2014.04.15【英译中】The slumps that shaped modern finance

猫四狗八 (ho) 路人甲
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发表于:2014-04-15 21:41 [只看楼主] [划词开启]
The slumps that shaped modern finance

大萧条形成了现代金融


Finance is not merely prone to crises, it is shaped by them. Five historical crises show how aspects of today’s financial system originated—and offer lessons for today’s regulators

金融不仅会爆发危机,并且受其影响。历史上5个危机显示了如今的金融体制是如何形成,并为监管者提供了参照。


What is mankind’s greatest invention? Ask people this question and they are likely to pick familiar technologies such as printing or electricity. They are unlikely to suggest an innovation that is just as significant: the financial contract. Widely disliked and often considered grubby, it has nonetheless played an indispensable role in human development for at least 7,000 years.
At its core, finance does just two simple things. It can act as an economic time machine, helping savers transport today’s surplus income into the future, or giving borrowers access to future earnings now. It can also act as a safety net, insuring against floods, fires or illness. By providing these two kinds of service, a well-tuned financial system smooths away life’s sharpest ups and downs, making an uncertain world more predictable. In addition, as investors seek out people and companies with the best ideas, finance acts as an engine of growth.
Yet finance can also terrorise. When bubbles burst and markets crash, plans paved years into the future can be destroyed. As the impact of the crisis of 2008 subsides, leaving its legacy of unemployment and debt, it is worth asking if the right things are being done to support what is good about finance, and to remove what is poisonous.
人类最伟大的发明是什么?如果人们被问到这个问题,他们更可能会给出像印刷和电力这样类似科学技术的答案。他们不太可能会提起一项同样重要的创新:财务合约。它受到普遍的厌恶,并被认为是肮脏的。尽管如此,至少在人类7000多年的发展中,它却起到了不可替代的作用。就它核心来说,金融做到两件很简单的事。它能作为经济时间机,帮助储蓄者把当下节余的收入放到将来,或让借贷者能够在未来获得收入。它也同样可以作为一个抵抗水灾,火灾[表情]和疾病的安全保障网。通过这两种功能,一个运作良好的金融系统抚平了人生中最尖锐的起伏,让一个不稳定的世界更加可以预测。另外,在投资者找到那些拥有最好的想法的公司和人时,金融能让经济飞速发展。

但金融同样很可怕。当泡沫经济破灭,市场崩溃,多年为未来铺设的计划就会被毁。08年金融危机减弱了,却遗留下人民失业和各种债务,这值得我们发问,我们是否做了那些有利于经济发展的事,并避免了有害的事情。


@亦零涯 @_眷恋 @ydyinglluk @heyjude1943 @日岳宵湾 @笨蛋地瓜 @工藤信子 @朵朵有致 @xuejv813

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