             ս
ߣκ
    
𺽵йúĸһ˳ô
һ˹ж¼CŷΨһǿȨ
ڶ¹мҺͳİս(ϣ
ڶ¹мҺͳİս(£
:˽еУϣ
:˽еУ£
һս˥ˣмҵġʱڡϣ
һս˥ˣмҵġʱڡ£
ۻҵġϣ
ۻҵġ£
ͳľӢֲϣ
ͳľӢֲ£
³ʵҵϣ
ڰ²սĻսϣ
ڰ²սĻսУ
ڰ²սĻս£
ھԪѨƽһָϣ
ھԪѨƽһָУ
ھԪѨƽһָ£
ʮıߣϣ
ʮıߣ£

𺽵йúĸһ˳ô
ƳɭڷûǰϦȫ㲥˾ߵƵCNBCʱָΪôȫ򾭼õ쵼ߣҲٸǺܶʱ䡱ʣǡй
ȻйԾ˵ٶȣԼȫ򾭼þصһ֡һϵеľݺͼ󶼱ӴйúĸѾ̡
˵ǰξ뼸λѧ߽ڴʷֻΪйԤķչ׼ôӡ𡱵չᷨϵı仯Կйĵĵй÷չٶ֮죬̨ǲ𡱵ٶȡ
ȫ綼Ŀ׼й21ͽй˵͡2040ңйʵϳ˵ڶƺйΪһǿѳɶ֡
Ȼ𺽵йúĸһ˳ôδҪ50ڣйܹеġ١ֱǰôӰ캽򡢺ߡ̵ĲɲЩأ
йҾͺĸδʮΪվĺܷƽ̨ͨ庣ϿԼڶغܷƺȨǣΪйܷڱҶΪ羭ǿҪпһ̵սǱڵġڴսввΣնȣйWTO ҵʵȫ濪ŶӾ硣
ȫ濪ŵйҵܹ㹻Ŀʵս飬ߵһϵнֶεġԶ̾ȷô
ԺսȣʮǰйǱͧȡźĸ10µףйμǱͧٴСӥšսȺӢйھʱ޷ʵ£ƶƾǱͧսԶĸȺӦսԡͬйѸٷչĽ죬Ǹ޷֤ĳЩΪйǿĹҲھԽսġǱͧйѾ𺽵ľúĸй÷չı亽ͺ̡йڱҶΪǿĿǰֻǳԵԤ⣬ûаشͻ¼ɵƻӵս
ڶʿţǡܴкĸӿйٽΪ¹ݻٽʩ壬йĽ֮㣬սйĳˡսԺսʵսĲпԣйҷһ޴սһҵľ⵽սѸɹھƶɡ⻼ҡ
ʷʵͬϾĽ塢¬ıֵ޽ڷ籩СϢģձ÷·𱻹ԻҩƵһ겻ǷϸһֻżȻɺϣǣ˭Ļ֣˭ֿܳΪһĿꣿǰعԴࡢŷ޵мҽӶɱǰĿ̨ûϵأҪθĸﻹǽڴ
ⲻܲΪйϵķǣΪйľ÷չǰ;ǡҸһʺһ㴢̸ôҲġ֮֮ǮĲģй״̬ƣⲻܲΪע֮ءл̣йġƽչܹһе߸Ժ͹Եġ۹Ľôʵ棬йĿǰǷרҵ˲ŴۺʵЧǱڵĽڹأεĽں˶ը˹ֲйꡱУǮѧɭ͵˼ĹҶô
ɭйһսԾöԻϿҲСϯͲƳͬʱִﱱֳѰľٶĺʲôأһʣ֮仹Ϊ֪ġأɭڽCNBCʱǿΪĶԻйѸĳս
ôνսǷܵġڴսأ
Ŀģڽ磱ش¼ĺعطš۲졢ᡢԱȡܽЩ˵սĿĺ͹ַӶԤδйԼ̽йķ֮
սѾʼȻ̣
һ˹ж¼ ŷΨһǿȨ
ֻҪܿһҵĻҷУҲں˭ƶɡ
÷Ү.˹ж

һ½ҵˣû˵˹ж¡Rothschild֣ͬһ˲֪أϵѧ֪˹̹һֶԾй˵ǷǳİģйĹȥںδŲĥӰνΡ˹ж¼ԵӰ˵ľ޴󣬶֪֮ͣ̾Ϊֹ
ܵļƣȫ͸ĺӱһ㾫ȷЭԶгϢȡͷβǣֹĽȨͻһ֮ϵĶԽǮͲƸ̶죬ԼŵԤʹ˹ж¼ٶڡκսĲпңһΪֹʷΪӴĽڵ۹

ɭ˹жµҲֵߵʶһ1798걻״ӷ˸ɵӢ˹ж¼ҵɭһǸ¹мңû˽硣ƾ˵Ľ츳ĪֶΣ1815꣬ѳΪ׶һָйͷĴ簢ķ˹ڷ˸˹ж¼еĴӪM.A.RothschildandSons)ĶڰµάҲɽ˼һ֧(S.M.RothschildandSons),ĵܿǲ˹һ,ܽķ˹ڷн(MessieusdeRothschildFreres)˹ж¼ɵϵϵһмšʱֵеע1815ŷս
һϵŷ޴½˺ǰ;ҪսȡʤɵسΪŷ޴½ˡѫ˷Ӣŷ޵Ĵơսǰ˹ж¼ͷǳԶؽԼս鱨ռͿϵͳǳӴܴ˻ƣЩս鱨˱ΪǡЩ˱פŷе׶СҪĽĺҵģҵκ鱨׶ء衢˸άҲɺǲ˹֮鱨ϵͳЧʡٶȺ׼ȷȶﵽ̾Ϊֹĳ̶ȣԶԶκιٷϢٶȣҵָһʹ˹жڼеĹʾдԵơ
˹жеڣŷ޸أĹ·ϣ˹жеĴںϿ֮䣬˹жеļǱ鲼ŷ޵ģнֵǴŴֽծȯżϢµĶϢڹƱгƷгбѸٵشšеϢûл¬ս۵ĽΪ󡣡[ע1.1]
1815618,ڱʱ³չĻ¬ս,غ֧֮ҲǳǧͶߵľ޴ĲӮҽÿǰĲƸҽʧء׶عƱгĿŵ˼㣬е˶ڽصȴ˻¬ս۵սӢˣӢĹծConsols)ļ۸񽫵ԨӢʤˣӢծ
֧·Ĵսʱ˹жµļҲڽŵߵڲռž׼ȷĸսչ鱨ļʱսת͵ս˹ж鱨תվʱ֣صİܾѶһ˹ȣRothworth)˹ж¿ŴԱĿս³Ȼת˹̹£Ostende)ۡ˹һҾر֤ͨ˹ж¿촬ʱ,Ѿҹʱ֡ʱӢϿ缱˸ߣڸ2000ɵķ֮ҵһˮҹɹ˺Ͽ619峿Ӣ˹٣Folkstoneİʱɭ.˹жԵȺɭٴŷ⣬ս⣬Ȼֱ׶صĹƱ
ɭ첽ƱʱڵȴսĽͼȺ̰˵ĿⶼעɭźޱĪʱɭ˽ŲߵԼıΪ˹ж֧ıϡʱϵļ·ʯһû˿ʱĽ״Ѿȫûյÿһ˶ԼĸɭϡƬ̣ɭŻߵ˹ж¼ĽԱǵһɫһس̨ʼӢծʱһɧЩ˿ʼͷӶȻ֪վԭءʱ൱ʮԪӢծȻгծ۸ʼ»Ȼ׵񺣳һһһңծļ۸ʼ
ʱɭȻޱؿıϡ״˷С˹ж֪ˣ˹ж֪ˣս!е񴥵һѹζڱ˿ֻšȻʧȥǵʱ򣬸˵ΪһǿΪÿ˶׵еѾ޼ֵӢծܵסһЩ಻ĲƸСʱĿףӢծѳΪһƬƱֵʣ5%
ʱɭһʼһȻĮȻؿһСһֲǾѵܶ΢һ£εźȴȫͬߵڶཻԱԵĽ̨ʼгܼÿһӢծ
62111㣬ѫʹ.HenryPercy)ڵ׶أϢش8СʱĿս󱻳״ˣʧ֮һʿˣ
Ϣɭ鱨һ죡ɭһ֮ڣ׬20ĽǮغټʮսõĲƸܺͣ[ע1.2]
¬һսʹɭһٳΪӢzfծȨˣӶӢĹծУӢбɭơӢĹծδzf˰յƾ֤Ӣzfɵĸ˰˹жȫ˰Ӣzf֧ǿйծＯ仰˵ӢzfΪûлҷȨ˽нǮҪ֧8%ҵϢбϢԽҽ㡣ɭ߬žѹƵӢծʱʵϾ;Źծļ۸ӢĻҹӦӢľ˹ж¼С
־ɭ˴Ӣ۹ĽҲںʲôӢܱλͳӴղ۹˭ŴӢ۹ĻҹӦ˭Ϳ˴Ӣ۹ҿŴӢ۹ĻҹӦ

Щϵͳ֧ƱҺûңҪôǶϵͳǳȤҪôǷǳϵͳʩ(μ)ײǲᷴǵġһ棬ǲϵͳʱľ޴ƣǽѹȶҺԹԣһ㶼ỳϵͳǵ档
˹жڹҵŷѸͷչ,ҵǰٵʱȫµĽʵ˼ӺӢȫŷ޷俪ţӢеĳBankofEngland),һԶϹȥӵöĽǮĸʵһðվмҴ˳17͵һУǮĸʽ̱仯1694굽1776ǵ.˹ܵ<<>>ʱʷзеֽһγͨеĽע1.3ݡҵĶ·ɽ촬е֯Դҵǰ޴봫ͳеĹϵЧͼΪ޵֮ǿҵìܡ˹ж¼ΪмңץסһʷԵҪԶԼΪķʽȫִҵʷ򣬶˵򲻵ò֪رƶ1625սֶʹӢ飬1689һӢȢӢղķʿŮŵõλʱԵһ̯ӣټ뷨·ʮڽеսʹһĴǮʳĳ̶ȡʱ.ɭWilliamPaterson)Ϊ׵мһӺѧһ˽еШCӢУΪӴĿ֧ʡ˽ӵеzfṩ120ӢֽΪzfġծ񡱣PerpetualLoan)Ϣ8%ÿĹ4000ӢÿzfֻҪ10ӢͿ̳ﵽ120Ӣֽ𣬶ҿԶûǮ!ȻzfҪṩġôǾӢзйϿɵȯBankNote)ǳ֪мңGoldsmithBanker)ͼľǷȯЩȯʵǴڽﱣܵĽҵվݡЯҷǳ㣬ҾͿʼýҵվݽнףȻٴӽһӦĽҡʱˣǾûҪǵȡңЩվ𽥳˻ҡĽмǽÿֻкٵȡңǾͿʼĵһЩվŴҪǮ˲ȡϢծϢػϵǷջؽĵ٣һжûϢȴȵװԼǮһеվͨΧԽ㣬̶ܳԽߣԽ󡣶ӢзеȯͨΧͽ̶ܳȶԶԶ޷ģЩϿɵȯǹһҡӢеֽļϹ2000ӢϵʸΪӢеĶ£Governor)һ1267˳ΪӢеĹɶ14˳Ϊж£.ɭ
£գӢһ䷢ӢеĻʼִգRoyalCharterһִоˡ
ӢеĺǰѹҳԱ˽ծתΪծȫ˰ѺӢлծĹһҡһǮ̻ˣzfǮԼˣмҷų˼ҹľ޶͵õ˿ɹ۵Ϣ룬ƺһԴϲľ棬ֻ˰ճ˱ѺƷǿµĽڹߣӢzfĳֱӣ굽꣬ӢzfǣӢӣ꣬zfһ࣬ﵽˣӢӢzfĴӢеĽӣ걩ˣ࣬ӣӢǵˣӢע1.]
ǣưѹһҵķкùծһҪҾͱӹծծ͵ڴݻ˹һңгϽûлͨzf ҲԶܻծҪϢ;÷չҪȻĻңЩǮнծԹծֻԶӣЩծϢȫмҵǮϢĸ˰
ȻӴԺӢzfҲûлծ񣬵2005ףӢzfǷծ1694120Ӣӵ5259ӢռӢGDP42.8%[ע1.]
˿,Ϊһʾ޿,˭ҵ˽лĹ֮·ѹͷ,ɱɸͳķ,ʵֵðһ¡

1744223գ÷Ү.A.ڷ˸̫۾ĸĦһĽ𽳺ͷŴˣڶŷһı÷ҮԺĦڷ˸÷ҮСչֳ˵̣׶ע˴ѪϤĵ̣ϵͳؽڽǮͽҵ֪ʶԺĦȥˣ÷ҮݵĹŵŷĬеѧͽ
÷Ү˵ԺڷѸеĸרżܣˮһղŴӢֽҵ˼롣ĳɫ÷ҮγɳϻˡйʶһЩбĿͻаչشõķ.˹и÷ҮʶǮzf͹Ҫȴ˵ͱϵߵö࣬ö࣬zf˰ѺӢȫµĽʹ÷ҮͷԻȻһ¡Ժ÷Үص˷˸׵ķŴ⡣ԼϸΪRothschild(RotǵĵĺɫSchildǵĵıǵ˼)֪롤˹иҲص˸ӵĹ͢ʱ뵽Ҫúһϵ롤˹иٴμ÷ҮʱҲǳˡһǮղؼң÷ҮǮҵоǼ洫ģ̸ŴĸǮ䣬ֱýüɫ衣ýϲ÷ҮԸԺܴۿöĽҸܿ롤˹иͰ÷Ү֪ļƵ÷Үܿ͹͢Ҫһ죬롤˹иټ÷ҮԭӱҲǽղؼң÷ҮֶͬκܿӶмӡڼϡĽ֮Ҳò̫˼÷ҮʲôҪæģ÷ҮʧʱҪΪ͢ʽˣԸԳˡ꣹£գ÷ҮԼҶܻգԱýдϣM.A.˹ж£ӵָˡһʱ䣬÷ҮǣԽԽӱʷһȲˣڣ͵ŷԡӡĹάƽŷ޸ҶϵУϲӢ⣬Ӣкܶຣ棬ҪñԼľʹãӢǮ϶࣬ҲǷԺһļϡսʱʢٶԸĵ¹ʿӢĻҪࡣӻŷʷһŲԼ൱ڣԪѹǳǡŷѪĴ㡱ע1.Ͷӵº÷ҮĽذÿ¶þƾΡ÷ʲ׼ˣ˳ӷܱߵľƹӡӿʼǲԽԽĸڵ¹ͽǻϴĲƸӵ뷨෴÷ҮȴԷǳˣΪֻŵĽǡìͷָʥ۹ʱӢóжˣڻļ۸ǡӢƷ¹ʹ÷Ү׬һʡ÷Үһֱ̫ǳÿϣ̫õݽ֮÷ҮǻһЩǻ۵̫ѧߵļǴ£һһغѾһϸһЩµ˳ֱҹע1.÷Үо:һļͥһ𡣡ʼֲʲô˹ж¼ִȨʱ˹ж¼ѳΪ˸е̫֮һ÷Үһʥ۹ʵġ۹ʼҴĳƺšƺʹͨе۹ĸ˼̫ϵĸָ˰Ĺ˾Աȡ
꣬÷ҮӵĹϵУʹ÷ҮԾһ̨סģӵһλǵһʿӣ¶ͲԸӦ÷Ү֪ԺΪǸܺõĻᣬһӳǮ÷ҮЭ̣˹жµĵϢ÷Үɡϸ룬Ǹİ취³׳ŴǮֲ©÷Ү˵Ŵ£õɿĻرľûᡣǴ˼ĳɹţʵҵĴͨ÷Үɽ˹жȵҵϵŷ޿ʼΪ֪صԺͼԼһߣˣԸ֮ǰѡվӣز䷳,ҪѺ˼ɪӼ壩ŷ޵ͳȥ漴ѹӲֻ󣬳֮ǰһʼֵԪֽ𽻸÷Үܡ⣳ֽΪ÷ҮǰδеȨͲƸ,Ϊ÷ҮͨĽڵ۹ĵһͰ÷ҮбȽһӢҪöģڵõӵʾ޿ʱҪʼǲˡŷ޵ϴķ˹ط˸ܲ϶ŵάҲǿսɭӢִ֣Ŀǲ˹ݵزΪֵ֮ʹķ˹ִưҵ

ǮгףȻҲǼһסʵӵĲѺʲŷޣйҵĹͲǵĽ̻塣
Ӣ౾.˹BenjaminDisraeli
׶ؽڳǴ׶صĵһռؽ.ƽĵһֱӢĽģӵж˾ϵͳٸԺƣһ֮֮ƼŰӢܲڵҪĽڻ˵ӢGDP֮һ˭׶سǣ˭Ӣ
ɭӢֵӢţӢŷ޼۸úܸߣɭʼڷĵܵܽķ˹ְѻӢ͵˵ת֣׬˺ܶǮɭʶӢĹԱԼ.˹Ӣʱٹͳ˧ӢѾ˽׼ΨһȱپáеĲپܾȯֻսңʱٹľлƽǳȱ
ɭһҪڴϴһʡĴƽĻԴöӡȹ˾һƽմӡ׼ۣӢzfҲ빺ֻǾü۸̫ߣȻƽ۸ٹɭ׼ӢµӵģֽԼ˽Ӣ׬Ĵʽȫѹϣ붫ӡȹ˾ɽƽ𣸣Ȼ̧߻ƽ۸Ӣzfۼƽ۸񽵲ǰʮ𼱣ֻдɭԸ߼۹һɭ׬
ɭƺֲϣҪƽٹľСʱӢܵ½ϷзռӢzfԸ⸶ܸߵļǮƽõ֮ɭĵܵܽķ˹֪ͨzfɭͻƽ𵽷ӢzfǳŭΪƽӢĲһ˻Ĵ£вֵ֧ĵ;һ·СƳķԱҲؽ¸װơɭѹ͵Ļƽ𣬵õӢzf֧֣ƺƵҡڵؽУɭһμӷzfĻӭᣬһ˰ѻƽһٹܹܵĽң֪ͨ˹жµ˵ӢСַĸֱ׷ִĵӰڡ
һλ³ʿסӢ⽻˵˹ж¶׶أĽӰþˡȫ׶ؽڳǵ㽻׼۸ΪмңǵȨĿɭŭʱӢжڲһΣɭ簢ķ˹ӷ˸˹жп֧ƱӢҪһֻֽһ֧ƱΪɼԾܾɭȻŭڶһ磬ԼľְԱŴӢе֧ƱҪֻƽֻһʹӢеĻƽ𴢱½ڶ죬ɭ֧Ʊһеĸ߼ܲɭҪһ죬ɭػش:Ӣоܾҵ֧ƱҸҪģӢٿ飬Ȼеĸ߼ܷǳظɭӢнҵضһ˹же֧Ʊ
ɭڻ¬սһٶ׶ؽڳǵȨӶӢľӴˣҷкͻƽ۸ҪľȨһֱѳ˹ж¼С

һzfмҵĽǮʱǣмңzf쵼žƣΪǮʼոǮ֡ǮûڼҲ֪Ϊ͸УǵΨһĿľǻ
أ1815
˹жµķ˹ִʱڣҪ׶غͰ֮䣬˽ӢڰͻƽӢծչս֮󣬽ķ˹ڷ롣˹ж°У
꣬¬ս֮󣬷ɥʧսеƬڱΧµľأ񾭼Ҳס·ʮ˵zfĴϣڲվȽŸһҷкӢİеõĿӴzfĿպյ˹жȴɽķ˹Ϊ˷߷߲ƽ
ˣ꣬ǰһ귢еzfծȯڰŷ޳жǣzfʵͷд˹жֵܳһа취Ҳò档ԭѳԺѪ߹󣬾˹ж¼岻һȺϱԸ⡣ܽķ˹ڰ֣լλߣĸ߰ķ˹߳ŭ
ֵܿʼ߻ƷǵļƻĹǸ߰ȴ͹˹ж¼ڽڷ͵սս˳ᢾʤǧھϵ衣
꣱£գһȽֵķծͻȻʼĲѰصۡܿ죬zfծȯҲʼܵӰ죬۸˲̶ͬȵ»гϵͶ߿ʼ۷׷סӵƣǵûкתԽԽ㡣ݱ˵ؿٴ̨Ҳ˵zf˰ղԳϢ˵µս
·ʮ˵Ĺ͢ڲҲ൱ţծȯ»zfԺĿ֧޴ӳＯ߰ĹǵҲ˳ݣÿ˶ڵҵδֻһԹۣǾǽķ˹ĸ翨
Ӣǰ֮˿ʼ˹ж¼ڲݹծгʵˡӣģ¿ʼ˹ж¼忪ʼۺĲܣŷ޸ĳԽծȯծȯֵȻ󣬴ӣ£տʼͻȻŷ޸ͬʱ۷ծȯгļֻš
ۿԼծȯ۸һ㻬Ԩ·ʮ˾ԼҲ֮ȥˡʱ͢˹ж¼ĴԣΪʲôøµ˹жȾء񲻶·ʮҲʼҵݵλˣټķ˹ֵܡṬķΧΪ֮һ䣬õĽķ˹ֵܴЦӭš
Ȼķ˹ֵһ־ֹסծȯıǳ˷Ŀģڷս֮󣬶ǴӾΣ˷ʻķ˹ֵѣǵ·ʽҲʱװǵгǾĵط
˹ж¼ȫ˷ڡ

ǣ˹ж¼壩ûսƽûпںźԣҲûǺЩԻ۾Ķǵֻеʯһһ÷-.Ĭ
÷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
1822 ꣬÷˹šķ˹ͿֵܲμҪάګ(VeronaCongress)ڻ˹жеõһŷ·ĿµԽԽܵ˹жµӰǿʼ˵µһѵϣFerdinand)ʵۺһŹ1843꣬չVtkoviceϿҵ˾Ͱµ-ұ˾ҹ˾еʱ10عҵ˾
1848 ꣬ѳΪµں;õߡ

Դشӵ¹֮󣬵¹ɹȥ300ɢķ⽨Сϲ30ϴĹң˵־TheGermanConfederation)ط˸ϴķ˹屻Ϊ־׽1822걻µʵۼӷΪо˸˹жгΪ¹ڵġڰķ˹ϥӣΪ£ԶԺ֮ķ־ˡһλðķ˹ϲ˾Ǻִʷĵ¹Ѫ˹(OttovonBismarck)
ĿֵƽӹһμҪʹŷ޸شϢЭֵܡڰڷծսȡûԻʤ֮󣬱ִƼŵɭǲ˹Сȴ˳ֵԤڵˮƽ÷ѹľӣԳɫʹzfеռķá߻ǲ˹󳼵Ҫְ𽥵سΪ͢Ĳ֧Ӱ鼰뵺ٸԽ͢ҵ̻ʸʮʱÿǣǹ߳

ֻҪֵһûκһܹǾ˺ǣǴǺһӵбκһжҪ
άɭɭţꣶ£
˹ж£ȥ֮ǰɭϵ
1 еļеҪְɼڲԱΣˡֻԼԱܹҵ
2 ֻͨڱ֮УֹƸϡͺһǰڱϸִУſ̫мͨ顣
3 Բ׼⹫Ʋ
4 ڲƲ̳ϣԲ׼ʦ롣
5 ÿҵĳΪ죬Ǽһͬ⣬ѡӽӰࡣ

κΥˣʧȥһвƲ̳Ȩ
йо׻ֵͬģϽ˹ж¼ͨڲͨϸֹƸϡͺڣڲͨ飱Σڵһףã֮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᲻ϧһдȥȡʤսʱzfӮеծ֮СӢгս121ʱ1694-1815Ӣ56괦ս֮Уʣµһʱ׼һս߶սмҵĸ棬˹ж¼Ҳ⣬ӷ1789꣩ڶսļеĽսı󼸺ǵӰӡ˹ж¼ǵҪծȨˡ˹жµķˣGutleSchnaperȥ֮ǰ˵ҵĶǲϣսǾͲȰսˡ
ʮҶӢ¡¡ŷҪҵĻҷдȨ˹ж¼֮УʥľȨʥĽȨȡʱ˰ٸ½ǵҰ
ڶ¹мҺͳİս ϣ
ҪĵˣǰϷӣҺĽڻ֮У߲вҿδһҲΣǿҶǵĹҵİΣѡǮͳβ˺ֱƸջ۵ǵĹ͹ᱻݻ١ڶҰΣĽʤκʱս֮Ҳˡ
ֿ

˵йʷΧȨչ޷йʷľ衣ôʷŽǮģ˽ǮĻıͲܰʷ硣
ʷһǳصĹңѸ͵͹㷺Ӱʷ϶Ǿ޽еġĳɳ̳˹ĸԤıУԹʽ͸͵߸˾ĶǣȴΪ֪
ƶȵƺͽȫעط⽨רвⷽȡ˿ɹ۵ĳЧǣƶȱԽǮȨһġĲȴûпɿ
ƶȶڹмͨƻҷȨһսжϺͷش©Ǯ漯šѡzfϱսǰһٶʱ˫˽ϵͳĽһƸߵϽ˷ǰУλͳ˱д̣λԱɥʷѧָͳʱսڼ䣬ŵ׵½һ߲ӵƽʻҪ!
йڵȫ濪ţмҽйĽڸأ췢Ĺ£й

1865414ϣڼΣжȹпսֿͳ5ǰӭϾ޲ء򱱷ؽͶʤϢͳ߶ȽŵһɳĸߵʢٵĸؾԺݡ㣱֣ǱûͳᣬھֿϲӢߵĺ棬һѴھǹͳͷǹֿͳеǰڶ賿ֿͳȥ
һв˹(JohnWilkesBoothڵʱԱڴɱֻֿ֮ʳӣ426;бСֵ,˺ܶдɵżһЩ̴󡤱˽Ʒ̴ǵʱϷzfսͺĹ䣬ҲϷڷʵȨΪŷ޵ĴмǹܡӵӢֿϴɱ¼㷺ΪһģııĿֿϵڸԱŦԼͷѳǵмҡϷzf߹١ŦԼıֽ̺ͱļӡ
ֵŮĻ¼ᵽֿϵı̺ŷ޵йأ˹д֮ǰȥŷһΡ̴ֺ󡤱ϵ̴ܽ󱻹㷺Ϊ˹жеĴˡ
ҪֿϱɱͼıǱԸʷѡzfͽǮȨڿƻҷȨһսƸߵϵķ

йսԴʷαУȽ϶زȡȫغͳԭ塣ǽһӽǣȥⳡĽڱ𵽵ĺá
絽޴½ı˴ǷǳƶǳļûʲôƲͽǮʱıûзִ͵ĽгͨĻҼΪȱ֮ĸӢóʹôӢӾͨҵϡȱ[ע2.1]
ͨڵͶĴƷͷͨҶȱ޷гֺЧĽӶصԼ˾õĽһչΪӦ⣬ǲòʹøҽƷס綯Ƥëǡ̲ݡסС׵Ƚ̶ܳȽϸߵƷǮʹڱݣ1715ʱж17ֲͬƷңLegalTender)zfЩƷ˰ɡ˽ծ񳥻ƷʱһҶӢΪƽ׼ʵУЩƷĳɫ񡢽ܶȺͿɱԶܴԽб׼Ȼһ̶ϻûлҵȼü֮ȻƷ÷չҪƿ
ڵĽȱʵӦõĲʹzfͳ˼άʼһոµĳԣǾzfӡˢͷֽңColonial*)Ϊͳһͱ׼ķҡֽҺŷеȯûκνʵѺһȫzfûҡϵ˶Ҫzf˰ֻҪzfֽΪ˰ƾ֤߱гͨĻҪء
µĻҹȻشٽᾭõѸٷչƷó١
ͬʱӢǵ.˹Ҳע⵽˱ֳzfһµĻҳԣ൱ֽĶҵľ޴̼ãرǶȱٽҵıõʹ̼ҿÿ»ÿ궨ڽ໥֮⽫٣׵ģ㡣һõֽϵͳκβ㣬ĳЩӵиơ[ע2.2]
ǣһûеѺĻмҵУΪûzfծѺzfͲҪн赱ʱΪϡȱĽңмһӾʧȥ
.1763ӢʱӢе´½ֳԭʱֻش𣺡ܼ򵥡ֳأǷԼĻңСֳȯǰҵ͹ҵҪеȱĻң,Ʒͺ׵شﴫݵСַʽԼֽң֤ĹǣzfҪκ֧Ϣ
µֽұȻᵼֳӢеĿơ
ŭӢмжǿ֮µӢ1764ͨҷ(CurrencyAct)ֳֹظӡԼֽңǿȵzfʹûƽͰ֧ȫӢzf˰ա
ʹֳظݴؾúֻһʱ䣬ֳصģȫתˣʱˣ˥˵СﶼվʧҵȺ
ӢֳصķȨֳ֧ҶƷ˰ġʧҵͲֳزܷԼĻҴӶ޷õذѹ͹мҵĿƣսҪԭ򡣡ע2.3] 
ĿǶӢжӢεĿƺͶĲ൱ѵʶԡߣҲͳ˹.ܸѷһ侯ԣ
˽п˹ҵĻҷУôЩнͨͨͣȻͨĲƲֱһ糿ǵĺһѹʱѾʧȥǵļ԰ǸعĴ½
ܸѷһλʱǲ̾Ԥ˵׼ȷ죬˽йȻ˹һͨģҲȻǷУԪְծҲһһͻʧȥ԰ͲƲ񣱣귢һ
ΰǻۺĿʷδʱܷһµڰ˽ڿд£ӵлҵͼֵ涨Ȩע2.4 
 (The First Bank of the United States,1791-1811) 
Ҽлǵɵвȵ˵ľӸءͳ˹.ܸѷ1809
ɽ.ܶһ˹ж¼ϵӢӡȺ䡢ͳصŦԼŮףݴӢղصĸվʾܶٽܹ˹ж¼[ע2.5]
1789꣬ܶٱʢͳΪһβʼƶȵҪ֡1790꣬Զս֮صľծΣǿҽӢе˽еȫлҵְҪ˼·ǣ˽ӵеУܲڷѳǣ֧УzfĻҺ˰ձϵͳУийһ㾭÷չҪ,zfȡϢܹɱΪ1000Ԫ˽ӵ80%Ĺɷݣzfӵʣ20%25ɵĶ»е20ɹɶƾ٣5zfܶٴžӢ׼棬ָеᶼֳɼʹǰ߳öУ޴ڡǶ͸ıģǺȷжϺ;
ܸѷڵ棬ںܶٵĹ۵㣬ĻӦǣΪǲԶģƽȣɲɰȨаȨȨ׷ҸȨ
179112£ܶٵķύʱ˿ǰҵۡգԺ΢ͨ᰸ԺҲ3920ƱءʱصծΣѹôͳʢԥѯ˵ʱĹܸѷѷȷıʾ᰸ܷͻܷȨᷢлңûȨת÷Ȩκ˽СʢȻشˣѾҪ÷֪Ϣ󣬺ܶ˵ʢ٣ܶٵ˱ƺ˵ǾԵõʽɣzf̨ܿգü޵ΣѹδԶĹǣʢͳ1792225ǩһеȨЧ20ꡣ
мȡ˵һشʤ1811꣬ʱռ1000ɱе700[ע2.6]Ӣкɭ.˹ж³ΪеҪɶ
zfծ17815.6Ԫ1.2ԪĹծ4.4ԪĹծ񣬶г1791굽1796̶̵ʱzfծ820Ԫ
ܶճΪ޸.ŦԼٹ˾Ϊ˻ֵĵһУ1955˷յĴͨкϲΪͨУChaseManhattanBank)
ܸѷ1798յ˵ϣһܷȡzfǮȨ
ܸѷѡͳ1801-1809֮ͼϳһУ1811Чʱ˫Ľﵽ˰Ȼ̶ȣԺ6564һƱȨڵ᰸Ժ1717ƽɸͳֶٴƽͶ¹ؼķƱһ181133չŴˡ
ʱ׶صɭ.˹жѶвҪôһȨڣҪôһԵսzfΪɭ̻ӦЩһѵǴصֳʱ֮󣬱Ӣ֮1812սս꣬˹жµĿķǳȷҪzfծ̨󲻵òϥͶյмΪֹzfծ4500Ԫӵ12ǧ7Ԫzf1815ˣѷͳ1815125ڶУ1816굮ڶУ1816-1832


лӵеĶʶ֧뱻ƣ֧佫ǣĹң
ܸѷ1815 дޣͳ
ڶеõ20ӪҵȨܹɱߵ3500ԪȻ80%˽ռУʣµ20%zf͵һһ˹жεذ˵ڶеȨ
1828 ꣬³.ܿѷμͳѡһмҷݽʱɫ˵
һȺߡҴεϵ۵壬һὫε֪ǵĻҺϵͳǺεȵĲ֮ǰͻᷢ
³.ܿѷ1828굱ѡͳķϳڶСָܷȨᷢлңùԼʹȨģùȨκθ˻˾ġ11000˵zfԱУ2000صԱ
1832ǽܿѷͳѡεͷΣڶеЧڽ1836һڽҶ֪ͳԵڶеĹ۸УΪ˱ҹζ࣬ڴѡǰ20ľӪȨͬʱм300ԪؽϧѪܿѷľֺ.ףHenryClay)ܿѷľѡںǡҪܿѷҪСܿѷѹƻʤ
оӪȨڵ᰸ڲԺ2820ͨԺ10785ҲɹأڶϯУBiddle)ŷǿ˹ж½ڵ۹ΪԮûнͳ۽ܿѷܻ᰸ʱкõرʾܿѷ᰸ҽܿѷͳȻʵط˵ڶڵ᰸,zfӵڶ˻ȡߣתС183518գܿѷͳһʹծʷzfΨһһνծ0Ҳ3500ԪӯࡣʷѧһΰɾΪͳΪõҲΪҪĹסʿʱһɾͺҮսŴߣMoneyChangers)ϳᲢۡ


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]
1845 6 8 գܿѷͳȥĹ־ֻһ仰ɱС
еٶȱϣӢӢֹͣ˶ĸִɱսĻƽҹӦʱӢ˹жµ£ӵģĻƽͨͨеȫĻҹӦڶе⵽ͳ֮󣬵ڶϯеĶͳġˡڶٻдֹͣһ´ķС˹ж¼ѳֵŷҪҲͬʱսصġΪͨ޼ľأˡ1837ֻš˥˳5֮ãƻ֮ǰδֱ׷1929ʱڡ
1837ֻšԼġ1857ֻš,1907ֻšٴӡ֤˹
жµһԣֻҪܿһҵĻҷУҲں˭ƶ
ɡ




1837 ꣬ܿѷͳֵ֧ļ..׽ְ׹ʱսο˷ڹмҽҹӦɵΣԵĲǽϵͳƵĻҴ˽ϵͳȫȡڲԼϵͳСʷѧҳ֮Ϊе顣
ϵͳǽܿѷͳڶоӪȨʱͬʱzfĻҴӸȫȡת浽֮С˭룬ǰն˹жµħƣݼҲʡ͵ĵơzfǮΪReserve)ȻŴͶǵ¡ֻšһԭ..zfǮӦϵͳѹȻΪ˱zfʽҲǵ˰սдͶŴ˾ϵĲ
ϵͳһصнϵͳǮǽңzfԹҵĽҵĹӦһص֧㣬ԶԳŷмҶҷеĿơ˼·ӳԶӦòʧһƣǾͶڶȴڶеΣڶеɿΣ޷ơ
.һǳؼǺܶ˽˼Ҫ²̳ˣмǵĳڲżѣ˼·ܣľɿ߾ۼһȺ֧ҵмֵ֧Ա֯³˻Ը񵳡Ը񵳼Խܿѷߣʼ»ָ˽еƶȡ
Ը񵳣ͳѡƳսӢ۹ɭWilliamHenryHarrisonھΣ˼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˪
ڶ¹мҺͳİս £

ڣڶеĹرն¹мͻȻ֣ͳͨĽңؾΣȻڣ꣬мҵĴͼָ˽ϵûгɹ˫뽩֣Ļҽ״ֱ̬ſʼֻ⡣
ʼתԭȻڹмҴ󷢴ȱڣ꣬ݷ˾޴Ľ󣺾ɽɽ
ӣ꿪ʼĻƽӦǰݾֵԪĽҡĴҲ˴緶ΧڵĻƽӦɣģ.ģ.ڵĽӣģԪģ.Ԫע2.9ݡ
ͰĴǵĻƽִŷ޽ڼҶԻƽӦľԿơסҹӦzfشһʻҵĹӦǿгģ¿ʼģŴҪĹҵɽͨеȹҲƸҪĻһλƽɵġ
ۿڶЧмµĶԲߡǾǣϿƣϷֻ
Σ֮ǰѾʼֵʲ꣬ʱʱӢʱѾӵծģծȯģ·ծȯģ,Ӷٶȸͷ͵ƶһλþͺŷһмˡ
мٶʩչǵľʹŴĭҵƴƸȻͻȻͲŴɲʹôҵʧѪƲмǾһճɡȻջļڵˣмҺĴЯٶսŴˡֻš֮⣬ʱѷǣǰɱȣֻŲûشãһͻָԪʵԽԽǿ󣬽ԽԽԲٿʱսͳ˹мҵĵ֮

ʣѳϱʵսǰŷ޵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߻Ƹźۡϱ˫ūƵϵľͻϵǿͻһԭ
ŵĻ⣬ճɹذū߻ϱ˫ˮݵļ
ìܡ
м˳׼͵սȻսơڲ߶
սĹУôע˭ʤ˭޶ս֧µ
zf ޶ծмʢ͡
мš˹ж£SalomondeRothschild 
ķ˹˹жBaronJamesdeRothschild ֮ӣΪһߴӰ
мƻЭˡϱߣ㷺Ӵ
ڽҪˣϵذռ鱨Ӣ׶صı˹
£NathanieldeRothschild뵱ʿĻ̸Уʾڽ
ڷ֧ϷʾȫϷȡŷ޴ĳϡע
211 
мڱĴˣǺųŦԼ֮
TheKingofFifthAvenue)̫мҰ¹˹ءɣAugustBelmont)Ƿ˸˹ж¼еĴˣҲǸü
ס1829꣬15İ¹˹ؾͿʼмģʼΪ˸
˹жйܿ¶͵Ľ츳1832 ꣬
εǲ˹һйԱʽҵľ顣ͨ¡Ӣ
ڣ걻ŦԼֱʳԽzf ծȯܿ
ΪŦԼڽ伶ͳڹʡӢͷ
˹жб̬Ըӽֱֿ֧ϡ
ΪԱľѹ1861Ӣ8000˵ôʱ׼ӦϾĽӱ߽вֿzf1862꣬Ӣīۿڵ½Ϸ߾ɼᣬҪʱϷֱ뱱ս1863103գҮ3򣬲ռīǡ
սڣϷľ½ڽڵ֣Ӣŷǿǿлٹֿ˼ѡм׼˴ʱֿͳ飬о޶սΪ̡1812ӢսĹֿ֣֮ǰzfԤĳֶծȯʽУתӢ˹жкͰУzfҪ֧߶Ϣծʹzfٲά衣
мֿͳһʼƻмǿϢҪߴ24%36%ʱ򣬾Ŀɿڴֿͳָм뿪һzfƲصĺУֿ֪Զ޷ֵծ

ûǮ޷սмҽǮǰѽԼסֿϿ˼ڤʱ֥ӸѵϿˡ̩ոֿϳһ⣬zf Լлң
ùͨһȨӡȫЧĻң֧ʿʣȻȥӮսֿǷ»ңϿ˵еϽѡֻҪʹ»ҾȫķЧzfȫ֧֣ǽǮһͨ,Ϊܷᷢк͹涨ҼֵȨ
ֿ󣬴ϲõϿ˳ﻮ¡ʯ쾪İ취zf˽нǮ߶ϢĹ»ʹɫͼл(BankNote)ʷơ̱ҡ(Greenback)»ҵĶӱ֮ȫûнȻҽѺڣṩϢսڼ䣬ֻҵķУ˷zfսȱҵ״͸ЧصĸԴΪսʤϷ춨˼ʵľûͬʱֵͳɱĻΪеĴңŴԴţ¹ҵ·衢ũҵҵó׶õǰδеĽ֧֡
Ļƽ֣ʹĽ𽥰ȫŷмҿƵļ˲ľ棬ҲڴʻΪĻֿϵ±ҲܹΪܣΪӮϱսʤ춨˿ɿĽڻ˳ԾǣֿϷе±Ҳûƶսʱڵͨͣӣսָº͵شӣǵսĹģƻ̶ȵأԼͬȹģսȣܲ˵һֽ漣෴ϷҲֽͨʽЧ֮Ϸָͬڴӣ
ϱսڼ䣬ֿzfһˣڣǧԪ»ҡµĻһе֮ãֿͳǳؿҪծңDebtFreeMoney)ķгڻͷƻһشʹ˹ʽڹͷĸ档zfнǮȻԼлң
мҶԻҷе¢ϽڣҪ
ѹϢ󣬴Ӣмҵ׶ʱԴµĲߵûôzfͿûгɱطԼĻҡܹеծҲǷծбҪĻչҵǰδеķٹңϵ˲źеĲƸӿұ뱻ݻ٣ݻÿһƹҡ
ӢzfŦԼЭᣨNewYorkAssociationsofBanks)ŭʾҪʵʩ18611228գֹֿͣzf֧ңSpecie)ŦԼһЩлֹͣ˻ƽȡƽ𣬲ûƽzfծȯĳŵз׷ӦܵʢֿͳͨȻȡȥѸϢծȯŷмǣzfĻƽ浽˽ΪŴŵĴReserve)мҺôƣzfҵź˰ȥ֧սע2.12)
ֿͳȻؼܾмȫϳҪģӻԾȫծȯݷɰǵֽʹá
мǼһƲɣһơǷֹֿᷢ±ҵķвûᵽծϢ֧ǷʹûƽмǺ͹ԱһЭֿ±ҹծϢҪý֧һƻĵһȰڵֿ±ҺͻƽļֵҹΪʱӵ索ҵӢϵͳŷмǣӵԶԶĻƽҡмҺ͹ЭʹʽöƽĿƣӴﵽҼֵЧ

ŷ޵Ĺڣսǰ޴ɱ׼Σյʱֿ̣뵽ŷ޾ǵ޵Уֿɳʹɳɽȡɳյֿϵţû̴򿪣ֻϵ˵࣬Ȼ˵ǴŻ֪֮ǰǽͬκҪ󡣡ע2.13
ɳ׼½սмԭһǴݺĵǣɽʱڣɨŷ޵ĹʽѾߵ˿ķֹĴšмǿҪŷޡȽڹҵľ飬˽еУɳеɱУܾҪ󡣵᧿ΣһԹʽֿͳΣվʱɽ粻ֻһֵˡһԭϱս֮ǰģꣳ£գɽ˽ũūķɣڷϳū棬˫Щ֦ͬϧһǶڣĿսTheCrimeanWar аӢ֣֮ɽѩ֮δ
δսĽά˹Liviski)£ڣ꣹£տŦԼۡ򽫾ͳĶ̫ƽ󽢶ڣ£յɽɽڶΪ.ʿ۵Ϸڸ߳ڵͳʱģǵĳӢͷԥոֿŤתӮʱ䡣
սԺΪ֧ܼƣԪķãzfķһۡΪͳûܷȨȥ֧zfսãʱͳԼѷԹİ˹ӵ֧սõЭ顣ʷϳΪµĴ¡SewardsFolly)ǵʱĹ䣬ǿӦûԪȥʱֵһĵĻĵء
ͬԭɽڣ걻д̣ûгɹꣳ£ɽڻڴ֮̿֡


ֿϣӹõȨͨ۹ծнծzf͹ҾʹڼҵȦ˳ǣʽڼң׹ӳǵʱֿϵھͲԶˡ
ֿϽ˺ū,ͳһϷԺ,ϷսսծȫһʹսһֱΪϷṩ޶ֵ֧ĹмǣʧءΪ˱ֿϣΪ˵߸ֿϵĻǾ˶ֿͳĸܲ߻˴ɱжָֺɼд̵Ŀȷʵڲһѵ¡
ֿϱ̺ڹʽĲ£ϳֿϵ±ߣֿ±ҵķΪԪ
ֿ꣬ϷеģڣǧԪ±ҵ׽ʡ˶Ϣ㣬֮ĻشǣΪֿϷzfԼĻһΪzfʡˣԪϢע2.14
ϱսӸϿǹʽzfһҷȨͻߵ֮ϱսǰһٶʱ˫ϵͳĽƸߵϽзǰУλͳ˱ɱλԱɥֱ꣬ϵͳĳձ־Źмȡ˾ʤ
ֿϵǻͽشʧûܹΰ㼣ǰУмǽЩеˡҵмǸ߳ͲпյõĸģȻϵͳظʴִ
¹˹

ڴз𵽵һصĲзģҹӦ¢ϽӰҵÿһ档Ӧñϳڴ֮ǰҽѳߣһߣмһߣҵʷϻδֹ
.˹1861-1864
ϱսԺֿϾܾ˹ж¼Ϣߴ24%36%ĽڽתȨԼġzfȯUnitedStatesNotes)ֳ̱ңGreenback)18622ͨķҷLegalTenderAct)Ȩ1.5̱ң18627º18633£ٶȱȨ1.5̱ңսڼ䣬̱ܹ4.5ڡ
ֿ̱ҵķоͱ˹ҵѣмǶԴʹ෴ͨҵ̱ҳַǳӭ̬ȣֿ̱ϵͳһֱͨ1994 ꡣ
1863꣬սҪĹͷֿҪ̱ȥӮսΪ˻õ̱ҷеȨòмͷһҪЭǩ1863꡶з÷Ȩzf׼(NationalBank)ͳһ׼ȯ˷ƲͬЩʵϽĹһҡҪһЩzfծȯGovernmentBond)Ϊȯ׼Reserve)ʵϽĻҷкzfծһzfԶܻծ
ѧԼ.˹.Ӳ˹JohnKennethGalbraithһѪָսԺzfÿ궼˴ӯࡣǣȴ޷ծ峥гzfծȯΪζûծȯȥһҵĵѺծ͵ڴݻ˻ͨ
мҰӢģʽƵıڵóˡӴ˳zfõĺԶӵծϢһεĲϣԽԽ2006꣬zfǷ86ǧԪֵծƽÿһĿ֮ңҪ̯112ǧԪĹծҹծܶÿ룲ԪٶzfԹծϢĿ֧ڽҽƺ͹2006꽫ﵽ4000Ԫ֮ޡ
1864꿪ʼмǿùծϢһ͡zfֱӷлһzfծȯзлһ㿴Ʋ۵Ĳ𣬾ʷĲƽмҼӽ˰ΪԭѪͶĲƸͻң
ĿǰΪֹйϽΪzfֱӷлҵĹҡzfΪ˶ʡľ޶Ϣ֧йܹٳڷչȱٵҪءҪѧϰġȽ顱бzfĹծΪѺңйҪˡ
ֿϲǲ֪õвֻǰΣòȨ֮ơֿϱ1865֮ϳ÷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·ܵӭֿ̱ҡίԱıָڰʱڻҶȱͼ۸½ɡûлңͲܷҹӦ٣ؽĻͽʱ۹൱18ԪĽͨ15ĩŷޣĽֻͨʣ2 ԪʷûκԵı仯ܹ۹Ϊڰȡ
֮γԱȵмЭᣨTheAmericanBankersAssociation̬ȡЭڷлԱָǽǽ߾ȫȥ֧ձܿرũҵڽ̷ý壬zf̱ңҪֹͣЩԸʾzf̱ҷеĺѡˡϳзйһһָzf̱Ҷʹңܹṩң⽫˺ΪмҺͷŴߵȥԼǵĹԱҪǱǵ棬Ǿܹ
1881 ꣬һƬ̨֮ڶʮͳķ˹.ӷƶѾȷذסҪ˵κһ˭ŻҹӦ˭йҵҵľˡңϵͳǳ׵ɼķʱͲñ˸ͨͺͽĸԴˡ
ⷬزżڣӷƶͳͱһ񲡻ߡ˹.188172д̣ͳǹ919ȥ
м19УɹŷԡʥĽȨȡʥȨʥĽȨҲ߽ʥȨмѡzf˳ļҽ֮ѾȫռϷ硣ʷѧָͳʱŵ׵½ĵһ߲ӵƽʻҪߡ
мǳ־1863зʱǾյĿ꣬ȫһӢеļƻֻʣһ֮ңһȫҷе˽еУһмҵѾĵƽϡ
 ˽еУϣ
һΰĹҵұϵͳεؿšϵͳ߶ȵؼСҵķչеģãȫСѾΪͳ֮£һȫ׵Ŀơzfɵӵ˾ȨǸѡѡzfڼӵ֧Ȩǿ֮£zf
ҵĺܶ๤ҵʿηĳֶֿ֪Ȩ˵֯˵ȻΡ˵޿ײ롢˵Ļһ˵ĳ׺ȫ棬ǲҹȥǴȨ[3.1]
28ͳ.ѷ

ŵ˵ֱ죬йҲûмѧ֪ʵ˽еСνСʵȲǡûСҲ㲻ϡС
йzfĹԱܻ뵱ȻΪzfԪʵǣzfûлҷȨͳ̺zfɥʧ˽ʣġԪķȨzfҪõԪͱ뽫δ˰գծѺ˽еСȯǡԪ
ʺѧýУһղġýÿԳƪ빵رۡͬ޹ʹ⣬Ե˭ŻҷУһϵÿһˡÿһ졢ÿһǮ롢ÿһϢ֧ġء⣬ֲֻᡣ
гԾĸо˵һҪģȻ֪һ½ý⡰ˡأŷŴ󾵣ͷطһӰʷ̵ش¼ͷʱ¼չȷСʱΪλ
꣱£գѡzfڱǮȨ߸1.صܻ(Jekyll)19101122ҹ,ŦԼһȫܷĻ𳵳еĳȫܵڵסгʻȥŵȫҪмңûκ֪ǴеĿĵءгյӢ֮ݵܻ
ݵܻһȺӵеĶȼʤأJPĦΪ׵ĴǳһܻԾֲ֮һĲƸۼֲԱУԱֻܼ̳Уתáʱþֲõ֪ͨҪʹþֲԼڣлԱʱʹûзԱȫӴ½еĿһֻƺԲʹϡΧ50ӢķΧڱȷκμߡ
һ׼ǳڻСμܻУ
ɭ.棨NelsonAldrich)ԱһίԱᣨNationalMonetaryCommissionϯɭ.˷յ游
Ƥ.³A.PiattAndrew
.(FrankVanderlip)ŦԼҳܲ(NationalCity
Bank of New York) 
.άɭ(Henry P. Davison),J.P Ħ˾߼ϻ
˹.ŵ(CharlesD.Norton),ŦԼһУFirstNationalBank
of New Yorkܲ
.˹ʣBenjamin Strong),J.P Ħұ
.ֲPaulWarburg¹̫1901굽ײ˾KuhnLoebandCompanyĸ߼ϻˣӢͷ˹ж¼Ĵ
ˣʦһ¡
ЩҪƫƧС˴ԺȤǵҪһҪļ(FederalReserveAct)
.ֲзĸ֣ͨеϸڡиʱ޲Ľ𣬸ϲؽÿһϸڸʷԨԴе޲ΪзԨ֪ʶ۷ȻΪļҪߺͽߡ
ɭ.ΨһУҪļݷȷҪܹڹᱻܡͬмŵ棬Χűķϸڽ˳9 ļۣڴ˹ʶ1907ΣмĿ̫Աû˵ҹ֧мҲƶķЩ˲ԶǧŦԼ㵽ƧСļ⣬ƹз磬ԽܸѷͳеʼӢĹмıϵԱ޽ϵͳFederalReserveSystem)˶ĿǣһеְܣӢһƳ˽ӵйɷݣлþ޴档һк͵ڶвͬǣĹɷݹУԭzfɷݱõˣΪһ⡱˽С
Ϊʹϵͳƭԣ˭ϣzfڶ»ӵдǶ»ĶԱЭֱӻӿơ
İ汾иΪ»ԱͳǶ»ѯίԱᣨFederalAdvisoryCouncilƣѯίԱ붭»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©!

ֵ߸ڿ󲿷ֻҵԴJPĦķ˹.ϣ.ˣŦԼһеܲãνĦţˣԼ.˷գ.˷գķ˹.˹ٶҳܲãŸ.л򣨿ײ˾ڱ׼ʯͳмšɵʱĺŦ
Լ.µϣµͶϵĴʼˣ1911
ֵλǽĻ֮֡Լŷ޵˹ж¼ЭսӢķ档
Ħ
Ħеǰǲ̫Ϊ֪Ӣ.ƤϹ˾GeorgePeabodyandCompany.ƤԭͶĦһɻ̣ڷһЩС֮1835Ӣ׶ش硣׼˽ҵǸƵҵͿʼ׶غһЩһж(MerchantBank)⣬ǵʱһַǳʱֵġ߼ڡHighFinance)ҵ񣬿ͻҪzf˾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·ծȯzfծȯϣӢмͻȻ׺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ЭᡱCouncilonForeignRelationӢΪʼҹЭᡱRoyalInstituteofInternationalAffairsӢzfҪԱǴЭбѡġ
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޵ĹȿһѡzfҪ򵥵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͵zfԺСҵŵȸҪλϣԴʱ187511գŸ˿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˲ŵսߡʱ˹ж¼˽еļƻѽ꣬ʼûյ֡һΣ޽еڵִã޼ͷŸ.лJacobSchiffĿײ˾ȢлõŮ˹ȢлŮ
˹ѷͳڹʼɭColonelElyGarrisonָڰƻȫ·ߺ޺ͷԵ£Ǳ.ֲġݼƻıǻ۶Դ׶صİ׵.˹ж¡

1903 ꣬޽һνŷеġȽ顱ܵж콻Ÿ.лļֱתŦԼҳУĻУܲýķ˹.˹ٶŦԼмȦӣҶñ޵˼ඥʹҶٿé
ʷϷ˽е൱ǿŦԼмҵСҵȦڱԱǶмκй˽е᰸һ֮ΨֲͨмҵзƱȵ졣
ΪŤתֲ̬ƣһ޴ĽΣʼ
۵ʼ½¡190716շ˱޵£ĿǡϵͳȱҪDefectsandNeedsofOurBankingSystemӴ˱޳Ϊƶȵϯ֡˺󲻾ãŸ.лŦԼ̻ơӵһԿԴУǽһǰδжӰԶĽΣ
Ӭûļ1837꣬1857꣬1873꣬18841893һмƳùȷչгֵĭҲǲϷµıȻ˵м㣬мˮʱڷ򾭼עңڵõĽǮ֮󣬸иҵ˾ͿʼڽǮջ֮ҹɣŬƸ̾ˮʹո֣ԽԽʡмҿջʱʱͻͻȻսпʼˮʱĶֻоصűˡǣʲôʱʼˮȴֻмйͷ֪һҽ˽еƶԺйͷԷˮˮĿƾ͸ӵӦ֣ջҲԽӾȷ÷չ˥˺ͲƸΪмҿѧıȻ
ĦĹмǾȷؼνڷ籩Ԥɹᣬáʵ˵һûеǶôǼͼ沢С֣мΪĿͶʹ˾оǴѾõҪҵ
ʱֵͶʹ˾ڵʱвܾӪҵzfַܷǳɣһеͶʹ˾ʽͶڸ߷յҵ͹С190710ΣʱŦԼһҵдϢرͶʹ˾ΪѺͶڸ߷յĹкծȯϣг뼫Ͷ״̬
Ħڴ֮ǰļһֱŷ޵׶֮䡰ȼ١ʽڼǾĲ߻ĦصãŦԼͻȻʼ㷺й˾˲ˣKnickerbockerTrustƲ,񲡶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˾TennesseeCoalandIronCompanyҪծȨ,Ħ˹Ʋ峥ŦԼнȫ롣ĦŦԼȦĴϤ뵽ͼݣҵмұڶ鷿й˾ܱ鷿̻̲յĽڼǽصȴĦǰŵˡ
Ħ֪ҵ˾ӵеݡݺݵúԴǿĦԼĸްԣ˾¢ϵλڷ¢ϷԼ֮£Ħʼն޷죬Σһѵõļ沢ᡣĦǣΪĦ˹˾ҵй˾뼯2500 Ԫάй˾˾Ħ˹ҵ˾ծȨǷ飬ƲѹҹδߵļƣͶʵĦеͶ
õҵ˾֮ϲʤĦһҪǾǶԷ¢һ㲻˹ͳ113ϣĦҹʢ٣һƱг֮ǰõͳ׼Σҵգʧȥһĳǧŭγ˾޴ȨΣ˹òĦȶ֣ʱ̱ǩ³֮ˡʱһп̽ʣ5ӣ
ŦԼѶǡ
Ħ4500Ԫĳͼ۳ҵ˾ù˾ǱڼֵԼ.µϵ10Ԫҡ[ע3.5]
ÿһνΣıѾõľȷƣڶĿո½ڴǽڳǧƲߵķ֮ϡ


ʮĩмҶԽǮʶһʵشԾ
ԭеӢģʽԹծΪѺлңͨߵʵzfծзлҡȷծģԽԽ󣬴Ӷ֤мҲľ޶棬ڽλϵ֮£мҼͨͣΪκλұֱֵ˺мҵϢʵ롣˼·ǱȽԭʼķŴϢİ취ҪȱǲƸ۵̫ʹϲ׼ƶȣFractionalReserve),Ȼмս͵θڡرǻƽͰӻ͵ڸзŴһޡ
ʮ֮ŷޣмѾһ׸ΪЧҲΪӵķơҳװ˻ƽͰԴĸԼûҿƸӵԣElastic)ҲءмͨӻҹӦõԶͨʹĴϢʧҪöʱ漴ΪҵӵߡͨңмǵӶҴߵľ޶Ƹԭǿ˲ƲķʽͨҪö࣬ĵֿҲҪСö࣬Ϊ˲мҵ֮£ͨ͵ľѧ̽𽥱ѧϷĹϣֽµͨͣCurrencyInflationĸѾִȫ۸ǵͨͣPriceInflationû
ʱмз¸ֶгԭеġִ𡱣FractionalReserve)ƶ,ծ֮⣬һΪǿĹߣͨͣCurrencyInflationӴˣмʵ˴ӻƽʿƽһϷԵת䡣
˹ͨ͵ۿνһѪ취zfܵغԲûĲƸһҲһܹ͵Ϊ
׼ȷ˵ʹ취˽еzf
 ˽еУ£

ڶ˹ٵУᵱѡǣݣݳڡ191211£ѡͳ19173£ͳʷΰͳ֮һ
1910¬.˹RabbiStephenWiseݽ
Ϊѷͳҵ˹ǰ׼ȷԤͳѡĽ׼ȷԤ֮ͳѡΪˮ򣬶ΪеĽмǾȷıġ
мϣ1907ΣȷᡣǶͶʹ˾ķŭеյĿֻţԻֽڹͷĽһһɷһн¢ϵǿ⳱ϯȫ
˹ٴѧУ.ѷһλķԽ¢ϵĻԾӡŦ
ԼҳУNationalCityBankofNewYorkܲ÷
(FrankVanderlip)˵:д˹ٵ.ѷμһ粢ݽΪ֪һҪĻᣬᵽ˲Ա棨Aldrich)ҲҪݽҵѷʿĻشҴһ
ܾͰԱ̨ͬ˵[ע3.6]
Ա浱ʱȨ㳯Ұ40Ĺģ36ΪԱȨĲԺίԱϯΪСԼ.˷յ뻪нܡ1908꣬ڽ£пԷлңzfzf͵طzfծȯ·ծȯѺ¾˺£zfţôȫмҵã˲òֵֶΡ÷ΪҷEmergencyCurrencyActΪ5ԺΪǻֵĴˡ
.ѷ1879ҵ˹ٴѧ,븥Ǵѧ취ɣ1886Լս˹ѧòʿѧλ1902˹ٴѧУѧʮ.ѷһߵԽ¢ϣȻڹͷĴ׽ѧϵľ黳ֲȱҵ֪ʶԻмǵ׬Ǯɸһϲͨмǿѷĵױõص㣬ṫϵķ¢ϵң¿ˣһѵõм׼ͶؽϤġԱá
ãŦԼҳеĶ¿.棨ClevelandDodgeѷ˹ٵĴѧͬѧ1902ѷܹ˳˹ٵУǲƴֵĵ润Ľһ㲻ǳĹϵмǵĲ߻¿ʼڻַŷ˵ѷһ鵱ͳϡ
һβżУͻȻΪͳϣһϲҲ֮顣ȻҪ۵ģѷʼͻȻѷܿڻִǵķ£1910 굱ѡݵݳ
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

оͷܻ(Jekyll)Ĳ߻ʮֻܣϽְҵܣ׼ݼƻһݾɰ棨NelsonAldrich)Աֵļƻ𹥣ԱɵĻ͵ǰƻ֧ߡһݱΪBƻķǺҪƶʵݼƻޱֻǴͬѡ
ͳѡҲΧĿչġԱͻֵĹϵǾ˽֪£ڵʱȫձǿҵķֵķΧУĽڸĸ﷨ȻʧܡԶȨжһֱǿ¢ϵĽɫټµѷһʹֵ֧ŸĻᱻܡ1907Σش˽Ʊĸʶ˳Ӧ⣬ʱм͵ȫͳΪ߼ϵıȻ
Ϊ˽һԻڣмʹʵ֧ͬһݣͬ汾ɻ๥ĸСԱȷѣϴɫָ᰸ле⣬Ҳzfһбλķ߶ǶмҵսңNation־19131023ָԵûлƽ֧ŵzfңǡǡԼ1908ķҷҪ¡Ӧ֪zfʵҷк޹ϵеķ涨ίԱȫȨƻҷС
԰᰸ָͬ˴۽磬ưάǻмҵͽ¢ϵλ᰸ּڴ¢ϣһ׵ͳˣмṩר໥ԼȨϵͳѷʵ˻мǶԽڵ¢ϡ
ڰͷԼֲطԺָ,ʹӮڵĺøУмǰջȳ²ֵļıӵİƾĳ̶ȡ

ѷѡͳͬʱBƻʽ1913626գѷ׹£ɸǵԱмҸ˹CarterGlassԺʽ׳Bƻ˹᰸TheGlassBillеȹڴ̼ôʣ֮918գ᰸ڶԱ֪28785Ʊͨ
᰸ת͵Ժɸ˹-ŷ᰸Glass-OwenBillԱŷҲһλмҡԺ᰸1219ջͨʱ᰸40ദдԺĹʥǰһ֮ڲͨҪյʱԺ᰸Ĳ㣬£ֻܵȵڶˣҪķԸ÷Ա׷뿪ʢٻؼҹȥˡ
ʱڹɽһʱ칫,սֱָӵı.ֲ׼һǧѷʱһսİ칫ÿһСʱһԱϵһļƻ1220ϣԺٿϯҪ硣ʱһֲϧһдҲҪʥǰͨա׹1217Ѿʼǵһ³Աֱ20ҹҪķһҲδܽҪ1222һͨѾ̫ˡ
мǵĴ֮߱£ϯ21ȫᣬݻᡣ
20ҹԺҪȻûдһ¡Щеȷ𣻻ƽ𴢱ıڹóеĻҽ⣻׼᰸еĻܷΪҵеĴzfծȯΪҷеѺƷıͨȡ[3.8]
ھ21սŵһ֮22һŦԼʱͷǳ᰸ܳΪɡҪţƪس޹ЧʣּǰδеٶȣϯԺ᰸Ĳ죬ڽ糿ȫ깤ƪᵽʱδԼһ賿һ뵽ĵ㡣һӰÿһ˵ÿһҪһֲִٺѹ֮½еģԱûüϸĶ޸֮ˡ
22 賿4 30 ֣ļͽӡ
7 ϸ塣
2 㣬ӡõļԱİ칫ϣ֪ͨ4 㿪ᡣ
4 㣬鿪ʼ6 ϯ鱨ύʱԱѾȥˣ᳡Ա޼
730֣˹ʼ20ݽȻ۽׶Ρ
11㿪ʼ29860ͨԺ
23գʥǰ죬Ժ4325Ʊ27ȱϯͨѷͳΪֵ֪֮ڲԺͨһСʱʽǩ˸÷
ֺ׶ؽڳǶʱһƬڡ
мǶȴ糱УAmericanNationalBankܲð︥OliverSands)˵
ҷͨҴӰ죬ҵҿһձ鷱ʱĿʼ
ʼٸ߰Ա19147¡־Ĳɷ͸¶
֮ǰŦԼмֻܿŦԼʽڣǿҵд𡣡
ּԱֵ²LindberghһԺݽ
Ȩ˵áͳǩ󣬽ǮȨzfϷڶڲ֪һ㣬ԺǻῴһеġʱҪٴ桶ԡܽԼӽǮȨ֮½ųǮȨܹտƹᡣǵĲԱԱƭᣬ޷ƭǵġӵһĹᣬ񽫻ȶķĻϵͳзʱصͷͷܻһΰԼzfõ洦Ļᡣ
zfһٶļҽмڴﵽǵĿģ׿ĹһҷȨӢеģʽƳɹˡ

˭ӵһֱһĪĻ⡣Լ֧ʡӢһԹɶܡԱ.WrightPatmanԺкͻίԱϯ40꣬20
ϵ᰸ҪϳҲһֱͼ־˭ӵ
ڱˣܡһ˹˹EustaceMullins͵оڵõ12ҵӪҵִգOrganizationCertificatesؼ¼ÿеĹɷݹɡ
ŦԼϵͳʵʿߣ1914519
ComptrolleroftheCurrencyļϼ¼ŹɷݷΪ203053
ɣУ
 ˷պͿײ˾µŦԼйУNationalCityBankofNewYorkǰӵĹɷݣ30000 
ɣ
JP ĦĵһУFirstNationalBankӵ15000 ɣ
ҹ˾1955 ϲɻкӵŦԼнķ֮һ
ĹɷݣʵϾϯĺѡˣͳֻһöƤͼ
¶ѣ֤һ߹ıݡ
.ֲŦԼҵУNationalBankofCommerceofNewYorkCityӵ
21000 ɣ
˹ж¼嵣ζµĺŵУHanoverBankӵ10200 ɣ
ͨУChaseNationalBankӵ6000 ɣ
УChemicalBankӵ6000 ɣ
й40%ŦԼйɷݣ1983ܹ꣬ӵ53%
Ĺɷݡǵĳֹɱǣ15%ͨ14%Ħ
УMorganGuarantyTrust)9%ŵ죨ManufacturersHanover7% 
УChemicalBank8%
ŦԼעʱΪһǧԪЩоǷ֧ǮȻǸաЩʷѧΪֻһֽһЩʷѧΪǸûκֽ𣬶֧Ʊ֧Լӵе˻ֻǼֵı䶯ѣʵǡֽѺֽšѹеʷѧҼϵͳȲǡûС,ҲС
1978615գԺίԱᣨGovernmentAffairsҪ˾滥ı棬ñʾ130Ҫ˾ӵ470λãƽÿҪ˾3.6λмǡ
Уп97ϯλJPĦ˾99п96ͨٿ89ŵ89
1914 9 3 գŦԼʱ۹ɷݵʱ򣬹ҪеĹɷݹɣ
ŦԼйз250000Ʊķ˹.˹ٶӵ47498ɣJPĦ˾14500.˷10000ɣԼ.˷1750ɣ
ŦԼҵз250000Ʊ.ӵ10000ɣJPĦ˾7800ɣ.5650ɣ.ֲ3000ɣŸ.л1000ɣСJPĦ1000ɡ
ͨУ.ӵ13408 ɡ
ŵУķ˹.˹ٶӵ4000ɣ.˷1540ɡ
1913޿ɱ粵ʵʾмǲҵȥˣȻˡЩֵмҶ׶سǵ˹ж¼屣ϵ
мй˾BankersTrustܲñ.˹ʱѡΪһŦԼж»ϯ˹ʵĿ,ϵͳӢкͷγ˻(Interlocking)ϵ.˹ΪŦԼжֱ1928ͻȻʱڵºŷоͷǵܻ飬Щܻ鵼1929˥ˡ[ע3.9]

ѷԼϣָֻһ£඼ŦԼмѡ.ֲζµĹУԺҪ19146µشѯҪ˽ⶨеĽɫȻܾдҪشκ⣬Ӱ»ãԸܾµŦԼʱ
Ϊԩ1914710յıǴԺеѯ
ޡȻϵͳĺûֻµʱûеڶ֪׸תǿӲ̬ǰֻеͷǰṩ嵥޾ĳЩ⡰ӰáԲش𡣱ǿӦˣҪʽ档
ίԱʣ֪һ͵ˣǵ˹ѡʱȴ

ѷ߲֧ͬ
޴ǵġ
ίԱʣĸ磨˹.ֲȴ֧أ͵?

޴:ǵġ˼ǿײ˾ϻȴ֧ͬͳѡˣаͼOttoKahn֧˹޵Ľ˱˴˲Է
Ϊ޹ء˳֤ͨΪһ춭£Ϊ»ḱϯ˱⣬³Աǣ.գAdolphMillerѧң˷֥Ӹѧ
ĦĹѧ˹.ķ֣CharlesHamlin.ŵFrederickDelano˹ݣ·мҹW.P.GHardingһܲѷͳԼ˹.˹߷ڱ˾ߣ
˹Լ˳»ԱǲͻԱ

ѯίԱǱ.ֲƵһܵңװٿ»ᡣ90УѯίԱǳɫʵ˱޵Ĺ룬ûעҲûд׿ɹо
1913 ˹ԱԺѯίԱĸ˵治ʲôаĶÿ꣨»ᣩмҵѯίԱ̸ĴΣÿԱԼڵǻְܱŸӱڵ𣿡˹ԱԼмңûнͻṩκ֤мʷϺڵ档
ѯίԱ12иѡһɣÿڻʢ»ĳԱ̸ĴΣмĶֻߵġ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

˲ʷŴߵʽĿûбƹȫڹƵķΧ֮⣬ãӦ 
Ա.أBarryGoldwater
Ϊ߼۸ֻҪʣúһٵĹСҵѾϰʻֽ֮ͨϢַֹ١ӵмǣ΢Ϣʹгļ۸ӰҲҵϢʹг۸Ҳӵн״ڲϢȵ֪ı仯
һκδģȨײӵеΣյģгϢ֪Ȩ
ϵͳ˽еģȫĿľñ˵ĽǮܵ
֪ʲôʱֻ֪ͬʲôʱֹֻͣšǿ˽ڵʱͨͺͨǵĿͬЧʡ
Ա˹.ֵ²
ÿһԪͨеȯFederalReserveNoteԪǷһԪծ񡣡
ұ棬ԺίԱ
вǶģ˽ӵеĺ͵طƵĹ˾ 
Lewisvs.UnitedStates,680F.2d12399thCircuit1982 
ΪܵĻ֮һҽݽˣûһ˲֪ǵĹʵǱмͳš
ЩΪĻǣУ˽еŴ¢ߣΪԼƭӵ̰񡣡
Ա˷LouisMcFadden
д֧Ʊʱǵ˻ϱҪ㹻Ǯ֧֧ƱĽǣд֧Ʊʱ˻ûκǮ֧ŵġд֧ƱʱڴҡעծԪϸ̽ڱڣ½ܣʿ
1913굽1949꣬ʲ1.43Ԫǵ450ԪЩǮֱӽйɶǵ
˹.˹
ڶͳԽǮȨв棬˴Ĺ¼ͷɰ˵˽ʣжˡй˺ҵ֪һأĿ֮ΪɹȨýᱨһ࣬ԭǴʵءˡˡôĽ̿أԭԹмǵĻΪһѡšݽĽ̿顣
ѷͳȥ֮ǰԼǱƭˣھεرʾ֮дݻҵĹҡ
19141025ʽʼʱһսˣһʱ䡰ɺϡĹɶעҪһʺˣ
һս˥ˣмҵ ʱ ϣ
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]
1927 ŦԼгԼ.أJohnHylan

̾ҪǮԽսǮԽ࣬Ǿ˽֪ĵǣ˭˭ǮŷûлҷȨҲֻмҽǮսʹĴﵽȼյٶȣսʹսҹҲҪ֣սʹϧһд۵мʣѹսʼмҵǲ߻սսսмǻĴãǽķ֮ϡ
мһ׬Ǯֶξ쾭˥ˡŴĭĲƸͶͶ񳱺Ȼͳ쾭˥ʲʲ۸񱩵۸ʮ֮һٷ֮һʱٳԳļ۸չڹмǵнë˽г󣬡ëжȺͷΧﵽʷǰĳ̶ȡһΡëжڣССϡйֻܷⱻëĶˣҪйǷȥоʷϵһĻĻĿĵġëҾˡ
ȫй֮ǰĲͬڣǰĹȻƶʲͨ׬ȡĳ嶯ûжͨѪϴƸͼй֮Դδش󾭼Σԭûж쾭ΣͼͿ͹мȫй֮˸Եı仯

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϶Ե¹ҲΪɵĶ뷨һЭԼTripleEntente¹µˣŷžʹ˳͡
ӪսŴģĳծ̶һϸŷ޹ծ뱨ʾծȯϢ֧ͱ𳥸ÿߴ534300Ԫŷ޸ĽУҪʣսиֿµĿܣǱ˰Ͳȶĺƽ˵սһֵָÿǵѡŷ޵ľ׼ղսǾͱȻԸƲա[4.3]
1887굽1914ֲ꣬ȶͰĺƽţ߶װѽӽƲԵŷ޸ŭĿš׻˵һ죬ƽ˹ж¼巢չŷϵĸṩŴȫٳ־¶šսʵϴǮ1914ʱŷ޵ҪҶѾܸһģսˡȻӵӴĳռľ¶Աƣִϵͳǵľȴ֧ž޶սáǡԺ19142ɳʵĽָսĻɽ˹޲ܸҹƱҪ˰۲ơսҹսܵľúԹȫľýȫ̱ʹսȡʤҹĲҲΪ¹һͿغ⳥ҹľѡԼӢ棬¹óָǵծĻᣬսܾԺҲܡ[4.4]
£һģս޷ġĿսҲֻǾֲġݵĺ͵Ҷȵģܸǳ10ҵ1870շսսֻܻ޷ŷ޵Ķ档ǣսʱֻڲȶͰĺƽţֱĳ
˰ȻʱһĹҵǿӵӴĹҵͷḻԴǣֱ1913ǰȴһծĹңṩŴԭȱУŦԼмԼеȫĽԴMobilizationofCreditǣмҵʹǶԴģսȤŨսܹʵΪмҴ󡣵ͨ󣬹мж191483գ˹жڷо͸Ħ֯1ԪŴڷʡѷѶʾԣ.WilliamJenningsBryanǴΪӵķǷס
¹κ;÷޹ڣʱдԼ800¹ᣬԼռȫ˿ڵ10%֮һΪٷԣӵŲСӰ֮İӢ޺øУӢȽսս֮Ӣ¹֮ս²ؼĹ̬ȡ뼱ȹϵϵмȣԵ侲öࡣȻǣмһŶԵսս
ʱмһȨ֮ƣǾԴΪЭԼṩծȯеĴΪΪЭԼṩʡмҵ֮£ѷֻдӦ˺ߡŴѡʱ𲽽ӽѷڲսмҵб
19131223գͨ缶սڳˡ
ʿ˵õսڿˡ
19141116ʽʼ1216գĦִάɭDavisonӢ뵱ʱӢղ.˹˹HerbertH.Asquith
̸ṩŴһ¡1915115գĦӢŴЭ飬
Ϊ1000 Ӣڵʱһ൱ɹ۵ĵĴ⣬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

.˹ʣBenjaminStrongʼĿ1904굱ΪмУBankersTrustĶ³ʱ򡣵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޶ȯFederalReserveNote罭ӾһֲͨŷսծȯµĻҽծֱʼȫĶ̶4У1916굽1920꣩Ĺծ10Ԫ25250Ԫ[4.8]еĹծδ˰ΪѺսУмǱ׬ǮȴǮѪ

¹פʹɵͬţΪʲôҪ͵¹̣ʹԻΪ˵ԭͶսġĻشɶͷԡʿǽ͵ģԿʼڼڲͬ⽻γ໥ì̬ܵȣһڹʹļֵʹΪȫƹЩֵ[4.9]
ľȷڲֵͬҲȷΪ˳ƵҪӲ˵μӵһսΪ˵º룬ʿǴ˵Ϳˡ1917 3 5 գפӢʹܣWalterHinesPageѷͳ˵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:FREEDOMTOFASCISM)Уλð˹ݰ.AaronRusso𺳵ľͷչʾһʵõӰڣɵӰڷӳʱ˹ڵǿ𺳣һʵģýȫͬ䱳֮˵ĵһоšҵӰԺֻҸڹӳǣⲿƬŵ֮ǲ˾޴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

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,ְŸķGuggenheimϲͭҵлµĹŦԼϵͳ1901ֵ꣬һ˰³ֵܹ˾
1917ѷͳ³ΪսʱҵίԱϯʱӵйҵ˾ɱȨÿĲɹߴ100Ԫһ˾սʲɹļ۸ں1935Ĺ֤ϣ³˵ѷͳһţȨҽӹκһҹ͹ҵҵҺ˾ܲø.JudgeGaryйһЩ죬Ҹź˵Ҫ֮Ĺڡȷʵˡ[4.17]
ЩԱ԰³ʹҵɱȨʸʾɣΪȲǹҵңûڹһ죬Լڹ֤ҲʾְҵǡͶ̡SpeculatorŦԼ͡³ڵ֪ʢٵĺƽϢһ75 Ԫ
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⣬ӶĸߴڣǧԪľ޿
һս˥ˣмҵ ʱ £

꣱£գѪȲпĵһսĻ¹Ϊսܹɥʧ⳥ԪĵսÿꣵԪϢڲƷգĶãɥʧкֳء½ֻܱˣսóңӵǱͧɻ̹˻ڵȹ
Ӣͺ.ΣDavidLloydGeorgeơѱ¹˵ĿڴҲҪǮҳ˽ϡݵļԼעսǰǿڵ¹ϣֻܵµ¹ҪôԼҪôսӢݣLordCurzonͬĿ˵ⲻƽֻһΪڣս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

꣹£գǽֹͣһдӳһ죬ǽǵǮǽӵвδ峢ĲƲǻԼļ۸õȺ֮ũԶĳǧءũ񽫣ʧȥأܹãӢ
мЭᣨ¼ڣꣴ£յĹ¼
ëмȦһר˼þ÷ٺ˥˵ĹĻ,۸ļ֮һӵ˵ĲƲмҿĻҷдȨõķٺ˥˱˿ԾȷƵḶ́ʱļëΪм˵ӿΪ׶ν˿ѧȲ߲׶Ρ
һսձ鷱٣ģսʲɹشٽҵӣ굽򾭼Ͷ˴ңŦԼɣģˣģһֱֵꡣ
ΪŷЭԼṩмڣͣнĴδģծȯļΪծȯLibertyBondծȯϢӣ..ȡЩծȯеһҪĿľѾسеĻҺá
սУ˵õ˸߹ʣũʳս˺ܸߵļǮ͹ײľ״˺ܴߡսʱѽڼũдֽ𣬶ʾ޶ƸȴڻмҵĿ֮¡ԭũձǮڱصĵУЩСмҶŦԼĹмձǵִͶԿ̬ȣȲμϵͳҲֶ֧ŷսֵĴһúһЩУټũȺֱ׳ѿȵĻм׼ּëˡ
мȲˡܹݡļƲߣһΪũҵίԱᡱFederalFarmLoanBoardĻרšũǵѪǮͶڹµأ֯ṩڴ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

.˹Ħ˾ײ˾ϷŦԼеĶ³ıӢеĶ³ŵMontaguNormanһı˰³-ѷҵҪ¼,а緶ΧĴ˥ˡ
ŵүү游ιӢеĶ³ԺյӢʷϿν޽С
ڡǮΡһУԼѷдΪѵ˹ʺŵڷϲһȼ١굽꣬˹ŦԼĻҿŵ֮һ˽ЭĿʹŦԼʵ׶ءΪʺ˹ѹŦԼһֱ޷صĺŦԼĻҿ߹ķ٣Ͷ񳱡[4.22]
ЭԺȶ֤ᣨHouseStabilizationHearingڣ˷LouisMcFaddenԱ쵼½飬óĽ:мͨݻƽĹƱ̡
˷Ա򵥳һʲôӰ»ָĵĽϢߣ
գһ޷ش⡣˷ҿԳһ,ȥıϢľĽǴӺζģ
գŷǵĴҡӢеĶ£ŵŶꡤɳزʿ¹еܲãͷе˹ؽڣRistЩǺŦԼеһ𿪻ᡣԼһԺǳڻʢٴ˴졣һڶĶǽӴǣͻŦԼˡ
˷Ķʱڳգޣǵġ»ⰲŴҾһġ˷һ罻ʵĻأۣգҾҪһ罻Ҹ֮ǰҺŶ
ꡤɳزʿ̸˺ܾãҲ˹ؽ˰죬ҺŵŦԼ˹ʣŦԼж³Ҳ̸һ˷һʽģ»գǡ
˷ֻŦԼ̸ķʽգҾֻһ罻ֻǷ̸ǣŷеĶǣҲ
˷Ҫʲôأ
գǶԸܳϿҡŵ̸һ£ǷˣҲЩǶǳĽλʽǿŦԼĻҿߺ͵ʣ⽫ֹƽŷ
Beedy ЩмҺŦԼеĶ»½
գǵġ
Beedy Щ½Ȼûʽ¼
գûСгίԱᣨOpenMarketPolicyCommitteeһᣬһЩʩˡҼǵðƻ·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

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˽λGoldStandardActʱӢĹսľ侭ʵԶѷ˵ŷҲѲһҶľ棬ǿлָλƱصӢͦشɥʧӢھͬʱɹ½ˮʧҵʴȾú
ʱһʦ˹ճˡ˹ڣͻӢĴԶԵ¹ϧԴְ顣ϳλ׶صмγˮݵ̬ơӢλĿԵίԱϣ˹ʹ½λı׶ˣƽֻǡҰżǾ÷չԼӢеŵҲʾƽλڳʵмǲɻȱģӢĸжأ۶ҵ𣬲Ȼ׶ؽڳмҵĳӢͿˡһ׶мҲѣȻмֵ֧ģǲõģмҵĹ۵㣬Ӧġ
Ϸľʲ֡ܲ򵥵Ŀ˹ΪĽɫмԻƽʿ֣˫ݵó뻭ۺľɵزš
Ȼ˹ġԤԡмҵļƻӢڻָλ֮һǧɣʧҵɣģǵģְչ˷ңӢصΣ
мҪľΣ
ֻΣƶڸĸһƬǿҺ޸ķɵĺУͨˣҺȯCurrencyandBankNotesAct1928÷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£յġܿģһΪʧȥһλܸɵˡڣ꣨Ʊ֮ǰټһ飬µļڣ£֮ǰȫ֤ȯ̵Ĵҵԣ˥г˷𡣡[4.30]
.ϣJoeKennedyҴ19294Ԫӵ19351Ԫ25ɵ.³ڴǰйƱתйծ.ĪHenryMorgenthauڡɫڶ꣱£գǰҴҸϵмй˾BankersTrustĹ˾ڣֵܼ֮ԪйƱѣڼڵʱ֣Ҫ׬Ԫ.ĪȻŭŭ𣺡ҵǺۣ˵ȥ
ھعͷʷȻҪ̾Щмǵ̣ǺʵΪһȺˣַȨı˿˿۵ƣŪڹ֮еĵԣʵ̾Ϊֱֹ죬˶ȫǵʵǲڼ˵С
ڹмëϲ֮󣬿˹ġۻ˼롱Ϊмǵ²Ƹոµġ˹һмµջ񼾽ڡ
ۻҵ  ϣ
˵߸ʱƶõİ취ʹұֵͨͨ͹̣ܵءΪ֪ûչƸһְ֡취ĲƸʹƶĹУȴʹ˱ûκֶͨͣκͿɿ߸ȨˡǱڵػ˸־ùеƻأһҲһ˿óĸԴ[5.1]
˹1919

˹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

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׽ڽнڽĹءȫľ۹ƶ۽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͹ѧԺģԱɣЩ˲ҪҪԺգÿһ˶עΪӢͳνײеһԱÿһܻۻᣬ۷ΧѧѧΡҵԼϸɣͬʱҲͨ£Ϊӵǻ۵ͷԣΪԼͳߣ໥֮䷴һ˹дһλѵ˵ֵϵԽǲЩԴһָоϵľ˴ͿκıʣΪ̫޴̫а񡣡5.3
Ȧ˿˼ѧѧ;Ӣ˹жоĽھͷ뿪֮ÿȻμӡʹͽᡱܻĳʹͽΪʹǻѡʹͽ
ȿ˹Сά˶.˹ж£VictorRothschildλ
Ӣ۹ҷȨɭ.˹жµĵоŵĵ
̳ˡά˶뿭˼ͬ⽻Э
ᡱCouncilofForeignRelationshipӢʼҹЭᣨRoyalInstituteofInternationalAffairsĻߣ֯ν
ŷġ뵳УΪŷͳμ˴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;ҵͨۡTheGeneralTheoryofEmployment,InterestandMoney֮󣬹мҶ˼΢ľѧ۵Ȼǰ֣μǶ֡ǮӡǮǮۻֳͻƵ̬кϯѧ硣
˹ȷۻ˼ؽõмҺμҵĴ֧֣ܵ𺦵̫ͨ͡޴̫а񡱣ʣǸ㶨ѧˡ
ȿ˹ΪִۺϾɴͳӪĶȻһƣǱɬ¾áʥֻСµྭѧҲܿһܵ꾭ѧҵĻ.ѶɭڸѵϲʤԼ꣬˵áѶɭҲϡͨۡһдú㣬֯ң顣
5.5 
ѧΪⱾһƫԶѧԺдģѣҪ˵ʷˡ

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.˹
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,ǸڣծгϣӲݹծ۸⵽ָءеҵֱ˹ѡͳʱδ˹ĸҲнķ˹ҵĴ࣬ҵڹѧԺӵú·ȶദӴҵϷ·֤ȯ˾SouthernRailwaySecurityCompanyĴʼˣù˾һԼ沢·ҵΪ֤ȯй˾˹ҲǹҵʦҪͻͰĦ˾ǿб֧£34˹1916Ħĸ߼ϻˣôͳ
˹ڻʢٰŵ¼ҡ
˹һͳ壬аɶ.˹ǵһ.ķ.˹Ҳǻֺպ·ϲʱ14·˾ͬʱΪĦµġͶʹ˾GuarantyTrustCompanyУChemicalBankŦԼжְ֮ε˾ĶԴһСӡ
˹ĸ׵ŵDelanoҲӧңһ9λͳǼմס
ʷϣûһλͳ˹ӵиΪǿκ
Դ
1921 ˹ת˻֣ΪҽڻĶ»ܲãн㷺ϵΪڵĹ˾ı˾޶档Ϊһҽڹ˾ծȯĹУ˹Ա÷յֱԲ䣺ϣ֮ĳõİϣӲ³ֵĴһЩծȯͬծȯйأϣҵܹǵҡҲܴʱȥ߶ǣΪҵҲѣһԣǽһİİһ
ġ[5.12]
ڸһλõһʴѵУ˹ᵽںѺżȻһǹ˾8Ӣڵĺͬʹҵκʱ֮ĺܷҵĹ˾ڳһЩǵծȯҷǳϣҵ۴绰[5.13]
һЩ漫ϣ˹¶Ǳʾ˽ǲġЩ˾ڲżʱһʻ˹ԾȻֽˡ
1922 ꣬˹ŷͶʹ˾
UnitedEuropeanInvestors,Ltdܲáù˾Ķº͹а
һ1923¹ͨ͵ĵ¹ǰ.ŵWilhelmCuno˹.ֲ˹ĵܱܵʦ
ϯڸù˾е60000ȹУ˹ĸ˹ɳߡù
˾Ҫڵ¹ĸͶ⣬ڵ¹񱻳ͨϴٵһƶϴ
ʱ˹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

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
ۻҵ  £

1812꣬һбϳ˹жµıӢ1812ս,ڶжա
1837 ꣬ܿѷͳϳڶУм׶ؿծȯлظִ˥ֱ1848 ꡣ
185718701907Ϊʹ½˽еУмٶȳ˥ˡڽ˽е-ӶȫĻҷȨ
1929 Ĵ˥˵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]
1933 ŦԼƱгŴ󼪣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

19331124յŦԼʱһΪ.ֲ(SidneyWarburg)СӡⱾ1933ں棬ֻ˼ͱȡˡҴ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϶ŵΪϣϵģԪѾˣϣԶҲжվһ֧ϣա
һ¹ϣյ֧ߵһλϣɴӺ͵ӷǳѷǹǹǹʱװѾͷڵ¹߾ıʱͰµĳУֻҪɴֽ֧̿ϣն˵ƻȨͺϷִϣʵȨҪˣϷִҪˣмһô
Ժ󣬻ֵĻصָĽȫ޷ܡǲҲܽܡԴ˽˵ģʽŷ޻г
˽һı棬Ժ󣬻ֵĻصƣյ׼ࣱ֧Ԫ˶߲ȡԵıҪԡ 
ԪĺϷִ·мöʽ
ʽԴУ򸶸İķ˹صɵ
 Mendelsohn&Co.Bank򸶸¹صУRotterdamseheBankvereinigung򸶸УBancaItaliana
ꣲ£գ¹ݻ𰸵ĵϣϣս˵λ̸ϣҪ٣ĶȨжֻӦࣷԪϣУ⣲򵽶ǹ˾RenaniaJointStockCompany
ʹ֮᲻пϸִҵʹֱһϸڡϣŷĶߡѾ۲мµʱˡΪջ֤ĺûΪǺߡԵ¹ԣϣǴġȻҪϣգ磬ࡣ

1933130գϣձΪ¹࣬¹ȫ1923곬ͨ͵ľѣҲϯȫ˥пٻָڳеž޶սľ޴󾭼ѹ£Ծ˵ٶװŷǿװڣ꣹£շڶսʱ!
ʱһǿȻڣ˥˵пֱֱӲսľ״ŵõŤת
¹ʱѸɾøպʹģս׼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¡

𼪶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˹ĳֲۻҵڵڶսеõ֤мڵڶսٴαһʺ
ͳľӢֲϣ

ʱһΪԶĵļƻּڽһϵͳ磬һ˿Ƶġܹƺ羭õģƣ
ϵͳԷ⽨רƵģʽмƣͨƵĻɵЭЭ
ϵͳĺľʿĹУһ˽еУǱҲͬ˽й˾
ÿжͨƲ㽻סӰҾûˮƽҵԱֺμṩرȷʽƸԵ[6.1] 
γǴѧʷѧҿ.1966

ǵУҡ֮ĴʻֵƵԽԽߡûصʷǳܰᷨͨųʵһ޴ļƻǵǣйԴȻ֪֮١
19447£ŷǴ½ķ֣Ӣŷ޴½ٵڶսһ£ص44ҵĴºʲڶݵȼʤز׶ɭ֣ս羭ͼмǿʼʵʩǲ߻ѾõļƻȫĻҷ!
ʱĹмѾһϵкĵ֯ӢʼҹЭᣨRoyalInstituteofInternationalAffairs⽻ЭᣨCouncilonForeignRelationsĻµķ֧ɱ˶²ֲBilderbergGroupִƴ룬ι˧ίԱᣨTrilateralCommittee)
Щ֯յĿģǽһɼӢӢͳε
ͽͳһҷϵȻǶеա˰ν򡱣NewWorldOrder
ϵ֮£ȨҵĻߺ;Ȩ뱻ᣬȨҼľɺɱ뱻ݡִϵļծΪʹÿһִūЧ棬ַŵľӪЧĿѧ׶ιɣֽᡢӻҡͳһƵ֤RFIDIdentifierֲ֤ȼΪհִ˱ɡūı־ƵʶмսԼÿһκʱκλáֽʧֻ֮Ҫü¼̣ÿһ˶пܱʱȡԼƸȨһϧȨ˵һֲľ󡣵ڹм˵ǡ򡱵߾硣
ӢΪǵļƻǡıǡıOpenConspiracy)봫ͳıͬǣûȷ쵼ֻǡɢġ־ȤͶ罻Ȧӡǣͨ˲ǣЩ־ȤͶʿƺͨ˵ʵǵġ롱
⽻ЭĴʼˣһս˵׳ߺ˹УһƻһλҪ֡

ڻʢ٣ͳǿģǴĻʹȨ[6.2]
˹.߷Ժ󷨹
˹Уа».˹EdwardHouseУĳƺǵ¿˹ݳڵݵطѡٷ׵ıá˹ڵ¿˹ݵһԣмҵļͥ˹ĸף˹սڼŷ˹ж¼Ĵˡ˹Ӣ飬ͺܶ20ͳмһ˹ԸӢΪӢȦӱйϵ
1912 ,˹һʷѧǿȤС˵.ţߡPhilipDru:AdministratorС˵У˼һʴȵĶȨУʵʩ۽˰ϳ˱Թ˰ᰲȫϵ˹ˣLeagueofNationsȡԤ⡱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
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]
1971 ꣬·˹ȵԱԼ.ˣJohnRarick۵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󱨡
־⽻ЭԱţʱƸǮܿܿҵܿ籨ժ˹ܿ־
ڳ⽻ЭԱţ¡˹ءֵܡޣϣĳ湫˾[6.12]
Ա.ɣWilliamJenner˵ͨõĵ·ȫϷᡢͳҲӱϿһܷ֮µǣϵͳ֮УһȨšӢǡĹ۵㣬ΪǵܷѾʱˣʱһߡ
ľȨѾ빲УڳӢֲСȦ

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޴̨ϼĿ¹ʿҵɫ۵ס
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߻ǵ¹ŶꡤɳأHjalmarSchachtɳڣŦԼ˹ʺӢеŵͬı߻Ĺб1930꿪ʼ׷ɴƵĹĿľṩһɹмΪһЩܵʽṩ׷ٵƽ̨ʵϣڵڶսڼ䣬ӢĹмͨƽ̨Ϊɴ¹ṩ˴ʽ֣԰¹սϵøһЩ
ڵ¹ս֮󣬴սʴţ˹ת˵¹еĽҵܶ඼Ǿɹнġ
еĶ»ᾹȻɽս˫мɣ˹.ˣThomasMcKittrickɴ¹ҵ˹I.G.Farben.ʩܴģHermannShmitz¹мҷ..ʩ޵о¹۹е.ˣWaltherFunkͰ׶.նEmilPauhlһζ£λϣġ
1938 3 £¾ռµ󣬴ϴάҲɵĻƽЩƽڽݿ˺ͱ¹ռŷ޹ٵĻƽһ𱻴ڹеĽ֮Сɴ¹Ķ½ֹеĶ»һ⡣Уݿ˵Ļƽڵ¹ռ֮ǰѾתƵӢУɴռʹݿӢȡʻƽӢеŵհˣƽ𱻵¹˴սʡ
ϢһӢ¶۵Ĺע.ԸӢԼ.ɴ绰ʵɰٰáŲױʼʱŲ׵Ļشǣûе¡ԭŲǵ۹ѧҵ˾ImperialChemicalIndustriesĴɶù˾ɴ¹I.G.Farben еҵ顣
ɵк˲ĿƿȻCochranежԹҵĶ֮Ĺϵģ
ȫѺõġмұ˴ʶѾ꣬ҵؾһкܸ¡Ӧ÷˴˵໥ڵѣһӦú˹ͳһȥ㣬˷ҵĽ͸ӵһõ״̬ʹǰӵιϵ򵥻[6.13]
ӢбȳϽݿ˻ƽת¹ʵǵĽǣֻǼϵĲƽʵû뿪ӢȻڹеĴڣͻƽɴ¹ֻҪеĿϸĶ־ͿˡǲòŶꡤɳ1930ƳĽƽֵ̨֧¹δս
1940 ꣬ˣThomasH.McKittrickΪеܲãҵڹѧӢ̻ϯͨ뻪ֹϵУԵ¹йҵκ󲻾ֺ͵¹к͸̫йܻ飬һ¹ս״̬ҵӦμС
1941527գնڲĪҪ֮£פӢʹ磬ϸӢɴµĹ֮ĹϵĪΪӢеŵһֱǹеĶ¡ʵӢͷлսϵе¹еĶ»ȷѺöеģֹŹֵĹϵһֱս
1942 2 5 գձ͵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˹һϸӦùرգǹرյʱҲҪĪ֡ԽԽáɥĿ˹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ҲĳԱоûˣĿܣųں֮⡣
ͳľӢֲ£


ǻ˵IMFǳǻ˵IMFķչйҵĺǻ˵IMFľܵĺͲġǻ˵IMFľáƷʹӶ񻯨Cʹ÷չΪӲΪ˥ˡ˵ĲҴ1996굽2000꣩9µеϯѧң˰ص羭Σ޽ڷ籩Ͷ˹ΣĿIMFΣĴʩұˡ[6.15]
ǰϯѧ˹ٸ
˹ٸģJosephStiglitzΪеϯѧңкIMF2000ǰһܷһʽڻǿгֶɭǿݡˡʵ˹ٸĵĲֶɭĦ˹LawrenceSummersӵ17%ĹɷݣӵгȨһƱȨʵϿеĦ˹˹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޳ƱϲʵʩӶ൱ڸͶƱȨһƱȨУѡгȫȨ£ֻкٵ²ã޳ƱżԱߡЧʡ桰ơͽڡ̡֮ε
׶ϵʦ˹˼һʡĸرȨSpecialDrawingRightsδҿܣرȨνġֽƽ𡱣ֲڳڵ벻ɵĻƽʵȱʷһǰġΪع涨ĳֽ֡ҡֵͬڻƽ𣬵Զܶһɻƽ1969صĻƽ֧Σʱ¡ƳȻûԪƽһϵĹʳŵı׶ϵ֮󣬡رȨֱ¶롰һӡһʹҹһ˹͹ġҡҲûܷ̫ó
1971ֹƽԪϵIMFеʷʹʵѾսˣмҺܿΪҵµĶλչйҽСȫ򻯡
˹ٸı֮ǰõ˴кIMFĻļЩļʾIMFҪܽԮĹǩ111аԮĺʲˮȻ·šʯ͡еȣԮȡмƻԵľôʩʿΪԮμҿ˻֧ʮԪΪرЩԮμҾܾЩڹʽг赽Ϊʲмйṩ޸ŭ쳣ԭйΪЩͶ·Ĺṩµѡ
˹ٸ͸¶еĹҶͬһҩǣ
һҩ˽л׼ȷ˵ǡ¸Ԯ쵼ֻҪͬ۳ùʲǽõ10%Ӷȫʿе˻ϡ˹ٸĵĻ˵ῴǵ۾ɴˡǽʮԪľ޿1995ʷĻ¸ڶ˹˽лʱΪüˣΪҪҶյѡǲںǷһܵѡ١ϣǮӿҶ
˹ٸĲһıߣֻһλֱѧߣڿǰĸɶ˹ò½һ룬ȫ˥ʱΪѧң֪ʹкıӼǳðڶҩʱгɻϽʱɻζʱɵ޽ڷ籩ͰΣʵǣʱزкͻСΣ֮ʣʱֻɵ˹ٸĳΪǮͶʱܣֹ㴢ڼСʱ֮ھͱɡIMF־Ԯߵ30%50%80%Ļ̶ȣߵϢֻݻٷزֵƻҵ۵ĲƸ
ҩгֹۡIMFϵⲽʱIMFʳƷˮȻϰճĲƷۣյĽȫ󣬴ʾ1998ӡIMFʳȼϵĲ˴ģάˮǵ񱩶϶Ȼ۸ɧҡһͱмˣǵᶯSocialUnrest֡ᶯһǳõãǾʽܾɢӣһƬʲȴѴߵĹмҵѪڡ
ǵһλѡٵͳΣнкIMFԮʱȴȽЩԮ浽˻ϣֻõ4%΢Ϣͬʱȴòм12%ĸȼüꤵ񡣵ͳ˹ٸкIMFԮʱ˹ٸȴֻܾܾҪǶ֪Ĳпῼ飬˹ٸȻܳĥ
ĸҩƶԣóסľ֮£˹ٸĽWTOóѻƬս˹ٸԡ֪ʶȨе߿ߵġ֪ʶȨ˰֧ҩƷҩƷڡ(ҩ˾)ں
˹ٸĿIMFкWTOһĲͬӶѡIMFгŵĿ˹ٷWTO[6.16]
2004 ġô̿͵԰סConfessionsofanEconomicHitManʵߵĽǶΪ˹ٸĵĹ۵˾ʵĽע
Լ.˹JohnPerkinsԼϸµ˹мҶԷչйҽеĲսܽսʼĩΪˣ60ĩļNSAҰȫ֣ļھһЩеĲ֮߱ΪǷǳʵġô̿͡ѡΪ˷ֹ¶ݣ߱һҹ֪Ĺ̹˾ΪϯѧҡȥСô̿͡Ĺһ߼ƻ¶ȫûйٷ¹ֻܹ˽˹˾̰ߵĹ˵չйдծծҪԶԶʵȷծؽ޷Ϊõ߳ͷԪĽǮ¸ʱֽ֧ծ޷峥ʱкIMFмȥҪǷѪһ⡱ǳùҪʲˮϵͳȻͨͨѶȲҵ
ô̿͡ĹЧɳ鱨ֵġ򹷡Jackalȥɱ쵼ˣ򹷡ҲʧˣǶþ»ս
1971꣬߱ӡᣬɹˡô̿͡񣬵ӡظծǰɳأԲˡʯԪRecyclingofPetrodollarļƻΪɹ˵ɳ,OPEC֯º͡ǰʡ϶ίȹ湦2001911¼ʹظоʹһô̿͡ĳɫʱھ˵ࡣŦԼ羹˸ҳԴԭе̫бըԡдºܿڡȦˣһҹ˾ԸнƸʡǲҪ飬һ֡ϷĻ¸2004꣬߶ŷպѹ󣬼һҹ֮䣬ͳΪС˵֮ѡС˵ʽҲǳڲѣ絣ԼʵֵĻ֮֡
[6.17] 

¶ϵ조Ĵá෴սȨĹһһвʳİ취ϰ취شﵽǵĿġ
[6.18] 
.ɡ⽻־ꣴ
1992716գֶϽܾѡͳ󣬷һ
йŽᡢ롢͹֮ĸߵݽβֶ
ͻȻᵽγǴѧʱĶʦʷѧҿ.ףCarrollQuigleyӰ죬ӰͳӰᲢ
[6.19]ֶͳﷴᵽ.׵֣᾿
.׵ʲÿֶ˿̹أ
ԭ׽оӢܾӢ֯ȨΪЩ֯ԵӰϵļش¼仰˵׽һλıۡʦ
׽ڱҵڹѧڲ³˹ǿ⡢ְڶ鱨ֵĸ߹ٹܡΪȦˡĿӴ߻ܵ׺ܵӢͳξӢȫ˰ŵġ롱УֻǶеһЩб̬ȣټоɬ£Բû⵽ѧߵΧˣһԭ20онӴףʷѧûеڶлظоսߣֻҪѧ˵ΣͬʱĵȨߣӢȦҲûбҪ
ڿ׽ڿӢʼҹЭ,⽻ЭᣨCFR˶²ֲBilderbergGroupίԱᣨTrilateralCommissionȻξӢƵĺ֯ӵ3600Ա⽻Э൱ġ뵳УЭ͵ĴţΪδߵƶߡ˶²ֲŷ޵ľӢӣӵ325ԱίԱձ޹ҵľӢӡ⽻ЭԱҲ֯ĳԱЩ֯еľӢǰ߳ƵǰJPĦίԱĴά˷աɶѷ˷աӢӡڿͳܲõӢǰжˡǰͳŷܷҪƶߣ˹̹ķ˹Ѷ¡ǰҰȫʲȽ˹ϯ˹ˣоһʦ˹мЩ֯ĻĴϰ壬˹ж¼˺ܶ˶²顣19621973ȼʥ͵ǵĻֲ졣
ڶѧĿֶ˶ʦָҪͷأ˷ܶעʧܣȨĵȦӲܴﵽ÷ƾơľ硣
ȻֶȺίԱ⽻Эᣬǡ޵ѧߡRhodesScholarһרδҪɲѵࡣֶ1989⽻Эᣬ꣬ʱΰɫݳĿֳֶڵڵ¹ٿı˶²ֲ[6.20]Ҫ֪ڶĴݳŶҪμӢۻᡱȻ֮ƫԶİɫݳֶپȻӢպյϲʲѡͳѹֶֿٶԶʦĽ̻

ЩǾڿţǾͲΪƶչƻԽԽӣ׼֪ʶӢмɵĳȨʵ϶ùȥʵĹԾ[6.21]
ά˷1991 
˶²ֲȡԺһùݣɺĲ
PrinceBernhard1954 һִ˶²ֲ⽻Э
ʰ桱ŷ޵мҡμҡҵ䡢ýѧ
ɡеÿһԱ˹жº˷һѡģ
Щ˺ܶͬʱ⽻ЭᡢʥЭᣨPilgrimsSocietyԲЭᣨRoundTableίԱĳԱ˶²ֲǰŷڵļ
ŷϻĲԴأյĿľǽһ[6.22] 
֯صǡء
˶²ֲܲںУLeidenе绰롣ûվ̽ӢĶᡤ˹֣TonyGoslingղķ˹ˣJamesTuckerҪѾĻܻйر˶²λ̵ַϢ,˸ٱ˶²ֲ30ꡣ˳һڱ˶²ֲ顣ʷѧƤά˹أPierredeVillemarestͼֶWilliamWolfѾϳˡܲù˽ʵͼ¡FactsandChroniclesDeniedtothePublicо1;2˱˶²ֲܷչʷʱѧҼ˹GeoffreyGeuensһһҲרŽ˶²ֲġ
ŷίԱᣨEuropeanCommissionǰϯ˶²ֲԱάũEtienneDavignon˵ⲻʱҲıʹϵѧԺԺ˶²ֲ30ĵٰɲǶThierrydeMontbrial˵ֻǸֲѡ磬˶²2002ʽŸ˵ֲΨһǾᡣϲκξ飬ҲͶƱκ˶²ֲֻһʽС͹̳̳ϿԷֲͬĹ۵㣬˴˽⡣Ӣѧն٣WillHutton˵ÿ˶²ɵһǡƶߵǰࡱ˵൱ӽʵ˶²ľԺΪ8 ᡢʻһ֯еļȶ롣
ýڱ˶²ֲǰ˳Ĭĸ2005꣬ʱԵ͵ַȱԷзı۵ʵϣκǿľֲ˶ᱻЦıߡӢԱߵȱ˶²ֲԱ˵ֻһĵطһ˶ԡɷ̳
FWilliamEngdahl䡶սӢʯκսACenturyofWar:AngloAmericanoilpoliticsandtheNewWorldWarһϸ1973ٿı˶²ϷһΪ֪ءڲ׶ϵ֮Ԫĵλ緶Χ˿ǰΣƽѹ֮Ԫͼֵߵķһ㣬ڷ籩֮šʱĹмһԶδҵ׼˼ҲȻңꡰ¡ءƳҡرȨڹʽгϣʽۿ漴ʧأмڣı˶²Ͻ̣ͼƵʱڵΣ֣ԪġĽսԼ.ά(WalterLevy)һ󵨶˵ļƻʯͼ۸ǣ滮δĲȡ
ʯ͹˾ʹŵģԱμǴλ顣óĽǣ
ЩȨۼڱ˶²ĿʹȨƽԪķչΪ˴ﵽһĿģǾӵȫʯ͹ӦĿȨ˶²ֲ߾ȫʯͽˣʹȫͼۼ1945𣬰չʹʯԪۣԭʯ͹˾սʯгˣȫͼͻȻζԪԹʯͣӦӶȶԪҵļֵ[6.23]
áԴԴϵʯԪ롱ͼĽ

ǵĹܹӵΰƶȣҲܹĲƸʹǻڼУǲͬʱӵС
·˹.˹߷Ժ󷨹ٲȽ˹ZbigniewBrzezinskiȻίԱĺҲǴά.˷յҡĽ£˷վĽĴδ⡱뷨ڣ״ڣı˶²ϣ塱㷺۲
Ƚ˹ڣġʱ֮䡷BetweenTwoAgesһµĹʻϵ鱻ΪίԱġʥ˷ջ븣ػȻءҡӲϴ֧ίԱ
ίԱҪԱǱŷձһЩмҡҵҺŦԼ衢ֱܲһ˵ϯŦԼܲϯȻǴά˷Ƚ˹ΪܲճִΡ
Ƚ˹ά˷ʱݳĿؼίԱᣬڴά˷£ƸɽίԱᡣܿϰ׹̨Ҫһ󲽣ҲͲȽ˹ΪĪ֮ĻͿˡ
ʱĿֶڶʦ׵ָ֮£һֱŬίԱ⽻Э֯£ʵͳΡ
ίԱ˶²ֲһ⽻ЭΧܺҪľֻ׶غͻּ˵ȦöίԱͱ˶²ֲ𵽵ǡͳһ˼롱Эá
ίԱҪʹǲ͡ҡĺΰ룬Ϊһ׶أĿ֮µġƽ·ίԱձٿһΪóڸҪAnOutlineforRemakingWorldTradeandFinanceָܵߣŷգάƽ羭ã÷չͼƶӺƽɵһϵͳĻᡣ
ίԱ˶²ֲĲ֮ͬڣ˵ʱľú֮ձ֪ҵҺмңˡ羫ӢĻмǷǳòϡѪҺδġҡ͡˰աһΰҵҪԡҺ͵𲽷չЩġӢӡҲΪмĶⲻһ׺òã˭Ƿʵ緶Χڵձ鸻ԣӣʵ޴ƺָϡӢǡŵ
սҺ˥ˣСϰڸһûоɣֻǰ裻ûоƽȣƶҲʧȥ˸νǮŪĵߡ
˵ɵıʾܹӵѡȨôδġĵ·ֻһ羫ӢѾѡ˺ˡձ.ֲ֮ӣмҽķ˹.ֲĻ˵ӦýһǷϲΨһǾɣƽģʶǣģ
³ʵҵϣ


˵19631122һѰӣͳڵ¿˹ݵĴ˹جĴ𾪺ͱ֮СʮԺ˵һʱʱܶ˶ؼǵõʱԼڸʲô˭Ϊʲôɱ˵硡ٷίԱսһа˹ߵµֵǴ˰ɵʵ̫࣬ʮŸıۡ
Եɵֱץ񲻵48СʱĿ֮±һ̫ɱֽǹɱϰڵӻԿıɱọֵ̈̄ĶȻǡҪȫչʾ̫˵ĵ
һ޴ɵǵ׼˲ıɱϣίԱĽǰ˹ߵ5.6ʱǹһӵɣһпϵľһӵͷûŰ˹ߵ̵ʱ׼ȷΣֵǴпϵľӵȻ˿ϺڿǰĵݳģļʼΪ㣬ǳ֮Ϊһӵרţֻһ˴Ӳͬķ򳯿ϿǹҲֹӵ
ݺϳݵһѲ䣬ڻæźͻӭȺʱԼѷͳڣSecreteService߹ȫָʾҳԾ˵ͳڵ㳡ɱֳг·ʱ޸ġԭ·ߣɱֿȫûл֡ǻһδŵͨ£ĸĦлӦýͳܣȫ˵κ²óͳĺ֡˵ΪôһûҰҵһλѣͳԼѷԼѷһӵǰ򣴣ʱʼڳڳӹ˹ش֮ǰҲڳĵ̺ʲôͺԤеӵɹһ[7.1]
һ˽ܿɷ˿վһŵﻪʢٻʱȻŽѪĴ£Ϊáǿµ񡱣ʱְ˹ߵԱѺܿ˵ġǡ˭ܿԼ˵󣵣꣨ꣵ£գСĺѾȥȨͼݹһݣҳĹڿϵļû뵽СĶڣһηɻʧɥ
ϵĵܵ޲أȨ˶ƶߣڣ굱ѡͳѡ֮󣬼϶յѡͳǾʤʱڴͥڵĳϱ
ڿϱɱĶ̶Уؼ֤У˱ǹɱڳɱ˱˱š˲ӣˡȻӢһѧڣꣲµ׶ʱƣɺϵĸΪڷ֮һӣ굽֤꣬ڸ¼ɱıɱ7.2
ίԱɵĻзļ֤ݳֱŽܣЩļ漰CIAFBIͳؾڡNSA(Ұȫ)Ժ½սӵȻ⣬FBI ֤ݡ
̣꣬ABC㲥˾һε飬Ϊɱһģı
˴ģЭ֯Ե֤ݺ֤˵ķɱ˵ϴɱ¼ʵѾһıɱǹھͳҪ˭ҵס
ǣϼҲǹмҼеġȦˡ丸Լɪ.ϾǣƱʱƣ˹ͳ׽֤ȯίԱᣨSECϯڣ򸻺ˣԺյļҾҲܳΪʷϵһλ̵ͳôϺԿͳξӢײ㣬ɱ֮أ
ʣһλĺͲŸɵͳı˹Ű͵ΣشսıּᶨȣȦɵ㣬Ժܱսľ޴ΣնЭձ˺³򡣿ϻ緢ƶƻʹ㼣һ̤򣬾ûۿһΰʱ̣ĸȴƻƶȨ˶棬ֵܸǹѫ׿굱һ˴ѧͼȴѧעʱ˵ذ˵ļҷԣȫĿⶼ۽Ȩ˶ϡȻִԱͣӻѧѧ˾ᣬ϶ʱ񰮴ĺ£ӻԾμӺƽӣPeaceCorps־ԸȥصĽũҵķչ
ڿĶ̶̣Уҫ۵ȷһܡ۲ŴԵı˹ϼ־ټȰľԸܡ!
ԽԽǿҵ밴ԼõԸʱͱȻǿεͳξӢŲĳͻͻĽ漰ме⣭ҷȨʱ򣬿Ҳ֪ԼĴѾˡ
ꣶ£գǩһΪ֪ģͳExecutiveOrder[7.3]ԲӵеκʽİҺͱ׼Ԫ(SilverDollar)Ϊ֧ţСȯSilverCertificate̽ͨϵͼʮԣ˽ежػҷȨüƻյʵʩ𲽰ѱǮ֧߰ϢĻأ԰Ϊ֧ŵĻҲǡ͸֧δծңǻͶɹġʵҡȯͨ𽥽еġԪFederalReserveNoteͨȣܿʹƲ
ʧȥƻҷеȨмҶĲƸʧȥ
󲿷Ӱĸ⡣
Ҫͳ壬ǱӰԪļ
˵

ΪϷʼڣġҷCoinageActof1792÷춨ԪķɵλһԪ.1
ˣȼۣȣԪΪ׼Ķǻڰ֮ϵġ
˺ڱֽ˫ơ[7.4]
ˣꣲ£ҷ[7.5]ŷ˹ж¼ѹ£ϳ˰Ļҵλʵ˵һĽλ˹ж¼ϴ󲿷ֵĻƽͻƽӦʵϿŷ޵ĻҹӦĲرȻƽΪɢ͹ӦҲö࣬Ѷȸڣǰ˹ж¼Ⱥвŷ޴󲿷ֹҷϳĻҵλʵȫĽλҲ岽еһݼǿҷԣǳΪ񷨡Crimeof1873˺ҵְ֧ݸ˶
ΪƽŦԼŷмҵӰͨˡ겼£ɭ[7.6]Ҫÿ¹ֵԪİȼ趨ΪȣͬзЧ֧й˽ծ񡣺͡ƽȯһͬСȯһԪġȯֱӶӦһԪңԱͨ겼£ɭлɹ[7.7]ȡ·˲빺ǰĻϣÿӣ˾Ĺ
ȯFederalReserveNoteʼУ˥ʱȯѾռлͨҪݶʱȯܶһȼۻƽ
ڣʱڻͨлСƽȯGoldCertificate͡ȯ
ȯUnitedStatesNoteֿսʱڷеһַңֿ̱ҡGreenbacksܷ޶$346,681,016 ꣬ռͨģ
Ҫңʽ档
ڣ˹ϳλӵлƽǷ֮󣬻ƽȯ˳ͨͨʣ¡ȯȯ͡ȯڡȯ첻㣬зޣԲмشвȯ鷳ˡ
ɹ涨깺Ѿӵиߴڰ˾TroyOnceİ½ӽֵӴ󴢱ټϰ鲼磬ҲΪɹۣҪȫʵֻһֱӷСȯƱسΪм̡
˹мҷϳ˽λ֮ͨʵǴڡλ֮£ҪҶɶһɰ
ϳĻҵλۻҡֲ͡ġҵͻܵس⣬мָͨͨЧʵĽڹ֪ӶṫƸļƻͻܵǣơ
ŵڶսʹģֲУټսؽŷ޾õӴ֧ԼսľԽսģйծ𽥱гӣʼֽҶһҺ²ֵİˮʼչĵӹҵͺ칤ҵ԰ѩϼ˪׹ʱİ19ڰ˾ͬʱг۸ǣ𽥱ƽҵĻҼֵ1.29Ԫȯһɰʵ󣬡ȯҲȻ˳ͨӱñҡġ򡱵ЧӦ˳
һоǿǩ𣱣ͳĴ󱳾
ͷϳĻҵλΪϺ͹мҶĽ㡣

ڹмҶԣ׷ϳƽĻҵλȫ̼ƻ֮УӵŸߵȼڰǱڿԴǳ޴һг۸¿ʼģĿ̽ͿϳƽҵĿ꽫ʵ֣һƽͰսһӦǣȯܿҸȼ롰ȯһ£ŷСȯĴȨʱ¹˭޶ۡȯռϷ磬żķա
ԹмȵǾѹۣһҵڿ΢״̬ӶӻĿ̽ͿٹӦһʹҵڰ۸ʹϵоӦñúޱҪӶٶİòʱ򣬡ȯȻͲսϳĻҵλҲ˳ˡؼȡʱ䡣
ȻǶԴ֪һԹмұ̬ʵʱԿǷϳĻҵλһȴšҵǣĲ˹.ףDouglasDillonĸ׳ڻд壬Ϊ͵˱мǿϵڸУҪȨɵмǸڵκҪٶĲİȻײԣһ˾ĳгҵûûЭᣨTheSilverUsersAssociationңӦǿҪʣĴû󡱡
7.8 
ꣳ£յŦԼʱ
ԱԹͼۣ
Ա.ٲAlanBibleԵڹгļ۸۰ߡλڻԱڸ˹.׵˵ڵ󿪷Ѿ󣬶Ϊǿһʵļ۸ޡԵİȱֻͨڱ²˵ֻеԹгڹϿļ۸ѹһв̸ϡ
꣸£յŦԼʱһƪϢҪԲݵģԱͳύһţҪֹͣ۰Ϊѹ˹ʺ͹гİ۸
꣱£գŦԼʱ
۰Ѿ԰гļ۸һĸӡҵû֪ǿԴӲõÿ˾ֵİǾܾ֧Ǯµİ̡
꣱£գŦԼʱ
ϲһϢͳѾֹͣҵ۷ǻҰĹҵûˡ
꣱£գŦԼʱ
ļ۸ˣŦԼг߼λڶͳȫıİߣгļ۸񡣵һֹֽ֧ͣңȯİ7.9
ͳڳˣȻʱѾһЩΪİʱʣ²㣱ڰ˾ˡĹϴʩѾʹгصİҷȷźţͲĴȶǿԤڵ¡˾ĹƱһɳ졣
ϵһΪ߸Եƻ˹мҵͼı
1963 4 £ϯ.ڹ֤˵ίԱȷţûбҪϵͳʹð˾ðѰ֧һֻϵͳгܻɻұֵҲֹͬ۵㡣[7.10]
һɣгõȷļ۸ǵźţ¿ʼµԴ̽豸ģܹӦҪ5ҵڣܷձסĻҵλӶֱӷлҵϣؼʱ̽1966ꡣ
мƸߵǰĻҵλս۹ϵѡǷܹסҷȨһ¿ʼӦϾͿֽһƶԪҵİعӴ󡰰ȯķȯƱٶ
ʱ196364տǩ11110ͳͻ̳ΪԸȯɱСϧǣмҲͬ˿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
սҵĴҵԼѷʵˡ



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˳ӢкŦԼֺۻƽɻƽͻȻӦ۴򵽣Ԫ£ͶƱȫֻţջǵֹߣɸģۻƽ𡣴״ƽҵ֮Եͼػƽ˲֪ذѻƽ𻹻ؽ⡣ʵһ޷ļƻ
ڣļ֮ڣüƻִСԼѷͳ˼Ⱦǣгȫ˻ƽ̡ۣܹʧֻƽ𡣿ᰮȨȴһͿԼѷͳüپѡͳ
³ʵҵ£
1968 3 £ƽıԵ
3 9 գͳر˹УRostowڸԼѷı¼д
ңͳùʣĽǣһ·ûƽǼӦԵǰΣ򱣳֡ƽתΪŷ޷ЭѣѻָгƽΪղòرաƽ𡯡ҵ뷨Ƚϻң֪Ȱ˵ǡƽ𡯵ĹǺǾIMF(ʻһ֯)óΪǱ30֮ڶԺȥδһ뷨ȡж
ԿЩ뷨ǵû̫Ĳͬĩİ飨У֮ǽԸ׼ȷ˽⵽ŷ˵뷨
3 12 գһݱ¼У˹д
ͳ
ҶԱȶ.BillMartin,ϯղμ飩¼㣺
1 ڻƽ۸ı仯Ӣͺ˿ͬѡ񣨱֡ƽ𡯣¹ԥʱʿǿҷԡ
2 ԪĻƽԳŵ5 Ԫ֤ļתĿǰ׶гƽʧٶЩƽֻּ֧ʱ䣩
3 ŷʶǺܿͻٷǳѡ׼ʱر׶ػƽгûƽоС
4 £Ժͳùæһһرաƽ𡯺󣬸ԺЭ
 5.ǻ֪Լգͱȶĸ˹۵㡣ǻڽǽҸ˵ĸоǣൽʱԽԽˡ
 314գڻƽϣ˹нһ棺ĸ߼ʴһ£
5 ڵٳȥˣϣкת
6 ĩҪڻʢٿһƽ𡱲Ļ顣
7 ǽۣƽڹڼĹ򣬱ֽгĴʩӽرȨSDRs
8 ڹڼ䣬ǽԹٷԪ߰ԭ۶һ
9 ܴκЭ飬ǽֹٷԪһƽʱˡȻٿ顣
10 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1968227տʿأWalterCronkiteԤԡʧܡձʡ̬ǷѾŪ
ԭȿɼԦĿꣿû׼õĻӦ׼Խ
¼ǰʱܿ315˵1968ʹ˾
Խϻʤֻȡľ棬ѾǣһǿȨ
ܼˡʱ˯ѾõĲԱҲѹԱʼ
ɣȨͬս𣿡˹ƶ
һĵطһս
1968331գԼѷԱγ20Աֹըж
ɴǰԽϣơԽϵĿͲ
ˡѡͳԽսıԭ׶ػƽսĲҰܵͳξӢײĽڡĴ

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

ɲȥƽ̵Ľӱӿӣ赲޼¡ı֧Ŀ˱ըԵĳ֣ʵֶԻƽĹ̶ʡǻƽ̫٣ϵͳ̫Ԫ
Լ.˹ؽⳡƽսһι£
1971810գһȺмҡѧҺͻר߾һηʽֻۣ̽Σ⡣Լ3㣬.ֶ˵ĳˡʱǲγ⡣
һ۸ֿܵĽ֪һֱ֧صĻߣĴʵ˷ˡΪŴţĻᵼ˥㡣ֽ߻ƽ۸񣬱.ֶΪеùͨ쵼˲Ըǵϻұֵʵжءʵ̫ˣʱΪֹģңΣ໹֪ⲻ1933 Ҵڽ״̬£˹ΪΪ
ʱ.ֶתңӦҸΪԸϢֲԸƽǼۣǾֻйرջƽһڣ35Ԫһ˾۹ĻƽѾˡ5Ժɾ͹ر˻ƽ𴰿ڡ[7.22]
1971 8 15,ˡѾԪƽҹĹʳŵˣ̣˹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˰




1973106գĴжսͬʱɫзȻмϣɫеƫ̻ߣ1016жʡɳغ4Ҽʯͬʱͼ70%˾ٶ70Ժ˼ΪԶӰ졣
ڿصİҲϣ˴ǿҪΪҪĿ꣬һûڰҵҵƲʵʩлʯͽˣϵͳгʽΪ⽫29󾭼ΣȻЩûбɣ1017Ǵ5%ʯͲÿ¼5%ĲֱǵĿʵ֡
1019գͳҪɫṩ22ԪĽԮ1020գɳغȫֹͣʯ͡ʯͼ۸Ӧǣ19701.39ԪһͰԭͳ嵽19748.32ԪȻʯͽֻ5µ19743½ǣ¼ᡣмǧټƵıɳصȹʯԪ
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˾ϡɳ˻ִĹҵʩͳݱнŷ˹ҽɳѸٵرһִҡȻһ׼ƻҡ
ĳɫƻ˵Ļϰǳ⣬һƻ֮£ʿ1974 ɳأöʯԪĴ롣
˽λӻ֮µķƮҡеԪҵʯ

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⡣
1981 3 30 գ
һǹͳҲ˻ָλϣ19823£17ɵġƽίԱᡱ152Ĳ࣬˻ָλ˼·ͳϽ
ӴˣҲûһλͳҶλͷˡ
ڰ²սĻսϣ
ǾȺվڸ߸ߵɽ֮ϣһȺ¹̩ľÿ˵һͷ޵Сϻ˵һֻ˵ѡģɱΪ˱¹Ⱥϸ[8.1]
ʱܿ1997

֪˭¢ĳƷĹӦ˭ʵֳ󡣶һ˶ҪƷ˭¢һĻҷУ˭ӵ޷׬ȡֶΡΪʲôмҪʾ֭Ļǡ伫ıȡ¢һĻҷȨԭߵľ¢ȫĻҷȨ
ΪȷҷһսƸߵ㣬мҴӣ𣬷һϵּڹԪġ֫⡱չйҾáʹǱھֵĻսյսĿľǣ羭áпƵؽ塱Ϊһ׶أĿ֮µġҡ͡˰ա춨ʵĻ
ע⣬мһ漯šǲκһҺ෴ǿƹҺһʷ׶Ԫǣǵ׼󣬾ͿʱԪӶ緶Χڣ꼶ľΣصΣʹвȸȨʩҺ
йĽϵʵǵ֮ءй֣ǻ᲻⣬ʲôʱʲôʽ⡣һϣκνҵ뷨Եĺǿܲȡĵսսʹձźܴԣйĳʲĭйľǵġ¡мļȷʱڣڣ굽ձȻǽʹɱ֣ʵʩԶ̷ǽӴʽĽں˴йõģʺ͹ʽŵɢӡ¥չйĺʲйýС׽塱ͳһеѵһ
ȻҪ뾭ϡ֫⡱йһҪǰûйգйɮ˳ˡ

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ÿһشսжͬʱɣϵҪĿ꣬áһʯҲ֡мҴǴȭĸ֡
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%
1974 ꣬ͳͼŷʩѹͼۻ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]
70 УʵʩҵķչйѾеϢ
ʯͼ۸ʹЩҵĴʽ𱻸ͼɡչйҪôֹͣҵ̣Ӷ޷йĴҪô͵нǮʯͺͳ޶ծıϢ
IMF׵ĹмԴIMFһЩп̵ԮǿЩϡͿ͵˴ùķչйҺġIMFĸҩҺʲ˽лʱгɻҪгó׹ʻ󲿷ֹҺ⼸ҩˣֿǿĹҲԪˣƶ
ڷչйŵԪڰʯʱһڵȴǡ

ֶ˵ѡϯΪǻֵѡǵĿۡΪ֪ܴͱأΪ֪һޱ䡣
ʷѧҲ˹.˹
1973 ͨж³ά˷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
1978 ꣬ϯְλȱǹмҷǳصһҪǣά˷.ֶ˵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˶²񣱣ꣵ»ʱģԪˣʱﵽ˾˵ģԪӢڡͨ͡Ŀں£ͻȻߵҵʱ򣬷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]
IMF ĴֻծǩһϵСر֮ܵ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


Ƿչйծ̶֮ʣмҿʼ߻һж䷽ʽͨļޣҲ벻Ȼһͼı㡣
ʷĽǶȿ⣬Ͳ׹мۻҵġȭľ޴
꣸³һѧһλΪԼ.񼡱JohnDoeѧڣӵһʢٴĵ绰μһо⣬üƻģרҶѧĶѧߡԼ.񼡱ڴźһСɽIronMountainĵطɽŦԼݵĹѸǣHudsonеսڼΪ˴޽ľ޴ĵʩټ˾ܲڴ˴ʱ칫ص㡣Щ˾ı׼ʯ͹˾ʯ͹˾ͺŵй˾ȡսｫΪҪҵģȷս֮ҵϵȻܹƽʱЩ˾ļĵط
صоСҪоĿǣˡúƽ׶ΣʲôսԼĶӦԡоˣʱ䡣
꣬˵Ŀһݾܱ棬ݱǱҪԸñϸܡǣеġԼ.񼡱ھݱʵ̫ҪˣӦҵŷ.ģLeonardLewinŷ.ĵİ£ⱾСɽı桷ReportFromIronMountain湫˾DialPressڣʽ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
꣱£գʢʱWashingtonPostڡĿнܹⱾ顣ܸľǹѧڼӲ˹JohnKennethGabraithҲ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
......
1987 9 £ҰίԱᣨWorldWildernessCongressĴδ
ݵٿ60ҵ2000μһ
 顣μλģȵط֣һΪԡDenverDeclarationforWorldwideConservationļѾΪ׼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⣬ֹ꣬չйҵȫծߴԪ
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˴λ᳤6 ֮á
߼Ա˹ʿJosePedrodeOliveiraCosta˹жµ绷֮һҹδߡΪṩڶڿܶ԰ľаپ÷ٶǴӳԶ޷ЩģյĽΪѺƷķˮѷΪӵС
ѺԴأˮԴ͵µȻԴҲڱѺ֮С
绷еƱȽۣȫ򻷾GlobalEnvironmentFacility1991иĹɶмǵĳԶ滮Ŀǰʵʩ

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
ڰ²սĻսУ
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
1982 ֥꣬ӸҵChicagoMercantileExchange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
ƱгıȲձҵͱҵҵձҵǰڹƱгԱٱһĳɱＯʽһжŹƱгĵԶΪջƻ1990ձ˳ʮ˥ˣձб70%ز14µڡսܡһУ߼ԪΪͲƸʧıԣձ1990սܵĺ͵ڶսսܵĺ൱
.ձڽڵʱ˵ģ
ûһұǰĵ--ձʵͻ֧ʱĲֺ;޶ˡ¹ԻʢٵҪձ˿ҳϺͿعծزʲջıʷƻԵĽѡ[8.14]
2006 ģβɭûءףйɹʱǱ󲻽ð˿˿֪ǰα˵ձʱǲҲ˵ͬĻ

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.JamesPlaceCapital ĺϻˡ
£¸.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˹.GillesdAymeryȷ˹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״̬⵽֯ķ٣ʷϻǵһΡ
˹֮Ѫĸֶ߳β֮һȷһ֮Чİ취

˺«ðưŷпƵĽ塱սĿ֮󣬴ͱųȨ֮ŷ޵ĺĵ¹뷨òʧȥһӴв֮̾Ҫ¯ŷԪӢͷŷԪһƱγɶԪϵİȨصĶҡá׶-·֮ͬĻҳͻҡ
ĸԴ1971겼׶ϵĽϵʧڻƽӱλĲ׶ϵ֮£ҪҵĻһʼǸ߶ȶģó׺ͲҲʧ⣬ΪֵĹƱʧĹҲƸӶʹùϵŴ½Զ½˥ˣѳήƱ½ó׳ʧʼʱʼӣģó׳˳ܲƸӡһȻѭͿϵͳ1971ǰȫʵ֤صĳָ޴ҷնԳ弸ޱҪ߲ڻƽԼ֮£еĹҶʵͿ̿Ĺ۲ƸҲǹмƽĸԭ
ʧȥƽһ֮󣬹ʻϵȻңھΪġʯ
ΣɶԪǿ֮£79 ĳʣԪ
վ˽ŸΪĴҵԪ۸ϴ
Ȩȫ׶-ĵϣȸҹɽŷ޹
Ȼˮǣ70ĩ¹ʩ(HelmutSchmidt)ҵ
ͳ˹̹Giscardd'Estaingŷ޻ϵͳEuropeanMonetarySystemŷ޹֮óͷʹĻʲȶ
⡣
1979 ŷ޻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]
1990 죬׶ط齨µ鱨ţӶԵ¹鱨Ӣ鱨רǿҽͬӦôӶµľ鱨ԱļԱڵ¹鱨ʲ
¹Զ˹ֵ֧¹ͳһĴмİ˹ؽ̱ľá¹Ƴδŷõǰһִ·衢ŵάͰ֣ͨɳĪ˹ƣͳһĻңˮ齻ڵľ壬ŷҲսֻ̣λһδǹмǵ룬ǿǵδ˺δ͵ŷԪ
룬µ¹ؽɹ
90׶-ֲ߻֮£˹ӢĴ󱳾
1990 ꣬ӢȻ׶ؽڳǵķԣȻŷ޻ҶһϵERMۿŷԪϵ𽥳ͣպȻΪ׶-ĵش
мǲ߻ƵĴ򷨣ŷԪϵɱҡ֮С
1990 ǽƵˣ¹ʵͳһ֮ľ޶֧ȴǵ¹ʼ
ϲģ¹вòϢԸͨ͵ѹͬһŷ޻
ҶһϵӢҲ̫ãͨǵ¹3ʸߴ15%80
ĭ𡣵1992 ꣬Ӣ˫ѹ
ѳֳԸ߹̬ƣ˹Ϊ׵Ͷ׼һ1992 9 
16 շܹӢֵܼߴ100 Ԫ7 㣬ӢͶ
˹նߴ11 ԪһٽӢ߳ŷ޻Ҷһ
ϵţ˹ʤһɺˣθߴ400
ԪĺУûռˡ˹ܹ25 ĸܸ˽赽Ӵ
ʽ䱳ʵǿܽڵ۹žá
ڰ²սĻս£

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˼TheMythofAsiasMiracleһķڡ⽻ϣԤ޾ñȻײϸǽָ޹ҶߵͶձ鲻㣬ģջ伫޵ȹ۵㣬Ȼе޹ҵձܵͣչĹؼˣʱˣﳤ̡ܶЩⱾҲЩҿͷгֵȻȫڷչԵصԽӸ³µЧ൱޻ҽɱսźŵ
мҵĿ̩ϡ
ʱܿɷùһֱӵ̩ĽںڿͣпʵǾȺվڸ߸ߵɽ֮ϣһȺ¹̩ľÿ˵һͷ޵Сϻ˵һֻ˵ѡģɱΪ˱¹Ⱥϸ1994ҺԪֵ¼ѹ֮£̩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׸൱ʧΡǹձظ̩ĽսܵĹ̡ǵ߼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¸һûʽĻafundwithoutfundsݶ¸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£̩䣬̨

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˵׾Ϳڿ
С͵˹˴ϲóֻͿʼͬǷţɵǮ࣬ȥй
ھԪѨƽһָϣ
еĴдڣͨݽߡһ˾㵵뷨ǣȫҵСǻͨеÿһԪֳãܲҵУͨŴ㹻Ļңǵľþͻᷱ٣Ǿͻ˥ˡǾûһԵĻϵͳץסĹؼ֮ǣϵͳɱĻ֮ԼŵͻԡӦõ˼⣬Ҫڣ㷺ңϵͳ̲ȡʩڵ[9.1]
޲.ķѶ

Ҿ䱾ʶԣɷΪծծࡣծҾǵҪͨеķңFiatMoneyϵͳҪ˾Լ˽˵ġһծɡ
Ԫ͵ӡԪծͬʱծ񳥻ͬʱ١ͨеÿһԪһծǷÿһǷÿһﶼڲծϢţЩֵϢ˭أ鴴ԪϵͳծԪϢԭл֮Ĳ֣ȻҪл֮ٴµծԪ仰˵ǮԽ࣬ͱǮծһ߼ıȻǣծԶӣֱծ˳Ϣظѹ÷չϵձծĻһִصǱڲȶ֮һͨ͸֧δڵҪйоϻî˵˼
һңԽΪķծҡֻҲκ˵ŵκ˵ծѾɵͶɹǧʵȻġҪκǿƣԿԽʱ磬ǻеֶ֧ΡлУζšʵӵСǷ+ŵߵļֵű
йڶ֮䡣ĿǰҲšծ񻯻ҡĳɷ֣ԣȻֹȥѾɵĲƷĶҵķвԪһԹծѺ˽злңԵԱ˽ľ޶Ϣ֧ǶҵԸӽҡͬʱûнΪ֧ţзҵĻԣǿܱ֤Ҽֵ
ƶȣԪƶȵڱʣδĸıҪǰᡣ


ִ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׶ϣˡFoleyvsHillandOthersһ
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
1913 ꣬пڳɹؽ˲׼ϵġģ-֮ȫ׼ƶȵĻھбӱҡ𡣵ʱеġȯ͡ƽȯȫ׼ƶȵҴߣֽұ󣬶100%Ѻһ˾ĻƽӦŵֵֽңʹϵͳծͬʱгȻȫġԪܹͨչ񣱣֮ǰһ
ִԪͿʼгȫԪмҾҪһֲִƶ¢ִļȳʵӻҷ򳹵߳ȥʹħƽͰڣͣɹطϳ˰Ԫڣ꿳˻ƽԪӴˣ׼ƶ¢ϡ

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(TreasuryBills)2-10ڵĽT-Notes30ڵĽT-BondsЩծȯԲͬƵڲͬʱڹгϽûȥĹծȫ͵յȫգʱĿϽЩծ¼ڡ֤ȯʲSecuritiesAsset¡
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GovernmentDeposits ˻ϡ
ʼǮСС֧Ʊˡһ˳ӿ򾭼塣յЩ֧ƱĹ˾͸˷׷׽Ǵ浽Լҵ˻ϣЩǮֱˡҵдCommercialBankDepositsʱǳֳ˫˸񡱣һеĸծΪЩǮڴҪˡһ棬ֹеġʲڷŴӻĿһжƽģͬʲͬĸծǣҵڴ˿ʼ׼𡱣FractionalReserveBankingһ߱Ŵʼ׼족ˡ
ĲҵдĿϱ·ΪдBankReservesʱЩѾеͨʲһԾΪǮӵġ𡱡ڡ׼ϵ֮£ҵֻ10%Ĵ𡱣һԣֻ൱ܴ1%2%ֽ8%9%ƱԼġ⡱Ϊ𡱣90%Ĵǣ90%ǮͽŴһ⣬90%Ĵ֮ԭĴд֧ƱǮô죿
ʵʱЩԭĴȫеشġǮЩǮʹӵеĻȡǮ90%롰ǮһĵطڣǮΪдϢ롣ǡڶӿеĻҡڶһصҵʱͲ˸ನεġǮ죬ʵݼơ
20ΡʱһԪĹծҵеЭͬ£Ѿ10ԪĻͨծ䴴ҵನĻͨھҪʱСǮĹ½ͨ͵ĸԭ򡣵2001굽2006꣬3Ԫծʱ൱ֱӽ˻ͨټ϶ǰĹծϢ֧ɵĺԪұֵʹƷزʯ͡ҽơռ۸Ĵǡ
ǣĹծûֱӽϵͳǱУķǽڻ͸£Щ߻ѾڵԪԲûСµԪֻелծʱŻԪĲܹʱסͨ͵ԭ򡣲ڷеĹծᵽڣϢҲҪ֧һΣ30 ծʱ޿ɱԪ
ӱϿ׼ƶȼծϵǳͨ͵Ԫסڻƽλ£Ȼȯ𽥴ƽ𴢱½λȻ塣ڲ׶ϵ£ǱȻ»ƽһϵıڴⷨƶ£ս޿ɱزͨͣյ緶Χ˥ˡ
ծ֮£Զ޷ծ˾˽ծΪծ֮գҲԪʧ֮ʱծǵ٣ծϢѩЧӦ;ȻĻծٶԽԽ졣

80еĹģǰĹծϢĸߣ˽˺ͷлͶߣҲ֮ͣԪĻʹõĹУԪ١90ڴҪңԪծȻ֣ճƷļ۸ڵһձֵ£ҲԵøˣ˸ͨ͵Ļƽ¡2001ڷսӴ֧80еĸ޵Ĺծ׷׵ڣԼԽԽϢ֧ʹиĹծ滻Ϲծӣ굽꣬ڣһˣԪĹծӣ굽2006̶̵꣬ģʱ˽ԪĹծծѸߴ88000Ԫÿ죲.ڵٶšϢ֧֧и߾ӵλҽƽ͹ÿߴ4000Ԫռ17%
ծ
1982굽1992꣬дڡºӡ״̬8%1992굽2002꣬롰쳵ﵽ12%2002꿪ʼڷսʹ̼˥˵ľõҪսʽӽ͵£ٶȴﵽ˾˵15%ʵծĶһȻ20063ֹͣM3ͳƱ沢żȻġ
(ʷϻûĸص͸֧δ͸֧ԼĲƸҲͬص͸֧δƸ,κһϤƱͶʵˣԤֶȵսζʲô)
꣹˹Ϊȹкծȯг˺İʴӣѸٽɵԪŴǣʹԪȫ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ծȯDebtRolloverԼծۻϢѭֱԶѳָһ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⡱״̬

ÿʽӵ٣ԪϢ֧ᱻ족ϵͳĻһֿøծĴδѻһϢԪҲֵͨͣǣͨͣCPI ƺԡмҵħأ
ڱɴȥǽʮĽƷг
ǰȫĽƷֵNotionalValueܶΪ㣬꣬гܹģѾﵽ370Ԫ൱ȫGDPܺ͵ģࡣٶ֮͹ģ֮Գκ
ƷıʲôأԪһҲծծĴծļϣծļװ䣬ծĲֿ⣬ծϲɽ
ЩծΪʲŶԳͶϣҲЩծ񱻱չ˾ݻʲ˻ϡЩծ񱻽ţţѹţţţţͳţһծʢ磬ҲһĲʢ硣ڷ׷ѧʽֻпպͶѡÿһźͬһζĲÿһζĲؼӮ
ȻԪĺģĳϱׯҡ˭ׯأģУǲңǡ̡⡣
ģڶȵҵнгָģУĦͨ(JPMorganChase)켯ŵȣռȫнƷܺ͵ģռнƷУģǡʲƷࡱInterestRateռӵģֵΪԪ[9.4]
ʲƷУʵڡInterestRateSwapռơʵڡҪʽǣһڣáϢֽȥ̶Ϣֽһ㲻漰Ҫ;ԡ͵ĳɱģ⡱ڹ̶ծȯʹֹľGSE(GovernmentSponsoredEntity)˾ͷҳڹ˾÷жծȯ̶Ϣķز֮ԡʵڡԳδʱ仯ķա
ڣ.ԪƷУĦͨռͷռУڵķֶڽУʽܸ˱Ͷǳðˣ
ǡ͡ͶʣĳԳ𡰳ʱ𡱣LongTermCapitalManagementλŵýָ£˵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
ھԪѨƽһָУ
ŽƷгģըԵĳɳļԶԶˡƷĺͬ潻г֮еģҲ̨סOvertheCounterڻƶϣҲѽƷĽ볣ҵȣ˵˰ʲծˡģӴ󣬽ڸܸ˱ƫߣԼҷԿƣɣڽгԲΪһöʱ˵
ͶгĿǰ٣ծϢ֧족ֵԡֻҪ޶ԪͺԪתгЯȥڴй¶гϣָͨͻ漣رסͬһг̣ǽʶʷصĽڷ籩;Σ

ڻƺЩGSEеĶڣծȯķʡͶΪǵͶȫԱ⣨GSE÷գԭΣʱΪ㹻ԤʱԵЩծȯڼºʱ֡ڣΣʱGSEĶծȯڶ̶̵ļСʱ༸֮ȫɥʧԡκһͶ߿ѡ˳Ͷͬʱʱ˭ҲܲмʱһЩծȯеķزʲ޷ٱ֣˵GSEծȯĳԲɹ[9.6]
ʥ·˹ܲ.
(GovernmentSponsoredEntity)ָȨҷزĹ˾FannieMaeͷFreddieMacҹ˾زĶг䷢еԷزΪѺƷծȯMortgageBackedSecuritiesܶߴԪʵϵͳŵģԪķزеĴ󲿷֣תҹ˾ǰЩڵķزҴɰMBSծȯȻڻֳ۸Ľڻ޵СеMBSծȯǴչķزҴ֮һ͹ҹ˾ԴͳƣУгҹ˾ծȯʽ𳬹ʱģ[9.7]
Ϊй˾ͷ׷Ϊ򣬶ǶԣֱӳзزҴͼ£ʲǰ÷նԼеӣ꿪ʼϢʱͷȴʼԽֱӳзزҴܶѸߴ.Ԫ
ΪеӴծĽڻСĽܷգҪĲԾʹʲծޣDurationǺϣʲķսԿơΣӦñԶֳ֧ծ񡣴ͳıطʽǷгڿɻծȯCallableBondsʹʲծʱ޴ﵽͬͬʱͿȫʲǰաǣʵҹ˾ȴҪʹóڹ̶ծȯͶծȯʣʵĹģߴÿܱRollOverԪĶծȯ,ӶʹԼ¶ڸ߶ȷ֮¡
Ϊ˹ʲķգǱȡӵĶԳԣʹծ͡ʵڡInterestRateSwapһֶծ+δ̶Ϣֽϣģ⡱ծȯЧáȨSwaptionԳ尴ǰա֮⣬ǻʹá걸̬Գ塱ImperfectDynamicHedgingԣԶڿܵʾҲصءԳڲ̫ܵǡͨЩʩһпǹɱҲĵƺǸķʽ
׷ǿ֮£ڷͷͶУǻԽԼеMBSծȯէƺϺԼжծȯԼծȯĵ
йµĵͷȨķزг¢ϾӪ̣ҹ˾ṩżӵĵνӣҹ˾ṩһöȣLineofCreditڽ¿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
GSE ĽƷгľ޴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]

ƽӵкܶ಻ȶأһֱͼ𵴻ƽ۸֮һעһ¹ȥ20Իƽߣͻᷢڽ۸ߴ800Ԫһ˾1980꣩ʱûۻƽʱӦǺܺҿȶۡȴͼʱۣ1999꣩ƽӢˡͼۻƽɽ۲ȶ֮һ[9.11]
1999 ޲.ɴ
ɴ˵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.˹FerdinandLips˵һѰζĻӢ֪ǵʵشۼƸ-ƽĻͷ̨½ͷʵΪ׼ȷ˵Ҫ֪мβݻƽ۸ĻʷĽڷΪ¡
ӢеĻƽȥأԭѱ衱ˡмǡBullionBankers
ԭίģ90׶-ĳɹشձã
סŷͳһҽ֮Ȼ⣬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%ⱻΪƽסGoldCarryTradeһеĻƽȴѹ˻ƽ۸ֳԵͣͬʱ̼ծѹ˳ʣνһơ
һաмҴнĻƽ6ҵĶںԼͶʵĺܿǳծȯеҪƽ𣬻۳ǣмҵĴΣˡ
ΪˡԳ塱ַգֵĽǰ˻ƽϡƽ̷ƽ۸ڱȻߵ͵ġʷȻֻھδĳۼ۸񣬲ܱ⽫ʧ⣬мһṩ4%ҵĵϢƽ̼̽Ϳ֮ãϢʵԾܾټۿʽһ겻һ꣬ȵ۳ۣھͰδڵ´ɵĻƽüǮƽԶںԼGoldForwardSale
ǣмо˻ƽδĲΪлƽĵѺټϣмҺͽмԭһˣԡԼӳȥLoanRollOverǣмҾ˫ա
⿪ʼ󲻾ãŵĻмֲƳµƷӽֻͬSpotDeferedSalesԶںԼContingentForwardԶںԼVariableVolumeForward¶Գ壨DeltaHedging͸ȨԼ
ͶеƲ֮£ƽ̷׷ǰδеĽͶ֮Сƽ̷׷ס͸֧δ¿ܵĴͳͳвСԤۡĴǵĻƽδ7Ļƽ˳ȥǼɵҪƽAshantiڸʢ16еġı֮¹ߴ2500ŽƷĺԼ19996£ԳĿϵĽʲߴ29ǧԪۼҷ׷ָĻƽ̣˵ڿɻƽ𣬻˵ԿɻƽΪͷΣյĽͶ
ڻƽġԳ˳У˻ƽBarrickGold˾ʵĴ󡣰˵ĶԳģѳԽ˷տƵĺ룬˵ĲǽںҲš亣ĵջƽжУ֮֮ͬ侺ɱ۵ľ棬ȻԻгڰ˵걨ϣϵͳԵͶˣԼӵĶԳʹԸгļ۸ƽʵгϵĻƽ൱־ͨмҡеϢĻƽгЩĻƽõ룬ڹծȯе棬νġӵĶԳ幤ߡЧԴ⹹˵͵Ĳթ
ڼĺ֮£ƽ۸񲻶µвμӷ档ƽۼ۸ڽµʱջƽĸࡰʲֵǣƽֵ̾سΪµͬıߡ̵õֻǶݵͷʧȥȴǳԶ档
ƽ¢жίԱᣨGoldAnti-TrustActionCommiteeϯȶ.Īƽıƽ۸漯ų֮ΪƽضGoldCartelĺĳԱJPĦ˾ӢУ־УDeutscheBankУʢ˾УBIS
۱ǿг󲻶Ƹʱоͻ嵽һߣ۴ƽֱͶΪֹ
ھԪѨƽһָ£
˹19987µԺίԱᣨHouseBankingCommittee֤ƣƽһдƷг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WashingtonAgreementƸδ5ڳۻƽϢƽ衱ڼСʱ֮ڴ1%9%ջƽ̺Ͷ̵ĽƷʧء
ƽ20 ڻ˾ţԤʾƷгţеĵ
ǻƽսҪսת۵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(TheFree-markettier)˵
IMFʻһ֮֯⣬ƽձȫȥһˡļ۸ȫɹϵͭСһ
һж55Ԫһ˾ļλϹ˻ƽ68ԪļλĻһǮǣ55Ԫ38.5Ԫ33Ԫ׳Ļͻϵĳ
Ѷɭһƽ߳ϵͳôԻƽֻںٵļֹҵҵԣ1971815ɹرջƽ𴰿ڣ׶ϵ̨֮󣬻ƽѲǻң˭Ҫƽأ1973꣬λڳκʱ϶197275Ԫһ˾Ľۿ϶άֲסƽտܵ35Ԫ¡ý°Ѿʵ7Ժ󣬻ƽļ۸嵽850Ԫһ˾
ãѶɭǻֵĶԳĻľͲĳˡ

һаȨԴȪʽڶȨ
ͨƼ۸Ĺʵڼ˵ĲƸ䷽ʽȨĲǡƵλһңȨıͻթ۸ƽɺгȻӵƵһ伫ֶȷԼ棬սûκα
ۼ۸оսս˼·ܽӽıƶ۸Ʒ۸Ť۸񡢲ݼ۸Ǹ·˷ҽĽû˵ΪձͲ׼۸γɵĹ켣
ǱȽΪʲôϰλϷʩֻܷӣΪһжз֮СϰϰͨϰӿˣͲô˺ֱˣ˳ȨԽԽ١ȨȡҲˣһƷļ۸϶µΪ
ͻƽԣ˭Ļƽ̣˭Ϳ˻ƽļ۸νƣǽΪƣ򱻶ؽȨϲİš
˹ж¼ӣսһٶȡƽ𶨼ȨнʷִĻƽ𶨼ƽڣ꣹£գŵĴۼ˹жʱ۱ڣʿļλϣԼϣ.ԪܣΪԪۣģʽδ䡣μӵһνƶĴ˹ж¼ˣMocatta&Goldsmid,Pixley&Abell,SamuelMontagu&Co.,SharpsWilkins.˹ж¼Ϊ̶ϯټˡһ쿪ʼλÿ˹жлʵƽĽۡϯһ̼ۣ۸ͨ绰ңϯȻѯ˭٣˾ı׼Ƕ٣˫ۺմɽ׵ļ۸ϯʱ۱öTheLondonGoodFixˡ
ƽ𶨼ƶһֱ2004 ꡣ
ꣴ£գ˹ж¼ͻȻ˳׶ػƽ𶨼ϵһʯ쾪ϢȫͶߡά.˹ж½͵׶Ʒгƽ𣩽׵ڹȥѾ½ҵģսԷĽǶȿƽףѾǵĺҵѡ˳г
Ӣʱڣ£մһ˵翭˹˵ƽһҰż߽ʷĳ⡣ǿ𾴵˹ж¼ӻƽг˳ų˵ġƽӡķҲòĻƽ𴢱ʱƽΪͶƷѾӽӽľͷˡ
޶żгĴAIGڣ£˳гۣԸΪ̡ͨ
´ﵽ͸Ρ
Ī˹ж¼ĿƽˣΪβڣ۵ʷ͵˳Ҫڻƽģϴأ
һֿܾǣƽͰļ۸սʧأһƽ۸ı¶ٿؼ۸˽Ϊ繫Сժƽ֮κιϵԺ󣬽۸Ȼ˴⣬˭Ҳֲ˹ж¼ϡ
Ҫǣ˹ж¼岻ȥȻӵ֯Чߵս鱨磬ų޷֪ϢԴıԶǼӴĽԴͶϢЧռʹڹȥˡ
ͻȻ˳ľӪˣļҵʱһ൱Ѱ¡

һʱʯͼ۸ǣ׶أڿһǣ˵й÷չǵĻ޷Ҫ˶йĲڸʯͱΪ˴̼ԪʵҥԲƣΪѡ٣ӲǷһһҹ֮䷢ˡشǡ룱ǲ߻ʯǼۣӶ̼Ԫͬʱͼ۱ǵμ޻жҵʯͽһ
Ԫĵ޷ıʣܿ죬жֻ£սս޷⣬ɫжҲãҲգ֮Ǽˮ׻򵼵˻ľȺϿж磲ʯͨʯͼ۸׳ϣԪأԪֻʡֻҪ˲ҪԪвͺá
ӣƽ⵽ʼ֤ȯгʹƷгֳϵƷгΪ𱩵ģҲ֤ȯгģꡣӣʼ֤ȯгţУŴƷгʱӣ꿪ʼƷгʼţ;ͬʱСծСزгҲͬ񳤡ϿԪʲֵʵծԪıը£еծ֧Ϣծķʽ͵ĽȻǣԭֻҪƷ֤ȯгеһˮܹʣԪڣеˮ׶ĳֵԪװ󣬻Ҫ
ǵȥôˮأǻֵֿʼ̸۽гǲϵƳɰǧµġڲƷڻҡծȯƷָáʵȷ涯Խ쿪شĲϽǿ԰δÿһĺûԪǩгͬԽδÿһÿһСʱÿһӵĵ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
ȱƽǴƵĽǽƷгŪʵڡInterestRateSwap74Ԫ(ҵ걨)ĳݡʽֻУ.GSEǵƽΣѣƽ۸ͻȻңծʲ쳣ҺͼУGSEʶԳ߽ȱͻƣߴԪGSEծȯڡСʱ༸족ʱȫɥʧ,ͬʱĻĦͨгͻƽг⡱ĳ,ͼѹƻƽ۸ͳʵĲ֡
ȱ̵ĽгǰδеԿֻţ״Ͷһͼеĸ֡պͬ۱ʱЩƷ:ҡծȯƷʯ͡Ʊͬʱ⵽ʽгģԿֻšΪѲɾҩĽг棬ƱƺӾһԪ֡ʮԪ纣Хһ羭ϵʱ羭ýһƬҡ
мıϳƽ֮꣬Ѿ͸֧磸Ĵ죬ÿϡѪԪĴʹⲿתծϢӵٶԶԶ羭õйġʣ֮գҲڱ֮ʱһĵʵѲǻ᲻⣬ǺʱԺַʽ⡣òȻԪĭϵѨĶ֣ƽǵһŵġһָ
ʮıߣϣ
ͬһƽڵ͹ֵĵط
Ī

꣬׶غʵϵ̫꣬ŦԼΪȫƸģ꣬˭ʶʽڰıأ
ʷľеĹһԸʢ޴ĲƸΪ˱ԼĲƸóвϡ͵ĻȡЩűָߴȻҵڶǡ磱ͼͦĻƽӢͣͰȫĻƽԪĲƸԶֵܹĵطͦȶĻҷּشٽֹгԴĺֲӶγɸЧʵľýṹĲƸ
֮ǿʢĹҿʼ·ʱήӴսͿ˴ǰĻǴӱֵҿʼͼӱܸծ̨ѹĲƸʱƸתȥѰܹӻǵĵط
ǷͦΪһʢ˥ֵסӢֹͣӢĻƽһʱӢ۹۷һȥˡɣ굥رջƽ𴰿ʱĻԻҵѵʢ˥ת۵㡣ӢĹڵһսѸٵɢ˵һûشսܹһʱڵķ١ʻһ͵Ĵլţȴ𽥱޶ծͿˡ
ʷϿǲŪұֵͼƭƸĹңҲؽƸ

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Ѿ½94.4һԪֵֻ5.6 ֡
йġԪǸԣı־ġԪֻǳƽˮƽڼͥ룱Ԫܾͽӽƶߡˡ
ѧֻġ۵ͨˮƽǸߵ˵ʲͨȴûע⡣ĻƶǶԴߵĲпͷΪʲôܹƱͷزгǳΣգͶʽΣա
ʱĴֻһǷе˻ϱûǮծͬʱȴеءˡǮǷ̱ϵͳһˣǻҹӦӼʮͨЩĻʵʱƸȫƽˮƽʲûзزʱ۲˸ߵˮƽΪ˰ܹס෴зز൱һ͸֧δ룬δģǮõһ𷢷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׼ƶȺծΣյħһųħƿ
ƶֻѾעˣծڲ׼ƶȵĸ߱Ŵ
֮£нǮʲˡܡʲͨͺͱծ
εġôծһĴͳ˱Ȼʲͨ͵Ĳ
شֵۡ¢˹С֮󣬴ʧȥ˱Լ
Ƹκѡ񣬶ҵעΪӮҡ
ծҺͲ׼ƶȺؽ֡Ƿ+ŵҵıֵ
ĳֵġ⡱֮£ܹȶгطչ
һ¶Ҫ̸׼ʱҶȴûκα׼
͹£
ǳ˽ծҺͲ׼ƶȵıʣ¡ɳ
ıʾͱ¶ˡ
ûȶĻҶ⣬ͲоⷢչľãͲкг
ԴͱȻƶֻעʹƸҵУ
гҲֻ޷ʵֵĿ¥

ս˹˵һʵͨͨ͹̣
ܵءΪ֪ûչƸһְ֡취
ƸʹƶĹУȴʹ˱ͬ˹ڣ
Ҳ˵ûнλ£ûκΰ취ģ
ͨɣûаȫĲƸءЩͳѧ
ҷԻƽܡֲ򵥵˵ûղƸıƽס
յḶ́䵱ŲƲȨıߡץסһҪ㣬Ͳ
˶ԽλĶ̰ˡ
ͨ͵ıʾͨʹҹֵʵƸתơһУܹڻұϡ֮ǰȡûҵ˳ΪӮңҵͨĻߡΣŴԽˣռıԽԽԶ˳ԿԽ󣬶ڼ˺̶˽ͨƷƶֻǵϵͳϾȷõģͨϴ˵ĲƸĵ˵ĿڴУͨʵ͵˲ƸҵԵľ磡
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˽ڣArticleISection8ȨᷢкͶҡʮڣArticleISection10ȷ涨κݲù涨֮κλ֧ծ񣬴ӶȷĻұԽΪҷCoinageActof1792ȷһԪҵĻ⣬һԪľȷΪ.ˣԪĶΪ𣱣ˡΪԪϵĻʯȼΪ
κϡԪȣʹԪֵ˶̵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

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񻯾ڷϵͳծҵıʼΣ֮󣬾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

索ҵλȨҷлҵ߾磬ױȵȨӵ֮µԴҹľöԣ󱻽Զ硣
ǾйڹгΪȱٶȨֶԽйҵƷѹեĳ̶ȣѧҽ˵ΪߣҴгӵŶȨҲ˽˵ֶгȨ˶Ȩ
ôʯأʯأҩƷأͻأӴأйг֮һҲȫйгΪߣô˵Ǿǣ˵йͱʵʵأ
ʵϣйȱٶȨĹؼûнڵսƿȨ
йľ÷չںܳʷ׶жʽûж⿪ʵߣͲйľ÷չʿѡйҲͬѡӡȣʿѡ룬ҲͬѡߡʽȨһĶȨӵߡ
ϵҵǣǿǣǿҲʲôҵİǵҵľ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׷̱ǳΪӲͨڣڶսʱһӵϣĻƽԪǱΪ𡱡λṩȶƸ⣬ӢıϣҲӢԪΪ索ҵʷǰᡣ
ڣ꣬ϵƽѹ֮󣬸ҵĹڻƽùâҫ֮£һ޷صؾڻڣ꣬һ˾ƽֵԪһ˾ƽֵԪ꣱£գڻƽļ۸ԣ
Ĺ½98.2%ԺΪŷԪʵĹ½96%ӢĹ½95.7%ɵĹ½95.2%ԺΪŷԪԪĹ½95.1%ԪĹ½94.4%¹˵Ĺ½89.7%ԺΪŷԪԪĹ½83.3%ʿɵĹ½81.5%
Ԫϵ߼ϵıȻծ񻯵ԪסĻô
ƾʲôȥծܹԪøأ

СִծУͦĪʿɡȫʿɸ߶ԭ֮ʿıƽ֧ţкͻƽͬ˿ڽĵ֮أеĻƽ𴢱ߴ֣꣩ռлƽܴģڵʱϽ¹IMFʿʻһ֯IMFʱIMFֹԱĻƽҹʿѹȽʿƽѹʿɵĻƽ֧Ŷ½ʱʣ£.꣬ʿʣ£.ֻƽȻйٷƽ𴢱֣ģࡣʿɵĻƽ֧Ŷȵ½ʿɵĹҲձɽˡ
ձĻƽ𴢱ڣʱУ.֣ձԸӻƽ𴢱ǱֹӻƽӵԭձòԪ־ƽרҷѵ.˹ʿмң˹ж¼һ˹жУRothschildBankAGinZurichִƸж꣬1987Լ˹УBankLipsAGinZurich,ǹʽڵ۹ġȦˡġƽսһ¶1999ƽЭᣨWorldGoldCouncilڰٿϣһλԸձм˹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
ʮıߣ£

ͬ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˾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

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⡣
йθԽƽ𣬹ʽ۵ķǽ̴мõԪϢ޵ףǽĿòǿԪϵ߽ġ
ⲻйܲûƽ۸ԪϵҪҪ⡣ƽ۸ԪصĴ£йҪ˵ĳԽԪĻƽֻǷųϯͻ̸Ѫѹ
йʮ̨⽫תΪǡҪ̨壬ҪԪ⡣йȻĺڽϡͬھֻҪҪʱ򣬿ܻ԰Ԫһѡ
йӹٷĻƽӵͬʱйԿʼҸĸ𲽽ƽͰϵйĻʵֽλµġйԪתй羭õһҪס
йԪʵʩԷֽ׶νСȿľǣвծȯ͡ծȯʵƽͰծȯϢ磵ڵġծȯ,ϢԶڣڻƽʵﱾΪϢսֶΣ񽫻ӻԾһӵСƸֵõĽڲƷ
ծȯ͡ծȯծȯгϵֳͬͬͨծֳ֮ʵӳгԻƽ𡢰ҵ̶ܳȡһҪΪһ׶ԵĲϵ
ڶ׶εĹԽϵͳṹµʻǹУ䴢һĻƽͬʱծƱڴеıнԽߣýϸߵĴŴϵͬծƱݱԽ󣬴ӦֹͣԻƽͰ֮һƱݽ֡һʩǿƽͰйϵеĵλжԻƽͰʲ̶ȡûнԼ䷢Ŵͬʱϵͳ𽥰ծƱݴӻͨϳȥҲȤ񿪰ʵƽĴйܺҵȫΧγʵƽͨг
ȫиҵ緿زС̲ݡšʯ͵ȣӪҵ˰бһĻƽͰ⽫һ̼ƽͰгҪ
׶ΣԲĻƽͰΪȫѺСйԪ͡йԪֽңһԪйԪΪйһ׼⣬йĻƽÿһԪйԪɿˡйԪҪڴó׽㣬֮תˣʹֽ֧һϵġйԪɵһʵƽ𡣡йԪΪңÿһԪкɿˣҪС֧һϵġйԪҲɵһֵйԪ롰йԪ֮ıȼйʱ
һΪġӱұȻͨñҡԭʵһҪǰǾ룬ǿ涨ӱñҵֵȻгУ෴ñұȻӱңΪгû˻Ըӱҡ
йͨнйԪʱгȻͨźծɷݵͨҡҪ涨˰ձԽйԪɣгѡйԪۻͨҶۣгݹϵйԪͨҵıȼۡʱǽ֣ᷢҵзŵĺծɷݵͨŴйԪȣ𽥱ֵгֻҵıȼ۽¶һϢ
տƽйԪеıǲҵϵͳԭܼ򵥣ƸĴʼҲκ˽˲¢ϺȾָҷС
йڵʢͷйԪͦ»ʵGDPʱزٵһ;ñ̫䱾ǿծ÷չѲծظˣ͸֧ǵծ񸺵йھýṹʧ⣬ܹʣأ̱ȻΪʹࡣĽʵյ˫䡣
ƽйԪԽԽʱйԪƱسΪȫҵעĽ㡣йԪɶһɻƽΪͦǿƵĻңȻĳΪԪʱѡĴҡ
ƸԶܱʹֵ֮ĵطǿĲƸȶĻңؽʹйΪƸ۵ġ
(ȫ)

ձҰܺһվսй
κ
񣬼һģһҩֱĺͼСڴǽܵйͬǣйõӹԶ統ձ
ǣйڵ֢״1985굽1990ձ
ڿŵıʵһսȱսʶ׼йǰΣ
뵱ȻذѽĿͨҵĿǼΣյġ
һƷͬһƷ֮һÿһҵÿһÿһ˶ҪƷԻҷеĿ¢еʽ
йĻҷԭΪƣҲֻйҿƻҲܱṹĻƽнййĻҷȨΣվء
ǻۻҵġ¡ڲƷԸַʽծ񹤾߲ʹ֮һǻҵԡЩڻȫ߱ʵ徭ҵĹ˵нйҵĻҷС
С족ŴҵʱʵϾͼܿйУйҵķȨǽͼҹӦĲӶͨͨȻͨѪϴйĲƸʷϷֵľΣһ
ս֮ͨǮȨĽףǮǮĽףʵ֡ڳ漯šġǿǿϡͨط÷չ£طɫصࡰǱһǣͼλرͨͶƵšʯ͡ȹ¢ҵϾûзɹ涨¢ҵֻܴӹдЩҵҪеʽʱǵʽпܻᡰͻȻѡ
лὨ֡ᡱ͸йĽҵýҵͼҵ˾ִϵͳҽҩҵϵͳǽ㷺ṫĿ㷺ֲϵϸĺϸģĬĬƹǵֵ
ڿٵսԷԶǽҵô򵥣йĸ棬ʧ롣
齨ҽڰȫίԱᡱᡢ֤ͱߵְͳһֱ߾߲㡣ӽ鱨оţǿеԱʽսռȷоҽڰȫܵȼ(SecurityClearance)ƶȣҪھ߱ͨƶˡ
ҪȨҪȶ
ȨӦһأйʹ͹Э飬ԼѹȨֻӦڱĸ档
ֻȶָάڹʻϵеıֵȶԱҵṩúƽȵľ÷չ̬йԣĿǰǲȡԪߡ
ĿǰйڻȨȶֻܶһ
йڵΪ˾÷չò׷ȶӶȨҪǣʵںܴĳ̶йĻҹӦйǲǿƽƶȣͨӶйó׳ʹйңЩҾҵеķŴ󣬻ɱĻЧӦԷģƸ˹кͷزĭضй̬
Ϊ˶ԳĻֻܱծƱɹʣԣֽծ񸺵ЩծҪġ֮ҪйĻҹӦЧӦȻĿǰصǰߡ
һȫĽս̬ƶй˲ֻҪԪ索ңй޷ľ档ӸϽֻƶƽ»һܸһɡƽгĽ̬һλҲӦôƶʴҶԪȡֶ֮Ĳԡ
ֵϵͳڷҡ
˵˭ΪҾֵķ̲ĵĻձǡѡˡ
ձսܡ߼ԪҰ̾ͲƸʧıԣձ1990սܵĺ͵ڶսսܵʧ൱
ձйһʵʵһһŬʲƸĵͣ翵ĽڲƸֻ̬ȡ
1985굽1990꣬ձھúͳó׿ǰ𣬹зز걩ǣչʲձ˵Ҳﵽ˿ǰ̶ȣƺֻʮ֮ң
1985ġ㳡Э顱ǩʱ1Ԫ250ԪĻʣ3ھұֵ200ԪңԪֵߴ20%19871Ԫֵ120ԪԪڶ̶3ֵһձҵҪ̬ľޱ䡣
ĽڴףǿԪʱھֵЧǿձ̷ļأȻձó֡ϵͳڷڡҡвձ2.5%ʴ֮ãЧѡ
ȻձľڽڷʧʹصĴ̼£зز֬֯Ѹҵļ֯ήȻľøѪ֬ѪǡѪѹ֢״ڳ֣˽ϵͳಡ͹Ĳ
Ϊ˸׵շЩ֢1987мڹƳձЧҩЭ飬Ҫ¹ҵʱʱﵽ8%ӢǩЭ飬Ȼвձұأ޷ͬռŹʽƸߵӢннסձձʱƫ͵⣬ֻйƱ߼۸ʲܴꡣ
߶ƱгͷزгձϵͳڽԼ߱¶ս֮¡?990112գŦԼƱгáվָϹȨ֤һͽڡ˶ձеġԶ̷ǽӴʽսԴ
ձϵͳಡ͹ĲܲסǿҴ̼ڷз磬Ȼձó17 ƫ̱
񣬼һģһҩֱĺͼСڴǽܵйͬǣйõӹԶ統ձ
ǣйڵ֢״1985굽1990ձơ
Եȿµս
ʹǸΪʱֵĴʻ㣬·ѭˡʹ¾ʹӴ̫ƽˣڿž԰泩ˡ뷨ֻ»ġ
ʹγȫҵγ¢ϵλĹмҵĲٿ֮£ض£ҲǳΪйһȫɱйҵ׳ġʹһѾΪڽҵ¢ƸߵӢзɱֵЧ
ɹձҵͷϰЭ飬ѾͷΪ2004ʱЭ飬ȫܱйϵͳͷϣӶΪֹйҵⷢչҪϰ
йδʵְʱЭ飬ζЩŷ޵ķпܱرգйཨĺűһ򾡵Σա
Ҳ
йĶԲ߾ǣҲֻǣԵȿµսڹòܺ֡ʹɱйĺз֧йҲ編ƣƶйɫҵ涨رй
عӢΪҵ̣ǲѷֽǱؾ֮·йҵֻйʽӹ죬ʵʩսȥֱչŷлŷУйԼ鲼صĽ磬սȥѧϰս
     ػؽ
ԪĳڱֵƣѧҪػԷ̯ҵ㴢ʧķա
ػ񣬲ؽκӳԻƽֵֻǱֵٶȲͬѡҪ뽫йѾľ޴ƸʵֵֹΨб㴢Ϊƽʻƽ۸񲨶ʵǸѣһ㣬гǧˣйֻƽΪ롣
ؽӸϱĲƸȫƷʲʽͨͶ޷ʴϰյʵںгƽṹɻȱľɵĻʯ
ƽΪй֮лߵȼԡƽ𲻽5000ʷϣͬͬ塢ͬ򡢲ͬʱͬṫΪƸʽҲؽδᵣ𾭼ûشʷΡ
ʷϣĴγƽΪϵĻʯͼΪĻƶȣǰѾʧܣǵھĴʧܡ̰ע˵ʶ궨͹۾ûĳԲɹ
ؽԴб䣬ԻƽΪ֧ŵġйԪһƬɹծ̰ɵĹʽڷ׿лгͷ֮ա
ȫ


ϣҴȡѵ δ֪ĺڰлһ


