What gives a dollar bill its value? - Doug Levinson

貨幣價值的來源 - 道格‧萊文森

譯者: Yuhui Hung 審譯者: Zhiting Chen

If you tried to pay for something with a piece of paper,

如果買東西時

你想用一張紙付錢

you might run into some trouble.

可能會惹上麻煩

Unless, of course, the piece of paper was a hundred dollar bill.

除非那張紙

是一張百元大鈔

But what is it that makes that bill so much more interesting and valuable

但是什麼原因

讓這張鈔票這麼珍貴有趣

than other pieces of paper?

又和其他紙張不同呢？

After all, there's not much you can do with it.

畢竟，鈔票又不能拿來幹嘛

You can't eat it.

不能吃

You can't build things with it.

不能當作製造材料

And burning it is actually illegal.

拿來燒甚至還違法

So what's the big deal?

到底有什麼了不起的？

Of course, you probably know the answer.

當然，答案你大概曉得

A hundred dollar bill is printed by the government

百元鈔票是政府印製的

and designated as official currency,

是官方貨幣

while other pieces of paper are not.

但其他紙張不是

But that's just what makes them legal.

但這只是它們具有法律效力的原因

What makes a hundred dollar bill valuable, on the other hand,

而百元鈔票的價值所在

is how many or few of them are around.

則是取決於它們數量的多寡

Throughout history, most currency, including the US dollar,

歷史上大多數的貨幣

包括美元

was linked to valuable commodities

都和有價商品連結

and the amount of it in circulation

也和流通量相關

depended on a government's gold or silver reserves.

端視政府的金銀儲備量而定

但1971年美國捨棄這套制度後

But after the US abolished this system in 1971,

the dollar became what is known as fiat money,

美金就成了所謂的法定貨幣

meaning not linked to any external resource

也就是不與任何外在商品掛鉤

but relying instead solely on government policy

完全憑藉政府政策

to decide how much currency to print.

來決定貨幣發行量

Which branch of our government sets this policy?

那是哪個政府單位負責決策？

The Executive, the Legislative, or the Judicial?

行政、立法還是司法？

The surprising answer is: none of the above!

出乎意料的，是以上皆非

In fact, monetary policy is set by an independent Federal Reserve System,

事實上，貨幣政策

是由獨立的聯邦準備系統制定

or the Fed,

也就是聯準會

made up of 12 regional banks in major cities around the country.

其下有十二家區域銀行

散布在美國的各大都市

Its board of governors,

聯準會委員

which is appointed by the president and confirmed by the Senate,

由總統任命

經參議院批准

對國會負責

reports to Congress,

and all the Fed's profit goes into the US Treasury.

且所有利潤歸美國財政部所有

But to keep the Fed from being influenced

但為了確保聯準會

by the day-to-day vicissitudes of politics,

不受千變萬化的日常政治影響

it is not under the direct control of any branch of government.

沒有任何政府單位有直接控制權

Why doesn't the Fed just decide to print infinite hundred dollar bills

那聯準會怎麼不乾脆

印製無數的百元大鈔

to make everyone happy and rich?

讓大家有錢又開心？

因為，這樣一來鈔票就失去價值了

Well, because then the bills wouldn't be worth anything.

Think about the purpose of currency,

想想貨幣的用途

which is to be exchanged for goods and services.

就是用來交易商品和服務

If the total amount of currency in circulation

如果流通的貨幣總數

increases faster than the total value of goods and services in the economy,

增加得比經濟體中的商品和服務價值

還要快

then each individual piece will be able

每一張鈔票

to buy a smaller portion of those things than before.

所能買到的東西就會變少

This is called inflation.

這就是通貨膨脹

On the other hand,

另一方面

if the money supply remains the same,

如果貨幣供應量不變

while more goods and services are produced,

但商品和服務增加

each dollar's value would increase

每一分錢的價值就會增加

in a process known as deflation.

這過程就叫通貨緊縮

So which is worse?

哪一種比較糟糕？

Too much inflation

過度通膨

means that the money in your wallet today will be worth less tomorrow,

表示現在你口袋裡的錢

明天就會貶值

making you want to spend it right away.

所以會讓你想立刻花掉

這雖然能刺激商業活動

While this would stimulate business, it would also encourage overconsumption,

但也會造成過度消費

or hoarding commodities, like food and fuel,

或大量囤貨，例如食物和燃料

raising their prices

使得價格攀升

and leading to consumer shortages and even more inflation.

導致供不應求，通膨更加惡化

But deflation would make people want to hold onto their money,

然而，通貨緊縮

會讓人不願花錢

and a decrease in consumer spending

減少消費支出

would reduce business profits,

造成商業利潤下跌

leading to more unemployment and a further decrease in spending,

失業率升高

進一步重挫消費

causing the economy to keep shrinking.

導致經濟不斷緊縮

So most economists believe that while too much of either is dangerous,

所以經濟學家大多認為

兩種情形太嚴重都很危險

a small, consistent amount of inflation is necessary to encourage economic growth.

不過適度穩定的通膨

對於刺激經濟成長卻是必要的

The Fed uses vast amounts of economic data

聯準會透過大量的經濟數據

to determine how much currency should be in circulation,

來決定流通的貨幣數量

including previous rates of inflation,

這些數據包括過去的通膨率

international trends, and the unemployment rate.

國際趨勢

以及失業率

Like in the story of Goldilocks,

就像金髮女孩的故事一樣

they need to get the numbers just right

他們必須掌握正確的數字

in order to stimulate growth and keep people employed,

才能刺激經濟並穩定就業

without letting inflation reach disruptive levels.

同時避免通膨惡化到失控的程度

The Fed not only determines

聯準會不只決定

how much that paper in your wallet is worth

你荷包裡那些紙張的價值

but also your chances of getting or keeping the job

還掌握了你得到或保住工作的機會

where you earn it.

也就是你賺錢的飯碗