注册 登录  
 加关注
   显示下一条  |  关闭
温馨提示!由于新浪微博认证机制调整,您的新浪微博帐号绑定已过期,请重新绑定!立即重新绑定新浪微博》  |  关闭

视频联网报警平台-四川安防服务专家

专业安防服务供应商—Since2008

 
 
 

日志

 
 

信心危机  

2008-05-21 10:02:05|  分类: 外语学习 |  标签: |举报 |字号 订阅

  下载LOFTER 我的照片书  |

信心危机 - 祥子 - 21世纪安防弱电在线
 
2008-5-21
 Rachel有约  

信心危机 - 祥子 - 21世纪安防弱电在线

信心危机 - 祥子 - 21世纪安防弱电在线
 English Kaleidoscope
www.webi.com.cn/ilove/mm.asp

Crisis of Confidence

信心危机
 
      我们真的将陷入“有史以来最严重的一场金融危机”了吗?这是保罗?克鲁格曼的想法:
 
      尽管伯南克采取了大手笔的举措(就我所知,之前没有任何发达国家的中央银行承担过如此严峻的市场风险),更令人担忧的是,美联储仍然无法有效控制当下的经济状况。你可以看到,4000亿美金听上去是个很大的数目,但和如此庞大的问题相比,仍然远远不够。
 
      其实,早些时候信贷市场作出的反馈已不容乐观。平衡金融压力的指标比如“泰德差价”(1)(别问我这是什么),只比美联储公布救市方案之前稍微高了一点点??但绝不能说整个金融业回到正轨。
 
      如果此项行动以失败告终会怎样?我敢肯定,伯南克和他的同僚正绞尽脑汁想尽一切其他举措,但美联储的力量仅限如此??美联储资源有限,其政策无疑挽救整个金融体系??而整个局势愈演愈烈,成为有史以来最大的金融危机。
 
      后续举措则要看政治家们的了。
 
      我们正卷入一场金融危机吗?抑或是一场信心危机?两者有区别吗?对于克鲁格曼博士专栏的结束语,我非常认同,“后续举措要看政治家们的了,”这足以动摇我的信心。
 
      也许某些更博学人士能对此发表更有见地的评论,但救我看来,当前的问题和日本90年代中期房地产风暴席卷过后的状况十分相似。如果我没记错的话,当时日本大幅降息接近零点,但也没有起到多大作用。继而宣布一项政府开支计划以刺激经济。但实际上日本人向来节俭,仅支出了拨款总数的三分之一。最后诉诸银行改革重获信心,挽救了经济,使其步入正轨。
 
      不幸的是,我们的经济比起日本很大程度依赖消费性开支。
 
      也许我们要跳过干预的环节,直接进行调控性改革。而后续步骤则要看政治家的了。
 
 
 
(1)TED Spread 泰德差价:
      Treasury Eurodollar Spread的缩写,指3个月期的美国国库券期货与欧洲美元利率期货(亦是3个月期)之间的价差,是一种普遍的价差交易的基础。
 
 
Are we really in the midst of “one of history’s great financial crises”? That’s what Paul Krugman thinks:
 
I’m more concerned that despite the extraordinary scale of Mr. Bernanke’s action ? to my knowledge, no advanced-country’s central bank has ever exposed itself to this much market risk ? the Fed still won’t manage to get a grip on the economy. You see, $400 billion sounds like a lot, but it’s still small compared with the problem.
 
Indeed, early returns from the credit markets have been disappointing. Indicators of financial stress like the “TED spread” (don’t ask) are a little better than they were before the Fed’s announcement ? but not much, and things have by no means returned to normal.
 
What if this initiative fails? I’m sure that Mr. Bernanke and his colleagues are frantically considering other actions that they can take, but there’s only so much the Fed ? whose resources are limited, and whose mandate doesn’t extend to rescuing the whole financial system ? can do when faced with what looks increasingly like one of history’s great financial crises.
 
The next steps will be up to the politicians.
 
Are we in the midst of a financial crisis? Or a crisis of confidence? Is there a difference? I’ve got to admit that the closing words of Dr. Krugman’s column, “The next steps will be up to the politicians”, are enough to shake my confidence.
 
Perhaps someone more knowledgeable than I can comment on this but the current problems look to me very much like the situation in Japan in the early to mid 90’s after their real estate bust. IIRC they reduced interest rates practically to zero without a great deal of effect. Then they announced a government spending plan to stimulate the economy but, with typical Japanese frugality, spent less than a third of what they’d appropriated. It finally took banking reforms to restore confidence and get their economy back on track again.
 
Unfortunately for us our economy is much more dependent on consumer spending than Japan’s has ever been.
 
Maybe we can skip the intervening steps and get straight to the regulatory reform. The next steps will be up to the politicians.

▲Top   Live and Learn

信心危机 - 祥子 - 21世纪安防弱电在线恋爱物语

 

暗送秋波也好,眉来眼去也罢,眼睛经常在爱情里扮演此时无声胜有声的角色。

make eyes at someone give someone the eye

例句:She has very charming eyes and no one can resist when she makes eyes at them.

她的眼睛如此有魅力,没有人能抵挡的了她的暗送秋波。

           祥子收藏 于WEB英语

               2008年5月21日 成都

 



  评论这张
 
阅读(126)| 评论(0)
推荐 转载

历史上的今天

在LOFTER的更多文章

评论

<#--最新日志,群博日志--> <#--推荐日志--> <#--引用记录--> <#--博主推荐--> <#--随机阅读--> <#--首页推荐--> <#--历史上的今天--> <#--被推荐日志--> <#--上一篇,下一篇--> <#-- 热度 --> <#-- 网易新闻广告 --> <#--右边模块结构--> <#--评论模块结构--> <#--引用模块结构--> <#--博主发起的投票-->
 
 
 
 
 
 
 
 
 
 
 
 
 
 

页脚

网易公司版权所有 ©1997-2017