[考研英语]英语翻译及阅读资料-经济学人2.pdf

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1、Feathering the Falcons nest“损公月巴私”的猎鹰巢穴Jun 5th 2010,10:29 by The Economist I LONDONELON MUSK is not,to paraphrase James Watsons bon mot about Francis Crick,a man given tomodest moods.Today,though,he might be forgiven a little hubris.The co-founder of PayPal,anddeveloper of the Tesla,the first modern

2、 electric sports car,has long wanted to get into the spacebusiness as well.Now he has.The launch on June 4th of a Falcon 9 rocket,built by his companySpaceX,from Cape Canaveral,in Florida,is a turning point in the development of private spaceflight.Though the industrys coming of age is still some wa

3、y in the future,this launch marks,ifyou like,its transition from childhood to adolescence.引用詹姆斯沃森对弗朗西斯克里克的名言来说，ELON M USK不是一个惯于谦逊的人。然而现在人们可能原谅他少许的骄傲自大。既是支付宝的共同创始人，也是第一辆现代电动跑车(Tesla)开发者的他也一直渴望涉足太空商业。现在他如愿以偿，6 月 4 日，由他创建的SpaceX公司制造的一颗猎鹰9 号火箭在佛罗里达州卡纳维拉尔角发射升空，标志着私人宇航飞行的发展出现了 个转折点。尽管“革命尚未成功，同志仍需努力”，但是假如你

4、同意这样比喻的话，这次发射标志着该产业已从年幼无知的童年时代跨入了朝气蓬勃的青春期。Other rockets of this class,such as Boeings Delta IV and the Atlas V,operated jointly by Boeingand Lockheed Martin,are children of the military-industrial complex.Though built by privatefirms,they are the result of taxpayer-financed programmes,often on a“cos

5、t-plus”basis,that onlysuperficially resemble anything which a real entrepreneur would recognise as free-marketcapitalism.By contrast SpaceX,though subsequently buoyed up by a$1.6 billion contract withNASA,Americas space agency,to fly missions to the international space station,had to raise theinitia

6、l development money itself-much of it from Mr Musks back pocket.然而同一级别的其他火箭，例如山波音公司与洛克斯勒马汀公司联合经营的波音德尔塔IV与阿特勒斯V 火箭，是军工联合企业的子辈。尽管这些火箭是多家私人公司联合制造，但它们却是纳税人出资计划的产物，这一计划通常以“成本加成”为基础，仅仅貌似于位真正的企业家会将任何事物都看作是自由市场资本主义制度。相比之下，尽管SpaceX公司与美国航天局一国家航空与航天管理局一签署了一项价值为16亿美元合同一一同意SpaceX公司将飞行任务拓至国际空间站，而市值上涨，但是过去该公司最初的发展

7、资金都不得不由自己筹集-这些资金大部分都是取自MUSK先生囊中。The important point about Falcon 9,so called because its lift-off is propelled by nine of SpaceXsproprietary Merlin rocket motors,is that it is powerful enough to put people into orbit.Otherprivate space companies are either restricted to launching small,unmanned sate

8、llites(OrbitalSciences Corporations Pegasus,for example),or-in the case of Richard Bransons VirginGalactichope to take tourists on suborbital hops of the sort that NASA gave up almost 50 yearsago and the Russians never bothered with in the first place.SpaceX has gone for the jugular.Though it will t

9、ake many more launches and a lot of inspections before the system can be“man-rated，as the jargon has it,prototypes of manned space capsules are already lying around inSpaceXs factory in Hawthorne,California.猎鹰9 号火箭最重要的用途是它能产生足够的推力，将人员送入轨道。之所以称为9 号是因为它通过9 台由SpaceX公司独有的墨林火箭发动机推动离地升空的。而其他的私人太空公司要么是仅能发射

10、小型无人卫星（例如轨道科学公司的Pegasus）,要么希望让太空旅行者体验亚轨道短程飞行-一而国家航空与航天管理局大约在5 0 年前就放弃了这类飞行计划，并且俄罗斯一开始就没有为这类飞行计划煞费苦心。SpaceX公司现在雄心勃勃，势如破竹、尽管它的这套系统在“适合载人飞行“（正如业内行话表达那样）之前还将需要发射更多次并要进行大量检测，但是载人太空船的多部样机已经遍布在位于加利福尼亚霍索恩的SpaceX公司的制造厂内。Just in time,loo.For Americas current manned system,Ihe government-owned space-shuttle fl

11、eet,is about to be withdrawn from service.The last shuttle flight is pencilled in for November.Afterthat,American astronauts who wish to visit the space station（largely an American-financedproject,despite its“international“soubriquet）will be reduced to hitching lifts on Russian rockets.If Falcon 9 d

12、oes,indeed,manage to get man-rated,they may be spared that indignity.Thoseastronauts that are there will,in any case,be able to have their groceries delivered by Falcon 9.The question of man-rating does not affect its ability to take supplies to the station.时机恰逢其时。因为美国目前的载人系统-联邦政府拥有的航天飞机机群一即将退役。今年 1

13、1月，将安排航天飞机执行最后一次飞行任务。然后，那些希望访问太空站（尽管打着“国际太空站”的旗号，但主要由美国出资的一个项目）美国宇航员被迫沦落到搭乘俄罗斯火箭升天的境地。如果Falcon 9 确实能成功进行载人飞行，那么这些宇航员将能挽回颜面。无论如何，猎鹰9 号火箭都将有能力让那些宇航员给空间站运送食品。现在载人飞行存在的问题没有削减猎鹰9 号火箭向空间站输送补给的能力The vehicle itself is a two-stage affair.The heavy lifting is done by the nine-engine cluster,fuelledby kerosene

14、 and liquid oxygen.That bums for three minutes,before being jettisoned.The payload,a capsule known as Dragon,is then carried into orbit by a single-Merlin-engined second stage thatburns for a further nine minutes.The unmanned version of that capsule is designed toaccommodate six tonnes of goodies fo

15、r the inmates of the space station,or could be replaced by aheavy satellite,if that is what the client wants.运载工具自身分为两级。采用煤油和液体氧为燃料的9 台捆绑式发动机负责提升重物。抛弃这一级发动机前，这一阶段耗光燃料时间为3 分钟。之后，有效荷载（被称为天龙的航天舱）通过台单独的墨林发动机被送入轨道，这是第2 个阶段，耗光燃料时间为9 分钟。目前，设计出的这个航天舱的无人版本可以为空间站的工作人员携带重达6 吨的美食，或者能够将航天舱替换为重型卫星，如果客户有此种需求的话。The

16、 heavy-satellite-launching market is quite crowded already,though,what with Atlas,Delta,the“European”（in reality,almost exclusively French）Ariane and Russias Proton.So Mr Musks realbet is on the ultimate man-worthiness of the system.That will not only open up thetaxi-to-the-space-station market,but

17、will also allow him to tout for tourist business.At themoment,the Russians have this sewn up（though Space Adventures,the travel agency that actuallybooks flights on those rockets for people who have the requisite$20m or so,is American）.Whoknows,a little competition might even bring the price down fr

18、om something that is out of thisworld,to a level that is merely stratospheric.尽管鉴于阿特勒斯、德尔塔、欧洲的阿丽亚娜号火箭（事实上，它几乎是由法国独家制造）以及俄罗斯的质子号火箭，所以重型卫星发射市场已经相当饱和。因此Musk先生真正的赌注在于这套系统最终的载人价值。这不仅开发了计程车式的空间站市场，而且也允许MUSK先生兜售其太空旅行业务。目前，俄罗斯人已垄断了整个市场（尽管确实开始为预付了 2000万美金左右的乘客预定那些火箭旅行的机票的“太空冒险”是一家美国的旅行社）。微不足道的行业竞争甚至可能使太过离谱的太

19、空旅行费用降低到稍微过高的水平，这一点能否实现天知道！Feathering the Falcons nest 营私肥力的 猎鹰这个“营私肥力”是什么东东，方言？字面上看，就是要给“猎鹰”弄个舒适的“巢”么ELON MUSK is not,to paraphrase James Watsons bon mot about Francis Crick,a man given tomodest moods.解释詹姆斯沃森关于弗朗西斯克里克的名言，ELON MUSK不是个性情温和的男人。搜了 下，Watson 的原话是：“I have never seen Francis Crick in a mod

20、est m ood,他评价描述同事的“妙语作者套用这个妙语来描述Elon M usk,不是解释。though subsequently buoyed up by a$1.6 billion contract with NASA而市值上涨合同金额最终上涨到$1.6 billionhad to raise the initial development money itself但是过去该公司最初的发展资金都不得不由自己筹集得自己募集这个项目的启动资金SpaceX has gone for the jugular.SpaceX公司现在雄心勃勃，势如破竹。go for the jugular-to a

21、ttack fiercely in order to have no doubt about winning直击要害/志在必得that only superficially resemble anything which a real entrepreneur would recognise asfree-market capitalism.仅仅貌似于一位真正的企业家会将任何事物都看作是自由市场资本主义制度仅仅貌似于一位真正的企业家将会视之为自山市场资本主义的任何事物w hich是修饰anything 的吧其实这句话有引申含义，说的是军工联合体其实就是国家资本主义，而非自由资本主义A spec

22、ial report on banking in emerging markets特别报道：新兴市场的银行业Mutually assured existence相互确保的生存Public and private banks have reached a modus Vivendi国营银行和私人银行已达成了妥协May 13th 2010 I From The Economist print edition“INDIA is where China was ten years back,“says Mr Kamath,chairman of ICICI.That iscertainly true

23、by size.Indias GDP amounts to about a quarter of Chinas today and its bankingindustry just a tenth.But in at least one respect India is well ahead:it has several dynamicprivately owned banks that over the past decade have taken a fifth or so of the market from thestate-controlled banks.Until the fin

24、ancial crisis in the West the private banks seemed to offer atemplate for the entire industry:within a decade or two,it seemed,the state would retreatsignificantly.Now Indias mixed model of banking is likely to persist for longer.“今天的印度就像十年前的中国”，印度工业信贷投资银行（ICICI）总裁卡马斯说。从银行发展规模方面看这话没错。然而，今天的印度，G D P是

25、中国的四分之一，银行业却只有中国的十分之一。但至少在个方面印度是优于中国的，那就是印度的私人银行。目前印度有儿家私人银行发展势头迅猛，在过去的10年间抢占了印度国家银行大约五分之一的市场。西方发生金融危机之前，印度私人银行的成功似乎为整个印度银行业界提供了一个模板：再过 10年或20年，国家银行将在很大程度上被挤出市场。现在看来，印度国家银行与私人银行共存的混合型银行 也几十年内将持续下去。Part of that reflects the fact that India had its own wobble during 2008.This was not a full-blowncrisi

26、s;indeed,Aditya Puri,chief executive of HDFC Bank,the second-biggest（and perkiest）private firm,says to describe it that way would be an“appaHing misconception”.But there was asharp spike in money-market interest rates after the collapse of Lehman Brothers,a liquiditysqueeze and a notable shift in de

27、posits.At ICICI overall deposits,as well as the stickier categoryof savings and current-account deposits,dropped by about a tenth between June and December2008.Savers shifted their cash to the govemment-controlled banks,which were perceived to besafer.Money was pouring out of our ears,says Mr Bhatt

28、of State Bank of India.这种情况在某些方面反映了印度在2008年也出现了些许动荡，但不是全面爆发的危机。印度住宅开发金融银行（HDFC）是全印度第二大私有银行，目前发展状况最为强劲，其首席执行官阿迪亚普瑞（Aditya Puri）称，“全面爆发的危机 这种描述是一个，骇人听闻的错误认识 但 是，雷曼兄弟破产后，货币后场上利率飙升，银行存款流动性短缺，民众在存款时对银行的选择出现显著变化。印度工业信贷投资银行（ICICI）的全部存款、定期储蓄和活期存款的总额在2008年6月 至12月锐减近十分之一。储户将现金转存到政府控制的银行里，认为比在私人银行里更安全保险。“我们一下子

29、汇聚了大量现金“，印度国家银行的巴哈特说。That experience has helped prompt a change of strategy at ICICI,which for a long time was oneof the most admired private banks in the developing world.After a decade of spectacular growth,fuelled in part by wholesale funding(including bulk deposits),the bank recently slammed on

30、thebrakes.In 2009 its loan book shrank by 17%.此次遭储户“背叛”的经历促使印度工业信贷投资银行这一在众多发展中国家长期备享赞誉的私人银行改变了发展策略。在大规模融资(包括大宗存款)的驱动下，印度工业信贷投资银行走过了 10年的辉煌发展历程，最近却止步不前了。2009年其发放的贷款总额缩减了 17%oChanda Kochhar(one of several female bank bosses in India),who took over as chief executivefrom Mr Kamath last year,says that t

31、he bank decided to focus on changing its funding mixtowards retail deposits because as interest rates rise these should be cheaper as well as stickierthan wholesale funds.Current and savings deposits now make up 42%of total deposits,up from27%before the crisis.Private banks so far lack the state ban

32、ks huge branch networks,but they areworking on it.ICICI now has 2,000 branches,against only 755 in early 2007.That should help itsuck in more deposits.昌达科赫 哈(Chanda Kochhar)去年接替卡马斯成为印度工业信贷投资银行(ICICI)的首席执行官，同时也成了印度为数不多的几个女银行家之一。她声称ICICI决定放弃混合融资战略，转而采取零售存款的方式，因为利率升高了，这种方式比大规模融资更加经济、固定性更强。如今，活期存款和储蓄存款现

33、在占ICICI总存款的比例从金融危机前的27%上升到42%。目前私人银行没有国家银行庞大的分支银行网络，现 在 正 在 着 手 解 决 这 响 题。ICICI2007年初只有755个分支银行，现在已增加到2000个，这应该有助于其吸收更多存款。The state banks may hold on for a while yet to the market share they have taken.Between June2007 and December 2009,after a long period of genteel decline,they saw their share of

34、totaldeposits and loans rise from 73%to 77%.After years of fierce competition from the private banks,they have begun to get their act together.At State Bank of Indias headquarters in Mumbai visitorsmay still receive a smart salute from a man in uniform,but,Mr Bhatt says,its technology andproducts ar

35、e now comparable to the private sector”.Mr Kamath agrees that the state banks havecaught up on technology.国有银行将继续在一定时期持掌他们已占有的市场份额。在2007年6月 至2009年12月之间这段时间，经历了长时期的缓慢下跌后，国有银行的所持有的总存贷款份额从73%升至77%o与私人银行激烈竞争了几年，它们又重振雄风。在孟买印度国家银行的总部，一个穿着制服的人会一如既往地对每个走进银行的人礼貌的问候，但卡马斯认为印度国家银行在技术上他们已经迎头赶上，现在的技术和产品可于“私人银行相媲美

36、”。Learning to love state banks学会喜欢国营银行Yet even if the private banks do go back on the attack,attitudes towards the state-controlled bankshave changed for good.After all,they were the ones that continued to supply credit to theeconomy during the downturn.Before the crisis all banks were expanding the

37、ir loan books at anannual rate of about 25%(see chart 6).After mid-2008 there was a big divergence,with the statebanks(which come in three main flavours:the nationalised banks,State Bank of India and theregional rural banks)keeping credit growing fairly steadily.The private banks more or less ground

38、to a halt.The foreign banks went from expansion to sharp decline,with their share of loansdropping from a peak of 7%to a paltry 5.3%last December.然而，即使私人银行又卷土重来，民众对国有银行的态度已经彻底变好了，毕竟是国有银行在经济不景气之时还继续对外贷款支撑经济发展。金融危机爆发之前，所有银行都在以年均25%的速度扩大贷款额(见图表6),而 2008年中期后这一扩张趋势则出现了明显的分岐，国有银行(包括国有化银行，印度国家银行和地区农村银行大三类)

39、的信贷持续稳定增长，而私人银行的信贷则差不多停止了增长。外国银行从迅速扩张走向急剧衰落，贷款市场份额从最高7%到去年12月份降低仅仅5.3%。Most bank executives now also concede that old-fashioned regulation was shown to have itsmerits.Indian banks are required to hold a big slug of their assets(typically just under a third)ingovernment bonds and at the central bank.

40、Now Western regulators too are considering pushing upliquidity levels.Indian bankers joke that all the fiddly rules they face have become the envy ofregulators throughout the world.许多银行高管现在也承认旧规定曾发挥了积极作用。印度的银行按规定必须有三分之(此为一般比例)以下的资产注入政府公债或中央银行。现在，西方监管机构也在考虑提升银行的流动资产水平。印度的银行家开玩笑说他们面对的棘手规则倒成了世界其他监管机构所青

41、睐的东西。All this has led to a reappraisal of whether state banks should be fully privatised in the long term.HDFC Banks Mr Puri says that 44the world has changed and the view around here has changed.”Mr Kamath takes a similar view,predicting that in the new circumstances“Indias evolution willbe more or

42、 less in line with Chinas.Mr Bhatt reckons there will be“no big-bang reform andthat over time the state-controlled banks share will drop only gently,to 55-65%of the market.这一切促使人们重新思考，从长远看国有银行是否应彻底私有化。印度住宅开发金融银行(H D FC)的普瑞认为“世界变了，印度人的观念也变了“，ICICI的卡马斯与他持相似观点，并预测在新情势下，“印度的变化将差不多会像中国那样“。巴哈特预言印度不会发生“惊天动

43、地的改革”，国家控股银行的市场份额只会稍降到55%-65%A similar message is heard in Brazil.In the past five years Brazilian private banks have risen toglobal significance,helped by a frenetic 2007 and 2008 when an eighth of the systems assetschanged hands.Itau bought Unibanco and Santander bought ABN AMRO,s Brazilian busine

44、ss.巴西也出现了相似情形。在过去的五年里，巴西的私人银行在国际上异军突起，主要因为2007年 到 2008年八分之一的银行资产频繁转手：伊 塔 乌 银 行(Ita G 收购了联合银行(U nibanco),桑坦德银行(Santander)收购了荷兰银行(ABNAM RO)在巴西的业务。But just as important has been the expansion of the state banks,Banco do Brasil(a listedcommercial lender with a bias towards agriculture),Caixa Economica F

45、ederal(a mortgagespecialist)and BNDES(which acts more as an investment company).Together their share of thefinancial systems assets has reversed its earlier decline and now stands at 42%(see chart 7).Partof their increase in market share reflects acquisitions,with Banco do Brasil buying Nossa Caixa,

46、amid-sized state-owned firm,in 2008 and a 50%stake in Votorantim,a car-finance specialist,in2009.But about two-thirds of the rise has come from lending more than the private firms duringthe downturn.同样，国有银行扩张对其走向国际也发挥了重要作用，它们包括：巴西银行(Banco do Brasil),一个上市的商业银行，但却不提供农业信贷；巴西联邦储蓄银行(Caixa Econ6mica Feder

47、al),一个专门的抵押贷款银行；和 巴 西 国 家 发 展 银 行(BNDES),一个业务与投资公司相近的银行。这三家银行在巴西银行业所占的资产份额早期逐步降低，如今却一改往日颓势，一举升至42%(见 图 表7)。其 中，部分市场份额的激增反映的是对其他银行的并购，包 括2008年巴西银行并购圣保罗州立银行(Nossa Caixa),一个中等规模的国有银行，以 及2009年收购巴 西 工 业 集 团(Votorantim)50%股 份，该集团是一个专门进行汽车投资的公司。但 是，大约三分之二的市场份额增长来自于国有银行在经济危机时期比私人银行更大规模的放贷。That in turn has c

48、hanged views of a mixed financial system.Domingos Abreu,chief financialofficer of Bradesco,says the state banks“had a very important role.in the governmentsanticyclical policies”,adding that in a downturn“it makes a difference to have a mixture of state,private and foreign banks.He concedes that Iwo

49、 years ago he might have answered the questiondifferently,but now he had to acknowledge that the state banks have their merits.这反过来也改变了民众对国有银行、私人银行共存的金融体系的看法。巴西布拉德斯科银行(Bradesco)的财务总监多明戈斯阿布瑞说国有银行“在政府的反周期政策中扮演着重要角色”，而且在经济衰退时能促使形成一个国有银行、私人银行和外国银行并存的局势。他坦白如果是两年以前他的看法会有所不同，但现在他不得不承认国有银行自有其优越性。Public and

50、private banks have reached a modus Vivendi国营银行和私人银行已经达成了 一个临时协议“临时协议”好像体现不出“停火”的 味 道,“妥协”可能更准确。modus Vivendian arrangement that is made between people,institutions or countries who have very differentopinions or ideas,so that they can live or work together without quarrelling 妥协Current and savings d