The bear case rests on patience, a Persian restoration and a Permian boom.

看跌的理由在于耐心，波斯的恢复和二叠纪的繁荣。

In a market crash that impairs the financial system, the Fed put would come back into focus.

如果损害金融体系的市场崩盘爆发，美联储看跌期权将重新成为焦。

Some people are bullish, some people are bearish.

有些看涨，有些看跌。

But it's weird how people are determined to stick to this kind of bearish view.

但奇怪的是， 们决心坚持这种看跌观。

The concept of a Fed put dates back to the era of Alan Greenspan, a former chairman of the central bank.

美联储看跌期权的概念可以追溯到美联储前主席艾伦·格林斯潘的时代。

Plus, why he's bearish about bonds.

另外，为什么他看跌债券。

We have set up a bearish position, we expect to see the market fall.

我们已建立了看跌头寸，我们预计市场会下跌。

Right. So let's just say that they play out the puts he gets on IR.

正确的。所以我们只能说他们执行了他在 IR 上得到的看跌期权。

To traders this looks a bit like a put option, a basic hedging tool that sets a price floor for investments.

对于交易员来说，这看起来有像看跌期权，这是一种为投资设定价格下限的基本对冲工具。

There's always been this idea of the Greenspan put, that if stocks wobble, then the Fed will cut rates.

格林斯潘看跌期权一直存在这样的观：如果股市波动，美联储就会降息。

In more analytical, if less humorous, terms, another way of framing this shift is to ask whether the Fed put has become a Fed call.

如果正一，从更具分析性的角度来看，另一种描述这种转变的方式是：问一问美联储的看跌期权是否已变为美联储看涨期权。

Whilst liquidity-preference due to the speculative-motive corresponds to what in my Treatise on Money I called 'the state of bearishness', it is by no means the same thing.

虽然由于投机动机而导致的流动性偏好与我在货币论文中所说的“看跌状态”相对应，但这绝不是一回事。

For 'bearishness' is there defined as the functional relationship, not between the rate of interest (or price of debts) and the quantity of money, but between the price of assets and debts, taken together, and the quantity of money.

因为“看跌”被定义为函数关系，不是利率（或债务价格）与货币数量之间的函数关系，而是资产和债务价格加在一起与货币数量之间的函数关系。