0902｜为MG融资史的六次危机

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美国融资史的六次危机

By Karen Brettell 凯伦·布雷特尔

September 2, 2026 1:02 PM GMT+8 · Updated 4 hours ago

U.S. Treasury Secretary Scott Bessent and Federal Reserve Chair Kevin Warsh attend a plenary session as finance ministers and central bank governors from G20 countries meet in Asheville, North… Purchase Licensing Rights [7]

Sept 2 (Reuters) - Concerns over America’s fiscal outlook are mounting. Long-dated Treasury yields are at their highest levels since 2007, while the national debt has

surpassed $40 trillion.

9 月 2 日 (路透社) -- 对美国财政前景的担忧日益加剧。长期国债收益率达到 2007 年以来的最高水平，而国债已超过 40 万亿美元。

It is not the first time Washington has faced an imposing financing challenge. Treasury Secretary Scott Bessent says the U.S. can grow out of the debt. But history suggests that when the Treasury cannot rely on the usual mix of investors, instruments and market conditions, it has also created new methods to raise funds.

这并不是华盛顿第一次面临严峻的融资挑战。财政部长斯科特·贝森特表示，美国可以通过增长摆脱债务。但历史表明，当财政部不能依赖通常的投资者、工具和市场条件组合时，它也会创造新的筹集资金的方法。

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Here are six financing challenges Washington tackled and how it overcame them.

以下是华盛顿解决的六项融资挑战以及如何克服这些挑战。

创建新买家

The Civil War forced Washington to borrow at an unprecedented scale. Federal debt rose from about $65 million in 1860 to roughly $2.7 billion in 1865, approximately doubling annually over that span. By comparison, U.S. public debt has compounded at a 6.6% annual rate since 1946, according to Morgan Stanley.

内战迫使华盛顿以前所未有的规模举债。联邦债务从 1860 年的约 6500 万美元增加到 1865 年的约 27 亿美元，在此期间每年大约翻一番。相比之下，据摩根士丹利称，自 1946 年以来，美国公共债务的年复合增长率为 6.6%。

To absorb the new issuance, Washington wrote rules creating a new class of buyers. The National Banking Acts required federally chartered banks to back their currency with U.S.

bonds.

为了吸收新发行的债券，华盛顿制定了创建新买家类别的规则。《国家银行法》要求联邦特许银行用美国债券支持其货币。

Financier Jay Cooke found buyers too, selling debt nationwide through banks, sub-agents, advertising and patriotic appeals. Cooke’s 6% “five-twenties” were callable after five years and due in 20, with interest paid in gold; his three-year “7-30” notes paid 7.30%, yielding $3.65 a year and marketed as a penny a day for a $50 investment. The campaigns helped turn federal debt into a mass retail product.

金融家杰伊·库克也找到了买家，通过银行、次级代理商、广告和爱国呼吁在全国范围内出售债务。库克的 6%"五二十" 可在五年后赎回，并于 20 日到期，并以黄金支付利息；他的三年期 "7-30" 票据的利率为 7.30%，每年收益 3.65 美元，并以每天 1 便士的价格进行 50 美元的投资。这些活动帮助将联邦债务转变为大众零售产品。

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致电华尔街

By February 1895, recession, gold exports and fears of a shift to silver had driven the Treasury’s gold reserve down to $41.3 million, far below its politically vital $100 million

benchmark. Public bond sales had bought only temporary relief.

到 1895 年 2 月，经济衰退、黄金出口以及对转向白银的担忧导致财政部的黄金储备降至 4130 万美元，远低于其政治上至关重要的 1 亿美元基准。公开债券发行仅带来了暂时的缓解。

With no central bank, President Grover Cleveland enlisted two private financiers, J.P. Morgan and August Belmont Jr., to lead a syndicate that agreed to supply more than $65

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由于没有中央银行，格罗弗·克利夫兰总统招募了两位私人金融家摩根大通和小奥古斯特·贝尔蒙特领导一个财团，同意供应超过 6500 万美元的黄金（其中大部分来自欧洲），并帮助阻止进一步的提款。作为回报，该财团收到了约 6200 万美元的 30 年期、利率 4% 的国债。

The deal stabilized the reserve but made Morgan and Belmont symbols of Wall Street’s away over public policy, energizing an already growing populist revolt.

这笔交易稳定了储备金，但使摩根和贝尔蒙特成为华尔街对公共政策影响力的象征，激起了本已日益增长的民粹主义反抗。

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吸引储户，固定收益

Financing World War II required both cheap borrowing and the restraint of civilian spending to stem inflation. So Washington turned to war bonds. Through voluntary payroll plans, about 27 million Americans were regularly buying them by June 1943. By the war’s end, war bonds had financed roughly half of the wartime debt.

为第二次世界大战提供资金需要廉价借贷和限制民用支出以抑制通货膨胀。因此华盛顿转向战争债券。到 1943 年 6 月，大约有 2700 万美国人通过自愿工资计划定期购买债券。到战争结束时，战争债券已经支付了大约一半的战时债务。

The Fed reinforced this system by subordinating monetary policy to Treasury financing. Beginning in April 1942, it pegged Treasury-bill rates at 0.375% and effectively capped long-term Treasury yields at 2.5% through open-market purchases. This kept government

borrowing costs low but added to inflationary pressure.

美联储通过使货币政策从属于国库融资来强化这一体系。从 1942 年 4 月开始，它将国库券利率固定在 0.375%，并通过公开市场购买有效地将长期国债收益率限制在 2.5%。这使得政府借贷成本保持在较低水平，但也增加了通胀压力。

Once wartime controls were lifted, the price pressures they had been suppressing broke loose, fueling a sharp postwar inflation that made the peg impossible to sustain. It finally gave way with the Treasury-Fed Accord of March 1951.

一旦战时管制解除，它们一直压制的价格压力就会爆发，助长战后急剧的通货膨胀，使钉住汇率制度无法维持。它最终被 1951 年 3 月的财政部与美联储协议所取代。

Treasury Bill Rates Froze During Yield Curve Control

Three-Month Yields 1940-1943
Source: Board of Governors of the Federal Reserve System | Karen Brettell

World War II

第二次世界大战

Federal Reserve’s Total Treasury Holdings 1942-1951

● IN MILLIONS
Source: Center for Financial Stability, Federal Reserve Bank of St. Louis | Karen Brettell

扭转一下

By the early 1960s, foreign dollar claims were outpacing U.S. gold reserves, threatening confidence in the dollar’s convertibility into gold. Washington wanted to stem capital

outflows without choking domestic growth.

到 20 世纪 60 年代初，外币债权超过了美国黄金储备，威胁到了人们对美元兑换黄金的信心。华盛顿希望在不抑制国内增长的情况下阻止资本外流。

Operation Twist aimed for both: the Fed sold short-term bills and bought long-term Treasuries, raising short rates to support the dollar while holding down long rates for investment. Treasury reinforced the strategy with foreign-currency “Roosa bonds,” sold to foreign central banks and insulated from dollar devaluation.

扭转操作的目标是两者：美联储出售短期票据并购买长期国债，提高短期利率以支撑美元，同时压低长期投资利率。财政部通过出售外币 "鲁萨债券" 来强化这一战略，这些债券出售给外国央行并免受美元贬值的影响。

Operation Twist was revived in 2011 to 2012 to help boost the economic recovery after the 2007 to 2009 financial crisis.

扭转行动于 2011 年至 2012 年恢复，以帮助推动 2007 年至 2009 年金融危机后的经济复苏。

让市场决定价格

Until the early 1970s, Treasury sold notes and bonds at terms it set in advance. But rising inflation and interest-rate volatility in the late 1960s made this fixed-price system risky, and left the Treasury vulnerable to overpaying investors or missing market demand.

直到 20 世纪 70 年代初，财政部都按照预先设定的条件出售票据和债券。但 20 世纪 60 年代末不断上升的通货膨胀和利率波动使这种固定价格体系面临风险，并使财政部容易受到投资者支付过高或市场需求不足的影响。

To let the market set the price, Treasury began auctioning coupon-bearing debt in 1970, initially setting the coupon while investors bid on price. By mid-1973, auctions had replaced the older fixed-price methods for notes and bonds. In 1974, Treasury introduced yield-based auctions for some coupon securities, allowing auction results to determine both the price and coupon rate.

为了让市场决定价格，财政部于 1970 年开始拍卖附息债务，最初在投资者竞标价格时设定息票。到 1973 年中期，拍卖取代了旧的票据和债券固定价格方法。1974 年，财政部对一些息票证券引入了基于收益率的拍卖，允许拍卖结果决定价格和票面利率。

This reform shifted price discovery to investors, laying the foundation for today’s Treasury market.

这项改革将价格发现权转移给了投资者，为当今的国债市场奠定了基础。

Yields Became More Volatile Before Auction Reforms

Standard Deviation of Yield Change Over One Business Day 1963-1970
Source: Kenneth D. Garbade, Federal Reserve Bank of New York | Karen Brettell

捍卫美元

The dollar came under renewed pressure in 1978, prompting the Carter administration to mount an unusually forceful defense, including the sale of U.S. government debt denominated in foreign currencies.

1978 年，美元再次面临压力，促使卡特政府采取异常有力的防御措施，包括出售以外币计价的美国政府债务。

On November 1, 1978, Carter unveiled a coordinated support program with West Germany, Japan and Switzerland, assembling the equivalent of up to $30 billion in foreign-currency resources for intervention.

1978 年 11 月 1 日，卡特与西德、日本和瑞士启动了一项协调支持计划，筹集了相当于 300 亿美元的外汇资源进行干预。

The package included expanded swap lines, a U.S. reserve-tranche drawing at the IMF, sales of Special Drawing Rights and foreign-currency borrowing. Central to the effort were

“Carter bonds,” denominated in Deutsche marks and Swiss francs and sold in German and Swiss markets, which raised foreign cash that could be used to buy dollars to help support the U.S. currency.

该计划包括扩大互换额度、从国际货币基金组织提取美国储备金、出售特别提款权和外币借款。这一努力的核心是 "卡特债券"，以德国马克和瑞士法郎计价，在德国和瑞士市场出售，筹集的外国现金可用于购买美元以帮助支撑美元。
Reporting by Karen Brettell, editing by Colin Barr and Nick Zieminski

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