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ロン・ポール「中央銀行は狡猾に破綻している」

 
Our central bankers are intellectually bankrupt
by Ron Paul

ron-paul-the-future1.jpg


intellectually: 知的な方法で

The financial crisis has fully exposed the intellectual bankruptcy of the world’s central bankers.

Why? Central bankers neglect the fact that interest rates are prices. Manipulating those prices through credit expansion or contraction has real and deleterious effects on the economy.

deleterious:有害な; 有毒な.

Yet while socialism and centralised economic planning have largely been rejected by free-market economists, the myth persists that central banks are a necessary component of market economies.

persist: 〈人が〉〔…を〕固執する,やり通す; 主張し続ける 〔in,with〕.

These economists understand that having wages or commodity prices established by government fiat would cause shortages, misallocations of capital and hardship.

wage:賃金,労賃
fiat:1(権威による)命令. 2許可,認可.
misallocation:不適正配分
hardship:難儀,辛苦,困苦,欠乏 《経済的な窮乏,重労働,その他耐えがたいほどの苦しい生活条件など》.

Yet they accept at face value the notion that central banks must determine not only the supply of one particular commodity – money – but also the cost of that commodity via the setting of interest rates.

notion:観念,考え,意見

Printing unlimited amounts of money does not lead to unlimited prosperity. This is readily apparent from observing the Fed’s monetary policy over the past two decades.

prosperity: 繁栄; 成功.
readily:容易に,たやすく.

It has pumped trillions of dollars into the economy, providing money to banks with the hope that this new money will spur lending and, in turn, consumption. These interventions are intended to raise stock prices, lower borrowing costs for companies and individuals, and maintain high housing prices.

pump:〔…に〕注入する
spur:〈人を〉刺激する,激励する.

But like their predecessors in the 1930s, today’s Fed governors behave as if the height of the credit bubble is the status quo to which we need to return. This confuses money with wealth, and reflects the idea that prosperity stems from high asset prices and large amounts of money and credit.

predecessor:前任者; 先輩
status quo:そのままの状態,現状.
stem:生ずる

The push for easy money is not new. Central banking was supposed to have ended the types of periodic financial crises the US experienced throughout the 19th century. Yet US financial panics have only got worse since the centralisation of monetary policy via the creation of the Fed in 1913.

The Depression in the 1930s; the haemorrhaging of gold reserves during the 1960s; the stagflation of the 1970s; the dotcom bubble of the early 2000s; and the current recession all have their root in the Fed’s loose monetary policy.

haemorrhage: 大量に資産を損失する.

Each of these crises began with an inflationary monetary policy that led to bubbles, and the solution to the busts that inevitably followed has always been to reflate the bubble.

reflate:〈通貨などを〉再膨張させる.

This only sows the seeds for the next crisis. Lowering interest rates in an attempt to forestall a recession in the aftermath of the dotcom bubble required massive credit creation that led to the housing bubble, the collapse of which we still have not recovered from today.

sow:〈種子を〉〔…に〕まく.
forestall:〈…に〉先んずる.
aftermath:(戦争・災害などのあとの)状態,余波.

Failing to learn the lesson of the bursting of both the dotcom bubble and the housing bubble, the Fed has pumped trillions of dollars into the economy and has promised to leave interest rates at zero through to at least 2014. This will only ensure that the next crisis will be even more destructive than the current one.

Not content with its failed attempts to prop up the US economy, the Fed has set its sights on bailing out Europe, too. Through currency swaps, it has committed to offering potentially hundreds of billions of US dollars to the European Central Bank and we cannot rule out the possibility of direct intervention.

prop:〈…を〉(倒れないように)支える,〈…に〉つっかい棒をする 〈up〉〔with,by〕.
rule out:〈…を〉除外する, 排する, 無視する.

The Fed’s response to the crisis suggests that it believes the current crisis is a problem of liquidity. In fact it is a problem of poorly allocated investments caused by improper pricing of money and credit, pricing which is distorted by the Fed’s inflationary actions.

allocated:〔…の間で〕配分する 〔among,between,to〕.
improper:(場所・目的などに)ふさわしくない,不適当な.
distort:〈自然の形を〉ゆがめる,ねじる 《★しばしば受身で用い,前置詞は by,with》.


The Fed has made banks and corporations dependent on cheap money. Instead of looking for opportunities to invest in real products that will serve the needs of consumers, Wall Street awaits the minutes of each Federal Open Market Committee meeting with bated breath, hoping that QE3 and QE4 are just around the corner. It is no wonder that long-term investment and business planning are stagnant.

bate:抑制された
stagnant:〈水など〉流れない,よどんでいる; 停滞した.

We live in a world that seems to have abandoned the concept of savings and investment as the source of real wealth and economic growth. Financial markets clamour for more cheap money creation on the part of central banks.

clamour:やかましい要求をする

Hopes of further quantitative easing from the Fed, the Bank of England, or the Bank of Japan – or further longer-term refinancing operations from the ECB – buoy markets, while decisions not to intervene can cause stocks to plummet. Policy makers focus on spurring consumption, while ignoring production. The so-called capitalists have forgotten that capital cannot be created by government fiat.

quantitative:量の,量に関する,量的な (⇔qualitative).
buoy:
plummet:aおもり. b(釣り糸の)おもり.

Control of the world’s economy has been placed in the hands of a banking cartel, which holds great danger for all of us. True prosperity requires sound money, increased productivity, and increased savings and investment. The world is awash in US dollars, and a currency crisis involving the world’s reserve currency would be an unprecedented catastrophe. No amount of monetary expansion can solve our current financial problems, but it can make those problems much worse.

sound:〈身体・精神が〉健全な,正常な.
awash:〈暗礁・沈没船など〉水面とすれすれになって; 水をかぶって.
unprecendented: 先例[前例]のない,空前の,前代未聞の.
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speakloud bm

Author:speakloud bm
英語がわかると世界が見える。日本のマスコミが伝えないニュースを英語を学びつつ紹介します。



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