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1、Passage One The Result of the Falling US DollarLike a ticking time bomb, the falling dollar has grabbed the attention of Japan and West Germany, forcing them to consid er adopting economic polices the United States advocates. The U. S. government wants the dollar to fall because as the dollar declin
2、es in value against the yen and Deutsche mark, U. S. good becomes cheaper. U. S. companies then sell more at home and abroad, and U. S. trade deficit declines. Cries for trade protection abate, and the global free-trade system is preserved. Then, the cheaper dollar makes it cheaper for many foreign
3、investors to snap up U. S. stocks. That prompts heavy buying from abroadespecially from Japan. Also, if the trade picture is improving, that means U. S. companies eventually will be more competitive. Consequently, many investors are buying shares of export-oriented U. S. companies in anticipation of
4、 better profits in the next year or so. But that is a rather faddish notion right now; if corporate earnings are disappointing in interest rates, the stock market rally could stall. Improving U. S. competitiveness means a decline in anothers competitiveness. Japan and West Germany are verging on rec
5、ession. Their export-oriented economies are facing major problems. Japan is worried about the damage the strong yen will do to Japanese trade. West Germany is also worried. Share prices in Frankfurt plummeted this past week. Bonn is thought to be considering a cut in interest rates to boost its econ
6、omy. Could the falling dollar get out of hand? If the dollar falls too far, investors might lose confidence in U. S. investmentsespecially the government bond market. The money to financethe federal budget and trade deficits could migrate elsewhere. Inflation could flare up, too, since Japanese and
7、German manufacturers will eventually pass along price hikesand U. S. companies might follow suit to increase their profit margins. The U. S. federal Reserve then might need to step in and stabilize the dollar by raising interest rates. And higher interest rates could cause the U. S. economy to slow
8、down and end the Wall Street Rally. Worried about these side effects, Federal Reserve chairman Paul Volcher has said the dollar has fallen far enough. What is the equilibrium level? Probably near where it is or slightly lower. It all depends on when the U. S. trade deficit turns around or if investo
9、rs defect from U. S. Treasury Bonds. “It requires a good deal of political patience on the part of the U. S. Congress, says Dr. Cline, “And there must be an expectation of patience on the part of private investors. The chance are relatively good that we will avoid an investor break or panic. 1. What
10、 is the main idea of this passage?A. The impression of the falling U. S. dollar. B. The result of the U. S. falling dollar. C. The side effect of U. S. falling dollar. D. Japan and West Germany are worried about U. S. falling dollar. 2. What does the word “rally mean. A. prosperity. B. decline. C. r
11、ichness. D. import. 3. Why are Japan and West Germany worried about the falling dollar?A. Because the falling dollar may cause inflation in their countries. B. Because it may force them to sell a lot of U. S, stocks. C. Because it may do damage to their trade. D. Because it may make Japanese company
12、 less competitive. 4. If dollar-falling got out of hand, and the U. S. Federal Reserve might step in , what would happen?A. The prosperity of the U. S. economy would disappear. B. The U. S. economy might face serious problems. C. Investors might lose confidence in U. S. investments. D. Inflation cou
13、ld flare up. Vocabulary1. ticking 滴答作响的2. grab 抓住3. abate减弱4. snap up 争购，抢购5. heavy buying 大量买进6. export-oriented 以出口为方向的7. in anticipation of 期待，预期8. faddish 一时流行的9. spree 无节制的疯狂行为10. buying spree狂购乱买11. plummet垂直落下，骤然跌落，暴跌12. stall 停滞13. verge处于边缘14. verging on recession正处于衰退的边缘15. boost振兴，吹捧16. b
14、ond market债券市场17. flare up 突然闪耀，发火，爆发18. hike 提高，增加19. follow suit 照着做，跟出同花色的牌20. profit margin利润幅度21. step in介入22. rally 繁荣 23. equilibrium 平衡，均势24. defect 逃跑，开小差25. break or panic 崩溃或大恐慌 难句译注1. cries for trade protection 贸易保护的呼声2. the global free-trade system全球自由贸易体系3. that is a rather faddish not
15、ion right now只是一时流行的概念4. get out of hand 失控5. What is the equilibrium level? Probably near where it is or slightly lower. 什么是平平？可能是接近现在水平或者稍低一些。6. trade deficit 贸易赤字，贸易逆差。写作方法与文章大意这是一篇论述“美元下跌的后果的文章，采用比照，顺序，因果等写作。先提出问题：美元下跌，美国得利有二：一是第一段商品廉价，销售量大，赤字下降，全球自由贸易体系保住。二是第二段外国投资者会抢购美国股票。总之，美国竞争力加强。这两段中都有比照。第
16、一段美国和日本的比照，开头“就像滴答作响的定时炸弹，日见下跌的美元抓住了日本和西德的注意力，迫使他们考虑采取美国提出的经济政策。“第二段是美国本身之利弊比照。“许多外国投资者抢购出口导向的美国股票，期望在下一年左右的时间里得到较多的利润。如果公司收益在今后几个季度里令人失望的话，这种买进古片的狂热行为就可能消失。最后，如果美元价格直线下跌导致利率上升，股票市场价格上升就会停顿。“ 后面两段是这两段负效应的进一步论证。答案详解1. B. 美元下跌的结果。全篇文章都讲的美元下跌的后果。A. 美元下跌的印象。 C. 美元下跌的副作用，均不对。因为还讲述了有利的一面。 D. 日本的、西德担忧美元下跌，这只是其中的局部内容。2. A. 繁荣。第五段
