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After 1933 we had lost our moorings; there was no longer any idea that the dollar was backed by anything.
933年之后，我们丧失了我们的停泊处；,再也没有,美元可以被任何东西来支持的概念了。
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In other words, securities that were themselves backed by subprime loans.
所谓次级债券,就是那些靠次级贷款担保的证券
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Some people ask what is the currency backed by?
一些人会问，货币被什么支持呢？
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The question is what it means to say something is backed by something because well you could say it's backed by gold because the Fed has eleven billion dollars of gold.
问题在于，说某个东西被另一个东西支持,意味着，你可以说,货币被金子支持着,因为美联储有一百一十亿美元的金子。
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There's maybe about three trillion dollars worth of stuff backed by mortgages out there Well, as you've seen, these have produced crisis of confidence and I don't think we've heard the last of it.
现在大概有价值三万亿美元的有抵押证券,在市场上流通,就像你所看到的那样，这些证券已经导致了,市场信心的丧失，而且我个人认为这还完全没有结束。
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They never kept all the gold for all the dollars that they issued so you could say it's still backed by gold. The really important thing is it's not convertible into gold.
他们从不持有所有的发行过的,货币价值的金子，所以你可以说它是,被金子支持的，真正重要的在于,它不能转换成金子。
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It used to be backed by gold.
过去它被金子支持。
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An SIV is a company of a sort that invests in assets and they issue something like asset-backed commercial paper, but it's not a real company because it only exists as an organization sponsored by some bank.
IV类似从事资产投资的公司,同时也发行类似资产担保商业票据的证券,但它不是一家真正的公司,因为它只是由某家银行建立的一个组织
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