财富精英励志演讲 第138期:未来的路(13)

 The United States has been at the center of the international financial system ever since the Second World War. The dollar has served as the main international currency and the United States has derived¹ immense benefits from that position but lately it has abused its privilege. Starting in the 1980s it has built up an ever increasing current account deficit². This could have continued indefinitely because the Asian tigers, first under the leadership of Japan and now of China, were willing to finance that deficit by building up theirr dollar holdings, but the excessive indebtedness of United States households brought the process to an end. When the housing bubble burst, households found themselves overextended. The banking³ system has suffered tremendous losses and has to earn its way out of a hole. In commercial real estate and leveraged⁴ buyouts, the bloodletting is yet to come. These factors will continue to weigh on the American economy and the American consumer will no longer be able to serve as the motor for the world economy.

二战以来，美国一直处于国际金融体系中心的地位。美元是主要的国际货币，美国从中获益颊多。但近来美国开始滥用其特权。从20世纪年代开始，美国的往来账户逆差日益增长。这种态势本来可能一直持续下去，由于亚洲四小龙出现之后，它们最初在日本，现在在中国的领导下，愿意加强自己的美元储备来承担这种逆差。但是美国的过度负债终止了这一进程。在房地产泡沬破灭之后，美国家庭发现自己承担了太多风险；银行体系遭受巨大损失而不得不为自己走出困塊寻找出路；房地产和杠杆收购付出惨痛代价的时刻即将到来。这些因素将继续考验美国经济，美国消费者将不再有能力充当世界经济发展的火车头。

To some extent, China may be able to take its place. China has been the primary beneficiary of globalization and it has been largely insulated from the financial crisis.

从一定程度上讲，中国可能会取而代之。中国已成为全球化的主要受益者，并在很大程度上躲过了金融危机的灾难性打击。

1 derived   

vi.起源；由来；衍生；导出v.得到( derive的过去式和过去分词 )；（从…中）得到获得；源于；（从…中）提取

参考例句：

• Many English words are derived from Latin and Greek. 英语很多词源出于拉丁文和希腊文。 来自《简明英汉词典》
• He derived his enthusiasm for literature from his father. 他对文学的爱好是受他父亲的影响。 来自《简明英汉词典》

2 deficit   

n.亏空，亏损；赤字，逆差

参考例句：

• The directors have reported a deficit of 2.5 million dollars.董事们报告赤字为250万美元。
• We have a great deficit this year.我们今年有很大亏损。

3 banking   

n.银行业，银行学，金融业

参考例句：

• John is launching his son on a career in banking.约翰打算让儿子在银行界谋一个新职位。
• He possesses an extensive knowledge of banking.他具有广博的银行业务知识。

4 leveraged   

促使…改变( leverage的过去式和过去分词 )； [美国英语]杠杆式投机，（使）举债经营，（使）利用贷款进行投机

参考例句：

• Chrysler has traditionally been a highly leveraged company. 克莱斯勒一向是一家周转十分灵活的公司。
• Leveraged recaps have become popular for a number of reasons. 杠杆资本重组的大行其道有好几个原因。