时间:2019年12月12日 18:47:30

Finance and economics财经商业The euro crisis欧元危机Debtors prison负债人的监狱The euro zone is blighted by private debt even more than by government debt欧元区饱受私人债务的困扰,其程度甚至超过政府债务THE European Central Bank announced this week how it will undertake a root-and-branch examination of banking assets before it takes charge of supervision in the euro area late next year.欧洲央行在本周宣布了它们在明年年底接管监督欧元区之前如何对资产进行彻底的检测。One aim of the exercise is to identify the bad debts that are fouling up euro-zone banks and preventing the flow of new credit.演习的目的之一是要找出那些使上涨欧元区结垢和妨碍新的信贷流动的坏账。This is important because parts of the single-currency area are crippled not just by public borrowing but by private debt, most of which is sitting on banking books.这是很重要的,因为造成部分单一货币区残缺的不只是因为公共借款,更是因为私人债务,而且其中大部分是坐在账户。Throughout the euro crisis, tough austerity programmes have been aimed at tackling sovereign debt.在整个欧元区危机中,严厉的紧缩计划旨在应对主权债务。That German-inspired focus is badly misplaced.德国风格的焦点是严重错位的。High private debt is more detrimental to growth than high public debt, according to recent research by the IMF.根据国际货币基金组织最近的研究,高额私人债务比高额公共债务更不利。Indeed the IMF study finds that excessive sovereign debt reduces growth only when household and corporate sectors are heavily indebted too.事实上,国际货币基金组织的研究发现,只有当家庭和企业部门都负债累累的时候,过多的主权债务才能减少增加。The malign effect of high private debt becomes apparent in the busts that follow credit-driven booms.高额私人债务的恶性影响逐渐变得明显,随之而来的是信贷驱动的蓬勃发展。Households that have borrowed too much in relation to their income trim their spending, the main component of GDP.许多家庭为了平衡他们的收入和出已经借了太多的债务,这些也是国内生产总值的主要成分。Overleveraged firms avoid investing and concentrate on shrinking their balance-sheets by paying off loans.过度杠杆化的公司为了避免投资,正在集中精力收缩其资产负债表,还清贷款。As bad debts erode their capital, banks become more reluctant to lend.由于坏账侵蚀其资本,越来越不愿意放贷。These adverse trends reinforce each other, increasing the overall drag on growth.这些不利趋势互为因果,在整体上拖累经济增长。Figuring out the point at which debt becomes excessive is not an exact science.弄清楚债务变得过大的原因不是一门精确的科学。The European Commission, which now has the job of monitoring any emerging macroeconomic imbalances, uses a figure of 160% of GDP for private debt—what households and non-financial companies owe in the form of loans and debt securities such as corporate bonds.欧盟委员会,现在负责监测任何造成宏观经济失衡的因素,得知现在私人债务占国内生产总值的160%—家庭和非金融公司的欠款以贷款及债务券的形式,如企业债券。That looks conservative: it happens to be the prevailing level in both America and the euro area as a whole.这看起来很保守的:它正好体现了美国和欧元区作为一个整体的当前水平。A more realistic trigger for concern might be 200% of GDP.现实可能更引起关注,因为它可能是GDP的200% 。On this basis, eight countries of the 17 that share a common currency look vulnerable.在此基础上,17个国家中的8个共享一个共同的货币的理由看起来更加脆弱。Of the eight, Belgium and Luxembourg are less worrying than they might appear because their corporate debt is swollen by the presence of multinationals and includes a big chunk of inter-company lending.在八个国家中,比利时和卢森堡没有看起来的那么令人担忧,因为大型跨国公司和公司间借贷的存在使他们的企业债务膨胀。But that does not apply to the Netherlands, where private debt is over 220% of GDP mainly because households owe so much.但是,这并不适用于荷兰,私人债务占国内生产总值的220%以上,主要是因为家庭私人借贷。In tiny Malta it is nearly 220%.而在微小的马耳他,数字接近220 % 。Private debt is also high in four countries that have had to be bailed out: in Cyprus and Ireland it is over 300% of GDP; in Portugal it is 255%; and in Spain 215%.在其他四个国家私人债务也很高:在塞浦路斯和爱尔兰国占内生产总值的300%以上,在葡萄牙是255%和在西班牙是215%。In all but one of the eight countries a majority of the private debt is corporate.但所有八个国家中的大部分私人债务是企业借贷。This preponderance of company borrowing is most extreme in Luxembourg, but also notable in Ireland whose debt is also affected by the presence of multinational firms; even so, Irelands household debt alone is over 100% of GDP.这种公司借贷的优势最明显的是卢森堡,不过爱尔兰的债务也明显受到跨国公司存在的影响,即便如此,在爱尔兰,家庭债务就超过GDP的100% 。The Netherlands is the only country where the majority of debt is personal: its household debt is 128% of GDP.荷兰是唯一一个大部分债务是个人的国家,其家庭债务占国内生产总值的128 %。Although Italy has the second-highest sovereign debt in the euro area, it does not feature among the countries with excessive private debt.虽然意大利在欧元区主权债务数量上居于第二,但它的私人债务并不过多。Its firms owe somewhat less than the euro-zone average and Italian household debt is especially low.其公司的借贷稍低于欧元区平均水平,而且家庭债务尤其低。But monitoring the ratio of debt to GDP is not the only measure of vulnerability.但监测的债务占国内生产总值的比例,不是衡量标准的唯一漏洞。For non-financial companies, an important indicator of fragility is a high ratio of debt to equity; and on this measure Italian firms, especially the small and medium-sized ones, are particularly stressed.对于非金融类公司,脆弱性的一个重要指标是债务与权益比率高,意大利企业,尤其是小型和中型的,对这一点措施特别强调。Other balance-sheet indicators also suggest that Italian business is in a bad way.其他资产负债表指标也表明,意大利的商业形式是在糟糕的。For example, 30% of corporate debt is owed by firms whose pre-tax earnings are less than the interest payments they have to make.例如,30%的企业债务是因为公司的税前盈利低于要付的利息。That share of frail companies is even higher in Spain and Portugal.在西班牙和葡萄牙的一些公司中份额甚至更高。But Italys plight is in stark contrast to the situation in France and Germany, where little more than 10% of corporate debt is owed by such weak performers.但是,法国和德国的处境与意大利的困境完全相反,他们几乎没有高于10 %的企业债务拖欠的情况。Italian firms have been hurt by the erosion of their competitiveness within the euro zone.意大利公司在欧元区内已经因竞争力受到侵蚀而受伤。Little progress has been made to lighten the private-debt burden since the crisis began.从危机产生开始,为减轻私人债务负担所做的努力已经小有进展。Though it eased in Spain from 227% of GDP in to 215% in 2012, it rose over the same period in Cyprus, Ireland and Portugal.虽然将西班牙从年占国内生产总值的227%减少至2012年的215 % ,但在塞浦路斯,爱尔兰和葡萄牙较上年同期仍然上升。In Britain, by contrast, private debt fell from 207% of GDP in to 190% in 2012 thanks to improvements by both households and firms.相比之下,在英国,私人债务从年占国内生产总值的207 %下降至2012年的190%,无论是家庭还是企业都有所提高。Getting debt down has proved intractable because the economic climate has been so unforgiving.债务下降已经被明是棘手的,因为经济气候一直这么无情。Debt burdens automatically become lighter as money incomes rise.债务负担,随着收入上升而减轻。But that has not been the case in economies hit by a double-dip recession and hurt by prices that are close to deflationary levels.但是这并没有因二次衰退的打击和价格的伤害而接近通缩的水平。There is an inherent contradiction between the need for debtor countries in the euro zone to regain competitiveness through lower prices and at the same time to ease excessive debt with a dose of inflation.在欧元区的负债国家,有一种通过低价重获竞争力和同时舒缓膨胀减少过度借贷的内在的矛盾。Even in a better economic climate, though, southern Europe would be bad at writing down debt.不过,即使在一个更好的经济气候下,欧洲南部在债务上也不能做得更好。Corporate insolvencies have increased sharply but from low levels.低层次的企业破产大幅增加。Social attitudes frown on debtors, who are usually pursued through the courts in a long and costly process.债务人得不到社会的认可,通常是诉诸法院的一个漫长而昂贵的过程。Insolvency laws have recently been reformed in several countries.最近几个国家已经重新修订了破产法。The Portuguese government, for example, has made it easier for debt to be restructured outside the courts.例如,葡萄牙政府采取措施使法院以外的债务重组更为容易。But the reforms often fail to work.但改革期间往往不能正常工作。The Spanish law is intended to promote restructuring of viable firms but in practice most insolvencies end in liquidation after lengthy court proceedings.西班牙的法律是为了促进可行的企业重组,但实际上,大多数企业在冗长的法庭诉讼程序结束后依然清算破产。The cultural stigma of a bankruptcy remains: potential entrepreneurs in countries like Italy and Spain worry more about failure than they do in Britain and America.破产的耻辱在文化上的仍然存在:有潜力的企业家在像意大利和西班牙这样的国家比在英国和美国更担心失败。Dutch discouraged绝望荷兰High household debt helps explain why the Netherlands, along with Italy and Spain, remained in recession in the second quarter of 2013 even as the euro area in general embarked on recovery.高家庭债务有助于解释为什么既意大利和西班牙之后,同样位于欧元区的荷兰在整体复苏之后在2013年的第二季度依然处于衰退状态。Dutch GDP this year will be 2% lower than in 2011 and more than 3% below its previous peak, in 2008.荷兰国内生产总值今年将比2011年低2%,比2008年的高峰下降了3%以上。Though this loss of output is dwarfed by that suffered in southern Europe, it illustrates the malign effect of high debt when house prices fall—recent declines have been close to those in Spain.虽然这与欧洲南部遭受的产出损失相比是相形见绌,但它说明房价下跌给高额负债造成了恶性影响,近期的跌势已经接近那些在西班牙的高额债务。That has pushed a quarter of Dutch homeowners into “negative equity”: their houses are worth less than their mortgages.这将使四分之一的荷兰房主成“负资产”持有者,因为他们的房屋价值低于他们的抵押贷款。Explore our interactive guide to Europes troubled economies探索欧洲的经济困难是我们的交互式指南Elsewhere in the euro area high corporate debt has been doing most damage.在欧元区其他地方的高企业借贷已经造成了严重的损失。Firms that have overborrowed are reluctant to embark on new ventures, and banks are in any case reluctant to lend because their balance-sheets are peppered with bad debts.借贷过多的企业都不愿做出新的尝试,而无论如何不愿放贷因为他们的资产负债表已经做好了穿插坏账的准备。This unhappy state of affairs prevails throughout southern Europe though its precise causes vary.这种糟糕的财务状况,在整个南部欧洲盛行,虽然其确切的原因各不相同。In Spain the bad debts have arisen mainly from the property bubble and have been tackled over the past year by recognising the losses and transferring the written-down loans to Sareb, an asset-management company. In Portugal they stem from the attrition of more than a decade of stagnation.在西班牙发生的坏账主要来自房地产泡沫的出现,并已在过去的一年解决已识别的损失并转移贷款到资产管理公司Sareb。The ECBs banking probe will cause some of this debt to be written down as banks are forced to recognise some of their bad loans.欧洲央行的探头会造成一些债务被记录成被迫承认的一些不良贷款。But the clean-up could be limited because of the fear among the European countries with solid finances that bad banking debts will be dumped into a common rescue fund.但是,清理是有限的,因为糟糕的债务可能被丢到具有坚实的财政基础的欧洲国家间的一个共同救助基金。If the quality of these assets is not properly addressed this time, it will cast a long shadow over the euro zones chances of making a sustained economic recovery.如果这时不能妥善处理这些资产的质量,它给欧元区经济持续复苏的机会带来巨大的阴影。 /201310/262649

Don--Don, were on the air.嘿,唐,我们正在直播哦。Sorry, Yael, just getting in some jumping jacks before work.抱歉,雅艾尔, 只是在工作之前做些跳跃运动。I dont want to be one of the quarter million Americans who die prematurely each year from conditions like diabetes, heart disease, and obesity.我可不想成为身患糖尿病、心脏病、肥胖症每年过早死的那25万名美国人其中之一。Oh brother, another segment about the benefits of exercise.哦,兄弟,运动的好处还有另一个原因。Whats the big deal?还有什么大不了的呢?Isnt there medicine that takes care of these diseases?药物不能治疗这些疾病吗?Well, medication is great for stabilizing existing conditions,嗯,药物有利于稳定现有的身体状况,but it doesnt solve the underlying problems-and everybody knows that exercising is good for you.但并不能解决根本问题,而且每个人都知道锻炼有好处。Yes, but now scientists suggest that exercise is even more than that.是的,但是现在科学家们表明运动还有更广泛的益处。The theory is that humans are genetically programmed by evolution to be physically active.该理论认为人类的身体活动决定自身的基因进化。After all, our ancestors spent millions of years hunting and gathering and only the last few thousand years as cultivators.毕竟,我们的祖先花了数百万年进行狩猎和采摘,而只有过去的几千年才作为庄稼人。So cushy office jobs arent natural?那轻松的办公室工作不自然吗?Right. So today, when we think of the average person, we think of someone who doesnt exercise.是这样的。所以今天,当我们想到一般人,我们认为这是一个不运动的人。And what these scientists are saying is that the biological norm is a person who is very active.而这些科学家们想表明的是生理正常的人是非常有活力的人。Im not sure I see your point.我不太我明白你的意思。So instead of saying that exercising decreases your risk for certain health problems, its more correct to say that not exercising increases your risk for those problems.与其说锻炼会降低你患上特定疾病的风险,不如更准确的说不锻炼会增加患病的风险。Your body expects you to exercise, and when you dont, your body is more likely to break down.你的身体期望自身去锻炼,如果不锻炼身体会垮掉。So when you do nothing, youre actually making things worse. 所以当你什么也不做的时候,其实是在让事情变得更糟。201309/256827

Anti-vaccine campaigners反疫苗活动家Clueless独领风骚Celebrities make us sick听信名人的话让我们生病JENNY MCCARTHY, a celebrity who introduced herself to the world on the pages of Playboy 20 years ago, is the proud owner of a Pigasus award, bestowed every April Fools day on “the performer who fooled the greatest number of people using the least talent”. Ms McCarthy, an anti-vaccination campaigner, says she is not opposed to vaccination. But she has defended debunked claims that jabs can trigger autism, and reckons her son was cured of his autism through vitamins and diet. More recently the anti-vaccination cause has been taken up by Alicia Silverstone, an actress whose name may now forever be linked to “Clueless” (pictured), a 1995 update of Jane Austens Emma in which she starred.珍妮·麦卡锡是一位名人,她因20年前出任杂志而一举成名。她很自豪拥有Pigasus奖,该奖项于每年愚人节颁发给那些“用很少的才智愚弄了大多数人的演员”。麦卡锡女士是一名反疫苗活动家,她称自己不反对接种疫苗。但她坚持宣称接种疫苗会导致孤独症,而且还认为自己儿子通过维生素和食疗治好了孤独症。最近艾丽西亚·西尔维斯通发起了反疫苗运动,她是一名演员,如今她的名字可能会永远和“独领风骚”(如图所示)联系在一起,她担任了该电影的女主角,该电影上映于1995年,是现代版的简·奥斯丁的《艾玛》。Whooping cough (pertussis), a contagious bacterial infection that is deeply unpleasant for adults and can be fatal for small children, was supposed to have been largely eradicated from the ed States, thanks to widesp vaccination. Infections fell from 222,202 in 1941 to 1,010 in 1976. But lately it has made an unwelcome return. In 2012 48,277 cases were reported, the highest figure in over half a century. On June 13th California declared an epidemic; 3,458 cases, including two deaths, have been reported so far this year. Other parts of the country, including Tennessee and Alabama, have also seen big rises, and there has been a worrying climb in measles cases.百日咳是一种接触传染的细菌性感染疾病,对于成人来说非常讨厌,而对儿童来说可能会致命。由于疫苗的广泛普及,该疾病在美国几乎已经绝迹。感染病例从1941年的222,202降低到了1976年的1,010。但后来它又死灰复燃。2012年报告的病例有48,277例,这是近半个世纪以来病例最多的一年。今年6月13号加州宣布疫情,发现病例3,458例,迄今为止有两人死亡。美国的其它州,包括田纳西州和阿拉巴马州,感染病例人数也大幅度增加,而且麻疹病例人数也开始增多,这非常令人担忧。Ms McCarthy and her ill-informed followers bear only part of the blame. At least as important is the phasing-out, in the 1990s, of an old vaccine which had nasty side-effects. The immunity conferred by the replacement appears to wear off sooner; health officials urge older children and adults to take a booster jab, but few do. Still, kooky anti-vaccination fears appear to be doing real harm. A study of a 2010 whooping-cough epidemic in California, in which ten babies died, found that areas where many people refused to vaccinate their kids were 2.5 times likelier to have high incidences of whooping cough. No such study has been conducted on this years outbreak, although the wealthy coastal enclaves of Marin, Napa and Sonoma counties are among the hardest-hit.麦卡锡和她那一无所知的同事们对此负有一部分责任。至少重要的是,在20世纪90年代,一部分产生了严重副作用的老疫苗被逐步淘汰,而更换的新疫苗产生的免疫力已经渐渐消退;卫生官员们督促那些年龄较大的儿童和成人再去注射疫苗以刺激免疫力,但是几乎没人去做。古怪的反疫苗情绪似乎造成了实质性的伤害。2010年加州曾经流行过百日咳,造成了10名婴儿死亡,对该疫情的一个研究发现大部分人都拒绝为孩子注射疫苗的地区百日咳疫情发生率是其他地区的2.5倍。尽管今年马林、纳帕和索诺玛郡富裕的沿海围地是疫情最严重的地区,但没有人对这次疾病爆发的数据进行研究。Listening to the ideas of Californian celebrities has not always been bad for Americans, as Ronald Reagan demonstrated. But when it comes to vaccination, probably best to leave it to the experts.就如罗纳德·里根所说,听听加州名人们的观点对美国人没有坏处。但是当提到疫苗时,最好去关注专家的意见吧。 /201407/310071

Yael,What are you trying to do?雅埃尔,你在干嘛?Im trying to strike this match on the fire place,so I can start a fire.我正试图划燃火柴点燃壁炉,这样我就能有火了。Are you using the right kind of match?你用对火柴了吗?What do you mean?Isnt a match a match?你是什么意思?火柴不就是火柴吗?Nope,There are two different types: safety matches and strike-anywhere matches.大错特错,目前有两种不同的火柴:安全火柴,和那一种在哪里划一下都可以点燃的火柴。Safety matches are the kind that light only when struck on the striking surface on the side of a matchbox.所谓安全火柴,指的就是那种只有在火柴盒表面特定的,某一个可以划燃火柴的区域上才能点燃的火柴。A striking surface consists of sand, powdered glass, and a chemical called red phosphorus.这样的易燃表面是由沙子、玻璃粉、和一种叫做红磷的化学物质构成。The tip of a safety match is made of glass powder, sulfur, and an oxidizing agent–a chemical necessary to keep a flame burning.而火柴头是由玻璃粉,硫磺和一种氧化剂组成-这种氧化剂则是保持火苗能持续燃烧的必需化学物质。When a safety match scrapes against a striking surface, the glass powder on the striking surface and match head rub together, creating enough heat to turn a bit of the red phosphorus on the striking surface into white phosphorus.当你用一根安全火柴去擦这个易燃的表面时,表面的玻璃粉和火柴头相互擦,然后产生出了足够的热量,该热量可以使得易燃表面的红磷转化成为白磷。The white phosphorus ignites in air, passing ignition across to the match head.白磷在空气中会进行燃烧,然后就点燃了火柴头。Sounds like we have a chemical reaction thing going?听起来里面有些化学反应的门道?Thats right.的确如此。This starts a chemical reaction that uses the oxidizing agent on the match to produce oxygen gas.这个过程中引发了一场化学反应,在这个反应中火柴上的氧化剂产生了氧气。Combined with the heat, the oxygen gas causes the sulfur to catch fire, which then sps to the wood of the match.与足够的热量相混合后,氧气引发硫磺着火,之后火苗就会逐渐延伸到火柴另一端的木制部分。A strike anywhere match works almost the same way, except the red phosphorus is included in the match head.那种在任何地方都能点燃的火柴,和这种安全火柴的工作原理都是基本相同的,但是这种火柴的火柴头上就含有红磷。So, a strike anywhere match can be lit by striking the match against any hard surface.因此,只要将这种火柴的火柴头与硬物表面进行擦就可以燃烧。 /201310/259458

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