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imply printed more money。 The result： inflation； more inflation； hyperinflation。 It took a basket full of paper money to go shopping。
旁白：德国和奥地利为和平付出了经济上的代价：战败了的政府完全依靠印刷更多的钞票来支付难以承受的战争赔款，结果造成通货膨胀，更严重的通货膨胀，直到恶性通货膨胀。德国居民购物要带上整整一篮子纸币。
KARL OTTO POHL； President； German Central Bank； 19801991： You saw people carrying their money on wheels because you had to pay for a piece of bread billions of reichmarks。
KARL OTTO POHL，1980－1991年德国中央银行总裁：你看到人们用车子来运钞票，因为他们不得不花数十亿德国马克莱买一片面包。
NARRATOR： Hayek； who was working at a statistical research institute； needed 200 pay raises in eight months。 Money was cheaper than wallpaper。 Millionmark notes lit stoves。 Shoes that cost 12 marks in 1913 sold for 32 trillion marks in 1923。 In Hitler's favorite beer keller； a glass of beer cost a billion marks。 Hyperinflation wiped out the savings of the middle class。
旁白：当时正在一个统计学研究机构工作的哈耶克八个月内加了八次薪。钞票比墙纸还便宜；百万马克面值的钞票被用来点炉子。1913年只值12马克的鞋子到了1923年价格已经涨到32万亿马克。在希特勒喜欢的啤酒馆，一杯啤酒要10亿马克。恶性通货膨胀掏空了中产阶级的口袋。
KARL OTTO POHL： And that was one of the reasons for the success of the Nazis； of Hitler。 They got support from these people who lost their fortunes。
KARL OTTO POHL：那还是纳粹党人取得成功的一个原因。他们得到了那些丧失了财富的人的 支持。
NARRATOR： Hayek would always see inflation as an evil that corroded society and undermined democracy。 The fight against inflation became a cornerstone of his economic philosophy。
旁白：哈耶克始终把通货膨胀看成侵蚀社会和破坏民主的恶魔。反对通货膨胀的斗争成为他经济哲学的一个基础。
Onscreen title： New York； The Roaring 1920s
字幕标题：纽约，繁荣的二十年代
DANIEL YERGIN： During the 1920s； while Europe was continuing to suffer the wounds of the first world war； in American cities； at least； it was boom time。 Americans were spending money。 They were dancing。 They were partying。 They were buying cars。 They were buying bathtub gin。 And they were buying stock lots of stock。
丹尼尔。尤金：二十年代，欧洲还没有从第一次世界大战造成的创伤中恢复过来，而美国，至少在城市中，则经历了一个繁荣时代。美国人花钱、跳舞、开派对、买车、买私烧锦酒，他们还买股票－大量的股票。
The stock market； the New York Stock Exchange； had bee a national pastime。 The Americans couldn't get enough of it。 And the favorite stock of the day was in these new radio panies。 Radio was like the Internet of the 1920s； an industry that had e from nowhere。 And the number one glamour stock was RCA； which in just a few years went from a dollar and a half a share to 600 a share。 Americans couldn't get enough of it。
股票市场－纽约股票交易所－变成了国家娱乐场所。美国人永不满足地追逐于其中。最受欢迎的股票是那些新的无线电广播公司的股票。无线电就好比是二十年代的因特网－一个新兴行业。最有魔力的股票是RCA，它在短短几年中每股美元涨到了每股600美元。美国人仍不满足。
NARRATOR： It was a classic stock market bubble。 Then； on Black Thursday； October 24； 1929； the bubble burst。 Prices plunged。 The downward spiral proved unstoppable。 Eight hours after the market had closed； the tickertape machines were still tapping out the bad news。 The stock market crash started America's slide into despair。
旁白：这是典型的股票市场泡沫。终于，1929年的10月24日－黑色星期四，泡沫破灭了。股价猛跌，而且下泻之势无法阻止。股票市场关闭八个小时之后，仍然不断有坏消息传出。从股票市场崩溃开始，美国不知不觉陷入了绝望的境地。
SPENCER ECCLES； Salt Lake City Banker： During the '30s here； it was a plete and utter collapse from the people's point of view。 It was despair。 As values and prices spiraled ever onward； downward； it left them with no ability to earn； no ability to repay； no ability to spend； no ability to consume。 Everything went down。 The farm implement seller； the clothing store； the merchant everything spiraled downward； and of course with it went the banks。
SPENCER ECCLES，盐湖城银行家：在人们看来，三十年代是完全、彻底的崩溃，令人绝望。由于价格随时间而不断螺旋下降，人们没有能力赚钱，没有能力还债，没有能力花钱，也没有能力消费。破产一桩接一桩－农场用具销售者、服装店、店主。所有东西的价格都在不断下降。当然，与此一致，银行也纷纷破产。
NARRATOR： People panicked。 They rushed to withdraw their hardearned savings。
旁白：人们惊惶失措，一窝蜂地去挤兑他们辛苦赚来的积蓄。
KENNETH RANDALL； Chairman of the Federal Deposit Insurance Corporation； 19641970： A run on a bank means lines through the lobby and out the front door and down around the block； people waiting day and night to get up to see if they could withdraw their cash。
KENNETH RANDALL，1964－1970年美国联邦存款保险公司主席：挤兑意味着队伍从大厅排到门外，并且一直延续到街区，人们整天等在那里看能不能把现金提走。
NARRATOR： The millions that could not lost everything。
旁白：数百万人再也不能失去任何东西。
KENNETH RANDALL： If you look at the period of time from '29 on； about half the banks in the United States closed。
KENNETH RANDALL： 那个时期从1929年开始，大约有一半的美国银行倒闭。
NARRATOR： The government failed to halt the downward spiral。 In fact； it made things worse。
旁白：政府没能成功地阻止下泻之势。事实上，它使事情变得更糟糕。
NEWSREEL NARRATOR： Private construction virtually ceases。 Mills and factories shut down。 Railroads e to a virtual standstill。 Millions of Americans men； women； children wait in the cold on bread lines； in soup kitchens。 Three million Americans are exwage earners； unemployed； and the ranks of the unemployed are to soar to 15 million。
新闻片旁白：私人建筑业事实上已经中止；工厂停产；铁路运输陷入事实上的停顿状态。成百万美国人－男人、妇女和孩子－在寒风中等待分配救济品。三百万人失业，这个数字很快飞涨到一千五百万。
Onscreen title： Europe； 1931
字幕标题：欧洲，1931年
NARRATOR： Banks collapsed。 Industry ground to a stop。 Millions were out of work。 In Britain； working men； many of them war veterans； marched the length of the country to petition the government for the simple "；right to work。"； In Italy； Spain； and Germany； they marched to a different drum。 With the failure of capitalism； fascism cast its shadow ever wider。 John Maynard Keynes saw his nightmare ing true。