صtxtС˵txtС˵վwww.txteb.cnǵļ԰ u.prcbb.cnѵķ
Ԥ,24Сʱɾҵ;ϲ빺ͼ飡



ԡ𺽵йúĸһ˳ô
дйWTOꡢȫʿ֮
ψ
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ǿҪпһ̵սǱڵġڴսввΣնȣйWTOҵʵȫ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СϢģriben÷·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
Ŀģڽ18ش¼ĺعطš۲졢ᡢԱȡܽЩ˵սĿĺ͹ַӶԤδйԼ̽йķ֮
սѾʼȻ̣
һ¡˹ж¼CŷΨһǿȨ
ֻҪܿһҵĻҷУҲں˭ƶɡ
÷Ү.˹ж
µ
һ½ҵˣû˵˹ж¡Rothschild֣ͬһ˲֪أϵѧ֪˹̹һֶԾй˵ǷǳİģйĹȥںδŲĥӰνΡ˹ж¼ԵӰ˵ľ޴󣬶֪֮ͣ̾Ϊֹ
ܵļƣȫ͸ĺӱһ㾫ȷЭԶгϢȡͷβǣֹĽȨͻһ֮ϵĶԽǮͲƸ̶죬ԼŵԤʹ˹ж¼ٶڡκսĲпңһΪֹʷΪӴĽڵ۹
1.1صĻ¬˹жµĿ
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޵Ĵơ
սǰ˹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]
¬һսʹɭһٳΪӢծȨˣӶӢĹծУӢбɭơӢĹծδ˰յƾ֤Ӣɵĸ˰˹жȫ˰Ӣ֧ǿйծＯ仰˵ӢΪûлҷȨ˽нǮҪ֧8%ҵϢбϢԽҽ㡣ɭ߬žѹƵӢծʱʵϾ;Źծļ۸ӢĻҹӦӢľ˹ж¼С
־ɭ˴Ӣ۹ĽҲںʲôӢܱλͳӴղ۹˭ŴӢ۹ĻҹӦ˭Ϳ˴Ӣ۹ҿŴӢ۹ĻҹӦ
1.2˹жҵʱ
Щϵͳ֧ƱҺûңҪôǶϵͳǳȤҪôǷǳϵͳʩ(μ)ײǲᷴǵġһ棬ǲϵͳʱľ޴ƣǽѹȶҺԹԣһ㶼ỳϵͳǵ档
˹жڹҵŷѸͷչ,ҵǰٵʱȫµĽʵ˼ӺӢȫŷ޷俪1694ӢеĳBankofEngland),һԶϹȥӵöĽǮĸʵһðվмҴ˳17͵һУǮĸʽ̱仯1694굽1776ǵ.˹ܵ<<>>ʱʷзеֽһγͨеĽע1.3ݡҵĶ·ɽ촬е֯Դҵǰ޴봫ͳеĹϵЧͼΪ޵֮ǿҵìܡ˹ж¼ΪмңץסһʷԵҪԶԼΪķʽȫִҵʷ򣬶˵򲻵ò֪رƶ
1625սֶʹӢ飬1689һӢȢӢղķʿŮŵõλʱԵһ̯ӣټ뷨·ʮڽеսʹһĴǮʳĳ̶ȡʱ.ɭWilliamPaterson)Ϊ׵мһӺѧһ˽еШCӢУΪӴĿ֧ʡ
˽ӵеṩ120ӢֽΪġծ񡱣PerpetualLoan)Ϣ8%ÿĹ4000ӢÿֻҪ10ӢͿ̳ﵽ120Ӣֽ𣬶ҿԶûǮ!ȻҪṩġôǾӢзйϿɵȯBankNote)ǳ֪мңGoldsmithBanker)ͼľǷȯЩȯʵǴڽﱣܵĽҵվݡЯҷǳ㣬ҾͿʼýҵվݽнףȻٴӽһӦĽҡʱˣǾûҪǵȡңЩվ𽥳˻ҡĽмǽÿֻкٵȡңǾͿʼĵһЩվŴҪǮ˲ȡϢծϢػϵǷջؽĵ٣һжûϢȴȵװԼǮһеվͨΧԽ㣬̶ܳԽߣԽ󡣶ӢзеȯͨΧͽ̶ܳȶԶԶ޷ģЩϿɵȯǹһҡ
ӢеֽļϹ2000ӢϵʸΪӢеĶ£Governor)һ1267˳ΪӢеĹɶ14˳Ϊж£.ɭ
169427գӢһ䷢ӢеĻʼִգRoyalCharterһִоˡ
ӢеĺǰѹҳԱ˽ծתΪծȫ˰ѺӢлծĹһҡһǮ̻ˣǮԼˣмҷų˼ҹľ޶͵õ˿ɹ۵Ϣ룬ƺһԴϲľ棬ֻ˰ճ˱ѺƷǿµĽڹߣӢĳֱ1670굽1685꣬Ӣ2400Ӣ16851700꣬һ࣬ﵽ5570ӢӢĴӢеĽ16851700걩17࣬80Ӣǵ1380Ӣ[ע1.4]
ǣưѹһҵķкùծһҪҾͱӹծծ͵ڴݻ˹һңгϽûлͨҲԶܻծҪϢ;÷չҪȻĻңЩǮнծԹծֻԶӣЩծϢȫмҵǮϢĸ˰
ȻӴԺӢҲûлծ񣬵2005ףӢǷծ1694120Ӣӵ5259ӢռӢGDP42.8%[ע1.5]
˿,Ϊһʾ޿,˭ҵ˽лĹ֮·ѹͷ,ɱɸͳķ,ʵֵðһ¡
1.3˹жµĵһͰ
1744223գ÷Ү.A.ڷ˸̫۾ĸĦһĽ𽳺ͷŴˣڶŷһı÷ҮԺĦڷ˸÷ҮСչֳ˵̣׶ע˴ѪϤĵ̣ϵͳؽڽǮͽҵ֪ʶԺĦȥˣ13÷ҮݵĹŵŷĬеѧͽ
÷Ү˵ԺڷѸеĸרżܣ7ˮһղŴӢֽҵ˼롣ĳɫ÷Үγɳϻˡй[- С ˵ վ TD d w  w . F   L . c  ]ʶһЩбĿͻаչشõķ.˹и÷ҮʶǮ͹Ҫȴ˵ͱϵߵö࣬ö࣬˰ѺӢȫµĽʹ÷ҮͷԻȻһ¡
Ժ÷Үص˷˸׵ķŴ⡣ԼϸΪRothschild(RotǵĵĺɫSchildǵĵıǵ˼)֪?˹иҲص˸ӵĹ͢ʱ뵽Ҫúһϵ?˹иٴμ÷ҮʱҲǳˡһǮղؼң÷ҮǮҵоǼ洫ģ̸ŴĸǮ䣬ֱýüɫ衣ýϲ÷ҮԸԺܴۿöĽҸܿ?˹иͰ÷Ү֪ļƵ÷Үܿ͹͢Ҫһ죬?˹иټ÷ҮԭӱҲǽղؼң÷ҮֶͬκܿӶмӡ
ڼϡĽ֮Ҳò̫˼÷ҮʲôҪæģ÷ҮʧʱҪΪ͢ʽˣԸԳˡ1769921գ÷ҮԼҶܻգԱýдϣM.A.˹ж£ӵָˡһʱ䣬÷ҮǣԽԽ
ӱʷһȲˣ18͵ŷԡӡĹάƽŷ޸ҶϵУϲӢ⣬Ӣкܶຣ棬ҪñԼľʹãӢǮ϶࣬ҲǷԺһļϡսʱʢٶԸĵ¹ʿӢĻҪࡣӻŷʷһŲԼ൱2ԪѹǳǡŷѪĴ㡱ע1.6
Ͷӵº÷ҮĽذÿ¶þƾΡ÷ʲ׼17891799ˣ˳ӷܱߵľƹӡӿʼǲԽԽĸڵ¹ͽǻϴĲƸӵ뷨෴÷ҮȴԷǳˣΪֻŵĽǡìͷָʥ۹ʱӢóжˣڻļ۸ǡӢƷ¹ʹ÷Ү׬һʡ
÷Үһֱ̫ǳÿϣ̫õݽ֮÷ҮǻһЩǻ۵̫ѧߵļǴ£һһغѾһϸһЩµ˳ֱҹע1.7
÷Үо:һļͥһ𡣡ʼֲʲô˹ж¼ִȨ
1800ʱ˹ж¼ѳΪ˸е̫֮һ÷Үһʥ۹ʵġ۹ʼҴĳƺšƺʹͨе۹ĸ˼̫ϵĸָ˰Ĺ˾Աȡ
1803꣬÷ҮӵĹϵУʹ÷ҮԾһ̨סģӵһλǵһʿӣ¶ͲԸӦ÷Ү֪ԺΪǸܺõĻᣬһӳǮ÷ҮЭ̣˹жµĵϢ÷Үɡϸ룬Ǹİ취³׳ŴǮֲ©÷Ү˵Ŵ£õɿĻرľûᡣǴ˼ĳɹţʵҵĴͨ÷Үɽ˹жȵҵϵŷ޿ʼΪ֪
صԺͼԼһߣˣԸ֮ǰѡվӣز䷳,ҪѺ˼ɪӼ壩ŷ޵ͳȥ漴ѹӲֻ󣬳֮ǰһʼֵ300Ԫֽ𽻸÷Үܡ300ֽΪ÷ҮǰδеȨͲƸ,Ϊ÷ҮͨĽڵ۹ĵһͰ
÷ҮбȽһӢҪöģڵõӵʾ޿ʱҪʼǲˡŷ޵ϴķ˹ط˸ܲ϶ŵάҲǿսɭӢִ֣Ŀǲ˹ݵزΪֵ֮ʹķ˹ִưҵ
1.4ɭ׶ؽڳ
ǮгףȻҲǼһסʵӵĲѺʲŷޣйҵĹͲǵĽ̻塣
Ӣ౾.˹BenjaminDisraeli
׶ؽڳǴ׶صĵһռؽ2.6ƽĵ18һֱӢĽģӵж˾ϵͳٸԺƣһ֮֮ƼŰӢܲڵҪĽڻ˵ӢGDP֮һ˭׶سǣ˭Ӣ
ɭӢֵӢţӢŷ޼۸úܸߣɭʼڷĵܵܽķ˹ְѻӢ͵˵ת֣׬˺ܶǮɭʶӢĹԱԼ.˹Ӣʱٹͳ˧ӢѾ˽׼ΨһȱپáеĲپܾȯֻսңʱٹľлƽǳȱ
ɭһҪڴϴһʡĴƽĻԴöӡȹ˾һƽմӡ׼ۣӢҲ빺ֻǾü۸̫ߣȻƽ۸ٹɭ׼Ӣµӵ300ֽԼ˽Ӣ׬Ĵʽȫѹϣ붫ӡȹ˾ɽƽ80Ȼ̧߻ƽ۸Ӣۼƽ۸񽵲ǰʮ𼱣ֻдɭԸ߼۹һɭ׬
ɭƺֲϣҪƽٹľСʱӢܵ½ϷзռӢԸ⸶ܸߵļǮƽõ֮ɭĵܵܽķ˹֪ͨɭͻƽ𵽷ӢǳŭΪƽӢĲһ˻Ĵ£вֵ֧ĵ;һ·СƳķԱҲؽ¸װơɭѹ͵Ļƽ𣬵õӢ֧֣ƺƵҡڵؽУɭһμӷĻӭᣬһ˰ѻƽһٹܹܵĽң֪ͨ˹жµ˵ӢСַĸֱ׷ִĵӰڡ
һλ³ʿסӢ⽻˵˹ж¶׶أĽӰþˡȫ׶ؽڳǵ㽻׼۸ΪмңǵȨĿɭŭʱӢжڲ
һΣɭ簢ķ˹ӷ˸˹жп֧ƱӢҪһֻֽһ֧ƱΪɼԾܾɭȻŭڶһ磬ԼľְԱŴӢе֧ƱҪֻƽֻһʹӢеĻƽ𴢱½ڶ죬ɭ֧Ʊһеĸ߼ܲɭҪһ죬ɭػش:Ӣоܾҵ֧ƱҸҪģӢٿ飬Ȼеĸ߼ܷǳظɭӢнҵضһ˹же֧Ʊ 
ɭڻ¬սһٶ׶ؽڳǵȨӶӢľӴˣҷкͻƽ۸ҪľȨһֱѳ˹ж¼С
1.5ķ˹
һмҵĽǮʱǣмң쵼žƣΪǮʼոǮ֡ǮûڼҲ֪Ϊ͸УǵΨһĿľǻ
أ1815
˹жµķ˹ִʱڣҪ׶غͰ֮䣬˽ӢڰͻƽӢծչս֮󣬽ķ˹ڷ롣˹ж°У
1817꣬¬ս֮󣬷ɥʧսеƬڱΧµľأ񾭼Ҳס·ʮ˵ĴϣڲվȽŸһҷкӢİеõĿӴĿպյ˹жȴɽķ˹Ϊ˷߷߲ƽ
1818꣬ǰһ귢еծȯڰŷ޳жǣʵͷд˹жֵܳһа취Ҳò档ԭѳԺѪ߹󣬾˹ж¼岻һȺϱԸ⡣ܽķ˹ڰ֣լλߣĸ߰ķ˹߳ŭ
ֵܿʼ߻ƷǵļƻĹǸ߰ȴ͹˹ж¼ڽڷ͵սս˳ᢾʤǧھϵ衣
18181115գһȽֵķծͻȻʼĲѰصۡܿ죬ծȯҲʼܵӰ죬۸˲̶ͬȵ»гϵͶ߿ʼ۷׷ס[- С ˵ վ TD d w  w . F   L . c  ]ƣǵûкתԽԽ㡣ݱ˵ؿٴ̨Ҳ˵˰ղԳϢ˵µս
·ʮ˵Ĺ͢ڲҲ൱ţծȯ»ԺĿ֧޴ӳＯ߰ĹǵҲ˳ݣÿ˶ڵҵδֻһԹۣǾǽķ˹ĸ翨
Ӣǰ֮˿ʼ˹ж¼ڲݹծгʵˡ181810¿ʼ˹ж¼忪ʼۺĲܣŷ޸ĳԽծȯծȯֵȻ󣬴115տʼͻȻŷ޸ͬʱ۷ծȯгļֻš
ۿԼծȯ۸һ㻬Ԩ·ʮ˾ԼҲ֮ȥˡʱ͢˹ж¼ĴԣΪʲôøµ˹жȾء񲻶·ʮҲʼҵݵλˣټķ˹ֵܡṬķΧΪ֮һ䣬õĽķ˹ֵܴЦӭš
Ȼķ˹ֵһ־ֹסծȯıǳ˷Ŀģڷս֮󣬶ǴӾΣ˷ʻķ˹ֵѣǵ·ʽҲʱװǵгǾĵط
˹ж¼ȫ˷ڡ
1.6ʶµ
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
1822꣬÷˹šķ˹ͿֵܲμҪάګ(VeronaCongress)ڻ˹жеõһŷ·ĿµԽԽܵ˹жµӰǿʼ˵µһѵϣFerdinand)ʵۺһŹ1843꣬չVtkoviceϿҵ˾Ͱµ-ұ˾ҹ˾еʱ10عҵ˾
1848꣬ѳΪµں;õߡ
1.7˹ж¶ܻµĵ¹
Դشӵ¹֮󣬵¹ɹȥ300ɢķ⽨Сϲ30ϴĹң˵־TheGermanConfederation)ط˸ϴķ˹屻Ϊ־׽1822걻µʵۼӷΪо˸˹жгΪ¹ڵġڰķ˹ϥӣΪ£ԶԺ֮ķ־ˡһλðķ˹ϲ˾Ǻִʷĵ¹Ѫ˹(OttovonBismarck)
ĿֵƽӹһμҪʹŷ޸شϢЭֵܡڰڷ1818ծսȡûԻʤ֮󣬱ִƼŵɭǲ˹Сȴ˳ֵԤڵˮƽ÷ѹľӣԳɫʹеռķá߻ǲ˹󳼵Ҫְ𽥵سΪ͢Ĳ֧Ӱ鼰뵺ٸԽ͢ҵ̻ʸʮʱÿǣǹ߳
1.8˹ж½ڵ۹
ֻҪֵһûκһܹǾ˺ǣǴǺһӵбκһжҪ
άɭɭš1814624
˹ж1812ȥ֮ǰɭϵ
1еļеҪְɼڲԱΣˡֻԼԱܹҵ
2ֻͨڱ֮УֹƸϡͺһǰڱϸִУſ̫мͨ顣
3Բ׼⹫Ʋ
4ڲƲ̳ϣԲ׼ʦ롣
5ÿҵĳΪ죬Ǽһͬ⣬ѡӽӰࡣ
κΥˣʧȥһвƲ̳Ȩ
йо׻ֵͬģϽ˹ж¼ͨڲͨϸֹƸϡͺ100ڲͨ18Σ16ڵһףã֮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᲻ϧһдȥȡʤսʱӮеծ֮СӢгս121ʱ1694-1815Ӣ56괦ս֮Уʣµһʱ׼һս߶սмҵĸ棬˹ж¼Ҳ⣬ӷ1789꣩ڶսļеĽսı󼸺ǵӰӡ˹ж¼ǵҪծȨˡ˹жµķˣGutleSchnaperȥ֮ǰ˵ҵĶǲϣսǾͲȰսˡ
ʮҶӢ¡¡ŷҪҵĻҷдȨ˹ж¼֮УʥľȨʥĽȨȡʱ˰ٸ½ǵҰ
ڶ¡мҺͳİս
ҪĵˣǰϷӣҺĽڻ֮У߲вҿδһҲΣǿҶǵĹҵİΣѡǮͳβ˺ֱƸջ۵ǵĹ͹ᱻݻ١ڶҰΣĽʤκʱս֮Ҳˡ
ֿ
µ
˵йʷΧȨչ޷йʷľ衣ôʷŽǮģ˽ǮĻıͲܰʷ硣
ʷһǳصĹңѸ͵͹㷺Ӱʷ϶Ǿ޽еġĳɳ̳˹ĸԤıУԹʽ͸͵߸˾ĶǣȴΪ֪
ƶȵƺͽȫעط⽨רвⷽȡ˿ɹ۵ĳЧǣƶȱԽǮȨһġĲȴûпɿ
ƶȶڹмͨƻҷȨһսжϺͷش©Ǯ漯šѡϱսǰһٶʱ˫˽ϵͳĽһƸߵϽ˷ǰ7λͳ˱д̣λԱɥʷѧָͳʱսڼ䣬ŵ׵½һ߲ӵƽʻҪ!
йڵȫ濪ţмҽйĽڸأ췢Ĺ£й
2.1ɱֿͳ
1865414ϣڼΣжȹпսֿͳ5ǰӭϾ޲?򱱷ؽͶʤϢͳ߶ȽŵһɳĸߵʢٵĸؾԺݡ1015֣ǱûͳᣬھֿϲӢߵĺ棬һѴھǹͳͷǹֿͳеǰڶ賿ֿͳȥ
һв˹(JohnWilkesBoothڵʱԱڴɱֻֿ֮ʳӣ426;бСֵ,˺ܶдɵżһЩ̴?˽Ʒ̴ǵʱϷսͺĹ䣬ҲϷڷʵȨΪŷ޵ĴмǹܡӵӢֿϴɱ¼㷺ΪһģııĿֿϵڸԱŦԼͷѳǵмҡϷ߹١ŦԼıֽ̺ͱļӡ
ֵŮĻ¼ᵽֿϵı̺ŷ޵йأ˹д֮ǰȥŷһΡ̴ֺ?ϵ̴ܽ󱻹㷺Ϊ˹жеĴˡ
ҪֿϱɱͼıǱԸʷѡͽǮȨڿƻҷȨһսƸߵϵķ
2.2ҷȨս
йսԴʷαУȽ϶زȡȫغͳԭ塣ǽһӽǣȥⳡĽڱ𵽵ĺá
絽޴½ı˴ǷǳƶǳļûʲôƲͽǮʱıûзִ͵ĽгͨĻҼΪȱ֮ĸӢóʹôӢӾͨҵϡȱ[ע2.1]
ͨڵͶĴƷͷͨҶȱ޷гֺЧĽӶصԼ˾õĽһչΪӦ⣬ǲòʹøҽƷס綯Ƥëǡ̲ݡסС׵Ƚ̶ܳȽϸߵƷǮʹڱݣ1715ʱж17ֲͬƷңLegalTender)ЩƷ˰ɡ˽ծ񳥻ƷʱһҶӢΪƽ׼ʵУЩƷĳɫ񡢽ܶȺͿɱԶܴԽб׼Ȼһ̶ϻûлҵȼü֮ȻƷ÷չҪƿ
ڵĽȱʵӦõĲʹͳ˼άʼһոµĳԣǾӡˢͷֽңColonial*)Ϊͳһͱ׼ķҡֽҺŷеȯûκνʵѺһȫûҡϵ˶Ҫ˰ֻҪֽΪ˰ƾ֤߱гͨĻҪء
µĻҹȻشٽᾭõѸٷչƷó١
ͬʱӢǵ.˹Ҳע⵽˱ֳһµĻҳԣ൱ֽĶҵľ޴̼ãرǶȱٽҵıõʹ̼ҿÿ»ÿ궨ڽ໥֮⽫٣׵ģ㡣һõֽϵͳκβ㣬ĳЩӵиơ[ע2.2]
ǣһûеѺĻмҵУΪûծѺͲҪн赱ʱΪϡȱĽңмһӾʧȥ
.1763ӢʱӢе´½ֳԭʱֻش𣺡ܼ򵥡ֳأǷԼĻңСֳȯǰҵ͹ҵҪеȱĻң,Ʒͺ׵شﴫݵСַʽԼֽң֤ĹǣҪκ֧Ϣ
µֽұȻᵼֳӢеĿơ
ŭӢмжǿ֮µӢ1764ͨҷ(CurrencyAct)ֳֹظӡԼֽңǿȵʹûƽͰ֧ȫӢ˰ա
ʹֳظݴؾúֻһʱ䣬ֳصģȫתˣʱˣ˥˵СﶼվʧҵȺ
ӢֳصķȨֳ֧ҶƷ˰ġʧҵͲֳزܷԼĻҴӶ޷õذѹ͹мҵĿƣսҪԭ򡣡ע2.3]
ĿǶӢжӢεĿƺͶĲ൱ѵʶ33ԡߣҲͳ˹.ܸѷһ侯ԣ
˽п˹ҵĻҷУôЩнͨͨͣȻͨĲƲֱһ糿ǵĺһѹʱѾʧȥǵļ԰ǸعĴ½
2001791ܸѷһλʱǲ̾Ԥ˵׼ȷ죬˽йȻ˹һͨ97ҲȻǷ44ԪְծҲһһͻʧȥ԰ͲƲ1929귢һ
ΰǻۺĿʷδʱܷһµڰ˽ڿд£ӵлҵͼֵ涨Ȩע2.4
2.3мҵĵһս:һ(TheFirstBankoftheUnitedStates,1791-1811)
Ҽлǵɵвȵ˵ľӸءͳ˹.ܸѷ1809
ɽ.ܶһ˹ж¼ϵӢӡȺ䡢ͳصŦԼŮףݴӢղصĸվʾܶٽܹ˹ж¼[ע2.5]
1789꣬ܶٱʢͳΪһβʼƶȵҪ֡1790꣬Զս֮صľծΣǿҽӢе˽еȫлҵְҪ˼·ǣ˽ӵеУܲڷѳǣ֧УĻҺ˰ձϵͳУийһ㾭÷չҪ,ȡϢܹɱΪ1000Ԫ˽ӵ80%Ĺɷݣӵʣ20%25ɵĶ»е20ɹɶƾ٣5
ܶٴžӢ׼棬ָеᶼֳɼʹǰ߳öУ޴ڡǶ͸ıģǺȷжϺ;
ܸѷڵ棬ںܶٵĹ۵㣬ĻӦǣΪǲԶģƽȣɲɰȨаȨȨ׷ҸȨ
179112£ܶٵķύʱ˿ǰҵۡգԺ΢ͨ᰸ԺҲ3920ƱءʱصծΣѹôͳʢԥѯ˵ʱĹܸѷѷȷıʾ᰸ܷͻܷȨᷢлңûȨת÷Ȩκ˽СʢȻشˣѾҪ÷֪Ϣ󣬺ܶ˵ʢ٣ܶٵ˱ƺ˵ǾԵõʽɣ̨ܿգü޵ΣѹδԶĹǣʢͳ1792225ǩһеȨЧ20ꡣ
мȡ˵һشʤ1811꣬ʱռ1000ɱе700[ע2.6]Ӣкɭ.˹ж³ΪеҪɶ&<60;&<60;
ծ17815.6Ԫ1.2ԪĹծ4.4ԪĹծ񣬶г1791굽1796̶̵ʱծ820Ԫ
ܶճΪ޸.ŦԼٹ˾Ϊ˻ֵĵһУ1955˷յĴͨкϲΪͨУChaseManhattanBank)
ܸѷ1798յ˵ϣһܷȡǮȨ
ܸѷѡͳ1801-1809֮ͼϳһУ1811Чʱ˫Ľﵽ˰Ȼ̶ȣԺ6564һƱȨڵ᰸Ժ1717ƽɸͳֶٴƽͶ¹ؼķƱһ181133չŴˡ
ʱ׶صɭ.˹жѶвҪôһȨڣҪôһԵսΪɭ̻ӦЩһѵǴصֳʱ
֮󣬱Ӣ֮1812սս꣬˹жµĿķǳȷҪծ̨󲻵òϥͶյмΪֹծ4500Ԫӵ12ǧ7Ԫ1815ˣѷͳ1815125ڶУ1816굮ڶУ1816-1832
2.4мҾڶУTheBankoftheUnitedStates1816-1832)
лӵеĶʶ֧뱻ƣ֧佫ǣĹң
ܸѷ1815дޣͳ
ڶеõ20ӪҵȨܹɱߵ3500ԪȻ80%˽ռУʣµ20%͵һһ˹жεذ˵ڶеȨ
1828꣬³.ܿѷμͳѡһмҷݽʱɫ˵
һȺߡҴεϵ۵壬һὫε֪ǵĻҺϵͳǺεȵĲ֮ǰͻᷢ
³.ܿѷ1828굱ѡͳķϳڶСָܷȨᷢлңùԼʹȨģùȨκθ˻˾ġ11000˵ԱУ2000صԱ
1832ǽܿѷͳѡεͷΣڶеЧڽ1836һڽҶ֪ͳԵڶеĹ۸УΪ˱ҹζ࣬ڴѡǰ20ľӪȨͬʱм300ԪؽϧѪܿѷľֺ.ףHenryClay)ܿѷľѡںǡҪܿѷҪСܿѷѹƻʤ
оӪȨڵ᰸ڲԺ2820ͨԺ10785ҲɹأڶϯУBiddle)ŷǿ˹ж½ڵ۹ΪԮûнͳ۽ܿѷܻ᰸ʱкõرʾܿѷ᰸ҽ
ܿѷͳȻʵط˵ڶڵ᰸,ӵڶ˻ȡߣתС183518գܿѷͳһʹծʷΨһһνծ0Ҳ3500ԪӯࡣʷѧһΰɾΪͳΪõҲΪҪĹסʿʱһɾͺҮսŴߣMoneyChangers)ϳᲢۡ
2.5ҪɱңҽɱС-߽ͳ³.ܿѷ
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]
184568գܿѷͳȥĹ־ֻһ仰ɱС
еٶȱϣӢӢֹͣ˶ĸִɱսĻƽҹӦʱӢ˹жµ£ӵģĻƽͨͨеȫĻҹӦڶе⵽ͳ֮󣬵ڶϯеĶͳġˡڶٻдֹͣһ´ķС˹ж¼ѳֵŷҪҲͬʱսصġΪͨ޼ľأˡ1837ֻš˥˳5֮ãƻ֮ǰδֱ׷1929ʱڡ
1837ֻšԼġ1857ֻš,1907ֻšٴӡ֤˹жµһԣֻҪܿһҵĻҷУҲں˭ƶɡ
2.6µսߣϵͳIndependentTreasurySystem)
1837꣬ܿѷͳֵ֧ļ..׽ְ׹ʱսο˷ڹмҽҹӦɵΣԵĲǽϵͳƵĻҴ˽ϵͳȫȡڲԼϵͳСʷѧҳ֮Ϊе顣
&<60;ϵͳǽܿѷͳڶоӪȨʱͬʱĻҴӸȫȡת浽֮С˭룬ǰն˹жµħƣݼҲʡ͵ĵơǮΪReserve)ȻŴͶǵ¡1837ֻšһԭ..ǮӦϵͳѹȻΪ˱ʽҲǵ˰սдͶŴ˾ϵĲ
ϵͳһصнϵͳǮǽңԹҵĽҵĹӦһص֧㣬ԶԳŷмҶҷеĿơ˼·ӳԶӦòʧһƣǾͶڶȴڶеΣڶеɿΣ޷ơ
.һǳؼǺܶ˽˼Ҫ²̳ˣмǵĳڲżѣ˼·ܣľɿ߾ۼһȺ֧ҵмֵ֧Ա֯³˻Ը񵳡Ը񵳼Խܿѷߣʼ»ָ˽еƶȡ
1840ͳѡƳսӢ۹ɭWilliamHenryHarrisonھΣ˼䣬ɭ˳ѡھŽͳ
.ԻԸԾӣΡ̵ɭӦڹɭѡͳ֮ì񡣺.пǶصļټεͳɭΪ˹ȫ.׵ļңΪУƶԼֵòɢԭΪ̫ϻݷʩĺ.,δɭͬѾ˴ͳľְ˵ɭܾˣɭ˳8000ֵľְ˵ƪϵͳι˼·ļУ.ŵ˽кͷϳ˼·󳪷شʹмҵ[ע2.8]
184134Ǹ[- С ˵ վ TD d w  w . F   L . c  ]ɭͳںз˾ְ˵˺һӵĹɭͳʲô£˭֪Ĳȴֵأ44վȻζոεĹɭͳ׼չͼȴͻȻһǰͳͻȻʹˣһǳɵ¡ʷѧΪͳǱ˪ģ¶ʱ330գ6Ժ󣬹ɭͳȥ
Χ˽кͶϵͳĶΪɭͳȥӼҡ.ĻԸ1841ҪָкͷϳƶȣαɭͳĽԭͳԼ.̩߳ŭĺ.ͳԼ.̩տԸ񵳣̩ͳҳΪʷΨһһλġ¶ͳ
1849꣬һλԸͳ?̩յѡ󣬻ָеϣƺߡһȫӢģʽ˽мߵ룬ζмվŹҺˡڹɭͳǰ̩֮شϱ൱ģԣͬʱҲĳΪ.׵Ŀܡ˽ȷʾеˣҵǲῼġĲеǡǡ̩ͳԼ
185074գ̩ͳμڻʢټǰеĹǳȣ̩պЩţֳ̣˼ӣңЩֶӣ79λͳصȥˡ
Сλ˳ͳòףȻǵĹעʷѧΪ۴֮ã1991̩꣬ͳ˵ͬ屻ھͳָ׺ͷ飬Ȼ˪ֺܿ˪ĽۣȻҴҽ᰸û֪ΪʲôͳڻЩ˪
2.7мٶȳɡ1857ֻš
1836ڶеĹرն¹мͻȻ֣ͳͨĽң5ؾΣȻ1841꣬мҵĴͼָ˽ϵûгɹ˫뽩֣Ļҽ״ֱ̬1848ſʼֻ⡣
ʼתԭȻڹмҴ󷢴ȱ1848꣬ݷ˾޴Ľ󣺾ɽɽ
1848꿪ʼ9ĻƽӦǰݾֵ5ԪĽҡ1851ĴҲ˴緶ΧڵĻƽӦ18511.4418613.76ڵĽ18408300Ԫ18602.53Ԫע2.9ݡ
ͰĴǵĻƽִŷ޽ڼҶԻƽӦľԿơסҹӦشһʻҵĹӦǿгģ¿ʼģŴҪĹҵɽͨеȹҲƸҪĻһλƽɵġ
ۿڶЧмµĶԲߡǾǣϿƣϷֻ
Σ֮ǰѾʼֵʲ1853꣬ʱʱӢʱѾӵծ46ծȯ58·ծȯ26,Ӷٶȸͷ͵ƶһλþͺŷһмˡ
мٶʩչǵľʹŴĭҵƴƸȻͻȻͲŴɲʹôҵʧѪƲмǾһճɡȻջļڵˣмҺĴЯٶսŴˡ1857ֻš֮⣬ʱѷ20ǰɱȣ1857ֻŲûشãһͻָԪ
ʵԽԽǿ󣬽ԽԽԲٿʱսͳ˹мҵĵ֮
2.8սԴŷ޵Ĺʽ
ʣѳϱʵս
ǰŷ޵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߻ıƸźۡϱ˫ūƵϵľͻϵǿͻһԭŵĻ⣬ճɹذū߻ϱ˫ˮݵļìܡ
м˳׼͵սȻսơڲ߶սĹУôע˭ʤ˭޶ս֧µ޶ծмʢ͡
1859м?˹ж£SalomondeRothschildķ˹?˹жBaronJamesdeRothschild֮ӣΪһߴӰмƻЭˡϱߣ㷺ӴڽҪˣϵذռ鱨Ӣ׶صı?˹ж£NathanieldeRothschild뵱ʿĻ̸Уʾڽڷ֧ϷʾȫϷȡŷ޴ĳϡע211
мڱĴˣǺųŦԼ֮TheKingofFifthAvenue)̫мҰ¹˹?ɣAugustBelmont)Ƿ˸˹ж¼еĴˣҲǸüס1829꣬15İ¹˹ؾͿʼмģʼΪ˸˹жйܿ¶͵Ľ츳1832꣬εǲ˹һйԱʽҵľ顣ͨ¡Ӣ1837걻ŦԼֱʳԽծȯܿΪŦԼڽ伶ͳڹʡӢͷ˸˹жб̬Ըӽֱֿ֧ϡ
ΪԱľѹ1861Ӣ8000˵ôʱ׼ӦϾĽӱ߽вֿ1862꣬Ӣīۿڵ½Ϸ߾ɼᣬҪʱϷֱ뱱ս1863103գҮ3򣬲ռīǡ
սڣϷľ½ڽڵ֣Ӣŷǿǿлٹֿ˼ѡм׼˴ʱֿͳ飬о޶սΪ̡1812ӢսĹֿ֣֮ǰԤĳֶծȯʽУתӢ˹жкͰУҪ֧߶Ϣծʹٲά衣
мֿͳһʼƻмǿϢҪߴ24%36%ʱ򣬾Ŀɿڴֿͳָм뿪һƲصĺУֿ֪Զ޷ֵծ
2.9ֿϵĻ
ûǮ޷սмҽǮǰѽԼסֿϿ˼ڤʱ֥ӸѵϿ?̩ոֿϳһ⣬Լлң
ùͨһȨӡȫЧĻң֧ʿʣȻȥӮսֿǷ»ңϿ˵еϽѡֻҪʹ»ҾȫķЧȫ֧֣ǽǮһͨ,Ϊܷᷢк͹涨ҼֵȨ
ֿ󣬴ϲõϿ˳ﻮ¡ʯ쾪İ취˽нǮ߶ϢĹ»ʹɫͼл(BankNote)ʷơ̱ҡ(Greenback)»ҵĶӱ֮ȫûнȻҽѺ20ṩ5Ϣսڼ䣬ֻҵķУ˷սȱҵ״͸ЧصĸԴΪսʤϷ춨˼ʵľûͬʱֵͳɱĻΪеĴңŴԴţ¹ҵ·衢ũҵҵó׶õǰδеĽ֧֡
1848Ļƽ֣ʹĽ𽥰ȫŷмҿƵļ˲ľ棬ҲڴʻΪĻֿϵ±ҲܹΪܣΪӮϱսʤ춨˿ɿĽڻ˳ԾǣֿϷе±Ҳûƶսʱڵͨͣ1861ս1865ָº͵ش100216ǵսĹģƻ̶ȵأԼͬȹģսȣܲ˵һֽ漣෴ϷҲֽͨʽЧ֮Ϸָͬڴ1002776
ϱսڼ䣬ֿһ45ǧԪ»ҡµĻһе֮ãֿͳǳؿҪծңDebtFreeMoney)ķгڻͷƻһشʹ˹ʽڹͷĸ档нǮȻԼлңмҶԻҷе¢ϽڣҪ
ѹϢ󣬴Ӣмҵ׶ʱ
ԴµĲߵûôͿûгɱطԼĻҡܹеծҲǷծбҪĻչҵǰδеķٹңϵ˲źеĲƸӿұ뱻ݻ٣ݻÿһƹҡ
ӢŦԼЭᣨNewYorkAssociationsofBanks)ŭʾҪʵʩ18611228գֹֿ֧ͣңSpecie)ŦԼһЩлֹͣ˻ƽȡƽ𣬲ûƽծȯĳŵз׷ӦܵʢֿͳͨȻȡȥѸϢծȯŷмǣĻƽ浽˽ΪŴŵĴReserve)мҺôƣҵź˰ȥ֧սע2.12)
ֿͳȻؼܾмȫϳҪģӻԾȫծȯݷɰǵֽʹá
мǼһƲɣһơǷֹֿᷢ±ҵķвûᵽծϢ֧ǷʹûƽмǺ͹ԱһЭֿ±ҹծϢҪý֧һƻĵһȰڵֿ±ҺͻƽļֵҹΪʱӵ索ҵӢϵͳŷмǣӵԶԶĻƽҡмҺ͹ЭʹʽöƽĿƣӴﵽҼֵЧ
2.10ֿϵĶͬ
ŷ޵Ĺ1861սǰ޴ɱ׼Σյʱֿ̣뵽ŷ޾ǵ޵Уֿɳʹɳɽȡɳյֿϵţû̴򿪣ֻϵ˵࣬Ȼ˵ǴŻ֪֮ǰǽͬκҪ󡣡ע2.13
ɳ׼½սмԭһǴݺĵǣɽʱڣɨŷ޵ĹʽѾߵ˿ķֹĴšмǿҪŷޡȽڹҵľ飬˽еУɳеɱУܾҪ󡣵᧿ΣһԹʽֿͳΣվʱɽ粻ֻһֵˡһԭϱս֮ǰ186133գɽ˽ũūķɣڷϳū棬˫Щ֦ͬϧһǶ1856ĿսTheCrimeanWarаӢ֣֮ɽѩ֮δ
δսĽά˹Liviski)£1863924տŦԼۡ򽫾ͳĶ̫ƽ󽢶1012յɽɽڶΪ.ʿ۵Ϸڸ߳ڵͳʱģǵĳӢͷԥոֿŤתӮʱ䡣
սԺΪ֧ܼ720ԪķãķһۡΪͳûܷȨȥ֧սãʱͳԼѷԹİ˹ӵ֧սõЭ顣ʷϳΪµĴ¡Seward'sFolly)ǵʱĹ䣬ǿӦû720ԪȥʱֵһĵĻĵء
ͬԭɽ1867걻д̣ûгɹ188131ɽڻڴ֮̿֡
2.11˭Ǵɱֿ֣¹Ѫ˹һѪָ
ֿϣӹõȨͨ۹ծнծ͹ҾʹڼҵȦ˳ǣʽڼң׹ӳǵʱֿϵھͲԶˡ
ֿϽ˺ū,ͳһϷԺ,ϷսսծȫһʹսһֱΪϷṩ޶ֵ֧ĹмǣʧءΪ˱ֿϣΪ˵߸ֿϵĻǾ˶ֿͳĸܲ߻˴ɱжָֺɼд̵Ŀȷʵڲһѵ¡
ֿϱ̺ڹʽĲ£ϳֿϵ±ߣֿ±ҵķΪ4Ԫ
1972ֿ꣬Ϸе45ǧԪ±ҵ׽ʡ˶Ϣ㣬֮ĻشǣΪֿϷԼĻһΪʡ40ԪϢע2.14
ϱսӸϿǹʽһҷȨͻߵ֮ϱսǰһٶʱ˫ϵͳĽƸߵϽзǰ7λͳ˱ɱλԱɥֱ1913꣬ϵͳĳձ־Źмȡ˾ʤ
ֿϵǻͽشʧûܹΰ㼣ǰУмǽЩеˡҵмǸ߳ͲпյõĸģȻϵͳظʴִ
¹˹
2.12Э1863з
ڴз𵽵һصĲзģҹӦ¢ϽӰҵÿһ档Ӧñϳڴ֮ǰҽѳߣһߣмһߣҵʷϻδֹ
.˹1861-1864
ϱսԺֿϾܾ˹ж¼Ϣߴ24%36%ĽڽתȨԼġȯUnitedStatesNotes)ֳ̱ңGreenback)18622ͨķҷLegalTenderAct)Ȩ1.5̱ң18627º18633£ٶȱȨ1.5̱ңսڼ䣬̱ܹ4.5ڡ
ֿ̱ҵķоͱ˹ҵѣмǶԴʹ෴ͨҵ̱ҳַǳӭ̬ȣֿ̱ϵͳһֱͨ1994ꡣ
1863꣬սҪĹͷֿҪ̱ȥӮսΪ˻õ̱ҷеȨòмͷһҪЭǩ1863꡶з÷Ȩ׼(NationalBank)ͳһ׼ȯ˷ƲͬЩʵϽĹһҡҪһЩծȯGovernmentBond)Ϊȯ׼Reserve)ʵϽĻҷкծһԶܻծ
ѧԼ.˹.Ӳ˹JohnKennethGalbraithһѪָսԺÿ궼˴ӯࡣǣȴ޷ծ峥гծȯΪζûծȯȥһҵĵѺծ͵ڴݻ˻ͨ
мҰӢģʽƵıڵóˡӴ˳õĺԶӵծϢһεĲϣԽԽ2006꣬Ƿ86ǧԪֵծƽÿһĿ֮ңҪ̯112ǧԪĹծҹծܶÿ2ԪٶԹծϢĿ֧ڽҽƺ͹2006꽫ﵽ4000Ԫ֮ޡ
1864꿪ʼмǿùծϢһֱ͡ӷлһծȯзлһ㿴Ʋ۵Ĳ𣬾ʷĲƽмҼӽ˰ΪԭѪͶĲƸͻң
ĿǰΪֹйϽΪֱӷлҵĹҡΪ˶ʡľ޶Ϣ֧йܹٳڷչȱٵҪءҪѧϰġȽ顱бĹծΪѺңйҪˡ
ֿϲǲ֪õвֻǰΣòȨ֮ơ
ֿϱ1865֮ϳ÷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·ܵӭֿ̱ҡίԱıָڰʱڻҶȱͼ۸½ɡûлңͲܷҹӦ٣ؽĻͽʱ۹൱18ԪĽͨ15ĩŷޣĽֻͨʣ2ԪʷûκԵı仯ܹ۹Ϊڰȡ
֮γԱȵмЭᣨTheAmericanBankersAssociation̬ȡЭڷлԱָ
ǽǽ߾ȫȥ֧ձܿرũҵڽ̷ý壬̱ңҪֹͣЩԸʾ̱ҷеĺѡˡϳзйһһָ̱Ҷʹңܹṩң⽫˺ΪмҺͷŴߵȥԼǵĹԱҪǱǵ棬Ǿܹ
1881꣬һƬ̨֮ڶʮͳķ˹.ӷƶѾȷذסҪ˵
κһ˭ŻҹӦ˭йҵҵľˡңϵͳǳ׵ɼķʱͲñ˸ͨͺͽĸԴˡ
ⷬزżڣӷƶͳͱһ񲡻ߡ˹.188172д̣ͳǹ919ȥ
м19УɹŷԡʥĽȨȡʥȨʥĽȨҲ߽ʥȨмѡ˳ļҽ֮ѾȫռϷ硣ʷѧָͳʱŵ׵½ĵһ߲ӵƽʻҪߡ
мǳ־1863зʱǾյĿ꣬ȫһӢеļƻֻʣһ֮ңһȫҷе˽еУһмҵѾĵƽϡ
ο:
2.1HistoryofMoneyFromAncientTimestoThePresentDaybyGlynDaviesp458
2.2WealthofNationsbookIVChapterone,byAdamSmith,1776
2.3BenjaminFranklin'sAutobiography
2.4USConstitutionArticleISection8
2.5TheIntimateLifeofAlexanderHamilton,byAllanHamilton1910
2.6HistoryofMoneyFromAncientTimestoThePresentDaybyGlynDaviesp475
2.7TheCreaturefromJekyllIslandbyG.EdwardGriffin
2.8InauguralAddressofPresidentWilliamHenryHarrisonMarch4,1841
2.9HistoryofMoneyFromAncientTimestoThePresentDaybyGlynDaviesp486
2.10AReligiousHistoryoftheAmericanPeople,YaleUniversityPress,1972,onp.649
2.11JewishHistoryinCivilWar,Jewish-AmericanHistoryDocumentationFoundation,Inc.2006
2.12LessonsofAbrahamLincoln,RochelleAscher
2.13DecentIntoSlavery,byDesGriffin,ChapterFive
2.14AbrahamLincolnandJohnF.KennedybyMelvinSickler
¡:˽е
һΰĹҵұϵͳεؿšϵͳ߶ȵؼСҵķչеģãȫСѾΪͳ֮£һȫ׵Ŀơɵӵ˾ȨǸѡѡڼӵ֧Ȩǿ֮£
ҵĺܶ๤ҵʿηĳֶֿ֪Ȩ˵֯˵ȻΡ˵޿ײ롢˵Ļһ˵ĳ׺ȫ棬ǲҹȥǴȨ[3.1]
28ͳ.ѷ
µ
ŵ˵ֱ죬йҲûмѧ֪ʵ˽еСνСʵȲǡûСҲ㲻ϡС
йĹԱܻ뵱ȻΪԪʵǣûлҷȨ1963ͳ̺ɥʧ˽ʣġԪķȨҪõԪͱ뽫δ˰գծѺ˽еСȯǡԪ
ʺѧýУһղġýÿԳƪ빵رۡͬ޹ʹ⣬Ե˭ŻҷУһϵÿһˡÿһ졢ÿһǮ롢ÿһϢ֧ġء⣬ֲֻᡣ
гԾĸо˵һҪģȻ֪һ½ý⡰ˡأŷŴ󾵣ͷطһӰʷ̵ش¼ͷʱ¼չȷСʱΪλ
19131223գѡڱǮȨ߸
3.1صܻ(Jekyll)
19101122ҹ,ŦԼһȫܷĻ𳵳еĳȫܵڵסгʻȥŵȫҪмңûκ֪ǴеĿĵءгյӢ֮ݵܻ
ݵܻһȺӵеĶȼʤأJPĦΪ׵ĴǳһܻԾֲ֮һĲƸۼֲԱУԱֻܼ̳Уתáʱþֲõ֪ͨҪʹþֲԼڣлԱʱʹûзԱȫӴ½еĿһֻƺԲʹϡΧ50ӢķΧڱȷκμߡ
һ׼ǳڻСμܻУ
ɭ.棨NelsonAldrich)ԱһίԱᣨNationalMonetaryCommissionϯɭ.˷յ游
Ƥ.³A.PiattAndrew
.(FrankVanderlip)ŦԼҳܲ(NationalCityBankofNewYork)
.άɭ(HenryP.Davison),J.PĦ˾߼ϻ
˹.ŵ(CharlesD.Norton),ŦԼһУFirstNationalBankofNewYorkܲ
.˹ʣBenjaminStrong),J.PĦұ
.ֲPaulWarburg¹̫1901굽ײ˾KuhnLoebandCompanyĸ߼ϻˣӢͷ˹ж¼Ĵˣʦһ¡
ЩҪƫƧС˴ԺȤǵҪһҪļ(FederalReserveAct)
.ֲзĸ֣ͨеϸڡиʱ޲Ľ𣬸ϲؽÿһϸڸʷԨԴе޲ΪзԨ֪ʶ۷ȻΪļҪߺͽߡ
ɭ.ΨһУҪļݷȷҪܹڹᱻܡͬмŵ棬Χűķϸڽ˳9ļۣڴ˹ʶ
1907ΣмĿ̫Աû˵ҹ֧мҲƶķЩ˲ԶǧŦԼ㵽ƧСļ⣬ƹз磬ԽܸѷͳеʼӢĹмıϵԱ޽ϵͳFederalReserveSystem)˶ĿǣһеְܣӢһƳ˽ӵйɷݣлþ޴档һк͵ڶвͬǣĹɷݹУԭ20ĹɷݱõˣΪһ⡱˽С
Ϊʹϵͳƭԣ˭ϣڶ»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©!
3.2߾ͷĻ
ֵ߸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񣬿ͻҪ˾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·ծȯծȯϣӢмͻȻ׺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ЭᡱCouncilonForeignRelationӢΪʼҹЭᡱRoyalInstituteofInternationalAffairsӢҪԱǴЭбѡġ
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޵ĹȿһѡҪ򵥵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͵ԺСҵŵȸҪλϣԴʱ
187511գŸ˿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˲ŵսߡ
ʱ˹ж¼˽еļƻѽ꣬ʼûյ֡һΣ޽еڵִã޼ͷ
Ÿ.лJacobSchiffĿײ˾ȢлõŮ˹ȢлŮ
˹ѷͳڹʼɭColonelElyGarrisonָڰƻȫ·ߺ޺ͷԵ£Ǳ.ֲġݼƻıǻ۶Դ׶صİ׵.˹ж¡
3.3ǰս1907Σ
1903꣬޽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˾ͿʼڽǮջ֮ҹɣŬƸ̾ˮʹո֣ԽԽʡмҿջʱʱͻͻȻսпʼˮʱĶֻоصűˡ
ǣʲôʱʼˮȴֻмйͷ֪һҽ˽еƶԺйͷԷˮˮĿƾ͸ӵӦ֣ջҲԽӾȷ÷չ˥˺ͲƸΪмҿѧıȻ
ĦĹмǾȷؼνڷ籩Ԥɹᣬáʵ˵һûеǶôǼͼ沢С֣мΪĿͶʹ˾оǴѾõҪҵ
ʱֵͶʹ˾ڵʱвܾӪҵ񣬼ַܷǳɣһеͶʹ˾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˾뼯2500Ԫάй˾˾Ħ˹ҵ˾ծȨǷ飬ƲѹҹδߵļƣͶʵĦеͶ
õҵ˾֮ϲʤĦһҪǾǶԷ¢һ㲻˹ͳ113ϣĦҹʢ٣һƱг֮ǰõͳ׼Σҵգʧȥһĳǧŭγ˾޴ȨΣ˹òĦȶ֣ʱ̱ǩ³֮ˡʱһп̽ʣ5ӣ
ŦԼѶǡ
Ħ4500Ԫĳͼ۳ҵ˾ù˾ǱڼֵԼ.µϵ10Ԫҡ[ע3.5]
ÿһνΣıѾõľȷƣڶĿո½ڴǽڳǧƲߵķ֮ϡ
3.4ӽλңFiatMoney)м۵Ĵת
ʮĩмҶԽǮʶһʵشԾ
ԭеӢģʽԹծΪѺлңͨߵʵ־ծзлҡȷծģԽԽ󣬴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
˹ͨ͵ۿνһѪ취ܵغԲûĲƸһҲһܹ͵Ϊ
׼ȷ˵ʹ취˽еǡ
3.51912ѡ
ڶ˹ٵУᵱѡǣݣݳڡ191211£ѡͳ19173£ͳʷΰͳ֮һ
1910¬.˹RabbiStephenWiseݽ
Ϊѷͳҵ˹ǰ׼ȷԤͳѡĽ׼ȷԤ֮ͳѡΪˮ򣬶ΪеĽмǾȷıġ
мϣ1907ΣȷᡣǶͶʹ˾ķŭеյĿֻţԻֽڹͷĽһһɷһн¢ϵǿ⳱ϯȫ
˹ٴѧУ.ѷһλķԽ¢ϵĻԾӡŦԼҳУNationalCityBankofNewYorkܲ÷(FrankVanderlip)˵:д˹ٵ.ѷμһ粢ݽΪ֪һҪĻᣬᵽ˲Ա棨Aldrich)ҲҪݽҵѷʿĻشҴһܾͰԱ̨ͬ˵[ע3.6]
Ա浱ʱȨ㳯Ұ40Ĺģ36ΪԱȨĲԺίԱϯΪСԼ.˷յ뻪нܡ1908꣬ڽ£пԷлңݺ͵طծȯ·ծȯѺ¾˺£ɺţôȫмҵã˲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˻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
3.6Bƻ
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⣬Ҳڡһбλķ߶ǶмҵսңNation־19131023ָԵûлƽ֧ŵķңǡǡԼ1908ķҷҪ¡Ӧ֪ʵҷк޹ϵеķ涨ίԱȫȨƻҷС
԰᰸ָͬ˴۽磬ưάǻмҵͽ¢ϵλ᰸ּڴ¢ϣһ׵ͳˣмṩר໥ԼȨϵͳѷʵ˻мǶԽڵ¢ϡ
ڰͷԼֲطԺָ,ʹӮڵĺøУмǰջȳ²ֵļıӵİƾĳ̶ȡ
3.7أмγ
ѷѡͳͬʱBƻʽ1913626գѷ׹£ɸǵԱмҸ˹CarterGlassԺʽ׳Bƻ˹᰸TheGlassBillеȹڴ̼ôʣ֮918գ᰸ڶԱ֪28785Ʊͨ
᰸ת͵Ժɸ˹-ŷ᰸GlassOwenBillԱŷҲһλмҡԺ᰸1219ջͨʱ᰸40ദдԺĹʥǰһ֮ڲͨҪյʱԺ᰸Ĳ㣬£ֻܵȵڶˣҪķԸ÷Ա׷뿪ʢٻؼҹȥˡ
ʱڹɽһʱ칫,սֱָӵı.ֲ׼һǧѷʱһսİ칫ÿһСʱһԱϵһļƻ1220ϣԺٿϯҪ硣ʱһֲϧһдҲҪʥǰͨա׹1217Ѿʼǵһ³Աֱ20ҹҪķһҲδܽҪ1222һͨѾ̫ˡ
мǵĴ֮߱£ϯ21ȫᣬݻᡣ
20ҹԺҪȻûдһ¡Щеȷ𣻻ƽ𴢱ıڹóеĻҽ⣻׼᰸еĻܷΪҵеĴծȯΪҷеѺƷıͨȡ[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ʼ
6ϯ鱨ύʱԱѾȥˣ᳡Ա޼
730֣˹ʼ20ݽȻ۽׶Ρ
11㿪ʼ29860ͨԺ
23գʥǰ죬Ժ4325Ʊ27ȱϯͨѷͳΪֵ֪֮ڲԺͨһСʱʽǩ˸÷
ֺ׶ؽڳǶʱһƬڡ
мǶȴ糱УAmericanNationalBank
ܲð︥OliverSands)˵
ҷͨҴӰ죬ҵҿһձ鷱ʱĿʼ
ʼٸ߰Ա19147¡־Ĳɷ͸¶
֮ǰŦԼмֻܿŦԼʽڣǿҵд𡣡
ּԱֵ²LindberghһԺݽ
Ȩ˵áͳǩ󣬽ǮȨĽϷڶڲ֪һ㣬ԺǻῴһеġʱҪٴ桶ԡܽԼӽǮȨ֮½ųǮȨܹտƹᡣǵĲԱԱƭᣬ޷ƭǵġӵһĹᣬ񽫻ȶķĻϵͳзʱصͷͷܻһΰԼĵõ洦Ļᡣ
һٶļҽмڴﵽǵĿģ׿ĹһҷȨӢеģʽƳɹˡ
3.8˭ӵ
˭ӵһֱһĪĻ⣬ԼǺǡӢһԹɶܡԱ?WrightPatmanԺкͻίԱϯ40꣬20ϵ᰸ҪϳҲһֱͼ־˭ӵ
ڱˡܡSecretsofFederalReserveһ˹˹EustaceMullins͵оڵõ12ҵӪҵִգOrganizationCertificatesؼ¼ÿеĹɷݹɡ
ŦԼϵͳʵʿߣ1914519ComptrolleroftheCurrencyļϼ¼ŹɷݷΪ203053ɣУ
˷պͿײ˾ƵŦԼҳУӵĹɷݣ3ɡ
J.P.Ħĵһӵ1.5ɡ
ҹ˾1955ϲɻкӵŦԼн1/4ĹɷݣʵϾϯĺѡˣͳֻһöƤͼ¶ѣ֤һ߹ıݡ
?ֲŦԼҵӵ2.1ɡ
˹¼嵣ζµĺŵУHanoverBankӵ1.02ɡ
ͨУChaseNationalBankӵ6000ɡ
УChemicalBankӵ6000ɡ
й40%ŦԼйɷݣ1983ܹ꣬ӵ53%Ĺɷݡǵĳֹɱǣ15%ͨ14%Ħ9%ŵ7%8%[11]
ŦԼеעʱΪ1.43ԪЩоǷ֧ǮȻǸաЩʷѧΪֻһֽһЩʷѧΪǸûκֽ𣬶֧Ʊ֧Լӵе˻ֻмֵı䶯ѣʵǡֽѺֽšѹеʷѧҼϵͳȲǡûСҲС
1978615գԺίԱᣨGovernmentAffairsҪ˾滥ı棬ñʾ130Ҫ˾ӵ470ϯλƽÿҪ˾3.6ϯλмǡ
Уп97ϯλJ.P.Ħ˾99п96ͨٿ89ŵ89
191493գŦԼʱ۹ɷݵʱ򣬹ҪеĹɷݹɣ
ŦԼҳз25Ʊղķ˹?˹ٶӵ47498ɣJ.P.Ħ˾14500ɣ?˷1ɣԼ?˷1750ɡ
ŦԼҵз25Ʊ?ӵ1ɣJ.P.Ħ˾7800ɣ?5650ɣ?ֲ3000ɣŸ?ϣ1000ɣСJ.P.Ħ1000ɡ
ͨУ?ӵ13408ɡ
ŵУղķ˹?˹ٶӵ4000ɣ?˷1540ɡ
1914޿ɱ粵ʵʾмǲҵȥˣȻˡЩֵмҶ׶سǵ˹¼屣ϵ
мй˾BankersTrustܲñ?˹ʱѡΪһŦԼж»ϯ˹ʵĿ£ϵͳӢкͷγ˻Interlockingϵ?˹ΪŦԼж1928ͻȻʱڵºŷоͷǵܻ飬Щܻ鵼1929꾭ô˥ˡ
3.9һ춭»
ѷԼϣָֻһ£඼ŦԼмѡڱ?ֲΪµĹУԺҪ19146µشѯҪ˽ڡⶨеĽɫȻܾдƣҪشκ⣬Ӱ»ãԸܾµŦԼʱΪԩ1914710յıǴԺеѯޡ
Ȼϵͳĺֻµʱûеڶ֪׸תǿӲ̬ǰֻеͷǰṩ嵥޾ĳЩ⡰ӰáԲش𡣱ǿӦˣҪʽ档
ίԱʣ֪һ͵ˣǵ˹ѡʱȴѷ߲֧ͬ
޴ǵġ
ίԱʣĸ磨˹?ֲȴ֧أ͵
޴ǵġ
˼ǣײ˾ϻȴ֧ͬͳѡˣаͼOttoKahn֧˹޵Ľ˱˴˲ԷΪ޹ء˳֤ͨΪһ춭£Ϊ»ḱϯ
˱⣬»Աǣ
?գAdolphMillerѧң˷֥ӸѧĦĹѧ
˹?ķ֣CharlesHamlin
׵?ŵFrederickDelano˹ݣ·мҡ
W.P.GHardingһܲá
ѷͳԼ˹?˹߷ڱ˾ߣ˹Լ˳»
ԱǲͻԱ
3.10Ϊ֪ѯίԱ
ѯίԱᣨFederalAdvisoryCouncilǱ?ֲƵһܵңװãԴ˲ٿ»ᡣ90УѯίԱǳɫʵ˱޵Ĺ룬ûעҲûд׿ɹо
1913꣬˹ԱԺѯίԱĸ˵治ʲôаĶÿ꣨»ᣩмҵѯίԱ̸ĴΣÿԱԼڵʲôְŸܱڵ𣿡˹ԱԼмңûнͻṩκ֤мʷϺڵ档
ѯίԱ12иѡһɣÿڻʢ»ĳԱ̸ĴΣмĶֻߵġ顱ÿмҶľ棬ÿ˶ͬͶƱȨϼֱиɻҵҲпʵȴȫȻһ׹
һСмҺͱ?ֲĦĹʽھͷһǰЩͷߵĽ顱ͷеκһӿڴһ֧ƱʣʹСмҵʵϣ12еÿһСе棬ȫȡڻֵоͷĶͣͷذѺŷеĴʽ׻Ϊ㣬ԼڸصġСȥСΪõЩ߻رȻӸͷҲӵЩСеĹɷݡЩԵ桱СǺͷһ̽ߵʱֵ̽ĽҲͿ֪
ѯίԱġ顱Ķ¾ûǿԼǻͷÿĴβͿܵʢ٣ǽΪ˺ļλºȺȿȡҪ֪Ħ63˾Ķְĳæˣǵġ顱òκοǣȻִ˲ƣرʵ֮ˡ
3.11
˲ʷŴߵʽĿûбƹȫڹƵķΧ֮ãӦ
Ա?»
Ϊ߼۸ֻҪʣúһٵĹСҵѾϰʻֽ֮ͨϢַֹ١
ӵмǣͨ΢Ϣʹгļ۸ӰڰҲҵϢʹг۸Ҳӵн״ڲϢȵ֪ı仯
һκδģȨײӵеΣյģгϢ֪Ȩ
ϵͳ˽еģȫĿľñ˵ĽǮ޶ȵ
֪ʲôʱֻ֪ͬʲôʱֹֻͣšǿ˽ڵʱͨͺͨʵǵĿķͬЧʡ
Ա˹?ֵ²
ÿһԪͨеȯFederalReserveNoteԪǷһԪծ
ұ棬ԺίԱ
вǶģ˽ӵеĺ͵طƵĹ˾
˹1982
ΪܵĻ֮һҽݽˣûһ˲֪ǵĹʵǱмͳš
ЩΪĻǣУ˽еŴ¢ߣΪԼƭӵ̰
Ա˷
д֧Ʊʱǵ˻ϱҪ㹻Ǯ֧֧ƱĽǣд֧Ʊʱ˻ûκǮ֧ŵġд֧Ʊʱڴҡ
ʿ
1913굽1949꣬ʲ1.43Ԫǵ450ԪЩǮֱӽйɶǵ
˹?˹
ڶͳԽǮȨв棬˴Ĺ¼ͷɰ˵˽ʣжˡй˺ҵ֪һأĿ֮ΪɹȨýᱨһ࣬ԭǴʵءˡˡôĽ̿أʵǣԹмǵĻᣬΪһѡšݽĽ̿顣
ѷͳȥ֮ǰԼǱƭˣھεرʾ֮дݻҵĹҡ
19141025ʽʼʱһսˣһʱ䡰ɺϡĹɶעҪһʺˣ
ע
[1]Quotedin"NationalEconomyandtheBankingSystem,"SenateDocumentsCo.3,No.23,Seventy-sixthCongress,Firstsession,1939.
[2]JohnMoody,TheSevenMen,McClure'sMagazine,August,1911,p.418.
[3]WilliamGuyCarr,PawnsInTheGame(LegionfortheSurvivalofFreedom,1978).
[4]EustaceMullins,TheSecretsoftheFederalReserve(JohnMcLaughlin1993)Chapter3.
[5]PaulMWarburg,Defectsandneedsofourbankingsystem,1907.
[6]RonChernow,TheHouseofMorgan(GroovePress,1990),p128.
[7]AntonyC.Sutton,TheFederalReserveConspiracy(TabBooks,1995)p78.
[8]Ibid.,p83.
[9]EustaceMullins,SecretsofFederalReserve(JohnMcLaughlin,1993)Chapter3.
[10]CongressmanCharlesLindbergSr.SpeechonflooroftheCongress,December23,1913.
[11]EustaceMullins,TheSecretsoftheFederalReserve(JohnMcLaughlin1993)p178.
[12]FerdinandLundberg,Americas60families(HalcyonHouse,1939).
[13]EustaceMullins,TheSecretsoftheFederalReserve(JohnMcLaughlin1993)Chapter3.
¡һս˥ˣмҵġʱڡ
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
µ
̾ҪǮԽսǮԽ࣬Ǿ˽֪ĵǣ˭˭ǮŷûлҷȨҲֻмҽǮսʹĴﵽȼյٶȣսʹսҹҲҪ֣սʹϧһд۵мʣѹսʼмҵǲ߻սսսмǻĴãǽķ֮ϡ
мһ׬Ǯֶξ쾭˥ˡŴĭĲƸͶͶ񳱺Ȼͳ쾭˥ʲʲ۸񱩵۸ʮ֮һٷ֮һʱٳԳļ۸չڹмǵнë˽г󣬡ëжȺͷΧﵽʷǰĳ̶ȡ
һΡëж1997ССϡйֻܷⱻëĶˣҪйǷȥоʷϵһĻĻĿĵġëҾˡ
ȫй֮ǰĲͬڣǰĹȻƶʲͨ׬ȡĳ嶯ûжͨѪϴƸͼй֮Դδش󾭼Σԭûж쾭ΣͼͿ͹мȫй֮˸Եı仯
4.1ûûеһս
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־¶š
սʵϴǮ1914ʱŷ޵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սڳˡʿ˵õսڿˡ
19141116ʽʼ1216գĦִάɭDavisonӢ뵱ʱӢղ.˹˹HerbertH.Asquith̸ṩŴһ¡1915115գĦӢŴЭ飬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
4.2˹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
4.3Ϊ͵ԭ򡱣ѷս
¹פʹɵͬţΪʲôҪ͵¹̣ʹԻΪ˵ԭͶսġĻشɶͷԡʿǽ͵ģԿʼڼڲͬ⽻γ໥ì̬ܵȣһڹʹļֵʹΪȫƹЩֵ[4.9]
ľȷڲֵͬҲȷΪ˳ƵҪӲ˵μӵһսΪ˵º룬ʿǴ˵Ϳˡ
191735գפӢʹܣWalterHinesPageѷͳ˵ΪڵΣѹѾԽĦ˾ṩӢͷĳܹṩ˹İá¹սҹ޷˹ṩֱá[4.10]
ʱعҵϵͳѾΪս׼һʱˣ½ͺѾ1916ʼɹװΪ˽һӲԴмǺеμҿʼǸĴʩǰĳͻ(һս)ʹǿǽһչ˰ĸһδҪԴ˰ķѾΪսҪˡ[4.11]
ע⣬˰ָ˾ԣǸ˰м1916ͼͨҪ˰ķξ߷ԺءҪ˰Ĺ涨ûзݡ2006728عӳĵӰɵ˹(AMERICA:FREEDOMTOFASCISM)У6λð˹ݰ.AaronRusso𺳵ľͷչʾһʵõӰ2006ɵӰڷӳʱ˹ڵǿ𺳣һʵģýȫͬ䱳֮˵ĵһоš3000ҵӰԺֻ5ҸڹӳǣⲿƬŵ֮ǲ˾޴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
4.4սʱҪ
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,ְŸķGuggenheimϲͭҵлµĹŦԼϵͳ
1901ֵ꣬һ˰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⣬Ӷĸߴ37ǧԪľ޿
4.5ԼһΪ20ս
19181111գѪȲпĵһսĻ¹Ϊսܹɥʧ13⳥320Ԫĵսÿ5ԪϢڲƷ26Ķãɥʧкֳء½ֻܱ10ˣսó6ңӵǱͧɻ̹˻ڵȹ
Ӣͺ.ΣDavidLloydGeorgeơѱ¹˵ĿڴҲҪǮҳ˽ϡݵļԼע20սǰǿڵ¹ϣֻܵµ¹ҪôԼҪôսӢݣLordCurzonͬĿ˵ⲻƽֻһΪ20ս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
4.6ë(FleecingoftheFlock)1921ũҵ˥
189491գǽֹͣһдӳһ죬ǽǵǮǽӵвδ峢ĲƲǻԼļ۸õȺ֮ũԶĳǧءũ񽫣ʧȥأܹãӢ
1891мЭᣨ¼1913429յĹ¼
ëмȦһר˼þ÷ٺ˥˵ĹĻ,۸ļ֮һӵ˵ĲƲмҿĻҷдȨõķٺ˥˱˿ԾȷƵḶ́ʱļëΪм˵ӿΪ׶ν˿ѧȲ߲׶Ρ
һսձ鷱٣ģսʲɹشٽҵ1914굽1920򾭼Ͷ˴ңŦԼ1914619163һֱֵ1920ꡣ
ΪŷЭԼṩм19171918нĴδģծȯļΪծȯLibertyBondծȯϢ3.54.5ȡЩծȯеһҪĿľѾسеĻҺá
սУ˵õ˸߹ʣũʳս˺ܸߵļǮ͹ײľ״˺ܴߡսʱѽڼũдֽ𣬶ʾ޶ƸȴڻмҵĿ֮¡ԭũձǮڱصĵУЩСмҶŦԼĹмձǵִͶԿ̬ȣȲμϵͳҲֶ֧ŷսֵĴһúһЩУټũȺֱ׳ѿȵĻм׼ּëˡ
мȲˡܹݡļƲߣһΪũҵίԱᡱFederalFarmLoanBoardĻרšũǵѪǮͶڹµأ֯ṩڴũȻ֮áǴũڸ֯Эм˳ڴ˸߱׸
ũǿԶҲ֪ǵһƵ塣
19204567ĸڣҵҵó˴ȵ԰ǶɹŴֻũ뱻ȫܾһλ־ƵĽڶƣּӶũĲƸʹݻũҵܾСС
ԺίԱϯŷģ19131939ĲԺ֤˵1920ũǷǳԣġǼٳŰңء1920°꣬ͻúͻҽʹǴƲ1920һУũƲӦ÷ȫ෴[4.20]
Ϊս෢ŵŴӦ𲽽»192058վһһȫ֪ܻ顣һıһ죻¼60ҳЩ¼1923219ճڲԺĵСAත£ѯίԱĳԱμ˻飬Bත£ҵó׺ũҵĶûб롣CĶͬûб롣
ֻдмҲμܻ飬ǵĻֱӵŴյ˵ڶ150Ԫʧҵغũֵ200Ԫ
ѷĹ䲼һĸԴбӦũҪıߣȴΪũĵĵˡũҵŴһıķ[4.21]
ڶũҵġëжϲ֮翹СҲ˵Ŀģֿʼ
4.7мҵ1927ı
.˹Ħ˾ײ˾ϷŦԼеĶ³ıӢеĶ³ŵMontaguNormanһı˰³-ѷҵҪ¼,а1929緶ΧĴ˥ˡ
ŵүү游ιӢеĶ³ԺյӢʷϿν޽С
ڡǮΡһУԼѷдΪѵ˹ʺŵڷϲһȼ١1925굽1928꣬˹ŦԼĻҿŵ֮һ˽ЭĿʹŦԼʵ׶ءΪʺ˹ѹŦԼһֱ޷صĺŦԼĻҿ߹20ķ٣Ͷ񳱡[4.22]
ЭԺȶ֤ᣨHouseStabilizationHearing1928˷LouisMcFaddenԱ쵼½飬óĽ:мͨݻƽĹƱ̡
˷Ա򵥳һʲôӰ»ָ1927ĵĽϢߣ
գһ޷ش⡣
˷ҿԳһ,ȥıϢľĽǴӺζģ
գŷǵĴҡӢеĶ£ŵŶ?ɳزʿ¹еܲãͷе˹ؽڣRistЩǺŦԼеһ𿪻ᡣԼһԺǳڻʢٴ˴졣һڶĶǽӴǣͻŦԼˡ
˷Ķʱڳ
գޣǵġ»ⰲŴҾһġ
˷һ罻ʵĻأۣ
գҾҪһ罻Ҹ֮ǰҺŶ.ɳزʿ̸˺ܾãҲ˹ؽ˰죬ҺŵŦԼ˹ʣŦԼж³Ҳ̸һ
˷һʽģ»
գǡ
˷ֻŦԼ̸ķʽ
գҾֻһ罻ֻǷ̸ǣŷеĶǣҲ
˷Ҫʲôأ
գǶԸܳϿҡŵ̸һ£ǷˣҲЩǶǳĽλʽǿŦԼĻҿߺ͵ʣ⽫ֹƽŷ
BeedyЩмҺŦԼеĶ»½
գǵġ
BeedyЩ½Ȼûʽ¼
գûСгίԱᣨOpenMarketPolicyCommitteeһᣬһЩʩˡҼǵðƻ8·ݾдԼ8000ԪƱݱŦԼУлң
˷һ߸ıֱӵǰδеġΪصĽϵͳ״̬19271929ƱгͶ糱ҿһشľӦڻʢиʽļ¼
գͬĿ
˹Աʵǿܻ飬ǴԴȣǸ̸ۣʣȻˣǵģƽ
˹ظȶŷ޵Ļҵ߸ǵԪ
գǵģ߾Ϊ˴ﵽĿġ
[4.23]
ŦԼʵȫڻ7˶»ǰ裬ŷ޵мŦԼоʱ䳤һܵʵԵܻ飬ڻʢٴ˲һ죬ֻ罻ŦԼܻľµļֵ5ԪĻƽŷޣҪľ߾Ȼڻʢȫû¼ɴ˿ɼ7˶»ʵʵλ
4.81929ĭ:һΡëж
1929굽1933֮ͨһעɴ˥ˡ
׶.
ܻ֮ŦԼжϢ43.51928ĳԱз600ԪĻңЩԱ15бƱѺЩǮȫһɻƽ𣬽൱ڵʱȫƽͨ6ַͨʽŵԪŦԼڹгƱŵĻ߳33˸Ӿ㵵ǣ1929ŦԼԱз580ԪĻң4.24
ʱŦԼƱг1ʽƱǮɽ̵ṩֳ־޶͵̰ʵ֤ọ̇һļϡ
дŦԼпɽ赽Ϣ5ҵĿӣһת12Ϣ֤ọ̇7¾£
ʱŦԼĹ벻Ƕˡ
ʱϵӶ񱻹óеĻйƱͶʡʢٵμҶֵĴǷˣ÷Mellon)һƪʽĽ֤ŦԼĹвߣͳмΪݵĽȫҲ˵Ʊܰȫ
19283£ĶڻشԺѯʱ֤ȯ̴Ƿʱش˵Ҳ˵֤ȯ̵ĴǷߣҿ϶ǣ֤ọ̇ȫͱصġ
192926գӢеŵٴصʼ1927ĿɻߡӢмƺһµ׼ֵʱˡ
19293£ڽ̸.ֲڹʳжеĹɶϷ˾棺ֺ޽Ƶ̰ĻյıͶԼһʹ˥ˡ[4.25]
ġ޽Ƶ̰ﱣųĬͻȻ˳棬Ӱ͵λĽһŦԼʱг֡
Թео1929420գŦԼʱͷͷһҪϢ
ѯίԱڻʢٵܻ
ѯίԱѾγ˾鲢ύ»ᣬǵͼԱϼӱܡѯίԱ»һȻһ֡βͬѰĻıܴʩǳϸ񡣼ֻܵõһЩģɵĻش[4.26]
192989գϢߵ6ŦԼн֤ȯ̵5ߵ20Ͷʽ壬˲һеӳб޳·Ʊг漱תֱ£罭Ӿһ1011ºɨƱг1600ԪĲƸʱҷ1600ԪǸʲôأӽڵڶսӴȫʵܺ͡
һλ껪ֵ֤ȯģȷƻŦԼгͶʹƱĴӦͻȻɵ1929Σ,ʵǹʽǮƺõԹڵġëж4.27
ĿĵãŦԼʱ193074ղİ̾ԭƷļ۸䵽1913ˮƽ͹ʣʼ٣ܹ400ʧҵĦͨŦԼкͻʢƽӹ»ϵͳ
ֲͨΣ켺1930굽1933꣬8812еգ󲿷ָںŦԼ5мͥ񡢶ϵͳ˵з׷Ʋ
4.9߻˥˵ͼı
ʣ1929ĹƱ1927ܻϾö£ŦԼʱΪѹͣ׶صʱذθߣ֮ĻƽӢ԰Ӣŷ޹һָλ
ʵŷ޵Ľڼ֪ͨ͵ֶӶƸЧҪԶʤڷŴõϢ롣ԻƽΪҷŵĻʯֽҿɶһΪƽһɻԼмҷʹָͨЧЧΪʲôʱӢмΪŷ޽ڽҪָλأ
ԭмһ̴塣
һսԵ¹սܶգӴսȻɵ¹˹¼ֲеˣǻҪһʹѲơԣһ壬ɵ¹мͨⲿƸѸӶ¹Ļһμʶ˳ͨ͵1913굽1918꣬սڼ䣬¹ҷ8.5¹Ԫֵ501921꿪ʼ¹еĻҷʻɽ緢̬ƣ1921191851922192110192319227253򱶡19238۴ﵽ֣һƬһƱļ۸ߴ1000ˡ¹ÿĹʱ֧ΣõǮ֮ҪһСʱ֮ڻȥ4.28
¹мѪϴв׼Ĵʹʿһҹ֮ΪƶӶ춨պɴ̨Ⱥڻ˵¹˶̫мҵʹޡ1870շսʧܺ󷨹ľ¹ܵıҿҪصö࣬һΪҵս1923ȫλˡ
¹˵ĲƸѹεòˣ¹Ҳȶˡڹмǵĵ֮£Ļƽȶ¹ҵľȦ
ڶֵӢмҴչȭˡ1914һս¹ǱͧڴƵϮӢͻƽĴֻ޷ۣӢвòʱֹͣƽһӢĽλʵ
1924꣬Ӣص𼪶Ӣ󳼣Խȫûио𼪶׶мҵĹ֮׼ָλǱ뺴ӢԵȨλ1925513գӢͨ˽λGoldStandardActʱӢĹսľ侭ʵԶѷ˵ŷҲѲһҶľ棬ǿлָλƱصӢͦشɥʧӢھͬʱɹ½ˮʧҵʴȾú
ʱһʦ˹ճˡ˹1919ͻӢĴԶԵ¹ϧԴְ顣ϳλ׶صмγˮݵ̬ơӢλĿԵίԱϣ˹ʹ½λı׶ˣƽֻǡҰżǾ÷չԼӢеŵҲʾƽλڳʵмǲɻȱģӢĸжأ۶ҵ𣬲Ȼ׶ؽڳмҵĳӢͿˡһ׶мҲѣȻмֵ֧ģǲõģмҵĹ۵㣬Ӧġ
Ϸľʲ֡
ܲ򵥵Ŀ˹ΪĽɫмԻƽʿ֣˫ݵó뻭ۺľɵزš
Ȼ˹ġԤԡмҵļƻӢڻָλ֮һǧɣʧҵ19203ǵ192618ְչ˷ңӢصΣ
мҪľΣ
ֻΣƶڸĸһƬǿҺ޸ķɵĺУͨ1928ҺȯCurrencyandBankNotesAct1928÷Ӣͷϳ84ԹծΪѺĻҷ޵Ľ䣬1844귨涨ӢԹծΪѺӢΪ1975ӢӢֽҷбûƽѺԹծΪѺСծ񡱻ҶƿĻƽԼ֮һʵһ׶мǣƵľ硣·ͨڣӢоͷ26000ծӢ·ȨӢڽ¿ƷСծӢֻҪºϿɾ[4.29]ĽƵķлҵĴȨڱӢҲ㵽ˡ
ֵֻ˸ñëļˡ1927ܻ֮ĵߣʹֵ5Ԫľ޶ƽ1929Ȼ֮ȱƽ𴢱޷ЧŴֻ׳ķڼʧѪݿˡмһӵϣ۸ļ֮һʮ֮һĳͼ۸ٳԽɺʲ˷Աһݾ60000ũһбݵİ¿71000ũɨسšƵÿһء
ⳡǰľúƽУֻȦ֪ʷͶϷĻЩ˵Լʱ׳йƱתծȯǶ׶˹ж¼屣ϵȦˣЩʹǳҲδѡȦJPĦͿײ˾ԼѡġȿͻСǱƵʵҵҡҪ͡Ѻùҵͳߡ
мĬɭְʱ1936530յġܿģһΪʧȥһλܸɵˡ1929꣨Ʊ֮ǰټһ飬µļ91֮ǰȫ֤ȯ̵Ĵҵԣ˥г˷𡣡[4.30]
.ϣJoeKennedyҴ19294Ԫӵ19351Ԫ25ɵ.³ڴǰйƱתйծ.ĪHenryMorgenthauڡɫڶ19291029գǰҴҸϵмй˾BankersTrustĹ˾3ֵܼ֮6000ԪйƱѣڼڵʱ֣Ҫ׬500Ԫ.ĪȻŭŭ𣺡ҵǺۣ˵ȥ
ھ80عͷʷȻҪ̾Щмǵ̣ǺʵΪһȺˣַȨı˿˿۵ƣŪڹ֮еĵԣʵ̾Ϊֱֹ죬˶ȫǵʵǲڼ˵С
ڹмëϲ֮󣬿˹ġۻ˼롱Ϊмǵ²Ƹոµġ˹һмµջ񼾽ڡ
¡ۻҵġ
˵߸ʱƶõİ취ʹұֵͨͨ͹̣ܵءΪ֪ûչƸһְ֡취ĲƸʹƶĹУȴʹ˱ûκֶͨͣκͿɿ߸ȨˡǱڵػ˸־ùеƻأһҲһ˿óĸԴ[5.1]
˹1919
µ
˹ƻƽΪҰżһ˿ڡйǴҶˡ˹ħƽĶʲôͨ͵Ŀ˹ô˻ƽУ
˹40ʱȻǽλᶨƵĺߣȵϯ֮󣬶ԻƽͿʼҶȻ2002ʱȻϡƽлҵֶ֧ΡȴԹۡ90мϴѹƽ۸ı
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
1929ؾΣмǡش״̬¼ʵֵġϳλĴҵӶƽͨڶսĽڴ
5.1򵥵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׽ڽнڽĹء
ȫľ۹ƶ۽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͹ѧԺ12ԱɣЩ˲ҪҪԺգÿһ˶עΪӢͳνײеһԱÿһܻۻᣬ۷ΧѧѧΡҵԼϸɣͬʱҲͨ£Ϊӵǻ۵ͷԣΪԼͳߣ໥֮䷴һ˹дһλѵ˵ֵϵԽǲЩԴһָоϵľ˴ͿκıʣΪ̫޴̫а񡣡5.3
Ȧ˿˼ѧѧ;Ӣ˹жоĽھͷ뿪֮ÿȻμӡʹͽᡱܻĳʹͽΪʹǻѡʹͽ
ȿ˹Сά˶.˹ж£VictorRothschildλӢ۹ҷȨɭ.˹жµĵоŵĵ̳ˡά˶뿭˼ͬ⽻ЭᡱCouncilofForeignRelationshipӢʼҹЭᣨRoyalInstituteofInternationalAffairsĻߣ֯νŷġ뵳УΪŷͳμ˴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˹һΪλϡ1936꣬ҪҡϢ;ҵͨۡTheGeneralTheoryofEmployment,InterestandMoney֮󣬹мҶ˼΢ľѧ۵Ȼǰ֣μǶ֡ǮӡǮǮۻֳͻƵ̬кϯѧ硣
˹ȷۻ˼ؽõмҺμҵĴ֧֣ܵ𺦵̫ͨ͡޴̫а񡱣ʣǸ㶨ѧˡ
ȿ˹ΪִۺϾɴͳӪĶȻһƣǱɬ¾áʥֻС30µྭѧҲܿһܵ꾭ѧҵĻ.ѶɭڸѵϲʤԼ30꣬˵áѶɭҲϡͨۡһдú㣬֯ң顣5.5
ѧΪⱾһƫԶѧԺдģѣҪ˵ʷˡ
5.2ͳվӣⲻ
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.˹
5.3˭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,Ǹ2006ծгϣӲݹծ۸⵽ָءеҵֱ˹ѡͳʱδ˹ĸҲнķ˹ҵĴ࣬ҵڹѧԺӵú·ȶദӴҵϷ·֤ȯ˾SouthernRailwaySecurityCompanyĴʼˣù˾һԼ沢·ҵΪ֤ȯй˾˹ҲǹҵʦҪͻͰĦ˾ǿб֧£34˹1916Ħĸ߼ϻˣôͳɸ˹ڻʢٰŵ¼ҡ
˹һͳ壬аɶ.˹ǵһ.ķ.˹Ҳǻֺպ·ϲʱ14·˾ͬʱΪĦµġͶʹ˾GuarantyTrustCompanyУChemicalBankŦԼжְ֮ε˾ĶԴһСӡ
˹ĸ׵ŵDelanoҲӧңһ9λͳǼմסʷϣûһλͳ˹ӵиΪǿκԴ
1921˹ת˻֣ΪҽڻĶ»ܲãн㷺ϵΪڵĹ˾ı˾޶档Ϊһҽڹ˾ծȯĹУ˹Ա÷յֱԲ䣺ϣ֮ĳõİϣӲ³ֵĴһЩծȯͬծȯйأϣҵܹǵҡҲܴʱȥ߶ǣΪҵҲѣһԣǽһİİһġ[5.12]
ڸһλõһʴѵУ˹ᵽںѺżȻһǹ˾8Ӣڵĺͬʹҵκʱ֮ĺܷҵĹ˾ڳһЩǵծȯҷǳϣҵ۴绰[5.13]
һЩ漫ϣ˹¶Ǳʾ˽ǲġЩ˾ڲżʱһʻ˹ԾȻֽˡ
1922꣬˹ŷͶʹ˾UnitedEuropeanInvestors,Ltdܲáù˾Ķº͹аһ1923¹ͨ͵ĵ¹ǰ.ŵWilhelmCuno˹.ֲ˹ĵܱܵʦ͸ϯڸù˾е60000ȹУ˹ĸ˹ɳߡù˾Ҫڵ¹ĸͶ⣬ڵ¹񱻳ͨϴٵһƶϴʱ˹ŷͶʹ˾ȴȻطŹѲơ[5.14]
ͨʹǡƸոڸùҾҵıֵз˴ģĲƸתơͨصĵ±1923ĵ¹κһһЩԪӢˣڵ¹Ԫʹ˹ͬһ㡣˷ӵĴԱ˵ŵļ۸¹˵ģͥƸ鱦Ʒ5.15
ͬ90ǰĳͨһ޴Ƹ⵽ϴ٣в׼ҵԪӢĹǧ򱶵ķŴ󣬲Ƹ֮ĿͱǹУȻ֡ǡ翭˹ԣְ취(ͨ)ĲƸʹƶĹУȴʹ˱Ǳڵػ˸־ùеƻأһҲһ˿óĸԴ
˹ϵʹĻֱʱԼͨߣֻľͱʵ֮Զӡ
ʱ壡ÿëжѪͰĶ
5.4ϳλмҸ˹ʷʹ
ڽλԼ֮£һսѾŷ޸ظծӶеĽԴսģֻǾֲսһսùмǴãԴһ͡ǣԺڽλϸԼ֮,ԴҲ׽⣬֧һ缶ĴսϳλǾͳŷмҵĵ֮
ƽǧݻ𽥳ΪձͬĻҵʽԻƽƸıȻϵѳΪеȻ߼ߺ;ƲʱǿѡеֽҶһɽ,ԵȴӵƳֺתֽɶһƽʵϳΪľɵĻʯֻڴ˻֮ϣκʽɲžʵ塣ǿаƽֽҵɶһȨʱҲʹӸϰɡ
״£ϳλƱصᶯǱֻڼ£񱻱βŻᱻʱԼȨΪʲôмҪصΣ˥ˡΣ˥˵в֮£ЭŽױƣױ󵼣עױɢмҵļı׵ʵ֡Σ˥˱мǵԸЧʷϱʹá
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
5.5Ͷʡѡϣ[5.21]
19331124յŦԼʱһΪ.ֲ(SidneyWarburg)СӡⱾ1933ں棬ֻ˼ͱȡˡ
Ҵ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϶ŵΪϣϵ1000ԪѾˣϣԶҲжվһ֧ϣա
һ¹ϣյ֧ߵһλϣɴӺ͵ӷǳѷǹǹǹʱװѾͷڵ¹߾ıʱͰµĳУֻҪɴֽ֧̿ϣն˵ƻȨͺϷִϣʵȨҪ5ˣϷִҪ2ˣмһô
5Ժ󣬻ֵĻصָĽȫ޷ܡǲҲܽܡԴ˽˵ģʽŷ޻г
˽һı棬Ժ󣬻ֵĻصƣյ׼֧10001500Ԫ˶߲ȡԵıҪԡ
1500ԪĺϷִ·мöʽʽԴ500򸶸İķ˹صɵУMendelsohn&Co.Bank500򸶸¹صУRotterdamseheBankvereinigung500򸶸УBancaItaliana
1933227գ¹ݻ𰸵ĵϣϣս˵λ̸ϣҪ1ĶȨжֻӦ700Ԫϣ500У200򵽶ǹ˾RenaniaJointStockCompany
ʹ֮᲻пϸִҵʹֱһϸڡϣŷĶߡѾ۲мµʱˡΪջ֤ĺûΪǺߡԵ¹ԣϣǴġȻҪϣգ磬ࡣ
5.6µɴ¹
1933130գϣձΪ¹࣬¹ȫ1923곬ͨ͵ľѣҲϯȫ˥пٻָڳеž޶սľ޴󾭼ѹ£Ծ˵ٶװŷǿװ193991շڶսʱ!
ʱһǿȻ1929˥˵пֱ1941ֱӲսľ״ŵõŤת
¹6ʱѸɾøպʹģս׼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¡
5.7ս۵Ļ
𼪶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˹ĳֲۻҵڵڶսеõ֤мڵڶսٴαһʺơ
¡ͳľӢֲ
ʱһΪԶĵļƻּڽһϵͳ磬һ˿Ƶġܹƺ羭õģƣ
ϵͳԷ⽨רƵģʽмƣͨƵĻɵЭЭ
ϵͳĺľʿĹУһ˽еУǱҲͬ˽й˾
ÿжͨƲ㽻סӰҾûˮƽҵԱֺμṩرȷʽƸԵ[6.1]
γǴѧʷѧҿ.1966
µ
ǵУҡ֮ĴʻֵƵԽԽߡ
ûصʷǳܰᷨͨųʵһ޴ļƻǵǣйԴȻ֪֮١
19447£ŷǴ½ķ֣Ӣŷ޴½ٵڶսһ£ص44ҵĴºʲڶݵȼʤز׶ɭ֣ս羭ͼмǿʼʵʩǲ߻ѾõļƻȫĻҷ!
ʱĹмѾһϵкĵ֯ӢʼҹЭᣨRoyalInstituteofInternationalAffairs⽻ЭᣨCouncilonForeignRelationsĻµķ֧ɱ˶²ֲBilderbergGroupִƴ룬ι˧ίԱᣨTrilateralCommittee)
Щ֯յĿģǽһɼӢӢͳεͽͳһҷϵȻǶеա˰ν򡱣NewWorldOrder
ϵ֮£ȨҵĻߺ;Ȩ뱻ᣬȨҼľɺɱ뱻ݡִϵļծΪʹÿһִūЧ棬ַŵľӪЧĿѧ׶ιɣֽᡢӻҡ
ͳһƵ֤RFIDIdentifierֲ֤ȼΪհִ˱ɡūı־ƵʶмսԼÿһκʱκλáֽʧֻ֮Ҫü¼̣ÿһ˶пܱʱȡԼƸȨһ
ϧȨ˵һֲľ󡣵ڹм˵ǡ򡱵߾硣
ӢΪǵļƻǡıǡıOpenConspiracy)봫ͳıͬǣûȷ쵼ֻǡɢġ־ȤͶ罻Ȧӡǣͨ˲ǣЩ־ȤͶʿƺͨ˵ʵǵġ롱
⽻ЭĴʼˣһս˵׳ߺ˹УһƻһλҪ֡
6.1̸˹У롰⽻Эᡱ
ڻʢ٣ͳǿģǴĻʹȨ[6.2]
˹.߷Ժ󷨹ٺ˹Уа».˹EdwardHouseУĳƺǵ¿˹ݳڵݵطѡٷ׵ıá˹ڵ¿˹ݵһԣмҵļͥ˹ĸף˹սڼŷ˹ж¼Ĵˡ
˹Ӣ飬ͺܶ20ͳмһ˹ԸӢΪӢȦӱйϵ
1912,˹һʷѧǿȤС˵.ţߡPhilipDru:AdministratorС˵У˼һʴȵĶȨУʵʩ۽˰ϳ˱Թ˰ᰲȫϵ˹ˣLeagueofNationsȡ
Ԥ⡱δһ˾˵ƣ䡰Ԥֱ׷˹
ʵ˹УͿ˹д˵δԤ飬˵δʵʩļƻø׼ȷ
˹УһĿжδԤмĸ߶Ǻϡ˹УܿΪӢȦеġ̸
Ϊ1912ͳѡѡ⣬ĴרŰź˹Уԡѡ֮һѷѷ˹ԼŦıݣ̸һСʱ˴ѷԼĻ˵ǣ˹ҵĵڶԡԼһڡ뷨ҵԷֱ
λϣһһ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]
1971꣬·˹ȵԱԼ.ˣJohnRarick۵⽻Эڽһõļ˰Ӳ֧֣ȨӰĴڽڡҵ͹¡ʹڴýӵо޴ӰÿһڱͺܷҵĺĹ˽⽻Эᣩ
ǹҺ֪Ȩýһڽ¶ŷǳнԣ漰⽻ЭἰԱʼձɻĳĬ⽻ЭһӢ֯߾߲ӵȨӰ϶µѹͨ˺ͻ
ʩѹְ֧Ȩܷ͹һõʹӡ[6.10]
⽻ЭξžԵӰڶս3,ͳѡ˶ǸЭԱʮִַܹ֮һ£Ϊ⽻ЭĳԱѳмҪְλ
1921ĲɸЭˣɭԽĹҰȫʻɸЭڶ֮⣬⽻Эỹ14䣨1949йѡ119鱨־ֳ
Ƕ⽻ЭӢǵġ뵳Уһ⽻ЭĺĳԱĳضߺ⽻ЭģӴоͿʼȫתƳԵĺ͸Ե۵㣬ǿߵ˵Ϻ˼ϣȥͱκη[6.11]
ÿʢٵĹٳϳȱҪλã׹ȲľŦԼ⽻Эĵ绰̿ѧԱƣ⽻ЭԱѯʡ
⽻ЭĳԱ3600֮ڣԱ񣬰ҪӰмң˾쵼㣬߼Աý徫Ӣ֪Ĵѧڣǿңӵĸ߼ȡЩξӢġǿġ
ý塰۵򡱷棬1987⽻Эᱨָж262ߺʹýרԱЩ˲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
6.2Умҵ
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޴̨ϼĿ¹ʿҵ
ɫ۵ס
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߻ǵ¹Ŷ?ɳأHjalmarSchachtɳ1927ŦԼ˹ʺӢеŵͬı߻1929Ĺб1930꿪ʼ׷ɴƵĹĿľṩһɹмΪһЩܵʽṩ׷ٵƽ̨ʵϣڵڶսڼ䣬ӢĹмͨƽ̨Ϊɴ¹ṩ˴ʽ֣԰¹սϵøһЩ
ڵ¹ս֮󣬴սʴţ˹ת˵¹еĽҵܶ඼Ǿɹнġ
еĶ»ᾹȻɽս˫мɣ˹.ˣThomasMcKittrickɴ¹ҵ˹I.G.Farben.ʩܴģHermannShmitz¹мҷ..ʩ޵о¹۹е.ˣWaltherFunkͰ׶.նEmilPauhlһζ£λϣġ
19383£¾ռµ󣬴ϴάҲɵĻƽЩƽڽݿ˺ͱ¹ռŷ޹ٵĻƽһ𱻴ڹеĽ֮Сɴ¹Ķ½ֹеĶ»һ⡣Уݿ˵Ļƽڵ¹ռ֮ǰѾתƵӢУɴռʹݿӢȡʻƽӢеŵհˣƽ𱻵¹˴սʡ
ϢһӢ¶۵Ĺע.ԸӢԼ.ɴ绰ʵɰٰáŲױʼʱŲ׵Ļشǣûе¡ԭŲǵ۹ѧҵ˾ImperialChemicalIndustriesĴɶù˾ɴ¹I.G.Farbenеҵ顣
ɵк˲ĿƿȻCochranежԹҵĶ֮Ĺϵģ
ȫѺõġмұ˴ʶѾ꣬ҵؾһкܸ¡Ӧ÷˴˵໥ڵѣһӦú˹ͳһȥ㣬˷ҵĽ͸ӵһõ״̬ʹǰӵιϵ򵥻[6.13]
ӢбȳϽݿ˻ƽת¹ʵǵĽǣֻǼϵĲƽʵû뿪ӢȻڹеĴڣͻƽɴ¹ֻҪеĿϸĶ־ͿˡǲòŶ?ɳ1930ƳĽƽֵ̨֧¹δս
1940꣬ˣThomasH.McKittrickΪеܲãҵڹѧӢ̻ϯͨ뻪ֹϵУԵ¹йҵκ󲻾ֺ͵¹к͸̫йܻ飬һ¹ս״̬ҵӦμС
1941527գնڲĪҪ֮£פӢʹ磬ϸӢɴµĹ֮ĹϵĪΪӢеŵһֱǹеĶ¡ʵӢͷлսϵе¹еĶ»ȷѺöеģֹŹֵĹϵһֱս
194225գձ͵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˹һϸӦùرգǹرյʱҲҪĪ֡ԽԽá
ɥĿ˹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ҲĳԱ
оûˣĿܣųں֮⡣
6.3ʻһ֯IMF
ǻ˵IMFǳǻ˵IMFķչйҵĺǻ˵IMFľܵĺͲġǻ˵IMFľáƷʹӶ񻯨Cʹ÷չΪӲΪ˥ˡ˵ĲҴ1996굽2000꣩9µеϯ
ѧң˰ص羭Σ޽ڷ籩Ͷ˹ΣĿIMFΣĴʩұˡ[6.15]
ǰϯѧ˹ٸ˹ٸģJosephStiglitzΪеϯѧңкIMF2000ǰһܷһʽڻǿгֶɭǿݡˡʵ˹ٸĵĲֶɭĦ˹LawrenceSummersӵ17%ĹɷݣӵгȨһƱȨʵϿ
еĦ˹˹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޳Ʊ85ϲʵʩӶ൱ڸ17ͶƱȨһƱȨУѡгȫȨ£ֻкٵ²85޳ƱżԱߡЧʡ桰ơͽڡ̡֮ε
׶ϵʦ˹˼һʡĸرȨSpecialDrawingRightsδҿܣرȨνġֽƽ𡱣ֲڳڵ벻ɵĻƽʵȱʷһǰġΪع涨ĳֽ֡ҡֵͬڻƽ𣬵Զܶһɻƽ1969صĻƽ֧Σʱ¡ƳȻûԪƽһϵĹʳŵı׶ϵ֮󣬡رȨֱ¶롰һӡһʹҹһ˹40͹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˥ʱΪѧң֪ʹкıӼǳð
ڶҩʱгɻϽʱɻζʱɵ޽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]
2004ġô̿͵԰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]
6.4ͳľӢ
¶ϵ조Ĵá෴սȨĹһһвʳİ취ϰ취شﵽǵĿġ[6.18]
.ɡ⽻־197441992716գֶϽܾѡͳ󣬷һ
йŽᡢ롢͹֮ĸߵݽβֶͻȻᵽγǴѧʱĶʦʷѧҿ.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ǰ?JPĦίԱĴά?˷աɶѷ?˷աӢӡڿͳܲõӢǰжˡǰͳŷܷҪƶߣ˹̹ķ˹Ѷ¡ǰҰȫʲȽ˹ϯ˹ˣоһʦ˹мЩ֯ĻĴϰ壬˹ж¼˺ܶ˶²顣19621973ȼʥ͵ǵĻֲ졣
ڶѧĿֶ˶ʦָҪͷأ˷ܶעʧܣȨĵȦӲܴﵽ÷ƾơľ硣
ȻֶȺίԱ⽻Эᣬǡ޵ѧߡRhodesScholarһרδҪɲѵࡣֶ1989⽻Эᣬ1991꣬ʱΰɫݳĿֳֶڵڵ¹ٿı˶²ֲ[6.20]Ҫ֪ڶĴݳŶҪμӢۻᡱȻ1֮ƫԶİɫݳֶپȻӢպյϲʲѡͳѹֶֿٶԶʦĽ̻
6.5˶²ֲ(BilderbergGroup)
ЩǾڿţǾͲΪƶչƻԽԽӣ׼֪ʶӢмɵĳȨʵ϶ùȥʵĹԾ[6.21]
ά?˷1991˶²ֲȡԺһùݣɺĲPrinceBernhard1954һִ˶²ֲ⽻Эġʰ桱ŷ޵мҡμҡҵ䡢ýѧɡеÿһԱ˹жº˷һѡģЩ˺ܶͬʱ⽻ЭᡢʥЭᣨPilgrimsSocietyԲЭᣨRoundTableίԱĳԱ˶²ֲǰŷڵļŷϻĲԴأյĿľǽһ[6.22]
֯صǡء
˶²ֲܲںУLeidenе绰롣
ûվ̽ӢĶ?˹֣TonyGoslingղķ˹?ˣJamesTuckerҪѾĻܻйر˶²λ̵ַϢ,˸ٱ˶²ֲ30ꡣ˳һڱ˶²ֲ顣ʷѧƤ?ά˹أPierredeVillemarestͼ?ֶWilliamWolfѾϳˡܲù˽ʵ
¡FactsandChroniclesDeniedtothePublicо1;2˱˶²ֲܷչʷʱѧҼ˹GeoffreyGeuensһһҲרŽ˶²ֲġ
ŷίԱᣨEuropeanCommissionǰϯ˶²ֲԱάũEtienneDavignon˵ⲻʱҲıʹϵѧԺԺ˶²ֲ30ĵٰ?ɲǶThierrydeMontbrial˵ֻǸֲѡ磬˶²2002ʽŸ˵ֲΨһǾᡣϲ
ξ飬ҲͶƱκ˶²ֲֻһʽС͹̳̳ϿԷֲͬĹ۵㣬˴˽⡣
Ӣѧ?ն٣WillHutton˵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׼˼ҲȻң1969ꡰ¡ءƳҡرȨڹʽгϣʽۿ漴ʧأм1973ı˶²Ͻ̣ͼƵʱڵΣ֣ԪġĽսԼ.ά(WalterLevy)һ󵨶˵ļƻʯͼ۸400滮δĲȡ
ʯ͹˾ʹŵ84ԱμǴλ顣óĽǣЩȨۼڱ˶²ĿʹȨƽԪķչΪ˴ﵽһĿģǾӵȫʯ͹ӦĿȨ˶²ֲ߾ȫʯͽˣʹȫͼۼ1945𣬰չʹʯԪۣԭʯ͹˾սʯгˣȫͼͻȻζԪԹʯͣӦӶȶԪҵļֵ[6.23]
áԴԴϵʯԪ롱ͼĽ
6.6ίԱ
ǵĹܹӵΰƶȣҲܹĲƸʹǻڼУǲͬʱӵС
·˹.˹߷Ժ󷨹ٲȽ˹ZbigniewBrzezinskiȻίԱĺҲǴά.˷յҡĽ£˷վĽĴδ⡱뷨1972״1972ı˶²ϣ塱㷺۲
Ƚ˹1970ġʱ֮䡷BetweenTwoAgesһµĹʻϵ鱻ΪίԱġʥ˷ջ븣ػȻءҡӲϴ֧ίԱ
ίԱҪԱǱŷձһЩмҡҵҺŦԼ衢ֱܲһ˵ϯ
ŦԼܲϯȻǴά?˷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·
1975ίԱձٿһΪóڸҪAnOutlineforRemakingWorldTradeandFinanceָܵߣŷգάƽ羭ã÷չͼƶӺƽɵһϵͳĻᡣ
ίԱ˶²ֲĲ֮ͬڣ˵ʱľú֮ձ֪ҵҺмңˡ羫ӢĻмǷǳòϡѪҺδġҡ͡˰աһΰҵҪԡҺ͵𲽷չЩġӢӡҲΪмĶ
ⲻһ׺òã˭Ƿʵ緶Χڵձ鸻ԣ200ʵ޴ƺָϡӢǡŵ
սҺ˥ˣСϰڸһûоɣֻǰ裻ûоƽȣƶҲʧȥ˸νǮŪĵߡ
˵ɵıʾܹӵѡȨôδġĵ·ֻһ羫ӢѾѡ˺ˡձ.ֲ֮ӣмҽķ˹.ֲĻ˵ӦýһǷϲΨһǾɣƽģʶǣģ
¡ʵҵ
ʷŴ߻ʹðȨơƭͱڵһֶȷǶԻҺͻҷеĿƣԱﵽĿġ
4ͳķ˹.ѷ
µ
ִʷУûһ¼ɱͳĿŵΡ˼ɵؼ̤εˡ
ڿϱɱĶ̶У18ؼ֤6˱ǹɱ3ڳ2ɱ1˱1˱š˲ӣ5ˡȻӢһѧ19672µ׶ʱƣɺϵĸΪ10ڷ֮һ1963굽1993꣬115֤ڸ¼ɱıɱ
˴ģЭ֯Ե֤ݺ֤˷ɱ˵ϴɱ¼ʵѾһıɱǹھͳҪ˭ҵף
һ˵ͳڣۡȻһΪǡȻԭͳĿ֮±ǹɱۡͻᱨǸƧķӡкü永ۡ϶ǻʶĹƧķӡ˭Ҫʣ˭ͻᱻЦΪıߡֻǿϴɱı̫ԣ˼ά˶ŹٷĽۡ£ı۵ķ򣬾ͳΪһֲȴʩ40ı˵ĳ֣ıԡڳ
ѧ֤ݣû֤ݾ޷óۡ40ϴɱĸ֤ݺ֤ѻҷˣǽԶ޷õȷ֤жϾ˭֡ǷѧȴܴһǶȳоıɱĶӶͨĴš
½ӷϴɱĶ֣ҿ206070мΪ緶ΧڷϳƽͰ֡ʵĻҡһϵоĶǵʷ¼
7.1ϣԪѳƷ
˵19631122һѰ[- С ˵ վ TD d w  w . F   L . c  ]ͳڵ¿˹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˵ΪôһûҰҵһλѣͳԼѷԼѷһӵǰ3040ʱʼڳڳӹ˹ش֮ǰҲڳĵ̺ʲôͺԤеӵɹһ[7.1]
һ˽ܿɷ˿վһŵﻪʢٻʱȻŽѪĴ£Ϊáǿµ񡱣ʱְ˹ߵԱѺܿ˵ġǡ˭ܿԼ˵50꣨2044519գСĺѾȥȨͼݹһ500ҳĹڿϵļû뵽СĶ1999һηɻʧɥ
ϵĵܵ޲أȨ˶ƶߣ1968굱ѡͳѡ֮󣬼϶յѡͳǾʤʱڴͥڵĳϱ
ڿϱɱĶ̶У18ؼ֤6˱ǹɱ3ڳ2ɱ1˱1˱š˲ӣ5ˡȻӢһѧ19672µ׶ʱƣɺϵĸΪ10ڷ֮һ1963굽1993꣬115֤ڸ¼ɱıɱ7.2
ίԱɵĻзļ֤ݳ75ֱ2039ŽܣЩļ漰CIAFBIͳؾڡNSA(Ұȫ)Ժ½սӵȻ⣬FBI֤ݡ
200340꣬ABC㲥˾һε飬70Ϊɱһģı
˴ģЭ֯Ե֤ݺ֤˵ķɱ˵ϴɱ¼ʵѾһıɱǹھͳҪ˭ҵס
ǣϼҲǹмҼеġȦˡ丸Լɪ.Ͼ1929Ʊʱƣ˹ͳ׽֤ȯίԱᣨSECϯ40򸻺ˣԺյļҾҲܳΪʷϵһλ̵ͳôϺԿͳξӢײ㣬ɱ֮أ
ʣһλĺͲŸɵͳı˹Ű͵ΣشսıּᶨȣȦɵ㣬Ժܱսľ޴ΣնЭձ˺³򡣿ϻ緢ƶƻʹ㼣һ̤򣬾ûۿһΰʱ̣ĸȴƻƶȨ˶棬ֵܸǹѫ׿1962굱һ˴ѧͼȴѧעʱ˵ذ˵ļҷԣȫĿⶼ۽Ȩ˶ϡȻ400ִԱ3000ӻѧѧ˾ᣬ϶ʱ񰮴ĺ£ӻԾμӺƽӣPeaceCorps־ԸȥصĽũҵķչ
ڿĶ̶3Уҫ۵ȷһܡ۲ŴԵı˹ϼ־ټȰľԸܡ!
ԽԽǿҵ밴ԼõԸʱͱȻǿεͳξӢŲĳͻͻĽ漰ме⡡ҷȨʱ򣬿Ҳ֪ԼĴѾˡ
196364գǩһΪ֪11110ͳExecutiveOrder[7.3]ԲӵеκʽİҺͱ׼Ԫ(SilverDollar)Ϊ֧ţСȯSilverCertificate̽ͨϵͼʮԣ˽ежػҷȨüƻյʵʩ𲽰ѱǮ֧߰ϢĻأ԰Ϊ֧ŵĻҲǡ͸֧δծңǻͶɹġʵҡȯͨ𽥽еġԪFederalReserveNoteͨȣܿʹƲ
ʧȥƻҷеȨмҶĲƸʧȥ󲿷Ӱĸ⡣
Ҫ11110ͳ壬ǱӰԪļ˵
Ԫĵʷλ
ΪϷʼ1792ġ1792ҷCoinageActof1792÷춨ԪķɵλһԪ24.1ˣȼ115ԪΪ׼Ķǻڰ֮ϵġ˺ڱֽ˫ơ[7.4]
18732£1873ҷ[7.5]ŷ˹ж¼ѹ£ϳ˰Ļҵλʵ˵һĽλ˹ж¼ϴ󲿷ֵĻƽͻƽӦʵϿŷ޵ĻҹӦĲرȻƽΪɢ͹ӦҲö࣬Ѷȸ1873ǰ˹ж¼Ⱥвŷ޴󲿷ֹҷϳĻҵλʵȫĽλҲ岽еһݼǿҷԣǳΪ1873񷨡Crimeof1873˺ҵְ֧ݸ˶
ΪƽŦԼŷмҵӰͨˡ1878겼£ɭ[7.6]Ҫÿ¹ֵ200400Ԫİȼ趨Ϊ116ͬзЧ֧й˽ծ񡣺͡ƽȯһͬСȯһԪġȯֱӶӦһԪңԱͨ
1878겼£ɭ1890лɹ[7.7]ȡ·˲빺ǰĻϣÿ450˾Ĺ
1913ȯFederalReserveNoteʼУ1929˥ʱȯѾռлͨҪݶ1933ʱȯܶһȼۻƽ
1933ʱڻͨлСƽȯGoldCertificate͡ȯ
ȯUnitedStatesNoteֿսʱڷеһַңֿ̱ҡGreenbacksܷ޶$346,681,0161960꣬ռͨ1
4Ҫңʽ档
1933˹ϳλӵлƽǷ֮󣬻ƽȯ˳ͨͨʣ¡ȯȯ͡ȯڡȯ첻㣬зޣԲмشвȯ鷳ˡ
ɹ涨깺30Ѿӵиߴ60ڰ˾TroyOnceİ½ӽ20ֵӴ󴢱ټϰ鲼磬ҲΪɹۣҪȫʵֻһֱӷСȯƱسΪм̡
1933˹мҷϳ˽λ֮ͨʵǴڡλ֮£ҪҶɶһɰ
ϳĻҵλۻҡֲ͡ġҵͻܵس⣬мָͨͨЧʵĽڹ֪ӶṫƸļƻͻܵǣơ
ŵڶսʹģֲУټսؽŷ޾õӴ֧ԼսľԽսģйծ𽥱г40ʼֽҶһҺ²ֵİˮ50ʼչĵӹҵͺ칤ҵ԰ѩϼ˪60׹ʱİ19ڰ˾ͬʱг۸ǣ𽥱ƽҵĻҼֵ1.29Ԫȯһɰʵ󣬡ȯҲȻ˳ͨӱñҡġ򡱵ЧӦ˳
һоǿǩ11110ͳĴ󱳾
ͷϳĻҵλΪϺ͹мҶĽ㡣
7.2ԼѷԪλս
ڹмҶԣ׷ϳƽĻҵλȫ̼ƻ֮УӵŸߵȼڰǱڿԴǳ޴һг۸¿ʼģĿ̽ͿϳƽҵĿ꽫ʵ֣һƽͰսһӦǣȯܿҸȼ롰ȯһ£ŷСȯĴȨʱ¹˭޶ۡȯռϷ磬żķա
ԹмȵǾѹۣһҵڿ΢״̬ӶӻĿ̽ͿٹӦһʹҵڰ۸ʹϵоӦñúޱҪӶٶİòʱ򣬡ȯȻͲսϳĻҵλҲ˳ˡؼȡʱ䡣
ȻǶԴ֪һԹмұ̬ʵʱԿǷϳĻҵλһȴšҵǣĲ˹.ףDouglasDillonĸ׳ڻд壬Ϊ͵˱мǿϵڸУҪȨɵмǸڵκҪٶĲİȻײ91һ˾ĳгҵû1947ûЭᣨTheSilverUsersAssociationңӦǿҪʣĴû󡱡7.8
1961319յŦԼʱ
ԱԹͼۣ
Ա.ٲAlanBibleԵڹгļ۸۰ߡλڻԱڸ˹.׵˵ڵ󿪷Ѿ󣬶Ϊǿһʵļ۸ޡԵİȱֻͨڱ²˵ֻеԹгڹϿļ۸ѹһв̸ϡ
1961819յŦԼʱһƪϢ
ҪԲݵ13ԱͳύһţҪֹͣ۰Ϊѹ˹ʺ͹гİ۸
19611016գŦԼʱ
۰Ѿ԰гļ۸һĸӡҵû֪ǿԴӲõÿ˾9192ֵİǾܾ֧Ǯµİ̡
19611129գŦԼʱ
ϲһϢͳѾֹͣҵ۷ǻҰĹҵûˡ
19611130գŦԼʱ
ļ۸41ŦԼг߼λڶͳȫıİߣгļ۸񡣵һֹֽ֧ͣңȯİ7.9
ͳڳˣȻʱѾһЩΪİʱʣ²17ڰ˾ˡĹϴʩѾʹгصİҷȷźţͲĴȶǿԤڵ¡˾ĹƱһɳ졣
ϵһΪ߸Եƻ˹мҵͼı
19634£ϯ.ڹ֤˵ίԱȷţûбҪϵͳʹð˾ðѰ֧һֻϵͳгܻɻұֵҲֹͬ۵㡣[7.10]
һɣгõȷļ۸ǵźţ¿ʼµԴ̽豸ģܹӦҪ5ҵڣܷձסĻҵλӶֱӷлҵϣؼʱ̽1966ꡣ
мƸߵǰĻҵλս۹ϵѡǷܹסҷȨһ¿ʼӦϾͿֽһƶԪҵİعӴ󡰰ȯķȯƱٶ
ʱ196364տǩ11110ͳͻ̳ΪԸȯɱС
ϧǣмҲͬ˿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
սҵĴҵԼѷʵ
7.3ƽ
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˳ӢкŦԼֺۻƽɻƽͻȻӦ۴35Ԫ£ͶƱȫֻţջǵֹߣɸģۻƽ𡣴״ƽҵ֮Եͼػƽ˲֪ذѻƽ𻹻ؽ⡣ʵһ޷ļƻ
1968ļ֮ڣüƻִСԼѷͳ˼Ⱦǣгȫ˻ƽ̡ۣܹʧ9300ֻƽ𡣿ᰮȨȴһͿԼѷͳüپѡͳΡ[7.15]
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
1ڻƽ۸ı仯Ӣͺ˿ͬѡ񣨱֡ƽ𡯣¹ԥʱʿǿҷԡ
2Э飬׷5ԪĻƽԳŵ5Ԫ֤ļתĿǰ׶гƽʧٶЩƽֻּ֧ʱ䣩
3ŷʶǺܿͻٷǳѡ׼ʱر׶ػƽгûƽоС
4£Ժͳùæһһرաƽ𡯺󣬸ԺЭ
5ǻ֪Լգͱȶĸ˹۵㡣ǻڽǽ
Ҹ˵ĸоǣൽʱԽԽˡ
314գڻƽϣ˹нһ棺
ĸ߼ʴһ£
1ڵٳȥˣϣкת
2ĩҪڻʢٿһƽ𡱲Ļ顣
3ǽۣƽڹڼĹ򣬱ֽгĴʩӽرȨSDR's
4ڹڼ䣬ǽԹٷԪ߰ԭ۶һ
5ܴκЭ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1968227տʿأWalterCronkiteԤԡʧܡձʡ̬ǷѾŪԭȿɼԦĿꣿû׼õĻӦ׼Խ¼ǰʱܿ315˵1968ʹ˾򵽣Խϻʤֻȡľ棬ѾǣһǿȨܼˡʱ˯ѾõĲԱҲѹԱʼɣȨͬս𣿡˹ƶһĵطһս
1968331գԼѷԱγ20ԱֹըжɴǰԽϣơԽϵĿͲˡѡͳ
Խսıԭ׶ػƽսĲҰܵͳξӢײĽڡĴ
7.4رȨSpecialDrawingRights
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˹40رȨΪδġҡĹȷʵЩڡǰˡмǵֹҲȫȻûеսսϹġԭ͡Ѿʵˣʻһ֯һԡͳһĻҷлҲͬʱλˣرȨڳΪңҵӡֻϧƻϲϱ仯Ӣ˹汾δ硰õͼ뻳ص汾вСĳ룬ռʱ˺ͣǲƴ֣ȻֳɵԪȨĿ˹ļƻ˫ЩˡûйƵҵ˳ͣ޵ֶҡĻԱȣرȨʼû޳
7.5ϳƽҵܹ
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,ˡѾԪƽҹĹʳŵˣ1933˹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˰
7.6ô̿͡ʯԪTheRecyclingofPetrodollars
1973106գĴжսͬʱɫзȻмϣɫеƫ̻ߣ1016жʡɳغ4Ҽʯͬʱͼ70%˾ٶ70Ժ˼ΪԶӰ졣
ڿصİҲϣ˴ǿҪΪҪĿ꣬һûڰҵҵƲʵʩлʯͽˣϵͳгʽΪ⽫29󾭼ΣȻЩûбɣ1017Ǵ5%ʯͲÿ¼5%ĲֱǵĿʵ֡
1019գͳҪɫṩ22ԪĽԮ1020գɳغȫֹͣʯ͡ʯͼ۸Ӧǣ19701.39ԪһͰԭͳ嵽19748.32ԪȻʯͽֻ5µ19743½ǣ¼ᡣ
мǧټƵıɳصȹʯԪ
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˾ϡ
ɳ˻ִĹҵʩͳݱнŷ˹ҽɳѸٵرһִҡȻһ׼ƻҡ
ĳɫƻ˵Ļϰǳ⣬һƻ֮£ʿ1974ɳأöʯԪĴ롣
˽λӻ֮µķƮҡеԪҵʯ
7.7һ׵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⡣
һǹͳҲ˻ָλϣ19823£17ɵġƽίԱᡱ152Ĳ࣬˻ָλ˼·ͳϽ
ӴˣҲûһλͳҶλͷˡ
ڰ¡սĻս
ǾȺվڸ߸ߵɽ֮ϣһȺ¹̩ľÿ˵һͷ޵Сϻ˵һֻ˵ѡģɱΪ˱¹Ⱥϸ[8.1]
ʱܿ1997
µ
֪˭¢ĳƷĹӦ˭ʵֳ󡣶һ˶ҪƷ˭¢һĻҷУ˭ӵ޷׬ȡֶΡΪʲôмҪʾ֭Ļǡ伫ıȡ¢һĻҷȨԭߵľ¢ȫĻҷȨ
ΪȷҷһսƸߵ㣬мҴ70𣬷һϵּڹԪġ֫⡱չйҾáʹǱھֵĻսյսĿľǣ羭áпƵؽ塱Ϊһ׶أĿ֮µġҡ͡˰ա춨ʵĻ
ע⣬мһ漯šǲκһҺ෴ǿƹҺһʷ׶Ԫǣǵ׼󣬾ͿʱԪӶ緶Χ1929꼶ľΣصΣʹвȸȨʩҺ
йĽϵʵǵ֮ءй֣ǻ᲻⣬ʲôʱʲôʽ⡣һϣκνҵ뷨Եĺǿܲȡĵսսʹձźܴԣйĳʲĭйľǵġ¡мļȷʱڣ1985굽1990ձȻǽʹɱ֣ʵʩԶ̷ǽӴʽĽں˴йõģʺ͹ʽŵɢӡ¥չйĺʲйýС׽塱ͳһеѵһ
ȻҪ뾭ϡ֫⡱йһҪǰûйգйɮ˳ˡ
8.11973жս: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ÿһشսжͬʱ3ϵҪĿ꣬áһʯҲ֡мҴǴȭĸ֡
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]
70УʵʩҵķչйѾеϢʯͼ۸ʹЩҵĴʽ𱻸ͼɡչйҪôֹͣҵ̣Ӷ޷йĴҪô͵нǮʯͺͳ޶ծıϢ
IMF׵ĹмԴIMFһЩп̵ԮǿЩϡͿ͵˴ùķչйҺġIMFĸҩҺʲ˽лʱгɻҪгó׹ʻ󲿷ֹҺ⼸ҩˣֿǿĹҲԪˣƶ
ڷչйŵԪڰʯʱһڵȴǡ
8.2.ֶˣ羭áпƵؽ塱
ֶ˵ѡϯΪǻֵѡǵĿۡΪ֪ܴͱأΪ֪һޱ䡣
ʷѧҲ˹.˹
1973ͨж³ά?˷Ϊ˼ǿŷձڽ֮ĹϵڲȽ˹ĳЭ齨һŷίԱ塣ίԱҪԱǱŷձһЩмҡҵҺŦԼ衢ֱܲһ˵ϯŦԼܲϯȻǴά?˷գΪά?˷յĸıʿĲȽ˹ΪܲճִΡȽ˹иڸױǴѧڵĺѣеϰ?˹ˣˣ?Լѷƹܰ׹ʱι䡣Ƚ˹ݳزμίԱᣬһصĴҵԶ
˹˵£Ƚ˹ͬؼ档Ƚ˹һ۾˿أ϶պسɴȻ뽫ߣԿصʱְλҪΪίԱĳԱִίԱʱֺͨǣȽ˹㵱ά?˷ƼشһִίԱϯССݳ?صֱίԱԱСܿϰ׹̨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˶²19735»ʱ1300Ԫ51982ʱﵽ˾˵6120ԪӢڡͨ͡Ŀں£ͻȻߵ20ҵʱ򣬷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
8.3绷УWorldConservationBankҪȦ30%½
Ƿչйծ̶֮ʣмҿʼ߻һж䷽ʽͨļޣҲ벻Ȼһͼı㡣
ʷĽǶȿ⣬Ͳ׹мۻҵġȭľ޴
19638³һѧһλΪԼ.񼡱JohnDoeѧڣӵһʢٴĵ绰μһо⣬üƻ15רҶѧĶѧߡԼ.񼡱ڴźһСɽIronMountainĵطɽŦԼݵĹѸǣHudsonеսڼΪ˴޽ľ޴ĵʩټ˾ܲڴ˴ʱ칫ص㡣Щ˾ı׼ʯ͹˾ʯ͹˾ͺŵй˾ȡսｫΪҪҵģȷս֮ҵϵȻܹƽʱЩ˾ļĵط
صоСҪоĿǣˡúƽ׶ΣʲôսԼĶӦԡо2ʱ䡣1967꣬15˵Ŀһݾܱ棬ݱǱҪԸñϸܡǣеġԼ.񼡱ھݱʵ̫ҪˣӦҵŷ.ģLeonardLewinŷ.ĵİ£ⱾСɽı桷ReportFromIronMountain湫˾DialPress1967ʽ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
19671126գʢʱWashingtonPostڡĿнܹⱾ顣ܸľǹѧڼӲ˹JohnKennethGabraithҲ⽻ЭԱָеһֵϢ֤ñʵģΪ˾ڱ֮СûܲμĿĹĿһֱѯ⣬Ҳ֪ҪⱣܡԸ⽫Ҹ˵ļɽ桯ʵԣҲԸ֤ʵĽ۵Чԡֻǽû׼ĹǷǡ8.9ݺӲ˹ýñʵԡ
ôñ澿ʲô˵ĽۣáӢǡ˽أ
ԭñʵ͸¶ˡ羫Ӣǡδķչ滮Ļּǣ۶⣬ҲȨ֮Ŀնһʶ̬ڽռκλãһݡ͹ۡı档
濪ָ
ĺƽܴ˵ǲܣȴпɳԡ㣨ƽĿ꣩ǿԴﵽģҲ϶һȶѡ...սȶһ⹦ܡʽܹչսϵͳӦñֺǿ8.10
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·ͬʱ߱31ھϣǡ˷ѡģҪÿGDP102һֺսΣƵġģġŵشв3ṩǿԷĺϺ߼ɡ
ҪͬʱҲһɵĹר뵽ƶսƶȻ㹻Ӵ󣬵ǲ߱㹻Ŀ־УԺܿ챻ˡһѡ֣Ȼ㹻ֲ60ȱŶȣֱˡ뵽ˡȾ൱̶һʵ߱ŶȣڶԻȾ¹Դﵽս֮ĩյĿ̶ֲȣϵȾȷھϷǳ˷ѡģܸ˰պͽԤ˽Ϊǡȵĸסǳ߼
ʵһѡ
ѧع㣬ȾҪﵽ緶ΧǿΣʱԼΪһң2030ꡣķʱ1967ꡣ
20......
19879£ҰίԱᣨWorldWildernessCongressĴδݵٿ60ҵ2000μһλ顣μλ1500ȵط֣һΪԡDenverDeclarationforWorldwideConservationļѾΪ׼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⣬ֹ1987꣬չйҵȫծߴ13000Ԫ
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
8.4ں˵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
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
ƱгıȲձҵͱҵҵձҵǰڹƱгԱٱһĳɱＯʽһжŹƱгĵԶΪջƻ
1990ձ˳ʮ˥ˣձб70%ز14µڡսܡһУ߼ԪΪͲƸʧıԣձ1990սܵĺ͵ڶսսܵĺ൱
.ձڽڵʱ˵ģ
ûһұǰĵ--ձʵͻ֧ʱĲֺ;޶ˡ¹ԻʢٵҪձ˿ҳϺͿعծزʲջıʷƻԵĽѡ[8.14]
2006ģβɭûءףйɹʱǱ󲻽ð˿˿֪ǰα˵ձʱǲҲ˵ͬĻ
8.5˹мҵĽںڿ
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.JamesPlaceCapitalĺϻˡ
£¸.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˹.Gillesd'Aymeryȷ˹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״̬⵽֯ķ٣ʷϻǵһΣ
˹֮Ѫĸֶ߳β֮һȷһ֮Чİ취
8.6ŷ޻ҵġΣδ
˺«ðưŷпƵĽ塱սĿ֮󣬴ͱųȨ֮ŷ޵ĺĵ¹뷨òʧȥһӴв֮̾Ҫ¯ŷԪӢͷŷԪһƱγɶԪϵİȨصĶҡá׶-·֮ͬĻҳͻҡ
ĸԴ1971겼׶ϵĽϵʧڻƽӱλĲ׶ϵ֮£ҪҵĻһʼǸ߶ȶģó׺ͲҲʧ⣬ΪֵĹƱʧĹҲƸӶʹùϵŴ½Զ½˥ˣѳήƱ½ó׳ʧʼʱʼӣģó׳˳ܲƸӡһȻѭͿϵͳ1971ǰȫʵ֤صĳָ޴ҷնԳ弸ޱҪ߲ڻƽԼ֮£еĹҶʵͿ̿Ĺ۲ƸҲǹмƽĸԭ
ʧȥƽһ֮󣬹ʻϵȻңھΪġʯΣɶԪǿ֮£79ĳʣԪվ˽ŸΪĴҵԪ۸ϴȨȫ׶-ĵϣȸҹɽŷ޹Ȼˮǣ70ĩ¹ʩ(HelmutSchmidt)ҵͳ˹̹Giscardd'Estaingŷ޻ϵͳEuropeanMonetarySystemŷ޹֮óͷʹĻʲȶ⡣
1979ŷ޻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]
1990죬׶ط齨µ鱨ţӶԵ¹鱨Ӣ鱨רǿҽͬӦôӶµľ鱨ԱļԱڵ¹鱨ʲ
¹Զ˹ֵ֧¹ͳһĴмİ˹ؽ̱ľá¹Ƴδŷõǰһִ·衢ŵάͰ֣ͨɳĪ˹ƣͳһĻңˮ齻ڵľ壬ŷҲսֻ̣λһδ
ǹмǵ룬ǿǵδ˺δ͵ŷԪ룬µ¹ؽɹ
90׶-ֲ߻֮£˹ӢĴ󱳾
1990꣬ӢȻ׶ؽڳǵķԣȻŷ޻ҶһϵERMۿŷԪϵ𽥳ͣպȻΪ׶-ĵشмǲ߻ƵĴ򷨣ŷԪϵɱҡ֮С
1990ǽƵˣ¹ʵͳһ֮ľ޶֧ȴǵ¹ʼϲģ¹вòϢԸͨ͵ѹͬһŷ޻ҶһϵӢҲ̫ãͨǵ¹3ʸߴ15%80ĭ𡣵1992꣬Ӣ˫ѹѳֳԸ߹̬ƣ˹Ϊ׵Ͷ׼һ1992916շܹӢֵܼߴ100Ԫ7㣬ӢͶ˹նߴ11ԪһٽӢ߳ŷ޻Ҷһϵţ˹ʤһɺˣθߴ400ԪĺУûռˡ˹ܹ25ĸܸ˽赽Ӵʽ䱳ʵǿܽڵ۹žá
8.7޻ҽɱս
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˼TheMythofAsia'sMiracleһķڡ⽻ϣԤ޾ñȻײϸǽָ޹ҶߵͶձ鲻㣬ģջ伫޵ȹ۵㣬Ȼе޹ҵձܵͣչĹؼˣʱˣﳤ̡ܶЩⱾҲЩҿͷгֵȻȫڷչԵصԽӸ³µЧ൱޻ҽɱսźŵ
мҵĿ̩ϡ
ʱܿɷùһֱӵ̩ĽںڿͣпʵǾȺվڸ߸ߵɽ֮ϣһȺ¹̩ľÿ˵һͷ޵Сϻ˵һֻ˵ѡģɱΪ˱¹Ⱥϸ
1994ҺԪֵ¼ѹ֮£̩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׸൱ʧΡǹձظ̩ĽսܵĹ̡
ǵ߼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£̩䣬̨
8.8йδԢ
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˵2006׾Ϳڿ
С͵˹˴ϲóֻͿʼͬǷţɵǮ࣬ȥй
ھ¡ԪѨƽһָ
еĴдڣͨݽߡһ˾㵵뷨ǣȫҵСǻͨеÿһԪֳãܲҵУͨŴ㹻Ļңǵľþͻᷱ٣Ǿͻ˥ˡǾûһԵĻϵͳץסĹؼ֮ǣϵͳɱĻ֮ԼŵͻԡӦõ˼⣬Ҫڣ㷺ңϵͳ̲ȡʩڵ[9.1]
޲.ķѶ
µ
Ҿ䱾ʶԣɷΪծծࡣծҾǵҪͨеķңFiatMoneyϵͳҪ˾Լ˽˵ġһծɡ
Ԫ͵ӡԪծͬʱծ񳥻ͬʱ١ͨеÿһԪһծǷÿһǷÿһﶼڲծϢţЩֵϢ˭أ鴴ԪϵͳծԪϢԭл֮Ĳ֣ȻҪл֮ٴµծԪ仰˵ǮԽ࣬ͱǮծһ߼ıȻǣծԶӣֱծ˳Ϣظѹ÷չϵձծĻһִصǱڲȶ֮һͨ͸֧δڵҪйоϻî˵˼һңԽΪķծҡֻҲκ˵ŵκ˵ծѾɵͶɹǧʵȻġҪκǿƣԿԽʱ磬ǻеֶ֧Ρ
лУζšʵӵСǷ+ŵߵļֵű
йڶ֮䡣ĿǰҲšծ񻯻ҡĳɷ֣ԣȻֹȥѾɵĲƷĶҵķвԪһԹծѺ˽злңԵԱ˽ľ޶Ϣ֧ǶҵԸӽҡͬʱûнΪ֧ţзҵĻԣǿܱ֤Ҽֵ
ƶȣԪƶȵڱʣδĸıҪǰᡣ
9.1ִϵFractionalReserveBankingͨ͵ĲԴ
ִԭǲģмӵŵ򡣰ǵһУ´촢Deposit)ȨֻҪʣܴ㹻ĴǶʧһСǣǴ촢ȨһвƸĺ˶ʧҲԼģǣ촢ȨӦʧΪ⽫һҸ͸õ硣ԸΪмǵūΪǵıū֧ãǾǼ촢ˡ
Լ.˹̹վʿӢгӢڶĽмṩǴġҴҵ񡱣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
1913꣬пڳɹؽ˲׼ϵġģ-֮ȫ׼ƶȵĻھбӱҡ𡣵ʱеġȯ͡ƽȯȫ׼ƶȵҴߣֽұ󣬶100%Ѻһ˾ĻƽӦŵֵֽңʹϵͳծͬʱгȻȫġԪܹͨչ1913֮ǰһ
1913ִԪͿʼгȫԪмҾҪһֲִƶ¢ִļȳʵӻҷ򳹵߳ȥʹħƽͰ2060ɹطϳ˰Ԫ1971꿳˻ƽԪӴˣ׼ƶ¢ϡ
9.2ծԪɡ
ŦԼԪģԪܹһĻƽκʲ֧šȯʲûʵ壬ֻм˷Ҫڽ˳ŵǮʱIOUҡͨЩ˽˺ҵծ񡮻һǮġ
֥ӸеĽǣֽһдƷһڼֵԪһֽдҲֻǼ˲е֡ӲȻӵһڼֵͨԶǵֵ
ǾʲôʹЩ֧ƱֽҡӲҵȹڳծ;УܹǰǵֵأҪǵģԸ£ʱЩһĽʲԼʵĲƷеĲԭ÷ɹ涨Щҡ뱻ܡ[9.3]
Ҳ˵ծġһԪԪƱֵǿơôծ񾿾αԪأҪ塰ծתǮϸڣǱŷŴϸ۲Ļơ
ΪǽרҵĶߣҪĶµݣȫлġǮ̡ҵĵġҵܡûзȨֻзծȨȻùծ˽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͵ġװǡƾ޹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FractionalReservBankingһ߱Ŵʼ׼족ˡ
ĲҵдĿϱ·ΪдBankReservesʱЩѾеͨʲһԾΪǮӵġ𡱡ڡ׼ϵ֮£ҵֻ10%Ĵ𡱣һԣֻ൱ܴ1%2%ֽ8%9%ƱԼġ⡱Ϊ𡱣90%Ĵǣ90%ǮͽŴ
һ⣬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
9.3ġծӡġ
80еĹģǰĹծϢĸߣ˽˺ͷлͶߣҲ֮ͣԪĻʹõĹУԪ١90ڴҪңԪծȻ֣ճƷļ۸ڵһձֵ£ҲԵøˣ˸ͨ͵Ļƽ¡2001ڷսӴ֧80еĸ޵Ĺծ׷׵ڣԼԽԽϢ֧ʹиĹծ滻Ϲծ1913굽2001꣬87һ6ԪĹծ2001굽2006̶̵꣬5ʱ˽3ԪĹծծѸߴ88000Ԫÿ25.5ڵٶšϢ֧֧и߾ӵλҽƽ͹ÿߴ4000Ԫռ17%
ծ1982굽1992꣬дڡºӡ״̬8%1992굽2002꣬롰쳵ﵽ12%2002꿪ʼڷսʹ̼˥˵ľõҪսʽӽ͵£ٶȴﵽ˾˵15%ʵծĶһȻ20063ֹͣM3ͳƱ沢żȻġ
(ʷϻûĸص͸֧δ͸֧ԼĲƸҲͬص͸֧δƸ,κһϤƱͶʵˣԤֶȵսζʲô)
2001911˹Ϊȹкծȯг˺İʴ6Ѹٽ1ɵԪŴǣʹԪȫ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⡱״̬
9.4Ʒгġ⡱
ÿʽӵ2ԪϢ֧ᱻ족ϵͳĻһֿøծĴδѻһϢԪҲֵͨͣǣͨͣCPIƺԡмҵħأ
ڱɴȥǽʮĽƷг
20ǰȫĽƷֵNotionalValueܶΪ㣬2006꣬гܹģѾﵽ370Ԫ൱ȫGDPܺ͵8ࡣٶ֮͹ģ֮ԳκƷıʲôأԪһҲծծĴծļϣծļװ䣬ծĲֿ⣬ծϲɽ
ЩծΪʲŶԳͶϣҲЩծ񱻱չ˾ݻʲ˻ϡЩծ񱻽ţţѹţţţţͳţһծʢ磬ҲһĲʢ硣ڷ׷ѧʽֻпպͶѡÿһźͬһζĲÿһζĲؼӮ
ȻԪĺģĳϱׯҡ˭ׯأ5Уǲңǡ̡⡣
2006ڶȵҵнгָ5УĦͨ(JPMorganChase)켯ŵȣռȫ902нƷܺ͵97ռ94нƷУģǡʲƷࡱInterestRateռӵ83ֵΪ987Ԫ[9.4]
ʲƷУʵڡInterestRateSwapռơʵڡҪʽǣһڣáϢֽȥ̶Ϣֽһ㲻漰Ҫ;ԡ͵ĳɱģ⡱ڹ̶ծȯʹֹľGSE(GovernmentSponsoredEntity)˾ͷҳڹ˾÷жծȯ30̶Ϣķز֮ԡʵڡԳδʱ仯ķա
98.7ԪƷУĦͨռͷռ74ڵķֶڽУ101ʽܸ˱Ͷǳðˣ1001ǡ͡Ͷʣ90ĳԳ𡰳ʱ𡱣LongTermCapitalManagementλŵýָ£˵ʱӵķնԳѧģͣӵȽļӲʩһܸ˱Ͷʱһ˸⣬ЩϿĽϵĦͨƷʱĸܸǱڱȻߴ6261֮[9.5]
ĦͨʵƷгġ̡⣬ǼжԳ߸߷չ˾ĶԼҡ仰˵ҪͶʱֹδͻȻǣĦͨ˱֤ʲᱩǣľһֱաʲôصˮĦͨð˾춯صķգԤֻи˹˺ʱ֪ʱ仯أĴֻһĦͨŦԼĹɶ֮һŦԼһҲ۲۵˽Ӫ˾ĦͨԱ˸֪ʱ仯Ϣʱ仯ߵƶߣԶڻʢٵίԱᡱǸִлѣߵı仯ڻϲͶƱʱġȻͶƱǱģͶƱ˴һʼǱмǰõġ
Ħͨ׬ͺñĦͨһܹ˹ƽĹ˾ǺˮĵıգȻ֪ˮʲôʱģ֪ˮҪûĸ˹̹˵ϵ۲ӡĦͨгġ̡⣬ͬӡ
ŽƷгģըԵĳɳļԶԶˡƷĺͬ潻г֮еģҲ̨סOvertheCounterڻƶϣҲѽƷĽ볣ҵȣ˵˰ʲծˡģӴ󣬽ڸܸ˱ƫߣԼҷԿƣɣڽгԲΪһöʱ˵
ͶгĿǰ٣ծϢ֧족ֵԡֻҪ޶ԪͺԪתгЯȥڴй¶гϣָͨͻ漣رסͬһг̣ǽʶʷصĽڷ籩;Σ
9.5(GSE):ڶ
ڻƺЩGSEеĶڣծȯķʡͶΪǵͶȫԱ⣨GSE÷գԭΣʱΪ㹻ԤʱԵЩծȯڼºʱ֡ڣΣʱGSEĶծȯڶ̶̵ļСʱ༸֮ȫɥʧԡκһͶ߿ѡ˳Ͷͬʱʱ˭ҲܲмʱһЩծȯеķزʲ޷ٱ֣˵GSEծȯĳԲɹ[9.6]
ʥ·˹ܲ.2005(GovernmentSponsoredEntity)ָȨҷزĹ˾FannieMaeͷFreddieMacҹ˾زĶг䷢еԷزΪѺƷծȯMortgageBackedSecuritiesܶߴ4Ԫʵϵͳŵ7ԪķزеĴ󲿷֣תҹ˾ǰЩڵķزҴɰMBSծȯȻڻֳ۸Ľڻ޵СеMBSծȯǴչķزҴ֮һ͹ҹ˾Դͳƣ60гҹ˾ծȯʽ𳬹ʱ50[9.7]
Ϊй˾ͷ׷Ϊ򣬶ǶԣֱӳзزҴͼ£ʲǰ÷նԼе2002꿪ʼϢʱͷȴʼԽֱӳзزҴܶ2003Ѹߴ1.5Ԫ
ΪеӴծĽڻСĽܷգҪĲԾʹʲծޣDurationǺϣʲķսԿơΣӦñԶֳ֧ծ񡣴ͳıطʽǷгڿɻծȯCallableBondsʹʲծʱ޴ﵽͬͬʱͿȫʲǰաǣʵҹ˾ȴҪʹóڹ̶ծȯͶծȯʣʵĹģߴÿܱRollOver300ԪĶծȯ,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˾ծȯһ̶ϷծȯĽɫʵϳΪˡڶΪϵͳṩԣʱΪʲô17Ϣ֮󣬽гȻֳԷģԭͨGSEٳԽзز˽гǡƵӰصսйӴӾﲻϳˮȻĵصλְͨѹصˮͻ˾ùֱƣ֪صж
GSEԶծȯMBSծȯΪټϹмǴԪгԼͳɱʣԸܸ߱˹ծȨΪΪծȯծ30MBSծȯ쳣ֵġپ󡱣Ӷѹ˳ծȯֳʣ֮󣬿ȥгԳͨ͵ԵˡǣͶԥһ֮󣬻صծȯгǣĴԼġ顱ǣʢǼš
ֻĻþվǻþGSEǼΪ񻶽ڹӦƾʱ֪䣬ǵʱѾ½Σյ3.5ˮƽϡڱԪĳծ֮£ھҶĹг֮Уʱ֮ͣѾø˹ʧߵĳ̶ȡꡰʱϺųơáĴʦָºӵ걸ӵķնԳģͣһ˹ծΣʹĽԳ֮ҷ𡣸߶ߵGSEԳԣܲܿס벻ͻ¼أ
GSEڶԶͻȱݡʥ·˹ܲ.GSEĿ磬ڷ25ծÿʲȵ֮óĽǣ
ڳ1Ĺծ۸񲨶УԼ34ֵ3.5ı׼ƫֲ̬ͨģʽĸ߳16һ250գǿȵʲĸһΣǹƵ81ֲ̬ģʽȫʾҲķա4.5ı׼ƫĳǿȵĲԤڵİ֮ߣ6573з11ΣּĲһ߶ڸܸ˵Ĺ˾һ㣬ҵĲڼбһصҪģζһҹ˾ں̵ܶʱڱ𵴺üΡ걸ԳʾҲ£ᵼҹ˾׵ʧܡ[9.8]
ڽںڿͻȻԪֲӶкϮϮƽ۸ǵͻ¼ծгƱؾ𺳣GSEҪһ⣬ԪծȯڼСʱ֮ɥʧԣȣĹģҲֻĶ60пܱϿ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(ͨ)ȫɿصģ1971ˡȶĵãǼǮֻԽԽ˼ڷ򡣴ʱµľһС
ѷʱÿ˶ѰԼĳڡԣĳĳھǻƽͰڡĻƽ𣬱Ļҡһָ:
Ҿûƽܱˣʯͼ۸Լ˹ίҺͷԽԽԸǵԪʱ򣬻ƽͻǼۡĿǰǻǡĻҡ֧ҵĲƷͷ񣬵ѾԪˡ
ҶĲǣͶǮǾǻƽͰͬ򷿵زÿ۸ʱҾʵʲôĴͶ߻᲻Ը軬Ǯأ[9.10]
9.6ƽ𣺱Ļ֮
ƽӵкܶ಻ȶأһֱͼ𵴻ƽ۸֮һעһ¹ȥ20Իƽߣͻᷢڽ۸ߴ800Ԫһ˾1980꣩ʱûۻƽʱӦǺܺҿȶۡȴͼʱۣ1999꣩ƽӢˡͼۻƽɽ۲ȶ֮һ[9.11]
1999޲.ɴɴ˵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׶-ĳɹشձãסŷͳһҽ֮Ȼ⣬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⹹˵͵Ĳթڼĺ֮£ƽ۸񲻶µвμӷ档ƽۼ۸ڽµʱջƽĸࡰʲֵǣƽֵ̾سΪµͬıߡ̵õֻǶݵͷʧȥȴǳԶ档
ƽ¢жίԱᣨGoldAnti-TrustActionCommiteeϯȶ.Īƽıƽ۸漯ų֮ΪƽضGoldCartelĺĳԱJPĦ˾ӢУ־УDeutscheBankУʢ˾УBIS
۱ǿг󲻶Ƹʱоͻ嵽һߣ۴ƽֱͶΪֹ
˹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%ջƽ̺Ͷ̵ĽƷʧءƽ20ڻ˾ţԤʾƷгţеĵ1999ǻƽսҪսת۵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(TheFreemarkettier)˵
IMFʻһ֮֯⣬ƽձȫȥһˡļ۸ȫɹϵͭСһ
һж55Ԫһ˾ļλϹ˻ƽ68ԪļλĻһǮǣ55Ԫ38.5Ԫ33Ԫ׳Ļͻϵĳ
Ѷɭһƽ߳ϵͳôԻƽֻںٵļֹҵҵԣ1971815ɹرջƽ𴰿ڣ׶ϵ̨֮󣬻ƽѲǻң˭Ҫƽأ1973꣬λڳκʱ϶197275Ԫһ˾Ľۿ϶άֲסƽտܵ35Ԫ¡ý°Ѿʵ7Ժ󣬻ƽļ۸嵽850Ԫһ˾
ãѶɭǻֵĶԳĻľͲĳˡ
9.7һ2004˹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
˹ж¼1815սһٶȡƽ𶨼Ȩн200ʷִĻƽ𶨼ƽ1919912գŵĴۼ˹жʱ۱4189ʿļλϣԼ7.5Ԫ1968ΪԪۣģʽδ䡣
μӵһνƶĴ˹ж¼ˣMocatta&Goldsmid,Pixley&Abell,SamuelMontagu&Co.,SharpsWilkins.˹ж¼Ϊ̶ϯټˡһ쿪ʼλÿ˹жлʵƽĽۡϯһ̼ۣ۸ͨ绰ңϯȻѯ˭400˾ı׼Ƕ٣˫ۺմɽ׵ļ۸ϯʱ۱öTheLondonGoodFixˡ
ƽ𶨼ƶһֱ2004ꡣ
2004414գ˹ж¼ͻȻ˳׶ػƽ𶨼ϵһʯ쾪ϢȫͶߡά.˹ж½͵׶Ʒгƽ𣩽׵ڹȥ5Ѿ½ҵ1սԷĽǶȿƽףѾǵĺҵѡ˳г
Ӣʱ416մһ˵翭˹˵ƽһҰż߽ʷĳ⡣ǿ𾴵˹ж¼ӻƽг˳ų˵ġƽӡķҲòĻƽ𴢱ʱƽΪͶƷѾӽӽľͷˡ
޶żгĴAIG61˳гۣԸΪ̡ͨ
´ﵽ͸Ρ
Ī˹ж¼ĿƽˣΪβ1999۵ʷ͵˳Ҫڻƽ2004ϴأ
һֿܾǣƽͰļ۸սʧأһƽ۸ı¶ٿؼ۸˽Ϊ繫Сժƽ֮κιϵ10Ժ󣬽۸Ȼ˴⣬˭Ҳֲ˹ж¼ϡ
Ҫǣ˹ж¼岻ȥȻӵ֯Чߵս鱨磬ų޷֪ϢԴıԶǼӴĽԴͶϢЧռʹڹȥ200ˡ
ͻȻ˳ľӪ200ļҵʱһ൱Ѱ¡
9.8ƽһָ
һʱʯͼ۸ǣ׶أڿһǣ˵й÷չǵĻ޷Ҫ˶йĲڸʯͱΪ˴̼ԪʵҥԲƣΪѡ٣ӲǷһһҹ֮䷢ˡشǡ1973ǲ߻ʯǼ400Ӷ̼Ԫͬʱͼ۱ǵμ޻жҵʯͽһ
Ԫĵ޷ıʣܿ죬жֻ£սս޷⣬ɫжҲãҲգ֮Ǽˮ׻򵼵˻ľȺϿж23ʯͨʯͼ۸׳100ԪأԪֻʡֻҪ˲ҪԪвͺá
70ƽ⵽ʼ֤ȯгʹƷгֳϵƷгΪ𱩵70Ҳ֤ȯг10ꡣ80ʼ֤ȯг18ţУŴƷгʱ2001꿪ʼƷгʼţ;ͬʱСծСزгҲͬ񳤡ϿԪʲֵʵծԪıը£еծ֧Ϣծķʽ͵ĽȻǣԭֻҪƷ֤ȯгеһˮܹʣԪڣеˮ׶ĳֵԪװ󣬻Ҫ
ǵȥôˮأǻֵֿʼ̸۽гǲϵƳɰǧµġڲƷڻҡծȯƷָáʵȷ涯Խ쿪شĲϽǿ԰δ1ÿһĺûԪǩгͬԽδ100ÿһÿһСʱÿһӵĵ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)ĳݡʽֻ3.5GSEǵƽΣѣƽ۸ͻȻңծʲ쳣ҺͼУGSEʶԳ߽ȱͻƣߴ4ԪGSEծȯڡСʱ༸족ʱȫɥʧ,ͬʱĻĦͨгͻƽг⡱ĳ,ͼѹƻƽ۸ͳʵĲ֡
ȱ̵ĽгǰδеԿֻţ״Ͷһͼеĸ֡պͬ۱ʱЩƷ:ҡծȯƷʯ͡Ʊͬʱ⵽ʽгģԿֻšΪѲɾҩĽг棬ƱƺӾһԪ֡ʮԪ纣Хһ羭ϵʱ羭ýһƬҡ
мıϳƽ֮30꣬Ѿ͸֧80Ĵ죬ÿϡѪ20ԪĴʹⲿתծϢӵٶԶԶ羭õйġʣ֮գҲڱ֮ʱһĵʵѲǻ᲻⣬ǺʱԺַʽ⡣
òȻԪĭϵѨĶ֣ƽǵһŵġһָ
ʮ¡ı
ͬһƽڵ͹ֵĵط
Ī1878
µ
1850꣬׶غʵϵ̫1950꣬ŦԼΪȫƸģ2050꣬˭ʶʽڰıأ
ʷľеĹһԸʢ޴ĲƸΪ˱ԼĲƸóвϡ͵ĻȡЩűָߴȻҵڶǡ19ͼͦĻƽӢ20ͰȫĻƽԪĲƸԶֵܹĵطͦȶĻҷּشٽֹгԴĺֲӶγɸЧʵľýṹĲƸ
֮ǿʢĹҿʼ·ʱήӴսͿ˴ǰĻǴӱֵҿʼͼӱܸծ̨ѹĲƸʱƸתȥѰܹӻǵĵط
ǷͦΪһʢ˥ֵס1914ӢֹͣӢĻƽһʱӢ۹۷һȥˡ1971굥رջƽ𴰿ʱĻԻҵѵʢ˥ת۵㡣ӢĹڵһսѸٵɢ˵һûشսܹһʱڵķ١ʻһ͵Ĵլţȴ𽥱޶ծͿˡ
ʷϿǲŪұֵͼƭƸĹңҲؽƸ
10.1ңĶ
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
Ԫ1971ȫƽ֮乺Ѿ½94.4һԪֵֻ705.6֡
й80ġԪǸԣı־90ġԪֻǳƽˮƽڼͥ1Ԫܾͽӽƶߡˡ
ѧֻġ۵ͨˮƽǸߵ˵ʲͨȴûע⡣ĻƶǶԴߵĲпͷΪʲôܹƱͷزгǳΣգͶʽΣա
ʱĴֻһǷе˻ϱûǮծͬʱȴеءˡǮǷ̱ϵͳһˣǻҹӦӼʮͨЩĻʵʱƸȫƽˮƽʲûзزʱ۲˸ߵˮƽΪ˰ܹס෴зز൱һ͸֧δ30룬δ30Ǯõһ𷢷ųɻң˺ĻұۡСծвǵĵ
͸֧δ30ĲƸ֮󣬷Ѿߵͨ޷󼰵ĳ̶ȡΪˡܹծ֧ŸߵķۣмӢԵ㡰ծ񡱵ġΰ¡ӢƳ50ķ׼Ե45İңԵóɹģծڶزӭһӡõĴ족дˣծûйӵ³Ϊǽƶеծмȥ˵ĳ̶ȡ50ծͻιмҵθأֻһ죬ծӻүծﻹġҴҲᱻ
һԪ㴢ϲ֮ʱ8ڵұЩصЩĻȫϵ6ķŴҪлӡȡĲ׼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׼ƶȺծΣյħһųħƿƶֻѾעˣծڲ׼ƶȵĸ߱Ŵ֮£нǮʲˡܡʲͨͺͱծεġôծһĴͳ˱Ȼʲͨ͵Ĳشֵۡ¢˹С֮󣬴ʧȥ˱ԼƸκѡ񣬶ҵעΪӮҡ
ծҺͲ׼ƶȺؽ֡Ƿ+ŵҵıֵĳֵġ⡱֮£ܹȶгطչ
һ¶Ҫ̸׼ʱҶȴûκα׼͹£
ǳ˽ծҺͲ׼ƶȵıʣ¡ɳıʾͱ¶ˡ
ûȶĻҶ⣬ͲоⷢչľãͲкгԴͱȻƶֻעʹƸҵУгҲֻ޷ʵֵĿ¥
10.2۸񶯵Ķ
˹˵һʵͨͨ͹̣ܵءΪ֪ûչƸһְ֡취ĲƸʹƶĹУȴʹ˱ͬ˹1966Ҳ˵ûнλ£ûκΰ취ģͨɣûаȫĲƸءЩͳѧҼҷԻƽܡֲ򵥵˵ûղƸıƽסյḶ́䵱ŲƲȨıߡץסһҪ㣬Ͳ˶ԽλĶ̰ˡ
ͨ͵ıʾͨʹҹֵʵƸתơһУܹڻұϡ֮ǰȡûҵ˳ΪӮңҵͨĻߡΣŴԽˣռıԽԽԶ˳ԿԽ󣬶ڼ˺̶˽ͨƷƶֻǵϵͳϾȷõģͨϴ˵ĲƸĵ˵ĿڴУͨʵ͵˲ƸҵԵľ磡
1974713գѧҡ־һ𾪵ӢҵʱͳƱ档1664굽1914250䣬ڽλ£Ӣڳ250бƽȶ΢½ơУҲҲڶܹϵرõˡӢĹ˾˵ȶԡ1664ָ趨Ϊ100Ļսڼ䣨1813꣩ݵǵ180֮⣬ھ󲿷ʱָ1664ı׼1914һսʱӢָΪ91仰˵˵ڽλ£1914һӢ250ǰ1664ĵֵҵĹǿ
ڽλ֮µ,Ҳǳơ1787ܷ꣬һµڰ˽ڣArticleISection8ȨᷢкͶҡʮڣArticleISection10ȷ涨κݲù涨֮κλ֧ծ񣬴ӶȷĻұԽΪ1792ҷCoinageActof1792ȷһԪҵĻ⣬һԪľȷΪ24.1ˣ10ԪĶΪ16ˡΪԪϵĻʯȼΪ151κϡԪȣʹԪֵ˶̵Ĵ
1800꣬ĵָԼΪ102.21913ʱ½80.7ҵľޱʱ۲Ȳ261879굽1913Ľλʱ۲С17ٷչȫʵֹҵʷޱ113ƽͨʼΪ㣬۸񲨶1.3[10.1]
ͬڽλ֮£ŷҪڴũҵҵתľÿǰչĹؼʱǵĻͬ˸߶ȵȶԡ
ɣ1814굽1914꣬100Ļȶ
ܣ1816굽1914꣬98Ļȶ
ʿɣ1850굽1936꣬86ȶ
ʱɣ1832굽1914꣬82ȶ
ʣ1873굽1931꣬58Ļȶ
¹ˣ1875굽1914꣬39Ļȶ
1883굽1914꣬31Ļȶ
ѹְµѧɵ˹λ߶Ϊʱƽʱ߳ɾ͡ûһȶĻҶ⣬ʱѸͷչĽ׶չʾľ޴ĲƸһ޷¡
ƽгȻγɵĸ߶ȶļ۸ϵ20ġšù滮ǺաƽͰΪȻĲгõĲĳʵĻҡ
νҶ⣬ǲԽڹͷ̰ΪתƣĺöΪתƣԡšѧҵͶΪתƣʷֻгȻĻƽͰһ㣬δҲֻлƽͰܵһʷ,ֻлƽͰܳʵرĲƸԴĺֲ
ľѧһձеĹ۵㣬ΪƽͰӵٶȸϲϲƸӵٶ,ڻƽͰϵ֮£ᵼͨͨоĴСʵһΪΪĴͨȫǹм뿭˹ǹͬƳԷϳλӶͨͨ͵ֶ˰,¶ۼؽٺ͵ƸݡӢŷҪҴ17ʵ޿ɱ粵ʵ˵ᾭõľ޴չȻͨͣʵϣӢͨ״̬˹ҵ
ӦǣǻƽͰӵٶȸϲϲƸӵٶأǸϲծӵٶȣծҵķĶᷢչ洦
10.3ծ֬GDP
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񻯾ڷϵͳ
ծҵıʼΣ֮󣬾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
ʷ֮еĴػķչԵĹסйһ"սԹյ㡱֮ϡ
10.4ҵ:й÷չġսԿվ
索ҵλȨҷлҵ߾磬ױȵȨӵ֮µԴҹľöԣ󱻽Զ硣
ǾйڹгΪȱٶȨֶԽйҵƷѹեĳ̶ȣѧҽ˵ΪߣҴгӵŶȨҲ˽˵ֶгȨ˶Ȩ
ôʯأʯأҩƷأͻأӴأйг֮һҲȫйгΪߣô˵Ǿǣ˵йͱʵʵأ
ʵϣйȱٶȨĹؼûнڵսƿȨ
йľ÷չںܳʷ׶жʽûж⿪ʵߣͲйľ÷չʿѡйҲͬѡӡȣʿѡ룬ҲͬѡߡʽȨһĶȨӵߡ
ϵҵ100ǿ500ǿҲʲôҵİǵҵľ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׷̱ǳΪӲͨ1945ڶսʱһӵ70ĻƽԪǱΪ𡱡λṩȶƸ⣬ӢıϣҲӢԪΪ索ҵʷǰᡣ
1971꣬ϵƽѹ֮󣬸ҵĹڻƽùâҫ֮£һ޷صؾڻ1971꣬һ˾ƽֵ35Ԫ2006һ˾ƽֵ630Ԫ20061123գ35ڻƽļ۸ԣ
Ĺ½98.2%1999ԺΪŷԪ
ʵĹ½96%
ӢĹ½95.7%
ɵĹ½95.2%1999ԺΪŷԪ
ԪĹ½95.1%
ԪĹ½94.4%
¹˵Ĺ½89.7%1999ԺΪŷԪ
ԪĹ½83.3%
ʿɵĹ½81.5%
Ԫϵ߼ϵıȻծ񻯵ԪסĻôƾʲôȥծܹԪøأ
СִծУͦĪʿɡȫʿɸ߶ԭ֮ʿ100ıƽ֧ţкͻƽͬ˿ڽ720ĵ֮أеĻƽ𴢱ߴ2590֣1990꣩ռлƽܴ8ڵʱϽ¹IMF1992ʿʻһ֯IMFʱIMFֹԱĻƽҹʿѹȽʿƽѹʿɵĻƽ֧Ŷ½1995ʱʣ43.22005꣬ʿʣ1332.1ֻƽȻйٷƽ𴢱600֣2ࡣʿɵĻƽ֧Ŷȵ½ʿɵĹҲձɽˡ
ձĻƽ𴢱2005ʱ765.2֣ձԸӻƽ𴢱ǱֹӻƽӵԭձòԪ־ƽרҷѵ.˹ʿмң˹ж¼һ˹жУRothschildBankAGinZurichִƸж꣬1987Լ˹УBankLipsAGinZurich,ǹʽڵ۹ġȦˡġƽսһ¶1999ƽЭᣨWorldGoldCouncilڰٿϣһλԸձм˹Թ˵ֻҪ̫ƽ󽢶ӻձǵİȫձͱֹƽ[10.3]
ĿǰйѾӵ1Ԫ㴢ȷʹʾ޶Ƹغδйİ,Ƿɢڷ򵥵⡣ҪйӦÿڼĹʽսӮսȨʵһʡԪϵеĻҰλ
2006ףйȫ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
10.5δսԣǽ
ͬ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˾ĽԼϱڹţǩĽԼҪӱģʽںڿںйϵʵʩԶ̷ǽӴ1990мԶ̡ˡձкͽгԶ
йĽڷǽҪԵԪϵıΣڽֵ44Ԫծĳ֮£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
10.6йԪ索֮·
йÿ2000ԪĹģԽƽĻ650Ԫһ˾ļ۸㣬йɹ9500ֻƽ൱һ8136֣еĻƽ𴢱ս۵Ŀʼ׶ΣмƱͨƴѹƻƽ۸ҵпϳۻƽ𣬽ۿʱֱй濴ֵĵƣѹͽ۽Ϊʷ϶йĽԮ
Ҫ֪ȫ6000ȫɵĻƽֻ14֣ȫŷеƽ𴢱ֻ21ǧ֣ǵ90ŷзĳƽΪȫҵ׿Զ2֡ڽۣ650Ԫһ˾㣬ⲻǸ4000ԪСӣйóӯ˵ľ޴4000ԪĻƽ𴢱23¡ŷеӵڲ̫ʱȫ⡣
йθ5Խƽ𣬹ʽ۵ķǽ̴мõԪϢ޵ףǽĿòǿԪϵ߽ġ
ⲻйܲûƽ۸ԪϵҪҪ⡣ƽ۸ԪصĴ£йҪ˵ĳԽ2000ԪĻƽֻǷųϯͻ̸Ѫѹ
йʮ̨⽫תΪǡҪ̨壬ҪԪ⡣йȻĺڽϡͬھֻҪҪʱ򣬿ܻ԰Ԫһѡ
йӹٷĻƽӵͬʱйԿʼҸĸ𲽽ƽͰϵйĻʵֽλµġйԪתй羭õһҪס
йԪʵʩԷֽ׶νСȿľǣвծȯ͡ծȯʵƽͰծȯϢ5ڵġծȯ,ϢԶ12ڻƽʵﱾΪϢսֶΣ񽫻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)
¼ձҰܺһվսй
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Ȼձó17ƫ̱
񣬼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

صtxtС˵txtС˵վwww.txteb.cnǵļ԰ u.prcbb.cnѵķ
Ԥ,24Сʱɾҵ;ϲ빺ͼ飡
