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    һ ˹¼壺Ρ׸ 𺽵йúĸһ˳ô
    

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    һ ˹¼壺Ρ׸ 1صĻ¬˹жµĿ
  

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    һ ˹¼壺Ρ׸ 2˹жҵʱ
    

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    һ ˹¼壺Ρ׸ 3˹жµĵһͰ
    

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    һ ˹¼壺Ρ׸ 4ɭ׶ؽڳ
    

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    һ ˹¼壺Ρ׸ 5ķ˹
    

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    һ ˹¼壺Ρ׸ 6ʶµ
    

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    һ ˹¼壺Ρ׸ 7˹ж¶ܻµĵ¹
    

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    һ ˹¼壺Ρ׸ 8˹ж½ڵ۹
    

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    ڶ мҺͳİս µ
    

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    ڶ мҺͳİս 1ɱֿͳ
    

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    ڶ мҺͳİս 2ҷȨս
    

    йսԴʷαУȽ϶زȡȫغͳԭ塣ǽһӽǣȥⳡĽڱ𵽵ĺá
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    ڶ мҺͳİս 3мҵĵһս 
    

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    ڶ мҺͳİս 4мҾڶ
    

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    ڶ мҺͳİս 5Ҫɱңҽɱ 
    

    ߽ͳ³.ܿѷ
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    ɡ





    ڶ мҺͳİս 6.µսߣϵͳ
    

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    ڶ мҺͳİս 7.мٶȳ ֻ 
   

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    ڶ мҺͳİս 8սԴŷ޵Ĺʽ
    

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    ڶ мҺͳİս 9.ֿϵĻ
    

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    ڶ мҺͳİս 10ֿϵĶͬ
    

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    ڶ мҺͳİս 11.˭Ǵɱֿ
    

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    ڶ мҺͳİս 12.Э 1863з
    

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    .ƤͨͶĦĲֵܹ˾ӢֺŵܿӢĽ***ã.ƤϷǳԾյɭ.˹жоǰȥ͡ϻ̳Ͽֵ.ƤϾܱнɭȥͣͺͽ̻ʽӼһҡɭżɽϣ.Ƥϰһæ˹ж¼ܹشˡ˹ж¼ŷȡᣬȻҲᣬҲܶʹ޺ͱӡ׶صĹ׼ͲмɭΪ飬Ŵؾܾɭ룬Ȼ˹жӢܴ󣬵ʼЩĸоɭ.ƤϵһԭΪǫͣԵļѣˣ󻹿ϴá.Ƥ϶ɭȻӦУһӦؿȫɭ򵥣.ƤϵĹ˾ܿͳΪ׶罻ġرÿ74.ƤϼҾٰᣬ׶ع***һʢ[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
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    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¡





     ˽е 3.ǰս 1907Σ
    

    1903꣬޽һνŷеġȽ顱ܵж콻Ÿ.лļֱתŦԼҳУĻУܲýķ˹.˹ٶŦԼм***Ҷñ޵˼ඥʹҶٿé
    ʷϷ˽е൱ǿŦԼмҵСҵ***ڱ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ŦԼнȫ롣ĦŦԼ***ĴϤ뵽ͼݣҵмұڶ鷿й˾ܱ鷿̻̲յĽڼǽصȴĦǰŵˡ
    Ħ֪ҵ˾ӵеݡݺݵúԴǿĦԼĸްԣ˾¢ϵλڷ¢ϷԼ֮£Ħʼն޷죬Σһѵõļ沢ᡣĦǣΪĦ˹˾ҵй˾뼯2500Ԫάй˾˾Ħ˹ҵ˾ծȨǷ飬ƲѹҹδߵļƣͶʵĦеͶ
    õҵ˾֮ϲʤĦһҪǾǶԷ¢һ㲻˹ͳ113ϣĦҹʢ٣һƱг֮ǰõͳ׼Σҵգʧȥһĳǧŭγ˾޴ȨΣ˹òĦȶ֣ʱ̱ǩ³֮ˡʱһп̽ʣ5ӣ
    ŦԼѶǡ
    Ħ4500Ԫĳͼ۳ҵ˾ù˾ǱڼֵԼ.µϵ10Ԫҡ[ע3.5]
    ÿһνΣıѾõľȷƣڶĿո½ڴǽڳǧƲߵķ֮ϡ





     ˽е 4.ӽλңм۵Ĵת
    

    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





     ˽е 5.1912ѡ
    

    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׬Ǯɸһϲͨ
    мǿѷĵױõص㣬ṫϵķ¢ϵң¿ˣһѵõм׼ͶؽϤġԱá
    ãŦԼҳеĶ¿.棨ClevelandDodgeѷ˹ٵĴѧͬѧ1902ѷܹ˳˹ٵУǲƴֵĵ润Ľһ㲻ǳĹϵмǵĲ߻¿ʼڻַŷ˵ѷһ鵱ͳϡ
    һβżУͻȻΪͳϣһϲҲ֮顣ȻҪ۵ģѷʼͻȻѷܿڻִǵķ£1910굱ѡݵݳ
    ĳ£ѷȻϵֽ¢ϣ˽Ҳĵλǰ;ȫҪмҵмǶѷ̺Ϳƣ˫һ΢ԴĬ
    ѷ¡ʱмܹĵΪ뾺ѡͳľѡŦԼϻ42Ϊѷİ칫ң˻ϵһ1000Ԫ֧Ʊܿ죬ֱͨʵķʽѸмҵ***˴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





     ˽е 6.ƻ
    

    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





     ˽е 7.أмγ
    

    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430֣ļͽӡ
    7ϸ塣
    2㣬ӡõļԱİ칫ϣ֪ͨ4㿪ᡣ
    4㣬鿪ʼ6ϯ鱨ύʱԱѾȥˣ᳡Ա޼
    730֣˹ʼ20ݽȻ۽׶Ρ
    11㿪ʼ29860ͨԺ
    23գʥǰ죬Ժ4325Ʊ27ȱϯͨѷͳΪֵ֪֮ڲԺͨһСʱʽǩ˸÷
    ֺ׶ؽڳǶʱһƬڡ
    мǶȴ糱УAmericanNationalBankܲð︥OliverSands)˵
    ҷͨҴӰ죬ҵҿһձ鷱ʱĿʼ
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    ּԱֵ²LindberghһԺݽ
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    zfһٶļҽмڴﵽǵĿģ׿ĹһҷȨӢеģʽƳɹˡ





     ˽е 8.˭ӵ
    

    ˭ӵһֱһĪĻ⡣Լ֧ʡӢһԹɶܡԱ.WrightPatmanԺкͻίԱϯ40꣬20
    ϵ᰸ҪϳҲһֱͼ־˭ӵ
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    й40%ŦԼйɷݣ1983ܹ꣬ӵ53%
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    1978615գԺίԱᣨGovernmentAffairsҪ˾滥ı棬ñʾ130Ҫ˾ӵ470λãƽÿҪ˾3.6λмǡ
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    мй˾BankersTrustܲñ.˹ʱѡΪһŦԼж»ϯ˹ʵĿ,ϵͳӢкͷγ˻(Interlocking)ϵ.˹ΪŦԼжֱ1928ͻȻʱڵºŷоͷǵܻ飬Щܻ鵼1929˥ˡ[ע3.9]





     ˽е 9.һ춭»
    

    ѷԼϣָֻһ£඼ŦԼмѡ.ֲζµĹУԺҪ19146µشѯҪ˽ⶨеĽɫȻܾдҪشκ⣬Ӱ»ãԸܾµŦԼʱ
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    ˹Լ˳»ԱǲͻԱ





     ˽е 10.Ϊ֪ѯίԱ
    

    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





     ˽е 11.
  

    ˲ʷŴߵʽĿûбƹȫڹƵķΧ֮⣬ãӦ
    Ա.أBarryGoldwater
    Ϊ߼۸ֻҪʣúһٵĹСҵѾϰʻֽ֮ͨϢַֹ١ӵмǣ΢Ϣʹгļ۸ӰҲҵϢʹг۸Ҳӵн״ڲϢȵ֪ı仯
    һκδģȨײӵеΣյģгϢ֪Ȩ
    ϵͳ˽еģȫĿľñ˵ĽǮܵ
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    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
    ˹.˹
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    ѷͳȥ֮ǰԼǱƭˣھεرʾ֮дݻҵĹҡ
    19141025ʽʼʱһսˣһʱ䡰ɺϡĹɶעҪһʺˣ





     һս˥ˣмҵġʱڡ µ
   

    ǹ͹вһ޴㽫ճĴǽЮǵĳСݺ͹ҡͷ˷յı׼ʯͼźһС鱻ΪмҵľмĽڹͷʵϲԼ˽
    ͨƻҹӦʹһҵĹԴøסΪʲôЩҵ֮ͽ߾ȫʹȨǽǵġ쵼ߡŪڹ֮䣩ͲƸͨĻҷȡƸ߶ȼС
    ЩмҺ˷ձ׼ʯͿҴıֽ־ЩֽרǯԱЩϾͷˣͨ۽ЩԱϳ
    ǣмңʵϿ͵⣨ģθ죬쵼ˣ˽й˾ͷͷһֶ߲㰲˳ǸܵĴĺѡˡ[4.1]
    1927ŦԼгԼ.أJohnHylan
    ̾ҪǮԽսǮԽ࣬Ǿ˽֪ĵǣ˭˭ǮŷûлҷȨҲֻмҽǮսʹĴﵽȼյٶȣսʹսҹҲҪ֣սʹϧһд۵мʣѹսʼмҵǲ߻սսսмǻĴãǽķ֮ϡ
    мһ׬Ǯֶξ쾭˥ˡŴĭĲƸͶͶ񳱺Ȼͳ쾭˥ʲʲ۸񱩵۸ʮ֮һٷ֮һʱٳԳļ۸չڹмǵнë˽г󣬡ëжȺͷΧﵽʷǰĳ̶ȡһΡëжڣССϡйֻܷⱻëĶˣҪйǷȥоʷϵһĻĻĿĵġëҾˡ
    ȫй֮ǰĲͬڣǰĹȻƶʲͨ׬ȡĳ嶯ûжͨѪϴƸͼй֮Դδش󾭼Σԭûж쾭ΣͼͿ͹мȫй֮˸Եı仯
    1





     һս˥ˣмҵġʱڡ 1.ûûеһս
    

    ⽻DiplomacyһжԵһսıһӡ̵ۣ˵һս˾֮䱬ԭΪһǰΣԵص¼Ϊսòű[4.2]
    1914628գŷͳҹ˹쳵ϴ1908걻µ̵Ĳ˹Ӳ죬һλάǴ̿ʹɱԭֻһʵĿֲ֯߻ĸΪʱֻûκ˻뵽¾ȻΪһ漰30ң15˿ڣߴ3000˵缶սĵ
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    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
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    ʱмһȨ֮ƣǾԴΪЭԼṩծȯеĴΪΪЭԼṩʡмҵ֮£ѷֻдӦ˺ߡŴѡʱ𲽽ӽѷڲսмҵб
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    Ϊ1000Ӣڵʱһ൱ɹ۵ĵĴ⣬ʱûκϵյĴܶﵽ𾪵30ԪĦȡ1%ѣ3000ԪĦսеĳԵòͬ괺죬Ħ뷨ǩŴЭ顣
    19159£黪ǷܹΪĵʱ̵ˡ5Ԫİ³-Anglo-FrenchLoanʽĻԭԵѷͳܲסмҺڸԱл¹޲.˵ûдޣҵ˥ˣʱͶãģƲΣԹںͲ[4.5]
    ѷóһ亹ֻٴòιģǰծȯֵۣмҲʹ˻61ծọ̇Underwriter1570ҽڻ˷ҵ[4.6]һμΪѵرЩծȯ͸Ϊѡձ鲻Ϊŷ޵սʲôֱӹϵԸǮͶŷ޵սȥΪ˴ǣмǴЩǮַֻܲһ֥ӸԸ뻪ӪΪŭ˵صĵᴢǷ˵˶1915ף1.87Ԫծȯû
    ս򵽹ؼʱ̣Ϊ˵õĽǮӢӢеծȯϢ˰Ӣ̼۳ЩծȯӢкܿծȯӢǵĦ˾ЩծȯڻۣͶ߶ԱծȯܶȻܸߣܿ30Ԫծȯ֣Ӣֵõһʾ޿֧ս¡ǣӢ۵һٶծȨ˵λҲ֮ɢˡӴˣӢ֮ծȨϵ˸仯
    ŴһͣսʼѸӣսҳ̶ҲսۣЭԼһҪ20ڵڼʶִĹҵͺϵͳ֮£ִĽֶΣսǺεȲңεȿճ־á
    սʹĴﵽȼյٶȣսʹսҹҲҪ֣սʹϧһд۵дѹսʼмҵ





     һս˥ˣмҵġʱڡ 2.˹ʲµսʱ
    

    .˹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





     һս˥ˣмҵġʱڡ 3.Ϊ͵ԭ ѷս
    

    ¹פʹɵͬţΪʲôҪ͵¹̣ʹԻΪ˵ԭͶսġĻشɶͷԡʿǽ͵ģԿʼڼڲͬ⽻γ໥ì̬ܵȣһڹʹļֵʹΪȫƹЩֵ[4.9]
    ľȷڲֵͬҲȷΪ˳ƵҪӲ˵μӵһսΪ˵º룬ʿǴ˵Ϳˡ191735գפӢʹܣWalterHinesPageѷͳ˵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





     һս˥ˣмҵġʱڡ 4.սƵм
    

    191746սսԺѷҵҪȨѡʱ.ֲϵͳɵ.³սʱҵίԱᣨWarIndustriesBoardϯȽ.÷Үսʱڹ˾WarFinanceCorporation
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    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԰³ʹҵɱȨʸʾɣΪȲǹҵңûڹһ죬Լڹ֤ҲʾְҵǡͶ̡SpeculatorŦԼ͡³ڵ֪ʢٵĺƽϢһ75Ԫ
    Ƚ.÷Ү(EugeneMeyer)սʱڹ˾WarFinanceCorporation
    Ƚ.÷ҮĸĹ.գLazardFreres˾ĺϻˣȽԳιְѰ顣³ϰһҰ˹ӵĽ˾һıһЩĽ¼Ҳˡ
    սʱڹ˾Ҫʹ֮һǷծ,Ϊսṩ֧֡
    Ƚսʱڹ˾ĿΪĪˡԸù˾ʱù˾Ȼÿ϶ʱ޸ĿڶٸԱĿ˷McFaddenԱ19251930Ըù˾ĵз˴Ŀظծȯ2314飬ظۿȯ4698飬ֵ50Ԫ1Ԫȣһڵ19247¡ЩظǴɣһЩ١[4.18]
    ѹһսԺȽȻܹչϻѧȾϹ˾AlliedChemicalandDyeCorporationչ˻ʢʱ
    ݹƣȽļԪծĲ[4.19]
    ˹̩˹(EdwardStettinius):Ŀɽ
    ˹̩˹һһ˿ˣִϸڣ֥ӸͶⷢ˴ơսڼ䱻ĦвܳڲExportDepartment,ҪɹսڼΪߣÿɹߴ1000ԪľʣȻЩװϱգ˵ŷޡЧʺЧ,ڻ23ŵܲһ£²Ĵ̺̾ӿİ칫¥ڼÿһǰ˾ÿһ£Ĳɹ൱20ǰֵ¹˴δ뵽̵ʱת¹ҵ
    ĦŴάɭ
    ΪĦ۹ºΪJ.PĦ˾߼ϻ˵Ĵάɭõʮֻ⣬ӶĸߴڣǧԪľ޿





     һս˥ˣмҵġʱڡ 5.ԼһΪڣս
   

    ꣱£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





     һս˥ˣмҵġʱڡ 6.ë1921ũҵ˥
    

    ꣹£գǽֹͣһдӳһ죬ǽǵǮǽӵвδ峢ĲƲǻԼļ۸õȺ֮ũԶĳǧءũ񽫣ʧȥأܹãӢ
    мЭᣨ¼ڣꣴ£յĹ¼
    ëм***һר˼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





     һս˥ˣмҵġʱڡ 7.мҵ1927ı
    

    .˹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
    BeedyЩмҺŦԼеĶ»½
    գǵġ
    BeedyЩ½Ȼûʽ¼
    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





     һս˥ˣмҵġʱڡ 8.߻˥˵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˽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
    ⳡǰľúƽУֻ***֪ʷͶϷĻЩ˵Լʱ׳йƱתծȯǶ׶˹ж¼屣ϵ***ˣЩʹǳҲδѡ***JPĦͿײ˾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





     ۻҵġ µ
    

    ˵߸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





     ۻҵġ 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׽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
    ***˿˼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





     ۻҵġ 2.ͳվӣⲻ
    

    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.˹





     ۻҵġ 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
    1922꣬˹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





     ۻҵġ 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˹ͳ뻪ƲĴ죬εȫд36ͣҵ٣BankHolidayֱ˹ɲ¿ҵʷ״ιرȫڴĴ٣ʱľΪ֮һľ,ڼȫûӪҵĿǰ״̬,10졣[5.16]
    ţ˹ֽŤסʱѾʼԻֵĵ鲻ţìͷֱָĦ塣һϵе֤ϣܿ.ĦĺϻȫǰŪûͷͷɥ
    ˹Իмҵȭһ͹һУ1933616ǩˡ˹-˹ٸGlass-SteagallActĦ˾ֲΪĦкĦ˹̹˾ǰֻܴҵеĴͳҵ񣬺ֻܴͶҵ
    ˹ŦԼƱҲǺȺͨˡ1933֤ȯ͡1934֤ȯ׷֤ȯίԱᣨSECԹƱгмܡ
    ˹һͷֶβ۵ձлѹѾõĶԻмҵĶĦҲϣҶ˶˹ͳĳݡͳһڵĳɾͼֱ˼ǴûоƵĹ̡[5.17]
    1933ŦԼƱгŴ󼪣¼54%ľ˻ر
    Ӣһ˹ƣǮǣMoneyChangersʥıˣڿԻָʥùϵòˡ[5.18]
    ڣʱýĹ֮,ž޴ǶԾıർĳִ
    ǿ˹еı֮µʵɡ
    гܾ֮ҲûܿҵƬг˳мϴơ˹Ĳѡǰᵽ1929Ʊ֮ǰѾÿɿϢϧʧ500ԪҲҪ3֮ȫеϺ.ĪHenryMorgenthauSr.֮ӣСĪҲǻֵȦˡ
    ˹ѡ֤ȯίԱϯѡ˿ЦãSECϯλ1929Ʊ֮ǰƴչеͶԼɪ.(JosephKennedy)ʲ1929400Ԫ֮1933̶4б251ԪԼɪ.Ҳǽܿ.ĦȦˣӾǴĿͳ
    ԷֲĦ˾ȵġ˹-˹ٸ᰸,ǵ߻ĸ˹Ա÷ûشĦ˾ʵĦ˾ҵ¡JPĦ˾425ԱУ25齨Ħ˹̹˾ܿ.Ħɱ90%ĿعȨʵϣֲҹ˾Ȼȫڽܿ.Ħ֮¡1935꣬Ħ˹̹ŵĵһͻ˾˵10Ԫծȯ⣬ϯȫгݶ25%[5.19]ʵϣ˾ծȯȻĦģĦŦԼκδ˾ĦҪɵ֡
    ϷɫʵĹĦ֤ᣬҲעȵšһƬ֮У˹ջɳ²֣ĵͨ˷ϳλļҪְ֮һڵ311վͷȶΪֹͣеĻƽһ45ϽеĻƽ20.67Ԫһһ˾ļ۸չϡнҺͻƽ֮⣬κ˽ػƽˣ1025ԪķȻ˹ֻǽ״̬µʱʩ÷ֱ1974űϳ19341ͨˡƽ𴢱۶λ35Ԫһ˾ȨһƽոϽ˻ƽ𣬶ĻͿ˴룡1929д֮ǰõĻϢĹмҵġȿͻǣԽʽвһɻƽЩƽ˵׶أʱЩƽ׶سʱȴ35Ԫһ˾֮ͱ׬69.33%
    ˹ԱѧʶԨä˲Ա˹.ѯʶϳλĿʱػش𣺡Ե͵ԣͳڸԱ̹ʣ˹һֱڻλԱǺͳүү
    һλһ׷ָλԱ.ͷ1948ָҾ,μҶԻָλЩ͹⿿ұֵƵ,ҲᷴԻָʵҵƶȡǱ׼ǻۺͻǵķԡ[5.20]
    ԻƽΪջϰͷûܿλĻָӡĶ,񶦶Ĺ.ͷصԺСͷƷƶձؽʷȻ1997۵ʷ͵ʱϵسԽ1/3ʵ
    ʣ
    Ҫװγƽڻеĵλһ򵥶ɵ£̱Ϊ
    ׶ʵʩһǷϳڵͨһڶ
    緶ΧڷϳƽĻҹܣ1944겼׶ϵԪһϵDollarExchangeStandardȡƽһϵGoldExchangeStandardʵ
    ˵ڶ1971˵
    ˹ҡźмƲ˹ڰε˽λħƿǣֲծһڴεĽ˳ֻǰȨˮ족Ŀ˹һԣͳöԣǶǵΪԶʷ





     ۻҵġ 5Ͷ ѡϣ 
   

    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.BankȻ
    ֳ֧Ʊĵ¹10СصŦԼмǻ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





     ۻҵġ 6.µɴ¹
    

    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¡





     ۻҵġ 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
    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





     ͳľӢֲ µ
    

    ʱһΪԶĵļƻּڽһϵͳ磬һ˿Ƶġܹƺ羭õģƣ
    ϵͳԷ⽨רƵģʽмƣͨƵĻɵЭЭ
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    ÿжͨƲ㽻סӰҾûˮƽҵԱֺμṩرȷʽƸԵ[6.1]
    γǴѧʷѧҿ.1966
    ǵУҡ֮ĴʻֵƵԽԽߡûصʷǳܰᷨͨųʵһ޴ļƻǵǣйԴȻ֪֮١
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    ʱĹмѾһϵкĵ֯ӢʼҹЭᣨRoyalInstituteofInternationalAffairs⽻ЭᣨCouncilonForeignRelationsĻµķ֧ɱ˶²ֲBilderbergGroupִƴ룬ι˧ίԱᣨTrilateralCommittee)
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     ͳľӢֲ 1.̸ ˹У ⽻Э 
   

    ڻʢ٣ͳǿģǴĻʹȨ[6.2]
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    ʵ˹УͿ˹д˵δԤ飬˵δʵʩļƻø׼ȷ
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    ˹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.˹ŷͬǿмҺμ***[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
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    .ֲ֮ӣмҽķ˹.ֲ˹ĽڹʣҲ⽻ЭԱ1950217ղԺ⽻ϵίԱ˵ӦýһǷϲΨһǾɣƽģʶǣģ[6.8]
    ֥Ӹ̳1950129յһƪָ⽻ЭĳԱԶͨ˴öӰòƸλĸһȵĵλ򾭼Ʋ±ĵ·Ӧÿǵ˫֣մһսѾɵĺһսȻʺѪ[6.9]
    1971꣬·˹ȵԱԼ.ˣJohnRarick۵⽻Эڽһõļ˰Ӳ֧֣ȨӰĴڽڡҵ͹¡ʹڴýӵо޴ӰÿһڱͺܷҵĺĹ˽⽻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
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    ÿʢٵĹٳϳȱҪλã׹ȲľŦԼ⽻Эĵ绰̿ѧԱƣ⽻ЭԱѯʡ
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     ͳľӢֲ 2.Умҵ
    

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    ϢһӢ¶۵Ĺע.ԸӢԼ.ɴ绰ʵɰٰáŲױʼʱŲ׵Ļشǣûе¡ԭŲǵ۹ѧҵ˾ImperialChemicalIndustriesĴɶù˾ɴ¹I.G.Farbenеҵ顣
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    194225գձ͵Ϯ֮2£ѾȫԵսֵǵ¹кͬ˼ιеֱܲսȻбҵ
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    1943괺죬ˡ˸˰Σڸս֮䡣Ȳֲ⽻٣Ȼ⽻ǩ֤ϣķܾȫ̻ս׶Ȼ˹䴬ֻص4£ŦԼԱд̣Ȼֳǰ¹׶¹еĹԱܵĽ鱨߲̬ȡ
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     ͳľӢֲ 3.ʻһ֯IMF
    

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    ҩгֹۡIMFϵⲽʱIMFʳƷˮȻϰճĲƷۣյĽȫ󣬴ʾ1998ӡIMFʳȼϵĲ˴ģάˮǵ񱩶϶Ȼ۸ɧҡһͱмˣǵᶯSocialUnrest֡ᶯһǳõãǾʽܾɢӣһƬʲȴѴߵĹмҵѪڡ
    ǵһλѡٵͳΣнкIMFԮʱȴȽЩԮ浽˻ϣֻõ4%΢Ϣͬʱȴòм12%ĸȼüꤵ񡣵ͳ˹ٸкIMFԮʱ˹ٸȴֻܾܾҪǶ֪Ĳпῼ飬˹ٸȻܳĥ
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    ˹ٸĿIMFкWTOһĲͬӶѡIMFгŵĿ˹ٷWTO[6.16]
    2004ġô̿͵԰סConfessionsofanEconomicHitManʵߵĽǶΪ˹ٸĵĹ۵˾ʵĽע
    Լ.˹JohnPerkinsԼϸµ˹мҶԷչйҽеĲսܽսʼĩΪˣ60ĩļNSAҰȫ֣ļھһЩеĲ֮߱ΪǷǳʵġô̿͡ѡΪ˷ֹ¶ݣ߱һҹ֪Ĺ̹˾ΪϯѧҡȥСô̿͡Ĺһ߼ƻ¶ȫûйٷ¹ֻܹ˽˹˾̰ߵĹ˵չйдծծҪԶԶʵȷծؽ޷Ϊõ߳ͷԪĽǮ¸ʱֽ֧ծ޷峥ʱкIMFмȥҪǷѪһ⡱ǳùҪʲˮϵͳȻͨͨѶȲҵ
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    [6.17]





     ͳľӢֲ 4.ͳľӢ
    

    ¶ϵ조Ĵá෴սȨĹһһвʳİ취ϰ취شﵽǵĿġ
    [6.18]
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     ͳľӢֲ 5.˶²ֲ 
    

    ЩǾڿţǾͲΪƶչƻԽԽӣ׼֪ʶӢмɵĳȨʵ϶ùȥʵĹԾ[6.21]
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    ɡеÿһԱ˹жº˷һѡģ
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    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˶²ľԺΪ8ᡢʻһ֯еļȶ롣
    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
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    áԴԴϵʯԪ롱ͼĽ





     ͳľӢֲ 6.ίԱ
    

    ǵĹܹӵΰƶȣҲܹĲƸʹǻڼУǲͬʱӵС
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    Ƚ˹ά˷ʱݳĿؼίԱᣬڴά˷£ƸɽίԱᡣܿϰ׹̨Ҫһ󲽣ҲͲȽ˹ΪĪ֮ĻͿˡ
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    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





     ʵҵ 1.ͳţϵ֤
    

    ˵19631122һѰӣͳڵ¿˹ݵĴ˹جĴ𾪺ͱ֮СʮԺ˵һʱʱܶ˶ؼǵõʱԼڸʲô˭Ϊʲôɱ˵硡ٷίԱսһа˹ߵµֵǴ˰ɵʵ̫࣬ʮŸıۡ
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    һ˽ܿɷ˿վһŵﻪʢٻʱȻŽѪĴ£Ϊáǿµ񡱣ʱְ˹ߵԱѺܿ˵ġǡ˭ܿԼ˵󣵣꣨ꣵ£գСĺ
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    ίԱɵĻзļ֤ݳֱŽܣЩļ漰CIAFBIͳؾڡNSA(Ұȫ)Ժ½սӵȻ⣬FBI֤ݡ
    ̣꣬ABC㲥˾һε飬Ϊɱһģı
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    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
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    ʧȥƻҷеȨмҶĲƸʧȥ
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    ˵





     ʵҵ 2.Ԫĵʷλ
    

    ΪϷʼڣġҷCoinageActof1792÷춨ԪķɵλһԪ.1
    ˣȼۣȣԪΪ׼Ķǻڰ֮ϵġ
    ˺ڱֽ˫ơ[7.4]
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    ڣʱڻͨлСƽȯGoldCertificate͡ȯ
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    ɹ涨깺Ѿӵиߴڰ˾TroyOnceİ½ӽֵӴ󴢱ټϰ鲼磬ҲΪɹۣҪȫʵֻһֱӷСȯƱسΪм̡
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    ͷϳĻҵλΪϺ͹мҶĽ㡣





     ʵҵ 3.Ԫλս
    

    ڹмҶԣ׷ϳƽĻҵλȫ̼ƻ֮УӵŸߵȼڰǱڿԴǳ޴һг۸¿ʼģĿ̽ͿϳƽҵĿ꽫ʵ֣һƽͰսһӦǣȯܿҸȼ롰ȯһ£ŷСȯĴȨʱ¹˭޶ۡȯռϷ磬żķա
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    ȻǶԴ֪һԹмұ̬ʵʱԿǷϳĻҵλһȴšҵǣĲ˹.ףDouglasDillonĸ׳ڻд壬Ϊ͵˱мǿϵڸУҪȨɵмǸڵκҪٶĲİȻײԣһ˾ĳгҵûûЭᣨTheSilverUsersAssociationңӦǿҪʣĴû󡱡
    7.8
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    ͳڳˣȻʱѾһЩΪİʱʣ²㣱ڰ˾ˡĹϴʩѾʹгصİҷȷźţͲĴȶǿԤڵ¡˾ĹƱһɳ졣
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    19634£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





     ʵҵ 4.ƽ 
    

    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£
    19683£ƽıԵ
    39գͳر˹УRostowڸԼѷı¼д
    ңͳùʣĽǣһ·ûƽǼӦԵǰΣ򱣳֡ƽתΪŷ޷ЭѣѻָгƽΪղòرաƽ𡯡ҵ뷨Ƚϻң֪Ȱ˵ǡƽ𡯵ĹǺǾIMF(ʻһ֯)óΪǱ30֮ڶԺȥδһ뷨ȡж
    ԿЩ뷨ǵû̫Ĳͬĩİ飨У֮ǽԸ׼ȷ˽⵽ŷ˵뷨
    312գһݱ¼У˹д
    ͳ
    ҶԱȶ.BillMartin,ϯղμ飩¼㣺
    1.
    ڻƽ۸ı仯Ӣͺ˿ͬѡ񣨱֡ƽ𡯣¹ԥʱʿǿҷԡ
    2.
    Э飬׷5ԪĻƽԳŵ5Ԫ֤ļתĿǰ׶гƽʧٶЩƽֻּ֧ʱ䣩
    3.
    ŷʶǺܿͻٷǳѡ׼ʱر׶ػƽгûƽоС
    4.
    £Ժͳùæһһرաƽ𡯺󣬸ԺЭ
    5.
    ǻ֪Լգͱȶĸ˹۵㡣ǻڽǽҸ˵ĸоǣൽʱԽԽˡ
    314գڻƽϣ˹нһ棺ĸ߼ʴһ£
    1.
    ڵٳȥˣϣкת
    2.
    ĩҪڻʢٿһƽ𡱲Ļ顣
    3.
    ǽۣƽڹڼĹ򣬱ֽгĴʩӽرȨSDRs
    4.
    ڹڼ䣬ǽԹٷԪ߰ԭ۶һ
    5.
    ܴκЭ飬ǽֹٷԪһƽʱˡȻٿ顣
    6.
    ⽫ʹгһʱңΨһʹҽһԶİ취һΪûƽ۸ĺ
    ڱ¾Ƿر׶ػƽг[7.16]
    ۲ȡʲôʩҲȲˡƽƲˡ1968317գƽ𡱼ƻڹŴˡ׶ػƽгӦҪرڡ
    ƽսҰܵͬʱԽսҲϷԵı仯1968130ԽλӶԽ30ʡʡͬʱģռڵһЩҪĿ꣬˳ŶҲݡΪνȻԽȡϵʤǴӾ½ǶȴǱԽܱʣλӷԼóƮĴ򷨣սƻ֮£λءҵʧȥλڻıԽӽдģԽսǰܻиĹ[7.17]û̾ǣԼѷһλᡣʱԼѷڽսϵĲҰܣѾʹɥʧ˼Խսĵ
    ׶ػƽгĲҰܣľ߾ӢȫֻţֽλıʿҪϳλɲ˼ۡ˫Ϊ˻ҵĽھ£Խսճˡ
    ǣ۵ʼת䡣1968227տʿأWalterCronkiteԤԡʧܡձʡ̬ǷѾŪ
    ԭȿɼԦĿꣿû׼õĻӦ׼Խ
    ¼ǰʱܿ315˵1968ʹ˾
    Խϻʤֻȡľ棬ѾǣһǿȨ
    ܼˡʱ˯ѾõĲԱҲѹԱʼ
    ɣȨͬս𣿡˹ƶ
    һĵطһս
    1968331գԼѷԱγ20Աֹըж
    ɴǰԽϣơԽϵĿͲ
    ˡѡͳԽսıԭ׶ػƽսĲҰܵͳξӢײĽڡĴ





     ʵҵ 5.رȨ
   

    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޳





     ʵҵ 6.ϳƽҵܹ
    

    ɲȥƽ̵Ľӱӿӣ赲޼¡ı֧Ŀ˱ըԵĳ֣ʵֶԻƽĹ̶ʡǻƽ̫٣ϵͳ̫Ԫ
    Լ.˹ؽⳡƽսһι£
    1971810գһȺмҡѧҺͻר߾һηʽֻۣ̽Σ⡣Լ3㣬.ֶ˵ĳˡʱǲγ⡣
    һ۸ֿܵĽ֪һֱ֧صĻߣĴʵ˷ˡΪŴţĻᵼ˥㡣ֽ߻ƽ۸񣬱.ֶΪеùͨ쵼˲Ըǵϻұֵʵжءʵ̫ˣʱΪֹģңΣ໹֪ⲻ1933Ҵڽ״̬£˹ΪΪ
    ʱ.ֶתңӦҸΪԸϢֲԸƽǼۣǾֻйرջƽһڣ35Ԫһ˾۹ĻƽѾˡ5Ժɾ͹ر˻ƽ𴰿ڡ[7.22]
    1971815,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˰





     ʵҵ 7.÷ʯԪ
    

    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£ʿ1974ɳأöʯԪĴ롣
    ˽λӻ֮µķƮҡеԪҵʯ





     ʵҵ 8.һ׵ӵ˽λϣ
    

    緶ΧڣλѾȫϳʿɵȼңƽֽѾȫȻûκϵùмҳԲ˯õĻǻƽļ۸70ĳǣֹλǹмȼĹ
    197511գΪչֻƽ𲻹һͨǶԴֽԪģʵ˳40ĻƽнҶԻƽȡ˰İ취Իƽеոߴ50%Ļƽֵ˰ValueAddedTaxڻƽʧ40ѾԻƽǳˣټϹķ벻㣬ƽûвԤĽž棬мڳһϯ.ֶ˿ǰмԼ.˹ŪĽʱʵԼĽǴģ
    ŷ˹.ڡΪʲôҪƽһе˹мҴѹƽʵʣ
    1975꿪ʼIMFҪԱ¿ʼˡѹƽг;ѹƽ۸ĿʹҪҵŷֽұȻƽáɹƻƽ۸񣩵ĲȷֽҵĹܹ޽ȥ
    ѧҲͬΪʧȥٷĹ֮󣬻ƽᱻ֤һּûʲôֵĶЩΪ25Ԫһ˾ǻƽġڼֵ
    19758£Ϊ˽һƽӰҵĻƽ𴢱ӣIMFĻƽҪ5000˾ѹͽۡǻƽ۸ɼͦ19799³嵽430Ԫһ˾ʱĽ۱1971겼׶ϵʱļ۸Ѿʮ
    19751¿ʼһƽ𣬺30˾ӵ75˾ȻԵֵƽֻ̡е197811ǰ150˾ʱг۸䡣19791016գڳŲסˣΪ⡱
    400ԪĻƽ۸ձΪطӳԪ1933سеʵӦȶɳļλ
    197911±ġΣı˻ƽĳڼ۸ΣѸĻƽ𴢱һٶдĵðһ˿⣬ʵĻƽԱᣬҴĻƽҲȫǸ׷׹ƽֱ˻ر档ʸǾ״ڹгϿƽҲʼį˳ҵУڼ֮ھ850Ԫһ˾ƶˡ
    Ŀһвɣޱͳʼȷֻлָλá19811£ʼҪƽίԱᡱGoldCommissionоָλĿԡ˾ֱӴ˹мҵĽ1981330գ׹69ͱһ׷һǹУӵ1ס˵ΪӰ.˹صע⡣Ȼ;ɱͳһ˱Ϊ⡣
    1981330գ
    һǹͳҲ˻ָλϣ19823£17ɵġƽίԱᡱ152Ĳ࣬˻ָλ˼·ͳϽ
    ӴˣҲûһλͳҶλͷˡ





    ڰ սĻս µ
    

    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





    ڰ սĻս 1.1973жս :Ԫս
    

    ʵ1973106ձĵĴжսżȻġͬ5µı˶²ֲϣ84λмҡ˾ͷͱѡеͻӦͷʹʧȥƽ֧ŵԪơά.˷մĸıʿȽ˹ZbigniewBrzezinski۵ĽǱԪģҵʧصĽսȨ
    мһ˵ļƻùͼ400%[8.2]
    һ󵨵ļƻɼĿģһ棬ʯͽձʹԪ㣬ʯͼ۸4ԪԪʧȥƽ֧źԪĸáһ棬ǰꡰô̿͡ǵĳɫͶǵѾ˹ȴĺУһʯͼ۸ǣ˳ƴʣЩԴḻĹҽΪһȺ׵ĸ
    ƻʵĵطǡ޻ˡǽɫУٹ֧ɫŭˣ°һŭ֮¶ʵʯͽˣʯͼ۸ؽһɳ죬ȫŭȫ˰ϡмһɽۻһʯԪĳƱһԪƣضսȨ˳ǣʹӡȹë˼ƿߡ
    ݹʷϹмҵγ֣Էʼѭš㷨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%
    1974꣬ͳͼŷʩѹͼۻ䣬һ֪ĹԱڱ¼дмҰ֮ǿáʯԪĲԶԸͼۣһľ
    ĸͼʱߴλͨͣϴ١ΪҵǺ޷ʶķչйң͵
    ʯͼ۸400%ıǶʯΪҪԴľ˺ܴȱʯԴľ壬ͻȻ˳Ϻ֧400%ĽԴɱ˵ũҵʹõĴʯͶĻʵȵĳɱ
    1973꣬ӡȵó˳һľ÷չ״̬1974꣬ӡȵ㴢Ϊ6.29ԪȴҪ֧ڴ˵Ľʯͷã124100Ԫͬ1974꣬յͻ˹̹ɱ̩޺ޣһҽһó׳֡IMFͳƣ1974귢չйҵó׳ִﵽ350Ԫڵʱһֵ֡ǣܺǡ൱19734Ҳ˵ʯͼ۸ǳɱ
    70ǿĹҵóף1974굽1975緶ΧڵĹҵóήȡس̶Ƕս֮[8.4]
    70УʵʩҵķչйѾеϢ
    ʯͼ۸ʹЩҵĴʽ𱻸ͼɡչйҪôֹͣҵ̣Ӷ޷йĴҪô͵нǮʯͺͳ޶ծıϢ
    IMF׵ĹмԴIMFһЩп̵ԮǿЩϡͿ͵˴ùķչйҺġIMFĸҩҺʲ˽лʱгɻҪгó׹ʻ󲿷ֹҺ⼸ҩˣֿǿĹҲԪˣƶ
    ڷչйŵԪڰʯʱһڵȴǡ





    ڰ սĻս 2. .ֶˣ羭 пƵؽ 
    

    ֶ˵ѡϯΪǻֵѡǵĿۡΪ֪ܴͱأΪ֪һޱ䡣
    ʷѧҲ˹.˹
    1973ͨж³ά˷Ϊ˼ǿŷձڽ֮ĹϵڲȽ˹ĳЭ齨һŷίԱ塣ίԱҪԱǱŷձһЩмҡҵҺŦԼ衢ֱܲһ˵ϯŦԼܲϯȻǴά˷գΪά˷յĸıʿĲȽ˹ΪܲճִΡȽ˹иڸױǴѧڵĺѣеϰ˹ˣˣϡԼѷƹܰ׹ʱι䡣Ƚ˹ݳزμίԱᣬһصĴҵԶ
    ˹˵£Ƚ˹ͬؼ档Ƚ˹һ۾˿أ϶պسɴȻ뽫ߣԿصʱְλҪΪίԱĳԱִίԱʱֺͨǣȽ˹㵱ά˷ƼشһִίԱϯССݳסصֱίԱԱСܿϰ׹̨Ҫһ󲽡ڿ1977׹֮ġ뵳ˡȽ˹˳µسΪͳĹҰȫʵǴмҽСɫʱĻơ
    1978꣬ϯְλȱǹмҷǳصһҪǣά˷.ֶ˵Σͳ޷ܾһҪ
    ŦԼʱơֶ˵õ˲˸ʿŷеϿɡѾõŦԼƱге9.73㣬ԪڹгһӼͦ
    Դ1933Ƚ.÷ҮEugeneMeyerְмĳԱѾȫӽгĵһ߳ĻҪͨϸѡŦԼгѡֿ˶ǳǵѡͶ˹ٺ͹𣬺׶ؾѧԺLondonSchoolofEconomicsһ죬50ŦԼеľѧң󵽴ͨξѧң60ڲʱǷϳλҪ֮һ1974꿪ʼŦԼгҪλãʵʸȫ
    1978119գ緢ֶӢά˴ѧWarwickUniversityһƪݽ͸¶羭ĳ̶ֳȵġпƵĽ塯80һĿꡣ[8.5]
    ǣ˭壿ν壿
    ׵Ȼظծĵң붫ŷ
    ֶʼ緶Χͨ͡ʵĴ죬ͬӢһʹԪðޱȡԪϢƽֵ197911.2%һǵ198120%ʣPrimerateߴ21.5%ծ17.3%
    Ӣж19795µѡġҪͨʹӾȥνһ¾Ͱѻ׼ʴ12%12֮ߵ17%̵֮ʱ֮ڰҵĽɱȻ42%ںƽʱڵĹҵпνʷǰˡҲӮˡӡĳƺš
    ڡͨ͡Ĵ£˥ˣҵʹĴۣӢмȴС
    ֧˰ҵơƹȿں쳹죬ծ񸺵֮µķչйңǰأ塣ʱչйҵծѾɱ˶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]
    IMFĴֻծǩһϵСر֮ܵõЩ֧˰գұֵȻծչչйһҪ֧һʡѡмңծıС
    ī类ҽҩʳƷȼ͡Ʒͬʱֵ˲Ҳ̶õĳ̶ȡ1982ڲͳһϵоøĸʩ֮£ԪȼΪ1211989꣬Ԫѱᵽ23001ī羭ѾʵϱмǡпƵؽ塱ˡ
    ͳƣ1980굽1986꣬һٶծм֧Ϣһ͸ߴ3260Ԫ𳥸֧3320ԪܹչйΪ4300Ԫ(1980)ծ֧6580Ԫķá1987꣬109ծǷм13000Ԫ˾˻Ͻֻ·չйԶûлծʱˡǣмIMFͿʼծʵʩƲ峥мҡծĹұ¥۳ʲˮȻ·绰ʯ͡еȡ
    ڼʶм߻羭áпƵؽ塱кεȵɱ





    ڰ սĻս 3.绷ҪȦ 30%½
    

    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
    ......
    19879£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˴λ᳤6֮á
    ߼Ա˹ʿJosePedrodeOliveiraCosta˹жµ绷֮һҹδߡΪṩڶڿܶ԰ľаپ÷ٶǴӳԶ޷ЩģյĽΪѺƷķˮѷΪӵС
    ѺԴأˮԴ͵µȻԴҲڱѺ֮С
    绷еƱȽۣȫ򻷾GlobalEnvironmentFacility1991иĹɶмǵĳԶ滮Ŀǰʵʩ





    ڰ սĻս 4.ں˵Ŀ궫
    

    ձڹѾ˾޶ƸǷ˿ǰծͳ׷ľϵֻһֻþɥʧ羭еķŴߵλΪ۵ġձͼӰĵطչ׳ʵձѾΪ缶мҡ
    ձΪĽǿȨһǳ˲顣
    [8.13]
    1987˹
    ӢڵһսнʷŴߵĵλʱͬʱʧȥǴӢ۹ȫλмҶһ¼Ȼ£ǹҵľڶսԺѸ𣬸׶ػֵм˾ӣһпӺƻͳһҵκǱھ֣ϼӷ
    ձΪɵľ壬ǾҵƷھǲƸ۵ٶȺ͹ģѸٴﵽùмҾֵĳ̶ȡÿֶʱĪ˹LawrenceSummersĻ˵һձΪ޾˴˵Ŀ־壬Ϊձɵв
    ձսģƷңȻѸٽɱ󷴹ռŷгձ60Ѿʼҵдģʹùҵˣ˹ʧʽΪ㡣70ʯΣʹ8׺ͽγܿͱձʡͳ仨ˮڵͼҵУѾɥʧ˵ֿձ80ձĵӹҵͻͽᡢ֥һҵģµ£˳봦֮ļмɵ·ͼоƬ켼ڹҵ˺Ͷ֮£شӺͼӲҵձﵽĵʹձоƬĳ̶ȡһţ֥չIBMӢضֻʱ⣬ĲҵձĻ˻Լķ롣
    Ӣ80ʵʩĸ߹ȻԪģͬʱʹ˷޺޵ڶ෢չйһѣҲɱĹҵʵձƷ80ٽռгľ档
    ձٹһƬձ˵и֮߳ʱһձڵĽɱսڹмҵĲ֮ˡ
    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
    1982֥꣬ӸҵChicagoMercantileExchange硰ơɹƱָڻһǰĽŦԼ֤ȯĹߣ֥ӸŦԼƱָʱŦԼƱ֧Ӷ𡣹Ʊָ޷Ǿһй˾嵥ȨóݣƱָڻǶ嵥ϵĹ˾δƱ۸ƣ˫ӵУҲӵЩƱ
    ƱгľĶ֣ģչָڻȻ¹Ʊг̣һѾ198710µŦԼбеõЧ֤
    80ձľڷʹձ˶ٲһĿĺԽСձƱ۸ߵûһλǵۼܹĳ̶ʱձȻдԼǶһ޶ġһʱձͶר˵һձвµ8788꣬89ʱȻǾһַǳرĶǵģƱгУձ֮УĶܹʹձΥдصĹɡ
    ڶĹƱгϣչ˾һǳҪͶߡмɳĦ˹ֵ̹ܹ˾һͶΪҪͻձʱմֽĴѰǱڵĿ꣬ǵĹİˡָϹȨStockIndexPutOptionֵʱձδŵĽ²Ʒձıչ˾ǶԴȤһˣձ˿Щ˱ضˮôֽȥܷձбĿܣձҵˬسŵ˫ĵľվָָµ׬ǮձǮָ÷
    ձĴʡҲ޷ͳƵжĽͬڹб֮ǰɽ˲ġڲһûмܵġܵġƹ̨׵ĵгϣһƬٵѸš
    19891229գձдﵽʷ۷壬վָ嵽38915㣬ĹָȨڿʼվָٴ졣1990112գʹɱﵣͻȻ֡վָϹȨ֤NikkeiPutWarrantsһµĽڲƷʢ˾ձҵ򵽵ĹָȨתȨ֤Ĺߣŵվָߵʱ֧վָϹȨ֤ӵߡֻøʢ˾һԸʢеվָȨųǿáȨ֤Ͷз׷Ч£ձҲԲסˣվָϹȨ֤һ¾ȫ߽ˡ
    ƱгıȲձҵͱҵҵձҵǰڹƱгԱٱһĳɱＯʽһжŹƱгĵԶΪջƻ1990ձ˳ʮ˥ˣձб70%ز14µڡսܡһУ߼ԪΪͲƸʧıԣձ1990սܵĺ͵ڶսսܵĺ൱
    .ձڽڵʱ˵ģ
    ûһұǰĵ--ձʵͻ֧ʱĲֺ;޶ˡ¹ԻʢٵҪձ˿ҳϺͿعծزʲջıʷƻԵĽѡ[8.14]
    2006ģβɭûءףйɹʱǱ󲻽ð˿˿֪ǰα˵ձʱǲҲ˵ͬĻ





    ڰ սĻս 5.˹мҵĽںڿ
    

    صý嶼˹̻пյġСĽţִ˵Ϊƾ˼ɫʣ³ЦΪһգSOROSڲͬ
    ˹ƾһ˵ġںڿš͵ӢУ¹ˣɨ޽г
    ֻдԼ򵥵˲ŻĴ档
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    ֤ȯ涨ġӡSophisticateInvestorsͶ˲ó99˹ɷѿĵȷ99ûһˡһ밶ԳУ˹ڶ»Ա֮УֻԡͶʹʡˣѡŦԼ˹˾SorosFundManagement嵣ְҪṩûϸԼͶʹΡ
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    ҵṹ൱ڶԺ۾ȫͬʱȴƫƫҪҹӦڶȴܾѪĽֵȻǾó׽壬˥ˣˮƽֱ½ҵҵƬգʧҵᶯӾ硣
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    ڰ սĻս 6.ŷ޻ҵ Σδ 
    

    ˺«ðưŷпƵĽ塱սĿ֮󣬴ͱųȨ֮ŷ޵ĺĵ¹뷨òʧȥһӴв֮̾Ҫ¯ŷԪӢͷŷԪһƱγɶԪϵİȨصĶҡá׶-·֮ͬĻҳͻҡ
    ĸԴ1971겼׶ϵĽϵʧڻƽӱλĲ׶ϵ֮£ҪҵĻһʼǸ߶ȶģó׺ͲҲʧ⣬ΪֵĹƱʧĹҲƸӶʹùϵŴ½Զ½˥ˣѳήƱ½ó׳ʧʼʱʼӣģó׳˳ܲƸӡһȻѭͿϵͳ1971ǰȫʵ֤صĳָ޴ҷնԳ弸ޱҪ߲ڻƽԼ֮£еĹҶʵͿ̿Ĺ۲ƸҲǹмƽĸԭ
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    ҰȫʲȽ˹͹˹ȻúƯжƳض1979ʱֵڶʯΣʵϴδֹʯ͹Ӧȱжϵÿ300Ͱʯ͵ȱڣȫܹ֮ܿµɳصĲ㡣׶ػֵʯͼڹͷͼ۱ǣȻҲΪ˽һ̼ԪһְѳʯͲҵһֿԪУʱֳУֻӣʱ෴ֽͨвظ췭֮
    Ƚ˹һָоǴйơ197812ʽййػϹһش̼̾ԵУбԼй滹СΣδ˸սж¹ԭʹĺϵ
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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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    ڰ սĻս 7.޻ҽɱս
    

    90׶-ڶսϣشձͱ˵ͷսϣ˶ŷľã·ŷͳһҵҲ˹Ľֶʱǳͷ֮־֮£ĺ֮ڣΨϵĶǵġ޾ģʽԽԽ˳ۡ÷չ룬ҼԴصͻƹؼԳΪߴΪҪɫķչģʽ70ʼڶǵѸпеЧǣÿǰ٣ˮƽߣƽˮƽȲƶ½ȫˡʢٹʶġгáģʽչйҵȤ˹мƶġпƵĽ塱һսԷ롣
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    ڰ սĻս 8.йδԢ
    

    ٶҵСƬ˹˱˵ﶫ͵ˣС͵ǹ߷˹Ƭ˹˺ٺһЦ˵ҲȫС͵ӦöԼԭ˭Ǽҵأ
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    Ƭ˹̾һ˵йӡȵԺǽ̫ˣ˹Ĳ㣬Ҫˤҵ𣿡
    С͵˹Ա֮ЦһǵԺǽͼͽ𣿡
    Ƭ˹˸ϽܣС˵Ѿɱɭȥйˣ˵׾Ϳڿ
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    ھ ԪѨƽһָ µ
    

    еĴдڣͨݽߡһ˾㵵뷨ǣȫҵСǻͨеÿһԪֳãܲҵУͨŴ㹻Ļңǵľþͻᷱ٣Ǿͻ˥ˡǾûһԵĻϵͳץסĹؼ֮ǣϵͳɱĻ֮ԼŵͻԡӦõ˼⣬Ҫڣ㷺ңϵͳ̲ȡʩڵ[9.1]
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    һңԽΪķծҡֻҲκ˵ŵκ˵ծѾɵͶɹǧʵȻġҪκǿƣԿԽʱ磬ǻеֶ֧ΡлУζšʵӵСǷ+ŵߵļֵű
    йڶ֮䡣ĿǰҲšծ񻯻ҡĳɷ֣ԣȻֹȥѾɵĲƷĶҵķвԪһԹծѺ˽злңԵԱ˽ľ޶Ϣ֧ǶҵԸӽҡͬʱûнΪ֧ţзҵĻԣǿܱ֤Ҽֵ
    ƶȣԪƶȵڱʣδĸıҪǰᡣ





    ھ ԪѨƽһָ 1.ִϵͨ͵ĲԴ 
    

    ִԭǲģмӵŵ򡣰ǵһУ´촢Deposit)ȨֻҪʣܴ㹻ĴǶʧһСǣǴ촢ȨһвƸĺ˶ʧҲԼģǣ촢ȨӦʧΪ⽫һҸ͸õ硣ԸΪмǵūΪǵıū֧ãǾǼ촢ˡ
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    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
    1913꣬пڳɹؽ˲׼ϵġģ-֮ȫ׼ƶȵĻھбӱҡ𡣵ʱеġȯ͡ƽȯȫ׼ƶȵҴߣֽұ󣬶100%Ѻһ˾ĻƽӦŵֵֽңʹϵͳծͬʱгȻȫġԪܹͨչ񣱣֮ǰһ
    ִԪͿʼгȫԪмҾҪһֲִƶ¢ִļȳʵӻҷ򳹵߳ȥʹħƽͰڣͣɹطϳ˰Ԫڣ꿳˻ƽԪӴˣ׼ƶ¢ϡ





    ھ ԪѨƽһָ 2.ծԪ  
    

    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򡣲ڷеĹծᵽڣϢҲҪ֧һΣ30ծʱ޿ɱԪ
    ӱϿ׼ƶȼծϵǳͨ͵Ԫסڻƽλ£Ȼȯ𽥴ƽ𴢱½λȻ塣ڲ׶ϵ£ǱȻ»ƽһϵıڴⷨƶ£ս޿ɱزͨͣյ緶Χ˥ˡ
    ծ֮£Զ޷ծ˾˽ծΪծ֮գҲԪʧ֮ʱծǵ٣ծϢѩЧӦ;ȻĻծٶԽԽ졣





    ھ ԪѨƽһָ 3. ծ   
    

    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⡱״̬





    ھ ԪѨƽһָ 4.Ʒг  
    

    ÿʽӵ٣ԪϢ֧ᱻ족ϵͳĻһֿøծĴδѻһϢԪҲֵͨͣǣͨͣCPIƺԡмҵħأ
    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





    ھ ԪѨƽһָ 5.ڶ 
    

    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
    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]





    ھ ԪѨƽһָ 6.ƽ𣺱Ļ֮
    

    ƽӵкܶ಻ȶأһֱͼ𵴻ƽ۸֮һעһ¹ȥ20Իƽߣͻᷢڽ۸ߴ800Ԫһ˾1980꣩ʱûۻƽʱӦǺܺҿȶۡȴͼʱۣ1999꣩ƽӢˡͼۻƽɽ۲ȶ֮һ[9.11]
    1999޲.ɴ
    ɴ˵Ļƽȶأ1980мħƽսԵһҪɲ֡ǶԻƽ۸Ĳȴһܣַ߳Բżƻ20ʱɹѹƻƽ۸ʷϻͷһء
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    ӢеĻƽȥأԭѱ衱ˡмǡBullionBankers
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    Ҫƽ𡱣ͱʹˡƽ֮ǶôȲܱĴҲ޷ṩȶָ꣬Ͷ֮ͽȤ
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    ڻƽġԳ˳У˻ƽBarrickGold˾ʵĴ󡣰˵ĶԳģѳԽ˷տƵĺ룬˵ĲǽںҲš亣ĵջƽжУ֮֮ͬ侺ɱ۵ľ棬ȻԻгڰ˵걨ϣϵͳԵͶˣԼӵĶԳʹԸгļ۸ƽʵгϵĻƽ൱־ͨмҡеϢĻƽгЩĻƽõ룬ڹծȯе棬νġӵĶԳ幤ߡЧԴ⹹˵͵Ĳթ
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    ˹19987µԺίԱᣨHouseBankingCommittee֤ƣƽһдƷг⽻׵ƷͶ޷ƻƽĹӦƽ۸ǣʱ׼⡯ƽ𴢱ӹӦ仰˵˹˹ϣбҪƽ۸ȫмǵĿ֮¡
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    £19999ŷ޵мǴˡʢЭ顱WashingtonAgreementƸδ5ڳۻƽϢƽ衱ڼСʱ֮ڴ1%9%ջƽ̺Ͷ̵ĽƷʧء
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    ڿƻƽ۸ս֮⣬мһ˵ڶսǾսѧսмɹ֮ϵͳԵضԾѧϴԣѧȵʵ羭ѽڵѧʽϷ֮Сִѧɻʻƽ𾿾кôʱ򣬹мӦøеǳοһڿ֮¡
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    ѧǶǿ˹ͽͽģЩŵĻߣĽ̲ġѧ߱.ѶɭĽ̲ѧʽ͸ֲɫͼǵԻƽĹ۵ʱŷĿûκʷԵ÷ǳǳ20ѧһ͵ӣѧȫ˶ԽǮʷоΪĳЩɶѡԡ[9.12]
    ѶɭĶ1968ԺĻƽ۸˫Ƶ(TheFree-markettier)˵
    IMFʻһ֮֯⣬ƽձȫȥһˡļ۸ȫɹϵͭСһ
    һж55Ԫһ˾ļλϹ˻ƽ68ԪļλĻһǮǣ55Ԫ38.5Ԫ33Ԫ׳Ļͻϵĳ
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    ãѶɭǻֵĶԳĻľͲĳˡ





    ھ ԪѨƽһָ 7.һ 2004˹ж˳ƽ𶨼
    

    һаȨԴȪʽڶȨ
    ͨƼ۸Ĺʵڼ˵ĲƸ䷽ʽȨĲǡƵλһңȨıͻթ۸ƽɺгȻӵƵһ伫ֶȷԼ棬սûκα
    ۼ۸оսս˼·ܽӽıƶ۸Ʒ۸Ť۸񡢲ݼ۸Ǹ·˷ҽĽû˵ΪձͲ׼۸γɵĹ켣
    ǱȽΪʲôϰλϷʩֻܷӣΪһжз֮СϰϰͨϰӿˣͲô˺ֱˣ˳ȨԽԽ١ȨȡҲˣһƷļ۸϶µΪ
    ͻƽԣ˭Ļƽ̣˭Ϳ˻ƽļ۸νƣǽΪƣ򱻶ؽȨϲİš
    ˹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
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    Ҫǣ˹ж¼岻ȥȻӵ֯Чߵս鱨磬ų޷֪ϢԴıԶǼӴĽԴͶϢЧռʹڹȥˡ
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    ھ ԪѨƽһָ 8.ƽһָ
    

    һʱʯͼ۸ǣ׶أڿһǣ˵й÷չǵĻ޷Ҫ˶йĲڸʯͱΪ˴̼ԪʵҥԲƣΪѡ٣ӲǷһһҹ֮䷢ˡشǡ룱ǲ߻ʯǼۣӶ̼Ԫͬʱͼ۱ǵμ޻жҵʯͽһ
    Ԫĵ޷ıʣܿ죬жֻ£սս޷⣬ɫжҲãҲգ֮Ǽˮ׻򵼵˻ľȺϿж磲ʯͨʯͼ۸׳ϣԪأԪֻʡֻҪ˲ҪԪвͺá
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    ǵȥôˮأǻֵֿʼ̸۽гǲϵƳɰǧµġڲƷڻҡծȯƷָáʵȷ涯Խ쿪شĲϽǿ԰δÿһĺûԪǩгͬԽδÿһÿһСʱÿһӵĵ𡢻ɽˮ֡֡֡иðͨ¹ʡɥȢɡƷʵ۵ڽгϽסϽгȷǡ޿ֻ۵е1999ITĭǷ켫ʱַĵ˵ҪΪÿһɳӷһIPַͬЩ˵ڡϺĭʱĽǮ̫࣬ûкõĿͶʣɺ캣ĺˮ׷Ħ̫ʱжٽƱס
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    ʮ ı µ
    

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    ֮ǿʢĹҿʼ·ʱήӴսͿ˴ǰĻǴӱֵҿʼͼӱܸծ̨ѹĲƸʱƸתȥѰܹӻǵĵط
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    ʷϿǲŪұֵͼƭƸĹңҲؽƸ





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    ĵĶ⣬ҵþ൱еǧˡסҪĳ߶һһÿ춼ھҶĻϵͬǧˡסĶʱʱ̶̿ͣı仯һΣա
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    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
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    ˢÿʱÿһǩֺֽƬΪһǷÿһǷΪеġʲÿһеġʲΪĻң仰˵ÿһˢ족»ҡ
    ծծ񣬻ծѸٻծҵԨ
    ͬʱйûˡĽгЩĻңЩԵķĽڷز͹ծУûκЧֶܹЩġʲͨ͡ձĹ񻰣زȽй֡
    мſһǾóĭĺϷȦˡж˲м˵йѳɴʱΣʻգǶծĭÿνʶ㡣ծĭ͵һ̶ʱѧǾͻӸйõĸָϢ͸潫ǵذýͨ⣬һĥѵȵòͷĽںڿǽһһӵϣڵͶ߽ɢӡ
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    ծҺͲ׼ƶȺؽ֡Ƿ+ŵҵıֵ
    ĳֵġ⡱֮£ܹȶгطչ
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    ͹£
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    ԴͱȻƶֻעʹƸҵУ
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    ʮ ı 2.۸񶯵Ķ
    

    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





    ʮ ı 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״̬֮£ؾĸԴƸȻ̬Դ
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    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





    ʮ ı 4.ҵ :й÷չ սԿվ 
    

    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%ԺΪŷԪ
    ʵĹ½96%
    ӢĹ½95.7%
    ɵĹ½95.2%ԺΪŷԪ
    ԪĹ½95.1%
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    ¹˵Ĺ½89.7%ԺΪŷԪ
    ԪĹ½83.3%
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    СִծУͦĪʿɡȫʿ
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    ¹IMFʿʻһ֯IMFʱ
    IMFֹԱĻƽҹʿѹȽʿƽ
    ʿɵĻƽ֧Ŷ½ʱʣ£.
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    һ˹жУRothschildBankAGinZurichִƸ
    ж꣬1987Լ˹УBankLipsAGinZurich,
    ǹʽڵ۹ġȦˡġƽսһ¶1999
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    м˹Թ˵ֻҪ̫ƽ󽢶ӻձǵİ
    ȫձͱֹƽ[10.3]
    ĿǰйѾӵУԪ㴢ȷʹʾ޶Ƹغδ
    йİ,Ƿɢڷ򵥵⡣ҪйӦ
    ÿڼĹʽսӮսȨʵһ
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    мҴٽйĸսĿйĻҷȨйõġпƵĽ塱Ϊһ׶أµɨƽһϰ
    ֪˭¢ĳƷĹӦ˭ʵֳ󡣶һ˶ҪƷ˭¢һĻҷУ˭ӵ޷׬ȡֶΡΪʲôмҪʾ֭Ļǡ伫ıȡ¢һĻҷȨԭߵľ¢ȫĻҷȨ
    ̬мҴսԹ״̬йҵǽ˲ԴӪģʽʾ飬ʩ׷ϵǮĹмҲ˼ҪȫսܣΨһѡǡģҴҵġܰնԷĹ
    һ۲۵Ļսսֻսʤߺսֳ·йⳡսб۹ڴֵĹУһ





    ʮ ı 5.δսԣ ǽ 
   

    ͬһƽڵ͹ֵĵط
    Ī1878
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    йȫ濪Žͬʱƶȵƺͱ׶ˣȡŵ̬̬ȣҪȫ洴µ͵ԡ
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    ǽ
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    йڵĽڷǽּڷжͨƸйʲĭ̶ͳͨʹҵպƲӶ۸ļ֮һʮ֮һչйĺʲڹűϸеŴŹģͷԴʹɷнں۵أϷдծлһ
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    ǱֿǵйѺ;ޡǿ޲ױȵĴ磬νǿܹ޷ȫ²Ʒȫ·񣬴ȵļѧ£ΰ˼йĿǰڴģģнչ˼ѧ·滹֮Զ˼ĻȱģȱĵҪ־޷ƶȵĺ벻ԣȱԻ֮ĵҳûеĶȱͼµĵԡһУһһϦܽ⡣йֻͼ
    6





    ʮ ı 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⡣
    йθԽƽ𣬹ʽ۵ķǽ̴мõԪϢ޵ףǽĿòǿԪϵ߽ġ
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