ฝึกพูดภาษาอังกฤษด้วยเทคนิค Shadowing จากวิดีโอ: Our central banks are in crisis—here’s why it matters | Birgit Niessner | TEDxLinz

Reviewer Gopaljean Reviewer

⏸ หยุดชั่วคราว

ความเร็ว:

ประโยคทั้งหมด226 ประโยค

หากประโยคสั้นหรือยาวเกินไป กดที่ Edit เพื่อปรับแก้

Reviewer Gopaljean Reviewer

I will start my TEDx talk with a hand back.

I've just brought it home from a wonderful vacation in Colombia.

Can you hear them starting to whisper?

They are a little bit nervous now because I promised them a profound economics talk.

But here I stand with my hand back.

Can you actually see what it's made of?

It's made of money.

It's beautiful, but it hides a tragedy.

In Colombia, we have roughly 3 million Venezuelan refugees,

and one of them is selling things made out of money to tourists.

You can see his vendor stand here with origami made out of money.

This is probably the best use you can still make of a currency

which suffered from hyperinflation because its central bank is under political control.

In Germany, they also experienced hyperinflation.

This inflation stress is witness of times when money lost its value,

savings were wiped out, markets stopped functioning.

And this episode of hyperinflation gave rise to political extremism,

because people lost faith in the system.

Now, Germany 1923 and Venezuela 2026 are not as far away as you might think.

We live in a society where we risk losing sight of one of our major pillars of stability,

which are central banks.

I spot a dangerous knowledge gap on how central banks function,

as you can currently see in Washington.

When I was working as chief economist of the Austrian Central Bank,

I often had the impression that people don't understand how this institution fights inflation and how we can help in this fight.

This pillar of stability works the better,

the more you care about it.

But let's start with the basics.

Central banks issue money.

The global community of central banks has the mandate to preserve price stability.

Across many countries, there is common ground that central banks must be independent.

When they are free from political pressure,

they can conduct monetary policy in a professional and non-partisan way.

This leads to low inflation,

and low inflation helps households and businesses alike.

At the latest inflation shock after the pandemic,

central banks used all their ammunition to fight inflation.

In Austria, this fight is not yet over,

but speaking for the Euro area,

we are back to the inflation target of 2%.

Okay, I still think that this community of central banks is often taken for granted or overlooked.

What do you know about the central bank in your country?

Central banks are at risk if people don't have the interest and the knowledge to fully appreciate its importance.

They are also at risk if they are subject to political meddling.

Let me provide an example from Latin America.

Let's look to Mexico.

There they had the so-called tequila crisis.

Nothing nice like the name may suggest.

It was a severe currency devaluation mismanaged by a politicized central bank.

The peso lost half of its value against the US dollar.

This made imports very expensive,

inflation shot up and people struggled to cover their basic expenses.

Widespread unemployment and an increase in poverty followed.

This major crisis became the catalyst for granting the Mexican Central Bank full legal independence in 1994,

and this is what it did to the inflation rate in Mexico.

Very high rates before 1994,

very low and stable rates after 1994.

When evidence on this link between independence of the central bank and low inflation was becoming clear,

more and more countries joined the club of independent central banks.

Here you can see the darker the country is,

the more independent the central bank is.

Roughly two-thirds of countries all over the world have a statute granting its central bank independence,

which means autonomy in setting the monetary policy,

restrictions on lending to government,

and protection of governor tenure.

In Europe, we have the European Central Bank.

This is me inside the premises.

And I would say it really conducts monetary policy to the benefit of the citizens

and in addition it creates European identity because the euro is the currency of currently 21 countries.

Okay, so until now, I have stated,

I have tried to argue Central banks are super important state institutions.

But why do they matter for your life?

Let's move this a little bit closer to your personal finances and look at the Fed,

the Federal Reserve, the Central Bank of the United States,

the most important central bank globally, a very prestigious institution.

You may have heard that Mr. Trump is pushing for the current chairman,

Mr. Powell, to resign.

What looks like a power struggle far away actually constitutes one of our major financial risks in 2026.

Let me walk you through this risk.

If the independence of the Fed is dismantled,

inflation may shoot up in the United States and the dollar will weaken.

Everybody who is invested in U.S assets will feel this.

Now you may say this is still far away from my personal finances,

but let me remind you of the great financial crisis in 2008.

Exports from Europe go massively to the United States and capital flows are closely intertwined.

Thus, I can assure you,

if there is uncertainty around the value of the dollar,

which is until now the safe haven of the global financial system,

we will definitely see global spillovers.

At the latest attack against Mr Powell,

the global community of central banks gave a strong sign of solidarity.

They are alert because we really don't know what happens

if the dollar will become as as volatile as a currency of an emerging market such as Turkey.

Now, there is another link between you,

me, the ordinary citizens and the central banks,

and that's expectations on inflation.

As I have said before,

central banks preserve price stability.

100

Sounds technical, but it simply means when you plan your groceries,

101

you plan your rent, you plan your holiday,

102

prices don't suddenly run away from you.

103

And they preserve this price stability with a toolbox of monetary policy instrument.

104

Now, this toolbox is difficult to understand if you're not an economist.

105

Thus, we rather rely on the track record of a central bank,

106

or we listen to its communication.

107

And based on this, we form a view on the credibility of the institution.

108

And this is key in the actual fight against inflation.

109

If you trust your central bank and prices start rising,

110

you will tend to see this as a short-lived episode.

111

You won't easily push for higher wages.

112

If you run a business,

113

you're less likely to raise prices.

114

Thus higher wages don't push prices and inflation is kept at bay.

115

This is the key mechanism and it works in four steps.

116

The trust in the central bank leads to stable expectations,

117

this leads to restraint in wages and prices,

118

and again to low inflation.

119

Now think of what happens if you have lost trust in a person.

120

You will hesitate to believe this person ever again.

121

This is exactly what could happen with a politicized Fed.

122

Once credibility is lost, it is extraordinarily hard to regain trust.

123

And the US should know about it,

124

because the Fed lost control of inflation in the 1970s,

125

when the then-chairman was under political pressure from President Nixon.

126

Only when the new chairman,

127

Mr. Volcker, came in, and I must say,

128

after a really severe cost-of-living crisis which reshaped economic chances of the population,

129

then Mr. Volker came in with his giant interest rate hammer,

130

and only then the Fed realized that printing money like confetti isn't the best idea.

131

And up to now I have tried to say it analytically,

132

but I must be honest with you.

133

It really makes me furious when politicians start dismantling the independence of central banks and interfere in monetary policy.

134

They just don't grasp the consequences.

135

They don't see the importance of the independence of central banks.

136

And this is super ironic,

137

because all these politicians want to be re-elected and not be punished for high inflation rates.

138

Now let's go to the future of money.

139

Until now, I have asked you to trust central banks to respect monetary policy.

140

Thank you for this trust.

141

As a sign of appreciation,

142

I will now offer you a new perspective on money.

143

I will try to show you how central banks keep up with the times.

144

You've come to Linz.

145

How will you cover your expenses here?

146

Please raise your hand.

147

Who will pay with cash?

148

Who will use his or her debit or credit card to cover expenses?

149

Okay, and who pays via mobile phone?

150

Okay.

151

I'm not going to ask now for the people with gold bars and bitcoins,

152

but I will make one point.

153

There is one big difference between cash and all other forms of payment.

154

Cash is your only direct link to the central bank.

155

The euro is issued by the European Central Bank and directly put into the hands of citizens.

156

With all other forms of payment,

157

you have an intermediary between you and the central bank.

158

Now, from our little survey,

159

we have seen that more and more people prefer to pay in a digital way.

160

This is why the European Central Bank is preparing a digital euro.

161

It's money, it's cash in the digital form.

162

In 2029, it could be possible that you have the digital euro in your wallet.

163

And then it is your choice whether to pay

164

via mostly American intermediaries such as Visa or MasterCard or whether you will opt for a European digital solution.

165

And that brings me to the broader future of money.

166

We still live in a world where we are surrounded by mostly public forms of payment,

167

public forms of money, I want to say.

168

but they're in competition with more and more private forms of money.

169

The euro is public money.

170

The dollar is public money.

171

Stablecoins, which are now hyped in the US,

172

are a form of private money.

173

They're backed by US Treasury bills,

174

but they're issued by a private company.

175

Cryptoassets, which by the way don't really store value,

176

are also a form of private money.

177

My aim here is not to persuade you that public money is better than private money,

178

but I want you to take a conscious choice.

179

Private money can work if it is well regulated.

180

However, I do miss a discourse on the risks and advantages of either form of money.

181

And you can see here,

182

you have a lot of choice.

183

Everybody knows the ECB, but do you know TESA Holdings Limited?

184

It's the company issuing the most widely spread stable coin,

185

moving around $140 billion daily, which is more than the GDP of many countries.

186

TESA Holdings Limited is registered in the British Virgin Islands.

187

For an informed decision, you will have to dig deep into the governance and into the solvency of this company,

188

and only then you can decide whether you will trust your stable coin.

189

And that brings me to my last question for today.

190

I know that you know who is your head of government,

191

but do you know who is the governor of your central bank?

192

Do you know who is the president of the European Central Bank?

193

Here she is, Madame Lagarde,

194

when she visited us at the Austrian Central Bank.

195

I know that many people don't know.

196

They don't see the Central Bank.

197

I think it's a very dangerous knowledge gap.

198

Politicians have a lot of influence on our lives,

199

but the power of Central Bank directly reaches into your pocket or maybe in the future into your wallet.

200

If central banks fail, the consequences for society are dramatic.

201

Here it's a quote from one of the best economists we ever had,

202

what happens if a society loses the value of its currency?

203

So I hope that after this talk you will see your central bank.

204

And let me move one step further.

205

Let's look at a world transformed,

206

a world where knowledge is not hidden in textbooks or in ivory towers.

207

Go out and tell your friends what you've heard on money and inflation today.

208

Subscribe to the social media channels of your central bank.

209

Check out their podcasts.

210

Get informed.

211

And in this world, the fight against inflation is not a lonely battle of economists behind closed doors.

212

It's a collective mission because you understand where the inflation rate stands in relation to the target of your central bank.

213

Picture a society where politicians no longer meddle recklessly with central banks by putting their political appointees in this institution.

214

and you respect your governor,

215

you know his or her name,

216

not because of scandal, but because he or she is a trusted guardian of stability.

217

Let's close this knowledge gap together.

218

If you turn into an informed listener of your central bank,

219

this will not avoid the next inflation surge,

220

but it will make the fight against it easier.

221

My call for action is simple.

222

Learn who guards your money.

223

Trust in central banks is nothing abstract.

224

It's something we build together or lose together.

225

Thank you.

226

Thank you.

TRENDING

ยอดนิยม

4.9/5 บน App Store และ Google Play

Shadowing English
บนมือถือ

เรียนภาษาอังกฤษได้ทุกที่ทุกเวลาด้วยแอป Shadowing English พัฒนาทักษะการสื่อสารของคุณวันนี้!

ติดตามความคืบหน้าในการเรียนรู้ของคุณ

การให้คะแนน AI และการแก้ไขข้อผิดพลาด

คลังวิดีโอที่หลากหลาย

สแกนเพื่อดาวน์โหลด

Download on theApp Store

GET IT ONGoogle Play

เทคนิค Shadowing คืออะไร?

Shadowing เป็นเทคนิคการเรียนรู้ภาษาที่ได้รับการรับรองทางวิทยาศาสตร์ พัฒนาขึ้นสำหรับการฝึกนักแปลมืออาชีพ วิธีการนี้เรียบง่ายแต่ทรงพลัง: คุณฟังเสียงภาษาอังกฤษจากเจ้าของภาษาและพูดตามทันที — เหมือนเงาที่ตามผู้พูดด้วยช่วงเวลาห่าง 1-2 วินาที การวิจัยแสดงว่าเทคนิคนี้ปรับปรุงความแม่นยำในการออกเสียง ทำนองเสียง จังหวะ การเชื่อมเสียง การฟังเข้าใจ และความคล่องแคล่วในการพูดได้อย่างมีนัยสำคัญ

☕ เลี้ยงกาแฟเราสักแก้ว

ShadowingEnglish ยังคงเปิดให้ใช้งาน ฟรี 100% ได้ด้วยการสนับสนุนจากคุณ ค่าใช้จ่ายสำหรับเซิร์ฟเวอร์และ AI นั้นสูงมาก — กาแฟของคุณช่วยให้เราเดินหน้าต่อไปได้! 🙏

บริจาคผ่าน PayPal

ShadowingEnglish.com – ฝึกพูดภาษาอังกฤษแบบ Shadowing

ฝึกพูดภาษาอังกฤษด้วยเทคนิค Shadowing จากวิดีโอ: Our central banks are in crisis—here’s why it matters | Birgit Niessner | TEDxLinz

ยอดนิยม

Shadowing English
บนมือถือ

เกี่ยวกับบทเรียนนี้

คำศัพท์และวลีที่สำคัญ

เคล็ดลับการฝึก

เทคนิค Shadowing คืออะไร?

ฝึกพูดภาษาอังกฤษด้วยเทคนิค Shadowing จากวิดีโอ: Our central banks are in crisis—here’s why it matters | Birgit Niessner | TEDxLinz

ดาวน์โหลดแอป

Shadowing English บนมือถือ

เกี่ยวกับบทเรียนนี้

คำศัพท์และวลีที่สำคัญ

เคล็ดลับการฝึก

เทคนิค Shadowing คืออะไร?

Shadowing English
บนมือถือ