,Click to edit Master title style,Click to edit Master text styles,Second level,Third level,Fourth level,Fifth level,Unit 6 Positive-sum,currency wars,Part I Lead-in,Whats the cause of U.S.trade deficit,according to Mr.Chandler?,1,Watch,the video clip and discuss the questions given below.,The currency of U.S.As trading partners are too weak.,Part I Lead-in,What is the most dangerous myth about trade and foreign exchange according to Mr.Chandler?,2,Watch,the video clip and discuss the questions given below.,The most dangerous is people believe that the way to correct trade deficit is to devaluate dollar.They misunderstand how U.S.companies compete in the world economy.,Source:Video:Currency Wars,，,Kitco News,Part II Text,Vocabulary,coin:,to invent a new word or expression,especially one that many people start to use.,Part II Text,Vocabulary,gold standard:金本位制,de facto：法实际上的,resurrect:,to bring back an old activity,belief,idea etc that has not existed for a long time.,Part II Text,Vocabulary,vortex,：,a situation that has a powerful effect on peoples lives and that influences their behaviour,even if they do not want it to.,zero sum game:,零和博弈,spillover,：,the effect that one situation or problem has on another situation.,Part II Text,Vocabulary,elaborate,：,to give more details or new information about something.,controversial,：,causing a lot of disagreement,because many people have strong opinions about the subject being discussed.,Part II Text,Vocabulary,muddy,：,to make a situation more complicated or confusing than it was before.,calibration:,the process of checking or slightly changing an instrument or tool so that it does something correctly.,Part II Text,Vocabulary,avert:,to prevent something unpleasant from happening.,preclude:,to prevent something or make something impossible.,Part II Text,Vocabulary,recourse:,something that you do to achieve something or deal with a situation,or the act of doing it.,unilateral:,a unilateral action or decision is done by only one of the groups involved in a situation.,Part II Text,Vocabulary,erect:,to establish something such as a system or institution,analogy:,something that seems similar between two situations,processes.,Part II Text,Vocabulary,virtuous:,behaving in a very honest and moral way.,vicious:,very unkind in a way that is intended to hurt someones feelings or make their character seem bad.,Part II Text,Vocabulary,steered clear of:,avoid,escape,shun.,rhetorical:,using speech or writing in special ways in order to persuade people or to produce an impressive effect.,Part II Text,Vocabulary,insofar as:,used to introduce a statement that explains and adds to something you have just said.,hedge funds:,对冲基金,solvent,:,having enough money to pay your debts.,Part II Text,Vocabulary,buoy:,to keep profits,prices etc at a high level.,kick up:,evoke or provoke to appear or occur.,Part II Text,Vocabulary,hands-off:,not involving participation or intervention.,hedge funds:,对冲基金,Notes:,Perhaps the biggest casualty of the crisis has been the idea that financial markets are inherently self-correcting and best left to their own devices.,Part II Text,也许,这次危机的最大牺牲者就是过去那种认为金融市场能够自我纠正，最好放任自流的观点。,Notes:,In their retelling,countries that abandoned the,gold standard,enjoyed a,de facto,devaluation,luring others into beggar-thy-neighbor devaluations that sucked the world into,vortex,of protectionism and economic self-destruction.,Part II Text,据复述，放弃了金本位制的国家均受惠于实际的货币贬值，并诱使它国实行以邻为壑的贬值政策，从而令全球深陷于保护主义和经济自我消灭的漩涡之中。,。,Notes:,Thus,QEs impact on its trading partners may be positive or negative;it depends on a countrys trade intensity,the substitutability between its and its competitors products,and how sensitive domestic demand is to lower rates.,Part II Text,因此，量化宽松政策对其贸易伙伴的影响即可能是积极又可能是消极的，这取决于一个国家的贸易密集度，本国和竞争国家产品之间的可替代性，以及国内需求对利率降低的敏感性。,Notes:,The direct spillover of depreciation was negative,while the spillover of increased money and credit was positive,as capital outflows helped to relax conditions in money and credit markets and moderate expected deflation in other countries.,Part II Text,贬值的直接溢出效应是消极的，然而货币和信贷增加那么带来积极的溢出效应，因为资本外流“有助于缓解货币和信贷市场压力并减缓它国的通缩预期。,Notes:,The,analogy,for today is that countries whose currencies are rising because of easier foreign monetary policy should ease monetary policy as well,assuming they,too,suffer from weak demand and low inflation.,Part II Text,这个类比对今天的启示就是，那些迫于国外宽松货币政策而升值的国家亦应将自己当成弱需求及低通胀的同病相怜受害者，并同样采取宽松的货币政策。,Notes:,But advocates like Mr Gagnon believe investors have a“preferred habitat;they hold certain types of bonds or assets because of legal or institutional constraints,even if their returns seem too low relative to their own expectations of interest rates.,Part II Text,但是，加尼翁先生的同类支持者认为，投资者有一种“偏好性习惯，他们因为一些法律或制度限制而持有特定类型的债券或资产，即使回报看上去与预期利率相去甚远。,Business Terms,：,:,monetary policy:货币政策,The actions of a central bank,currency board or other regulatory committee that determine the size and rate of growth of the money supply,which in turn affects interest r