TED@State Street Boston
Michael Metcalfe: A provocative way to finance the fight against climate change
邁可．梅特卡夫: 一個刺激的方法，讓我們可以生出錢來，打這場氣後變遷大戰
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我們是否會「不計代價」地對抗氣候變遷？回到 2008 年，全球金融風暴的那個年代，世界各地政府採取「不計代價」的貨幣寬鬆政策，發行了價值 2500 億美金的國際貨幣，試圖阻止經濟的崩潰。在這場輕鬆且鉅細靡遺的談話中，理財專家邁可．梅特卡夫向我們建議，我們可以使用同樣的非傳統貨幣工具，來為我們的未來，實現對地球綠化的承諾挹注資金。
Michael Metcalfe - Financial expert
A senior managing director and head of global macro strategy at State Street Global Markets, Michael Metcalfe provides high quality capital flow research. Full bio
A senior managing director and head of global macro strategy at State Street Global Markets, Michael Metcalfe provides high quality capital flow research. Full bio
Double-click the English transcript below to play the video.
00:13
Will we do whatever it takes
to tackle climate change?
to tackle climate change?
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我們是否會「不計代價」
地對抗氣候變遷？
地對抗氣候變遷？
00:19
I come at this question
not as a green campaigner,
not as a green campaigner,
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我提出這個問題，
不是因為我是環保人士，
不是因為我是環保人士，
00:22
in fact, I confess to be rather
hopeless at recycling.
hopeless at recycling.
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坦白說，我對垃圾回收
不報太大的希望。
不報太大的希望。
00:25
I come at it as a professional observer
of financial policy making
of financial policy making
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我是以一位專業財經政策制定
觀察家的身分，提出這個問題，
觀察家的身分，提出這個問題，
00:30
and someone that wonders
how history will judge us.
how history will judge us.
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也是一位想知道歷史將
如何評價我們的人。
如何評價我們的人。
00:36
One day,
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總有一天，
00:37
this ring that belonged to my grandfather
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這只屬於我爺爺的戒指，
00:41
will pass to my son, Charlie.
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也會傳承到我兒子查理手上。
00:44
And I wonder what his generation
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而我在想，他的時代，
00:46
and perhaps the one that follows
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或他的下一代，
00:49
will make of the two lives
this ring has worked.
this ring has worked.
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會如何因為我和爺爺的
所做所為而改變？
所做所為而改變？
00:54
My grandfather was a coal miner.
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我的爺爺是一位煤礦礦工。
00:58
In his time,
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在他的年代，
01:00
burning fossil fuels for energy
and for allowing economies to develop
and for allowing economies to develop
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為了能源及經濟發展，
燃燒石化燃料的行為
燃燒石化燃料的行為
01:05
was accepted.
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是被广泛接受的。
01:07
We know now that that is not the case
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現在大家都知道，
事實並非如此，
事實並非如此，
01:10
because of the greenhouse
gases that coal produces.
gases that coal produces.
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因為燒煤會產生溫室
氣體。
氣體。
01:15
But today,
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但，如今，
01:16
I fear it's the industry in which I work
that will be judged more harshly
that will be judged more harshly
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我擔心我所工作的產業
將來會因為
將來會因為
它沒有發揮對氣候變化的影響力
而遭受嚴厲地批判，
而遭受嚴厲地批判，
01:20
because of its impact on the climate --
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01:23
more harshly than
my grandfather's industry, even.
my grandfather's industry, even.
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甚至被批判得
比我爺爺的產業還慘。
比我爺爺的產業還慘。
01:26
I work, of course,
in the banking industry,
in the banking industry,
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當然，我從事的是銀行業，
01:28
which will be remembered
for its crisis in 2008 --
for its crisis in 2008 --
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而2008年銀行業所經歷的的金融危機
已然被載入史冊－－
已然被載入史冊－－
01:33
a crisis that diverted the attention
and finances of governments
and finances of governments
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正因为這個危機，政府轉移了
注意力與財政方向，
注意力與財政方向，
01:38
away from some really, really
important promises,
important promises,
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讓一些原本相當，相當
重要的承諾都被忽視了，
重要的承諾都被忽視了，
01:44
like promises made at the Copenhagen
Climate Summit in 2009
Climate Summit in 2009
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例如 2009 年在哥本哈根
聯合國的氣候大會上
聯合國的氣候大會上
承諾每年要動用 的1000 億美金，
01:49
to mobilize 100 billion dollars a year
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01:52
to help developing countries
move away from burning fossil fuels
move away from burning fossil fuels
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以幫助發展中國家
慢慢從燃燒石化燃料
慢慢從燃燒石化燃料
01:56
and transition to using cleaner energy.
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轉型到使用乾淨的能源。
02:00
That promise is already in jeopardy.
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這個承諾已經陷入危機。
02:03
And that's a real problem,
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而這是一個現實的問題，
02:05
because that transition
to cleaner energy needs to happen
to cleaner energy needs to happen
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因為轉型到乾淨能源的這件事，
02:08
sooner rather than later.
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需要盡早進行
而不能再拖延下去。
而不能再拖延下去。
02:11
Firstly,
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首先，
02:12
because greenhouse gases, once released,
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因為，溫室氣體一旦排放出來，
02:14
stay in the atmosphere for decades.
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它會停留在大氣層中好幾十年。
02:17
And secondly,
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第二，
02:18
if a developing economy builds
its power grid around fossil fuels today,
its power grid around fossil fuels today,
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如果今天一個發展中的經濟體，一旦
建立了他們自己的石化燃料能源網路，
建立了他們自己的石化燃料能源網路，
02:24
it's going to be way more costly
to change later on.
to change later on.
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之後想要改回來，
就得花更多的成本。
就得花更多的成本。
02:28
So for the climate,
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所以，對氣候而言，
02:30
history may judge
that the banking crisis happened
that the banking crisis happened
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歷史也許會評斷
我們的金融危機
只是發生的不是時候。
只是發生的不是時候。
02:34
at just the wrong time.
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02:36
The story need not be this gloomy, though.
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其實故事不需要這麼淒慘的。
02:41
Three years ago,
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三年前，
02:43
I argued that governments
could use the tools
could use the tools
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我曾提出言論說過，
政府可以善用工具
政府可以善用工具
02:46
deployed to save the financial system
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拯救金融系統，
02:49
to meet other global challenges.
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來迎接其它的全球挑戰。
02:51
And these arguments are getting
stronger, not weaker, with time.
stronger, not weaker, with time.
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而這些言論隨著時間，
越來越強烈，越來越受到重視。
越來越強烈，越來越受到重視。
02:58
Let's take a brief reminder
of what those tools looked like.
of what those tools looked like.
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讓我們稍微回憶一下，
這些工具是長什麼樣子。
這些工具是長什麼樣子。
03:03
When the financial crisis hit in 2008,
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當 2008 年的金融風暴來襲時，
03:06
the central banks of the US and UK
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美國及英國的中央銀行，
03:09
began buying bonds issued
by their own governments
by their own governments
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開始購買他們自己政府
所發行的債劵，
所發行的債劵，
03:12
in a policy known
as "quantitative easing."
as "quantitative easing."
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也就是大家所孰知的
「量化寬鬆 」政策。
「量化寬鬆 」政策。
03:15
Depending on what happens
to those bonds when they mature,
to those bonds when they mature,
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當這些債劵到期時，看看當時的狀況，
再決定要不要繼續，
再決定要不要繼續，
03:19
this is money printing by another name.
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這只是另一種印錢的名義而已。
03:22
And boy, did they print.
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而且天哪，他們真的印了。
03:24
The US alone created four trillion
dollars' worth of its own currency.
dollars' worth of its own currency.
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光美國就印了將近四兆美金。
03:29
This was not done in isolation.
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這不是單一國家做的事。
03:31
In a remarkable act of cooperation,
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而是由 188 個會員國共同組成的
03:34
the 188 countries that make up
the International Monetary Fund, the IMF,
the International Monetary Fund, the IMF,
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國際貨幣基金組織 IMF
所做出的決定，
所做出的決定，
03:38
agreed to issue 250 billion
dollars' worth of their own currency --
dollars' worth of their own currency --
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他們同意發行 2500 億美金
等值的貨幣，
等值的貨幣，
03:42
the Special Drawing Right --
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--也就是SDR「特別提款權」--
03:45
to boost reserves around the world.
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來增加全球的貨幣儲備供給。
03:47
When the financial crisis moved to Europe,
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當金融風暴移到歐洲後，
03:51
the European Central Bank
President, Mario Draghi,
President, Mario Draghi,
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歐洲中央銀行行長，
馬里奧．德拉吉，
馬里奧．德拉吉，
03:55
promised "to do whatever it takes."
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也承諾要「不計代價」地
拯救金融市場。
拯救金融市場。
03:59
And they did.
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而他們真的做到了。
04:01
The Bank of Japan repeated those words --
that exact same commitment --
that exact same commitment --
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日本銀行也重複一樣的話
--完全一樣的承諾--
--完全一樣的承諾--
04:06
to do "whatever it takes"
to reflate their economy.
to reflate their economy.
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「不計代價」地
要復甦他們的經濟。
要復甦他們的經濟。
04:11
In both cases,
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這兩個案例中，
04:13
"whatever it takes" meant
trillions of dollars more
trillions of dollars more
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「不計代價」就意味著，
這些好幾十億的印鈔票政策，
這些好幾十億的印鈔票政策，
04:17
in money-printing policies
that continue today.
that continue today.
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會一直跟著我們走到今天。
04:21
What this shows
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這表示，
04:23
is that when faced
with some global challenges,
with some global challenges,
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當面對一些全球性的挑戰時，
04:28
policy makers are able to act
collectively, with urgency,
collectively, with urgency,
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政策制定者們也會
緊急、共同地做出一些
緊急、共同地做出一些
04:32
and run the risks of unconventional
policies like money printing.
policies like money printing.
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非傳統式的高風險決策，
像是印鈔票。
像是印鈔票。
04:39
So, let's go back
to that original question:
to that original question:
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所以，讓我們回到原來的問題上：
04:45
Can we print money for climate finance?
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我們可以為氣候的
金融印鈔票嗎？
金融印鈔票嗎？
04:49
Three years ago,
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三年前，
04:50
the idea of using money in this way
was something of a taboo.
was something of a taboo.
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我們這樣用錢的方式
是一種不被允許的禁忌。
是一種不被允許的禁忌。
04:54
Once you break down and dismantle the idea
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一旦你破壞了
「錢是有限資源」的原則，
04:57
that money is a finite resource,
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05:00
governments can quickly get overwhelmed
by demands from their people
by demands from their people
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接踵而来的民众诉求
将会迫使政府在各个方面印更多的钱，
05:05
to print more and more
money for other causes:
money for other causes:
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05:08
education, health care, welfare --
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比如教育、醫療照顧、社會福利--
05:10
even defense.
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甚至是國防。
05:12
And there are some truly terrible
historical examples of money printing --
historical examples of money printing --
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而這樣的印錢方式，的確有
可怕的歷史案例可以借鑒
可怕的歷史案例可以借鑒
05:17
uncontrolled money printing --
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--失控的鈔票列印--
05:20
leading to hyperinflation.
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會導致通貨膨脹。
05:22
Think: Weimar Republic in 1930;
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想想：1930 年的
威瑪共和國；
威瑪共和國；
05:26
Zimbabwe more recently, in 2008,
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近代 2008 年的辛巴威，
05:29
when the prices of basic goods
like bread are doubling every day.
like bread are doubling every day.
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當時一些基本生活用品，
像是麵包，每天加倍地上漲。
像是麵包，每天加倍地上漲。
05:34
But all of this is moving
the public debate forward,
the public debate forward,
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但這些所有事情的發展
推進了公開辯論的腳步，
推進了公開辯論的腳步，
05:39
so much so, that money printing
for the people is now discussed openly
for the people is now discussed openly
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因此，為人民印錢，
現在已經可以公開地被討論，
現在已經可以公開地被討論，
05:45
in the financial media, and even
in some political manifestos.
in some political manifestos.
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無論財經媒體，甚至一些
政黨的政策裡面都看得到。
政黨的政策裡面都看得到。
05:50
But it's important the debate
doesn't stop here,
doesn't stop here,
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但很重要的一點是，
05:52
with printing national currencies.
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列印國際貨幣的爭論
不會就此停止，
不會就此停止，
05:57
Because climate change
is a shared global problem,
is a shared global problem,
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因為氣候變遷是一個
全球共同的問題，
全球共同的問題，
這也是為什麼
06:01
there are some really compelling reasons
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我們必須請 IMF
06:04
why we should be printing
that international currency
that international currency
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發行國際貨幣來資助這件事，
06:08
that's issued by the IMF,
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其實也是萬不得已的。
06:10
to fund it.
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06:11
The Special Drawing Right, or SDR,
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「特別提款權」也就是 SDR，
06:15
is the IMF's electronic unit of account
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是 IMF 的電子記帳單位，
06:18
that governments use to transfer
funds amongst each other.
funds amongst each other.
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用來方便政府之間
帳戶金額的移轉。
帳戶金額的移轉。
06:23
Think of it as a peer-to-peer
payment network,
payment network,
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想像一下，它就是
P2P 的網路付款方式，
P2P 的網路付款方式，
06:26
like Bitcoin, but for governments.
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像是比特幣，但，是政府之間在用的。
06:30
And it's truly global.
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而且，它真的是全球性的。
06:33
Each of the 188 members
of the IMF hold SDR quotas
of the IMF hold SDR quotas
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188 個 IMF 會員國手上
都握有 SDR 的配額，
都握有 SDR 的配額，
06:38
as part of their foreign
exchange reserves.
exchange reserves.
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做為他們部分的外匯存底。
06:41
These are national stores of wealth
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這些是國際財富的儲藏室，
06:44
that countries keep to protect
themselves against currency crises.
themselves against currency crises.
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它可以讓國家持續保護
它們自己免於貨幣的危機。
它們自己免於貨幣的危機。
06:48
And that global nature is why,
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而這也是為什麼
06:51
at the height of the financial
crisis in 2009,
crisis in 2009,
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在 2009 年金融海嘯的最高峰，
06:55
the IMF issued those extra
250 billion dollars --
250 billion dollars --
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IMF 又加碼多印了 2500 億美金--
06:59
because it served
as a collective global action
as a collective global action
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因為這次集體的全球行動，
07:02
that safeguarded countries
large and small in one fell swoop.
large and small in one fell swoop.
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把大大小小的國家，
全部一次性地保護起來。
全部一次性地保護起來。
07:09
But here --
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但這裡有一個
07:10
here's the intriguing part.
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很耐人尋味的地方。
07:13
More than half of those extra SDRs
that were printed in 2009 --
that were printed in 2009 --
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2009年，有超過半數的 SDRs
07:18
150 billion dollars' worth --
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--價值1500億美金--
07:20
went to developed market countries
who, for the most part,
who, for the most part,
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跑到已開發國家的市場裏面，
07:24
have a modest need
for these foreign exchange reserves,
for these foreign exchange reserves,
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因為大部分這些國家的外匯存底
都有一個小小的需求，
都有一個小小的需求，
07:27
because they have flexible exchange rates.
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它們需要較靈活的交換利率。
07:30
So those extra reserves
that were printed in 2009,
that were printed in 2009,
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所以，這些 2009 年印出來的鈔票，
07:34
in the end, for developed
market countries at least,
market countries at least,
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最後跑到已開發國家市場了，
07:38
weren't really needed.
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但他們根本不是真的需要這筆錢。
07:40
And they remain unused today.
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所以他們保留到今天。
07:43
So here's an idea.
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我這裡有一個想法。
07:45
As a first step,
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第一步，
07:47
why don't we start
spending those unused,
spending those unused,
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為什麼我們不把這些
在 2009 年多印出來
還沒有使用的鈔票，
還沒有使用的鈔票，
07:50
those extra SDRs
that were printed in 2009,
that were printed in 2009,
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07:53
to combat climate change?
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投入到對抗氣候變遷上呢？
07:55
They could, for example,
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他們可以的，例如，
07:57
be used to buy bonds issued
by the UN's Green Climate Fund.
by the UN's Green Climate Fund.
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利用這筆錢來買聯合國
綠色氣候基金會發行的債劵。
綠色氣候基金會發行的債劵。
08:02
This was a fund created in 2009,
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這是根據 2009 年哥本哈根的聯合國
08:05
following that climate
agreement in Copenhagen.
agreement in Copenhagen.
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氣候大會協議所成立的一個基金會。
08:09
And it was designed to channel funds
towards developing countries
towards developing countries
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它是被設計用來
引渡氣候專案基金
引渡氣候專案基金
08:14
to meet their climate projects.
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到開發中國家的一個機構。
08:16
It's been one of the most
successful funds of its type,
successful funds of its type,
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這是一個很典型的成功基金會，
08:19
raising almost 10 billion dollars.
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他們已經舉債將近 100 億美金。
08:21
But if we use those extra
SDRs that were issued,
SDRs that were issued,
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但如果我們把這些多餘
發行的 SDRs 拿來使用，
發行的 SDRs 拿來使用，
08:25
it helps governments get back on track,
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它可以幫助政府重回到軌道上，
08:28
to meet that promise
of 100 billion dollars a year
of 100 billion dollars a year
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來兌現政府因金融風暴而拖沓許久的
08:31
that was derailed by the financial crisis.
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每年 1000 億美金的承諾。
它也可以--
08:35
It could also --
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08:37
it could also serve as a test case.
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也可以用它來做測試。
08:42
If the inflationary consequences
of using SDRs in this way are benign,
of using SDRs in this way are benign,
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如果用了這筆 SDRs
所造成的通膨後果是溫和的，
所造成的通膨後果是溫和的，
08:48
it could be used to justify
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那它就可以用來評斷
08:50
the additional, extra issuance
of SDRs, say, every five years,
of SDRs, say, every five years,
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比如，每五年額外發行的 SDRs
所造成的衝擊是否也是溫和的，
所造成的衝擊是否也是溫和的，
08:55
again, with the commitment
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當然，這要已開發國家承諾
08:57
that developed-market countries
would direct their share
would direct their share
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會直接把新增加
09:02
of the new reserves
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存底的分配額匯到
09:03
to the Green Climate Fund.
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綠色氣候基金會。
09:07
Printing international money
in this way has several advantages
in this way has several advantages
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用這樣印「國際鈔票」的方式
比起直接印「國家鈔票」的方式，
多了很多的好處。
多了很多的好處。
09:10
over printing national currencies.
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09:13
The first is it's really easy to argue
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第一，花錢來減緩氣候變遷
對大家都有好處，
對大家都有好處，
09:16
that spending money to mitigate
climate change benefits everyone.
climate change benefits everyone.
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這一點大家不會有甚麼意見的。
09:21
No one section of society benefits
from the printing press over another.
from the printing press over another.
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無論哪一國的印刷機印錢，
都沒有人可從中獲取額外的利益，
都沒有人可從中獲取額外的利益，
09:25
That problem of competing
claims is mitigated.
claims is mitigated.
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爭相申請印錢的問題是很小的。
09:29
It's also fair to say
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可以很公平地說，
09:30
that because it takes so many countries
to agree to issue these extra SDRs,
to agree to issue these extra SDRs,
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這樣可以讓很多國家
同意發行額外的 SDRs，
同意發行額外的 SDRs，
09:35
it's highly unlikely that money printing
would get out of control.
would get out of control.
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因為這樣印錢的方式
不太可能會不受控制。
不太可能會不受控制。
09:40
What you end up with
is a collective, global action
is a collective, global action
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畢竟你最終是一個
全球的集體行為，
全球的集體行為，
09:46
aimed -- and it's controlled
global action --
global action --
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一個大家目標一致
可控的集體行為，
可控的集體行為，
09:50
aimed at a global good.
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目的就是為了地球好。
09:53
And,
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而且，
09:54
as we've learned
with the money-printing schemes,
with the money-printing schemes,
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因為我們已經有印鈔票的經驗，
09:57
whatever concerns we have
can be allayed by rules.
can be allayed by rules.
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無論大家有甚麼顧慮，
都可以透過規則來排除。
都可以透過規則來排除。
10:00
So, for example,
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例如，
10:02
the issuance of these extra SDRs
every five years could be capped,
every five years could be capped,
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可以限制這些每五年額外發行的
國際貨幣 SDRs 的總金額 ，
國際貨幣 SDRs 的總金額 ，
10:07
such that this international currency
is never more than five percent
is never more than five percent
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不能超過
全球外匯存底的5%。
10:13
of global foreign exchange reserves.
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10:15
That's important because it would allay
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這很重要，因為這樣做
可以避免掉一些可笑的疑慮，
可以避免掉一些可笑的疑慮，
10:17
well, let's say, the ridiculous
concerns that the US might have
concerns that the US might have
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比如說，
10:21
that the SDR could ever challenge
the dollar's dominant role
the dollar's dominant role
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有人會質疑這些 SDRs 會挑戰
美元在國際金融市場的主導地位。
10:26
in international finance.
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10:28
And in fact,
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而事實上，
10:30
I think the only thing that the SDR
would likely steal from the dollar
would likely steal from the dollar
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我認為唯一可能發生的事就是，
SDR 在這個計畫裡下，可能會以
美元的計價方式來發行，
美元的計價方式來發行，
10:33
under this scheme
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10:34
is its nickname, the "greenback."
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也就是俗稱的「綠背」（美金）
10:38
Because even with that cap in place,
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因為即使有限額的規定，
10:42
the IMF could have
followed up its issuance --
followed up its issuance --
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國際貨幣基金組織
也會追蹤它的發行狀況--
也會追蹤它的發行狀況--
10:45
its massive issuance of SDRs in 2009 --
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包括 2009 年大量發行的 SDRs，
10:48
with a further 200 billion
dollars of SDRs in 2014.
dollars of SDRs in 2014.
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以及 2014 年追加
2000 億美金的 SDRs。
2000 億美金的 SDRs。
10:54
So hypothetically,
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假設，
10:58
that would mean that developed countries
could have contributed
could have contributed
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如果這意味著，已開發國家需要
11:01
up to 300 billion dollars' worth of SDRs
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貢獻價值 3000 億美金的 SDRs
11:05
to the Green Climate Fund.
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到綠色氣候基金會。
11:08
That's 30 times what it has today.
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這個數字是當今規模的 30 倍。
11:11
And you know,
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你可能會覺得
11:12
as spectacular as that sounds,
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這數字聽起來相當驚人，
11:15
it's only just beginning to look
like "whatever it takes."
like "whatever it takes."
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但這僅是「不計代價」
的剛開始而已。
的剛開始而已。
11:21
And just to think what amazing things
could be done with that money,
could be done with that money,
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想一下這筆錢可以為我們
帶來甚麼驚豔的事，
帶來甚麼驚豔的事，
11:24
consider this:
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想一下這件事：
11:26
in 2009,
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2009 年，
11:28
Norway promised one billion dollars
of its reserves to Brazil
of its reserves to Brazil
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挪威答應，如果巴西
遵守森林砍伐的目標，
遵守森林砍伐的目標，
11:33
if they followed through
on their goals on deforestation.
on their goals on deforestation.
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他們要給巴西 10 億
美金的外匯存底。
美金的外匯存底。
11:38
That program has since delivered
a 70 percent reduction in deforestation
a 70 percent reduction in deforestation
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這個計畫在過去十年，
已經減少 70% 的森林砍伐。
11:44
in the past decade.
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11:46
That's saving 3.2 billion tons
of carbon dioxide emissions,
of carbon dioxide emissions,
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也就是減少了 32 億噸
的二氧化碳排放，
11:51
which is the equivalent of taking
all American cars off the roads
all American cars off the roads
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相當於全美國汽車三年的排放量。
11:55
for three whole years.
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11:59
So what could we do
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所以，如果也有其它300個像這樣的
12:01
with 300 other pay-for-performance
climate projects like that,
climate projects like that,
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「看表現付錢」的氣候專案，
12:06
organized on a global scale?
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我們要如何以全球規模
的方式把它組織起來？
的方式把它組織起來？
12:09
We could take cars off the roads
for a generation.
for a generation.
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我們可以減少一個
世代的汽車碳排。
世代的汽車碳排。
12:13
So,
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所以，
12:15
let's not quibble about whether we can
afford to fund climate change.
afford to fund climate change.
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讓我們不要再狡辯我們是否有能力
可以支付提供改善氣候變遷的資金。
可以支付提供改善氣候變遷的資金。
12:20
The real question is:
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真正的問題是：
12:23
Do we care enough about future generations
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我們是否真的夠關心
我們未來的子子孫孫？
我們未來的子子孫孫？
12:26
to take the very same policy risks
we took to save the financial system?
we took to save the financial system?
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並再次承擔類似拯救
金融系統時的政策風險？
金融系統時的政策風險？
12:32
After all,
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畢竟，
12:34
we could do it,
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我們做得到，
我們也曾經做到，
12:36
we did do it
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12:37
and we are doing it today.
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而我們今天就要開始做。
12:39
We must, must, must do
"whatever it takes."
"whatever it takes."
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我們必須、必須、必須、
再次的「不計代價」。
再次的「不計代價」。
12:45
Thank you.
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謝謝各位！
12:46
(Applause)
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（掌聲）
ABOUT THE SPEAKER
Michael Metcalfe - Financial expertA senior managing director and head of global macro strategy at State Street Global Markets, Michael Metcalfe provides high quality capital flow research.
Why you should listen
Michael Metcalfe leads State Street Global Markets Macro Strategy team, focusing on how the behavior of investors and online retailers can help with investment decisions. In this role, he regularly consults with many of the world’s largest institutional investors as well as policy makers. He develops tools to help analyze markets, and regularly advises portfolio managers from some of the world’s largest pension and hedge funds.
Michael Metcalfe | Speaker | TED.com