A ferocious monetary squeeze and competition across countries for limited gold reserves followed and contributed to the Great Depression.
紧随其后，严重的货币紧缩和国家间对有限的黄金储备激烈竞争促进了大萧条。
2
On the other hand, if central Banks intervene to hold down their currencies, the build-up of reserves can lead to excessively loose monetary conditions and rising inflation.
另外，如果央行干预抑制通货，储蓄的建立会导致货币状况的过度宽松，增加通货膨胀。
3
First of all, look again at what he has done to the "monetary base," which basically captures how much in reserves Bernanke has pumped into the banking system.