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1·First, there is the fact that we have fiat money, not commodity money.

首先，我们没有实物货币，只有不兑现货币。

2·This massive fiat money inflation has negatively affected the standard of living of all Americans.

这种大规模的货币通胀的负面影响所有美国人的生活水准。

3·His choice was that China go to fiat money, control the money supply tightly, and let the exchange rate float.

他的选择，是中国采用美国的无锚货币制，严谨地控制货币量，让汇率自由浮动。

4·A number of elements are ready to force the issues of fiat money and virtual wealth which have brought your world to this breaking point.

一系列的因素已经准备好影响你们的法定货币及虚拟财富的发行，正是这些东西将你们的世界带到了如今这个地步。

5·Fiat money has not only no particular value in use, it doesn't even really have a value in exchange except that which is decreed that it would have.

名义货币不仅仅没有什么特别的价值，而且在商品的交换中它本身根本没有价值。它拥有的只是法律所赋予它的价值。

6·Since 1971 we have been on a totally fiat money, but the gold stock of the Fed has been arbitrarily valued by U.S. statutes at $42.22 an ounce.

自1971年以来我们完全处在了法定货币体系下，但是美联储的黄金储备却被美国法律武断的定在了42.22美元/盎司，如此低估的金价相当荒谬，考虑到近年来国际上的黄金价格已经达到了350美元到380美元/盎司。

7·Fiat money has not only no particular value in use; it doesn't even really have a value in exchange except that which is decreed that it would have.

名义货币不仅仅没有什么特别的价值，而且在商品的交换中它本身根本没有价值。它拥有的只是法律所赋予它的价值。

8·Fiat money has not only no particular value in use it does not even really have a value in exchange except that which is decreed that it would have.

名义货币不仅仅没有什么特别的价值，而且在商品的交换中它本身根本没有价值。它拥有的只是法律所赋予它的价值。

9·Of course, the parallels with today are not exact. Law’s system took just four years to collapse; today’s fiat money regime has been running for nearly 40 years.

当然，这些直接与今天相互关联是不准确的，劳的体系仅仅四年就分崩离析了；而当今的不兑换纸币制度已经运行了将近40年。

10·Roach's fear - and he is hardly alone in this - is that the cumulative effect of these unconventional measures will be a collapse of confidence in fiat money of all types: dollars, yen, euros.

罗彻担忧的是- - -而且不只是他一个人担忧- - -这些“非常规”措施的累积效应将会导致人们对各种类型的法定货币丧失信心，如美元，日元及欧元。