Of course, it works only as long as housing prices rise.

当然，这一理论的前提条件是房价一直在上升。

© Project Syndicate 1995 – 2011

http://www.project-syndicate.org/ 26.01.2011

© Project Syndicate 1995 – 2011

http://www.project-syndicate.org/ 26.01.2011

Since last year, prices have declined in the US.

从去年以来，美国的房地产价格已经下降。

© Project Syndicate 1995 – 2011

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

© Project Syndicate 1995 – 2011

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

In case the operation charges of ports adopt the prices directed or determined by the government by force of law, the port operators shall execute in compliance with the provisions.

港口经营性收费依法实行政府指导价或者政府定价的，港口经营人应当按照规定执行。

© 中国投资指南

http://www.fdi.gov.cn/index.htm 01.04.2011

© Invest in China

http://www.fdi.gov.cn/index.htm 01.04.2011

No doubt, Russia has regained strength from high oil and gas prices, and it is reclaiming its position as an independent global actor.

勿庸置疑，俄国从居高不下的石油和天然气售价中重新获得了强大的国力，它正在重新赢得全球性独立大国的地位。

© Project Syndicate 1995 – 2011

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

© Project Syndicate 1995 – 2011

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

This has prompted many urban residents to go on a buying spree, pushing prices higher.

这使许多城市居民陷入疯狂的购物中，从而把价格推得更高。

© Project Syndicate 1995 – 2011

http://www.project-syndicate.org/ 11.01.2011

© Project Syndicate 1995 – 2011

http://www.project-syndicate.org/ 11.01.2011

The embargo drove up prices and unleashed a period of inflation and stagnation worldwide.

这一禁运提高了物价，引发了世界范 围的通货膨胀和经济停滞。

© Project Syndicate 1995 – 2011

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

© Project Syndicate 1995 – 2011

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

And, as long as housing prices rose as a result of lower interest rates, Americans could ignore their growing indebtedness.

而只要降低利率导致住房价格上涨，美国人就可以不顾自己在债务的漩涡中越陷越深。

© Project Syndicate 1995 – 2011

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

© Project Syndicate 1995 – 2011

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

Is there a risk that rising oil prices – already reaching all-time highs – will cause further debt defaults worldwide?

不断上升的石油价格已经达到了历史最高点，是否会有造成世界范围的进一步拖欠债务问题的风险？美国最大 的各家银行纷纷做出的收益报告表明确实存在担忧。

© Project Syndicate 1995 – 2011

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

© Project Syndicate 1995 – 2011

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

Minimum prices for the transfer of toll collection right prescribed in the preceding paragraph should be determined on the basis of the value appraised by State property appraisal organizations.

前款规定的公路收费权出让的最低成交价，以国有资产评估机构评估的价值为依据确 定。

© 中国投资指南

http://www.fdi.gov.cn/index.htm 01.04.2011

© Invest in China

http://www.fdi.gov.cn/index.htm 01.04.2011

After all, comparable goods often sell internationally at very different prices.

毕竟，在国际上可比产品销售的价格是不 同的。

© Project Syndicate 1995 – 2011

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

© Project Syndicate 1995 – 2011

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

How might equity prices or bond yields be distorted by $200 billion gorillas that need to invest $4 billion per week?

两千亿美元每周需要投资40 亿美元，将会如何扭曲股本价格或者债券收益？

© Project Syndicate 1995 – 2011

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

© Project Syndicate 1995 – 2011

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

For example, diverting too much land from food production to biofuel crops would risk sharp increases in food prices, while adequate environmental standards must accompany large-scale production use of biofuels.

例如，将太多的土地从粮食生产转移到生物燃料作物有可能大幅度提高食品价格，而生物燃料的大规模生产和使用必须伴以有效的环境标准。

© Project Syndicate 1995 – 2011

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

© Project Syndicate 1995 – 2011

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

Only US stock market prices have remained relatively stable.

只有美国的股市保持相对稳 定。

© Project Syndicate 1995 – 2011

http://www.project-syndicate.org/ 26.01.2011

© Project Syndicate 1995 – 2011

http://www.project-syndicate.org/ 26.01.2011

In Europe, house prices have also increased sharply over the last decade – more dramatically than in the US in many cases.

在欧洲，过去十年中房地产价格也大幅度上升，在许多情况下比美国还有过之无不及。

© Project Syndicate 1995 – 2011

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

© Project Syndicate 1995 – 2011

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

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