经济学人33:当代最具影响力的央行行长

 　　Books and Arts; Book Review;Paul Volcker;Tall tale;

　　文艺；书评；保罗·沃尔克;伟人传奇；

　　Volcker: The Triumph of Persistence¹. By William Silber.

　　《沃尔克：金石为开》威廉· 希尔伯著。

　　Alan Greenspan may be the most famous central banker of the modern era, but Paul Volcker has been the most influential². He played a crucial diplomatic role during the death of the Bretton Woods financial system in the early 1970s, which severed³ the link between money and gold and ushered⁴ in floating exchange rates. As head of the Federal Reserve from 1979, Mr Volcker then tamed the inflation that ensued, bringing monetary⁵ stability in the face of political opposition⁶ to the very high interest rates required. In doing so, he set the template for modern economic management, built around an independent central bank with an implicit⁷, or explicit⁸, inflation target.

　　历任当代央行行长中，或许最知名的是艾伦·格林斯潘（ALAN GREENSPAN），但最有影响力的则是保罗．沃尔克。他于二十世纪七十年代初扮演着至关重要的外交角色，期间货币与黄金脱钩、浮动汇率制被引入、布雷顿森林体系走向瓦解。1979年，沃尔克出任美联储主席。为了控制随之而来的通货膨胀，沃尔克不顾来自政治方面的反对声音，大幅提高利率，带来了货币稳定。借此，他构建了当代经济管理模式，设立了具有明确/隐含通胀目标的一家独立央行。

　　After serving at the Treasury⁹ under Richard Nixon, the towering (6ft 7in) Mr Volcker was appointed to the Fed by both Jimmy Carter and Ronald Reagan. More recently he has been an adviser¹¹ to Barack Obama, who traded on the former Fed chief's credibility by dubbing¹² his plan to end banks' proprietary¹³ trading the “Volcker rule”.

　　在尼克松（Richard Nixon）政府的财政部工作过后，伟岸的沃尔克先生（6英尺7英寸，即2米出头)同时被吉米·卡特（Jimmy Carter）和罗纳德·里根（Ronald Reagan）提名推荐到美联储。最近，他又成为了布莱克·奥巴马（Barack Obama）的顾问。奥巴马利用这位前美联储主席的声誉，将其提出的禁止银行自营交易的计划称为“沃尔克规则”。

　　This long record of public service earns the admiration¹⁴ of William Silber, his new biographer. Mr Volcker could have earned much more on Wall Street. Upon becoming head of the Fed, his salary was halved¹⁵. To balance their domestic budget, his wife,took a part-time job as a book-keeper and let a room in their flat. He smoked cheap (and smelly) cigars because he could not imagine spending as much as $2 on a stogie. In later life, when he chaired investigations¹⁶ into the UN oil-for-food programme or Arthur Andersen, an accountancy firm, he charged only a token $1 fee.

　　沃尔克的新自传撰写人威廉· 希尔伯（William Silber）对其在公共服务的长期贡献深表敬佩。沃尔克本可在华尔街赚得更多。他的薪水在其出任美联储主席时缩减了一半。为了平衡家庭收支，妻子芭芭拉（Barbara）当时从事着一份记账员的兼职工作，并对外出租了他们公寓里的一个房间。沃尔克则抽着廉价（还有点难闻）的雪茄，原因是他最多肯为每支廉价雪茄支付2美元。后来，不论是在他负责联合国有关 “石油换食品”计划受贿案的调查项目时、还是出任安达信（一家咨询公司）独立监察委员会主席时，沃尔克都仅象征性地收取1美元作为薪酬。

　　Yet Mr Volcker still lacked the consolation¹⁷ of popularity, unlike Mr Greenspan, who was praised by the press and politicians for much of his term. Democrats¹⁹ blamed Mr Volcker for losing them the 1980 election because of his tight monetary policy. Milton Friedman saw him as insufficiently²⁰ monetarist, and many in the Reagan White House regarded him with suspicion as a Democrat¹⁸. Mr Volcker barely made it though his eight years at the Fed. He nearly failed to be reappointed in 1983 and almost resigned in 1986, when defeated on a key vote. It was only in retrospect²¹ that his reputation grew; Mr Silber's well-written book should help cement it.

　　即便如此，沃尔克仍然缺乏来自民众的安慰；而格林斯潘在位期间，则常常受到媒体与政客的称颂。民主党人士认为，施行紧缩型货币政策的沃尔克要对他们1980年的落选负责。米尔顿·弗里德曼（Milton Friedman）认为沃尔克的货币主义没做到位，而许多里根政府人士则对他的民主党身份抱有质疑。八年的美联储生涯，沃尔克很少有“一举成功”的时刻。1983年，他差点落选继任美联储主席的提名；1986年则由于在一次关键性投票中落败，近乎提出辞呈。只有在后人的回顾里，才能慢慢发现沃尔克的荣望所在；而希尔伯在其所著传记里，应该很好地印证了这番观点。

　　While Mr Volcker's record at the Fed is well-known, what might be more surprising is the crucial role he played in the exchange-rate crises of the early 1970s. Like an economic Henry Kissinger, Mr Volcker shuttled around the world to placate²² foreign allies in the face of Nixon's marked indifference²³ to international economics. “I don't give a shit about the lira,” was one of Tricky²⁴ Dick's choice phrases.

　　沃尔克在美联储的任职经历广为人知，其更令人惊讶的，应是他于二十世纪七十年代早期在汇率危机中所扮演的重要角色。同经济学家艾尔弗雷德·基辛格（Henry Kissinger）相似，沃尔克穿梭于世界各地安抚国际同盟，尽管当时尼克松对国际经济满不在乎。“我才不在乎什么里拉”，摘自滑头迪克语录。

　　For decades politicians had mouthed their support for a strong currency, but Nixon cut through the claptrap. “Volcker thinks we ought to sacrifice the domestic economy to save the dollar,” he said. “I'm not in favour of that.” The dollar duly fell sharply in the 1970s, although it rebounded²⁵ under Mr Volcker's tenure²⁶ at the Fed. Mr Silber praises his subject for stabilising the currency and also for opposing Reagan's budget deficits²⁷. Whether he is right to say that it was those deficits that pushed up real interest rates in the 1980s is harder to tell; after all, deficits are even higher now and real rates are negative:

　　当时政客们已泛泛而谈支持美元长达数十年，但尼克松一语打消了这种言不由衷的空谈。“沃尔克认为我们应该牺牲国民经来救美元，”他称。“对此我并不赞成。”这导致美元于二十世纪七十年代急速跌落，尽管后来由于沃尔克在位美联储而有所恢复。希尔伯对沃尔克致力于稳定货币、反对里根财政赤字的行为表示称赞。是否如其所称，二十世纪80年代时正是这些赤字推动了实际利率上扬，如今更加难以分辨；毕竟当今赤字更加高额，而实际利率却为负值。

　　Perhaps the most remarkable²⁸ fact about Mr Volcker is that he has spent much of his career dealing²⁹ with Wall Street without being captured by its influence. Mr Silber highlights his subject's commitment to financial reform, but fails to mention one of his more pointed¹⁰ bon mots—that the only useful modern financial innovation has been the automated³⁰ teller³¹ machine. Such robust³² cynicism about Wall Street, along with his links to the current president, may explain why Mr Volcker is not a hero of the conservative movement, despite his anti-inflationary credentials³³.

　　沃尔克未受到华尔街影响，毕其大半精力与之斡旋， 这或许是他最杰出的功绩。希尔伯强调了沃尔克对金融改革所做的贡献，却未提及他更为尖锐的箴——即当代唯一有用的金融创新就是自动提款机。对华尔街如此口出恶言，加之其与现任总统的关系，沃尔克即便有过多么光荣的反通胀传奇也无法成为保守主义运动中的伟人了吧。

1 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。

2 influential   

adj.有影响的，有权势的

参考例句：

• He always tries to get in with the most influential people.他总是试图巴结最有影响的人物。
• He is a very influential man in the government.他在政府中是个很有影响的人物。

3 severed   

v.切断，断绝( sever的过去式和过去分词 )；断，裂

参考例句：

• The doctor said I'd severed a vessel in my leg. 医生说我割断了腿上的一根血管。 来自《简明英汉词典》
• We have severed diplomatic relations with that country. 我们与那个国家断绝了外交关系。 来自《简明英汉词典》

4 ushered   

v.引，领，陪同( usher的过去式和过去分词 )

参考例句：

• The secretary ushered me into his office. 秘书把我领进他的办公室。
• A round of parties ushered in the New Year. 一系列的晚会迎来了新年。 来自《简明英汉词典》

5 monetary   

adj.货币的，钱的；通货的；金融的；财政的

参考例句：

• The monetary system of some countries used to be based on gold.过去有些国家的货币制度是金本位制的。
• Education in the wilderness is not a matter of monetary means.荒凉地区的教育不是钱财问题。

6 opposition   

n.反对，敌对

参考例句：

• The party leader is facing opposition in his own backyard.该党领袖在自己的党內遇到了反对。
• The police tried to break down the prisoner's opposition.警察设法制住了那个囚犯的反抗。

7 implicit   

a.暗示的，含蓄的，不明晰的，绝对的

参考例句：

• A soldier must give implicit obedience to his officers. 士兵必须绝对服从他的长官。
• Her silence gave implicit consent. 她的沉默表示默许。

8 explicit   

adj.详述的，明确的；坦率的；显然的

参考例句：

• She was quite explicit about why she left.她对自己离去的原因直言不讳。
• He avoids the explicit answer to us.他避免给我们明确的回答。

9 treasury   

n.宝库；国库，金库；文库

参考例句：

• The Treasury was opposed in principle to the proposals.财政部原则上反对这些提案。
• This book is a treasury of useful information.这本书是有价值的信息宝库。

10 pointed   

adj.尖的，直截了当的

参考例句：

• He gave me a very sharp pointed pencil.他给我一支削得非常尖的铅笔。
• She wished to show Mrs.John Dashwood by this pointed invitation to her brother.她想通过对达茨伍德夫人提出直截了当的邀请向她的哥哥表示出来。

11 adviser   

n.劝告者，顾问

参考例句：

• They employed me as an adviser.他们聘请我当顾问。
• Our department has engaged a foreign teacher as phonetic adviser.我们系已经聘请了一位外籍老师作为语音顾问。

12 dubbing   

n.配音v.给…起绰号( dub的现在分词 )；把…称为；配音；复制

参考例句：

• There are mainly two forms of film translation: dubbing and subtitling. 电影翻译通常主要表现为两种形式：配音和字幕翻译。 来自互联网
• Its auspices, dubbing the program has won national awards in China. 其主持配音的节目多次获得中国全国奖项。 来自互联网

13 proprietary   

n.所有权，所有的；独占的；业主

参考例句：

• We had to take action to protect the proprietary technology.我们必须采取措施保护专利技术。
• Proprietary right is the foundation of jus rerem.所有权是物权法之根基。

14 admiration   

n.钦佩，赞美，羡慕

参考例句：

• He was lost in admiration of the beauty of the scene.他对风景之美赞不绝口。
• We have a great admiration for the gold medalists.我们对金牌获得者极为敬佩。

15 halved   

v.把…分成两半( halve的过去式和过去分词 )；把…减半；对分；平摊

参考例句：

• The shares have halved in value . 股价已经跌了一半。
• Overall operating profits halved to $24 million. 总的营业利润减少了一半，降至2，400 万元。 来自《简明英汉词典》

16 investigations   

（正式的）调查( investigation的名词复数 )； 侦查； 科学研究； 学术研究

参考例句：

• His investigations were intensive and thorough but revealed nothing. 他进行了深入彻底的调查，但没有发现什么。
• He often sent them out to make investigations. 他常常派他们出去作调查。

17 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。

18 democrat   

n.民主主义者，民主人士；民主党党员

参考例句：

• The Democrat and the Public criticized each other.民主党人和共和党人互相攻击。
• About two years later,he was defeated by Democrat Jimmy Carter.大约两年后，他被民主党人杰米卡特击败。

19 democrats   

n.民主主义者，民主人士( democrat的名词复数 )

参考例句：

• The Democrats held a pep rally on Capitol Hill yesterday. 民主党昨天在国会山召开了竞选誓师大会。
• The democrats organize a filibuster in the senate. 民主党党员组织了阻挠议事。 来自《简明英汉词典》

20 insufficiently   

adv.不够地，不能胜任地

参考例句：

• Your insurance card is insufficiently stamped. 你的保险卡片未贴足印花。 来自辞典例句
• Many of Britain's people are poorly dressed, badly housed, insufficiently nourished. 许多英国人衣着寒伧，居住简陋，营养不良。 来自互联网

21 retrospect   

n.回顾，追溯；v.回顾，回想，追溯

参考例句：

• One's school life seems happier in retrospect than in reality.学校生活回忆起来显得比实际上要快乐。
• In retrospect,it's easy to see why we were wrong.回顾过去就很容易明白我们的错处了。

22 placate   

v.抚慰，平息(愤怒)

参考例句：

• He never attempts to placate his enemy.他从不企图与敌人和解。
• Even a written apology failed to placate the indignant hostess.甚至一纸书面道歉都没能安抚这个怒气冲冲的女主人。

23 indifference   

n.不感兴趣，不关心，冷淡，不在乎

参考例句：

• I was disappointed by his indifference more than somewhat.他的漠不关心使我很失望。
• He feigned indifference to criticism of his work.他假装毫不在意别人批评他的作品。

24 tricky   

adj.狡猾的，奸诈的；(工作等)棘手的，微妙的

参考例句：

• I'm in a rather tricky position.Can you help me out?我的处境很棘手，你能帮我吗？
• He avoided this tricky question and talked in generalities.他回避了这个非常微妙的问题，只做了个笼统的表述。

25 rebounded   

弹回( rebound的过去式和过去分词 )； 反弹； 产生反作用； 未能奏效

参考例句：

• The ball rebounded from the goalpost and Owen headed it in. 球从门柱弹回，欧文头球将球攻进。
• The ball rebounded from his racket into the net. 球从他的球拍上弹回网中。

26 tenure   

n.终身职位；任期；(土地)保有权，保有期

参考例句：

• He remained popular throughout his tenure of the office of mayor.他在担任市长的整个任期内都深得民心。
• Land tenure is a leading political issue in many parts of the world.土地的保有权在世界很多地区是主要的政治问题。

27 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

28 remarkable   

adj.显著的，异常的，非凡的，值得注意的

参考例句：

• She has made remarkable headway in her writing skills.她在写作技巧方面有了长足进步。
• These cars are remarkable for the quietness of their engines.这些汽车因发动机没有噪音而不同凡响。

29 dealing   

n.经商方法，待人态度

参考例句：

• This store has an excellent reputation for fair dealing.该商店因买卖公道而享有极高的声誉。
• His fair dealing earned our confidence.他的诚实的行为获得我们的信任。

30 automated   

a.自动化的

参考例句：

• The entire manufacturing process has been automated. 整个生产过程已自动化。
• Automated Highway System (AHS) is recently regarded as one subsystem of Intelligent Transport System (ITS). 近年来自动公路系统(Automated Highway System,AHS)，作为智能运输系统的子系统之一越来越受到重视。

31 teller   

n.银行出纳员；(选举)计票员

参考例句：

• The bank started her as a teller.银行起用她当出纳员。
• The teller tried to remain aloof and calm.出纳员力图保持冷漠和镇静。

32 robust   

adj.强壮的，强健的，粗野的，需要体力的，浓的

参考例句：

• She is too tall and robust.她个子太高，身体太壮。
• China wants to keep growth robust to reduce poverty and avoid job losses,AP commented.美联社评论道，中国希望保持经济强势增长，以减少贫困和失业状况。

33 credentials   

n.证明，资格，证明书，证件

参考例句：

• He has long credentials of diplomatic service.他的外交工作资历很深。
• Both candidates for the job have excellent credentials.此项工作的两个求职者都非常符合资格。