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stagnation in the economy; high level of unemployment。 You had inflation; with prices rising rapidly。
弗裡德曼:滯脹是天真的凱恩斯主義的終結。兩件事同時發生,而這在凱恩斯主義者看來是不能的。經濟中出現滯脹-高失業率和通貨膨脹同時存在。
NARRATOR: President Nixon looked like a Chicago economist's dream e true。 Milton Friedman was a special advisor; and George Shultz was in charge of the budget。
旁白:尼克松總統好像要使芝加哥學派經濟學家的夢想成真。Milton Friedman是專門顧問,George Shultz則負責預算問題。
GEORGE SHULTZ: So I think going back to your ment about the wholesale price index a moment ago; one of the areas where prices were going up very rapidly was lumber and other materials associated with home…building。
GEORGE SHULTZ:因此我想要回到你稍早之前對 批發價格指數的評論上來。價格迅速上升的領域之一是木材和其他與家庭蓋房有關的材料。
NARRATOR: But the president wasn't listening。 He tried to spend his way out of trouble。 To add insult to injury; he declared; ";Now I am a Keynesian。";
旁白:但是總統沒有聽他們的意見。他設法用自己的方式來擺脫困境。更令他們覺得侮辱的是,總統宣稱:“現在我是凱恩斯主義者。”
DANIEL YERGIN: This declaration by Nixon horrified his conservative supporters。 Indeed; one congressman wrote to him and said; ";Mr。 President; I'm going to have to burn all of my old speeches。"; Nixon wrote back and said; ";I will; too。";
丹尼爾。尤金:尼克松如此宣稱令他的保守派支持者覺得震驚。事實上,一位國會議員給他寫信說:“總統先生,我將不得不收回我以前所有的講話。”而尼克松回信到:“我也是。”
NARRATOR: Nixon decided he hadn't gone far enough; so he took his top economic advisors off to Camp David for a working weekend。 Ben Stein; the quiz…show host; was a junior speechwriter in the White House; and his father was at the meeting。
旁白:尼克松認為自己走得還不夠遠,於是他在一個週末帶上自己的頂級經濟顧問們到戴維營開會。Ben Stein是白宮的高階演講稿撰寫人,他的父親也參加了會議。
BEN STEIN; Host; Win Ben Stein's Money: Here's my father; walking into the president's cabin to meet Mr。 Nixon; and there's George Shultz right behind him。
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