这个学期的货币金融学的期末考试中会有10%左右的案例分析来自于Ft.com的每日英语栏目。SO……

The financial rescue plan passed by the US Congress is viewed as flawed but necessary to head off panic in financial markets and loss of confidence in the economy. It seems a holding operation, a Plan C or D that might need augmentation via a Plan A.  
人们认为美国国会通过的金融纾困计划有缺陷,但对于防止金融市场中出现恐慌情绪、避免人们丧失对经济的信心,又是必要之举。它似乎只能支撑现有局面,算是一种C计划或D计划,可能需要通过一项A计划来加以强化。 

A vital component of a Plan A is likely to be additional money. For one thing, there is suspicion that the amount of toxic assets is considerably greater than the rescue plan provides for. For another, more money may be required to address the problem in the housing market by providing relief to subprime and marginal borrowers. And finally, further fiscal stimulus could become necessary if recessionary forces take hold.  
A计划中至关重要之处,可能是需要额外资金。首先,人们怀疑“问题资产”数额远远高于美国纾困计划所提供的资金规模。其次,要解决房地产市场问题,可能需要更多资金,用于解救次级贷款和边际贷款的借款人。最后,倘若经济衰退势头持续下去,可能有必要出台进一步的财政刺激措施。 

Where will this additional money – perhaps as much as another $500bn – come from? The US taxpayer is wary. Joe Six-Pack has ponied up a lot already, and done so with no great confidence that the money was for a worthwhile cause or that it will be well spent.  
然而,额外资金(可能高达5000亿美元)将来自何处?美国纳税人已心存警惕。普通美国人掏了不少钱,而且他们不太相信这些钱花得值得,或是会花到点子上。

Enter China. Ken Rogoff of Harvard cheekily characterised the vast Chinese accumulation of US Treasury bonds over the past five years as the biggest foreign assistance programme in history. Why not push that further? Here is a thought experiment. 
那就请中国上场吧。哈佛大学(Harvard)的肯•罗格夫(Ken Rogoff)恶作剧地将中国过去5年累积大量美国国债的行为,描述为有史以来规模最大的外国援助项目。何不更进一步?我们不妨试想一下:

The Chinese government could
offer to lend up to $500bn (from its current stock of $1,800bn) to the US government for the rescue of its financial sector. Its previous assistance – buying US bonds – was indirect and unconditional. Not so in this case. 
中国政府能够为美国政府提供多至5000亿美元的贷款(来自于其1.8万亿美元的现有外汇储备),为美国金融业纾困。中国以往的援助方式(即购买美国国债)是间接的,而且是无条件的。这一次,情况不同了。 

China’s loan offer would be direct to the US government to be spent in the current financial crisis. More important, it would come with strings attached. Tied aid, the preferred mode of operation of western donors since the postwar period, would now be embraced by China.  
中国应该向美国政府直接提供贷款,用于应对当前的金融危机。更重要的是,中国要提出一些附加条件。有条件援助是西方援助国在战后青睐的模式,现在也应为中国所采用。

What would be the nature of t
he strings – or “conditionality” as the US Treasury, a longtime practitioner of this art, has called it? Conditionality as imposed by the World Bank and International Monetary Fund was underpinned by an ideology that favoured markets and globalisation. But there was also an assumption that either borrowing third world governments did not understand their benefits or the reformers there needed a “spoonful of sugar” to help overcome any internal opposition. 
中国提出的条件将是什么性质的呢?或者,按照深谙此道的美国财政部的话来讲,有什么“限制性”(conditionality)呢?世界银行(World Bank)和国际货币基金组织(IMF)所施加的条件,以赞成市场经济和全球化的意识形态为基础。但其中也包含了一种假设,即借款的第三世界国家政府并不理解其利益所在,或者是当地改革者需要“一点甜头”,以帮助他们克服国内反对意见。

China would impose two conditions. First, it would declare that the offer of money was conditional on the US government’s adopting a particular approach to rescuing the banks,
namely to favour in the next round the use of government money to recapitalise the banks. Europe has been using this approach and evidence suggests it is the most effective way of dealing with large-scale financial crises.  
中国应提出两个条件。首先,中国将宣布纾困资金的条件是,美国政府要采取一种特定方式为银行纾困,即在下一轮行动中要侧重于利用政府资金改善银行资本结构。欧洲一直在采取这种方式,有证据表明,这是应对大规模金融危机最为有效的方式。

The US government – like third world governments in the past – has been unable to
adopt the most efficient course of action. This stems from an ideological obsession against “socialising” banks or because inducement is necessary to overcome any domestic opposition to it. 
美国政府与以往第三世界国家政府一样,迄今未能采取最有效的做法。其根源在于它沉迷于一种反对将银行“社会化”(socialising,指公有化)的意识形态,或是因为克服国内这方面的反对意见需要诱因。 

The second condit
ion would relate to “social safety nets”, which had become standard embellishments to World Bank/IMF adjustment programmes. China would stipulate that monies be devoted to cushioning the impact on vulnerable homeowners, so that they would not be forced into forgoing the American dream of home ownership. Chinese conditionality on this front would achieve an outcome that several economists on the left and right have argued for on grounds of fairness, and also to address the fundamental problem in the housing market.  
第二个条件将与“社会安全网”有关,这已成为世界银行和IMF为其援助项目装点门面的标志性手段。中国将规定,这些资金须专门用于减轻陷入困境房屋业主所受的冲击,以让他们继续拥有住房的“美国梦”。中国此举将取得左右翼经济学家基于公平原则均追求的结果,也将有助于解决房地产市场的根本问题。

For China, this offer of help would
have three virtues. First, it would be riding to the rescue of a situation partly created by its own policies of undervalued exchange rates, which led to lax global liquidity conditions. Second, its economic interest would be served because successful US efforts at rescuing its financial sector could help avert an economic downturn, protecting China’s exports, its growth engine. 
对于中国而言,向美国提供资金有三重好处。首先,中国出面为金融危机纾困了,而造成这种困境的部分原因在于中国低估本币汇率的政策,那导致了全球流动性泛滥。其次,此举符合中国自身经济利益,如果美国金融业救援行动成功,将有助于避免经济低迷,这有利于中国经济增长的引擎:出口





posted @ 2008-10-11 15:15 Cora编辑 收藏



心得:我们不会珍惜眼前,是因为我们认为它们是理所当然的幸福。

A father sat at his desk poring over his monthly bills when his young son rushed in and announced, “Dad, because this is your birthday and you’re 55 years old, I’m going to give you 55 kisses, one for each year!” When the boy started making good on his word, the father exclaimed, “Oh, Andrew, don’t do it now; I’m too busy!”

The youngster immediately fell silent as tears welled up in his big blue eyes. Apologically the father said, “You can finish later.”

The boy said nothing but quietly walked away, disappointment written over his face. That evening the father said, “Come and finish the kisses now, Andrew!” But the boy didn’t respond.

Unfortunately, a few days later after this incident, the boy had an accident and was drowned. His heartbroken father wrote...

“If only I could tell him how much I regret my thoughtless words, and could be assured that he knows how much my heart is aching.”

…Love is a two-way street. Any loving act must be warmly accepted or it will be taken as rejection and can leave a scar. If we are too busy to give and receive love, we are too busy! Nothing is more important than responding with love to the cry for love from those who are near and precious to us. Because... there may be no chance at all as in the case of the little boy...


翻译:
父亲坐在办公桌旁,正盯着那些堆积了一个月来的账单,这时,他的小儿子冲了过来,大声宣布:“爸爸,因为今天是你五十五岁的生日, 我想给你五十五个吻,一年一个!”当男孩正要兑现诺言时,他爸爸大声说道:“哦,安德鲁,现在不行,我太忙了!”

小男孩马上不吭声了,蓝色的大眼睛里涌满了泪水。父亲深表歉意地说:“过会有空再亲吧。”

男孩什么也没说,只是静静地走开了,失望的表情溢于言表。那天晚上,父亲说:“来吧安德鲁,现在可以亲了!”但是,孩子却没有做出回应。

不幸的是,这件事刚过去几天之后,小男孩就不幸溺水身亡。伤心欲绝的爸爸写道:“如果我早告诉他,对于那些无心的话我是多么后悔,他一定会明白我的心有多么痛。”

对于那些在我们身边,对我们弥足珍贵的人,用爱去回应他们爱的渴望,这最重要不过了!因为……如果发生像小男孩这样的情况,即使后悔也没有机会了。

爱,是一条双行道。对于爱的表示一定要热心地接受,否则对方会以为你拒绝了,从而留下一道伤痕。如果我们忙得连给予和接受爱的时间都没有,那未免也忙得太过分了!

posted @ 2008-10-03 18:09 Cora编辑 收藏



从前有一座古老的房子;它的四周环绕着一条泥泞的壕沟,沟上有一座吊桥,这座桥吊着的时候比放下的时候多,因为平时来访的客人并没有多少算得上是贵客。屋檐下有许多专为开枪用的枪眼——如果敌人走得很近的话,也可以从这些枪眼里把开水或白热的铅淋到他们头上去。屋子里的梁都很高;这是很好的,因为炉子里烧着粗大而潮湿的木头,这样就可以使炉子里的烟有地方可去。墙上挂着的是一些穿着铠甲的男人的画像,以及庄严的、穿着一大堆衣服的太太们的画像。不过他们之中最尊贵的一位仍然住在这里。她叫做美特·莫根斯。她是这个公馆里的女主人。
有一天晚上来了一群强盗。他们打死了她家里的三个人,还加上一条看家狗。接着他们就用拴狗的链子把美特太太套在狗屋上;他们自己则在客厅里坐下来,喝着从她的酒窖里取出来的酒——都是非常好的麦芽酒。
美特太太被狗链子套着,但是她却不能做出狗吠声来。
强盗的小厮走到她身边来。他是在偷偷地走,因为他决不能让别人看见,否则别人就会把他打死。
“美特·莫根斯太太!”小厮说,“你记不记得,你的丈夫活着的时候,我的父亲得骑上木马①?那时你替他求情,但是没有结果。他只好骑,一直骑到他变成残废。但是你偷偷地走过来,像我现在一样;你亲手在他的脚下垫两块石头,使他能够得到休息。谁也没有看见这件事情,或者人们看见了也装做没看见。你那时是一个年轻的仁慈的太太。这件事情是我的父亲告诉我的。我没有对任何人说过,但是我并没有忘记!美特·莫根斯太太,现在我要释放你!”
①骑木马(Traehest)是古时的一种刑罚。犯人被绑在一个木凳子上,脚不落地,非常痛苦。
他们两人从马厩里牵出马来,在风雨中骑走了,并且得到了人们善意的帮助。
“我为那个老人帮的一点小忙,现在所得到的报酬倒是不少!”美特·莫根斯说。
“不说并不等于忘记!”小厮说。
强盗们后来都得到了绞刑的处罚。
另外还有一幢老房子;它现在仍然存在。它不是属于美特·莫根斯太太的,而是属于另外一个贵族家庭。
事情发生在我们的这个时代里。太阳照着塔上的金顶,长满了树的小岛浮在水上像一些花束,野天鹅在这些岛的周围
游来游去。花园里长着许多玫瑰。屋子的女主人本身就是一朵最美丽的玫瑰,它在快乐中——在与人为善的快乐中——射出光辉。她所做的好事并不表现在世人的眼中,而是藏在人的心里——藏着并不等于忘记。
她现在从这屋子走到田野上一个孤独的小茅棚子里去。茅棚里住着一个穷困的、瘫痪的女子。小房间里的窗子是向北开的,太阳光照不进来。她只能看见被一道很高的沟沿隔断的一小片田野。可是今天有太阳光射进来。她的房间里有上帝的温暖的、快乐的阳光射进来。阳光是从南边的窗子射进来的,而南边起初有一堵墙。
这个瘫痪病患者坐在温暖的太阳光里,望着树林和海岸。世界现在变得这样广阔和美丽,而这只须那幢房子里的好太太说一句话就可以办得到。
“说那一句话是多么容易,帮那一点忙是多么轻松!”她说,“可是我所得到的快乐是无边的伟大和幸福!”
正因为如此,她才做了那么多的好事,关心穷人屋子里和富人屋子里的一切人们——因为富人的屋子里也有痛苦的人。她的善行没有人看见,是隐藏着的,但是上帝并没有忘记。
还有一幢老房子;它是坐落在一个热闹的大城市里。这幢房子里有房间和客厅,不过我们却不必进去;我们只须去看看厨房就得了。它里面是既温暖而又明朗,既干净而又整齐。铜器皿闪着光,桌子很亮,洗碗槽像刚刚擦过的案板一样干净。这一切是一个什么都干的女佣人做的,但是她还腾出时间把自己打扮一番,好像她是要到教堂里去做礼拜似的。她的帽子上有一个蝴蝶结——一个黑蝴蝶结。这说明她在服丧。但是她并没有要哀悼的人,因为她既没有父亲,也没有母亲;既没有亲戚,也没有恋人;她是一个贫寒的女子。她只有一次跟一个穷苦的年轻人订过婚。他们彼此相亲相爱。有一次他来看她。
“我们两人什么也没有!”他说。“对面的那个寡妇对我说过热情的话语。她将使我富有,但是我心里只有你。你觉得我怎么办好!”
“你觉得怎样能使你幸福就怎样办吧!”女子说。“请你对她和善些,亲爱些;不过请你记住,从我们分手的这个时刻起,我们两个人就不能再常常见面了!”
好几年过去了。她在街上遇见了她从前的朋友和恋人。他显出一副又病又愁苦的样子。她的心中很难过,忍不住要问一声:“你近来怎么样?”
“各方面都好!”他说。“我的妻子是一个正直和善良的人,但是我的心中只想着你。我跟自己作过斗争,这斗争现在快要结束了。我们只有在上帝面前再见了。”
一个星期过去了。这天早晨报纸上有一个消息,说他已经死了;因此她现在服丧。她的恋人死了;报上说他留下一个妻子和前夫的三个孩子。铜钟发出的声音很嘈杂,但是铜的质地是纯净的。
她的黑蝴蝶结表示哀悼的意思,但是这个女子的面孔显得更悲哀。这悲哀藏在心里,但永远不会遗忘。
嗨,现在有三个故事了——一根梗子上的三片花瓣。你还希望有更多这样的苜蓿花瓣吗?在心的书上有的是:它们被藏着,但并没有被遗忘。
(1866年)


这篇小品,发表在1866年12月11日哥本哈根出版的《新的童话和故事集》第二卷第四部。人在一生中可以在无意中做过一些好事或者经历过某些重大感情的起伏。这些情况有的为人所知,有的完全被忘掉,有的只是隐藏在个人心的深处。但“藏着并不等于遗忘”。在“心的书上”写下来的东西,哪怕是极偶然也是永远不会消灭的。关于这篇小品的背景,安徒生在他的手记中写道:“这里面有三个故事。一个是来源于蒂勒(丹麦著名诗人)编的《丹麦民间故事集》。故事中写一位夫人被强盗绑在一个狗屋上,至于她被释放的情节则是我编的。第二个是我们当代的一个故事。第三个的情节也属于现代,我是从一个正在哭泣的女孩口中听到的。”

posted @ 2008-10-03 11:23 Cora编辑 收藏

嗯,例行的插播广告咯。《谁主沉浮》第十二章已上传。请多多支持。

今天的作业

Bush Presses House to Pass Rescue Package
布什敦促众议院通过救市方案

WASHINGTON — The day after the Senate strongly endorsed a $700 billion economic bailout plan, the administration and Congressional leaders tried to muster support on Thursday for the rescue package ahead of a crucial vote in the House.
华盛顿消息 - 星期四,也就在7千亿美元的紧急救市方案在参议院得到强烈支持的第二天,布什政府及国会领导人试图在众议院就此就是方案举行关键投票之前争取获得更多的支持。

Speaking after a meeting at the White House with representatives of American businesses, President Bush said it was essential that the House “get this bill passed so we can get about the business of restoring confidence” in the financial system.
布什总统在白宫与美国商界代表会谈之后发表了讲话, 他说“该方案能在众议院得到通过是很关键的,这样我们才能恢复我国金融系统的信心。”

The Senate passed the bailout plan by a wide margin Wednesday night, leaving backers optimistic that the easy approval would lead to House acceptance by Friday and end the legislative uncertainty that has rocked the markets.
周三晚间,该紧急就是方案在参议院以绝对优势得到通过, 使得赞成者乐观地认为在今晚如此顺利,周五在众议院也会顺利通过,那么就可以结束该方案由于立法上的不确定性给市场带来的震荡。

Ahead of the vote, the Dow Jones industrial average fell 348.22 points on Thursday and the broader Standard & Poor’s 500-stock index dropped 4 percent.
在众议院投票之前,道·琼斯指数周四下跌348.22点,标准普尔指数下跌4%。

posted @ 2008-10-03 11:07 Cora编辑 收藏

这几天的焦点就是美国的救市计划,这关系到美国以及全球经济的下一步发展。当布什政府所提出的救市计划被否决后,即将进行投票无疑是牵动人心的。
A Second Chance (and Thoughts) on the House Bailout Vote
By Jay Newton-Small/Washington Wednesday, Oct. 01, 2008
The Capitol is illuminated under stormy skies Sunday evening as Congress works on a bailout for the American economy.by J. Scott Applewhite / AP

After voting against the Bush Administration's controversial $700 billion bailout package, Representative Elton Gallegly, 64, a California Republican, got on a plane to fly home to Los Angeles for Congress's three-day break in observance of the Jewish holidays. By the time he got off the plane late Monday, he'd lost $50,000 in retirement savings. "And I'm getting to the point in my life where I can't start over," Gallegly
laments.

lament  [lə'ment]  n. 悲叹,悔恨,恸哭v. 哀悼,悔恨,悲叹

Though he says he doesn't regret his "No" vote, Gallegly is adamant that the House must pass a bill to stabilize the nation's fragile financial markets. Whereas phone calls to his office were once running 40 to 1 against the bill, now they're "a mixed bag. There are a lot of folks who, for good reason, are very concerned about their 401(k)s and their retirement savings, and it's a very serious and legitimate concern," he says.

adamant
/ ˈædəmənt; ˋædəˏmənt/ adj  (尤指人或态度)坚决的, 坚强的, 倔强的, 坚定不移的
whereas conj.然而但是 尽管。
It's amazing what a 778-point drop in the Dow Jones Industrial Average, wiping out $1.2 trillion in equity, can do to change public opinion. An ABC News/Washington Post poll taken following the failed vote showed that 88% of Americans are concerned that the collapse of the bill could worsen the economic turndown and that 51% are confident that a bill will eventually pass. And where the people go, politicians very quickly follow. Most members explained their votes opposing the bill Monday as a reflection of their constituents' anger about a rescue package for Wall Street. "Since the vote, it's about half and half," Representative Tim Murphy, a Pennsylvania Republican who voted against the bill, says of the calls coming into his office. "Half say, Do something — I'm worried about my business or my retirement; and the other half still say, Don't vote for the bailout."

Dow Jones Industrial Average:
道琼工业平均指数
House members already having second thoughts about their votes will probably soon have a chance to change them. But rather than wait for their Hill colleagues to take the plunge again, the Senate is expected to try to build momentum by taking up virtually the same bill Wednesday night, with two key sweeteners added on: a measure increasing from $100,000 to $250,000 the maximum amount in individual-bank-account deposits that the Federal Deposit Insurance Corp. (FDIC) will guarantee, and an extension of tax incentives, popular with GOP members, for such things as alternative energy, business R & D and the prevention of more people from becoming subject to the Alternative Minimum Tax. As further incentive, Securities and Exchange Commission chairman Chris Cox Tuesday eased mark-to-market accounting rules that have forced financial institutions to value all distressed mortgage-backed securities on their balance sheets at fire-sale prices. The move has been sought by many House Republicans hoping to help get the paralyzed credit markets flowing again, though critics say any such change would be a step back for transparency.

Federal Deposit Insurance Corp
美国联邦存款保险公司
GOP Grand Old Party共和党
R&D Research and Development研究与发展
Alternative Minimum Tax   替代最小赋税。确保个人和公司会付一些所得税,不管他们有多少扣抵或信用额度。在AMT之下,特定的金钱通常不得被视为应扣税的所得,例如通常为可抵税所得的总合,或者是免税债券的所得,都会被视为是缴税的。
mark-to-market
调至市价
mortgage-backed
住房抵押贷款
fire-sale prices
跳楼价
paralyze  [ ˈpærəlaiz] vt.使瘫痪;使丧失作用;使呆若木鸡

The new bill is expected to pass the Senate easily, with both John McCain and Barack Obama coming back to Washington to cast their votes, but the House remains a hurdle. The add-ons should help with Republican votes, but the tax extenders are unpopular with moderate, or so-called Blue Dog, Democrats, who are deficit hawks and have never liked that the estimated $100 billion extenders are only half paid for. House Speaker Nancy Pelosi has made it clear that she wants to see the GOP make up the shortfall of 12 votes by sending, in conjunction with her Senate colleague Harry Reid, a letter to President Bush outlining their intention to keep working to craft a truly bipartisan solution, in spite of the bitter feelings left over from Monday's debacle. Still, she may lose some Blue Dog votes by attaching the tax bill. And while House Majority Leader John Boehner green-lighted this newest legislation, his credibility on Capitol Hill isn't great after only 37% of his party conference followed his lead in supporting the bill Monday.
hurdles
[ˈhə:dl]n.跳栏,栏架;障碍,困难 vi.进行跨栏赛
tax extenders ----?
deficit
[ 'defisit ]
n. 赤字,不足,缺乏
hawks
[ hɔ:k ] n.鹰,隼;“鹰派”人物 vt.叫卖,兜售
shortfall n
.不足之量 亏空
in conjunction with
联结
bipartisan
adj.两党的
debacle
n.解冻 崩溃
green-lighted
绿色照明
Success in the House will depend on persuading ambivalent Republicans like Gallegly and Murphy to change their votes. And business groups have wasted no time in launching a full frontal assault to do just that. "You want a complete meltdown with the financial system? Bluntly, clearly and crisply that would be a catastrophic event. So that's what we're trying to avoid," says Bruce Josten, executive vice president of the U.S. Chamber of Commerce, which represents 3 million U.S. businesses. The chamber is just one of several associations, representing American business large and small, that are writing letters, getting members to write letters, holding conference calls, organizing trade groups and courting the media as part of a massive lobbying push for the bailout bill. "We are using every arsenal available to us to get the business community's outrage heard," Josten says.
ambivalant
adj..矛盾心情的;含糊不定的
murphy
n.马铃薯
meltdown
v.融化
bluntly
adv.迟钝地
crisply
adv.清晰地
arsenal
n.兵工厂
Indeed, the business groups' online campaign has been so intense, the House e-mail server has been crashing ever since the bill failed. Their first target is the marketing of the legislation, and specifically how it is described. "It's not bailout, so you've got to get your term right," snaps Josten. That means Congress is working to pass a workout, a rescue package, an economic-stabilization plan. And Republican and Democratic Senators alike paraded across C-SPAN Tuesday doing what they could to underline that the crisis is not about helping fat cats on Wall Street but saving average Joes from economic calamity. "The waitress isn't getting the tips that she depended on to bring home for her family and the challenges her family has," said Senator Robert Menendez, Democrat of New Jersey, on the Senate floor, gesturing to a blown-up photo of a rather pathetic-looking waitress next to him.
snap v.
谩骂
economic-stabilization
经济稳定
C-SPAN 美国有线频道,全名为有线-卫星公共事务网络(Cable-Satellite Public Affairs Network)
blown-up 放大的
pathetic-looking
可怜的前瞻性

But they still have a ways to go in persuading some members. "Some of the calls for 'Yes' we're now getting are being ginned up by outside groups," says Representative Devin Nunes, a California Republican who voted against the measure. "All these people who have their hand in the cookie jar are trying to get Paulson to bail them out."

gin
v.开始
The House is expected to vote Thursday or Friday on the measure. In the absence of true House GOP leadership, it's anyone's guess if the bill will pass this time around, though the turning of public opinion is helping. The Senate going first should place additional pressure on House members to get it passed. That, and the specter of an even more brutal market meltdown if the House actually fails a second time around.
posted @ 2008-10-01 21:33 Cora编辑 收藏