Today, the smart money in financial markets takes a long-term view that asset prices are for the most part rational expectations of discounted future fundamental values.

今天金融市场上有经验的投资商以长远的眼光来看待问题，他们给出的资产价格在很大程度上是对未来基本价值给予打折 后的理性预期。

© Project Syndicate 1995 – 2011

http://www.project-syndicate.org/ 21.12.2010

© Project Syndicate 1995 – 2011

http://www.project-syndicate.org/ 21.12.2010

That theory sounds as general and fundamental as the theory that global warming is melting glaciers and raising sea levels around the world.

这种理论听上去像是与全球变暖正在溶化全世界的冰川和导致海平面的上升的理论一样的整体和基本的理论。

© Project Syndicate 1995 – 2011

http://www.project-syndicate.org/ 23.12.2010

© Project Syndicate 1995 – 2011

http://www.project-syndicate.org/ 23.12.2010

But a more fundamental question is why Russia’s politicians, journalists, and analysts (and even some in the West) happily engage in this ruse.

但是一个更为根本的问题是为什么俄国的政坛人物、记者以及分析家们(而且甚至连西方的某些人)对这一策略乐此不疲。

© Project Syndicate 1995 – 2011

http://www.project-syndicate.org/ 23.12.2010

© Project Syndicate 1995 – 2011

http://www.project-syndicate.org/ 23.12.2010

Yet none of this amounts to a fundamental change in Russia’s strategy, because Russia continues to adhere to its fundamental decision, made in the early 1990’s, to open itself to the West.

但是，由于俄国继续坚持其在九十年代早期做出的国策，也就是向西方开放，因此所有这些都并不构成俄国战略上的根本性变化。

© Project Syndicate 1995 – 2011

http://www.project-syndicate.org/ 23.12.2010

© Project Syndicate 1995 – 2011

http://www.project-syndicate.org/ 23.12.2010

This owes much to the humiliations that Russia suffered when the end of communism forced its economy to its knees, and to Western short-sightedness about Russia’s fundamental strengths and resilience.

这主要是由于共产主义结束迫使其经济瘫痪而使俄国遭受屈辱，以及西方对于俄国的基本力量和韧性没有长远眼光。

© Project Syndicate 1995 – 2011

http://www.project-syndicate.org/ 15.01.2011

© Project Syndicate 1995 – 2011

http://www.project-syndicate.org/ 15.01.2011

However, I believe that Stern’s fundamental conclusion is justified: we are much better off reducing CO2 emissions substantially than risking the consequences of failing to act, even if, unlike Stern, one heavily discounts uncertainty and the future.

不过，我认为斯特恩的基本结论是正确的：即我们实质性地减少二氧化碳的排放肯定比因为没有采取行动而 冒由此带来的后果的风险要好得多，即便对于一个与斯特恩意见相左、大大低估不确定性和未来影响的人也是如此。

© Project Syndicate 1995 – 2011

http://www.project-syndicate.org/ 15.01.2011

© Project Syndicate 1995 – 2011

http://www.project-syndicate.org/ 15.01.2011

The fundamental problem was premature capital market liberalization.

根本问题是过早地开放资本市场。

© Project Syndicate 1995 – 2011

http://www.project-syndicate.org/ 13.01.2011

© Project Syndicate 1995 – 2011

http://www.project-syndicate.org/ 13.01.2011

Human rights questions, including alternative approaches for improving the effective enjoyment of human rights and fundamental freedoms;

人权问题，包括增进人权和基本自由切实享受的各种途径；

© 2000-2011年版权

http://www.un.org/ 02.02.2011

© United Nations 2010

http://www.un.org/ 02.02.2011

The fundamental problem with the patent system is simple: it is based on restricting the use of knowledge.

专利体系最根本的问题很简单，那就是它是建立在限制知识的使用上的。

© Project Syndicate 1995 – 2011

http://www.project-syndicate.org/ 29.10.2010

© Project Syndicate 1995 – 2011

http://www.project-syndicate.org/ 29.10.2010

The failure of the respondent to pay within the prescribed time limit under the contract constituted fundamental breach.

被申请人在合同规定的时间内没有付款，构成根本违约。

© 中国投资指南

http://www.fdi.gov.cn/index.htm 30.04.2011

© Invest in China

http://www.fdi.gov.cn/index.htm 30.04.2011

We shall give full play to the fundamental role of the market in allocating resources, to strengthen the reasonable guidance of state industrial policies, and to realize optimized allocation of resource.

充分发挥市场配置资源的基础性作用，加强国家产业政策的合理引导，实现资源优化配置。

© 中国投资指南

http://www.fdi.gov.cn/index.htm 14.06.2011

© Invest in China

http://www.fdi.gov.cn/index.htm 14.06.2011

At issue is not only the allocation of competencies, but also the more fundamental matter of when to rely on national governments’ agreement and when to turn to common EU institutions, namely the European Commission and the European Parliament.

这不仅涉及到权限如何分配，而且涉及到何时遵守国家政府协议、何时服从欧盟共同机构的根本性问题。欧盟共同机构指的是欧洲委员会和欧洲议会。

© Project Syndicate 1995 – 2011

http://www.project-syndicate.org/ 28.10.2010

© Project Syndicate 1995 – 2011

http://www.project-syndicate.org/ 28.10.2010