2020年经济学人 前美联储主席保罗·沃尔克(4)

In his time as a Treasury¹ official in the 1960s he had laboured to maintain the Bretton Woods agreement of 1944, which had built an international monetary² system round pegging³ the dollar to gold at $35 an ounce. When this began to founder⁴ he went along with a temporary suspension and then, in 1973, with decisive decoupling, but longed for some system of fixed⁵ exchange rates.

在20世纪60年代作为财政部官员时，保罗·沃尔克曾努力维护1944年的《布雷顿森林协定》。它建立了一个国际货币体系，将美元与黄金的汇率固定在每盎司35美元。当它开始失败时，保罗选择暂时暂停它，然后在1973年，他决心让美元与黄金分离，希望建立某种固定汇率制度。

Instead, the dollar was allowed to float. To him floating exchange rates were fundamentally dangerous, an open invitation to countries to manipulate their currencies— and so inherently unstable⁶ that they undermined the stability of governments, too. It was probably his wartime adolescence⁷ that made him yearn⁸ for such a rules-based world. But in so far as he managed to impose rules himself, they were a success. After 1983 the economy mostly grew without inflation and political leaders, by and large, learned to defer⁹ to the central bank on monetary policy.

相反，允许美元浮动。对他来说，浮动汇率制非常危险，这就是公开邀请其他国家操纵它们的货币，其内在的不稳定性也会破坏政府的稳定。保罗·沃尔克青春期时发生了战争，这可能是他渴望一个以规则为基础的世界的原因。但是就他自己强加的规则而言，它们是成功的。1983年后，经济大多数时候在没有通货膨胀的情况下取得增长，而且，总的来说， 政治领袖都学着在货币政策上听从中央银行的意见。

前美联储主席保罗·沃尔克(4).pngWhat worried him more as the years passed was a growing lack of trust in and respect for institutions in general, from the Supreme¹⁰ Court to Congress to the presidency¹¹. America sometimes seemed to be in a mess in every direction. Every direction, that was, except the coast of Florida, where he might get a big plump tarpon on his line, or the sparkling, ever-beckoning salmon¹² rivers of Maine.

随着时间推移，使他更担心的是，人们对机构的信任和尊重越来越少，从最高法院到国会，再到总统。有时美国在每个方向上都一团糟。 每个方向，除了佛罗里达的海岸，在那里，他可以钓到又大又肥的大海鲢，也可以钓到缅因州波光粼粼、永远诱人的河里的鲑鱼。

1 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。

2 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。

3 pegging   

n.外汇钉住，固定证券价格v.用夹子或钉子固定( peg的现在分词 )；使固定在某水平

参考例句：

• To write a novel,one must keep pegging away at it consistently. 要写小说，必须不断辛勤劳动。 来自《简明英汉词典》
• She was pegging the clothes out on the line to dry. 她正在把衣服夹在晒衣绳上晾干。 来自辞典例句

4 Founder   

n.创始者，缔造者

参考例句：

• He was extolled as the founder of their Florentine school.他被称颂为佛罗伦萨画派的鼻祖。
• According to the old tradition,Romulus was the founder of Rome.按照古老的传说，罗穆卢斯是古罗马的建国者。

5 fixed   

adj.固定的，不变的，准备好的；(计算机)固定的

参考例句：

• Have you two fixed on a date for the wedding yet?你们俩选定婚期了吗？
• Once the aim is fixed,we should not change it arbitrarily.目标一旦确定，我们就不应该随意改变。

6 unstable   

adj.不稳定的，易变的

参考例句：

• This bookcase is too unstable to hold so many books.这书橱很不结实，装不了这么多书。
• The patient's condition was unstable.那患者的病情不稳定。

7 adolescence   

n.青春期，青少年

参考例句：

• Adolescence is the process of going from childhood to maturity.青春期是从少年到成年的过渡期。
• The film is about the trials and tribulations of adolescence.这部电影讲述了青春期的麻烦和苦恼。

8 yearn   

v.想念；怀念；渴望

参考例句：

• We yearn to surrender our entire being.我们渴望着放纵我们整个的生命。
• Many people living in big cities yearn for an idyllic country life.现在的很多都市人向往那种田园化的生活。

9 defer   

vt.推迟，拖延；vi.(to)遵从，听从，服从

参考例句：

• We wish to defer our decision until next week.我们希望推迟到下星期再作出决定。
• We will defer to whatever the committee decides.我们遵从委员会作出的任何决定。

10 supreme   

adj.极度的，最重要的；至高的，最高的

参考例句：

• It was the supreme moment in his life.那是他一生中最重要的时刻。
• He handed up the indictment to the supreme court.他把起诉书送交最高法院。

11 presidency   

n.总统(校长，总经理)的职位(任期)

参考例句：

• Roosevelt was elected four times to the presidency of the United States.罗斯福连续当选四届美国总统。
• Two candidates are emerging as contestants for the presidency.两位候选人最终成为总统职位竞争者。

12 salmon   

n.鲑，大马哈鱼，橙红色的

参考例句：

• We saw a salmon jumping in the waterfall there.我们看见一条大马哈鱼在那边瀑布中跳跃。
• Do you have any fresh salmon in at the moment?现在有新鲜大马哈鱼卖吗？