GoTranscript Audio Test Answer October 2020
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GoTranscript Audio Test Answer 01 October 2020
Speaker 1:
This audio is used for the transcriber test at GoTranscript.
Speaker 2:
Um, there's been a lot of complaints recently that the background noise in these here audio tests is too darn loud for some of you. I'm pleased to report that your complaints have kind of been heard here in the old GoTranscript boiler room. This year audio will be 100% free from background noise other than the ancient Philco air conditioner chugging away behind me or is it a Frigidaire? Hmm, to be honest, um, there, you know, there's a lot of old appliances in our house, you know, not because we don't like the new stuff. Who doesn't? It's just that it's kind of hard to buy new things on our honest non cheating transcriptionist salary, you know, of course, you know, you good folks out there copying and pasting from some Vimeo video.
Speaker 2:
You know, you don't know what I'm talking about. But here at, you know, go transcript I'm getting quite a few sympathetic nods. Anyway, the Frigidaire is way better than the electric fans I grew up with. In fact, my grandma used to write letters to me on fancy GoTranscript hotel stationery about the stationery fans in her Victorian Italia Auntie in wohlfahrt is worthy back in merry old Devon England, she she always had a horror story of how some neighborhood child got his or her fingers cut off in the whirring blades.
Speaker 2:
Still, you know, at least they had some modern conveniences for instance, relatively modern Lu for you yanwen two grew up with modern plumbing a water closet included a tank of water for flushing the waste from the bowl to the sewer or the waste pipe between the bowl and the waste pipe was this device called a trap which held water and you know it sealed the end of the waste pipe so that gases from the the sewer or the septic tank wouldn't come into the you know the house so plumbing fixtures were made in many materials back in the GoTranscript heyday the most popular of these on on account of you know durability and you know cost was cast iron with an enamel glaze fused on the the iron those old you know those sold fixtures stood up to a lot of hard usage we're you know not easily fractured you know didn't craze and therefore held their color. Granny thought the vitreous china where was more appropriate for bathrooms finished in in tile. She also said that when her hair started changing color this pomade worked wonders. Okay, so you take four ounces of lard for direct comes of sperm machete and four fluid grams of bismuth. Melt the lard and the sperm machete together. When they get cold you a stir in the the bismuth and when it's all ready to go. Throw in some some attr of roses for that real grandma is she sent.
Speaker 1:
This audio is used for the transcriber test at GoTranscript.
GoTranscript audio test answers 30 September.
How to pass GoTranscript Audio test. Full Detail available in video. Watch full video.
GoTranscript Old Audio Test Answers
Speaker 1:
This audio is used for the transcriber test at GoTranscript.
Speaker 2:
Now, that's not to say that it stabilizes prices. We don't want stable prices. We want prices changing, continual change in the economy. So the purchasing power of money, which is simply the other side of the whole structure of prices, it's the reverse of it or the reciprocal, that's also changing radically. Okay. We want to allow that to change.
Speaker 2:
Roger Garrison has used a good analogy, and that is from the perspective of we people on Earth, the sun is stationary. We're moving around the sun, but yet the sun is obviously moving through the galaxy. And so gold is like the sun in some sense. It's relatively much more stable than prices of other goods and services, of single goods and services.
Okay. So let's talk a little about the boom and bust. There could be temporary recessions and inflationary booms under the classical Gold Standard. It was possible, because there was fracturing reserves, for private commercial banks to reduce their reserve ratios or to multiply an inflow of gold by creating fiduciary media and to cause an inflation and to cause malinvestments, distortion of the interest rate, bad loans and so on, which then would have to be liquidated.
Speaker 2:
So there was some room for that to happen, and that did happen under the Gold Standard, but it would eventually end, and pretty quickly in a recession or a bust, and you'd have all the phenomena connected with booms and busts. But what would happen under a Gold Standard is that you would have a rapid decline in prices and wages. The government never tried to maintain prices and wages until the great depression. So they fell for the equilibrium levels. But these were minor compared to what occurred after the Gold Standard was destroyed by governments.
Speaker 2:
Well, let me say a few words about the balance of payments adjustment mechanism, which more or less ensured that, number one, inflations that did take place under the classical Gold Standard could not be too great. And number two, that as people increase the demand for money in one nation because they became more prosperous, money would automatically be redistributed away from nations that weren't growing as fast, to nations that were growing faster. It had a natural distribution mechanism built into it.
Speaker 2:
So let's talk about an increase in the money supply brought about by fractional reserve banks. So they drive the domestic money supply up. And of course, then the price level rises. The US price level rises above world prices because of the Kantian effects. The money tended back then to be injected into the domestic economy, the new money that the banks created.
Speaker 2:
And then the second fact was, look, if the US price level is above the world price level, people aren't going to buy as many exports from us or exports are going to fall. There'll be an increase in imports from abroad because it's now relatively cheaper to buy things from England and France and so on if they weren't inflating to the same extent as US banks were. Then you would have a balance of payments deficit. Your imports would suddenly exceed your exports. You'd have to ship gold abroad.
The price of the pound, for example, would rise to the export point, and so pounds would be very expensive and it'd be cheaper to ship some of the gold from the US to Great Britain, to Germany, to your other trade partners. So you'd have a deficit. And once you had a deficit, the gold would begin to flow out in payment of that deficit to the foreign countries. Gold banks, gold reserves will then fall.
Speaker 2:
Now at that point under the Gold Standard, gold reserves weren't centralized at the central bank. So they couldn't use reserves to move them around and bail out banks. There was no central bank that acted as a so-called lender of last resort, or as I like to call it, a bailer outer of last resort.
So this external drain of gold, the external drain was drain of gold out of bank reserves to, as people came in and turned their dollars in because they wanted to ship the gold abroad, to foreign countries. There would also be the threat of an internal drain. As people saw gold flowing out of their banks, and they had the money substitutes, which they knew were just money substitutes and would give them the ability to redeem for their gold, they rushed to the banks.
Speaker 1:
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