The Fed Chairman, Paul Volker, decreased the money supply, causing interest rates to shoot up.

于是美联储主席保罗·沃尔克(Paul Volker)减少了货币供应量，导致利率飙升。

That the Fed wants to expand the money supply.

亦即它想要扩大货币供应量。

We will see that increases in money supply and aggregate financing are generally in step with economic growth in nominal terms, maintain a proper and adequate level of liquidity supply, and keep the macro leverage ratio generally stable.

货币供应量社会融规模增速与名义经济增速基本匹配，保持流动性合理充裕，保持宏观杠杆率基本稳定。

We will use a variety of tools such as required reserve ratio reductions, interest rate cuts, and re-lending to enable M2 money supply and aggregate financing to grow at notably higher rates than last year.

综合运用降准降息、再贷款等手段，引导广义货币供应量社会融规模增速明显高于去年。

Industrial output and fixed-asset investment also decelerated last month while the expansion in broad money supply remained steady.

工业产定产投也在上个，而广义货币供应量的增长保持稳定。

An increase in the money supply can have two effects.

货币供应量的增加会产生两个影响。

Boosting the money supply and dropping interest rates to practically zero.

增加货币供应量，将利率几乎降至零。

This means that they cannot increase the money supply by unilateral decisions.

这意味着他们不能单方面决定增加货币供应量。

So, is Milton Friedman's theory always right, that increasing money supply causes prices to increase?

那么，米尔顿·弗里德曼的货币供应量增加导致价格上涨的理论总是正确的吗？

Controlling the money supply would be a very good example of that.

控制货币供应量就是一个很好的例子。

And we'd expect that to continue as money supply continues to increase.

我们预计这种情况会继续，因为货币供应量会持续增加。

In a subsequent paper, Mr Clark, Mr Pinkovskiy and Jeff Dawson of the New York Fed suggested replacing lending with m2, a measure of the money supply, because bank-credit figures failed to capture a government crackdown on shadow lending.

在随后的一篇论文中， 纽约联储的克拉克先生、平科夫斯基先生杰夫道森建议用衡量货币供应量的 m2 代替贷款，因为银行信贷数据未能体现政府对影子贷款的打击。

In December 1790, Hamilton proposed to establish a central bank which could issue a uniform currency, expand the money supply when required, issue loans to public and private entities, collect revenues and hold government funds.

1790年12， 汉密尔顿提议建立一家中央银行， 该银行可以发行统一的货币，在需要时扩大货币供应量，向公共私人实体发贷款，收取收入并保管政府金。

And we saw in 2020 and 2021, the US increased the money supply by 20% in order to paper over the failures associated with the pandemic.

我们观察到，在2020年2021年，美国为了掩盖与疫情相关的失败，将货币供应量增加了20%。

He said inflation is caused by an increase in the money supply, just like that depression was caused by a one-third reduction in the money supply.

他说通胀是由货币供应量增加引起的，就像那次经济衰退是由货币供应量减少了三分之一引起的那样。

And this tendency is reinforced through the fact that an expansion of the money supply typically entails lower interest rates, so that marginal savers are discouraged.

这种趋势因货币供应量的扩大通常伴随着利率的降低而得到加强，从而使边际储蓄者受到打击。

And so If people understood that, they would understand the thing that I'm worried about, which is because we are inflating the money supply.

因此， 如果人们理解了这一点， 他们就会明白我所担忧的事情，那就是因为我们正在扩大货币供应量。

To give the economy a boost, the Chinese announced a round of spending to help the economy and added to the money supply.

为了提振经济，中国宣布了一轮支以帮助经济并增加了货币供应量。

Aboard the Spanish ship, well, another little stroke of luck for Drake, one third of the entire money supply of the Spanish Armada.

在西班牙船上，对德雷克来说，又是一个小小的幸运——这批财宝竟占无敌舰队全部货币供应量的三分之一。

And thirdly, the ability to control the money supply is a hugely valuable thing for a government to be able to do.

而且第三点，能够控制货币供应量对于政府来说是一项极其宝贵的 ability。