2014.04.23【英译中】1792: The foundations of modern finance③

猫四狗八 (ho) 路人甲
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发表于:2014-04-23 22:11 [只看楼主] [划词开启]

前文连接:2014.04.22【英译中】1792: The foundations of modern finance①

                 2014.04.22【英译中】1792: The foundations of modern finance②


Hamilton knew what was at stake. A student of financial history, he was aware that France’s crash in 1720 had hobbled its financial system for years. And he knew Thomas Jefferson was waiting in the wings to dismantle all he had built. His response, as described in a 2007 paper by Richard Sylla of New York University, was America’s first bank bail-out. Hamilton attacked on many fronts: he used public money to buy federal bonds and pep up their prices, helping protect the bank and speculators who had bought at inflated prices. He funnelled cash to troubled lenders. And he ensured that banks with collateral could borrow as much as they wanted, at a penalty rate of 7% (then the usury ceiling).

汉密尔顿知道他的金融系统是危如累卵的,这个曾经经济学史的学生,他清楚法国1720年的经济危机就是在这种不完善的系统下导致的结果。他也知道托马斯杰斐逊已经做好准备废除掉他建立的系统。作为反击,汉密尔顿的行为就像纽约大学理查德西拉在07年发表的文章描述的那样——美国银行第一次跳伞,他做了不少动作:利用公民储蓄买下联邦债券,借此抬高其价格;向高价购入联邦债券的银行和投机商提供保护;向有困难的借贷人提供现金。他还保证有担保的银行将会在7%惩罚利率下,让他们借到他们想要的数额。


Even as the medicine was taking effect, arguments about how to prevent future slumps had started. Everyone agreed that finance had become too frothy. Seeking to protect naive amateurs from risky investments, lawmakers sought outright bans, with rules passed in New York in April 1792 outlawing public futures trading. In response to this aggressive regulation a group of 24 traders met on Wall Street—under a Buttonwood tree, the story goes—to set up their own private trading club. That group was the precursor of the New York Stock Exchange.

就在这一系列措施起作用时,人们关于如何避免未来大萧条的讨论就开始了。所有人都认为金融的漏洞太多。立法者为了保护外行的权益不受损害,1792年4月在纽约颁布法令,对交易进行了完全禁止,宣布日后公开进行市场交易违法。为了回应这种大刀阔斧的调控,一个24人组成的贸易小团体在华尔街一棵悬铃树下举行集会,成立了他们私下的交易所。这便是纽约证交所的前身。故事由此得以继续。



Hamilton’s bail-out worked brilliantly. With confidence restored, finance flowered. Within half a century New York was a financial superpower: the number of banks and markets shot up, as did GDP. But the rescue had done something else too. By bailing out the banking system, Hamilton had set a precedent. Subsequent crises caused the financial system to become steadily more reliant on state support.

汉密尔顿的跳伞效果很好。随着民众信心的恢复,金融届又是一片繁荣。在半个世纪里纽约拥有极强的金融实力:GDP增长,银行和市场的数量也迅速增加。但从银行系统里跳伞的行为带来的结果却不仅于此,汉密尔顿开了一次先例。尔后的金融危机让金融系统更加稳定也更需要国家的支持。


The Buttonwood agreement   悬铃树下的协定

Traders met under a Buttonwood tree on Wall Street to form a private trading club after public trading was banned in 1792

1792年公开交易被禁后,贸易人在华尔街一棵悬铃树下举行集会成立私下的交易所。

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