2020年经济学人 前美联储主席保罗·沃尔克(2)

He was struck by Friedrich Hayek's observation that the only way inflation cured unemployment was by disguising cuts in real wages. This linked inflation and deception¹ indelibly in his head. Price instability destroyed trust, not only in the dollar but in government; and trust that officials would work for the common good, as his father had selflessly worked in Teaneck, was basic to the social contract. These feelings, more than any strong commitment to monetarism, convinced him that gentle rate-raising would not be enough.

弗里德里希·哈耶克认为通胀解决失业问题的唯一方法是掩盖实际工资的削减，这让保罗印象深刻。他在脑子里把通货膨胀和欺骗不可磨灭地联系在一起。价格不稳定不仅摧毁了人们对美元的信任，也摧毁了人们对政府的信任；还有对官员会为公众利益工作的信任，就像他的父亲无私地在蒂内克工作那样，这是社会契约的基础。这些感觉，而不是对货币主义的坚定承诺，让他深信平缓的提升比率是不够的。

And with inflation running at well over 5% for most of the 1970s, he arrived at the Fed ready to tighten² until interest rates went through the roof. This caused fury and despair. As consumers stopped spending, home-building tanked and businesses closed down. Angry crowds and farmers on tractors besieged³ the Fed; the keys to cars that dealers⁴ could not sell were sent to him in the mail.

20世纪70年代的大多数时间通胀率都远高于5%，他在上任美联储之初，就准备好要收紧货币政策，直到利率飙升。这导致了愤怒和绝望。随着消费者停止消费，住房建设表现糟糕，企业大量倒闭。愤怒的人群和开着拖拉机的农民包围了美联储；汽车经销商把卖不出去的车钥匙邮寄给他。

Though he had doubts, and wore out his office carpet with anxious pacing, he kept at it: not just because expectations would leap back up if he relented, but because persistence⁵ was a virtue⁶ in itself. And he stayed on guard, so much so that during Ronald Reagan's 1984 campaign he was ordered by Reagan himself not to dare raise interest rates before the election, even though, by then, he was not intending to. Reagan's men thought he wanted to hold the economy back, and tried to dislodge him. He opposed the president's tax cut in 1981 unless it was matched by cuts in spending, but this was not political; deficits⁷ led to inflation. Besides, to a man who believed in frugality⁸ and discipline, they were also offensive.

尽管他有疑虑，在办公室焦急地走来走去，把地毯都磨坏了，但是他还是坚持了下来：不仅是因为政策温和后人们的期待会重新高涨，而且是因为坚持本身就是一项美德。保罗保持着警惕，以至于在罗纳德·里根1984年的竞选中，里根本人对他下令，在精选之前不要提升利率。尽管那时候他也没这个打算。里根的人认为他想要阻止经济发展，并试图将他赶下台。保罗在1981年反对总统的减税，除非同时削减开支，但这不是出于政治目的；赤字会导致通货膨胀。此外，对于一个崇尚节俭和纪律的人来说，这也是一种冒犯。

1 deception   

n.欺骗，欺诈；骗局，诡计

参考例句：

• He admitted conspiring to obtain property by deception.他承认曾与人合谋骗取财产。
• He was jailed for two years for fraud and deception.他因为诈骗和欺诈入狱服刑两年。

2 tighten   

v.(使)变紧；(使)绷紧

参考例句：

• Turn the screw to the right to tighten it.向右转动螺钉把它拧紧。
• Some countries tighten monetary policy to avoid inflation.一些国家实行紧缩银根的货币政策，以避免通货膨胀。

3 besieged   

包围，围困，围攻( besiege的过去式和过去分词 )

参考例句：

• Paris was besieged for four months and forced to surrender. 巴黎被围困了四个月后被迫投降。
• The community besieged the newspaper with letters about its recent editorial. 公众纷纷来信对报社新近发表的社论提出诘问，弄得报社应接不暇。

4 dealers   

n.商人( dealer的名词复数 )；贩毒者；毒品贩子；发牌者

参考例句：

• There was fast bidding between private collectors and dealers. 私人收藏家和交易商急速竞相喊价。
• The police were corrupt and were operating in collusion with the drug dealers. 警察腐败，与那伙毒品贩子内外勾结。

5 persistence   

n.坚持，持续，存留

参考例句：

• The persistence of a cough in his daughter puzzled him.他女儿持续的咳嗽把他难住了。
• He achieved success through dogged persistence.他靠着坚持不懈取得了成功。

6 virtue   

n.德行，美德；贞操；优点；功效，效力

参考例句：

• He was considered to be a paragon of virtue.他被认为是品德尽善尽美的典范。
• You need to decorate your mind with virtue.你应该用德行美化心灵。

7 deficits   

n.不足额( deficit的名词复数 )；赤字；亏空；亏损

参考例句：

• The Ministry of Finance consistently overestimated its budget deficits. 财政部一贯高估预算赤字。 来自《简明英汉词典》
• Many of the world's farmers are also incurring economic deficits. 世界上许多农民还在遭受经济上的亏损。 来自辞典例句

8 frugality   

n.节约，节俭

参考例句：

• We must build up our country with industry and frugality.我们必须勤俭建国。
• By frugality she managed to get along on her small salary.凭着节俭，她设法以自己微薄的薪水生活。