2009年5月8日星期五

16 reasons why we will miss the gloomy times

很喜欢这篇文章,所以就贴过来了,等我有时间了我要把它全文翻译过来:
(试了几段,发觉英翻中还真是不容易!)

如果金融危机这场灾难终结,我们将会无比怀念这段逝去的黑暗时光 — why?!
16个原因解释给你听!

What we will miss about the prophets of doom
By David Marsh

For two years now, we have collectively gorged on tales of tears and deeds of downfall. If the bulls really are back and the economic and financial misery is about to end, here are 16 reasons why we will miss the gloomy times.

1. Role-play will be a lot less pleasurable. We have split the world into two pantomimic parts: the evil (the bankers) and the good (everyone else). In future, sorting out villains and victims will require more imagination.
角色扮演将失去极大的乐趣。我们把组成世界的人分成了两类:恶魔(投资银行家)和其余善良的人们。而在金融危机终结之后的未来,找出真凶及被害者将需要更多的想象。

2. The crisis has favoured inexpensive, socially constructive pastimes such as bird-watching, book-reading and communal needlework. More aggressive activities will soon be on the rise again.
金融危机利好于花费低但社会意义高的休闲活动的发展建设,如养鸟,读书会,社团组织等。然而当牛市再次到来时,社会将再次动荡不安。

3. The prophets of doom have had a field day. Yet we feel strangely comfortable with the Cassandras. We have enjoyed being told that the light at the end of the tunnel signals an approaching train. Now we will have to get re-acquainted with the optimists – a much more dangerous and unsettling bunch of people.
末日先知空前流行,奇怪的是我们竟能融洽地相处。我们习惯并乐意被告知隧道尽头的光亮是一节驶进的火车。而如今我们将要重新面对并接纳乐观主义者–其实他们更加危险不安。

4. During the recession we profited from empty planes, hotels, restaurants and buses. When recovery comes we will have excess demand again. The good life, when it returns, will be a lot more crowded.
经济衰退期中,我们从空荡的飞机,宾馆,餐厅以及公共巴士中得到了不少好处和便利。然而当经济好转,我们不得不面对过量的需求,生活将变得更加拥挤不堪。

5. Prices have been falling. Is that not what everyone always wanted? Now everything – from apples to yachts – will be going up again. And won’t we now all start suffering from the Great Inflation? What would you rather have: Austerity Britain or Weimar Germany?
东西便宜了,价格减少了— 难道这不是每个人希望的吗?现在物价却要重新上涨。难道大通胀还没让我们受够吗?如果可以选,你是选勒紧腰带的英国还是魏玛共和国时期的德国?

*Austerity Britain: 1945-1951, 是二战结束后头六年英国社会经济困难时期的状况
*Weimar Germany:1919-1933 期间统治德国的共和政体,存在严重经济问题如:恶性通货膨胀,高失业率,生活素质大幅下降等

6. The central banks have become the people’s friends, with even the European Central Bank cutting interest rates. Not long from now, rates will be rising again. Goodbye to bargain-basement banks, dirt-cheap consumer credit and rock-bottom mortgages.
中央银行已经成为了我们真诚的朋友,欧洲中央银行也不断降息。不久之后,利率将再次提升。再见吧,便宜的银行贷款,再见吧,低廉的信贷消费,再见吧,廉价的按揭贷款。

7. Many high street stores selling goods that no one wanted to buy have closed, prompting art galleries and other edifying enterprises to move in to the vacant sites. Alas, all these shops peddling tawdry knick-knacks will be back with us again.
很多卖各种又贵又不实用的商店因经济不景气而关门了,得以让精致特别而又陶冶性情的艺术收藏店可以搬入,可是这些华而不实的商铺又将卷土重来了。

8. People have started to eat less. Obesity has been on the decline. There has been a boom in home-grown vegetables. Once the economy starts to grow again, the nation’s health will plummet.
人们减少了食量。肥胖症减少了。绿色蔬菜的需求高涨了。可是经济再次好转,过民的健康再次面临挑战。

9. Dinner party talk of house price rises will return. People will no longer be ashamed of being estate agents. Sons and daughters will again want to go into investment banking rather than eco-farming.
在晚宴上人们将再次讨论房价回升问题。人们不再因为自己是房地产经纪商而感到羞耻。儿子女儿们将重新希望学习金融并进入投资银行工作,而非从事生态农业。

10. We will have to get used to a new, painful jargon. “Quantitative easing” was bad enough. The vocabulary of recovery is still less elegant. Prepare for the central banks selling their enormous holdings of government bonds to drive up interest rates. Practise saying “quantitative firming”.
我们将不得不习惯于一套新的术语。定量宽松已经让人受够了。关于复苏的词汇也不再优雅。央行卖出巨额的政府债券以拉高利率。练习说定量收紧吧。

11. Service blossoms in a downturn. Waiters wait, usherettes usher, doormen open doors. GDP growth = general grumpiness.
服务业在衰退期间空前兴旺。侍者耐心的等待,引坐员为你引座,门卫为你开门。可是GDP增长就相当于好服务态度恶化,不再如前。

12. It is good to have scapegoats. We have been delighted to blame the mess on George W. Bush, the former US president, and Gordon Brown, the UK prime minister. Now President Barack Obama will take all the credit for the upswing. He may become slightly smug. The upshot: anti-Americanism will surge.
有替罪羊是好的。我们很庆幸可以将把矛头指向美国前总堂布什,英国首相布朗。而不久将来,功劳将全部归功于奥巴马。他也许会变得沾沾自喜。而结果是:反美情绪再次高涨。

13. Energy use will rise again. With a good strong depression under way, we thought we had global warming licked. Not so! We will have to endure a new and mighty role for Opec and the sprouting up everywhere of new nuclear power stations.
能源消耗将再次增长。衰退时期我们以为全球变暖问题得到了好转。并不是这样!我们将不得不再次忍受石油输出国(OPEC)的趾高气昂,以及如雨后春笋般增长的新核电站。

14. Reining in the Russians will be more difficult when the oil price starts to push through $100 a barrel. So it will be scowls, not smiles, from President Dmitry Medvedev. And let’s not even think of how the Iranians will start to behave.
当油价突破100美元一桶后,支配俄国将变得更加困难。因而,俄罗斯总统德米特里•梅德韦杰夫将是面带怒气,而非笑容。更不用想伊拉克将如何表现。

15. The bane of the 21st century – current account imbalances – has been coming nicely under control. Now all this will be out of control again. The dollar will plummet. Worse news, the foreign exchange dealers will run out of other currencies to sell it against.
21世纪美国的祸根— 经常帐目赤字(主要因为贸易逆差)—得到了有效控制。但是如今它很快又将失去控制。美元将大跌。更坏的是,外汇交易员手中已经没有其他货币可以买入用来抛售美元。

16. China will really start to throw its weight around when its export motor goes back into overdrive. Mandarin will be the new official language of the European Union. Forget the SDR. The central bankers’ new official currency: the renminbi.
一旦中国的出口再次发动,它将真的开始指手画脚。普通话将会成为欧盟的新官方语言。忘记特别提款权(Special Deposit Receipt)吧。中央银行的新官方货币:人民币!

Once everything gets back to normal, we will soon begin to discern the green shoots of a new crisis. And it will be a lot worse than the 2007-09 version. Happy times!

The writer is chairman of London & Oxford Capital Markets

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