TED演讲:是什么赋予了钞票价值(2)

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　　it is not under the direct control of any branch of government. 它不受任何政府部门的直接控制。

　　So why doesn't the Fed just decide to print infinite hundred dollar bills to make everyone happy and rich? 那美联储为什么不干脆印无数的钞票让每个人都又开心有有钱呢？

　　Well, because then the bills wouldn't be worth anything. 如果那样，钞票就不再值钱了。

　　Think about the purpose of currency, which is to be exchanged for goods and services. 想想，货币产生的目的是用来交换商品及服务。

　　If the total amount of currency in circulation increases faster than the total value of goods and services in the economy,  在一个经济体中，如果市场中的货币量比其等值的商品和服务上升的快，

　　then each individual piece will be able to buy a smaller portion of those things than before. 每一分钱能买到的东西就会比原来少很多。

　　This is called inflation. 这叫通货膨胀。

　　On the other hand, if the money supply remains² the same,  另一方面，如果货币供给量不变，

　　while more goods and services are produced, each dollar's value would increase in a process known as deflation. 商品和服务的量增加每一元钱的价值就会增加，这个过程叫做通货紧缩。

　　So which is worse? 哪一种情况更糟糕呢？

　　Too much inflation means that the money in your wallet today will be worth less tomorrow, making you want to spend it right away. 过度的通货膨胀意味着今天在你钱包里的钱明天价值更少，使得你想要赶快把它花掉。

　　So while this would stimulate³ business, it would also encourage overconsumption, or hoarding⁴ commodities, like food and fuel,  这会刺激经济，也会促使过度消费以及对食物，燃油等商品的囤积，

　　raising their prices and leading to consumer shortages and even more inflation. 物价抬高，导致消费人数减少，加剧通货膨胀。

　　But deflation would make people want to hold onto their money,  但通货紧缩会致使人们想要守住自己的钱，

　　and a decrease in consumer spending would reduce business profits,  减少消费支出，降低了商业利润，

　　leading to more unemployment and a further decrease in spending, causing the economy to keep shrinking. 导致失业现象更严重，进而使消费支出越来越少，经济不断地紧缩。

　　So most economists⁵ believe that while too much of either is dangerous,  所以，大多数经济学家们认为，两种情况到了极端都很危险，

　　a small, consistent amount of inflation is necessary to encourage economic growth. 轻微且持续的通货膨胀对促进经济增长是必要的。

　　The Fed uses vast amounts of economic data to determine how much currency should be in circulation,  美联储用大量的经济数据来决定流通的货币量，

　　including previous rates of inflation, international trends, and the unemployment rate. 这些数据包括历史通胀率国际贸易以及失业率。

　　Like in the story of Goldilocks, they need to get the numbers just right 如同Goldilock的故事里说的一样，美联储要让货币供给量恰到好处，

　　in order to stimulate growth and keep people employed, without letting inflation reach disruptive levels. 才能在避免通货膨胀失控的情况下刺激增长，保持就业率。

　　The Fed not only determines how much that paper in your wallet is worth 总之，美联储不仅决定着你钱包里钞票的价值，

　　but also your chances of getting or keeping the job where you earn it. 也决定着你是否有机会保住工作得以继续赚钱。

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