Crisis-in-confidence-The-China-factor-譯文及權(quán)威分析

Qtt制作研究生英語農(nóng)林院校第三單元Crisisinconfidence:TheChinafactorByFrancescoSisciThecrisisinconfidenceintheUSeconomytriggeredbythe"creativeaccounting"scandalsinvolvingEnronandothershashighlightedimportantdifferencesintheworld'stwomostpowerfuleconomies,theUnitedStatesandEurope.（牽涉安然和其他公司的假賬丑聞觸發(fā)了美國經(jīng)濟(jì)的信任危機(jī)，而這凸顯了世界最具實(shí)力的兩大經(jīng)濟(jì)體——美國和歐洲經(jīng)濟(jì)體之間的重要不同。）ButanotheremergingeconomicgiantloomsinAsia,anditisclearthathere,too,confidenceisthekey.Here,however,securityistheconcern,andnotsomuchmisleadingprofit-and-lossfigures.（不過在亞洲另一個(gè)正在形成的經(jīng)濟(jì)巨人已經(jīng)出現(xiàn)，并也表明信心是關(guān)鍵。雖然亞洲的安全問題也讓人擔(dān)憂，但是卻沒有如此之多的與利益得失相關(guān)的欺騙性的數(shù)據(jù)。）IntheUnitedStates,creativeaccountingpermittedtraditionalcompaniestoshowperformancessimilartothoseinthenewhigh-techeconomyandthuscompetewithMicrosoftanditspeersforashareofinvestmentfromanever-greedierpublic.（在美國，假賬使傳統(tǒng)企業(yè)與那些高科技經(jīng)濟(jì)體下的公司表現(xiàn)出相近的業(yè)績，藉此這些傳統(tǒng)企業(yè)與微軟及其合作伙伴們競爭并從變得更加貪婪的投資者那里分得一杯羹。）Inthisway,onecouldseetheEnroncaseandtheothersasbyproductsoftheneweconomy.（于是，人們能看到安然事件等成為新經(jīng)濟(jì)的副產(chǎn)品。）Asthenewcompaniesshowedperformancesandpotentialsthatwerecrowdingoutthetraditionalcompanies,thelatterlostinvestmentonthestockmarket.（由于新公司表現(xiàn)出的成就和潛能擠垮了傳統(tǒng)公司，后者失去了股票市場上的投資。）Tocompeteandstayafloatinaworldoffast-shiftinginvestment,thetraditionalcompanieshadtoimprovetheirperformance.（為了能在瞬息萬變的投資市場站穩(wěn)腳跟，傳統(tǒng)公司不得不提升他們的業(yè)績。）Todothattheyhadtostreamlinetheirbusinessandmakeitmorerewardingforthestockholder,whowouldotherwiseshifthisinvestmentintonew-economystocks.（于是傳統(tǒng)公司需要提高公司的效率并給予股東更高的回報(bào)以能挽留住他們而不轉(zhuǎn)向投資新經(jīng)濟(jì)股票。）Furthermore,theneweconomypromisednewavenuesofgrowth,promisesfueledbytheuncertaintysurroundingthereallong-termeffectsofthecomputerrevolution.（此外,新經(jīng)濟(jì)給出了經(jīng)濟(jì)增長新途徑的承諾，這些承諾增加了環(huán)繞在計(jì)算機(jī)革命所帶來的真實(shí)而長期的影響周圍的不確定性。）Althoughnoonecouldcalculatehowmuchefficiencywouldimprove,everyoneassumedsuchimprovementswouldshowuponthebalancesheetssoonerorlater.（盡管沒人能計(jì)算出效能提高了多少，人們都斷定遲早都能甩掉資產(chǎn)負(fù)債表。）Thelackofclearcalculationsmadetheatmosphereheadyandinvestorsgotcarriedaway,ascapitaliststendtodowhentheysmellaperiodofstronggrowth.（由于資本家一旦嗅到強(qiáng)勢增長就會采取措施，計(jì)算的不明朗使得氣氛活躍，投資者也激情高漲。）Butwhenstreamliningandconsolidationfailedtoprovidethenumbersneededtoluregreedyinvestors,businessleadersconcoctednewaccountingdevices.（但是當(dāng)提高效率和合并不能滿足貪婪的投資者的時(shí)候，商業(yè)領(lǐng)袖們捏造了新的會計(jì)策略。）Whenthenew-economybubbleburst,overallenthusiasmwanedandasthefloodrecededitnotonlyleftthelessernew-economycompaniesstranded,butitalsorevealedthefaultsofnew-economyaccounting.（當(dāng)新經(jīng)濟(jì)泡沫破滅的時(shí)候，所有的熱情就像洪水過后都在衰退并且不只使得新經(jīng)濟(jì)公司陷于困境，也暴露出新經(jīng)濟(jì)會計(jì)制度的缺陷。）Thepublicfeltcheatedtwice,oncebytheneweconomythathad(partly,tobefair)failedtodeliverasmuchasitpromised,andthenasecondtimebyEnronanditscompanionsthathadmisrepresentedthenumbers.（人們再次感覺被欺騙了——一次是新經(jīng)濟(jì)沒有<公平的說是部分的>實(shí)現(xiàn)自己的承諾，第二次則是安然公司及其同伙故意誤報(bào)數(shù)據(jù)。）ThesenseofbeingcheatedwascompoundedbyArthurAndersen,anaccountingcompanythatwassupposedtocheckthenumbersbutinsteadcoveredthemup;theeventsofSeptember11furthershookconfidence,becausetheymadetheUnitedStatesfearitcouldbeattackedandbroughttoitsknees.（負(fù)責(zé)對安然公司的財(cái)務(wù)狀況進(jìn)行審計(jì)的會計(jì)事務(wù)所加重了民眾被騙的感覺——一個(gè)原本是來核對賬目的會計(jì)公司竟然掩蓋賬目的真相；而9·11事件更加動搖了美國民眾對于本國經(jīng)濟(jì)的信任，因?yàn)樗麄兒ε卤緡?jīng)濟(jì)會因此而受到打擊從而一蹶不振。）ThisistheessenceofthefailureofconfidenceUSFederalReservechairmanAlanGreenspaninhisrecenttestimonytoCongressspokeabout,andthisisthereasonforthefailureofthedollarvis-?-vistheeuro.（美國聯(lián)邦儲備局主席Alan在他最近給國會的證詞中指出上述原因是失去自信的要素，也是美元與歐元相比失敗的原因。）Accordingtofigures,theUSeconomystilloutperformstheEuropeaneconomyatthemoment,butarethesefigurestrue?（從數(shù)據(jù)來看，目前美國經(jīng)濟(jì)比歐洲要好，但這些數(shù)據(jù)是真實(shí)可靠的嗎？）InvestorsaskedthatquestionastheybecamemoreconfidentintheEuropeaneconomy,whichhadlittleornoexperiencewiththeneweconomyandcreativeaccounting,andwhichhadenduredterrorismfordecadeswithoutanySeptember11-typenervousbreakdown.（投資者提出這樣的問題是因?yàn)樗麄儗W洲經(jīng)濟(jì)更加充滿信心，歐洲經(jīng)濟(jì)沒有或很少有關(guān)于新經(jīng)濟(jì)和假賬的經(jīng)歷，而且歐洲經(jīng)濟(jì)已經(jīng)忍受了幾十年的恐怖主義但卻從來沒有發(fā)生像9·11事件那樣所導(dǎo)致的精神崩潰。）Inasentence:theUSeconomyprovedmorevolatile,forinternalandexternalreasons,whiletheEuropeanoneprovedmoreresilient.（一句話：美國經(jīng)濟(jì)反復(fù)無常；而歐洲經(jīng)濟(jì)更有彈性。）Thatsaid,itisalsotruethattheEuropeanmarketlackstheUSmarket'sabilitytofaceitsghosts,beittheneweconomy,creativeaccountingorterrorism,andtobounceback:itsvolatilityisalsovitality.（盡管如此，歐洲市場缺乏美國市場那種直面不利因素的能力，這些不利因素包括新經(jīng)濟(jì)，新型報(bào)賬或者恐怖主義，而且還缺乏受挫后恢復(fù)過來的能力----美國市場的多變性也是他的生命力所在。）Nofailuresinatechnology-basedeconomyoraccountinghaveoccurredinEurope,yetnotechnologicalleapshavetakenplaceeither.（歐洲沒有發(fā)生過以技術(shù)為基礎(chǔ)的經(jīng)濟(jì)或會計(jì)制度的失敗，也沒有發(fā)生技術(shù)上的飛躍。）Despitethefailuresofnewaccounting,America'sfreshwaysofdoingbusiness,whennottakentotheextreme,madeitpossibletoseethepotentialofnewbusinessandgrowth;anditforcedbusinessestolookforresourcesinsideandoutsidethecompanyinordertoreapthispotential.LittleofthekindhappenedinEurope.（盡管新會計(jì)制度失敗了，在還不太極端的時(shí)候，美國做生意的新方式使得預(yù)見新生意的潛能和增長是可能的。而這在歐洲幾乎不可能。）Moreover,whenconfrontedbyexternalthreats,suchasterrorismortheescalationofwarintheBalkans,Europeasacohesiveentitydidlittlebyitself;iteithersentforUShelp,oreachEuropeangovernmentactedonitsown.（此外，當(dāng)遭受恐怖主義或巴爾干半島戰(zhàn)爭升級等外部威脅時(shí)，歐洲作為一個(gè)有凝聚力的實(shí)體自己卻幾乎什么也不做，他或求助于美國或讓各個(gè)政府部門自己處理。）Neitheractionsservedtosupporttheregionalcurrency,theeuro,designedtocoveralmostthewholecontinent.（歐元是要做整個(gè)大陸性的而不是區(qū)域性的流通貨幣。）Theeurohasnoarmyorpolicetodefenditandso,whenunderattack,itmustcallWashingtonortheheadquartersofthegovernmentsoftheformermark,francorlira.（歐元區(qū)沒有統(tǒng)一的軍隊(duì)和警察保護(hù)，一旦受到攻擊，歐元區(qū)各國只能求助于華盛頓或各國政府。---意指各國雖然都使用同一種貨幣，但各國的經(jīng)濟(jì)則相對獨(dú)立且脆弱。）Insuchascenariotheeurowouldsurelyplummetandthedollarriseagain.（在這樣一種情形下，歐元肯定會貶值而美元?jiǎng)t又會升值。）ThelackofEuropeanpoliticalunityisreflectedinthelackofcontinentalcompanies.（歐洲這種政治一體化的缺失反映在歐洲大公司的缺乏上。）TheEuropeancompaniesareGermanorFrenchorItalianand,iftheydomergeabroad,itisoftenwithUScompanies,amarriagelessfearedthanonewithanother,foreignEuropeancompany.（德國、法國、意大利等歐洲國家的公司更多的是與美國公司合并以減少與歐洲公司聯(lián)姻時(shí)的恐懼。）Europeancompaniesmayexpandfromonecountryintoanother,buttheyremainstronglybasedinasinglenation.（歐洲公司可能會從一個(gè)國家擴(kuò)張到另一個(gè)國家，但他們?nèi)匀辉谝粋€(gè)國家保留有強(qiáng)大的根基。）Laborandtaxpolicies,whoseliberalizationintheUnitedStatesmadepossibletheneweconomy,inEuropearestillinthehandsofindividualgovernmentsthatusethemforelectoralpurposes.（美國勞動力以及稅收政策的自由化使得新經(jīng)濟(jì)成為可能，而歐洲政府則把它們用于選舉。）Noalternativeispossible,asthereisnorealcontinentallybaseddemocraticsystem.（這兩者都沒有選擇的余地，因?yàn)闆]有真正的民主制度。）TheEuropeanParliamentisahouseofsuper-lordswithnopowerifcomparedwiththeircounterpartsinthenationalparliaments.（歐洲議會與其他國家的議會相比就像沒有權(quán)力的超級君主的一個(gè)宮殿。）Simplyput:Europeisnotacountry,andtheUnitedStatesis.（簡單地說：歐洲不是一個(gè)國家而美國是。）Forthisreason,Europehasnotmanagedtoachievelargegrowth-ortheheadachesthatgowithit.（正是因?yàn)檫@些原因或其他令人頭痛的事，歐洲經(jīng)濟(jì)沒能大幅增長。）Butdomesticandexternalthreatsareimpossibletodiscount,andtheUSisconsiderablybetterequippedtofaceboth.（并且來自里外部的威脅都不能