英语口语——量化宽松才是真王道(中英)由刀豆文库小编整理，希望给你工作、学习、生活带来方便，猜你可能喜欢“影视英语口语你真行”。
How would you feel if you were told that two-thirds of the apparently scary rise in the stock of UK government debt since the start of the crisis has taken the form of ultra-cheap, irredeemable bonds? Would you not feel reaured that the government need never redeem this debt or, if it wanted, even pay interest upon it? Yet as soon as you learn that this ultra-cheap debt is money, the phrase “Zimbabwean economics” might trip at once off your tongue.如果有人告诉你，自危机爆发以来，英国政府债务总量出现了令人触目惊心的增长，其中三分之二是极廉价的不可赎回债券，你会怎么想？英国政府永远不需要赎回这批债务，或者如果它愿意的话，甚至不用付利息，你难道不会松一口气吗？然而，一旦你知道这种廉价债券其实就是货币的话，或许你就会脱口说出“津巴布韦经济学”这个词语吧。
Eric Lonergan of M&G Investments has made the point in a post on FT.com’s
Economists’ Forum.As a result of “quantitative easing”, the Bank of England’s balance sheet has risen roughly fourfold since August 2007, to almost ￡350bn.Yet, even as the monetary base has exploded, the broad measure of the money supply(M4)has shrunk by more than 6 per cent since the beginning of 2010.The late Milton Friedman would have thought this highly disturbing.M&G Investments的埃里克·洛内甘(Eric Lonergan)在FT.com网站上的“经济学家论坛”(Economists' Forum)发布了一则帖子，阐述了以上观点。由于出台了“定量宽松”举措，英国央行(BoE)的资产负债表规模自2007年8月以来大约增长了4倍，目前接近3500亿英镑。然而，即便货币基础出现爆炸性增长，广义货币供应指标M4自2010年初以来却收缩了逾6%。米尔顿·弗里德曼(Milton Friedman)如果还活着，肯定认为这种状况令人深感不安。By engaging in ￡325bn of QE, the BoE has monetised the government’s debt, by replacing the bonds in the public’s hands with deposits at commercial banks.The latter, in turn, hold reserves at the BoE on which they currently earn interest of 0.5 per cent a year.通过实施3250亿英镑的定量宽松举措，英国央行将政府债务货币化，把公众手中的债券转化为商业银行中的存款。商业银行相应地在英国央行存放着准备金，目前年息为0.5%。
The case for such action has been overwhelming.In its absence, long-term interest rates would have been higher and the money supply smaller.That might have triggered debt deflation.Instead of merely stagnating, output would have fallen and the real costs of debt to the public would have risen, in a lethal downward spiral.True, inflation has in fact been above target.But this has been overwhelmingly caused by temporary factors.The threat is deflation, not hyperinflation.推行此类举措的理由一直非常充足。如果没有实施定量宽松，长期利率将会上升，货币供应量将会减少。这或许会引发债务通缩。结果将不只是经济停滞，而是会形成致命的下降螺旋，不但产出减少，公共债务的实际成本也会上升。没错，通胀实际上一直高于目标水平。但这在很大程度上是暂时因素造成的。隐患在于通缩，而非恶性通胀。
Three claes of objection exist to such use of state monetary power.对于这样运用政府的货币权力，存在三种反对意见。
The first is that it transgrees the proper limits of the state.I would argue the reverse: it is the normal monetary system, in which the “printing” of money is delegated to commercial banks, that needs defending.This delegates a core public function – the creation of money – to a private and often irresponsible commercial oligopoly.第一种反对意见是，它超越了政府的合理界限。我的意见正相反：正常的货币体系才需要维护，在这样的货币体系中，“印钞”被委托给商业银行。当前的货币体系把一项核心公共职能——即创造货币——授予私营且往往不负责任的商业寡头。
If you want confirmation of the nature of banking, look at how Barclays abused public trust when providing information used in calculating the London interbank offered rate.Nobody, by now, can be in the least surprised.如果你想得到体现银行业本性的证据，那就看看巴克莱(Barclays)在提供用于计算伦敦银行同业拆借利率(Libor)的信息时是如何滥用公众信任的。如今人们丝毫不会感到意外。
In a monetary system, based on fiat(or man-made)money, the state guarantees the money supply in the interests of the public.In normal times, however, actual supply is a byproduct of lending activities of banks.It is, in brief, the product of privately operated printing prees.在一个基于法定货币（或人造货币）的货币体系中，政府从公众利益出发，保证货币供应。然而，在正常情况下，实际供应是银行放贷活动的副产品。简言之，它是私人运营的印钞机的产品。
Behind these operations, however, lies the central bank.As an organ of the state, it alone can guarantee the “moneyne” of the public’s bank deposits.Banks cannot do so because, as many critics note, they operate on a “fractional reserve” – a fraction that is now relatively high, as a result of QE.Why should one object, in principle, to the exercise of the state’s power to create money by the central bank rather than by private interests? The power given to banks to create money is a privilege.But the state retains the right to create money, in the interests of the public.That, in this crisis, is what the BoE is rightly doing.然而，这些操作的背后是中央银行。作为政府的一个机构，央行仅凭一己之力，就能够保障公众在银行中的存款的“价值”。银行做不到这一点，原因正如许多批评家所指出的，它们是以“部分准备金”的模式在运转——由于定量宽松政策，这个“部分”目前相对有些高。人们为什么要反对央行行使政府的创造货币权力，却不去反对私人利益主体使用这种权力？授予银行的创造货币权力是一种特权。但政府保留着创造货币的权利，这是为了保护公众的利益。在这场危机中，英国央行就采取了这样的正确做法。
The second line of objection is that such power is bound to be used irresponsibly.This is like arguing that electricity should be banned because it is dangerous.In the same way, the potential risks of fiat money can be managed by institutional design.That is why the job of managing money needs to be delegated to an independent institution, though one that, in a crisis, must co-operate closely with the fiscal authorities.第二条反对理由是，此类权力注定会被滥用。这就好比是说，因为电很危险，所以应该禁止用电。同样，法定货币的潜在风险可通过制度设计加以管理。正因为这个缘故，管理货币的工作需要委托给一家独立机构，尽管这家机构在危机中必须与财政当局紧密合作。
The third line of objection is that the unwinding of the exceptional monetary measures will either fail, in which case there will be hyperinflation, or will reverse the fiscal benefits of debt monetisation.Yet many options exist.One is indeed that the government debt now held by the BoE would be sold to the public.That would reverse the expansion of the former’s balance sheet, while increasing debt holdings of the public.Fortunately, that can be done over a lengthy period.In the meantime, the BoE can raise the reserve requirements of banks.Those who dislike fractional reserve banking should welcome that result: it would raise the fraction.Some will complain that this is “financial repreion”.In light of the crisis, a bit more repreion seems desirable.第三条反对理由是，非常规货币政策在实施中不是会落个失败的结局（这将引发恶性通胀），就是会导致债务货币化给财政方面带来的好处化为乌有。然而我们有许多选择。一个选择就是在以后把英国央行目前持有的政府债务出售给公众。这将扭转英国央行资产负债表的扩张态势，同时增加公众持有的债务。幸运的是，长期而言我们可以做到这一点。同时，英国央行还可以提高银行存款准备金率。那些不喜欢银行业“部分准备金制度”的人们应该会欢迎这种结果：它将提高银行的“部分准备金”。一些人将会抱怨这是“金融抑制”。从此次危机来看，多一些抑制似乎是可取的。
The big point is this: the ability to use the balance sheet of the central bank freely, when banks are not lending, gives the government the freedom to borrow ultra-cheaply.One benefit is that it can slow the reduction in the fiscal deficit until the economy recovers, if it wishes to do so, since it needs to sell very little debt to the public.Another is that the BoE’s balance sheet can be used to support lending into the economy, as now planned, or to finance direct transfers of purchasing power via so-called helicopter money.In the last resort, the power to create money rests properly with the state.When private sector supply is diminishing, as now, the state not only can, but should, step in, with real urgency.重要的是：拥有自由使用央行资产负债表的能力——当银行不放贷时——政府就拥有以极低成本借钱的自由。这样做的一个好处是，政府可以放缓财政赤字的削减步伐，直至经济复苏（如果它希望这么做的话），因为它不太需要向公众出售债务。另一个好处是，英国央行的资产负债表可以被用来支持对经济的放贷（正如现在所计划的那样），或者通过所谓的“直升机撒钱”，进行直接的购买力转移。最后，不管怎样，创造货币的权力终究归属于政府。当私人部门供应趋于减少时（就像现在一样），政府不仅可以、而且应该立即进行干预。
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