2014.04.16【英译中】The slumps that shaped modern finance②

猫四狗八 (ho) 路人甲
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发表于:2014-04-16 23:22 [只看楼主] [划词开启]
History is a good place to look for answers. Five devastating slumps—starting with America’s first crash, in 1792, and ending with the world’s biggest, in 1929—highlight two big trends in financial evolution. The first is that institutions that enhance people’s economic lives, such as central banks, deposit insurance and stock exchanges, are not the products of careful design in calm times, but are cobbled together at the bottom of financial cliffs. Often what starts out as a post-crisis sticking plaster becomes a permanent feature of the system. If history is any guide, decisions taken now will reverberate for decades.
我们很容易从历史上找到答案。五个最具毁灭性的大萧条—从美国1792年第一次危机到1929年世界上最大的金融危机—两次突出的金融进程。第一次是诸如中央银行、存款保险和证交所这样的机构加深了人们的金融活动,它们不是在平稳时期小心设计后的产物,而是为了修补金融危机而设立的。通常,在后经济时期补膏药成了这种体制下不变的特征。如果历史有任何导向作用的话,那便是当下的决定会影响接下来的几十年。

This makes the second trend more troubling. The response to a crisis follows a familiar pattern. It starts with blame. New parts of the financial system are vilified: a new type of bank, investor or asset is identified as the culprit and is then banned or regulated out of existence. It ends by entrenching public backing for private markets: other parts of finance deemed essential are given more state support. It is an approach that seems sensible and reassuring.
这使得第二次金融进程显得更加复杂。人们对金融危机的反应都是类似的。它首先受到人们的谴责。新兴的金融系统受到诽谤:新型银行、投资者和资产被视作危机的制造者,接着就被取缔或在监管下运作。最终以支持私人市场加强对公众的保护结束:人们认为其他形式的金融是必要的,并且收到了公开支持。这是金融更加明智可靠的趋势。


But it is corrosive. Walter Bagehot, editor of this newspaper between 1860 and 1877, argued that financial panics occur when the “blind capital” of the public floods into unwise speculative investments. Yet well-intentioned reforms have made this problem worse. The sight of Britons stuffing Icelandic banks with sterling, safe in the knowledge that £35,000 of deposits were insured by the state, would have made Bagehot nervous. The fact that professional investors can lean on the state would have made him angry.

但这是具有侵入性的。本报1860-1877年间的编辑白芝浩·沃尔特指出,当大众的盲目资本涌入不明智的投机投资时就会发生金融恐慌。然而,好意改革却让事情变得更糟。英国人将英国货币存入冰岛银行,并认为35000英镑的储蓄就能依靠国家保证安全,这样的景象足够让白紧张。专业投资者能够倚靠国家的事实也足以让他生气。

These five crises reveal where the titans of modern finance—the New York Stock Exchange, the Federal Reserve, Britain’s giant banks—come from. But they also highlight the way in which successive reforms have tended to insulate investors from risk, and thus offer lessons to regulators in the current post-crisis era.
这五场危机显示了现代金融巨头-纽约证交所、美国联邦储蓄系统、英国的大型银行-是如何产生的。但它们也突出显示了成功的改革是如和让投资者与风险相隔,同时给当下处在后危机时期的监管者以教训。

其实对金融背后那些黑暗的事实还是挺感兴趣的。这篇翻起来就感到很吃力了= =

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最后编辑于:2014-04-16 23:24
分类: 英语
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