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1、原文与译文1原文：Seven financial crisis taught usDavid Wessel In the last generation, the U.S. unemployment rate of 7.6% is a very severe recession; And now, it has become a sign of an improving economy. Indeed, shortly before attending the spring meeting in Washington, finance ministers, many of whom have
2、this heart envy. The 17 member states in the euro area, the unemployment rate as high as 12 percent and still rising, Spains unemployment rate is twice that number. In the past 19 quarters in 10 quarters, the UK economy has been shrinking. This is the best extent we can do it?The future someone will
3、 (and have been) written on how to avoid the recurrence of financial crises books about who was supposed to rescue, who should be allowed to go bankrupt debate will continue endlessly. But now there is another problem: For an economy suffered a severe financial shock, how to speed up the recovery, o
4、ver the years teach us any lessons? It is difficult to understand how the situation may otherwise. Present events is not over yet, so no one can know the measures taken to bring the final result. Even so, some preliminary lessons seems obvious:One of the lessons: make a correct diagnosis.Harvard Uni
5、versity (Harvard) economist Ken Rogoff (Ken Rogoff) wrote a book about the history of financial crises (related to public debt and economic growth associated data recently challenged by other economists ). He believes that we need to remember the most important thing is When the recession is accompa
6、nied by a severe financial crisis, the economy will fall into a long period of slow growth. Alleviate unemployment and the pains of being driven from their homes is humane act . However, now that recession is more like a chronic disease. Rogoff said, if you realize that you can not quickly out of th
7、e recession, it would need to change the calculation of risk. This means that you have to do shortly politically (probably also economically) will bring throes of things, such as cancellation of debt, because they will bring you rewards in the future. Rogoff said: This is actually related to the eco
8、nomy will grow slowly five or 15 years. However, when the first wave of major financial shock struck, the United States and Europe do not understand this.Lesson two: the hearts of doubt, the need to do more, not less.西安交通大学城市学院本科生毕业设计（论文）2This sentence sounds rash and reckless, especially considerin
9、g that the crisis is caused by excessive lending, borrowing and adventure caused. However, recent history shows that the initial forecast is always pessimistic deficiencies in massive financial crisis, an unexpected surprise is more likely to occur than disappointed. Since 2009, the Fed (Federal Res
10、erve) officials on economic growth have been overly optimistic about the situation holds.If the Fed can play it again, then it will probably be faster and take more interest rate cuts, printing money to buy government bonds and initiatives. If Congress willing to cooperate, then Barack Obama (Barack
11、 Obama) Most economic adviser will formulate more fiscal stimulus package. Of course, there is also another with this as opposed to the view that the fiscal prescription itself instead of dose went wrong. But on the stimulus less, the situation may be better argument not get much from the recent his
12、tory of support. For example, so far the UKs fiscal austerity in the trial past performance is no good. Although the Bank of England has taken various initiatives to counteract severe government spending cuts, but the countrys economic growth rate was lower than expected.Lesson three: the financial
13、crisis is related to economics, and amoral.In so many people have committed so many mistakes later, we emerged didactic impulse: To prevent the evils caused by the crisis, punish perpetrators and economically pursue thrift. In the long run, this is clearly correct. However, after suffering huge fina
14、ncial impact, if everyone immediately while reducing the debt, and that the economy will have been sluggish down. Strong evidence that the financial crisis began, should be encouraged borrowing and spending, and temporarily put that to do so might make you commit more crimes future worries aside.Les
15、son four: Focus on banking.As this Bernanke (Ben Bernanke) in their academic writings puts it, in the Great Depression period, the Fed failed to recognize is the death throes of the economic credit bank blocked arteries, this understanding errors cause economic impact. Bernanke in a recent study of
16、the crisis and the situation in the 1990s, when both Sweden and Japan, there was a serious financial crisis. Sweden chose to eat strong medicine, it rectify the banking system, so that the economic recovery in growth. Japan does not do this, its economy stagnated for 10 years. In the first 10 years of this century, the United States from this history lesson, Europe does not. American and European banks stress tests on the contrast quite instructive. Stress testing i
