来自《耶鲁大学开放课程：金融市场 第16集 第16集》

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  So, since 1933, the Fed has been managing inflation.
  因此1933年至今美联储一直在管理通货膨胀
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  It used to be that there was zero inflation,
  曾经一度保持零膨胀率
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  if you define it with respect to gold,
  如果从黄金角度来说
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  and they were really true to that
  他们确实做到了
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  --zero inflation in terms of gold.
  从黄金价格来看通胀率是零
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  Now, there was inflation with regard to a basket of
  现在 通货膨胀是相对于一篮子...
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  --the Consumer Price Index is not just the price of gold;
  CPI不仅包括金价
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  it's the price of many things,
  还包括很多物品的价格
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  but the--there would be inflation or deflation
  过去的通货膨胀或者通货紧缩
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  as the relative price of gold changed.
  是指黄金的相对价格变动
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  After 1933, we had lost our moorings;
  1933年后 我们失去了这一支持
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  there was no longer any idea
  以后也不会再出现