第一篇：金融英語學(xué)習(xí)資料78 中英文對(duì)照

The Global Positioning System helps power everything from in-car sat navs and smart bombs to bank security and flight control, but its founder has warned that it is more vulnerable to sabotage or disruption than ever before – and politicians and security chiefs are ignoring the risk.Impairment of GPS by hostile foreign governments, cyber criminals – or even data-hungry citizens using ever more radio spectrum – has become “a matter of national security,” according to Colonel Bradford Parkinson, regarded as the architect of modern satellite positioning.“If we don’t watch out and we aren’t prepared,” then countries could be denied everything from “navigation” to “precision weapon delivery”, Mr Parkinson warned.“We have to make it more robust...our cellphone towers are timed with GPS.If they lose that time they lose sync and pretty soon they don’t operate.Our power grid is synchronised with GPS [and] our banking system.”

Western governments are “in their infancy in recognising the problem”, Mr Parkinson told the Financial Times in an interview on the fringes of a defence conference at the UK’s National Physical Laboratory.The EU’s €5bn Galileo satellite system, an alternative to the US-controlled GPS, is equally at risk, Mr Parkinson said.全球定位系統(tǒng)(GPS)被應(yīng)用在各種各樣的設(shè)備上，從車載衛(wèi)星導(dǎo)航儀和智能炸彈，到銀行保安裝置和飛行控制器，但其創(chuàng)始人警告稱，GPS比以往任何時(shí)候都更容易受到蓄意破壞和干擾，而政治人士和安全負(fù)責(zé)人卻忽視這一風(fēng)險(xiǎn)。被視為現(xiàn)代衛(wèi)星定位設(shè)計(jì)師的布拉德?帕金森(Bradford Parkinson)上校表示，敵對(duì)國政府、網(wǎng)絡(luò)罪犯——甚至是越來越多地使用無線頻段、渴望獲得數(shù)據(jù)的普通公民——對(duì)GPS的損害，已成為一個(gè)“國家安全問題”。帕金森警告稱：“如果我們不保持警惕，沒有做好準(zhǔn)備，”那么各國可能會(huì)失去從“導(dǎo)航”到“精準(zhǔn)武器投放”等多種能力?！拔覀儽仨氉屗兊酶鼜?qiáng)健??手機(jī)信號(hào)塔的時(shí)間是根據(jù)GPS確定的，如果它們失去了這個(gè)時(shí)間，它們就失去了同步信號(hào)，很快它們就不能工作了。我們的電網(wǎng)和銀行體系都是與GPS同步的?！?西方政府“剛剛意識(shí)到這個(gè)問題”，帕金森在英國國家物理實(shí)驗(yàn)室(National Physical Laboratory)參加一次國防會(huì)議的間隙接受英國《金融時(shí)報(bào)》采訪時(shí)表示。帕金森表示，歐盟(EU)耗資50億歐元建設(shè)的伽利略(Galileo)衛(wèi)星系統(tǒng)同樣也面臨

風(fēng)險(xiǎn)。該衛(wèi)星系統(tǒng)是可替代由美國控制的GPS的另一全球定位系統(tǒng)。

“（在美國）我不知道誰真正負(fù)責(zé)這個(gè)問題。國土安全部(Department of Homeland Security)應(yīng)該負(fù)責(zé)（但）??他們之中沒有人對(duì)此非常了解。他們倒是會(huì)安排個(gè)人在這方面發(fā)言，但是沒有任何預(yù)算經(jīng)費(fèi)?！?/p>

他補(bǔ)充稱，只有軍方真正意識(shí)到了這個(gè)問題，并對(duì)其信號(hào)采取了保護(hù)措施?！癧In the US] I don’t know anyone that is really in charge of it.The Department of Homeland Security should be [but]...they don’t have any people that understand it very well.They’ve got one person without any budget to speak of.” Only the military was really aware of the issue, he added, and had put in place safeguards to its signals.

第二篇：金融英語學(xué)習(xí)資料4 中英文對(duì)照

Emerging markets that had been hardest hit by fears of the US central bank scaling back its stimulus programme climbed the most.Indonesian stocks soared 7 per cent in the first half hour of Jakarta trading, the Philippine stock market climbed 3.6 per cent in Manila, and Singapore’s Straits Times index moved up 1.8 per cent.美聯(lián)儲(chǔ)周三宣布，將維持每月資產(chǎn)采購量在850億美元不變。這一決定讓市場感到意外，更引發(fā)新興市場股市大漲。

美聯(lián)儲(chǔ)聯(lián)邦公開市場委員會(huì)(FOMC)在兩天會(huì)議之后，調(diào)低了對(duì)美國經(jīng)濟(jì)增長預(yù)期，沒有像外界廣泛預(yù)期的那樣開始削減第三輪量化寬松的規(guī)模。公開市場委員會(huì)表示，要在“等到經(jīng)濟(jì)企穩(wěn)的更多信號(hào)之后，才會(huì)開始調(diào)整資產(chǎn)購買的速度”。對(duì)美聯(lián)儲(chǔ)將削減量化寬松的擔(dān)憂，此前讓新興市場股市受到重挫。受到最大沖擊的股市，在美聯(lián)儲(chǔ)最新決定之后，成為漲幅最大的股市。印度尼西亞股市在周四開市后半小時(shí)內(nèi)飆升7%，馬來西亞股市上漲3.6%，新加坡股指則上漲1.8%。

第三篇：金融英語學(xué)習(xí)資料41 中英文對(duì)照

Angela Merkel, German chancellor, yesterday warned that the spying scandal was putting pressure on talks to forge an EU-US trade pact, the clearest sign yet of the affair’s impact on economic ties.德國總理安格拉?默克爾(Angela Merkel)昨天警告說，間諜丑聞為締結(jié)歐盟(EU)-美國貿(mào)易協(xié)定的磋商帶來了壓力，這是這起事件影響經(jīng)濟(jì)關(guān)系的最明確跡象。Speaking before the German parliament, Ms Merkel urged Washington to provide “a

clarification” of its alleged mass surveillance as “a basis for building new transatlantic trust”.默克爾在德國議會(huì)發(fā)表講話時(shí)，敦促美國政府對(duì)其據(jù)稱開展的大規(guī)模監(jiān)聽行為加以“澄清”，以此作為“建立跨大西洋信任的基礎(chǔ)”。

In her toughest words on the scandal so far, the chancellor said: “The relationship with the US and the negotiation of a transatlantic free trade agreement are currently, without doubt, being put to the test by the accusations that have been aired against the US about the gathering of millions of bits of data.”這是默克爾迄今對(duì)這一丑聞的最強(qiáng)硬表態(tài)，她說：“毫無疑問，德國對(duì)美關(guān)系和跨大西洋自由貿(mào)易協(xié)定談判目前正面臨考驗(yàn)，而其肇因正是有關(guān)美國搜集海量數(shù)據(jù)的指控?！?/p>

The revelations from Edward Snowden, the former National Security Agency contractor, have caused outrage in Germany after it emerged Ms Merkel’s own mobile phone had allegedly been tapped for a decade.根據(jù)美國國家安全局(NSA)前合同工愛德華?斯諾登(Edward Snowden)的爆料，默克爾的手機(jī)據(jù)稱已被監(jiān)聽了十年之久，這一爆料在德國激起了極大憤怒。The chancellor’s statement confirms that, as the Financial Times reported earlier this month, Berlin is making an explicit link between the affair and the trade negotiations.默克爾的聲明證實(shí)，正如英國《金融時(shí)報(bào)》本月早些時(shí)候報(bào)道的，德國政府正在將這一事件與貿(mào)易談判明確聯(lián)系起來。

Berlin is pressing the European Commission, the EU’s executive arm, to incorporate data safeguards into the negotiations for the planned Transatlantic Trade and Investment

Partnership, launched this year by EU leaders and President Barack Obama.德國政府正在向歐盟執(zhí)行機(jī)構(gòu)歐盟委員會(huì)(European Commission)施加壓力，目的是將數(shù)據(jù)保護(hù)納入《跨大西洋貿(mào)易與投資伙伴關(guān)系協(xié)定》(Transatlantic Trade and Investment Partnership)的談判。這一談判今年由歐盟領(lǐng)導(dǎo)人和美國總統(tǒng)巴拉克?奧巴馬(Barack Obama)啟動(dòng)。

第四篇：金融英語學(xué)習(xí)資料43 中英文對(duì)照

The first of China’s former bad banks to list on a stock market is set to raise up to $2.5bn as bankers close in on a price range of HK$3.00-HK$3.58 for more than 5bn shares, according to

people familiar with the deal.知情人士稱，首家上市的中國前“壞銀行”有望籌得25億美元。銀行家們正接近敲定3港元至3.58港元的發(fā)行價(jià)，發(fā)行的股票數(shù)量將超過50億股。The listing of Cinda, which was set up in the late 1990s to take on the non-performing loans of China Construction Bank, will be watched closely by bankers and investors interested in the other so-called asset management companies.中國信達(dá)資產(chǎn)管理股份有限公司(Cinda)是上世紀(jì)90年代后期為接手中國建設(shè)銀行(CCB)的不良貸款而成立的。該公司的上市將受到對(duì)其它幾家資產(chǎn)管理公司感興趣的銀行家和投資者的密切關(guān)注。

Cinda is expected to file its prospectus tomorrow, revealing how it has made its money over recent years and what assets it holds.The initial price range is expected to be finalised on

Monday.預(yù)計(jì)信達(dá)將在本周五提交招股說明書，披露其近年如何創(chuàng)收，目前持有哪些資產(chǎn)。初步的發(fā)行價(jià)區(qū)間預(yù)計(jì)在周一敲定。

Cinda sold strategic stakes worth a total of $1.6bn to UBS, Standard Chartered and two

domestic investors, and has been for months planning its IPO in Hong Kong, which could value it at almost $20bn.信達(dá)已向瑞銀(UBS)、渣打(Standard Chartered)和兩家國內(nèi)投資者出售了總共16億美元的戰(zhàn)略股份，并已為在香港進(jìn)行首次公開發(fā)行(IPO)籌備了幾個(gè)月，此次上市可能使該公司的估值達(dá)到近200億美元。

Its rival Huarong, which took on the bad loans of ICBC, has held talks with potential investors including Goldman Sachs about selling a strategic stake.Huarong hopes to conclude that deal within weeks and then to launch an IPO in Hong Kong next year, according to people familiar with the group.信達(dá)的競爭對(duì)手、接手中國工行(ICBC)壞賬的華融資產(chǎn)管理公司(Huarong)已就出售戰(zhàn)略股份與高盛(Goldman Sachs)等潛在投資者舉行了洽談。知情人士稱，華融希望在幾周內(nèi)達(dá)成交易，明年在香港上市。

China’s asset management companies made little to no money for years as they grappled with billions of renminbi of bad loans that were bought at face value.中國的這些資產(chǎn)管理公司曾在多年期間沒有盈利，艱難處置著以面值買下的大量不良貸款。

But according to reports from the government and the banks that sold them these loans, these groups have in the past few years begun to make profits and pay down the bonds that funded their set-up.但是，根據(jù)政府報(bào)告和向它們出售貸款的銀行介紹，這些資產(chǎn)管理公司在過去幾年里開始贏利，并開始償還當(dāng)年為它們的成立提供資金的債券。

Cinda recorded a pre-tax profit of Rmb7.2bn($1.2bn)in 2011 and Rmb4.6bn in the first half of 2012, according to ChinaScope Financial, a research service that compiles data on public and

private Chinese companies.數(shù)庫財(cái)務(wù)咨詢公司(ChinaScope Financial)的數(shù)據(jù)顯示，信達(dá)2011年實(shí)現(xiàn)稅前利潤72億元人民幣（合12億美元），2012年上半年實(shí)現(xiàn)稅前利潤46億元人民幣。數(shù)庫是一家專業(yè)研究機(jī)構(gòu)，匯編中國上市和私有企業(yè)的數(shù)據(jù)。

Beijing set up the four state-funded asset management companies to take over the bad debts of four state-owned banks.Alongside Cinda and Huarong, the other two were China Orient for Bank of China, and Great Wall for Agricultural Bank of China.中國政府當(dāng)年成立四家資產(chǎn)管理公司，由它們從中國四大銀行接手不良貸款。除了信達(dá)和華融外，另外兩家分別是東方資產(chǎn)管理公司(China Orient)——接手中國銀行(Bank of China)的不良貸款；以及長城資產(chǎn)管理公司(Great Wall)——接手中國農(nóng)業(yè)銀行(AgBank)的不良貸款。

Comparable profit data for these groups are hard to come by, but Trevor Kalcic, analyst at CIMB, reckons their combined return on equity has increased from 8.9 per cent in 2009 to 15.5 per cent last year.很難獲得這些資產(chǎn)管理公司的可比利潤數(shù)據(jù)，但馬來西亞聯(lián)昌國際銀行(CIMB)分析師特雷弗?卡爾契奇(Trevor Kalcic)估計(jì)，它們的總股本回報(bào)率已從2009年的8.9%提高至去年的15.5%。

The companies have made money by turning some of their bad loans into equity stakes as well as by working out problem companies and selling assets.這些資產(chǎn)管理公司把一部分不良貸款轉(zhuǎn)換成股權(quán)，并對(duì)問題企業(yè)采取行動(dòng)，出售資產(chǎn)，由此實(shí)現(xiàn)盈利。

But their biggest value for new investors may be the raft of financial services licences many have acquired in recent years at a time when China is expected to undergo major financial reforms.在中國預(yù)計(jì)將推行重大金融改革之際，這些資產(chǎn)管理公司近年來獲得了多項(xiàng)金融服務(wù)牌照。對(duì)新投資者來說，這一點(diǎn)或許才是它們的最大價(jià)值所在。

第五篇：金融英語學(xué)習(xí)資料17 中英文對(duì)照

Some laws are too dangerous to be allowed to remain on the books.Take, for example, the US debt ceiling.It is the legislative equivalent of a nuclear bomb aimed by the US at itself, with the rest of the world within its blast radius.What must never be used should not exist.Regardless of the outcome of the current negotiations, the law needs to be repealed.Orderly government cannot be pursued under so destructive a threat.It is quite different from a partial government shutdown.Albeit foolish and unjust, that is just about manageable.Failure to lift the debt ceiling is not.有些法律太過危險(xiǎn)、不應(yīng)保留，美國的債務(wù)上限就是一例。債務(wù)上限的立法相當(dāng)于美國對(duì)自己投下了一顆核彈，而整個(gè)世界都在其爆炸范圍內(nèi)。絕不能使用的東西根本不應(yīng)存在。不論目前談判的結(jié)果如何，債務(wù)上限的法律都需要廢止。面對(duì)破壞力如此之強(qiáng)的威脅，政府不可能實(shí)現(xiàn)有序的運(yùn)轉(zhuǎn)。這與政府部分關(guān)門有很大區(qū)別。政府部分關(guān)門雖然愚蠢和不應(yīng)該，但基本上是可控的。而無法提升債務(wù)上限就不一樣了。

The imbroglio over the ceiling does have a darkly amusing side.Many will recall Republican insistence that “uncertainty” was thwarting economic recovery.Yet it is difficult to imagine policies better designed to create maximum uncertainty than a possible default by the world’s most important debtor.Asked about the consequences of a failure to reach a deal on the ceiling, Jamie Dimon, chief executive of JPMorgan Chase, responded: “You don’t want to know.” But we must seek to know;the results would be calamitous.關(guān)于債務(wù)上限的糾葛確實(shí)有其黑色幽默的一面。很多人會(huì)記得共和黨堅(jiān)稱“不確定性”正在阻礙經(jīng)濟(jì)復(fù)蘇。但我們很難想象出，還有什么政策比世界最重要債務(wù)國違約更能制造不確定性。當(dāng)被問及無法就債務(wù)上限問題達(dá)成妥協(xié)將有何后果時(shí)，摩根大通(JPMorgan Chase)首席執(zhí)行官杰米?戴蒙(Jamie Dimon)說：“你肯定不想知道?！钡覀儽仨氃O(shè)法弄清答案。結(jié)果將是災(zāi)難性的。

Why is the debt ceiling too dangerous to use? This question has two answers.為何債務(wù)上限這種步器過于危險(xiǎn)、不應(yīng)使用？可以從兩個(gè)層面解答這個(gè)問題。The first is constitutional.In a recent article, Neil Buchanan of The George Washington University and Michael Dorf of Cornell argue that a binding debt ceiling would create a “trilemma” for the president: “Ignore the debt ceiling and unilaterally issue new bonds, thus usurping Congress’s borrowing power;unilaterally raise taxes, thus usurping Congress’s taxing power;or unilaterally cut spending, thus usurping Congress’s spending power.” Thus, a binding debt ceiling would force the president to violate his obligation to “take care that the laws be faithfully executed”.The authors conclude that the president should choose the “l(fā)east unconstitutional” course and ignore the debt ceiling.But, inevitably, whatever the president did would create a constitutional crisis.No responsible Congress would seek to put the president in that position.首先是憲法層面。在近期一篇文章中，喬治華盛頓大學(xué)(The George Washington University)的尼爾?布坎南(Neil Buchanan)和康奈爾大學(xué)(Cornell University)的邁克爾?多爾夫(Michael Dorf)辯稱，具有約束力的債務(wù)上限為總統(tǒng)帶來“三難”局面：“忽略債務(wù)上限，單方面發(fā)行新債券，將篡奪國會(huì)的舉債權(quán)；單方面增稅，將

篡奪國會(huì)的稅權(quán)；單方面減支，將篡奪國會(huì)的支出權(quán)?！币虼?，有約束力的債務(wù)上限將迫使總統(tǒng)違背其“監(jiān)護(hù)法律得到切實(shí)執(zhí)行”的義務(wù)。兩位作者的結(jié)論是，總統(tǒng)應(yīng)選擇“最不違憲”的道路，忽略債務(wù)上限。但無論總統(tǒng)怎么做，都將不可避免地造成憲政危機(jī)。一個(gè)負(fù)責(zé)任的國會(huì)，是不會(huì)尋求讓總統(tǒng)陷于如此境地的。

The second reason why the debt ceiling is so dangerous is that the administration could not obey it in a non-destructive way.At some point between October 17 and the end of the month, the administration would lack the money to pay its bills.All choices would be dire.債務(wù)上限如此危險(xiǎn)的第二個(gè)原因是，政府無法在不帶來破壞性后果的前提下遵守債務(wù)上限。在10月17日到月底之間的某個(gè)時(shí)點(diǎn)，政府將無錢支付賬單。所有的選擇都很糟糕。

One much discussed choice is “prioritisation”: the federal government would pay “high priority” claimants, such as the Chinese government, and default to “l(fā)ow priority” claimants, such as beneficiaries of Social Security or Medicare.Yes, the idea is that awful.一個(gè)被廣泛討論的選擇是“優(yōu)先支付”：聯(lián)邦政府將向中國政府等“高優(yōu)先級(jí)”債權(quán)人償還債務(wù)，而對(duì)社?；蚵?lián)邦醫(yī)療保險(xiǎn)計(jì)劃(Medicare)受益人等“低優(yōu)先級(jí)”債權(quán)人違約。沒錯(cuò)，這個(gè)主意就是那么“餿”。

The US Treasury has two potent objections.First, prioritisation would not protect the “full faith and credit of the United States” – it would still be a default.Second, the US government’s computer systems do not allow it to choose among the close to 100m payments it makes a month.But Fedwire, the system that handles sovereign debt payments, is distinct from the systems making payments to government agencies and other vendors.So maybe the US Treasury could pay the former obligations first and then use any remaining money for the latter, a possibility it denies even exists, to preserve its bargaining credibility.美國財(cái)政部(US Treasury)提出兩點(diǎn)有力的反對(duì)理由。首先，優(yōu)先支付不能保護(hù)“美國的全部信心和信用”——它仍將是一種違約。其次，美國政府的計(jì)算機(jī)系統(tǒng)不允許財(cái)政部在每月的近1億筆支付中做出選擇。但處理主權(quán)債務(wù)付款的Fedwire系統(tǒng)與向政府機(jī)構(gòu)和其他供應(yīng)商付款的系統(tǒng)不同。因此，美國財(cái)政部也許能夠先向前者償債、然后用余下的資金向后者支付（但它認(rèn)為這根本不具可行性），以維持自己討價(jià)還價(jià)的信譽(yù)。

Even if possible, which is unclear, the politics of prioritisation would be disastrous.Yet the economics of a failure to service debt would be worse.US Treasuries are the world’s most important safe assets.If they were to default, even temporarily, there would be an immediate impact on risk premiums and a quite possibly permanent impact on their role as havens.Haircuts would be imposed on their use as collateral.The result, as my colleague Gillian Tett has noted, might be a huge disruption to market liquidity and credit across the world.A Lehman default is one thing;a US default would be quite another.No wonder the gathering of central bankers and finance ministers in Washington last week for the IMF meeting was so agitated about the issue.優(yōu)先支付即便可行（可行與否尚不明朗），其政治后果也將是災(zāi)難性的。但不償還債務(wù)的經(jīng)濟(jì)后果更嚴(yán)重。美國國債是全球最重要的避險(xiǎn)資產(chǎn)。如果美國國債違約，哪怕是暫時(shí)性的，也將對(duì)風(fēng)險(xiǎn)溢價(jià)產(chǎn)生即刻影響，并很可能對(duì)其避險(xiǎn)資產(chǎn)角色產(chǎn)生長期影響。它作為抵押品的價(jià)值將打折扣。正如我的同事吉蓮?邰蒂(Gillian Tett)所說的，結(jié)果可能是嚴(yán)重?cái)_亂全世界的市場流動(dòng)性和信貸。雷曼兄弟(Lehman Brothers)違約是一回事，美國政府違約是另一回事。難怪上周各國央行行長和財(cái)長齊聚華盛頓參加IMF年會(huì)時(shí)，對(duì)此問題感到十分焦慮。

The less economically damaging alternative would seem to be for the US government to default on its non-debt obligations.Indeed, many in the Tea Party apparently believe the ceiling is a clever way to impose a balanced budget, though one that would curtail even the short-term borrowing normal for households.Today, this would require immediate elimination of a deficit of about 4.2 per cent of gross domestic product.An instantaneous cut of this magnitude would lower GDP by far more than the 6 per cent that conventional multipliers might suggest.The reason is that all built-in stabilisers would be cut off.As revenue fell along with GDP, spending would automatically shrink further.GDP could fall 10 per cent.This would inflict a domestic and global disaster.經(jīng)濟(jì)危害較小的選擇似乎是，讓美國政府對(duì)非債務(wù)義務(wù)違約。實(shí)際上，不少茶黨(Tea Party)成員似乎認(rèn)定債務(wù)上限是一種實(shí)現(xiàn)預(yù)算平衡的更巧妙方法，盡管就連家庭日常所要進(jìn)行的短期借款也會(huì)因此受到抑制。從目前看，對(duì)非債務(wù)義務(wù)違約將立馬削減相當(dāng)于美國國內(nèi)生產(chǎn)總值(GDP)約4.2%的赤字。但如果突然進(jìn)行如此大規(guī)模的減赤，GDP的萎縮幅度將遠(yuǎn)超根據(jù)常規(guī)乘數(shù)推算出的6%。原因是，這樣一來，所有的內(nèi)在穩(wěn)定器都將被切斷。隨著財(cái)政收入伴隨GDP下滑，支出也會(huì)自動(dòng)地進(jìn)一步收縮。GDP可能萎縮10%，對(duì)美國國內(nèi)和全球造成災(zāi)難性影響。

Thus, if the administration were to obey the debt ceiling, it would have a choice between a debt calamity and an output disaster.Yet Barack Obama is also right that he cannot concede to people wielding this threat because that would increase their incentive to use it and so, in the long run, the likelihood that the bomb would explode.This device needs to be disarmed.Alas, that is not going to happen.因此，如果政府準(zhǔn)備遵守債務(wù)上限，它將不得不在債務(wù)災(zāi)難和經(jīng)濟(jì)產(chǎn)出災(zāi)難之間做出選擇。但巴拉克?奧巴馬(Barack Obama)也正確地認(rèn)識(shí)到，他不能對(duì)那些用這一威脅逼迫他的人讓步，因?yàn)槟菚?huì)增強(qiáng)他們使用債務(wù)上限步器的動(dòng)力，從而加大長期內(nèi)這顆核彈爆炸的概率。債務(wù)上限步器應(yīng)被銷毀?？上У氖?，這是不會(huì)發(fā)生的。So the administration also needs to decide what it would do if the ceiling were not to be lifted in time – be it now, next month or at a later date.The least bad answer would be: keep borrowing.The president cannot state he would do so, before the fact.Indeed, he must deny it, since knowing this would lower his opponents’ incentive to raise the ceiling.Yet, if it came to the worst, he would have to borrow, invoking the need to preserve the credit of the government, without which it would be permanently damaged.所以，政府還需決定，如果債務(wù)上限無法及時(shí)解除——不論是現(xiàn)在、下月還是之后——自己應(yīng)當(dāng)采取什么行動(dòng)。負(fù)面影響最低的方案是繼續(xù)舉債?？偨y(tǒng)不能在采取行動(dòng)前透露這種打算。事實(shí)上，他必須否認(rèn)自己將這么做，因?yàn)樗恼橙绻弥写舜蛩?，他們解除債?wù)上限的動(dòng)力就會(huì)減弱。但如果最糟糕的情況發(fā)生，總統(tǒng)就必須以“需要維護(hù)政府信用”為由舉債——如果不這么做，政府的信用將永久受損。

Borrowing under a constitutional cloud would be risky.The simplest way to minimise

these risks would be to borrow short-term.After all, the US Federal Reserve must ensure that the interest rate remains zero, in order to preserve its monetary policy.The House of Representatives might impeach the president for the “high crime” of ensuring the US government fulfils its promises, but this would fail in the Senate.Someone might challenge Mr Obama’s decisions in court.But how could a judge conclude that the president acted unconstitutionally if Congress has given contradictory instructions?

在憲法的陰影下舉債將是危險(xiǎn)的。把這些風(fēng)險(xiǎn)降到最小的最簡單辦法是借入短期資金。畢竟，美聯(lián)儲(chǔ)(Fed)必須確保利率維持在零，以維系其貨幣政策。眾議院可能會(huì)因總統(tǒng)為保障美國政府履行其承諾而犯下的“重大罪行”彈劾他，但參議院絕不會(huì)通過彈劾案。也許有人會(huì)在法庭上質(zhì)疑奧巴馬的決定。但既然國會(huì)下達(dá)的指示自相矛盾，法官又如何能夠認(rèn)定總統(tǒng)的行為違憲呢？

It is insane that such a discussion is even possible.Abolish the ceiling now.It is an invitation to mischief.神志正常的人根本不會(huì)進(jìn)行這樣的討論。趕快廢除債務(wù)上限吧，它只會(huì)引發(fā)鬧劇。