4.26]
    ꣸£գϢߵŦԼн֤ȯ̵ɣߵͶʽ壬˲һеӳб޳·Ʊг漱תֱ£罭ӾһڣͣºɨƱгԪĲƸʱҷ𡣣ԪǸʲôأӽڵڶսӴȫʵܺ͡
    һλ껪ֵ֤ȯģȷƻŦԼгͶʹƱĴӦͻȻɵģΣ,ʵǹʽǮƺõԹڵġëж4.27
    ĿĵãŦԼʱꣷ£ղİ̾ԭƷļ۸䵽ˮƽ͹ʣʼ٣ܹУʧҵĦͨŦԼкͻʢƽӹ»ϵͳ
    ֲͨΣ켺ӣ굽꣬Уеգ󲿷ָںŦԼмͥ񡢶ϵͳ˵з׷Ʋ
    9.߻˥˵ͼı
    ʣĹƱڣܻϾö£ŦԼʱΪѹͣ׶صʱذθߣ֮ĻƽӢ԰Ӣŷ޹һָλ
    ʵŷ޵Ľڼ֪ͨ͵ֶӶƸЧҪԶʤڷŴõϢ롣ԻƽΪҷŵĻʯֽҿɶһΪƽһɻԼмҷʹָͨЧЧΪʲôʱӢмΪŷ޽ڽҪָλأ
    ԭмһ̴塣
    һսԵ¹սܶգӴսȻɵ¹˹¼ֲеˣǻҪһʹѲơԣһ壬ɵ¹мͨⲿƸѸӶ¹Ļһμʶ˳ͨ͵ӣ굽꣬սڼ䣬¹ҷˣ.¹Ԫֵˣӣ꿪ʼ¹еĻҷʻɽ緢̬ƣȣӣȣӣȣӣ򱶡ӣ꣸۴ﵽ֣һƬһƱļ۸ߴˡ¹ÿĹʱ֧ΣõǮ֮ҪһСʱ֮ڻȥ4.28
    ¹мѪϴв׼Ĵʹʿһҹ֮ΪƶӶ춨պɴ̨Ⱥڻ˵¹˶̫мҵʹޡ𣱣շսʧܺ󷨹ľ¹ܵıҿҪصö࣬һΪҵսڣȫλˡ
    ¹˵ĲƸѹεòˣ¹Ҳȶˡڹмǵĵ֮£Ļƽȶ¹ҵľȦ
    ڶֵӢмҴչȭˡڣһս¹ǱͧڴƵϮӢͻƽĴֻ޷ۣӢвòʱֹͣƽһӢĽλʵ
    ꣬Ӣص𼪶Ӣ󳼣Խȫûио𼪶׶мҵĹ֮׼ָλǱ뺴ӢԵȨλꣵ£գӢͨ˽λGold Standard ActʱӢĹսľ侭ʵԶѷ˵ŷҲѲһҶľ棬ǿлָλƱصӢͦشɥʧӢھͬʱɹ½ˮʧҵʴȾú
    ʱһʦ˹ճˡ˹ڣͻӢĴԶԵ¹ϧԴְ顣ϳλ׶صмγˮݵ̬ơӢλĿԵίԱϣ˹ʹ½λı׶ˣƽֻ ҰżǾ÷չԼӢеŵҲʾƽλڳʵмǲɻȱģӢĸжأ۶ҵ𣬲Ȼ׶ؽڳмҵĳӢͿˡһ׶мҲѣȻмֵ֧ģǲõģмҵĹ۵㣬Ӧġ
    Ϸľʲ֡
    ܲ򵥵Ŀ˹ΪĽɫмԻƽʿ֣˫ݵó뻭ۺľɵزš
    Ȼ˹ġԤԡмҵļƻӢڻָλ֮һǧɣʧҵɣģǵģְչ˷ңӢصΣ
    мҪľΣֻΣƶڸĸһƬǿҺ޸ķɵĺУͨˣҺȯCurrency and Bank Notes Act 1928÷ӢͷϳԹծΪѺĻҷ޵Ľ䣬귨涨ӢԹծΪѺӢΪӢӢֽҷбûƽѺԹծΪѺСծ񡱻ҶƿĻƽԼ֮һʵһ׶мǣƵľ硣·ͨڣӢоͷˣڣծӢ·ȨӢڽ¿ƷСծӢֻҪºϿɾ[4.29]ĽƵķлҵĴȨڱӢҲ㵽ˡ
    ֵֻ˸ñëļˡܻ֮ĵߣʹֵԪľ޶ƽڣȻ֮ȱƽ𴢱޷ЧŴֻ׳ķڼʧѪݿˡмһӵϣ۸ļ֮һʮ֮һĳͼ۸ٳԽɺʲ˷ԱһݾУũһбݵİ¿УũɨسšƵÿһء
    ⳡǰľúƽУֻȦ֪ʷͶϷĻЩ˵Լʱ׳йƱתծȯǶ׶˹ж¼屣ϵȦˣЩʹǳҲδѡȦJPĦͿײ˾ԼѡġȿͻСǱƵʵҵҡҪ͡Ѻùҵͳߡ
    мĬɭְʱꣵ£յġܿģһΪʧȥһλܸɵˡڣ꣨Ʊ֮ ǰټһ飬µļڣ£֮ǰȫ֤ȯ̵Ĵҵԣ˥г˷𡣡 [4.30]
    .ϣJoe KennedyҴ19294Ԫӵ19351 Ԫ25ɵ.³ڴǰйƱתйծ.ĪHenry Morgenthauڡɫڶ꣱£գ ǰҴҸϵмй˾Bankers TrustĹ˾ڣֵܼ֮ԪйƱѣڼڵʱ֣Ҫ׬Ԫ.ĪȻŭŭ𣺡ҵǺۣ˵ȥ
    ھعͷʷȻҪ̾Щмǵ̣ǺʵΪһȺˣַȨı˿˿۵ƣŪڹ֮еĵԣʵ̾Ϊֱֹ죬˶ȫǵʵǲڼ˵С
    ڹмëϲ֮󣬿˹ġۻ˼롱Ϊмǵ²Ƹոµġ˹һмµջ񼾽ڣ
 ۻҵġ
    ˵߸ʱƶõİ취ʹұֵͨͨ͹̣ܵءΪ֪ûչƸһְ֡취ĲƸʹƶĹУȴʹ˱ûκֶͨͣκͿɿ߸ȨˡǱڵػ˸־ùеƻأһҲһ˿óĸԴ[5.1]
    ˹1919
    µ
    ˹ƻƽΪҰżһ˿ڡйǴҶˡ˹ħƽĶʲôͨ͵Ŀ˹ô˻ƽУ
    ˹ˣʱȻǽλᶨƵĺߣȵϯ֮󣬶ԻƽͿʼҶȻʱȻϡƽлҵֶ֧ΡȴԹۡˣмϴѹƽ۸ı
    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
    ؾΣмǡش״̬¼ʵֵġϳλĴҵӶƽͨڶսĽڴ
    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׵۱Ĳܲ١ŦԼвľߡ 2002ڹ֤ϱԱޣRon Paul׷ʼˣ˹˲űʾԼδ1966Ĺ۵㣬ȻΪƽлеġֶ֧Ρֻǡģ⡱ (Mimic)Žλƶȡ
    ˹˹ͬ
    ѧĪ˹(Murray Rothbard)Կ˹˸һ̵Ϊ˹ļ塢ӢͳξӢԾӺͶµӣ˼ϵֱӵӰ졣
    ӢŴѧ֯ʹͽᡱApostleԿ˹ӰΪ޴ŷѧе֯ƽĴѧͬѧ֮ɢţǸڽʹľӢģеʷֽ꣬ϵͳνײ᲻ɴݵ漯š
    ŵġʹͽᡱһѧԺ͹ѧԺģԱɣЩ˲ҪҪԺգÿһ˶עΪӢͳνײеһԱÿһܻۻᣬ۷ΧѧѧΡҵԼϸɣͬʱҲͨ£Ϊӵǻ۵ͷԣΪԼͳߣ໥֮䷴һ˹дһλѵ˵ֵϵԽǲЩԴһָоϵľ˴ͿκıʣΪ̫޴̫а񡣡5.3
    Ȧ˿˼ѧѧ;Ӣ˹жоĽھͷ뿪֮ÿȻμӡʹͽᡱܻĳʹͽΪʹǻѡʹͽ
    ȿ˹Сά˶.˹ж£Victor RothschildλӢ۹ҷȨɭ.˹жµĵоŵĵ̳ˡά˶뿭˼ͬ⽻Эᡱ Council 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˹һΪλϡ꣬ҪҡϢ;ҵͨۡThe General Theory of Employment,Interest and Money֮󣬹мҶ˼΢ľѧ۵Ȼǰ֣μǶ֡ǮӡǮǮۻֳͻƵ̬кϯѧ硣
    ˹ȷۻ˼ؽõмҺμҵĴ֧֣ܵ𺦵̫ͨ͡޴̫а񡱣ʣǸ㶨ѧˡ
    ȿ˹ΪִۺϾɴͳӪĶȻһƣǱɬ¾áʥֻСµྭѧҲܿһܵ꾭ѧҵĻ.ѶɭڸѵϲʤԼ꣬˵áѶɭҲϡͨۡһдú㣬֯ң顣5.5
    ѧΪⱾһƫԶѧԺдģѣҪ˵ʷˡ
    2.ͳվӣⲻ
    1932ͳѡһƬɱ֮Ļ1300ʧҵ˿ڡ25%ʧҵʣͳ𱶸ѹͳѡ˹1928ߵԼԺͳ뻪мĽܹϵָ𣬺ͳѰζĳĬԼı¼¼ʵ뷨
    ڻӦ˹ӦΪ1929ģͶ糱ʱ˼֪ǷӦð1925굽1928ŷӰ¹ʵʩͨߵع⣬ҵʱǷߵġ[5.6]
    ͳȷЩԩȻΪͳǶԾߺͻȴû̫ӰûлҷȨ˽ӵеŦԼвϣκ߶ǿ̸
    ͳڻʧʼڵ¹ƫмҵļȶ롣ԭ1929Ħ߻ƻYoung Planӵ¹ծ񸺵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.˹
    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˹.˹James Roosevelt1784괴ŦԼУBank of NewYorkνϵм֮һ,ǸڣծгϣӲݹծ۸⵽ָءеҵֱ˹ѡͳʱδ˹ĸҲнķ˹ҵĴ࣬ҵڹѧԺӵú·ȶദӴҵϷ·֤ȯ˾Southern Railway Security CompanyĴʼˣù˾һԼ沢·ҵΪ֤ȯй˾˹ҲǹҵʦҪͻͰĦ˾ǿб֧£34˹1916Ħĸ߼ϻˣôͳɸ˹ڻʢٰŵ¼ҡ
    ˹һͳ壬аɶ.˹ǵһ.ķ.˹Ҳǻֺպ·ϲʱ 14·˾ͬʱΪĦµġͶʹ˾Guaranty Trust CompanyУChemical BankŦԼжְ֮ε˾ĶԴһСӡ
    ˹ĸ׵ŵDelanoҲӧңһ9λͳǼմס
    ʷϣûһλͳ˹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˾United European Investors,Ltdܲáù˾Ķº͹аһ1923¹ͨ͵ĵ¹ǰ.ŵWilhelm Cuno˹.ֲ˹ĵܱܵʦ͸ϯڸù˾е60000ȹУ˹ĸ˹ɳߡù˾Ҫڵ¹ĸͶ⣬ڵ¹񱻳ͨϴٵһƶϴʱ˹ŷͶʹ˾ȴȻطŹѲơ[5.14]
    ͨʹǡƸոڸùҾҵıֵз˴ģĲƸתơͨصĵ±ڣĵ¹κһһЩԪӢˣڵ¹Ԫʹ˹ͬһ㡣˷ӵĴԱ˵ŵļ۸¹˵ģͥƸ鱦Ʒۣ.
    ͬǰĳͨһ޴Ƹ⵽ϴ٣в׼ҵԪӢĹǧ򱶵ķŴ󣬲Ƹ֮ĿͱǹУȻ֡ǡ翭˹ԣְ취(ͨ)ĲƸʹƶĹУȴʹ˱Ǳڵػ˸־ùеƻأһҲһ˿óĸԴ
    ˹ϵʹĻֱʱԼͨߣֻľͱʵ֮Զӡ
    ʱ壡ÿëжѪͰĶ
    4.ϳλмҸ˹ʷʹ
    ڽλԼ֮£һսѾŷ޸ظծӶеĽԴսģֻǾֲսһսùмǴãԴһ͡ǣԺڽλϸԼ֮,ԴҲ׽⣬֧һ缶ĴսϳλǾͳŷмҵĵ֮
    ƽǧݻ𽥳ΪձͬĻҵʽԻƽƸıȻϵѳΪеȻ߼ߺ;ƲʱǿѡеֽҶһɽ,ԵȴӵƳֺתֽɶһƽʵϳΪľɵĻʯֻڴ˻֮ϣκʽɲžʵ塣ǿаƽֽҵɶһȨʱҲʹӸϰɡ
    ״£ϳλƱصᶯǱֻڼ£񱻱βŻᱻʱԼȨΪʲôмҪصΣ˥ˡΣ˥˵в֮£ЭŽױƣױ󵼣עױɢмҵļı׵ʵ֡Σ˥˱мǵԸЧʷϱʹá
    ëǡǡΣ˥֮Чߣ
    1812꣬һбϳ˹жµıӢ1812ս,ڶжա
    1837꣬ܿѷͳϳڶУм׶ؿծȯлظִ˥ֱ1848ꡣ
    185718701907Ϊʹ½˽еУмٶȳ˥ˡڽ˽е-ӶȫĻҷȨ
    1929Ĵ˥˵ĿֱָϳλʵʩۻߣӶΪڶսƽͨ
    193334գ˹32ͳʼ˹ͳ뻪ƲĴ죬εȫд36ͣҵ٣Bank Holidayֱ˹ɲ¿ҵʷ״ιرȫڴĴ٣ʱľΪ֮һľ,ڼȫûӪҵĿǰ״̬,10졣[5.16]
    ţ˹ֽŤסʱѾʼԻֵĵ鲻ţìͷֱָĦ塣һϵе֤ϣܿ.ĦĺϻȫǰŪûͷͷɥ
    ˹Իмҵȭһ͹һУ1933616ǩˡ˹-˹ٸGlass-SteagallActĦ˾ֲΪĦкĦ˹̹˾ǰֻܴҵеĴͳҵ񣬺ֻܴͶҵ
    ˹ŦԼƱҲǺȺͨˡ1933֤ȯ͡1934֤ȯ׷֤ȯίԱᣨSECԹƱгмܡ
    ˹һͷֶβ۵ձлѹѾõĶԻмҵĶ
    ĦҲϣҶ˶˹ͳĳݡͳһڵĳɾͼֱ˼ǴûоƵĹ̡[5.17]
    1933ŦԼƱгŴ󼪣¼54%ľ˻ر
    Ӣһ˹ƣǮǣMoney ChangersʥıˣڿԻָʥùϵòˡ[5.18]
    ڣʱýĹ֮,ž޴ǶԾıർĳִ
    ǿ˹еı֮µʵɡ
    гܾ֮ҲûܿҵƬг˳мϴơ˹Ĳѡǰᵽ1929Ʊ֮ǰѾÿɿϢϧʧ500ԪҲҪ3֮ȫеϺ.ĪHenry Morgenthau Sr.֮ӣСĪҲǻֵȦˡ
    ˹ѡ֤ȯίԱϯѡ˿ЦãSECϯλ1929Ʊ֮ǰƴչеͶԼɪ. (Joseph Kennedy)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
    Ҫװγƽڻеĵλһ򵥶ɵ£̱Ϊ׶ʵʩһǷϳڵͨһڶ緶ΧڷϳƽĻҹܣ1944겼׶ϵԪһϵDollar Exchange StandardȡƽһϵGold Exchange Standardʵ˵ڶ1971˵
    ˹ҡźмƲ˹ڰε˽λħƿǣֲծһڴεĽ˳
    ֻǰȨˮ족Ŀ˹һԣͳöԣǶǵΪԶʷ
    5.Ͷʡѡϣ[5.21]
    19331124յŦԼʱһΪ.ֲ(Sidney Warburg)СӡⱾ1933ں棬ֻ˼ͱȡˡҴ鱻ӢģӢİڴӢչֹںоԱšߡ.ֲ񡱾žм֮һֲĳԱݱֲϡ
    ⱾصСӽ¶ӢмͷϣȨʷݸأ1929ǰ󣬻ͨ˹ƻDawes PlanƻYoung Plan¹ս⳥1924굽1931꣬ͨƻܹ¹ṩ1380˵Ĵ¹ڴڼܹ֧ 860˵ս¹ʵǵõľ޶սԵ¹Ĵʵͨڻ۵¹ծȯļʽĦֲеõ˷
    гһ⣬ǾǷڵ¹⳥ϵĸѹߡʹĴڵ¹Ͱµ൱һֱˣҷõ˵¹⳥Ҫ֣ЩǮԴǻ֡ŷԽԽ˳۵Ļм19296ٿһλ飬Ħϵ˷ϵмҺͷͷǾһΰѵ¹ӷĸѹ֮¡šһֶͨѷǯơһܵѡϣաֳ⽻գͳ˷ױŵ.ֲȥϣս˽˽Ӵ
    ɴĽӴ˳פĽڵ¹ݰ²ǽĽгİżϣաڳλϣмҿ ŽԵ⽻ߣɿϣյҪҲͣ1ʲô˵ϣյı۴ŦԼмǾϣʨӴſڣ2400Ԫʵڸߵף1000ԪķۡʱδϣһڴӦ
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    1931ͳӦκծ󷨹ʱڻʧˣܶʷѧΪͳѡʧֱӹϵ
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    һ¹ϣյ֧ߵһλϣɴӺ͵ӷǳѷǹǹǹʱװѾͷڵ¹߾ıʱͰµĳУֻҪɴֽ֧̿ϣն˵ƻȨͺϷִϣʵȨҪˣϷִҪˣмһô
    Ժ󣬻ֵĻصָĽȫ޷ܡǲҲܽܡԴ˽˵ģʽŷ޻г
    ˽һı棬Ժ󣬻ֵĻصƣյ׼ࣱ֧Ԫ˶߲ȡԵıҪԡ
    ԪĺϷִ·мöʽʽԴУ򸶸İķ˹صɵУMendelsohn & Co.Bank򸶸¹صУRotterdamsehe Bankvereinigung򸶸УBanca Italiana
    ꣲ£գ¹ݻ𰸵ĵϣϣս˵λ̸ϣҪ٣ĶȨжֻӦࣷԪϣУ⣲򵽶ǹ˾Renania Joint Stock Company
    ʹ֮᲻пϸִҵʹֱһϸڡϣŷĶߡѾ۲мµʱˡΪջ֤ĺûΪǺߡԵ¹ԣϣǴġȻҪϣգ磬ࡣ
    6µɴ¹
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    ʱһǿȻڣ˥˵пֱֱӲսľ״ŵõŤת
    ¹ʱѸɾøպʹģս׼ûǿĽȫġӴʽעΪ׼սкϺ߼Ľ͡
    ʵϣ־ɴ¹ʽԴ
    1924¹ͨ͸ոƽϢʱ򣬻ֵмҾͿʼﻮΰ¹ս1924꿪ʼĵ˹ƻ1929ƻΪĿġ
    1924ĵ˹ƻطϵ¹ı¾ѧҵļƻ[5.22]
    Ħϵͨõܲŷ.Owen Young˹ŷͶʹ˾ҪĽںܡҲŷ.ЭмҺϵĹУBankof International SettlementǡֶγǴѧĶʦʷѧҿ.ףCarroll QuigleyָУһϵͳ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
    ϯ¹ŵըҩ˾ըҩձޣйĵط԰ۻƱԪ㣬Ȼ͵ŦԼгнԸƱݽ,ԴΪѺµԪֽңʵϾڰ¹ըҩ˾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¡
    7.ս۵Ļ
    𼪶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
    1935꣬ԱGerald Nye쵼رίԱᷢ˺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˹.Charles C.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׽Ƶĺûᡣս19458ϨʱĹծ1930160Ԫǵ 19462690Ԫ˹ĳֲۻҵڵڶսеõ֤мڵڶսٴαһʺơ
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    ʱһΪԶĵļƻּڽһϵͳ磬һ˿Ƶġܹƺ羭õģƣ
    ϵͳԷ⽨רƵģʽмƣͨƵĻɵЭЭ
    ϵͳĺľʿĹУһ˽еУǱҲͬ˽й˾
    ÿжͨƲ㽻סӰҾûˮƽҵԱֺμṩرȷʽƸԵ[6.1]
    γǴѧʷѧҿ.1966
    µ
    ǵУҡ֮ĴʻֵƵԽԽߡûصʷǳܰᷨͨųʵһ޴ļƻǵǣйԴȻ֪֮١
    19447£ŷǴ½ķ֣Ӣŷ޴½ٵڶսһ£ص44ҵĴºʲڶݵȼʤز׶ɭ֣ս羭ͼмǿʼʵʩǲ߻ѾõļƻȫĻҷ!
    ʱĹмѾһϵкĵ֯ӢʼҹЭᣨRoyal Instituteof International Affairs⽻ЭᣨCouncilon ForeignRelationsĻµķ֧ɱ˶²ֲBilderberg Groupִƴ룬ι˧ίԱᣨTrilateral Committee)
    Щ֯յĿģǽһɼӢӢͳεͽͳһҷϵȻǶеա˰ν򡱣New World Order
    ϵ֮£ȨҵĻߺ;Ȩ뱻ᣬȨҼľɺɱ뱻ݡִϵļծΪʹÿһִūЧ棬ַŵľӪЧĿѧ׶ιɣֽᡢӻҡͳһƵ֤RFIDIdentifierֲ֤ȼΪհִ˱ɡūı־ƵʶмսԼÿһκʱκλáֽʧֻ֮Ҫü¼̣ÿһ˶пܱʱȡԼƸȨһϧȨ˵һֲľ󡣵ڹм˵ǡ򡱵߾硣
    ӢΪǵļƻǡıǡıOpen Conspiracy)봫ͳıͬǣûȷ쵼ֻǡɢġ־ȤͶ罻Ȧӡǣͨ˲ǣЩ־ȤͶʿƺͨ˵ʵǵġ롱
    ⽻ЭĴʼˣһս˵׳ߺ˹УһƻһλҪ֡
    6.1̸˹У
    ڻʢ٣ͳǿģǴĻʹȨ[6.2]
    ˹.߷Ժ󷨹
    ˹Уа».˹Edward HouseУĳƺǵ¿˹ݳڵݵطѡٷ׵ıá˹ڵ¿˹ݵһԣмҵļͥ˹ĸף˹սڼŷ˹ж¼Ĵˡ˹Ӣ飬ͺܶ20ͳмһ˹ԸӢΪӢȦӱйϵ
    1912,˹һʷѧǿȤС˵.ţߡPhilip Dru: AdministratorС˵У˼һʴȵĶȨУʵʩ۽˰ϳ˱Թ˰ᰲȫϵ˹ˣLeagueof NationsȡԤ⡱δһ˾˵ƣ䡰Ԥֱ׷˹
    ʵ˹УͿ˹д˵δԤ飬˵δʵʩļƻø׼ȷ
    ˹УһĿжδԤмĸ߶Ǻϡ˹УܿΪӢȦеġ̸Ϊ1912ͳѡѡ⣬ĴרŰź˹Уԡѡ֮һѷѷ˹ԼŦıݣ̸һСʱ˴ѷԼĻ˵ǣ˹ҵĵڶԡԼһڡ뷨ҵԷֱλϣһһ顣[6.3]
    ˹μҺм֮ŹͨЭãѷѡ֮ǰڻмҾеϣ˹ڴǱ֤ͷ¿ѷţ·ӵġлֲ˷աĦ˶ϣں˹ϡ[6.4]лѺ˹ĦԼмҾס
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    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The InquiryİδƽЭƶ⡣1919530գ.˹жоڷһұټһ飬μ߰ 顱СԱӢԲ飨The Round TableĳԱӢľӢӵ65գЩٴοᣬ֯ʽ룬ͳһЭжȽ617գ˹ΪټŦԼˡЭᡱInstitute of International Affairs1921721գ˹ЭᡱΪ⽻ЭᡱCouncilon Foreign Affairs顱ĳԱμӰͻͲ뽨270н羫Ӣ˸Эᣬֵмҿңһڿε֯ɴ˵ˡ
    ˹ѷµĺʱ򣬾Ͱݶ˺˹ġ.ţߡġº͵Ķߡǡ˹ʵдա˹ѡͳ󣬺˹̳Ϊ׹ɻȱĸ߲Ρ
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    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.ˣJohn Rarick۵⽻Эڽһõļ˰Ӳ֧֣ȨӰĴڽڡҵ͹¡ʹڴýӵо޴ӰÿһڱͺܷҵĺĹ˽⽻ЭᣩǹҺ֪Ȩýһڽ¶ŷǳнԣ漰⽻ЭἰԱʼձɻĳĬ⽻ЭһӢ֯߾߲ӵȨӰ϶µѹͨ˺ͻʩѹְ֧Ȩܷ͹һõʹӡ[6.10]
    ⽻ЭξžԵӰڶս3,ͳѡ˶ǸЭԱʮִַܹ֮һ£Ϊ⽻ЭĳԱѳмҪְλ1921ĲɸЭˣɭԽĹҰȫʻɸЭڶ֮⣬⽻Эỹˣ䣨йѡͣ鱨־ֳ
    Ƕ⽻ЭӢǵġ뵳Уһ⽻ЭĺĳԱĳضߺ⽻ЭģӴоͿʼȫתƳԵĺ͸Ե۵㣬ǿߵ˵Ϻ˼ϣȥͱκη[6.11]
    ÿʢٵĹٳϳȱҪλã׹ȲľŦԼ⽻Эĵ绰̿ѧԱƣ⽻ЭԱѯʡ
    ⽻ЭĳԱУ֮ڣԱ񣬰ҪӰмң˾쵼㣬߼Աý徫Ӣ֪Ĵѧڣǿңӵĸ߼ȡЩξӢġǿġ
    ý塰۵򡱷棬⽻ЭᱨָжߺʹýרԱЩ˲ǡ⽻ߣڡƶЩߡ⽻ЭĳԱѳCBSABCNBCPBSȵ硣
    ڱֽ棺⽻ЭԱˣŦԼʱʢʱձʿٻձͶĦ̫ɼʱȴ󱨡
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    ڳ⽻ЭԱţ¡˹ءֵܡޣϣĳ湫˾[6.12]
    Ա.ɣWilliam Jenner˵ͨõĵ·ȫϷᡢͳҲӱϿһܷ֮µǣϵͳ֮УһȨšӢǡĹ۵㣬ΪǵܷѾʱˣʱһߡ
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    6.2Умҵ
    ĻרҸ.Ƥ˵ҵҲΪҵˡ
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    8º10£ÿ10׶ءʢٺͶһ¹ڳʿʿİȻȻסݣEuler Hotelμӵܡ͵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޴̨ϼĿ¹ʿҵɫ۵ס
    ڴ¥ļģмרֱӸе磬ʽгݿʵʱʾڴĻϡ18̲ϵشŷ޻гϵĶڴסһĻƽ򼸺Զڵ绰ϽмĻƽͷ硣
    ڸֽм伸ûκηգΪеĴͻƽ׶иеĴΪѺڽйȡ߶ѡǣΪʲЩԸЩӵҵؽ׬ȡߵأ
    ֻһܽס
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    ƻĲ߻ǵ¹Ŷ?ɳأHjalmar SchachtɳڣŦԼ˹ʺӢеŵͬı߻Ĺб1930꿪ʼ׷ɴƵĹĿľṩһɹмΪһЩܵʽṩ׷ٵƽ̨ʵϣڵڶսڼ䣬ӢĹмͨƽ̨Ϊɴ¹ṩ˴ʽ֣԰¹սϵøһЩ
    ڵ¹ս֮󣬴սʴţ˹ת˵¹еĽҵܶ඼Ǿɹнġ
    еĶ»ᾹȻɽս˫мɣ˹.ˣThomas McKittrickɴ¹ҵ˹I.G.Farben.ʩܴģHermann Shmitz¹мҷ..ʩ޵о¹۹е.ˣWalther FunkͰ׶.նEmil Pauhlһζ£λϣġ
    19383£¾ռµ󣬴ϴάҲɵĻƽЩƽڽݿ˺ͱ¹ռŷ޹ٵĻƽһ𱻴ڹеĽ֮Сɴ¹Ķ½ֹеĶ»һ⡣Уݿ˵Ļƽڵ¹ռ֮ǰѾתƵӢУɴռʹݿӢȡʻƽӢеŵհˣƽ𱻵¹˴սʡ
    ϢһӢ¶۵Ĺע.ԸӢԼ.ɴ绰ʵɰٰáŲױʼʱŲ׵Ļشǣûе¡ԭŲǵ۹ѧҵ˾Imperial Chemical IndustriesĴɶù˾ɴ¹I.G.Farbenеҵ顣
    ɵк˲ĿƿȻCochranежԹҵĶ֮Ĺϵģ
    ȫѺõġмұ˴ʶѾ꣬ҵؾһкܸ¡Ӧ÷˴˵໥ڵѣһӦú˹ͳһȥ㣬˷ҵĽ͸ӵһõ״̬ʹǰӵιϵ򵥻[6.13]
    ӢбȳϽݿ˻ƽת¹ʵǵĽǣֻǼϵĲƽʵû뿪ӢȻڹеĴڣͻƽɴ¹ֻҪеĿϸĶ־ͿˡǲòŶ?ɳ1930ƳĽƽֵ̨֧¹δս
    1940꣬ˣThomas H.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.˹Jerry VoorhisԺе᰸ͼסһĹƺܲõԭ򡱣ͲûȤе顣
    19441£һ¡ԱԼ.쳷ŭرʾɴ8500ʿɴڹС¶ɴԱĽǮȴһֱ[6.14]
    һֱΪʲʿսĻ±šͬСıʱ¬ɭŲʹ뱣Ҳɴ㡣ʵڹλʿʵʹܾͰӢм¹ṩսԱʹսøһЩ
    1944720գڲ׶ɭֻϣϳеڰڵϡ˹ͻأHarry Dexter WhiteλʦǵսеֿΪʼַ֧ϳУǵ̬Ⱥܿ÷˱仯˹ÿĪķʱĪԾؿƽ̬Ⱥͷ緶޿޵Ŀ˹Ǻ죬þƽ͵Ŀ˵ΪӦüֱµĹʻһ֯г˹Ҳһ˵Ī쵽ĪҪɢеľ޴ѹʱ˹һϸӦùرգǹرյʱҲҪĪ֡ԽԽá
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    ڶĻϣĪĴ˳Ծͨ˽ɢеľ顣֪һʱĪӢдţǿսȻкܴãͬʱֱʾеĿܹʵĿ1930굽ڵ76дδκ
    սеֿоȴܹмǵͣ˷ΪͨеĸܲáҲûбɢ
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    ľֲҪҪѸųڹʻҾ߹֮⡣ʿб˽Уȫơ־мʿһأʱ䶯شľҲȫкܲնԸŵķɻᣬԸԼĺγʿȻһԼڻϰ׹͹ȫԵਡϱƣܲôǺҧң1979вҪܲ.ͷǣPaolo Baffiڹмǵѹ֮£ȴû֮κΡձеΪ⣬80ձزĭ֮󣬴ʡձеĸԤݳףձгô˻ǯơӢбúܽܲöͨĴҲĳԱ
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    6.3ʻһ֯IMF
    ǻ˵IMFǳǻ˵IMFķչйҵĺǻ˵IMFľܵĺͲġǻ˵ IMFľáƷʹӶ񻯨Cʹ÷չΪӲΪ˥ˡ˵ĲҴ1996굽2000꣩9µеϯѧң˰ص羭Σ޽ڷ籩Ͷ˹ΣĿIMFΣĴʩұˡ[6.15]
    ǰϯѧ˹ٸ
    ˹ٸģJoseph StiglitzΪеϯѧңкIMF2000ǰһܷһʽڻǿгֶɭǿݡˡʵ˹ٸĵĲֶɭĦ˹Lawrence Summersӵ17%ĹɷݣӵгȨһƱȨʵϿеĦ˹˹ٸ뵽޷͵ĳ̶ȣԸǿ˹ٸĬĬݣһҪáߡ(Removal)ļʽ˹ٸġ
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    ڲ׶ϵ֮ҽڻĽΪȷԪҰȨλмҷϳλΪʵ֣˹1933 ϳ˴ͳĽλϵ󣬻ƽԪֱӶһϵGold StandardƽӶһGold Exchange Standardȡ˷ϳƽĵһڹͨгУԪȻԽԪһɻƽ𡣶׶ϵһԪһDollar Exchange Standardȡ˻ƽ𱻻ƽӶһԪҹԪƽҹֻвԪһƽ𣬻ƽһ˻ͨԴˣϳƽ˵ڶ
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    1971ֹƽԪϵIMFеʷʹʵѾսˣмҺܿΪҵµĶλչйҽСȫ򻯡
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    ˹ٸĿIMFкWTOһĲͬӶѡIMFгŵĿ˹ٷWTO[6.16]
    2004ġô̿͵԰סConfessions of an Economic HitManʵߵĽǶΪ˹ٸĵĹ۵˾ʵĽע
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    ô̿͡ĹЧɳ鱨ֵġ򹷡Jackalȥɱ쵼ˣ򹷡ҲʧˣǶþ»ս
    1971꣬߱ӡᣬɹˡô̿͡񣬵ӡظծǰɳأԲˡʯԪ Recycling of PetrodollarļƻΪɹ˵ɳ,OPEC֯º͡ǰʡ϶ίȹ湦2001911¼ʹظоʹһô̿͡ĳɫʱھ˵ࡣŦԼ羹˸ҳԴԭе̫бըԡдºܿڡȦˣһҹ˾ԸнƸʡǲҪ飬һ֡ϷĻ¸2004꣬߶ŷպѹ󣬼һҹ֮䣬ͳΪС˵֮ѡС˵ʽҲǳڲѣ絣ԼʵֵĻ֮֡[6.17]
    6.4ͳľӢ
    ¶ϵ조Ĵá෴սȨĹһһвʳİ취ϰ취شﵽǵĿġ[6.18]
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    ԭ׽оӢܾӢ֯ȨΪЩ֯ԵӰϵļش¼仰˵׽һλıۡʦ
    ׽ڱҵڹѧڲ³˹ǿ⡢ְڶ鱨ֵĸ߹ٹܡΪȦˡĿӴ߻ܵ׺ܵӢͳξӢȫ˰ŵġ롱УֻǶеһЩб̬ȣټоɬ£Բû⵽ѧߵΧˣһԭ20онӴףʷѧûеڶлظоսߣֻҪѧ˵ΣͬʱĵȨߣӢȦҲûбҪ
    ڿ׽ڿӢʼҹЭ,⽻ЭᣨCFR˶²ֲBilderberg GroupίԱᣨTrilateral CommissionȻξӢƵĺ֯ӵ3600Ա⽻Э൱ġ뵳УЭ͵ĴţΪδߵƶߡ˶²ֲŷ޵ľӢӣӵ325ԱίԱձ޹ҵľӢӡ⽻ЭԱҲ֯ĳԱЩ֯еľӢǰ߳Ƶǰ?JPĦίԱĴά? ˷աɶѷ?˷աӢӡڿͳܲõӢǰжˡǰͳŷܷҪƶߣ˹̹ķ˹Ѷ¡ǰҰȫʲȽ˹ϯ˹ˣоһʦ˹мЩ֯ĻĴϰ壬˹ж¼˺ܶ˶²顣19621973ȼʥ͵ǵĻֲ졣
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    ˶²ֲ(Bilderberg Group)
    ЩǾڿţǾͲΪƶչƻԽԽӣ׼֪ʶӢмɵĳȨʵ϶ùȥʵĹԾ[6.21]
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    ˶²ֲȡԺһùݣɺĲPrince Bernhard1954һִ˶²ֲ⽻Эġʰ桱ŷ޵мҡμҡҵ䡢ýѧɡеÿһԱ˹жº˷һѡģЩ˺ܶͬʱ⽻ЭᡢʥЭᣨPilgrims SocietyԲЭᣨRound TableίԱĳԱ˶²ֲǰŷڵļŷϻĲԴأյĿľǽһ[6.22]
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    ˶²ֲܲںУLeidenе绰롣ûվ̽ӢĶ?˹֣Tony Goslingղķ˹?ˣJames TuckerҪѾĻܻйر˶²λ̵ַϢ,˸ٱ˶²ֲ30ꡣ˳һڱ˶²ֲ顣ʷѧƤ?ά˹أPierrede Villemarestͼ?ֶWilliam WolfѾϳˡܲù˽ʵͼ¡Facts and Chronicles Denied to the Publicо1;2˱˶²ֲܷչʷʱѧҼ˹Geoffrey GeuensһһҲרŽ˶²ֲġ
    ŷίԱᣨEuropean Commissionǰϯ˶²ֲԱάũEtienne Davignon˵ⲻʱҲıʹϵѧԺԺ˶²ֲ30ĵٰ.ɲǶThierryde Montbrial˵ֻǸֲѡ磬˶²2002ʽŸ˵ֲΨһǾᡣϲκξ飬ҲͶƱκ˶²ֲֻһʽС͹̳̳ϿԷֲͬĹ۵㣬˴˽⡣
    Ӣѧ?ն٣Will Hutton˵ÿ˶²ɵһǡƶߵǰࡱ˵൱ӽʵ˶²ľԺΪ8ᡢʻһ֯еļȶ롣
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    FWilliam Engdahl䡶սӢʯκսA Century of War:Anglo Americanoil politics and the New World Warһϸ1973ٿı˶²ϷһΪ֪ءڲ׶ϵ֮Ԫĵλ緶Χ˿ǰΣƽѹ֮Ԫͼֵߵķһ㣬ڷ籩֮šʱĹмһԶδҵ׼˼ҲȻңꡰ¡ءƳҡرȨڹʽгϣʽۿ漴ʧأмڣı˶²Ͻ̣ͼƵʱڵΣ֣ԪġĽսԼ.ά(Walter Levy)һ󵨶˵ļƻʯͼ۸ǣ滮δĲȡ
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    References:
    7.1 Tragedy&Hope,by Carroll Quigley(MacMillan,1966),p.308
    7.2 Intimate Papers of Colonel House,by Charles Seymour 1926 p173
    7.3 Alan Stang,The Actor16(1968);George Sylvester Viereck,The Strangest Friendship in History 36-37(1932)
    7.4 Intimate Papers of Colonel House,by Charles Seymour 1926 p175
    7.5 The Invisible Government,by DanSmoot,1962
    7.6 Trading With The Enemy,by Charles Higham 1983
    7.7 Trading With The Enemy,by Charles Higham 1983
    7.8 JFK:The Dead Witnesses,by Craig Roberts and John Armstrong
    7.9 NewYork Time October16,1961
    7.10 Gold War,by Ferdin and Lips
    7.11 GoldWar,by Ferdin and Lips
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    ǾȺվڸ߸ߵɽ֮ϣһȺ¹̩ľÿ˵һͷ޵Сϻ˵һֻ˵ѡģɱΪ˱¹Ⱥϸ[8.1]
    ʱܿ1997
    µ
    ֪˭¢ĳƷĹӦ˭ʵֳ󡣶һ˶ҪƷ˭¢һĻҷУ˭ӵ޷׬ȡֶΡΪʲôмҪʾ֭Ļǡ伫ıȡ¢һĻҷȨԭߵľ¢ȫĻҷȨ
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    ע⣬мһ漯šǲκһҺ෴ǿƹҺһʷ׶Ԫǣǵ׼󣬾ͿʱԪӶ緶Χڣ꼶ľΣصΣʹвȸȨʩҺ
    йĽϵʵǵ֮ءй֣ǻ᲻⣬ʲôʱʲôʽ⡣һϣκνҵ뷨Եĺǿܲȡĵսսʹձźܴԣйĳʲĭйľǵġ¡мļȷʱڣڣ굽ձȻǽʹɱ֣ʵʩԶ̷ǽӴʽĽں˴йõģʺ͹ʽŵɢӡ¥չйĺʲйýС׽塱ͳһеѵһ
    ȻҪ뾭ϡ֫⡱йһҪǰûйգйɮ˳ˡ
    1.1973жս:Ԫս
    ʵ1973106ձĵĴжսżȻġͬ5µı˶²ֲϣ84λмҡ˾ͷͱѡеͻӦͷʹʧȥƽ֧ŵԪơά.˷մĸıʿȽ˹Zbigniew Brzezinski۵ĽǱԪģҵʧصĽսȨ
    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ÿһشսжͬʱɣϵҪĿ꣬áһʯҲ֡мҴǴȭĸ֡
    Ƚ˹ͻλмҵĺ߹ȫЭͬ¼չȫϡȽ˹ıߣΪ鱨ɳʡֱӲִС.William Engdahlڡսһмָ
    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˵Ľʯͷã 124100Ԫͬ1974꣬յͻ˹̹ɱ̩޺ޣһҽһó׳֡IMFͳƣ1974 귢չйҵó׳ִﵽ350Ԫڵʱһֵ֡ǣܺǡ൱19734Ҳ˵ʯͼ۸ǳɱ
    70ǿĹҵóף1974굽1975緶ΧڵĹҵóήȡس̶Ƕս֮[8.4]
    70УʵʩҵķչйѾеϢʯͼ۸ʹЩҵĴʽ𱻸ͼɡ
    չйҪôֹͣҵ̣Ӷ޷йĴҪô͵нǮʯͺͳ޶ծıϢ
    IMF׵ĹмԴIMFһЩп̵ԮǿЩϡͿ͵˴ùķչйҺġIMFĸҩҺʲ˽лʱгɻҪгó׹ʻ󲿷ֹҺ⼸ҩˣֿǿĹҲԪˣƶ
    ڷչйŵԪڰʯʱһڵȴǡ
    2..ֶˣ羭áпƵؽ塱
    ֶ˵ѡϯΪǻֵѡǵĿۡΪ֪ܴͱأΪ֪һޱ䡣
    ʷѧҲ˹.˹
    1973ͨж³ά?˷Ϊ˼ǿŷձڽ֮ĹϵڲȽ˹ĳЭ齨һŷίԱ塣ίԱҪԱǱŷձһЩмҡҵҺŦԼ衢ֱܲһ˵ϯŦԼܲϯȻǴά?˷գΪά?˷յĸıʿĲȽ˹ΪܲճִΡȽ˹иڸױǴѧڵĺѣеϰ?˹ˣˣ?Լѷƹܰ׹ʱι䡣Ƚ˹ݳزμίԱᣬһصĴҵԶ
    ˹˵£Ƚ˹ͬؼ档Ƚ˹һ۾˿أ϶պسɴȻ뽫ߣԿصʱְλҪΪίԱĳԱִίԱʱֺͨǣȽ˹㵱ά?˷ƼشһִίԱϯССݳ?صֱίԱԱСܿϰ׹̨Ҫһ󲽡
    ڿ1977׹֮ġ뵳ˡȽ˹˳µسΪͳĹҰȫʵǴмҽСɫʱĻơ
    1978꣬ϯְλȱǹмҷǳصһҪǣά?˷.ֶ˵Σͳ޷ܾһҪ
    ŦԼʱơֶ˵õ˲˸ʿŷеϿɡѾõŦԼƱге9.73㣬ԪڹгһӼͦ
    Դ1933Ƚ.÷ҮEugene MeyerְмĳԱѾȫӽгĵһ߳ĻҪͨϸѡŦԼгѡֿ˶ǳǵѡͶ˹ٺ͹𣬺׶ؾѧԺLondon School of Economicsһ죬50ŦԼеľѧң󵽴ͨξѧң60ڲʱǷϳλҪ֮һ1974꿪ʼŦԼгҪλãʵʸȫ
    1978119գ緢ֶӢά˴ѧWarwick Universityһƪݽ͸¶羭ĳ̶ֳȵġпƵĽ塯80һĿꡣ[8.5]
    ǣ˭壿ν壿
    ׵Ȼظծĵң붫ŷ
    ֶʼ緶Χͨ͡ʵĴ죬ͬӢһʹԪðޱȡԪϢƽֵ197911.2%һǵ198120%ʣPrimerateߴ21.5%ծ17.3%
    Ӣж19795µѡġҪͨʹӾȥνһ¾Ͱѻ׼ʴ12%12֮ߵ 17%̵֮ʱ֮ڰҵĽɱȻ42%ںƽʱڵĹҵпνʷǰˡҲӮˡӡĳƺš
    ڡͨ͡Ĵ£˥ˣҵʹĴۣӢмȴС
    ֧˰ҵơƹȿں쳹죬ծ񸺵֮µķչйңǰأ塣ʱչйҵծѾɱ˶²񣱣ꣵ»ʱģԪˣʱﵽ˾˵ģԪӢڡͨ͡Ŀں£ͻȻߵҵʱ򣬷չйҵľ޶ծ˾˵ġѹե֮£ѾʹעΪмҵϵˡ޽սʶǷҽΪǵʹĴۡ
    1982930յϹָIMFӦöԷչйҵĻծϼӼලشٷչйӦʹڲƷֻСóסǣмӴԭϵܼӿծ峥Ĺ̡
    īͳޣLopez PortilloԵָӢмҵĲԾҪʹʺ֮ĵԭϼ۸ԡ˫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)ծ֧6580Ԫķá1987꣬109ծǷм13000 Ԫ˾˻Ͻֻ·չйԶûлծʱˡǣмIMFͿʼծʵʩƲ峥мҡծĹұ¥۳ʲˮȻ·绰ʯ͡еȡ
    ڼʶм߻羭áпƵؽ塱кεȵɱ
    3.绷УWorld Conservation BankҪȦ30%½
    Ƿչйծ̶֮ʣмҿʼ߻һж䷽ʽͨļޣҲ벻Ȼһͼı㡣
    ʷĽǶȿ⣬Ͳ׹мۻҵġȭľ޴
    ꣸³һѧһλΪԼ.񼡱John Doeѧڣӵһʢٴĵ绰μһо⣬üƻģרҶѧĶѧߡԼ.񼡱ڴźһСɽIron Mountainĵط
    ɽŦԼݵĹѸǣHudsonеսڼΪ˴޽ľ޴ĵʩټ˾ܲڴ˴ʱ칫ص㡣Щ˾ı׼ʯ͹˾ʯ͹˾ͺŵй˾ȡսｫΪҪҵģȷս֮ҵϵȻܹƽʱЩ˾ļĵط
    صоСҪоĿǣˡúƽ׶ΣʲôսԼĶӦԡоˣʱ䡣
    ꣬˵Ŀһݾܱ棬ݱǱҪԸñϸܡǣеġԼ.񼡱ھݱʵ̫ҪˣӦҵŷ.ģLeonard Lewinŷ.ĵİ£ⱾСɽı桷Report From Iron Mountain湫˾Dial Pressڣʽ档һ硣Ҷڲµ˭ǡԼ.񼡱ñ汻ΪǵʱĹRobertMcNamara߻⽻ЭĳԱгоΪǹѸоHudson InstituteûĴʼ˺.Herman KahnҲ⽻ЭԱ
    й¼ԼѸĹҰȫر˹УRostowվнָñ洿Сͬ⽻ЭԱ.³˹(Henry Luce)µġʱҲ˵ñǡĻԡñ澿Ǽ٣ᵽȻ۲ݡ
    ꣱£գʢʱWashington PostڡĿнܹⱾ顣ܸľǹѧڼӲ˹John Kenneth GabraithҲ⽻ЭԱָеһֵϢ֤ñʵģΪ˾ڱ֮СûܲμĿĹĿһֱѯ⣬Ҳ֪ҪⱣܡԸ⽫Ҹ˵ļɽ桯ʵԣҲԸ֤ʵĽ۵Чԡֻǽû׼ĹǷǡۣ.ݺӲ˹ýñʵԡ
    ôñ澿ʲô˵ĽۣáӢǡ˽أ
    ԭñʵ͸¶ˡ羫Ӣǡδķչ滮Ļּǣ۶⣬ҲȨ֮Ŀնһʶ̬ڽռκλãһݡ͹ۡı档
    濪ָ
    ĺƽܴ˵ǲܣȴпɳԡ㣨ƽĿ꣩ǿԴﵽģҲ϶һȶѡ...սȶһ⹦ܡʽܹչսϵͳӦñֺǿۣ.
    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·ͬʱ߱ھϣǡ˷ѡģҪÿGDPģһֺսΣƵġģġŵشвṩǿԷĺϺ߼ɡ
    ҪͬʱҲһɵĹר뵽ƶսƶȻ㹻Ӵ󣬵ǲ߱㹻Ŀ־УԺܿ챻ˡһѡ֣Ȼ㹻ֲڣȱŶȣֱˡ뵽ˡȾ൱̶һʵ߱ŶȣڶԻȾ¹Դﵽս֮ĩյĿ̶ֲȣϵȾȷھϷǳ˷ѡģܸ˰պͽԤ˽Ϊǡȵĸסǳ߼
    ʵһѡ
    ѧع㣬ȾҪﵽ緶ΧǿΣʱԼΪһңꡣķʱǣꡣ
    ......
    19879£ҰίԱᣨWorld Wilderness CongressĴδݵٿ60ҵ2000μһλ顣μλģȵط֣һΪԡDenver Declaration for Worldwide ConservationļѾΪ׼ˡԡָ
    Ϊµʽ뱻Ｏ󻷾ĻΧӦôһµģʽԱ㽫ԻĹԮԮԴϡ
    µģʽǡ绷Сķ
    ǰƻȻͬǣһмҳϯλ飬Ϊ׵ľǰ.˹ж£Edmund De Rothschildоά.˷պķ˹.ˣJames BakerЩæ˾Ȼһ̻6죬ܺ绷СĽڷ
    .˹жڴϷԽ绷СΪڶЪƻĽѷչйҴծ̶Сȡͬʱܱ̬[8.12]
    ע⣬ֹ꣬չйҵȫծߴԪ
    绷еĺĸǡծ滻ȻԴDebt-for-Nature SwapмǼƻչйҵ13000Ԫծٴծת绷ϣծ̬ΣѺ绷õծӳµSoft Currency LoanмȦķչйҵġ̬ء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˹ʿJose Pedrode Oliveira Costa˹жµ绷֮һҹδߡΪṩڶڿܶ԰ľаپ÷ٶǴӳԶ޷ЩģյĽΪѺƷķˮѷΪӵС
    ѺԴأˮԴ͵µȻԴҲڱѺ֮С
    绷еƱȽۣȫ򻷾Global Environment Facility1991иĹɶмǵĳԶ滮Ŀǰʵʩ
    4.ں˵Ŀ궫
    ձڹѾ˾޶ƸǷ˿ǰծͳ׷ľϵֻһֻþɥʧ羭еķŴߵλΪ۵ġձͼӰĵطչ׳ʵձѾΪ缶мҡ
    ձΪĽǿȨһǳ˲顣
    [8.13]
    1987˹
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    ձΪɵľ壬ǾҵƷھǲƸ۵ٶȺ͹ģѸٴﵽùмҾֵĳ̶ȡÿֶʱĪ˹Lawrence SummersĻ˵һձΪ޾˴˵Ŀ־壬Ϊձɵв
    ձսģƷңȻѸٽɱ󷴹ռŷгձ60Ѿʼҵдģʹùҵˣ˹ʧʽΪ㡣70ʯΣʹ8׺ͽγܿͱձʡͳ仨ˮڵͼҵУѾɥʧ˵ֿձ80ձĵӹҵͻͽᡢ֥һҵģµ£˳봦֮ļмɵ·ͼоƬ켼ڹҵ˺Ͷ
    ֮£شӺͼӲҵձﵽĵʹձоƬĳ̶ȡһţ֥չIBMӢضֻʱ⣬ĲҵձĻ˻Լķ롣
    Ӣ80ʵʩĸ߹ȻԪģͬʱʹ˷޺޵ڶ෢չйһѣҲɱĹҵʵձƷ80ٽռгľ档
    ձٹһƬձ˵и֮߳ʱһձڵĽɱսڹмҵĲ֮ˡ
    19859£мڿʼˡӢյ·5ƳŦԼ㳡ݣPlaza Hotelǩˡ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
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    ձʵǿڴͳĳսȡʤޱʤİգҪձϵͳһͱ붯ƳĽں˵ƱָڻStock Index Futures
    1982֥꣬ӸҵChicago Mercantile Exchange硰ơɹƱָڻһǰĽŦԼ֤ȯĹߣ֥ӸŦԼƱָʱŦԼƱ֧Ӷ𡣹Ʊָ޷Ǿһй˾嵥ȨóݣƱָڻǶ嵥ϵĹ˾δƱ۸ƣ˫ӵУҲӵЩƱ
    ƱгľĶ֣ģչָڻȻ¹Ʊг̣һѾ198710µŦԼбеõЧ֤
    80ձľڷʹձ˶ٲһĿĺԽСձƱ۸ߵûһλǵۼܹĳ̶ʱձȻдԼǶһ޶ġһʱձͶר˵һձвµ8788꣬89ʱȻǾһַǳرĶǵģƱгУձ֮УĶܹʹձΥдصĹɡ
    ڶĹƱгϣչ˾һǳҪͶߡмɳĦ˹ֵ̹ܹ˾һͶΪҪͻձʱմֽĴѰǱڵĿ꣬ǵĹİˡָϹȨStock Index Put OptionֵʱձδŵĽ²Ʒձıչ˾ǶԴȤһˣձ˿Щ˱ضˮôֽȥܷձбĿܣձҵˬسŵ˫ĵľվָָµ׬ǮձǮָ÷
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    19891229գձдﵽʷ۷壬վָ嵽38915㣬ĹָȨڿʼվָٴ졣19901 12գʹɱﵣͻȻ֡վָϹȨ֤Nikkei Put WarrantsһµĽڲƷʢ˾ձҵ򵽵ĹָȨתȨ֤Ĺߣŵվָߵʱ֧վָϹȨ֤ӵߡֻøʢ˾һԸʢеվָȨųǿáȨ֤Ͷз׷Ч£ձҲԲסˣվָϹȨ֤һ¾ȫ߽ˡ
    ƱгıȲձҵͱҵҵձҵǰڹƱгԱٱһĳɱＯʽһжŹƱгĵԶΪջƻ
    1990ձ˳ʮ˥ˣձб70%ز14µڡսܡһУ߼ԪΪͲƸʧıԣձ1990սܵĺ͵ڶսսܵĺ൱
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    2006ģβɭûءףйɹʱǱ󲻽ð˿˿֪ǰα˵ձʱǲҲ˵ͬĻ
    5.˹мҵĽںڿ
    صý嶼˹̻пյġСĽţִ˵Ϊƾ˼ɫʣ³ЦΪһգSOROSڲͬ
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    ˹ӻɲ򵥡Ķ»
    £.ȣRichard Katz׶˹жеĶº˹ж¼еܲá
    £˹.вNils Taube׶St.James Place CapitalĺϻˣҪҲ˹ж¼塣
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    £¸.ƤУEdgarde Picciottoʿ˽ΪмҡƤеǰŦԼУRepublic Bank of NewYorkӵɳEdmund SafraɳѾִȷĪ˹зＯйأʿٷ϶漰͸ױǵĶƷϴǮ
    ˹ġȦӡﻹʿͶ.(Marc Rich)ض.άTel Avivɫ鱨ŵľɳ.ɭShaul Eisenberg
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    ڰ²սĻս()2007-04-1621:33ŷŷ߼ǰ͹Щ֯£˹ҿţ̺͹ڹ۵㣬ԿԴƶͳһ롣
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    ҿǵչֳƱ仯ᵼ¾øơһԳԵĵط׼һЩй㷺ľøĸʩ3ɲ֣ҡṹծ顣ΪĿͬʱҪڵʵʩһֺ۾õծɷû[8.15]
    ҵṹ൱ڶԺ۾ȫͬʱȴƫƫҪҹӦڶȴܾѪĽֵȻǾó׽壬˥ˣˮƽֱ½ҵҵƬգʧҵᶯӾ硣
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    ŷԪһƱγɶԪϵİȨصĶҡá׶-·֮ͬĻҳͻҡ
    ĸԴ1971겼׶ϵĽϵʧڻƽӱλĲ׶ϵ֮£ҪҵĻһʼǸ߶ȶģó׺ͲҲʧ⣬ΪֵĹƱʧĹҲƸӶʹùϵŴ½Զ½˥ˣѳήƱ½ó׳ʧʼʱʼӣģó׳˳ܲƸӡһȻѭͿϵͳ 1971ǰȫʵ֤صĳָ޴ҷնԳ弸ޱҪ߲ڻƽԼ֮£еĹҶʵͿ̿Ĺ۲ƸҲǹмƽĸԭ
    ʧȥƽһ֮󣬹ʻϵȻңھΪġʯΣɶԪǿ֮£79ĳʣԪվ˽ŸΪĴҵԪ۸ϴȨȫ׶-ĵϣȸҹɽŷ޹Ȼˮǣ70ĩ¹ʩ(Helmut Schmidt)ҵͳ˹̹Giscardd&#39;Estaingŷ޻ϵͳEuropean Monetary Systemŷ޹֮óͷʹĻʲȶ⡣
    1979ŷ޻ϵͳʼתЧãδŷ޹ҷ׷ױʾ˼Ȥϵͳδݱŷͳһҵģʼǿҵ׶-ֵľӢȦӡ
    ˲Ǵ1977꿪ʼ¹ͷͿʼŷǼƻضʯṩ߼ƷͰЩʵֹҵΪұ֤ŷȶʯ͹Ӧʯŷ޵ϵ׶طһʼͼԵ·¯ļƻŬȫʧܺ󣬾ܾŷ޻ϵͳ
    ¹ʱиͼıǾͳһҵһͳһǿĵ¹Ʊŷ޴½ΪĿģ¹ʼӽ׼ºͶĹϵ
    Ϊ˶Ը·ͼ׶-ֵıʿˡΣδArc of CrisisһۣľǷų˹ʹж͵ನԲϲ˹ֵ˼Ƽȴŷжĺǰ谭ŷͳһҵĲǣΪ½뺣׼ʵһʯ֮Ч
    ҰȫʲȽ˹͹˹ȻúƯжƳض1979ʱֵڶʯΣʵϴδֹʯ͹Ӧȱжϵÿ300Ͱʯ͵ȱڣȫܹ֮ܿµɳصĲ㡣׶ػֵʯͼڹͷͼ۱ǣȻҲΪ˽һ̼ԪһְѳʯͲҵһֿԪУʱֳУֻӣʱ෴ֽͨвظ췭֮
    Ƚ˹һָоǴйơ197812ʽййػϹһش̼̾ԵУбԼй滹СΣδ˸սж¹ԭʹĺϵ
    198911°ǽ¹˻ͳһʱ򣬻ȴǱһζͷľѧ۵
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    ܵ¹ҪͶʹңԴ1987ӢΪͶʹ˲Ӧõĵǣûеõ¹ĴӢǲܶ˹ģͶʵġ[8.16]
    ׶طĸܸǿһЩжıʿ¹ĵ۹ˡ׶յѶı༭1990722۵
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    1990죬׶ط齨µ鱨ţӶԵ¹鱨Ӣ鱨רǿҽͬӦôӶµľ鱨ԱļԱڵ¹鱨ʲ
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    1990ǽƵˣ¹ʵͳһ֮ľ޶֧ȴǵ¹ʼϲģ¹вòϢԸͨ͵ѹͬһŷ޻ҶһϵӢҲ̫ãͨǵ¹3ʸߴ15%80ĭ𡣵1992꣬Ӣ˫ѹѳֳԸ߹̬ƣ˹Ϊ׵Ͷ׼һ1992916շܹӢֵܼߴ100Ԫ7㣬ӢͶ˹նߴ11ԪһٽӢ߳ŷ޻Ҷһϵţ˹ʤһɺˣθߴ 400ԪĺУûռˡ˹ܹ25ĸܸ˽赽Ӵʽ䱳ʵǿܽڵ۹žá
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    µ
    Ҿ䱾ʶԣɷΪծծࡣծҾǵҪͨеķңFiat MoneyϵͳҪ˾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
    1.ִϵFractional Reserve Bankingͨ͵ĲԴ
    ִԭǲģмӵŵ򡣰ǵһУ´촢Deposit)ȨֻҪʣܴ㹻ĴǶʧһСǣǴ촢ȨһвƸĺ˶ʧҲԼģǣ촢ȨӦʧΪ⽫һҸ͸õ硣ԸΪмǵūΪǵıū֧ãǾǼ촢ˡ
    Լ.˹̹վʿӢгӢڶ
    ĽмṩǴġҴҵ񡱣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 Hill and 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ġԪܹͨչ񣱣֮ǰһ
    ִԪͿʼгȫԪмҾҪһֲִƶ¢ִļȳʵӻҷ򳹵߳ȥʹħƽͰڣͣɹطϳ˰Ԫڣ꿳˻ƽԪӴˣ׼ƶ¢ϡ
    2ծԪɡ
    ŦԼԪģԪܹһĻƽκʲ֧šȯʲûʵ壬ֻм˷Ҫڽ˳ŵǮʱIOUҡͨЩ˽˺ҵծ񡮻һǮġ
    ֥ӸеĽǣֽһдƷһڼֵԪһֽдҲֻǼ˲е֡ӲȻӵһڼֵͨԶǵֵ
    ǾʲôʹЩ֧ƱֽҡӲҵȹڳծ;УܹǰǵֵأҪǵģԸ£ʱЩһĽʲԼʵĲƷеĲԭ÷ɹ涨Щҡ뱻ܡ[9.3]
    Ҳ˵ծġһԪԪƱֵǿơôծ񾿾αԪأҪ塰ծתǮϸڣǱŷŴϸ۲Ļơ
    ΪǽרҵĶߣҪĶµݣȫлġǮ̡ҵĵġҵܡ
    ûзȨֻзծȨȻùծ˽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͵ġװǡ
    ƾ޹ʵǷ¾޶ϢЩϢֳ֧Ϊĸ񲻽ĪرѺԼδھҪ̽˰Ƿ˽еϢԪķԽϢԽأԶ޷壡
    ڶյġ֧Ʊ֧Ʊֱвҡһ䣬ˡGovernment Deposits˻ϡ
    ʼǮСС֧Ʊˡһ˳ӿ򾭼塣յЩ֧ƱĹ˾͸˷׷׽Ǵ浽Լҵ˻ϣЩǮֱˡҵдCommercial Bank Depositsʱǳֳ˫˸񡱣һеĸծΪЩǮڴҪˡһ棬ֹеġʲڷŴӻĿһжƽģͬʲͬĸծǣҵڴ˿ʼ׼𡱣Fractional Reserve Bankingһ߱Ŵʼ׼족ˡ
    ĲҵдĿϱ·ΪдBank ReservesʱЩѾеͨʲһԾΪǮӵġ𡱡ڡ׼ϵ֮£ҵֻ 10%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
    3.ġծӡġ
    80ķеĹģǰĹծϢĸߣ˽˺ͷлͶߣҲ֮ͣԪĻʹõĹУԪ١90ڴҪңԪծȻ֣ճƷļ۸ڵһձֵ£ҲԵøˣ˸ͨ͵Ļƽ¡2001ڷսӴ֧80еĸ޵Ĺծ׷׵ڣԼԽԽϢ֧ʹиĹծ滻Ϲծӣ굽꣬ڣһˣԪĹծӣ굽2006 ̶̵꣬ģʱ˽ԪĹծծѸߴ򣶣Ԫÿ죲.ڵٶšϢ֧֧и߾ӵλҽƽ͹ÿߴ4000Ԫռ17%
    1982굽1992꣬дڡºӡ״̬8%1992굽2002꣬롰쳵ﵽ 12%2002꿪ʼڷսʹ̼˥˵ľõҪսʽӽ͵£ٶȴﵽ˾˵15%ʵծĶһȻ20063ֹͣM3ͳƱ沢żȻġ
    ꣹˹Ϊȹкծȯг˺İʴӣѸٽɵԪŴǣʹԪȫ緺ĳ֣ˣԭԪʵӡɫƵֽƬȫҪԪ߼ͬʱ˷زʯͣƽ𣬰Ʒ䲻ĶһλͶ˵ŦԼܷԪֽңֻϵ۲ܷʯͺͻƽ𡣡ǣԭͼ۸22ԪһͰǵ60Ԫƽ𡢰׽ͭпǦ󶹡ǡȡɿɵȼ۸ֱ2002۸120%300%ѧȻĵ˵ֻͨ1-2%ǲ.µһԣֻԣԡĻԺͳ֡
    ˲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⡱״̬
    4.Ʒгġ⡱
    ÿʽӵ٣ԪϢ֧ᱻ족ϵͳĻһֿøծĴδѻһϢԪҲֵͨͣǣͨͣCPIƺԡмҵħأ
    ڱɴȥǽʮĽƷг
    ǰȫĽƷֵNotional ValueܶΪ㣬꣬гܹģѾﵽ370Ԫ൱ȫGDPܺ͵ģࡣٶ֮͹ģ֮Գκ
    ƷıʲôأԪһҲծծĴծļϣծļװ䣬ծĲֿ⣬ծϲɽ
    ЩծΪʲŶԳͶϣҲЩծ񱻱չ˾ݻʲ˻ϡЩծ񱻽ţţѹţţţţͳţһծʢ磬ҲһĲʢ硣ڷ׷ѧʽֻпպͶѡÿһźͬһζĲÿһζĲؼӮ
    ȻԪĺģĳϱׯҡ˭ׯأģУǲңǡ̡⡣
    ģڶȵҵнгָģУĦͨ(JP Morgan Chase)켯ŵȣռȫнƷܺ͵ģռнƷУģǡʲƷࡱ Interest RateռӵģֵΪԪ[9.4]
    ʲƷУʵڡInterest Rate SwapռơʵڡҪʽǣһڣáϢֽȥ̶Ϣֽһ㲻漰Ҫ; ͵ĳɱģ⡱ڹ̶ծȯʹֹľGSE(GovernmentSponsoredEntity)˾ͷҳڹ˾÷жծȯ̶Ϣķز֮ԡʵڡԳδʱ仯ķա
    ڣ.ԪƷУĦͨռͷռУڵķֶڽУʽܸ˱Ͷǳðˣǡ͡ͶʣĳԳ𡰳ʱ𡱣Long Term Capital Managementλŵýָ£˵ʱӵķնԳѧģͣӵȽļӲʩһܸ˱Ͷʱһ˸⣬ЩϿĽϵĦͨƷʱĸܸǱڱȻߴ֮[9.5]
    ĦͨʵƷгġ̡⣬ǼжԳ߸߷չ˾ĶԼҡ仰˵ҪͶʱֹδͻȻǣĦͨ˱֤ʲᱩǣľһֱա
    ʲôصˮĦͨð˾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
    5.(GSE):ڶ
    ڻƺЩGSEеĶڣծȯķʡͶΪǵͶȫԱ⣨GSE÷գԭΣʱΪ㹻ԤʱԵЩծȯڼºʱ֡ڣΣʱGSEĶծȯڶ̶̵ļСʱ༸֮ȫɥʧԡκһͶ߿ѡ˳Ͷͬʱʱ˭ҲܲмʱһЩծȯеķزʲ޷ٱ֣˵GSEծȯĳԲɹ[9.6]
    ʥ·˹ܲ.
    (Government Sponsored Entity)ָȨҷزĹ˾Fannie MaeͷFreddie Macҹ˾زĶг䷢еԷزΪѺƷծȯMortgage Backed SecuritiesܶߴԪʵϵͳŵģԪķزеĴ󲿷֣תҹ˾ǰЩڵķزҴɰMBSծȯȻڻֳ۸Ľڻ޵СеMBSծȯǴչķزҴ֮һ͹ҹ˾ԴͳƣУгҹ˾ծȯʽ𳬹ʱģ[9.7]
    Ϊй˾ͷ׷Ϊ򣬶ǶԣֱӳзزҴͼ£ʲǰ÷նԼеӣ꿪ʼϢʱͷȴʼԽֱӳзزҴܶѸߴ.Ԫ
    ΪеӴծĽڻСĽܷգҪĲԾʹʲծޣDurationǺϣʲķսԿơΣӦñԶֳ֧ծ񡣴ͳıطʽǷгڿɻծȯCallable Bondsʹʲծʱ޴ﵽͬͬʱͿȫʲǰաǣʵҹ˾ȴҪʹóڹ̶ծȯͶծȯʣʵĹģߴÿܱRollOverԪĶծȯ,ӶʹԼ¶ڸ߶ȷ֮¡
    Ϊ˹ʲķգǱȡӵĶԳԣʹծ͡ʵڡInterest RateSwapһֶծ+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˾ծȯһ̶ϷծȯĽɫʵϳΪˡڶΪϵͳṩԣʱΪʲôˣϢ֮󣬽гȻֳԷģԭͨGSEٳԽзز˽гǡƵӰصսйӴӾﲻϳˮȻĵصλְͨѹصˮͻ˾ùֱƣ֪صж
    GSEԶծȯMBSծȯΪټϹмǴԪгԼͳɱʣԸܸ߱˹ծȨΪΪծȯծͣMBSծȯ쳣ֵġپ󡱣Ӷѹ˳ծȯֳʣ֮󣬿ȥгԳͨ͵ԵˡǣͶԥһ֮󣬻صծȯгǣĴԼġ顱ǣʢǼš
    ֻĻþվǻþGSEǼΪ񻶽ڹӦƾʱ֪䣬ǵʱѾ½Σյģ.ˮƽϡڱԪĳծ֮£ھҶĹг֮Уʱ֮ͣѾø˹ʧߵĳ̶ȡꡰʱϺųơáĴʦָºӵ걸ӵķնԳģͣһ˹ծΣʹĽԳ֮ҷ𡣸߶ߵGSEԳԣܲܿס벻ͻ¼أ
    GSEڶԶͻȱݡʥ·˹ܲ.GSEĿ磬ڷˣծÿʲȵ֮óĽǣ
    ڳĹծ۸񲨶УԼУֵˣ.ı׼ƫֲ̬ͨģʽĸ߳һУգǿȵʲĸһΣǹƵģֲ̬꣱ģʽȫʾҲķա.ı׼ƫĳǿȵĲԤڵİ֮ߣڣзˣΣּĲһ߶ڸܸ˵Ĺ˾һ㣬ҵĲڼбһصҪģζһҹ˾ں̵ܶʱڱ𵴺üΡ걸ԳʾҲ£ᵼҹ˾׵ʧܡ[9.8]
    ڽںڿͻȻԪֲӶкϮϮƽ۸ǵͻ¼ծгƱؾ𺳣GSEҪһ⣬ԪծȯڼСʱ֮ɥʧԣȣĹģҲֻĶգпܱϿ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(ͨ)ȫɿصģˡȶĵãǼǮֻԽԽ˼ڷ򡣴ʱµľһС
    ѷʱÿ˶ѰԼĳڡԣĳĳھǻƽͰڡĻƽ𣬱Ļҡһָ:
    Ҿûƽܱˣʯͼ۸Լ˹ίҺͷԽԽԸǵԪʱ򣬻ƽͻǼۡĿǰǻǡĻҡ֧ҵĲƷͷ񣬵ѾԪˡҶĲǣͶǮǾǻƽͰͬ򷿵زÿ۸ʱҾʵʲôĴͶ߻᲻Ը軬Ǯأ[9.10]
    6.ƽ𣺱Ļ֮
    ƽӵкܶ಻ȶأһֱͼ𵴻ƽ۸֮һעһ¹ȥ20Իƽߣͻᷢڽ۸ߴ 800Ԫһ˾1980꣩ʱûۻƽʱӦǺܺҿȶۡȴͼʱۣ1999꣩ƽӢˡͼۻƽɽ۲ȶ֮һ[9.11]
    1999޲.ɴ
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    Ӣв𣿵ȻǡӢд1694۰Թʽг300ִ꣬ҵڣʲôĴûǰֻСѧҪ˵ĵֱ췽ҹ̷
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    ʿмҷѵ.˹Ferdinand Lips˵һѰζĻӢ֪ǵʵشۼƸ-ƽĻͷ̨½ͷʵΪ׼ȷ˵Ҫ֪мβݻƽ۸ĻʷĽڷΪ¡
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    һաмҴнĻƽ6ҵĶںԼͶʵĺܿǳծȯеҪƽ𣬻۳ǣмҵĴΣˡ
    ΪˡԳ塱ַգֵĽǰ˻ƽϡƽ̷ƽ۸ڱȻߵ͵ġʷȻֻھδĳۼ۸񣬲ܱ⽫ʧ⣬мһṩ4%ҵĵϢƽ̼̽Ϳ֮ãϢʵԾܾټۿʽһ겻һ꣬ȵ۳ۣھͰδڵ´ɵĻƽüǮƽԶںԼ Gold Forward Sale
    ǣмо˻ƽδĲΪлƽĵѺټϣмҺͽмԭһˣԡԼӳȥLoan Roll OverǣмҾ˫ա
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    ǷͦΪһʢ˥ֵסӢֹͣӢĻƽһʱӢ۹۷һȥˡɣ굥رջƽ𴰿ʱĻԻҵѵʢ˥ת۵㡣ӢĹڵһսѸٵɢ˵һûشսܹһʱڵķ١ʻһ͵Ĵլţȴ𽥱޶ծͿˡ
    ʷϿ**ұֵͼƭƸĹңҲؽƸ
    1.ңĶ
    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
    Ԫӣȫƽ֮乺Ѿ½94.4һԪֵֻ5.6֡
    йġԪǸԣı־ġԪֻǳƽˮƽڼͥ룱Ԫܾͽӽƶߡˡ
    ѧֻġ۵ͨˮƽǸߵ˵ʲͨȴûע⡣ĻƶǶԴߵĲпͷΪʲôܹƱͷزгǳΣգͶʽΣա
    ʱĴֻһǷе˻ϱûǮծͬʱȴеءˡǮǷ̱ϵͳһˣǻҹӦӼʮͨЩĻʵʱƸȫƽˮƽʲûзزʱ۲˸ߵˮƽΪ˰ܹס෴зز൱һ͸֧δ룬 δģǮõһ𷢷ųɻң˺ĻұۡСծвǵĵ
    ͸֧δĲƸ֮󣬷Ѿߵͨ޷󼰵ĳ̶ȡΪˡܹծ֧ŸߵķۣмӢԵ㡰ծ񡱵ġΰ¡ӢƳķ׼Ե㣴İңԵóɹģծڶزӭһӡõĴ족дˣծûйӵ³Ϊǽƶеծмȥ˵ĳ̶ȡ񣵣ծͻιмҵθأֻһ죬ծӻүծﻹġҴҲᱻ
    һԪ㴢ϲ֮ʱڵұЩصЩĻȫϵУķŴҪлӡȡĲ׼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¥
    2۸񶯵Ķ
    ꣷ£գѧҡ־һ𾪵ӢҵʱͳƱ档ӣ굽ģ䣬ڽλ£Ӣڳбƽȶ΢½ơУҲҲڶܹϵرõˡӢĹ˾˵ȶԡָ趨ΪĻսڼ䣨꣩ݵǵ֮⣬ھ󲿷ʱָڣı׼һսʱӢָΪ仰˵˵ڽλ£һӢȣǰģĵֵҵĹǿ
    ڽλ֮µ,Ҳǳơܷ꣬һµڰ˽ڣArticle I Section 8ȨᷢкͶҡʮڣArticle I Section 10ȷ涨κݲù涨֮κλ֧ծ񣬴ӶȷĻұԽΪҷCoinage Act of 1792ȷһԪҵĻ⣬һԪľȷΪ.ˣԪĶΪ𣱣ˡΪԪϵĻʯȼΪκϡԪȣʹԪֵ˶̵Ĵ
    ꣬ĵָԼΪ.ʱ½.ҵľޱʱ۲Ȳڣ굽Ľλʱ۲СڣٷչȫʵֹҵʷޱģƽͨʼΪ㣬۸񲨶.[10.1]
    ͬڽλ֮£ŷҪڴũҵҵתľÿǰչĹؼʱǵĻͬ˸߶ȵȶԡ
    ɣӣ굽꣬ˣĻȶ
    ܣӣ굽꣬ˣĻȶ
    ʿɣӣ굽꣬ˣȶ
    ʱɣӣ굽꣬ˣȶ
    ʣӣ굽꣬ˣĻȶ
    ¹ˣӣ굽꣬ˣĻȶ
    ӣ굽꣬ˣĻȶ
    [10.2]
    ѹְµѧɵ˹λ߶Ϊʱƽʱ߳ɾ͡ûһȶĻҶ⣬ʱѸͷչĽ׶չʾľ޴ĲƸһ޷¡
    ƽгȻγɵĸ߶ȶļ۸ϵУġšù滮ǺաƽͰΪȻĲгõĲĳʵĻҡ
    νҶ⣬ǲԽڹͷ̰ΪתƣĺöΪתƣԡšѧҵͶΪתƣʷֻгȻĻƽͰһ㣬δҲֻлƽͰܵһʷ,ֻлƽͰܳʵرĲƸԴĺֲ
    ľѧһձеĹ۵㣬ΪƽͰӵٶȸϲϲƸӵٶ,ڻƽͰϵ֮£ᵼͨͨоĴСʵһΪΪĴͨȫǹм뿭˹ǹͬƳԷϳλӶͨͨ͵ֶ˰,¶ۼؽٺ͵ƸݡӢŷҪҴӣʵ޿ɱ粵ʵ˵ᾭõľ޴չȻͨͣʵϣӢͨ״̬˹ҵ
    ӦǣǻƽͰӵٶȸϲϲƸӵٶأǸϲծӵٶȣծҵķĶᷢչ洦
    3.ծ֬GDP
    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״̬֮£ؾĸ
    ԴƸȻ̬Դ
    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
    ʷ֮еĴػķչԵĹסйһġսԹյ㡱֮ϡ
    4ҵ:й÷չġսԿվ
    索ҵλȨҷлҵ߾磬ױȵȨӵ֮µԴҹľöԣ󱻽Զ硣
    ǾйڹгΪȱٶȨֶԽйҵƷѹեĳ̶ȣѧҽ˵ΪߣҴгӵŶȨҲ˽˵ֶгȨ˶Ȩ
    ôʯأʯأҩƷأͻأӴأйг֮һҲȫйгΪߣô˵Ǿǣ˵йͱʵʵأ
    ʵϣйȱٶȨĹؼûнڵսƿȨ
    йľ÷չںܳʷ׶жʽûж⿪ʵߣͲйľ÷չʿѡйҲͬѡӡȣʿѡ룬ҲͬѡߡʽȨһĶȨӵߡ
    ϵҵǣǿǣǿҲʲôҵİǵҵľ棬еҵʣǮҵ˵ˮһɻȱ
    ҵȫĸиҵԣǾԵˡ˭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׷̱ǳΪӲͨڣڶսʱһӵϣĻƽԪǱΪ𡱡λṩȶƸ⣬ӢıϣҲӢԪΪ索ҵʷǰᡣ
    ڣ꣬ϵƽѹ֮󣬸ҵĹڻƽùâҫ֮£һ޷صؾڻڣ꣬һ˾ƽֵԪһ˾ƽֵԪ꣱£գڻƽļ۸ԣ
    Ĺ½98.2%ԺΪŷԪ
    ʵĹ½96%
    ӢĹ½95.7%
    ɵĹ½95.2%ԺΪŷԪ
    ԪĹ½95.1%
    ԪĹ½94.4%
    ¹˵Ĺ½89.7%ԺΪŷԪ
    ԪĹ½83.3%
    ʿɵĹ½81.5%
    Ԫϵ߼ϵıȻծ񻯵ԪסĻôƾʲôȥծܹԪøأ
    СִծУͦĪʿɡȫʿɸ߶ԭ֮ʿıƽ֧ţкͻƽͬ˿ڽĵ֮أеĻƽ𴢱ߴ֣꣩ռлƽܴģڵʱϽ¹IMFʿʻһ֯IMFʱIMFֹԱĻƽҹʿѹȽʿƽѹʿɵĻƽ֧Ŷ½ʱʣ£.꣬ʿʣ£.ֻƽȻйٷƽ𴢱֣ģࡣʿɵĻƽ֧Ŷȵ½ʿɵĹҲձɽˡ
    ձĻƽ𴢱ڣʱУ.֣ձԸӻƽ𴢱ǱֹӻƽӵԭձòԪ־ƽרҷѵ.˹(www.16.cn)ʿмң˹ж¼һ˹жУRothschild Bank AGin ZurichִƸж꣬1987Լ˹УBank Lips AGin Zurich,ǹʽڵ۹ġȦˡġƽսһ¶1999ƽЭᣨWorld Gold CouncilڰٿϣһλԸձм˹Թ˵ֻҪ̫ƽ󽢶ӻձǵİȫձͱֹƽ[10.3]
    ĿǰйѾӵУԪ㴢ȷʹʾ޶Ƹغδйİ,Ƿɢڷ򵥵⡣ҪйӦÿڼĹʽսӮսȨʵһʡԪϵеĻҰλ
    ףйȫ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
    5.δսԣǽ
    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
    ʮı()2007-04-1621:47йڵĽڷǽּڷжͨƸйʲĭ̶ͳͨʹҵպƲӶ۸ļ֮һʮ֮һչйĺʲڹűϸеŴŹģͷԴʹɷнں۵أϷдծлһ
    ʶԳĽںڿ֣Ҫϼӷйڵй˾ĽԼϱڹţǩĽԼҪӱģʽںڿںйϵʵʩԶ̷ǽӴмԶ̡ˡձкͽгԶ
    йĽڷǽҪԵԪϵıΣڽֵģԪծĳ֮£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
    6.йԪ索֮·
    йÿԣԪĹģԽƽĻԣԪһ˾ļ۸㣬йɹ򣹣ֻƽ൱һ֣еĻƽ𴢱ս۵Ŀʼ׶ΣмƱͨƴѹƻƽ۸ҵпϳۻƽ𣬽ۿʱֱй濴ֵĵƣѹͽ۽Ϊʷ϶йĽԮ
    Ҫ֪ȫ磶ȫɵĻƽֻУ֣ȫŷеƽ𴢱ֻУǧ֣ǵŷзĳƽΪȫҵ׿Զڣ֡ڽۣԪһ˾㣬ⲻǸԪСӣйóӯ˵ľ޴ԪĻƽ𴢱ǣ¡ŷеӵڲ̫ʱȫ⡣
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    ⲻйܲûƽ۸ԪϵҪҪ⡣ƽ۸ԪصĴ£йҪ˵ĳԽԪĻƽֻǷųϯͻ̸Ѫѹ
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