经济学人:货币的半衰期 (2)

 　　To make the numbers easier to grasp, they have provided an alternative way to express them. 为了让大家更好理解这些数据，他们提供了另一种表述方式。

　　They calculate how long it would take for prices to double, if inflation persists at its peak monthly pace. 他们计算出了通货膨胀保持每月最高值时，物价翻倍所需要的时长。

　　Their results provide a kind of "half-life" for a currency, showing how long it takes for it to lose 50% of its value 结果得出了一种货币的半衰期，展现了一种货币贬值50%所需时长

　　(relative to the country's consumer goods and services). （相对于该国家的生活消费品和服务而言）。

　　This alternative calculation turns the astronomical¹ percentages of hyperinflation into more mundane² intervals³ of time: 这种替代计算将恶性通货膨胀天文数字般的百分比变成了更加容易理解的时段：

　　millions into days and quintillions into hours. In Venezuela's case it took less than 19 days in August for the currency to lose half its value. 把百万变成天数，把百万的五次幂变成小时。在委内瑞拉的这种情况中，八月份，货币要贬值50%需要时间不足19天。

　　In the worst month of Hungary's hyperinflation, it took just 15 hours. 在匈牙利恶性通货膨胀最糟糕的月份里，则需要近15个小时。

　　"Soon the depreciation⁴ of the currency advanced so rapidly that it not only was felt from day to day, “货币贬值如此迅速，很快不仅能感受到每天的变化，

　　but even from hour to hour," notes one historian of the episode. 甚至能感受到每个小时的变化，”通货膨胀事件中的一名历史学家说道。

　　That ever-present feeling has one consolation⁵: it can make hyperinflations quick to end. 总有一种安慰：恶性通货膨胀很快便会结束。

　　Of the 57 episodes identified by Messrs Hanke and Krus, many lasted less than a year. 在汉克和克鲁斯鉴定的57次通货膨胀事件中，很多都持续了不足一年之久。

　　Because people are always thinking about prices, their inflation expectations are unusually fluid. 因为人们总会考虑物价，它们的实际通货膨胀率极其不稳定。

　　If the government can convince them that it has stopped printing and spending money so recklessly, 如果政府可以让他们相信，国家已经停止肆无忌惮地印钱、花钱，

　　shops, businesses and workers will be quick to act on that conviction, raising their prices and wages more conservatively. 那么商店、商业和工人很快就会坚定地做出行动，在提高价格和涨工资时会更加谨慎。

　　In high but not hyperinflationary scenarios⁶, by contrast, people become accustomed to rapid price increases and expect them to continue. 相反，当出现高通货膨胀且不构成恶性通货膨胀的情况下，人们会习惯于物价的迅速增长并认为物价还会继续。

　　That makes it more likely they will do so. Hyperinflation is so disruptive no one can get used to it. 这使得他们更有可能这么做。恶性通货膨胀极具破坏力，没人会习惯于此。

1 astronomical   

adj.天文学的，（数字）极大的

参考例句：

• He was an expert on ancient Chinese astronomical literature.他是研究中国古代天文学文献的专家。
• Houses in the village are selling for astronomical prices.乡村的房价正在飙升。

2 mundane   

adj.平凡的；尘世的；宇宙的

参考例句：

• I hope I can get an interesting job and not something mundane.我希望我可以得到的是一份有趣的工作，而不是一份平凡无奇的。
• I find it humorous sometimes that even the most mundane occurrences can have an impact on our awareness.我发现生活有时挺诙谐的，即使是最平凡的事情也能影响我们的感知。

3 intervals   

n.[军事]间隔( interval的名词复数 )；间隔时间；[数学]区间；（戏剧、电影或音乐会的）幕间休息

参考例句：

• The forecast said there would be sunny intervals and showers. 预报间晴，有阵雨。
• Meetings take place at fortnightly intervals. 每两周开一次会。

4 depreciation   

n.价值低落，贬值，蔑视，贬低

参考例句：

• She can't bear the depreciation of the enemy.她受不了敌人的蹂躏。
• They wrote off 500 for depreciation of machinery.他们注销了500镑作为机器折旧费。

5 consolation   

n.安慰，慰问

参考例句：

• The children were a great consolation to me at that time.那时孩子们成了我的莫大安慰。
• This news was of little consolation to us.这个消息对我们来说没有什么安慰。

6 scenarios   

n.[意]情节；剧本；事态；脚本

参考例句：

• Further, graphite cores may be safer than non-graphite cores under some accident scenarios. 再者，根据一些事故解说，石墨堆芯可比非石墨堆芯更安全一些。 来自英汉非文学 - 环境法 - 环境法
• Again, scenarios should make it clear which modes are acceptable to users in various contexts. 同样，我们可以运用场景剧本来搞清楚在不同情境下哪些模式可被用户接受。 来自About Face 3交互设计精髓