财富精英励志演讲 第140期:未来的路(8)

 Overall, the international financial authorities have handled this crisis the same way as previous ones: They bailed¹ out the failing institutions and applied² monetary³ and fiscal⁴ stimulus⁵. But this crisis was much bigger and, at first, the same techniques did not work. The rescue of Lehman Brothers failed. That was a game-changing event: financial markets actually ceased to function and had to be put on artificial life support. This meant that governments had to effectively guarantee that no other institution whose failure could endanger the system would be allowed to fail. That is when the crisis spread to the periphery⁶ because periphery countries could not provide equally credible⁷ guarantees. This time it was Eastern Europe that was the worst hit. The countries at the center used the balance sheets of their central banks to pump money into the system and to guarantee the liabilities of commercial banks, and governments engaged in deficit⁸ financing to stimulate⁹ the economy on an unprecedented¹⁰ scale.

总的来讲，国际金融权威机构处理这一危机的方式与以往没什么两样：它们挽救濒临垮台的金融机构，实行货币及财政刺激政策。但这次危机规模却大得多，而且刚开始时同样的措施并未奏效，对雷曼兄弟的挽救没有成功。在这个事件中游戏规则改变了：金融市场实际上已停止运转，且不得不依赖人工生命保障系统。这就意味着各国政府必须切实保证不会让其他可能危及这个体系的机构垮台的现象再次发生。正是此时，危机蔓延到了外沿，因为边缘国无法提供同样可靠的保证。这一次，东欧所遭受的打击最惨重。中心国运用中央银行的资产负债表该体系注入资金，为商业银行进行债务担保，且政府为刺激经济和解决赤字问题所采取措施也达到了空前的规模。

These measures have been successful and the global economy appears to be stabilizing¹¹. There is a growing belief that the global financial system has once again escaped collapse¹² and we are slowly returning to business as usual. This, in my opinion, is a grave misinterpretation of the current situation. Humpty Dumpty cannot be put together again. Let me explain why.

这些措施成效明显，全球经济看来正趋于稳定。人们慢慢开始相信，全球金融体系再次逃脱了崩溃的厄运，我们正在慢慢回到正常的商业生活中。实际上，我认为这是对当时局势严重的错误判断，已经破碎的不可能再拼在一起。下面我来解释为什么。

1 bailed   

保释，帮助脱离困境( bail的过去式和过去分词 )

参考例句：

• Fortunately the pilot bailed out before the plane crashed. 飞机坠毁之前，驾驶员幸运地跳伞了。
• Some water had been shipped and the cook bailed it out. 船里进了些水，厨师把水舀了出去。

2 applied   

adj.应用的；v.应用，适用

参考例句：

• She plans to take a course in applied linguistics.她打算学习应用语言学课程。
• This cream is best applied to the face at night.这种乳霜最好晚上擦脸用。

3 monetary   

adj.货币的，钱的；通货的；金融的；财政的

参考例句：

• The monetary system of some countries used to be based on gold.过去有些国家的货币制度是金本位制的。
• Education in the wilderness is not a matter of monetary means.荒凉地区的教育不是钱财问题。

4 fiscal   

adj.财政的，会计的，国库的，国库岁入的

参考例句：

• The increase of taxation is an important fiscal policy.增税是一项重要的财政政策。
• The government has two basic strategies of fiscal policy available.政府有两个可行的财政政策基本战略。

5 stimulus   

n.刺激，刺激物，促进因素，引起兴奋的事物

参考例句：

• Regard each failure as a stimulus to further efforts.把每次失利看成对进一步努力的激励。
• Light is a stimulus to growth in plants.光是促进植物生长的一个因素。

6 periphery   

n.(圆体的)外面；周围

参考例句：

• Geographically, the UK is on the periphery of Europe.从地理位置上讲，英国处于欧洲边缘。
• The periphery of the retina is very sensitive to motion.视网膜的外围对运动非常敏感。

7 credible   

adj.可信任的，可靠的

参考例句：

• The news report is hardly credible.这则新闻报道令人难以置信。
• Is there a credible alternative to the nuclear deterrent?是否有可以取代核威慑力量的可靠办法？

8 deficit   

n.亏空，亏损；赤字，逆差

参考例句：

• The directors have reported a deficit of 2.5 million dollars.董事们报告赤字为250万美元。
• We have a great deficit this year.我们今年有很大亏损。

9 stimulate   

vt.刺激，使兴奋；激励，使…振奋

参考例句：

• Your encouragement will stimulate me to further efforts.你的鼓励会激发我进一步努力。
• Success will stimulate the people for fresh efforts.成功能鼓舞人们去作新的努力。

10 unprecedented   

adj.无前例的，新奇的

参考例句：

• The air crash caused an unprecedented number of deaths.这次空难的死亡人数是空前的。
• A flood of this sort is really unprecedented.这样大的洪水真是十年九不遇。

11 stabilizing   

n.稳定化处理[退火]v.（使）稳定， （使）稳固( stabilize的现在分词 )

参考例句：

• The disulfide bridges might then be viewed primarily as stabilizing components. 二硫桥可以被看作是初级的稳定因素。 来自辞典例句
• These stabilizing design changes are usually not desirable for steady-state operation. 这些增加稳定性的设计改变通常不太符合稳态工作的要求。 来自辞典例句

12 collapse   

vi.累倒；昏倒；倒塌；塌陷

参考例句：

• The country's economy is on the verge of collapse.国家的经济已到了崩溃的边缘。
• The engineer made a complete diagnosis of the bridge's collapse.工程师对桥的倒塌做了一次彻底的调查分析。