|
The death of the dollar is coming, and it will probably be Chinathat pulls the trigger. What you are about to read is understood by onlya very small fraction of all Americans. Right now, the U.S. dollar is thede facto reserve currency of the planet. Most global trade is conductedin U.S. dollars, and almost all oil is sold for U.S. dollars. More than 60 percent of all global foreign exchange reserves are held in U.S.dollars, and far more U.S. dollars are actually used outside of the UnitedStates than inside of it. As will be described below, this has given theUnited States some tremendous economic advantages, and most Americans have no ideahow much their current standard of living depends on the dollar remaining the reservecurrency of the world. Unfortunately, thanks to reckless money printingby the Federal Reserve and the reckless accumulation of debt by the federalgovernment, the status of the dollar as the reserve currency of the world isnow in great jeopardy. 美元的死期就要来了，到时候按下扳机的或许会是中国。你即将要读到的，在全体美国人中也只有一小部分人能明白。目前美元实际上还是这个星球上的储备货币。全球大部分交易都用美元结算，几乎所有的石油都被兑换成美元。全球超过60%的外汇储备都是美元，在美国国外使用的美元要比在国内使用的还多得多……这样的例子还能举出很多很多，而这带给了美国巨大的经济优势，大部分美国人根本不知道他们现在的生活水平完全建立在美国还是储备货币的基础上…不幸的是，由于美联储胡乱印钱的做法，还有政府欠下的那一屁股债，美元作为世界储备货币的地位已然岌岌可危。 As I mentioned above, nations allover the globe use U.S. dollars to trade with one another. This hascreated tremendous demand for U.S. dollars and has kept the value of the dollarup. It also means that Americans can import things that they need muchmore inexpensively than they otherwise would be able to. 就像我上面提到过的，世界各国之间都在用美元进行贸易。这也就带来了对煤科院的巨大需求，如此美元就一直贬不了值。这也就意味着美国人只要使用美元，就可以用低了很多的价钱进口物品。
Instead of just sitting on all ofthat cash, these exporting nations often reinvest much of that cash into lowrisk securities that can be rapidly turned back into dollars if necessary. For a very long time, U.S. Treasury bonds have been considered to be theperfect way to do this. This has created tremendous demand for U.S.government debt and has helped keep interest rates super low. So everyyear, massive amounts of money that gets sent out of the country ends up beingloaned back to the U.S. Treasury at super low interest rates… 这些国家拿到钱自然不会就放着不动，这些出口国往往会将这些钱再投入到低风险回报快的债券中去，而投入债券的钱很快又产生了新的美元出来。在很长一段时间里，美国国债玩着一手玩得非常之好。这种做法不仅给美国政府债券创造了巨大的需求，还把利率压得无比低。因此每年大量的钱都会被送往各国，然后再借贷回来，变成美国的超低息国债……
And it has been a very good thingfor the U.S. economy that the federal government has been able to borrow moneyso cheaply, because the interest rate on 10 year U.S. Treasuries affectsthousands upon thousands of other interest rates throughout our financialsystem. For example, as the rate on 10 year U.S. 对于美国经济来说，联邦政府能借到这么便宜的款当然是好事啦，因为十年期的美国国债一旦变化，金融体系里成千上万的其他利率都会跟着变化。举个例子，如果十年期的美国国债在近几个月内上涨，那么房屋抵押贷款的利率也会上涨。 Our entire way of life in theUnited States depends upon this game continuing. We must have the rest ofthe world use our currency and loan it back to us at ultra low interestrates. At this point we have painted ourselves into a corner byaccumulating so much debt. We simply cannot afford to have rates risesignificantly. 所以，我们美国人之所以还能维持这样的生活方式，全靠这个游戏还能持续下去。我们必须保证全世界都用我们的货币，都把钱低息贷回给美国。就这么刺激下去，贷款越堆越高，我们真是把自己推到窘境上了。如果利率大幅增长，我们真是付不起。 But it wouldn’t be just thefederal government that would suffer. Just consider what higher rateswould do to the real estate market. 这还不是最厉害的。想想看，如果利率上调，对房地产市场会有什么影响吧。 We need other countries to useour dollars and buy our debt so that we can have super low interest rates andso that we can afford to buy lots of cheap stuff from them. 我们需要其它国家用我们的美元，买我们的债务，这样我们才能享受超低利率，才能有钱从其他国家那里买到大量便宜货。 |
|
|
