contracts.

契约的
And so at first it's about what the rate of interest should be,

以及利率的多少问题的
then it switches to, should contracts always be

接着又转向了契约是否应该
enforced, and yes they should be

被强制履行答案当然是肯定的
enforced, but the enforcement should be the taking of

而强制履行时当然需要
collateral and sometimes the amount of collateral put up is

抵押物而有时有些抵押物
wrong.

又是不合法的
So that's going to be the conclusion of this course that

所以说本节课我们得出的结论就是
what went wrong in the last two years or three years was a

近两年发生了接二连三的状况
horrible mistake about how much collateral to be put up,

其根源在于我们制订了太多的契约
and the Fed instead of just monitoring the interest rate,

而官员们只重视监控利率了
which is what you're taught in macroeconomics it's supposed to

而你们在宏观经济学课上应该也学过