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Playing With Fire

机译：玩火

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The administration and the federal reserve had better act soon to shore up the U.S. dollar. The dollar is deteriorating almost daily against the euro and the yen. A panic attack on greenbacks is imminent if the Fed doesn't act soon to mop up excess liquidity. The last thing we need now is a currency crisis. John Kennedy had it right 40 years ago when he observed that strong states have sound currencies. We are already suffering from a mild inflation, thanks to Alan Greenspan's over-printing of the greenback. The surge in oil prices was not just a result of strong buying from China and India; it was classic inflation. Inflation does not hit the economy evenly; it impacts certain sectors very unevenly. When oil prices started to move up, buyers began to buy more, figuring they would save money because prices would go even higher. Hedge funds and other speculators jumped in, which sent the price up even more. China, India and others began buying extra oil for fear they might get caught short of the stuff, which would hurt their economies. The oil fever is tapering off, as is the inflationary fever that hit the steel industry and international shipping. Other commodities, though, are starting to feel the impact of Greenspan's excessive money creation."
机译：政府和美联储最好尽快采取行动，以支撑美元。美元兑欧元和日元几乎每天都在贬值。如果美联储不立即采取行动消除多余的流动性，对美元的恐慌袭击即将到来。我们现在需要的最后一件事是货币危机。约翰·肯尼迪（John Kennedy）40年前说得很对，当时他观察到强国货币健全。多亏了艾伦·格林斯潘（Alan Greenspan）对美元的过度印刷，我们已经遭受了温和的通货膨胀。石油价格上涨不仅是中国和印度强劲购买的结果。那是经典的通货膨胀。通货膨胀并没有均匀地打击经济。它对某些部门的影响非常不均衡。当油价开始上涨时，买主开始购买更多，他们认为他们会省钱，因为价格会更高。对冲基金和其他投机者纷纷加入，这进一步推高了价格。中国，印度和其他国家开始购买额外的石油，因为他们担心石油短缺，这会损害其经济。石油热正在逐渐消退，通货膨胀热正在打击钢铁行业和国际航运。不过，其他商品开始开始感受到格林斯潘创造过多货币的影响。”

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  • 来源
    《Forbes》 |2004年第12期|p.35|共1页
  • 作者

    Steve Forbes;

  • 作者单位
  • 收录信息 美国《科学引文索引》(SCI);
  • 原文格式 PDF
  • 正文语种 eng
  • 中图分类 世界经济问题;
  • 关键词

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