Deflation had killed the appetite for risk. 通貨緊縮杜絕了人們冒險的欲望。
Gesell argued that a higher velocity of money helps combat deflation. 格塞爾表明，更快的貨幣流通速度有助于打敗通貨緊縮。
They are a special case which will be discussed later.Our focus will be mainly on seigniorage from notes, which is quite different from the case of commodity money. 但對于前者由于資產(chǎn)和負債是同時(shí)增加的，并且數額相等，在貨幣投放時(shí)，政府并沒(méi)有純收入。
