经济学人:关于投资:利用现有资产孵化其他资产(2)

 　　In Japan, too, borrowers are scarce. 在日本，借钱的人也是几乎没有。

　　Private non-financial companies, which ought to play the role, have instead been lending to the rest of the economy, acquiring more financial claims each quarter than they incur¹. 理应充当这一角色的私人非金融公司，反而一直在把钱借给经济体中的其他人，每个季度都收获比它们承担的还要多的债权。

　　At the end of September 2017 they held ￥259trn ($2.4trn) in currency and deposits. 在2017年9月底，他们持有259万亿日元(合2.4万亿美元)的现金和存款。

　　Gesell worried that hoarding² money in this way perverted³ the natural economic order. 格塞尔担心，以这种方式囤钱扭曲了自然的经济秩序。

　　It let savers preserve their purchasing power without any of the care required to prevent resources eroding⁴ or any of the ingenuity⁵ and entrepreneurialism required to make them grow. 它允许储户在没有防止资源流失所需要的照料或是使其增加所需要的心灵手巧和实干精神的情况下，保存他们的购买力。

　　“Our goods rot, decay, break, rust," he wrote, and workers lose a portion of their principal asset- -the hours of labour they could sell- "with every beat of the pendulum⁶'. “我们的商品腐烂、变质、分解、生锈，”他写道。同时，“随着钟摆的每一次摆动”工人也在失去他们的主要资产——他们可以出售的劳动时间——中的一部分。

　　Only if money depreciated⁷ at a similar pace would people be as anxious to spend it as suppliers were to sell their perishable⁸ commodities. 只有当钱以同样的速度贬值时，人们才会急于把它花掉，供应商也才会急于把他们容易腐烂变质的商品买出去。

　　To keep the economy moving, he wanted a money that "rots like potatoes" and "rusts⁹ like iron". 为了让经济体保持前行，他想要一种“像士豆那样腐烂”，‘像铁那样生锈” 的钱。

　　The BoJ shuns¹⁰ such language (and, in the past, has at times seemed determined¹¹ to to keep the yen¹² as hard as a ship's biscuit). 日本银行有意地回避这种语言  (而且，以前也多次似乎决心要保持日元如船员干粮那样坚挺。)

　　But in imposing¹³ a negative interest rate in 2016 and setting an inflation target three years before,  但是，在2016年实施负利率政策以及在三年前设定通胀目标这方面，

　　it is in effect pursuing Gesell's dream of a currency that rots and rusts, albeit¹⁴ by only 2% a year. 它实际上是在追求格塞尔的梦想——一种会腐烂和生锈的钱，虽然每年仅腐烂和生锈2%。

1 incur   

vt.招致，蒙受，遭遇

参考例句：

• Any costs that you incur will be reimbursed in full.你的所有花费都将全额付还。
• An enterprise has to incur certain costs and expenses in order to stay in business.一个企业为了维持营业,就不得不承担一定的费用和开支。

2 hoarding   

n.贮藏；积蓄；临时围墙；囤积v.积蓄并储藏（某物）( hoard的现在分词 )

参考例句：

• After the war, they were shot for hoarding. 战后他们因囤积而被枪决。 来自《简明英汉词典》
• Actually he had two unused ones which he was hoarding up. 其实他还藏了两片没有用呢。 来自英汉文学

3 perverted   

adj.不正当的v.滥用( pervert的过去式和过去分词 )；腐蚀；败坏；使堕落

参考例句：

• Some scientific discoveries have been perverted to create weapons of destruction. 某些科学发明被滥用来生产毁灭性武器。
• sexual acts, normal and perverted 正常的和变态的性行为

4 eroding   

侵蚀，腐蚀( erode的现在分词 )； 逐渐毁坏，削弱，损害

参考例句：

• The coast is slowly eroding. 海岸正慢慢地被侵蚀。
• Another new development is eroding the age-old stereotype of the male warrior. 另一个新现象是，久已形成的男人皆武士的形象正逐渐消失。

5 ingenuity   

n.别出心裁；善于发明创造

参考例句：

• The boy showed ingenuity in making toys.那个小男孩做玩具很有创造力。
• I admire your ingenuity and perseverance.我钦佩你的别出心裁和毅力。

6 pendulum   

n.摆，钟摆

参考例句：

• The pendulum swung slowly to and fro.钟摆在慢慢地来回摆动。
• He accidentally found that the desk clock did not swing its pendulum.他无意中发现座钟不摇摆了。

7 depreciated   

v.贬值，跌价，减价( depreciate的过去式和过去分词 )；贬低，蔑视，轻视

参考例句：

• Fixed assets are fully depreciated. 折旧足额。 来自《现代汉英综合大词典》
• Shares in the company have depreciated. 该公司的股票已经贬值。 来自辞典例句

8 perishable   

adj.（尤指食物）易腐的，易坏的

参考例句：

• Many fresh foods are highly perishable.许多新鲜食物都极易腐败。
• Fruits are perishable in transit.水果在运送时容易腐烂。

9 rusts   

n.铁锈( rust的名词复数 )；（植物的）锈病，锈菌v.（使）生锈( rust的第三人称单数 )

参考例句：

• Copper nails are better than iron nails because the iron rusts. 铜钉比铁钉好，因为铁会生锈。 来自辞典例句
• The axenic culture of rusts has been achieved on various defined media. 在各种规定的培养基上可得到锈菌的单体纯净培养物。 来自辞典例句

10 shuns   

v.避开，回避，避免( shun的第三人称单数 )

参考例句：

• We must not reproach her, or she shuns us. 我们可不要责备她，否则她要躲避我们。 来自辞典例句
• Any of them shuns, impedes, or attempts at inspection. 一规避、妨碍或拒绝检查。 来自互联网

11 determined   

adj.坚定的；有决心的

参考例句：

• I have determined on going to Tibet after graduation.我已决定毕业后去西藏。
• He determined to view the rooms behind the office.他决定查看一下办公室后面的房间。

12 yen   

n. 日元；热望

参考例句：

• He wanted to convert his dollars into Japanese yen.他想将美元换成日币。
• He has a yen to be alone in a boat.他渴望独自呆在一条船上。

13 imposing   

adj.使人难忘的，壮丽的，堂皇的，雄伟的

参考例句：

• The fortress is an imposing building.这座城堡是一座宏伟的建筑。
• He has lost his imposing appearance.他已失去堂堂仪表。

14 albeit   

conj.即使；纵使；虽然

参考例句：

• Albeit fictional,she seemed to have resolved the problem.虽然是虚构的，但是在她看来好象是解决了问题。
• Albeit he has failed twice,he is not discouraged.虽然失败了两次，但他并没有气馁。