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标题: 外刊阅读| 《经济学人》危险的鸿沟（上） [打印本页]

作者: 子曰汉硕刘老师 时间: 2021-8-15 12:27
标题: 外刊阅读| 《经济学人》危险的鸿沟（上）
本帖最后由子曰汉硕刘老师于 2021-8-15 12:29 编辑

第一段生词识记

1、share v. 分享，共用 n. 份额，股份

2、mania 英[ˈmeɪniə] n. 狂热；狂躁；热衷

3、precedent 英[ˈpresɪdənt] n. 先例；前例；adj. 在前的；在先的

4、remarkable 英 [rɪˈmɑːkəbl] adj. 卓越的；非凡的；值得注意的

5、nonetheless adv. 尽管如此，但是

6、gut-wrenching 英 [ˈɡʌt rentʃɪŋ] adj. 极度痛苦的，撕心裂肺的

7、sell-off n. （国有企业的）出售；（证券）抛售；（低价）处理财产

8、delirious 英 [dɪˈlɪriəs; dɪˈlɪəriəs] 美 [dɪˈlɪriəs] adj. 发狂的；神志昏迷的；精神错乱的

9、rally v. 召集；（军队）重新集合；价格回升；集结；联合

10、catalyst 英 [ˈkætəlɪst] 美 [ˈkætəlɪst] n. [物化] 催化剂；刺激因素

2精度文本

Stockmarket history is packed with drama: the 1929 crash; Black Monday in 1987, when share prices lost 20% in a day; the dotcom mania in 1999. With such precedents, nothing should come as a surprise, but the past eight weeks have been remarkable, nonetheless. A gut-wrenching sell-off in shares has been followed by a delirious rally in America. Between February 19th and March 23rd, the S&P 500 index lost a third of its value. With barely a pause it has since rocketed, recovering more than half its loss. The catalyst was news that the Federal Reserve would buy corporate bonds, helping big firms finance their debts. Investors shifted from panic to optimism without missing a beat.

3文本翻译

股票市场的历史充满了戏剧性：1929年的股市崩盘；1987年的黑色星期一，股价在一天之内下跌了20％；1999年的互联网狂潮。拥有这样的先例，股市不管发生什么都应该不足为奇了。但是，虽然如此，过去的八周还是值得注意的。（股民们纷纷）痛心疾首地抛售股票之后，美国股市出现了疯狂的反弹。自2月19日至3月23日之间，标准普尔500指数下跌了三分之一。从那以后，它几乎没有停顿过，就迅速蹿升，挽回了一半以上的损失。有消息称，美联储将购买公司债券，从而帮助大公司为其债务融资。投资者毫不犹豫地从恐慌转向乐观。

1第二段生词识记

1、sluggishly 英[ˈslʌɡɪʃli] adv. 懒怠地；慢吞吞地

2、savage 英 [ˈsævɪdʒ] adj. 野蛮的；残酷的；狂怒的；荒凉的

3、soar 英 [sɔː(r)] vi. 急升，激增；高飞；升空；翱翔；（树木、建筑物等）高耸；（情绪）高涨 n. 高飞；高涨

2文本精读

This rosy view from Wall Street should make you uneasy. It contrasts with markets elsewhere. Shares in Britain and continental Europe, for example, have recovered more sluggishly. And it is a world away from life on Main Street. Even as the lockdown eases in America, the blow to jobs has been savage, with unemployment rising from 4% to about 16%, the highest rate since records began in 1948. While big firms shares soar and they get help from the Fed, small businesses are struggling to get cash from Uncle Sam.

3文本翻译

华尔街的这种乐观看法会让你感到不安。这种观点与其他地区市场形成对比。例如，英国和欧洲大陆的股价，恢复得速度放缓。这是一个远离缅因街（美国小镇主街）的世界。即使美国的防疫封锁有所缓解，对就业的打击仍然是残酷的，失业率从4％上升到16％，这是自1948年以来历史记录的最高值。尽管大企业的股价飙升，而且他们从美联储获得了援助，但小企业正在艰难奋斗想从美国获取现金。

第三段生词识记

1、bail v. 保释，帮助某人摆脱困境

2、grumble v. 抱怨，嘟囔

3、trajectory 英 [trəˈdʒektəri] n. [物] 轨道，轨线

4、backlash against 对...强烈反对

2文本精读

Wounds from the financial crisis of 2007-09 are being re-opened. "This is the second time we've bailed their asset out," grumbled Joe Biden, the Democratic presidential candidate, last month. The battle over who pays for the fiscal burdens of the pandemic is just beginning. On the present trajectory, a backlash against big business is likely.

3文本翻译

2007-09年金融危机的“创伤”正在被重新撕开。上个月，民主党总统候选人乔· 拜登抱怨道：“这是我们第二次保住他们的资产。” 究竟由谁承担此次疫情造成的财政负担的斗争才刚刚开始。根据目前的形势判断，很有可能出现抵制大企业的情况。

1第四段生词识记

1、on...scale 以...规模

2、buy up 收购

3、spectacular 英 [spekˈtækjələ(r)] adj. 壮观的，惊人的；公开展示的

4、beached adj. 搁浅的（在文中引申意为陷入困境的）

5、albeit 英 [ˌɔːlˈbiːɪt] conj. 虽然，尽管

6、yield v. 出产（产品或作物）；产出（效果、收益等）n. 产量，利润

7、forestall 英 [fɔːˈstɔːl] vt. 先发制人，预先阻止；垄断

8、take the hint 领会暗示

2文本精读

Start with events in the markets，much of the improved mood is because of the Fed, which has acted more dramatically than other central banks, buying up assets on an unimagined scale. It is committed to purchasing even more corporate debt, including high-yield "junk bonds. The market for new issues of corporate bonds, which froze in February, has reopened in spectacular style. Companies have issued $560bn of bonds in the past six weeks, double the normal level. Even beached cruise-line firms have been able to raise cash, albeit at a high price. A cascade of bankruptcies at big firms has been forestalled. The central bank has, in effect, backstopped the cashflow of America Inc. The stockmarket has taken the hint and climbed.

3文本翻译

从市场事件开始，情绪由悲转喜的大部分原因是由于美联储的行动，美联储比其他中央银行的行动更加戏剧化，以超乎想象的规模购买资产。美联储承诺将购买更多的公司债券，包括高收益的“垃圾债券”。在2月份冻结的新发行的公司债券以惊人的方式重新开放。在过去的六周，公司发行了5,600亿美元的债券，发行量是正常水平的两倍。甚至陷入困境的邮轮公司也能够筹集资金，要价颇高。一连串的大企业破产已被阻止。实际上，中央银行已经对美国公司的现金流给予支持。股市已经领会了这一暗示并开始攀升。

1第五段生词识记

1、pile into 挤入，进入

2、maturity 英 [məˈtʃʊərəti; məˈtjʊərəti] n. 成熟；到期；完备

3、tempt 英 [tempt] vt. 诱惑；引起

2文本精读

The Fed has little choice-a run on the corporate-bond market would worsen a deep recession. Investors have cheered it on by piling into shares. They have nowhere else good to put their cash. Government-bond yields are barely positive in America. They are negative in Japan and much of Europe. You are guaranteed to lose money by holding them to maturity, and if inflation rises the losses would be painful. So stocks are appealing. By late March prices had fallen by enough to tempt the braver sort. They steeled themselves with the observation that much of the stockmarkets' value is tied to profits that will be made long after the covid-19 slump has given way to recovery.

3文本翻译

美联储别无选择-公司债券市场的竞争会加剧严重的经济衰退。投资者通过入股为股市加油打气。股市是目前他们最佳放置资金的地方。在美国，政府债券收益率勉强为正。在日本和欧洲大部分地区，政府债券的收益率都是负的。持有这些债券直至到期，你肯定会赔钱，如果通胀上升，损失将令你非常痛苦。因此，股票具有吸引力。到三月下旬，股价已经下跌到足以吸引勇敢者入市的程度。他们观察到，股票市场的大部分价值与利润密切相关，而这些利润将在2019冠状病毒疫情过后的很长一段时间内实现。

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