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11. While Japan suffers from many problems, most prominently the rapid graying of its society, it is this decline of a once wealthy and dynamic nation into a deep social and cultural rut that is perhaps Japan's most ominous lesson for the world today.
译：日本阅历着许多的困难，但最杰出的是社会的晚年化，这个退化，让一度赋有好充溢活力的国家进入到一个社会和文明上都故步自封，这可以日本给今日世界的最不详的经历。
12．Japan has already created an entire generation of young people who say they have given up on believing that they can ever enjoy the job stability or rising living standards that were once considered a birthright here.
译：日本现已发生了整整一代年青人，说他们现已扔掉了信赖可以有平稳的作业保证和不断前进的日子质量，在这儿，这些早年被认为是与生俱来的权力。
13. It helps to start with a clear-eyed view of Smoot-Hawley itself, which was just one of many mistakes committed by Depression-era policy-makers-and not the most consequential of them. If we want to avoid the sort of destructive, beggar-thy-neighbor trade wars that contributed to bringing down the world economy in the 1930s, we have to draw the right lessons from this chapter of our history.
译：它有助于以斯穆特--霍利税法本身有远见的观念为初步,这不是大惨白时期方针拟定者犯下的许多差错中最重要的一个。假定咱们想避免那种具有损坏性的,嫁祸于人的在1930年代致使世界经济降低的生意战争, 咱们有必要从咱们前史的这一章中罗致正确的经历。
14. Countries that clung to the gold standard were forced to maintain tight monetary policies. Because they could not print money to counteract the deflationary forces that had taken hold of the world economy, they imposed higher tariffs, import quotas and exchange controls to restrict imports.
译：坚持金本位制的国家被逼坚持紧缩的钱银方针。因为他们不能经过印钞票来抵消影响世界经济的价值降低压力,他们初步经过前进关税、进口配额、外汇控制来捆绑进口。
15. The great concern is that an expansionary monetary policy will lead to uncontrolled inflation, destroying faith in the dollar. Similar sentiments were expressed in the 1930s by advocates of "sound money" who opposed going off the gold standard. Such fears may be justified in ordinary times of full employment, but when there is considerable slack in the economy and unemployment remains high, monetary policy can help to raise output before it leads to higher prices.
译：一个很大的担忧是,扩展性的钱银方针将致使无法控制的通货胀大,并摧毁美元的诺言。类似的心境在1930年代由对立扔掉金本位制主张"稳健钱银"的建议者表达过。这种担忧在平常充分作业时可以被认为是合理的,但当有经济大惨白和居高不下的赋闲率时,钱银方针有助于在它致使更高的价格水平之前添加产出。
16.With 275 retail stores in nine countries, a 73% share of the U.S.MP3 player market, and the undisputed leadership position in innovation when it comes to mobile phones, Apple and its CEO are no one's idea of underdogs anymore.
译：苹果在9个国家开设了275家零售店,在美国MP3播映器商场占有73%的比例,自从推出iPhone之后,它又无可争议地树立了它在立异上的领袖方位.
17. Jobs was initially mum as well about a stock options backdating scandal that embroiled the company's former finance chief and general counsel. In an eventual SEC filing, Apple said Jobs was aware that the company had adjusted option grant dates so that the grants were more profitable for employees. Jobs apologized for the backdating, calling the episode "completely out of character for Apple."
译：关于那起将苹果前首席财务官和法令参谋都牵连进入的股市期权倒填日期丑闻,乔布斯一初步坚持缄默沉静情绪.在最终提交给证券生意委员会的文件中,苹果招认乔布斯在这件事上是知情的.为此,乔布斯揭露宣告了抱愧,而且声称这个小插曲绝非苹果的赋性
18. The investment-banking industry was further constrained during the Depression of the 1930s, when Wall Street firms such as that founded by Morgan were split into commercial banks and securities houses. The latter-today's investment banks-underwrite stocks and bonds and advise companies on mergers and acquisitions, rather than collect deposits and make loans.
译：在上个世纪30年代的大惨白（the Depression of the 1930s）时刻出资银作业遭到进一步的抑制，华尔街的许多公司（比方说摩根创建的公司）被拆分为商业银行和证券生意所。后者即今日的出资银行，它承销股市和债券，并就公司兼并和收购事宜为公司供给征询效能，而不运营存、告贷事务。
19. The opening up of Asian economies has brought down the price of traded goods, helping to fight inflation. Meanwhile, high savings rates in that part of the world, combined with ageing populations in the West, have helped to push up demand for long-term investment instruments such as bonds.
译：亚洲经济的打开降低了生意产品的价格，也有助于抑制通货胀大。一起，亚洲区域的高储蓄率和西方老龄化的人员都推进了对债券这类长时刻出资东西需要的添加。
20. Given the markets' increasing complexity, how do investment banks manage the growing risks they face? There are lots of things they need to do, from finding enough brainboxe
s capable of handling the intricate assets being created to measuring the correlations between instruments that are supposed to spread risk but may do the opposite if liquidity dries up. It is mildly reassuring that hardly a week goes by without regulators in the world's main markets pressing the industry to improve its risk-management techniques-but rather worrying that the same regulators pay considerably less attention to where the risk may end up.
译：鉴于这些商场的凌乱性不断添加，出资银行如何才干唐塞它们所面临的不断添加的风险？它们有必要做许多作业，一件事就是要找到满足的处置创造出的凌乱资产的智囊，还有一件就是要衡量用于涣散风险但或许在活动性干涸之后发生相反作用的金融东西之间的彼此联络。略微有点让人定心的是：没有哪个星期世界首要商场的监管者不敦促该作业改进风险打点技能。但让人很忧虑的是：上述的这些监管者却不太重视风险会在哪里结束。
要点单词：Creditcrisis 信贷危机 capital-intensive sector 本钱密布型工业 institutional investor 机构出资者 stimulus package 一揽子影响方案
Double-diprecession 双底衰退 protective tariff 维护性关税 economic austerity 食物价格指数 current account 常常项目 trade commissioner 生意专员 deflation 通货紧缩 stagnation 经济滞胀tradesanction 生意制裁 import quotas 进口配额 quantitative easing 量化宽松 venture capitalist 风险出资人 leveraged buy-out 杠杆收购 initial public offering 初度揭露招股发行 investment bank 出资银行
