『壹』 經濟犯罪類英語短文
Economic Crimes-經濟犯罪問題
with the deveopment of economy, the crime rate keeps increasing. Particulady, economic delinquency. Various types of crimes have appeared and all kinds of means have been used hy criminals. What is worth noticing is that economic crimes have become a prominent social phenomenon in China and their impact has formed obstacles to the Chinese economy and social structure.
Crimes originate from the desire for money, Criminals are stimu lated by the temptation of money. In order to get money, they will do everything without considering the state benefit. As a resak, graft and corruption have become common practice. In the mean time, our law leaves much lo be desired so that some criminals take advantage of the loopholes of it.
In order to change this situation to keep crime from rising, we should establish a complete system of law. The law is expected to play a positive role in the protection of national interests, and severely punish those who venture to hreak it. And then we should strengthen the ecation of our cadres and people, and make sure that everyone knows the law and abide by the law.
『貳』 求幾篇經濟類英語的文章，不需要很長
http://..com/question/226214635.html?an=1&si=1這個鏈接還有一篇你看看
From my point of view, generally speaking, china would forced to face many challenges in 2009 e to the undertaking recession issues, but in the global economic world, it would still be expected to act as one of the first countries to get recovered from the recession.
There are five major issues regards to Chinese economic condition in 2009. First, China will be challenged by the influence from international economic crisis. Secondly, e to the combination impact from the home and abroad, the macroeconomic regulation in China would become more complicated; in another word, it may result in a repeating domestic inflation and deflation. Thirdly, the above situations might have side-effects on Chinese stock market and real estate market; further, the small and medium companies might face serious liquidation issues. In Addition, there is a great possibility of a dramatic decline on the employment rate. Last but not least, it would become tremendous difficulty for government to maintain a balanced financial status and also inject further confidence into Chinese economic.
To sum up, from the above analysis, it is clear that the economic situation in China for 2009 is not in positive. However, with more focus on Chinese domestic market and increasing living allowances of our lower-income groups, it is possible to achieve a stabilized economic and social position even in such a serious condition.
As we noted previously, the inflation rate (fj) represents an average rate applicable to a specific segment j of the economy. For example, if we are estimating the future cost of a piece of machinery, we should use the inflation rate appropriate the different costs and revenues in our analysis. The following example introces the complexity of multiple inflation rates.
We will rework example 9.1 using different annual changes (differential escalation rates) in the prices of cash flow components. Suppose that we expect the general rate of inflation (f(-)) to average 6% ring the next 5 years. We also expect that the salvage value of the equipment will increase 3% per year, that wages (labor) and overhead will increase 5% per year, and that the cost of material will increase 4% per year. We expect sales revenue to climb at the general inflation rate. Table 10.2 shows the relevant calculations using the income statement format. For simplicity, all cash flows and inflation effects are assumed to occur at year』s end. Determine the net present worth of this investment, using the adjusted-discount method.
正如我們之間所說，通貨膨脹率代表了經濟某特定方面的平均水平。例如，如果我們在評估一台機器的未來成本的時候，我們需要用適當的通貨膨脹率來分析對應的成本和收入。下面的這個例子就來介紹復合通貨膨脹率的復雜性。
我們用不同的年度變化（差別增長率）來重新看9.1的例子：假設未來5年的平均通貨膨脹率是6%。並假定設備的殘值每年增加3%、工資（勞動力）每年增加5%、材料成本每年增加4%，同時假設銷售收入適應一般的通貨膨脹率。表10.2用損益表的形式顯示了相關的運算。簡單起見，假設所有的現金流和通貨膨脹的影響都發生在當年的年底。請用adjusted-discount的方法確定這項投資的凈現值。
『叄』 經濟類英語文章
建議你去滬江論壇上看看，或者就是《The Economist》
『肆』 幫忙找英文經濟商務類的原版文章,2000~2500字.最好帶翻譯.
Before we start, let's talk a bit about collocations. Collocations are groups of words that are commonly used together. Native speakers are so used to using them, they know what sounds "right" and what sounds "wrong."
在我們開始之前，我們來談下搭配。搭配是指常用的片語搭配到一起。當地人很習慣於用這些，他們知道什麼的搭配聽起來是對的，什麼是錯的。
For example, in English the phrase "go online" is a natural way to refer to using the internet. But it wouldn't be natural to say something like "proceed online" or "travel online", even though "proceed" and "travel" are other ways to express 「go.」 You』ll hear lots of collocations related to office life in today's dialog. Listen out for them and we'll explain what they mean and how to use them in the debrief. 比如，英語中的短語上網，就是使用網路的意思，甚至用前進和旅遊來表達這個意思。在今天的播客中，你將聽到很多和辦公生活有關的搭配。仔細聽，我們將會解釋它們的意思以及如何在聽取報告的時候使用它。
Now, on to the role of an administrative assistant. The job title of "administrative assistant", or "admin assistant" for short, can cover quite a broad range of responsibilities. Admin assistants typically spend a lot of time handling data—whether it's timesheets recording the working hours of other employees, or rosters used for scheling meeting rooms. Much of what they do involves making sure that other employees are working as efficiently as possible. 現在，來談談一個行政助理的職責。通常他們要花很長時間處理數據，不論是日程表記錄，雇員的工作時間，還是會議地點安排的執勤人員表。這些很多都牽涉到確認是否有效地工作。
In this episode we'll talk with Christina, who works as an admin assistant in the human resources department of an auto parts manufacturer. Christina's going to tell us about some of the responsibilities of her position. 在這節播客中，我們將和克里斯蒂娜交談，她是汽車配件生產商的人事部的行政助理。克里斯蒂娜將會告訴我們有關她職責的細節。
Collocations are a challenge for anyone learning English. There aren't any specific rules to follow. You just have to listen for what sounds right. Still, they're essential for English communication and important to keep in mind when you learn new vocabulary—don't just think about the new word, think about what other words it might be used with. We'll point out some useful collocations related to daily office work as we go through this lesson. 詞語搭配對於英語學習者來說是一個挑戰。沒有嚴格的條款去依循。你必須去聽聽起來是對的。並且，當你學 學了新的詞彙，不要只是覺得他們是新的詞彙，要想到其他的一些可能會用到的其他詞語，而搭配對於記住這些新的詞至關重 要。
Administrative assistants are important to any business organization. For example, they make sure data is handled responsibly and records are maintained properly. It might seem like they work in the background, but their jobs are critical to the smooth running of a company. 行政助理對於任何商業組織都很重要。比如，他們要確保 數據正確，記錄好公司正常運行的數據。
In the last episode we met Christina, the Head Administrative Assistant in the Human Resources department at LaFarge Automotive. In an interview, Christina told us about some of her usual job ties. Today, she'll talk about why her work is so important to the company. 上一集中，我們了解了克里斯蒂娜，在拉法基汽車公司人事部門的 總的行政助理。在這個訪談中，克里斯蒂娜告訴了我們她的日常工作。今天，她將要談論她的工作對於整個公司的重要性。
『伍』 經濟類的英文論文
Half-way from rags to riches
Apr 24th 2008
From The Economist print edition
Vietnam has made a remarkable recovery from war and penury, says Peter Collins (interviewed here). But can it change enough to join the rich world?
Eyevine
Correction to this article
KNEES and knuckles scraping the ground, the visitors struggle to keep up with the tour guide who is briskly leading the way through the labyrinth of claustrophobic burrows g into the hard earth. The legendary Cu Chi tunnels, from which the Viet Cong launched waves of surprise attacks on the Americans ring the Vietnam war, are now a popular tourist attraction (pictured above). Visitors from all over the world arrive daily at the site near the city that used to be called Saigon, renamed Ho Chi Minh City after the Communists took the south in 1975.
Alongside the wreckage of an abandoned M41 tank another friendly guide demonstrates a dozen types of improvised booby-traps with sharp spikes that were set in and around the tunnels to maim pursuing American soldiers. The Vietnamese not only welcome the tourist dollars Cu Chi brings in, but are also rather proud of it. They feel it demonstrates their ingenuity, adaptability, perseverance and, above all, their determination to resist much stronger foreign invaders, as the country has done many times down the centuries.
These days Vietnam also has plenty of other things to be proud of. In the 1980s Ho Chi Minh's successors as party leaders damaged the war-ravaged economy even more by attempting to introce real communism, collectivising land ownership and repressing private business. This caused the country to slide to the brink of famine. The collapse soon afterwards of its cold-war sponsor, the Soviet Union, added to the country's deep isolation and cut off the flow of roubles that had kept its economy going. Neighbouring countries were inundated with desperate Vietnamese 「boat people」.
Since then the country has been transformed by almost two decades of rapid but equitable growth, in which Vietnam has flung open its doors to the outside world and liberalised its economy. Over the past decade annual growth has averaged 7.5%. Young, prosperous and confident Vietnamese throng downtown Ho Chi Minh City's smart Dong Khoi street with its designer shops. The quality of life is high for a country that until recently was so poor, and its larger cities have retained some of their colonial charm, though choking traffic and constant construction work are beginning to take their toll.
An agricultural miracle has turned a country of 85m once barely able to feed itself into one of the world's main providers of farm proce. Vietnam has also become a big exporter of clothes, shoes and furniture, soon to be joined by microchips when Intel opens its $1 billion factory outside Ho Chi Minh City. Imports of machinery are soaring. Exports plus imports equal 160% of GDP, making the economy one of the world's most open.
All this has kept government revenues buoyant despite cuts in import tariffs. The recent introction of company taxes is also helping to fill the government's coffers. Spending on public services has surged, yet public debt, at an acceptable 43% of GDP, has remained fairly stable.
Having made peace with its former foes, Vietnam hosted Presidents Bush, Putin and Hu at the Asia-Pacific summit in 2006 and joined the World Trade Organisation in 2007. This year it has one of the rotating seats on the UN Security Council.
Vietnam's Communists conceded economic defeat 22 years ago, in the depths of a crisis, and brought in market-based reforms called doi moi (renewal), similar to those Deng Xiaoping had introced in China a few years earlier. As in China, it took time for the effects to show up, but over the past few years economic liberalisation has been fostering rapid, poverty-recing growth.
The World Bank's representative in Vietnam, Ajay Chhibber, calls Vietnam a 「poster child」 of the benefits of market-oriented reforms. Not only does it comply with the catechism of the 「Washington Consensus」—free enterprise, free trade, sensible state finances and so on—but it also ticks all the boxes for the Millennium Development Goals, the UN's anti-poverty blueprint. The proportion of households with electricity has doubled since the early 1990s, to 94%. Almost all children now attend primary school and benefit from at least basic literacy.
Vietnam no longer really needs the multilateral organisations' aid. Multilateral and bilateral donors together have promised the country $5.4 billion in loans and grants this year, but with so much foreign investment pouring in, Vietnam's currency reserves increased by almost double that figure last year. At least the aid donors have learned from the mid-1990s, when excessive praise discouraged Vietnam from continuing to reform, prompting an exos of investors. Now the tone in private meetings with officials is much franker, says a diplomat who attends them.
Vietnam has become the darling of foreign investors and multinationals. Firms that draw up a 「China-plus-one」 strategy for new factories in case things go awry in China itself often make Vietnam the plus-one. Wage costs remain well below those in southern China and proctivity is growing faster, albeit from a lower base. When the UN Conference on Trade and Development asked multinationals where they planned to invest this year and next, Vietnam, at number six, was the only South-East Asian country in the top ten.
The government's programme of selling stakes in publicly owned firms and exposing them to market discipline has recently gathered pace. At the same time the switch from a command economy to free competition has allowed the Vietnamese people's entrepreneurialism to flourish. Almost every household now seems to be running a micro-business on the side, and a slew of ambitious larger firms is coming to the stockmarket.
Much of the praise now being showered anew on the country is deserved. The government is well on course for its target of turning Vietnam into a middle-income country by 2010. Its longer-term aim, of becoming a modern instrial nation by 2020, does not seem unrealistic.
But from now on the going may get tougher. As Mr Chhibber notes, few countries escape the 「middle-income trap」 as they become richer. They tend to lose their reformist zeal and see their growth fizzle. A study in 2006 by the Vietnamese Academy of Social Sciences concluded that further rections in poverty will require higher growth rates than in the past because the remaining poor are well below the poverty line, whereas many of those who recently crossed it did not have far to go.
The stench of corruption
The Communist Party leadership openly admits that the Vietnamese public is fed up with the endemic corruption at all levels of public life, from lowly traffic policemen and clerks to the most senior people in ministries. In 2006, just before the party's five-yearly congress, the transport minister resigned and several officials were arrested over a scandal in which millions of dollars of foreign aid were gambled on the outcome of football matches. The leadership insists it is doing its best to clean up, but a lot remains to be done.
Almost as bad as the corruption is the glacial speed of legislative and bureaucratic processes. Proposed laws have to pass through all sorts of hoops before taking effect, with endless rounds of consultations to build consensus. The dividing line between the Communist Party, the government and the courts is not always clear. The justice system is rudimentary. Lawyers have no formal access to past case files, so they find it hard to use precedent in legal argument.
The government is part-way through a huge project to slim the bureaucracy and streamline official proceres. It recently cut the number of ministries from 28 to 22. Yet for the moment the bureaucratic logjam is stopping the country building the roads, power stations and other public works it needs to maintain its growth rate. Nguyen Tan Dung, the prime minister, says that if growth is to continue at its current rate, the country's electricity-generating capacity needs to double by 2010. That seems a tall order, to put it mildly.
Soaring car-ownership is leaving the country's underdeveloped roads increasingly gridlocked. In an admirably liberal attempt to limit price distortions as oil surged above $100 a barrel, the government slashed fuel subsidies in February. But one effect will be to stoke inflation, already worryingly high at 19.4% in March. Bank lending surged by 38% last year as firms and indivials borrowed to speculate on shares and property.
The government is finding it much harder to manage an economy made up of myriad private companies, banks and investors than to issue instructions to a limited number of state institutions, especially as the public sector is currently suffering a drain of talent to private firms that are able to offer much higher pay.
What could go wrong
All this leaves Vietnam's continued economic development exposed to a number of risks:
• Rising inflation—which is hurting low earners in particular—and a growing shortage of affordable housing could create a new urban underclass among unskilled workers who have left the land for the cities. Combined with rising resentment at official corruption and the increasing visibility of Vietnam's new rich, this could cause social friction and bring strikes and protests, chipping away at the political stability that has underpinned Vietnam's strong growth and investment.
• Trade liberalisation and increased domestic competition will benefit some firms and farmers but hurt others—especially inefficient state enterprises. These could join forces and press the government to halt or even reverse the reforms.
• The slumping stockmarket or perhaps a property crash could cause a big firm or bank to fail. Given the country's weak and untested bankruptcy laws and financial regulators, the authorities may find it hard to deal with that kind of calamity.
• Natural disasters, from bird flu to floods, could cause chaos.
• The economy could come up against the limits of its creaking infrastructure and the shortage of people with higher skills. Jammed roads, power blackouts and the inability to fill managerial and professional jobs could all bring Vietnam's growth rate crashing down.
Vietnam has set itself such demanding standards that even if some combination of these factors did no more than push annual growth below 5%, it would be seen as a serious setback. The foreign minister, Pham Gia Khiem, notes that Vietnam's current growth of around 8-9% is lower than that in Asia's richest economies at the same stage in their development.
Despite the risks ahead, Vietnam has already provided the world with an admirable model for overcoming war, division, penury and isolation and growing strongly but equitably to reach middle-income status. This model could be followed by many impoverished African states or, closer to home, perhaps by North Korea. If it can be combined with graal political liberalisation, it might even offer something for China to think about.
『陸』 經濟危機原因的英語文章
Inflation is the lesser evil in such a crisis
It is time for the world's major central banks to acknowledge that a sudden burst of moderate inflation would be extremely helpful in unwinding today's epic debt morass.
Yes, inflation is an unfair way of effectively writing down all non-indexed debts in the economy. Price inflation forces creditors to accept repayment in debased currency.
Yes, in principle, there should be a way to fix the ills of the financial system without resort to inflation. Unfortunately, the closer one examines the alternatives, including capital injections for banks and direct help for home mortgage holders, the clearer it becomes that inflation would be a help, not a hindrance.
Modern finance has succeeded in creating a default dynamic of such stupefying complexity that it defies standard approaches to debt workouts. Securitization, structured finance, and other innovations have so interwoven the financial system's various players that it is essentially impossible to restructure one financial institution at a time. System-wide solutions are needed.
Moderate inflation in the short run - say, 6 percent for two years - would not clear the books. But it would significantly ameliorate the problems, making other steps less costly and more effective.
True, once the inflation genie is let out of the bottle, it could take several years to put it back in. No one wants to relive the anti-inflation fights of the 1980s and 1990s. But right now, the global economy is teetering on the precipice of disaster. We already have a full-blown global recession. Unless governments get ahead of the problem, we risk a severe worldwide downturn unlike anything we have seen since the 1930s.
The necessary policy actions involve aggressive macroeconomic stimulus. Fiscal policy should ideally focus on tax cuts and infrastructure spending. Central banks are already cutting interest rates left and right. Policy interest rates around the world are likely to head toward zero; the United States and Japan are already there. The United Kingdom and the euro zone will eventually decide to go most of the way.
Steps must also be taken to recapitalize and re-regulate the financial system. Huge risks will remain as long as the financial system remains on government respirators, as is effectively the case in the US, UK, the euro zone, and many other countries today.
Most of the world's largest banks are essentially insolvent, and depend on continuing government aid and loans to keep them afloat. Many banks have already acknowledged their open-ended losses in residential mortgages.
As the recession deepens, however, bank balance sheets will be hammered further by a wave of defaults in commercial real estate, credit cards, private equity, and hedge funds. As governments try to avoid outright nationalization of banks, they will find themselves being forced to carry out second and third recapitalizations.
Even the extravagant lout of financial giant Citigroup, in which the US government has poured in $45 billion of capital and backstopped losses on over $300 billion in bad loans, may ultimately prove inadequate. When one looks across the landscape of remaining problems, including the multi-trillion-dollar credit default swap market, it is clear that the hole in the financial system is too big to be filled entirely by taxpayer dollars.
Certainly, a key part of the solution is to allow more banks to fail, ensuring that depositors are paid off in full, but not necessarily debt holders. But this route is going to be costly and painful.
That brings us back to the inflation option. In addition to tempering debt problems, a short burst of moderate inflation would rece the real (inflation-adjusted) value of residential real estate, making it easier for that market to stabilize.
Absent significant inflation, nominal house prices probably need to fall another 15 percent in the US, and more in Spain, the UK, and many other countries. If inflation rises, nominal house prices don't need to fall as much.
Of course, given the ongoing recession, it may not be so easy for central banks to achieve any inflation at all right now. Indeed, it seems like avoiding sustained deflation, or falling prices, is all they can manage.
Fortunately, creating inflation is not rocket science. All central banks need to do is to keep printing money to buy up government debt. The main risk is that inflation could overshoot, landing at 20 or 30 percent instead of 5-6 percent.
Indeed, fear of overshooting paralyzed the Bank of Japan for a decade. But this problem is easily negotiated. With good communication policy, inflation expectations can be contained, and inflation can be brought down as quickly as necessary.
It will take every tool in the box to fix today's once-in-a-century financial crisis. Fear of inflation, when viewed in the context of a possible global depression, is like worrying about getting the measles when one is in danger of getting the plague.
The author is a professor of economics and public policy at Harvard University and was formerly chief economist at the IMF
『柒』 有哪些易讀的經濟學類英文原著
推薦你看看世界圖書出版社的一套經濟學原版著作，國富論，資本論，人性的弱點，就業利息和貨幣通論。把4本書看完，英文水平足夠出國了，畢竟這都是經濟學的具有里程碑性質的名著，作者有的是花費了一輩子來寫的，有的改變了一個帝國一個時代進程。
『捌』 求經濟類英文文章(帶中文翻譯)
INTO THE STORM
FOR much of the past year the fast-growing economies of the emerging world watched the Western financial hurricane from afar. Their own banks held few of the mortgage-based assets that undid the rich world』s financial firms. Commodity exporters were thriving, thanks to high prices for raw materials. China』s economic juggernaut powered on. And, from Budapest to Brasília, an abundance of credit fuelled domestic demand. Even as talk mounted of the rich world suffering its worst financial collapse since the Depression, emerging economies seemed a long way from the centre of the storm.
過去一年的大部分時間里，高速發展的新興國家一直在遠處觀望著西方國家的金融風暴。他們的銀行僅持有少量抵押資產，而類似的資產已經破壞了發達國家的金融公司。商品出口商因為原材料的高價格而日漸富有。中國不可抗拒的經濟力量已然開啟，而且信貸刺激的內需從布達佩斯到巴西利亞都表現得非常充足。盡管大蕭條後關於西方國家受難於金融崩塌的話題與日俱增，但新興國家似乎距離金融風暴的中心還有一段距離。
No longer. As foreign capital has fled and confidence evaporated, the emerging world』s stockmarkets have plunged (in some cases losing half their value) and currencies tumbled. The seizure in the credit market caused havoc, as foreign banks abruptly stopped lending and stepped back from even the most basic banking services, including trade credits.
不過目前的情況不再是那樣了，隨著境外資本的流失和經濟信心的消失，新興國家股市暴跌（有些地區已經腰斬），本幣迅速貶值。由於外國銀行突然中斷貸款，並且收縮了包括貿易信貸在內的基礎銀行服務，新興國家的信貸市場突發混亂，並引發了一場浩劫。
Like their rich-world counterparts, governments are battling to limit the damage (see article). That is easiest for those with large foreign-exchange reserves. Russia is spending $220 billion to shore up its financial services instry. South Korea has guaranteed $100 billion of its banks』 debt. Less well-endowed countries are asking for help. Hungary has secured a EURO5 billion ($6.6 billion) lifeline from the European Central Bank and is negotiating a loan from the IMF, as is Ukraine. Close to a dozen countries are talking to the fund about financial help.
新興國家的政府和發達國家的政府一樣都在為控制損失程度而奮斗。不過對於外匯儲備充足的國家來說難度會小一些：俄羅斯斥資2200億美元重振金融服務行業；韓國政府擔保了1000億美元的銀行債務。而那些儲備並不充足的國家正在四處求援：匈牙利成功向歐洲央行求得了50億歐元（約66億美元）的生命線，同時也在同國際貨幣基金組織協商借款事宜，同時向國際貨幣基金組織求援的還有烏克蘭。近一打兒的國家在向基金組織求助。
Those with long-standing problems are being driven to desperate measures. Argentina is nationalising its private pension funds, seemingly to stave off default (see article). But even stalwarts are looking weaker. Figures released this week showed that China』s growth slowed to 9% in the year to the third quarter-still a rapid pace but a lot slower than the double-digit rates of recent years.
有持續問題的國家正棋行險招：阿根廷正在將私人養老金國有化，意圖阻止違約的發生。即使強有力的國家也表現出虛弱一面：本周公布的數字表明今年中國的增長率在第三季度減緩為9%，雖然增速還算快，但是與近些年的兩位數增率相比緩慢了不少。
Blowing cold on credit
對信貸沒興趣
The various emerging economies are in different states of readiness, but the cumulative impact of all this will be enormous. Most obviously, how these countries fare will determine whether the world economy faces a mild recession or something nastier. Emerging economies accounted for around three-quarters of global growth over the past 18 months. But their economic fate will also have political consequences.
眾多新興經濟的意願並不相同，但是累計在一起的影響力卻非同一般。最明顯的就是這些國家的表現將會決定世界經濟所面臨的是一個較為緩和的衰退還是更可怕的情況。在過去18個月的全球經濟增長中，新興經濟貢獻了75%。但是他們的經濟命運也會有一些政治後果。
In many places-eastern Europe is one example (see article)-financial turmoil is hitting weak governments. But even strong regimes could suffer. Some experts think that China needs growth of 7% a year to contain social unrest. More generally, the coming strife will shape the debate about the integration of the world economy. Unlike many previous emerging-market crises, today』s mess spread from the rich world, largely thanks to increasingly integrated capital markets. If emerging economies collapse-either into a currency crisis or a sharp recession-there will be yet more questioning of the wisdom of globalised finance.
在類似東歐的很多地區，金融混亂目前的打擊目標是軟弱的政府；但強硬的政權同樣會嘗到苦果。一些專家認為中國每年需要7%的增長率來阻止社會動盪的發生。總體來說，如此爭端必將影響全球經濟一體化的討論。與以往數次新興經濟危機不同，這次的混亂始於發達國家，很大程度上要歸咎於一體化的資本市場。一旦新興經濟崩潰，無論是貨幣危機還是劇烈的經濟蕭條，大家對於金融全球化是否屬明智之舉會有更多的質疑。
Fortunately, the picture is not universally dire. All emerging economies will slow. Some will surely face deep recessions. But many are facing the present danger in stronger shape than ever before, armed with large reserves, flexible currencies and strong budgets. Good policy-both at home and in the rich world-can yet avoid a catastrophe.
幸運的是上述恐怖的場景沒有發生在全球的每個角落：所有的新興經濟都會減緩發展速度，有一些也必將面臨深度蕭條；但是更多的國家在面臨當下危機的時候卻擁有比以往任何時候都強壯的形式，用充足的儲備、彈性的貨幣和強大的預算武裝自己。新興國家及發達國家良好的政策可以避免大災難的發生。
One reason for hope is that the direct economic fallout from the rich world』s disaster is manageable. Falling demand in America and Europe hurts exports, particularly in Asia and Mexico. Commodity prices have fallen: oil is down nearly 60% from its peak and many crops and metals have done worse. That has a mixed effect. Although it hurts commodity-exporters from Russia to South America, it helps commodity importers in Asia and reces inflation fears everywhere. Countries like Venezuela that have been run badly are vulnerable (see article), but given the scale of the past boom, the commodity bust so far seems unlikely to cause widespread crises.
至少有一個原因值得抱有希望：發達國家此次災難的直接經濟影響還是在可控的范圍內。歐美銳減的需求對出口來說無疑是一個打擊，特別是對亞洲和墨西哥。商品價格走低：原油價格與巔峰時期比較已經下降了60%，很多糧食和金屬類商品跌幅更大。這兩個現象有混合效果：盡管從俄羅斯到南美的商品（能源）出口企業備受打擊，但卻幫助了亞洲的商品（能源）進口商，並且緩和了各地對通脹的恐懼。委內瑞拉的情形一直很糟糕，也很脆弱；不過由於過去極度的繁榮，商品價格下跌目前還不會引發大范圍傳播的危機。
The more dangerous shock is financial. Wealth is being squeezed as asset prices decline. China』s house prices, for instance, have started falling (see article). This will dampen domestic confidence, even though consumers are much less indebted than they are in the rich world. Elsewhere, the sudden dearth of foreign-bank lending and the flight of hedge funds and other investors from bond markets has slammed the brakes on credit growth. And just as booming credit once underpinned strong domestic spending, so tighter credit will mean slower growth.
比商品價格更令人震驚的事情發生在金融領域。由於資產價格的下降，財富水平正在被擠壓縮水。以中國房價為例，目前已經開始下跌。盡管新興國家的消費者比發達國家的負債水平低很多，上述情況還是會挫傷國內的經濟信心。在其他方面，國外銀行借款驟然匱乏、對沖基金以及其他投資者逃離債券市場，這些因素給信貸增長踩了一腳急剎車。正如發達的信貸曾經強力支撐國內支出那樣，信貸緊縮將意味著增長放緩。
Again, the impact will differ by country. Thanks to huge current-account surpluses in China and the oil-exporters in the Gulf, emerging economies as a group still send capital to the rich world. But over 80 have deficits of more than 5% of GDP. Most of these are poor countries that live off foreign aid; but some larger ones rely on private capital. For the likes of Turkey and South Africa a sudden slowing in foreign financing would force a dramatic adjustment. A particular worry is eastern Europe, where many countries have double-digit deficits. In addition, even some countries with surpluses, such as Russia, have banks that have grown accustomed to easy foreign lending because of the integration of global finance. The rich world』s bank l-outs may limit the squeeze, but the flow of capital to the emerging world will slow. The Institute of International Finance, a bankers』 group, expects a 30% decline in net flows of private capital from last year.
需要再次重申的是，沖擊的表現會因國家的不同而有所區別。多虧中國和海灣產油國經常項目下的巨額順差，新型經濟整體還不斷的向發達國家輸送資本。但是80 多個國家的財政赤字已經超過GDP的5%，其中的多數是那些依靠國外救助過活得貧困國家；不過也有一些依靠私人資本的大國。對於類似土耳其和南非的國家來說，突然減緩的境外融資迫使其進行大幅調整。東歐的情況特別令人擔憂，那裡的不少國家赤字水平已經達到了兩位數。另外，象俄羅斯這樣處於順差的國家，其銀行也逐漸適應了可以輕易從外國取得的貸款，原因自然是全球金融一體化。發達國家的救助計劃也許可以限制財富被擠壓的水平，但資本流向新興世界的速度無疑會減慢。國際金融研協會預測私人資本的凈流量比去年回減少30%。
A wing and a prayer
飛行之翼與祈禱者
This credit crunch will be grim, but most emerging markets can avoid catastrophe. The biggest ones are in relatively good shape. The more vulnerable ones can (and should) be helped.
信貸緊縮必將令人生畏，不過多數新興市場可以躲過一劫，最大的市場形勢還相當不錯。比較脆弱的市場可以（也應該）得到幫助。
Among the giants, China is in a league of its own, with a $2 trillion arsenal of reserves, a current-account surplus, little connection to foreign banks and a budget surplus that offers lots of room to boost spending. Since the country』s leaders have made clear that they will do whatever it takes to cushion growth, China』s economy is likely to slow-perhaps to 8%-but not collapse. Although that is not enough to save the world economy, such growth in China would put a floor under commodity prices and help other countries in the emerging world.
在那些堅強的巨人中，中國卓然不群：手握2萬億美元的儲備，經常項下的順差狀態，與國外銀行罕有關聯，過剩的預算給推動支出留有足夠空間。鑒於國家領導人已經明確表示將不惜一切代價為經濟增長減速緩沖，中國的經濟增長應該會減緩到大約8%的水平，但是決不會崩潰。雖然這不足以挽救世界經濟，但是該增長率將會為商品價格建底並幫到新興世界的其他國家。
The other large economies will be harder hit, but should be able to weather the storm. India has a big budget deficit and many Brazilian firms have a large foreign-currency exposure. But Brazil』s economy is diversified and both countries have plenty of reserves to smooth the shift to slower growth. With $550 billion of reserves, Russia ought to be able to stop a run on the rouble. In the short-term at least, the most vulnerable countries are all smaller ones.
其他的經濟大國會受到更大的沖擊，不過應該可以禁受住風暴侵襲。印度的財政赤字巨大，巴西很多公司面臨巨大的外匯風險。但巴西經濟已經實現多樣化，同時上述兩個國家擁有充足的儲備來平穩過渡到緩慢的增長。俄羅斯掌握著5500億美元的儲備，應該能夠阻止對盧布的搶購。至少在短期內，小國家才是最弱不禁風的。
There will be pain as tighter credit forces adjustments. But sensible, speedy international assistance would make a big difference. Several emerging countries have asked America』s Federal Reserve for liquidity support; some hope that China will l them out. A better route is surely the IMF, which has huge expertise and some $250 billion to lend. Sadly, borrowing from the fund carries a stigma. That needs to change. The IMF should develop quicker, more flexible financial instruments and minimise the conditions it attaches to loans. Over the past month deft policymaking saw off calamity in the rich world. Now it is time for something similar in the emerging world.
受到緊縮信貸壓力進行的調整必然帶來痛苦，但快速的國際援助是明智之舉，因為這會讓結果很不相同。一些新興國家已經向美聯儲求援以緩解流動性問題；有一些則希望中國可以拯救他們與水火。更佳的求救路線莫過於國際貨幣基金組織，因為它掌握大量的專門知識和2500億美元的可出借款項。不幸的是人們認為向基金借款有辱其名，國際貨幣基金組織應該推出更快捷、更靈活的金融工具，同時實現借貸條件最小化。過去數月中，機敏的決策驅散了發達國家的災難。現在也正是新興世界發生類似事情的時候了。
希望採納
『玖』 金融類英語文章
經濟學人：加拿大的住宅市場
Finance and Economics; 財經；
Canada's housing market; 加拿大的住宅市場；
Time for a bigger needle; 該出手時就出手；
The latest attempt to prick a bubble;戳破泡沫的最新舉措；
經濟學人：
Canada's reputation for financial regulation is starry. Its banksgot through the crisis unscathed. According to Moody's, a ratings agency, Royal Bank of Canadasits alongside HSBC and JPMorgan Chase in the top tier of global banks. And Canadianpolicymakers are old hands at pulling 「macroprudential」 levers of the sort now in vogue amongrich-world central banks.
加拿大的金融監管一向廣受贊譽。它的銀行業在這場危機中做到了獨善其身。根據評級機構穆迪的報告，加拿大皇家銀行與匯豐銀行以及摩根大通同列，躋身全球銀行界的第一梯隊。同時，加拿大的政策制定者也是運用宏觀審慎政策的老手，這一政策如今也常被其他富國的央行使用。
But questions still nag. Some say that Canada's banks are flattered by a huge indemnity offeredby Canada Mortgage and Housing Corp (CMHC), a public institution that insures mortgages witha loan-to-value ratio of more than 80%. CHMC's book grew to 567 billion Canadian Dollar(557 billion Dollar) in 2011, up from 345 billion Canadian Dollar four years earlier. And Canada'shousing market looks very frothy on some measures: The Economist's analysis of price-to-rentratios suggests that Canadian properties were about 75% above their long-run 「fair value」 in thefirst quarter of 2012 (see chart). Although less than 0.5% of CHMC's mortgages are in arrears, such exuberance is a worry. The central bank recently labelled housing as 「the most importantdomestic risk to financial stability in Canada」.
但是，仍有問題纏身。部分人士認為，加拿大的銀行被加拿大抵押和住房公司（CMHC）提供的巨額補償金美化了，CMHC是一家為貸款估值比率超過80%的抵押貸款提供保險的公共機構。在2011年，CHMC的抵押貸款額從四年前的3450億增長到了5670億加元（合5570億美元）。並且，從一些指標來看，加拿大的房地產充斥著泡沫：《經濟學人》以房價租金比所做的分析顯示，在2012年第一季度，加拿大的物業價格高出它們的長期公允價值75%。縱然僅有低於0.5%的CHMC抵押貸款存在拖欠的情況，但這樣的繁榮仍讓人憂慮。最近，央行也冠以樓市 「危及加拿大金融穩定性的最大國內隱患」。
Repeated efforts by policymakers to take the heat out of housing have not had a noticeableeffect. So on June 21st Jim Flaherty, the finance minister, had another go, his fourth in fouryears. Some of the new measures were cosmetic. Buyers of homes worth more than 1m Dollarhave been able to get mortgage-default insurance from CMHC with a downpayment of only 5%. In practice, it is hard to find buyers in this bracket who do not have lots of equity in their homes. But after July 9th mortgages for homes of this value will not be eligible for CMHC coverage.
政策制定者們給樓市降溫的不斷嘗試並無明顯成效。於是，在6月21日，加拿大財長吉姆·費拉逖，在四年來第四次出台了一些新舉措。新措施中的一些不過是表面功夫。價值過百萬美元住宅的買主能得到由CMHC擔保的債務違約保險以及首付僅付5%的優惠待遇。而事實上，很少有這類購房者在購房時不以大量自有資金支付價款的。不過，在6月9日之後，這類住宅將不再適用於CMHC的保險范圍。
Other measures have more teeth. The maximum amortisation period for a mortgage will now be25 years, down from 30. That should hurt demand: last year about 40% of new mortgages werefor terms longer than that. Refinancing a home will be allowed only up to 80% of its value, downfrom 85%. Homebuyers will have to demonstrate their housing costs are no more than 39% oftheir gross household income. On top of Mr Flaherty's measures, the Office of theSuperintendent of Financial Institutions, Canada's banking regulator, slapped a loan-to-value limitof 65% on borrowing against home equity.
其他那些則更為有力。抵押貸款最長還貸期限如今將從30年降低至25年。這勢必將減少需求：去年約有40%的新貸款的期限是超過25年的。允許的房屋再融資的上限從房屋價值的85%降至只有80%。購房者還須證明他們的住房支出不超過家庭總收入的39%。費拉逖的舉措中，緊隨其後的是，加拿大的銀行監管部門，聯邦金融機構監督辦公室，將貸款和自有資金間的貸款估值比率的限制猛降至65%。
Craig Alexander, the chief economist for TD Financial Group, estimates all this will be theequivalent of about a 1% rise in mortgage rates for most homebuyers. He believes that willproce a slow unwinding of the housing market. If he is right, and Mr Flaherty's variousinterventions avoid the collateral damage that would be caused by an actual interest-rate rise, Canada's admirers will have another thing to swoon over.
多倫多道明銀行金融集團首席經濟學家，克雷格·亞歷山大估計，所有這些措施對於購房者而言將等同於抵押貸款利率上升1%。他認為這將促使房產市場緩慢回歸。如果他的觀點正確，並且費拉逖的各種干預手段能夠避免可能引發實際利率上升的附帶傷害，那麼如此一來，加拿大的崇拜者們又將有一個可以津津樂道的話題了。
『拾』 求：有關經濟類的英語單詞和英語文章
一, 與市場,運營情況有關的形容詞小結
形容市場活躍, 繁榮
1 dynamic 有活力的,有生機的
2 prosperous 繁榮的
3 brisk 興隆的
4 volatile 不穩定的, 活躍浮動的
形容市場蕭條,不景氣
5 bleak 慘淡凄涼的
6 declining 下滑的,衰退的
7 slump 委靡的
8 sluggish 不景氣,蕭條的
9 stagnant 停滯不前的, 蕭條的
二, 關於是「商品」的小結
10 merchandise 商品(集合名詞)(單數)
11 goods 貨物(復)
12 commodity 商品, 期貨futures
13 proct 產品
14 proce 農產品
15 freight 運輸的貨物 ; 運費
16 cargo (船,飛機) 裝載的貨物
三, 和會議,集會有關的詞小結
17 convoke 召集
18 rally 集合
19 gathering 聚會
20 function 集會，儀式event, happening
Our sports day is the most important function of the year.
運動會那一天是我們一年裡最盛大的活動。
21 adjourn 延會,休會
22 confer 商談
四, 常見犯罪小結
23 mug 搶劫,(從背後襲擊)
24 steal 偷
25 loot 搶奪
26 pickpocket 扒手
27 burglary 夜盜
28 smuggle 走私
五, 常見支付方式小結
29 by cash 現金
30 by check 支票
31 by credit card 信用卡
32 by money order 匯票
33 by installment 分期伏款
34 by mail 郵寄
六, 關於性格的描述小節
35 outgoing 外向活潑
36 sociable 善於交際
37 adaptable 適應性強
38 ambitious 有野心
39 hard-working 工作努力
40 energetic 有活力
41 enterprising 富於進取,有創業精神
42 honest 誠實
43 reserved 保守,穩重
44 responsible 負責
45 optimistic 樂觀
46 independent 獨立
七, 名詞
1 inflation 通貨膨脹
2 deflation 通貨緊縮
3 feasibility 可行性
4 overhaul 徹底檢查
5 custom 海關
6 bruise 擦傷
7 indices 是index的復數 注意讀音是 / / (聽力)
8 commotion 暴動,騷亂
9 interest rate 利率
10 disposition (1)性情氣質 (2) 處理
11 carat, karat 克拉
12 hallmark 品質證明, 純正之證明
13 asylum 收容所, 養老院
14 orphanage 孤兒院
15 morale 士氣,人心
16 pennant 錦旗
17 vicinity 附近, 短語是 in the ~ of
18 interrogation 詢問,審訊 短語是 put sb under ~
19 intersection 交點
20 intermission 休息時間
21 physician 內科醫生
22 surgeon 外科醫生, 軍醫,船醫
23 breadwinner 養家糊口的人
24 recipe 食譜,方法
25 tender 招標,a public ~, ask for tender
26 syllabus 課程綱要
27 Spaniard 西班牙人
28 dispassion 冷靜客觀
29 levity 輕率
30 expulsion 開除,除籍
31 defamation 誹謗
32 payroll 薪水冊,工資表
33 contraction 收縮
34 renewal 更新
35 dection 扣除(額)
36 escalator 電動扶梯
37 elevator 電梯,升降梯(美)
38 lift 電梯(英)
39 emblem 象徵標志 同logo symbol
40 dereliction 玩忽職守 ~ of ty
41 milk shake 奶昔
42 endorsement 背書保證,找明星代言
43 approbation 批准許可
44 probation 試用 trial
45 deference 順從尊重
46 minor infraction 輕微違法major violation 重大
47 vacate 疏散 evacuation
48 anarchy 無政府
49 collusion 共謀,勾結
50 downturn 下滑take a sudden downturn
51 spa 溫泉
52 freelance writer 自由撰稿人
53 articles 用品,商品
54 management 資方 union 工會
55 turnover 運轉,周轉
56 turnout (集會)出席者a large turnout
57 annuity 養老金 pension
58 extension 分機
59 innovation 革新翻新, renovation裝修
60 dosage 劑量
61 rash 疹子
62 clientele 顧客,老主顧
63 leave 請假 He is often absent without leave
64 partition 隔間,區分
65 junk 垃圾 punk 朋克
66 menopause 更年期
67 razor 剃刀
68 crop strains 作物品種
69 headphone 耳機earphone
70 automated teller machine 自動提款機ATM
71 civilians 聽力中注意與surveillance區分
72 subsidiary 子公司
73 strip mining 露天采礦
74 national (某國的)國民
we employ various nationals at our local companies.
75 mortgage 抵押
76 compartment 隔間
Ask the flight attendant if we can put our things in that compartment
77 helping (食物的)一分I had a second helping
78 subcontractor 轉包商
79 speculation 投機 ~ in real estate
80 avocation 副業
81 kickback 回扣
82 spectator 觀眾 audience 聽眾
83 stroller (1)四輪嬰兒車 (2)漫步者
84 seniority 年長,資深 ~ has priority
85 toner 調色劑
86 luncheon 正式午餐，下午餐會
87 fa�0�4ade 建築物正面（法）
88 decoy 欺騙，引誘 envoy 使者，代表
alloy 合金 convoy 護送陪伴
89 interface 交互界面 (desktop 桌面)
desktop video conference 桌面視頻會議
90 boutiques 小店精品店 banquet宴會 bouquet 花束
91 casino 俱樂部，游樂場
92 complex 整套設施 (an office complex) Oedipus complex
93 commencement ceremony授學位典禮
inception開始 inction 入伍
94 modem 數據機
95 fraud 詐騙
96 magnate 工業巨頭
97 gourmet 美食家
98 ordinance 法令
99 cursor 游標
100 liaison 交流合作
101 portfolio 公文包，文件夾
102 corrosives 易腐蝕品
103 corporation 企業， (聽力中注意和cooperation區分)
104 minute 會議錄
105 recreation 娛樂，休閑 =relaxation
八, 動詞
1 strand 使擱淺，陷入困境
2 relate 敘述
3 facilitate 使便利
4 excel 優出勝出 ~ in 名詞 excellence
5 exceed 超過
6 remit 匯款，寬恕
7 highlight 強調
8 inoculate 接種
9 vaccinate 接種疫苗
10 remedy 補救
11 undermine 詆毀
12 reverse 顛倒 ~ the verdict 判決
13 slam 使勁關 ~ nk
14 equip 配備
15 capsize 傾覆（船）
16 simmer 燉，煨
17 retrench 減少，節約
18 discredit 使失去權威性，破壞名譽的
19 curb 阻止，控制 ~ the use of marijuana
20 process 加工
21intercept 中途攔截
22 segregate 隔離，分開分離
23 quarantine 隔離檢疫
24 seclude 隔絕，隱退，隱秘
25 appeal 呼籲，懇求，上訴
26 lift 解除，提起精神
27 rescind 廢止，取消
28 audit 查帳
29 condemn 非難，判罪
30 condone 寬恕，容忍
31 deviate 偏離，跑題 ~ from
32 disabuse 解惑，矯正
33 disavow 否認
34 transfuse 輸血
35 mingle 交往，混合
36 forfeit 沒收 confiscate
37 staple 用訂書器釘 ADJ 主要的重要的
38 deregulate 解除對---的管制
39 block 阻擋N 樓
40 launch 推出新產品，實施 (an investigation into the scandal)
41 house V. 為---提供住房
42 expel 開除，驅除
43 reimburse 報銷，伏款 = refund
44 observe 遵守 ~ the smoking rule
45 syndicate （在報刊，雜志聯盟）多家報刊上同時發表
46 commute 通勤
47 rotate 旋轉，循環
48 implement 實行
49 liquidate 清算，清償債務
50 accrue 增長，自然增殖
九, 形容詞
1 fragile 易碎的
2 latter 後者
3 latest 最新的
4 later 過一會，過後
5 eligible 合格的 illegible 難懂的
6 edible 可食用的 audible 可聽到的
7 plicate 副本的，復制的
8 potamic 河川的
9 faulty 有錯誤的 ~ transformer 變壓器
10 supersonic 超音速的
11 foremost 首要的
12 affluent 富足的
13 explicit 明晰的
14 implicit 暗含的
15 hustle-bustle 熙來攘往
16 obese 肥胖的
17 manifold 各樣的，多種
18 imprudent 輕率的
19 effete 疲憊枯竭
20 ebullient 沸騰的，熱情洋溢的
21 enervated 無力的衰弱的
22 spacious 寬敞的
23 selective 精挑細選的
24 precocious 早熟的，過早的
25 remiss 疏忽的
26 facile 容易的，流暢的
27 intangible 無形的
28 illicit 不合法的 = illegal
29 diagonal 對角線的
30 methodically 有條不紊的
31definitive 限定的，決定的
32 plausible 似合理的
33 propitious 吉祥的，有利的
34 auspicious 吉祥的
35 intelligible 可識別的
36 inflammable 易燃的
37 nonflammable 不易燃的
38 quality 質量好的 ~~ proct/items/materials
39 state-of-the-art 最新水平
40 illegitimate 不合法的，私生的
41 tailored 定製的 ~ devise programs to our needs 42 custom-made = tailor-made 特製的
43mandatory 強制性的
44 provisional—temporary 暫時的，臨時的
45luxurious 奢侈的
46 bear market
」熊市」，也稱空頭市場，指行情普遍看淡。延續時間相對較長的大跌。
47 bull market
」牛市」，也稱多頭市場，指市場行情普遍看漲，延續時間較長的大升。48 clean 的其他說法： 衛生的hygienic（名詞hygiene）干凈的 sanitary
49 tricky 棘手的，復雜的（工作）
50 languishing 衰弱下去的
十 片語
1 a handful of people 少數的人
2 adjacent to 與---臨近
3 put on airs 擺架子
4 discharge from hospital 出院
5 halt buses and subway all day 使公車地鐵一天停止
6 graphic design 平面設計
7 3D design 三維設計
8 medical insurance coverage 保險項目，范圍
9 default rate 拖欠債務率
10 full professor 正教授
11 potent antibiotics 強效抗生素
12 make a rule of doing something 形成---習慣
13 chanber of commerce 商會
14 leteter of credit (L/C) 信用證（支付方式的一種）
15 stock dividend 股息
16 devaluation of the currency 貨幣貶值
17 sprain one』s ankle 扭傷腳踝
18 holistic medicine 整體醫學
19insurance premium 保險費用
20 his Hair receding from his fore head 從前額掉頭發
21 express train 快車 limited train 特快車
22 probation/trial period 試用期
23 take a hard line with 強權策略
24 tread mission 貿易代表團
25 long term objective 長期目標
26 the audit department 審紀部
27 International Herald Tribune 國際先驅論壇
28 top 復印原件
29 take steps to do 著手落實
Many countries have taken steps to improve airport security。
30 pertaining to 適合，合宜，關於
31 a panorama of 齊全，品種繁多
32 24 hours a day = 7 days a week 24小時營業，無休息
33 dog days 三伏
34 column writer 欄目作者
35 staff appraisal 員工評估
36 at one』s fingertips 在手頭，目前
37 lodge and accommodation 膳宿
38 fringe benefit 福利，補貼
39 go into liquidation 倒閉
40 lag behind 落後
41 phase something out 逐步廢止
42 write—offs 破舊的無從修理
43 abide strictly by 嚴格恪守
44 clearance sale 清倉大處理
45 have/take title to 有---特權
46 staff attendant 員工出勤情況
47 down payment 定金，分期付款的首次款
48 know-how 專項技能，竅門
49 cross-reference 互相參照
50 labor-intensive instry 勞動密集型行業 一篇中國09年經濟展望的論文：Chinese economic outlook for 2009
From my point of view, generally speaking, china would forced to face many challenges in 2009 e to the undertaking recession issues, but in the global economic world, it would still be expected to act as one of the first countries to get recovered from the recession.
There are five major issues regards to Chinese economic condition in 2009. First, China will be challenged by the influence from international economic crisis. Secondly, e to the combination impact from the home and abroad, the macroeconomic regulation in China would become more complicated; in another word, it may result in a repeating domestic inflation and deflation. Thirdly, the above situations might have side-effects on Chinese stock market and real estate market; further, the small and medium companies might face serious liquidation issues. In Addition, there is a great possibility of a dramatic decline on the employment rate. Last but not least, it would become tremendous difficulty for government to maintain a balanced financial status and also inject further confidence into Chinese economic.
To sum up, from the above analysis, it is clear that the economic situation in China for 2009 is not in positive. However, with more focus on Chinese domestic market and increasing living allowances of our lower-income groups, it is possible to achieve a stabilized economic and social position even in such a serious condition.