全球经济就好像是漂浮在全球流动性海洋中的小船。没有这些流动性，全球经济可能会像一只饿极了的狗一样，无法支撑下去，而近70亿的世界公民将会面临更糟糕的经济状况。

The global economy is like floating in the ocean of the global liquidity boat。Without these liquidity，The global economy may like a hungry dog，Cannot survive，And nearly 7 billion citizens of the world will be facing a bad economic conditions。

　　货币如果回归以货易货，则贸易失去了润滑剂。早期的人类社会的运作没有钱，也没有承诺，承诺借出后可以在未来得到回报（信用的作用）。所以，古时候的经济增长是非常有限的，因为储蓄或投资不能得到适当的激励。那些谨慎的人，除了存钱以备不时之需外，没有其他办法进行投资。而得到的香蕉或一个汉堡如果吃不掉就只能看着其腐烂，财富在市场以外毫无价值。

If an exchange of goods for goods return money，The trade lost lubricant。The early human society operation no money，Also have no commitment，Out in the future after the commitment can be rewarded（Credit role）。so，In ancient times of economic growth is very limited，Because savings or investment can't get proper incentives。The careful person，In addition to save some money for a rainy day outside，No other way for investment。And get a banana or a burger if eat not to drop and then can only watch the rot，Wealth is of no value but in markets。

　　但货币发行改变了这一切，借款的能力和资金的融通成为日后经济时代的药剂。莎士比亚的名言，“既不借款也不贷款”有可能赢得十七世纪的普利策奖，但绝对不是一个诺贝尔经济学奖。

But the currency issue changed all that，The loan fund the accommodation of ability and future become economy times elixir。Shakespeare's words，“Neither borrow nor loans”The seventeenth century might win the Pulitzer prize，But it is certainly not a Nobel Prize in economics。

　　但信用的广泛使用从未真正经历高速发展，直到1901年，银行监管机制在美国建立，各地的储备银行纷纷设立，央行被赋予促进和保护经济增长的职能。大量的银行成立，大量的货币发行，并导致了经济快速发展。但随之而来，信用问题也出现了。许多地方银行倒闭，他们发行的货币和汇票无法支付，恐慌开始蔓延，经济增长遭遇困难。于是在1913年，美元成为单一货币，由官方的中央银行美国联邦储备银行发行。美联储同时也持有一定数量的黄金，然后向其会员银行发放信贷。这件事奇迹般地促进储蓄、投资和经济增长。从此没有剩余的钱买汉堡包可以赊借，多余的资金可以贷出。感谢上帝和美联储。

But the widespread use of credit has never really high speed development experience，Until 1901，Bank supervision mechanism was established in the United States，The reserve bank set up around in succession，The central bank is given to promote and protect the function of economic growth。A large number of Banks established，A lot of the money supply，And led to the rapid economic development。But following，The credit question also appeared。Many local bank failures，Their currencies and draft can't pay，Panic started to spread，Economic growth encounter difficulties。So in 1913，U.S. dollars into a single currency，The central bank by the official U.S. federal reserve bank issue。The fed also hold a certain number of gold，And then to the member bank lending。It miraculously promote savings、Investment and economic growth。Since then no remaining money to buy hamburgers can borrowing，Extra money can lending。Thank god and the federal reserve。

　　这一信用创造的过程，成为全球经济整整一个世纪的增长动力。信贷不仅造福消费者获得自己希望的汉堡，而且也使得贷款人和投资者可以获得收益。不愿意挨饿的人，可以提前获得食物，而贷出钱的人能得到本金和收益。这是个双赢。

This credit the process of creating，Into the global economy for a whole century of growth momentum。Credit is not only benefit consumers get you want hamburger，But also make lenders and investors can achieve earnings。Don't want to starve，Can advance a food，And lending money can get capital and income。This is a win-win。

　　谁不喜欢信用呢？真的没什么可以阻碍现代经济了。信用是基础，创造财富的过程更加闪亮。但他也可以造成金融不稳定和潜在财富的破坏，这一切就好像一个核能源。核心的“原子”贷款或债务质量和规模必须加以控制，借贷产生的必须是利益，而不是破坏。

Who don't like credit？Nothing really can hinder the modern economy。Credit is the basis，The process of creating wealth more shiny。But he can also cause financial instability and potential wealth destruction，All of this is like a nuclear energy。core“atoms”Loan debt or the quality and scale must be controlled，Borrowing from must be interest，Rather than destroy。

　　现代中央银行（伯南克和他的全球伙伴）很像一个狂野的西部牛仔，货币的发行没有明确的或隐含黄金的支持。布雷顿森林体系崩溃后，美国和世界的金融经济已由数量越来越多的纸借条来支撑，但这个过程恐怕难以长期继续。目前通过中央银行实施的信贷加速政策可能会对发达国家短期的经济增长产生积极作用，但由零利率带来的一系列利率结构的扭曲将会限制经济的增长，在未来几年导致严重的金融风险。

Modern central bank（Bernanke and his global partners）Much like a wild west cowboy，The currency issue no clear or implied gold support。The breakdown of the bretton woods system，The United States and the world financial economy has the number more and more paper iou to support，But the process are afraid to long-term continue。Now through the central bank of the implementation of the credit policies may accelerate in the developed countries of the short-term economic growth have a positive effect，But even by a series of interest rate structure bring distortion will limit the economic growth，In the next few years lead to serious financial risk。

　　这不会突然发生，但随着时间的推移，量化宽松政策会导致逐渐升高的通货膨胀率，零利率的债券收益率在未来几年很有可能出现。

It won't happen all of a sudden，But with the passage of time，Quantitative easing will lead to rising inflation，Interest rates at zero bond yields in the coming years likely。