[2008.10.11]信贷危机: 拯救系统

The credit crunch
信贷危机


Saving the system 拯救系统
Oct 9th 2008
From The Economist print edition

At last a glimmer of hope, but more boldness is needed to avert a global economic catastrophe
最后还有一线希望,为避免一场全球经济大灾难发生,还需要更大胆

CONFIDENCE is everything in finance. Until this week the politicians trying to tackle the credit crunch had done little to restore this essential ingredient. In America Congress dithered over the Bush administration’s $700 billion bail-out plan. In Europe governments have casually played beggar-my-neighbour politics, with countries launching deposit-guarantee schemes that destabilize banks elsewhere. This week, however, saw the first glimmers of a comprehensive global answer to the confidence gap.
对金融而言,信心就是全部。到本周为止,那些努力应对信贷危机的政要们在重建信心这一基本因素上作为甚少。在美国,国会犹豫不决地通过了布什政府7000亿美元的救市计划。在欧洲,政府间随意地玩着以邻为壑的政治游戏,各国纷纷对本国存款进行担保,没有顾及这样会动摇其他国家的银行。然而,还是让人们看到了第一束希望的曙光——全球将一致行动弥合信心裂缝。

继续阅读“[2008.10.11]信贷危机: 拯救系统”

[2008.10.4]本周世界商业

Business this week
商业一周

Oct 2nd 2008
From The Economist print edition

More banks went to the wall amid the turmoil in financial markets caused by the uncertainty over the bail-out package. In America’s biggest banking failure, Washington Mutual was seized by federal regulators and its banking operations sold to JPMorgan Chase. Separately, Citigroup stepped in to rescue Wachovia. Both deals were brokered by the Federal Deposit Insurance Corporation.
在救市不确定因素所引发的金融市场的动荡中,更多银行惨遭打击。华盛顿互惠银行由联邦监管机构查封接管,部分银行业务出售给摩根大通银行,成为美国有史以来倒闭的最大规模银行。另外,花旗集团也在加紧救助瓦乔维亚银行。联邦存款保险公司促成两项交易。

The crisis continues
危机仍在持续

继续阅读“[2008.10.4]本周世界商业”

[2008.10.3]抵押贷款救援计划: 救援计划会奏效吗?

The mortgage-rescue plan
抵押贷款救援计划

Will the bail-out work?
救援计划会奏效吗?

Oct 3rd 2008 | NEW YORK, WASHINGTON, DC
From Economist.com

The bail-out becomes law after the House reverses its rejection. Money markets call for urgent attention
救援计划在众议院由否决变为通过后成了法案。货币市场亟需重点关切

继续阅读“[2008.10.3]抵押贷款救援计划: 救援计划会奏效吗?”

[2008.9.30]金融危机: 前途未卜

Financial crisis
金融危机

Into the land of the unknown

前途未卜

Sep 30th 2008 | LONDON, NEW YORK, WASHINGTON, DC
From Economist.com

Global market turmoil continues after the rejection of the mortgage-rescue plan in America
美国救市计划遭拒后全球市场继续混乱


Reuters
HOW many votes in Congress will the latest financial upheaval change? That is the calculus underway in Washington, DC, after the House of Representatives defeated the proposed $700 billion mortgage-rescue plan by 228 to 205 on Monday September 29th. Democrats backed it by 140 votes to 95, while Republicans opposed it by 133 to 65.

最近的金融巨变将改变多少国会的选票?这是继9月29日周一众议院以228票反对:205票支持挫败7000亿美元救市计划之后,华盛顿正在进行的计算。对此项救市计划,民主党140票支持:95票反对,而共和党则是133票反对:65票支持。

继续阅读“[2008.9.30]金融危机: 前途未卜”

[2008.9.27]美国的救援计划: 我要用的就是你的钱

America’s bail-out plan
美国的救援计划

I want your money 我要用的就是你的钱

Sep 25th 2008
From The Economist print edition


No government bail-out of the banking system was ever going to be pretty. This one deserves support
政府对银行系统的救助永远不可能完美,但当下的这个理应得到支持。

SAVING the world is a thankless task. The only thing beyond dispute in the $700 billion plan of Hank Paulson, the treasury secretary, and Ben Bernanke, chairman of the Federal Reserve, to stem the financial crisis is that everyone can find something in it to dislike. The left accuses it of ripping off taxpayers to save Wall Street, the right damns it as socialism; economists disparage its technicalities, political scientists its sweeping powers. The administration gave ground to Congress, George Bush delivered a televised appeal and Barack Obama and John McCain suspended the presidential campaign. Even so, as The Economist went to press, the differences remained. There was a chance that Congress would say no.
拯救世界是一个费力不讨好的任务。财长鲍尔森和联储主席伯南克为了阻止金融危机而主张了7000亿美元救助计划,其中只有一点是毋庸置疑的:每个人都能从该计划中挑出些毛病来(不可能让每个人都满意—)。左翼势力控诉该计划无异于抢劫纳税人的钱财去救助华尔街,右翼势力谴责该计划为社会主义运动;经济学家鄙视计划的学术性,政治科学家崇拜它横扫一切的强大威力。执政当局向国会进行了妥协:布什发出了电视呼吁,奥巴马和麦凯恩也暂停了竞选大战。即使如此,经济学人杂志在付印时分歧仍在(还是保留了异见)。国会曾经是有机会拒绝该计划的。
继续阅读“[2008.9.27]美国的救援计划: 我要用的就是你的钱”

[2008.10.4]索马里: 海盗行为和更恶劣的行径

Somalia
索马里

Piracy and much worse
海盗行为和更恶劣的行径

Oct 2nd 2008
From The Economist print edition

What is to be done about the world’s least-governed state?
对于世界上最缺乏管理的国家,我们还能做些什么呢?


THE azure waters at the foot of the Red Sea lapping southwards round the Horn of Africa are now the most dangerous in the world. This year pirates have captured more than 60 ships. Recently a Ukrainian ship carrying 33 tanks was captured by Somali buccaneers (see article). The reason for this swirl of maritime outlawry can be found on the nearest shore, in Somalia.
起源于红海的蔚蓝
水域(海水)向南拍击着非洲角——当下全球最为危险的地区。今年海盗已经劫持了超过60条船只,最近一艘载有33辆坦克的乌克兰船只落到了索马里海盗的手里。这个海上非法漩涡的成因可以在最近的陆地上找到,那就是索马里。

继续阅读“[2008.10.4]索马里: 海盗行为和更恶劣的行径”