按键盘上方向键 ← 或 → 可快速上下翻页，按键盘上的 Enter 键可回到本书目录页，按键盘上方向键 ↑ 可回到本页顶部！
————未阅读完？加入书签已便下次继续阅读！
NARRATOR： By September 1998； LTCM's losses were spiraling out of control。 Contagion had arrived on Wall Street。 Incredibly； the failure of this single investment fund threatened the entire global economy。
旁白：到了1998年9月，长资公司的亏损螺旋上升至失去控制。危机的影响来到了华尔街。令人难以置信的是，就这么一个单独的投资基金的失败竟然威胁到了整个全球经济。
DANIEL YERGIN： If LTCM went down； it would be just the gears； the machine just stopping； the economy not working。 And of course it's not just what's on the balance sheet of banks and so forth； but that would translate into people not working； businesses not operating； small businesses not being able to get their capital they need。 And this in a global economy。 It was almost inconceivable to see what the picture was； but it was sort of just not working； and people just not working。
DANIEL YERGIN：如果长资公司跨掉了，那就是传动装置的问题，是机器停止工作，经济不再发展。当然，这不仅仅是摆在银行等的收支平衡表上的，而是表现为人们不能工作，企业不能开工，小型企业得不到它们所需的资金。而这在一个全球性的经济中，简直不敢想象这样的场景，但它就是那种停滞，人们无工可做。
NARRATOR： The New York Federal Reserve summoned representatives of major ； then at Goldman Sachs； was among them。
旁白：纽约联邦储备银行召集美国和欧洲的主要银行代表参加一个紧急会议。JON CORZINE，当时任职于高盛公司，就是与会者之一。
JON CORZINE： The real problem of Long Term Capital was nobody really understood all the downsides。 All one knew was it was going to be extraordinarily dangerous to enter into that。 And everybody； I think； understood the Fed's concern that that had real implications to the real economy。
JON CORZINE：长资公司的真正问题是没有人真正懂得所有的市场下挫的情况。每个人只知道要进入这个市场是极其危险的。每个人，我认为，都理解联邦储备的担心， 即它对实际的经济有着实际的寓意。
NARRATOR： Since LTCM was a private fund； the government could not impose a solution。 The fate of the global economy was in the hands of these bankers。
旁白：由于长资公司是一个私人基金，政府无法对它实行强制的解决办法。全球经济的命运就这样被掌握在这些银行家的手里。
WILLIAM McDONOUGH： The head of a securities firm or a bank is not paid to be a patriot。 He or she is paid to serve the best interests of the shareholders； so the most that one could do in a position like mine is to say the public interest may well be served by Long Term Capital Management not failing； but there is no public…sector money to solve the problem。 The taxpayer is not going to do this。 You folks have to decide whether it's in your interest to do it。
WILLIAM McDONOUGH：一个证券公司或是一家银行的头儿要做爱国者是没有酬劳的。但他或她为他们的股东的利益服务是有酬劳的，所以，处在我这样的位置上的人最多可以做的就是去说，公众的利益也许可以通过长资公司的不失败来得到维护。但是，我们没有公共部门的资金去解决这个问题。纳税人是不会这么做的。你们这些人不得不决定这么做是否符合你们的利益。
NARRATOR： The banks agreed to put up their own money to rescue LTCM。 Wall Street had averted disaster； but the global crisis had one final chapter to go。
旁白：那些银行同意用它们自己的资金来拯救长资公司。华尔街逃过一劫，但是，这一全球危机还没有走到尽头。
Onscreen caption： Rio de Janeiro； Brazil； December 1998
字幕：里约热内卢，巴西，1998年12月
What had started in Asia now reached Brazil； the eighth largest economy in the world。 But this time； a loan package was put in place early。 Brazil's government cut spending and enacted reforms。
在亚洲开始的事情现在到了巴西，世界第八大经济体。但是，这一次，较早地安排了一个贷款计划。巴西政府削减了开支并实施了改革。
It worked。 Brazil's problems were contained。 Global financial markets gradually returned to normal。
这一切奏效了。巴西的问题被遏制住了。全球金融市场逐渐恢复了正常。
ROBERT RUBIN： Well； and it's not clear when you would say it ended； but what happened was that the countries that actually took ownership of reform …… Korea； Thailand； the Philippines； Brazil …… began to reestablish stability in their financial markets； and their economies started to recover。 And after a while there came a point we began to feel； "；Well； maybe we're past the crisis。"； Then a little bit past that we said； "；You know； it does look like we are past the crisis。"； And finally we got to the point where we said； "；Well； we think this is over。"；
。罗伯特。鲁宾：呃，你什么时候会说它结束了并不清楚，但是事实是那些真正实施改革的国家 – 韩国，泰国，菲律宾，巴西 – 开始在它们的金融市场上重建稳定，而且，它们的经济也开始复苏。过了一段时间我们就开始感觉到我们到了这样一个关头：“也许我们已经度过了这次危机。”再过一段时间，我们说：“你知道，看上去我们确实度过了难关。”然后，最终我们到了我们说：“我们认为这一切已经过去了。”的时候。
NARRATOR： The world economy had survived the first crisis of the globalization era； but millions of ordinary people had paid the price。
旁白：世界经济熬过了全球化时代的第一次危机，但是，成百万的普通人为此付出了代价。
ANAND PANYARACHUN： And that's the unfortunate part of so…called globalization； because such negative effects can be totally responsible； can e very fast。 It takes decades for a country to grow up to a certain level； and all of a sudden it disappears。
ANAND PANYARACHUN：这就是所谓的全球化的不幸的一面，因为这样的负面影响应负全部责任，它可以来得很快。一个国家要发展到一定的水平需要几十年的时间，而这一切突然之间就化为乌有了。
SIRIVAT VORAVETVUTHIKUN： We've been a poor country； so we never tasted richness。 When we tasted the richness； we wanted more； being greedy。 I blame myself also； I never had enough。
SIRIVAT VORAVETVUTHIKUN：我们的国家一直是个贫穷的国家，所以我们从未尝到过富裕的滋味。当我们尝到了富裕的滋味，我们贪婪地还想要的更多。我也责备我自己；我对自己已经得到的从没满足过。
Yeah； it's quite a view； and I really feel bad because no one can enjoy it now。 It's all left to the bank。 Nice fairway and nice lake。 It's so sad。
对，那里确实很美。 我真的感觉很悲伤，因为现在没人能欣赏它了。那里的一切都留给了银行。美丽的高尔夫球道和美丽的湖泊。真是太悲哀了。
I had a big dream and couldn't achieve it。 That's why I am today standing selling things for two hours。 But after four years of struggling； at least I know I have a chance。 Today my big dream is to be McDonald's of Thailand； because selling sandwiches on the streets； now I've developed a new Japanese sushi。 I use Thai brown rice。 I am the first in Thailand。 So hopefully in the near future I will raise my funds in the local stock market so in the future I will be McDonald's of Thailand。
我曾经有一个很大的梦想但不能实现了。这就是为什么我今天站在这里卖了两个小时东西了。但是，经过了四年的奋斗，至少我知道我还有一个机会。今天我的最大的梦想就是要成为泰国的麦当劳，因为我站在街上卖三明治，现在我开发了一种新的日式寿司。我用泰国黑米。我是泰国第一个用黑米做寿司的。所以希望能在不远的将来在本地的股票市场上筹集到资金，成为泰国的麦当劳。
Chapter 15： The Global Debate ＇2：49＇
第十五章：全球辩论
NARRATOR： The global economy rested on institutions that dated back to the end of the second world war。 The contagion crisis proved that the new era of globalization needed new rules。
旁白：全球经济依靠的是早在第二次世界大战结束时制定的制度基础上。这一传染性危机证明了新的全球化时代需要新的规则。
WILLIAM McDONOUGH： We have to improve the rules of the game。 You want the financial system essentially to be like the shock absorber in a car。 When you hit a pothole the car still bounces； but have you ever been in one that didn't have a shock absorber？ If you have a good； strong shock absorber； at least you get through the pothole and you're still driving in the same direction that you thought you were when you hit it。
WILLIAM McDONOUGH：我们必须改进游戏规则。你希望金融系统实际上就象汽车里的减震器。当你碰到了一个坑的时候，汽车仍然弹起，但是你有没有坐过不带减震器的汽车。如果你有一个好的，强壮的减震器，至少你可以开过这个坑，而且还可以沿着你认为你碰到这个坑时的前进的方向继续前行。
LEE HSIEN LOONG： I think the morale is that there are risks to globalization。 But in the end there is no alternative to globalization。 So don't let your banks go lend recklessly； don't allow bubbles to get out of hand。 Keep prudent measures； sound economic policies which will inspire confidence and maintain confidence so in a crisis people will know that you will stay the course and won't panic and be up and off。 It's easier said than done； but these are the principles you have to follow。
李显龙：我认为全球化确实有风险。但是，归根结底没有什么能替代全球化。所以，不要让你的银行不计后果地向外贷款，不要允许泡沫离开你的手掌（失去控制）。保持严格的措施，正确的经济政策，它们将激发人们的信心和保持人们的信心。这样，在一个危机中，人们就知道了你会保持大方向。于是，人们就不会因恐慌而上窜下跳。说比做容易，但是，这些就是你必须遵循的原则。
LAWRENCE SUMMERS； ； 1999…2001： We had a close call。 And without an activist international policy； you could have seen perhaps a serious and economic downturn as we'd seen any time since the Great Depression。 And that's why we need to continue to understand the dynamics of financial crisis better。 And that's why especially the United States needs to be prepared to take a lead in working to contain financial crises。
萨莫斯，美国财政部长，1999…2001：我们侥幸逃过一劫。如果没有一个积极的国际政策，你们就有可能看到自从大萧条以来的一次严重的经济大滑坡。这是为什么我们需要继续对金融危机的成因做更深刻的了解。这就是为什么美国特别需要作好准备在遏制金融危机的工作中起主导作用的原因。
NARRATOR： For many Americans； the world financial crisis created new unease about the risks of the global economy。
旁白：对很多美国人来说，世界金融危机给他们带来了对全球经济的风险的新的不安。
LORI WALLACH； Global Trade Watch： People sense the instability of it。 They get indicators of it； but they sense it。 They get indicators like big meltdowns； like the financial crises in Asia。 But they also get indicators of things like； you know； the local bank which just keeps getting merged and renamed。 And like your card does work； and it doesn't work； and the name keeps changing every three weeks。 And you bine that with the real financial cataclysms like the Asian meltdown； and a lot of people in their everyday life are seeing this sort of out…of…control scenario very personally。 You know； it's out of their personal control。
LORI WALLACH，全球贸易观察：人们感觉到它的不稳定性。他们可以得到它的提示，但是他们去感觉它。他们得到诸如大的下滑，亚洲金融危机这样的提示。但是他们也可以得到诸如，你知道，地方银行不断地合并，改名等，这样的提示。就象你的银行卡，有时可以用，有时又不能用，名字每三个星期就改一次。你就会将这些与真正的金融灾难，比如这一次的亚洲风暴联系起来。很多人在他们的日常生活中会把这种失去控制的事态看得很个人化。你知道，这是超乎他们得个人控制范围的。
NARRATOR： For critics like Lori Wallach； this was an opportunity。 Together with allies in labor unions； they began to channel public anxiety into what came to be known as the anti…globalization movement。
旁白：对于LORI WALLACH这样的批评家来说，这是一个机会。他们联合他们在工会的同盟，开始将公众的焦虑引入为大家所知的反全球化的运动。
书包 网 。 想看书来
Chapter 16： The Battle Joined ＇5：08＇
第十六章： 斗争加入了
Onscreen caption： Seattle； December 1999
字幕：西雅图，1999年12月
The World Trade Organization； known as the WTO； manages the rules that govern global trade。 In late 1999； delegates from 135 nations gathered in Seattle。 They planned to launch a new round of negotiations that would expand trade even further。 Instead； Seattle was a watershed。
世界贸易组织，即WTO， 管理着指导全球贸易的规则。1999年末，来自135个国家的代表相聚在西雅图。他们本来计划要开始新一轮的能够进一步扩大贸易的谈判。然而，西雅图却成为了一个转折点。
DANIEL YERGIN： As one could see from the way Seattle exploded； it really caught the people of the World Trade Organization meeting there quite by surprise。 The World Trade Organization meeting became a lightning rod for all of those people across this very broad spectrum who are concerned by some aspect of globalization or what they perceive as globalization or by the causes that animate and move them。
DANIEL YERGIN：正象我们可以从西雅图的爆炸中所看到的那样，它确实让参加世界贸易组织会议的人们吃了一大惊。这一届的世界贸易组织会议对于那些各个领域的对全球化的某些方面或他们认为的全球化或激励并推动他们的原因感到担忧的人来说，无异于一个导火索。
LESBIAN AVENGERS： The WTO； which is led by CEOs of the pany that make bovine growth hormone； get to make rules saying that these countries can't ban an unsafe product。
LESBIAN AVENGERS：被那些生产牛的催长荷尔蒙的公司的首席执行官们所操纵的世界贸易组织，要制定规则规定这些国家不能明令禁止这种不安全的产品。
NARRATOR： While the protestors represented an array of interest groups； the majority were from American labor unions； which had bussed in thousands of their members。
旁白：这些抗议者代表了一部分利益集团，但是，大多数抗议者是由美国的各个工会用大轿车运来的，成千上万的会员。
THEA LEE： People came together from all over the world in Seattle to say that the rules of the current global economy as embodied in the World Trade Organization are unfair。 They're bad for developing countries； they're bad for workers； and they're bad for the environment。
THEA LEE：来自世界各地的人们都汇集在西雅图。他们想说的是世界贸易组�