2014.04.22【英译中】1792: The foundations of modern finance②

猫四狗八 (ho) 路人甲
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发表于:2014-04-22 23:41 [只看楼主] [划词开启]

前文传送门2014.04.22【英译中】1792: The foundations of modern finance①


The other problem was the bank itself. On the day it opened it dwarfed the nation’s other lenders. Already massive, it then ballooned, making almost $2.7m in new loans in its first two months. Awash with credit, the residents of Philadelphia and New York were gripped by speculative fever. Markets for short sales and futures contracts sprang up. As many as 20 carriages a week raced between the two cities to exploit opportunities for arbitrage.

另一方面,银行本身也出了问题。在它运营的第一天就剥夺了国家领导人的权利。接着大量发行的联邦债券急剧膨胀,在开头的两个月里就贷出了270万美元。费城和纽约等地的居民的狂热投机,让贷款泛滥。市场迅速卖空和期货合同突然兴起。每周马车不停往返于两城,方便那些现货商进行套利交割。


The jitters began in March 1792. The BUS began to run low on the hard currency that backed its paper notes. It cut the supply of credit almost as quickly as it had expanded it, with loans down by 25% between the end of January and March. As credit tightened, Duer and his cabal, who often took on new debts in order to repay old ones, started to feel the pinch.
Rumours of Duer’s troubles, combined with the tightening of credit by the BUS, sent America’s markets into sharp descent. Prices of government debt, BUS shares and the stocks of the handful of other traded companies plunged by almost 25% in two weeks. By March 23rd Duer was in prison. But that did not stop the contagion, and firms started to fail. As the pain spread, so did the anger. A mob of angry investors pounded the New York jail where Duer was being held with stones.

人们在1792年开始恐慌,美国银行支持的货币在硬通货下开始走低,随着一月到三月底借贷降低了25%,它迅速切断了贷款的来源,就像它曾经迅速扩大那样。杜尔和他的团伙通常利用放新贷获得的利润来补上他们之前的借款,而在贷款紧缩的情况下,他们感到吃不消了。一时间有关杜尔的流言传开来,加之美国银行正减缩贷款,美国市场迅速陷入了低迷中。国债的价格,美国银行的股份和其他一大部分交易公司的股份在两周之内迅速下降了25%。3月23日杜尔被送进监狱,但他那种恶劣的行径却还在继续,各方公司接连破产。随着危机的加重,人们的痛苦和愤怒也在加深。一群愤怒的投资者用石头狠狠砸向杜尔所在的监狱。


    Meet the villain  让我们来看下这个恶棍长什么样吧

William Duer 威廉杜尔

Born in Devon and educated at Eton, William Duer moved to America  as a young man and made a fortune selling supplies to the army. Scams funded his expensive lifestyle: he once sold half the land in Ohio, even though he did not own it. He conned so many people that by the time he ended up in jail, it was said to be the safest place for him. 

出生在英国德文郡,于伊顿公学接受教育,威廉杜尔还是个年轻人的时候就到了美国,并通过向军队提供物资赚取了大量钱财。

   骗局筑造了他奢侈的生活:在俄亥俄州他卖掉了一半的土地,虽然这些土地都不是他的。他被关进监狱之前曾骗过不少       人,人们都认为只有监狱才是最适合他的去处。

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