net 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 hard…earned 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； 1964…1970： 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 ex…wage 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。
旁白：银行倒闭；工厂停工；上百万人失业。工人－他们中的许多人是参加过战争的老兵－在全国范围内举行示威游行，向政府要求“工作的权力”。而意大利、西班牙和德国的游行则发展到另一种不同的结果。随着资本主义的失败，法西斯主义扩大了它的影响。John Maynard Keynes看到他的梦魇正在变成事实。
In Cambridge； Keynes set out to save capitalism from itself by writing a book about what caused the Great Depression and what to do about it。 He aimed to rewrite the rules of economics； to see a country's economy as a whole； as a machine that could be managed。
在剑桥，凯恩斯通过撰写一部关于大萧条的原因及应该如何应付它的著作开始从资本主义制度本身寻求拯救之道。
ROBERT SKIDELSKY： Keynes was the real inventor of macroeconomics。 Concepts we take for granted today； like gross domestic product； the level of unemployment； the rate of inflation； all to do with general features of the economy； were invented by him。
ROBERT SKIDELSKY：凯恩斯是宏观经济学的真正创始人。我们今天认为理所当然的一些概念，例如国内生产总值、失业水平、通货膨胀率等所有用来刻画经济总体特性的指标，都是他提出来的。
GEOFFREY HARCOURT： He was writing a book which he thought would revolutionize the way we thought about economic systems。 It would also give us the means to make sure they operated better。
GEOFFREY HARCOURT：他认为他正在撰写的这部著作将使我们考虑经济体系的方式发生革命性的变化。它还将告诉我们如何让经济运行得更好。
ROBERT SKIDELSKY： It was written against the background of not only the collapse of the world economy； but the potential collapse of democratic government。 Hitler became chancellor of Germany in 1933。 Democracy seemed to be losing ground； and with democracy； the system of liberty。 So Keynes had to produce an answer to the Great Depression； or democracy would be swamped by totalitarianism。 ROBERT SKIDELSKY：这部著作的写作背景不仅是世界经济的崩溃，还有潜在的民主政府垮台的危机。1933年希特勒成为德国总理。民主似乎正在退却；与民主一样的还有自由体制。因此凯恩斯必须为大萧条找到一个答案，否则民主就会被极权主义吞没。
Chapter 5： Global Depression ＇5：26＇
第五章：全球性的萧条
Onscreen title： Washington； ； 1933
字幕标题：华盛顿，哥伦比亚特区，1933年
NARRATOR： The new American president； Franklin Delano Roosevelt； was staring economic disaster in the face。 His wife； Eleanor； described Inauguration Day as "；very solemn； and a little terrifying。"；
旁白：新的美国总统－Franklin Delano Roosevelt－面对这场经济灾难表现出色。他的夫人－Eleanor－形容就职典礼日“非常庄严，有点令人生畏”。
FRANKLIN DELANO ROOSEVELT； ： This great nation will endure as it has endured； will revive and will prosper。 I shall ask the Congress for the one remaining instrument to meet the crisis： broad executive power。
罗斯福，美国总统：我们伟大的国家将象过去一样顽强坚持下去，将会实现复兴和繁荣。我将要求国会给予我广泛的行政权利，这是剩下来的能够对付危机的手段。
NARRATOR： Roosevelt's voice of confidence rallied the nation。
旁白：罗斯福自信的声音令整个国家为之振奋。
He then embarked on a whirlwind program of reform。
然后他着手开始进行旋风式的改革计划。
DANIEL YERGIN： For Roosevelt and the New Deal； it was a war。 They were at war with the Great Depression； and they responded with frenetic activity； relief programs for the unemployed； for the hungry； programs to get people back to work。 They built dams and highways and national parks。 At the same time they instituted a program of regulating capitalism in a way that had