After all, in the 1990’s, the US stock-market surge (as in many countries) was fueled by record-high price/earnings ratios.

归根结底，20世纪90年代，美国的股价飙升（与很多国家的情况类似）是由创纪录 的市盈率所推动的。

© Project Syndicate 1995 – 2011

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

© Project Syndicate 1995 – 2011

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

Nothing can kill growth more effectively than an uncompetitive currency, and there is no faster route to currency appreciation than a surge in capital inflows.

没有任何东西比没有竞争力的货币更能够扼杀经济增长，也没有任何途径比资本流入激增更能够导致货币升值。

© Project Syndicate 1995 – 2011

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

© Project Syndicate 1995 – 2011

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

The first is that capital market liberalization – opening up developing countries’ financial markets to surges in short-term “hot” money – is dangerous.

首先是资本市场自由化（向短期“热”钱涌入开放发展中国家金融市场）伴随着巨大的危险。

© Project Syndicate 1995 – 2011

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

© Project Syndicate 1995 – 2011

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

Across virtually all the major indicators – including equity and housing price runs-ups, trade balance deficits, surges in government and household indebtedness, and pre-crisis growth trajectories – red lights are blinking for the US.

几乎所有主要标志，包括资产和住房价格攀升、贸易平衡赤字、政府和居民负债猛增以及危机以前的增长轨迹等等都给美国亮出了红灯。

© Project Syndicate 1995 – 2011

http://www.project-syndicate.org/ 24.01.2011

© Project Syndicate 1995 – 2011

http://www.project-syndicate.org/ 24.01.2011

Both are surely aware that China’s surging exports last year helped it surpass the US as Europe’s largest foreign supplier.

两位领导人当然都知道中国去年大幅上升的出口使得其超越美国而成为欧盟最大的外国供应国。

© Project Syndicate 1995 – 2011

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

© Project Syndicate 1995 – 2011

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

Across an arc extending from Afghanistan to East Africa, violence now also surges in Iraq, Lebanon, Somalia, and beyond, to Sudan’s Darfur region.

从阿富汗到东非一线，战火在伊拉克、黎巴嫩、索马里甚至苏丹的达尔富尔地区肆虐燃烧。

© Project Syndicate 1995 – 2011

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

© Project Syndicate 1995 – 2011

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