伯南克竟把次贷危机的责任都推卸给中国！
2008-06-13 05:13作者： 来源：来自论坛
身担美国经济发展重责的美联储主席伯南克最近被指“逃避责任”，指责中国等新兴经济体是引发美国次贷等一系列经济问题的原因。英国著名财经评论网站“MarketOracle”以《伯南克高呼“这都是中国的错！”》为题，质疑伯南克最近在巴塞罗那召开的国际货币会议上针对中国等东亚国家的讲话。
危机在“格老时代”就已酝酿
伯南克在讲话中说，“新兴市场的经济体净储蓄供给的显著增长导致了美国房产市场繁荣，以及更广泛地说，即次贷危机的爆发。这个净储蓄增加的来源包括：高存款的东亚国家、以及中国之外经济快速增长；一些新兴市场上外汇储备的高积累；石油出口和其他商品出口国家巨大的收入增长。这些净储蓄货币流的压力导致了全世界范围内较低的长期真实利率，刺激了资产价格（包括房屋价格），推动货币账户在工业化国家，即接收这些货币流的国家走向赤字——尤其是在美国。”
原文：
In the financial sphere, the three longer-term developments I have identified are linked by the fact that a substantial increase in the net supply of saving in emerging market economies contributed to both the U.S. housing boom and the broader credit boom. The sources of this increase in net saving included rapid growth in high-saving East Asian countries and, outside of China, reduced investment rates in that region; large buildups in foreign exchange reserves in a number of emerging markets; and the enormous increases in the revenues received by exporters of oil and other commodities. The pressure of these net savings flows led to lower long-term real interest rates around the world, stimulated asset prices (including house prices), and pushed current accounts toward deficit in the industrial countries--notably the United States--that received these flows.
美国评论家怀特尼撰文指出，“这简直就是在拐弯抹角地说，中国应该为过去10年来发生的所有错误承担责任。”他进一步分析说，美国的泡沫是持久的低利率，以及腐朽的货币政策引起的。得到普遍承认的一点是，格林斯潘在互联网兴起后通过连续31个月降息，引发了美元投机房产的狂潮。实际上低利率扭曲了市场，所以泡沫出现了。怀特尼说，“储蓄因素和这个没关系，伯南克仅仅是想通过责怪中国，来逃避责任。”
原文：
Whew. Thats a pretty long-winded way of saying the Chinese are to blame for everything thats gone wrong in the markets for the last 10 months. But is it true?
Ask yourself this, dear reader; do savings cause massive equity bubbles or are bubbles the result of low interest rates and rotten monetary policy? It is universally agreed that Greenspan created the housing bubble by dropping rates below the rate of inflation for 31 months following the dot.com bust. This sparked a multi-trillion dollar speculative frenzy in real estate. Artificially low interest rates distort the market; bubbles appear. Savings had nothing to do with it; Bernanke is just trying to dodge responsibility by blaming the Chinese. Its the old dog ate my homework routine.
危机在“格老时代”就已酝酿
伯南克在讲话中说，“新兴市场的经济体净储蓄供给的显著增长导致了美国房产市场繁荣，以及更广泛地说，即次贷危机的爆发。这个净储蓄增加的来源包括：高存款的东亚国家、以及中国之外经济快速增长；一些新兴市场上外汇储备的高积累；石油出口和其他商品出口国家巨大的收入增长。这些净储蓄货币流的压力导致了全世界范围内较低的长期真实利率，刺激了资产价格（包括房屋价格），推动货币账户在工业化国家，即接收这些货币流的国家走向赤字——尤其是在美国。”
原文：
In the financial sphere, the three longer-term developments I have identified are linked by the fact that a substantial increase in the net supply of saving in emerging market economies contributed to both the U.S. housing boom and the broader credit boom. The sources of this increase in net saving included rapid growth in high-saving East Asian countries and, outside of China, reduced investment rates in that region; large buildups in foreign exchange reserves in a number of emerging markets; and the enormous increases in the revenues received by exporters of oil and other commodities. The pressure of these net savings flows led to lower long-term real interest rates around the world, stimulated asset prices (including house prices), and pushed current accounts toward deficit in the industrial countries--notably the United States--that received these flows.
美国评论家怀特尼撰文指出，“这简直就是在拐弯抹角地说，中国应该为过去10年来发生的所有错误承担责任。”他进一步分析说，美国的泡沫是持久的低利率，以及腐朽的货币政策引起的。得到普遍承认的一点是，格林斯潘在互联网兴起后通过连续31个月降息，引发了美元投机房产的狂潮。实际上低利率扭曲了市场，所以泡沫出现了。怀特尼说，“储蓄因素和这个没关系，伯南克仅仅是想通过责怪中国，来逃避责任。”
原文：
Whew. Thats a pretty long-winded way of saying the Chinese are to blame for everything thats gone wrong in the markets for the last 10 months. But is it true?
Ask yourself this, dear reader; do savings cause massive equity bubbles or are bubbles the result of low interest rates and rotten monetary policy? It is universally agreed that Greenspan created the housing bubble by dropping rates below the rate of inflation for 31 months following the dot.com bust. This sparked a multi-trillion dollar speculative frenzy in real estate. Artificially low interest rates distort the market; bubbles appear. Savings had nothing to do with it; Bernanke is just trying to dodge responsibility by blaming the Chinese. Its the old dog ate my homework routine.
