【Native Speaker每日综合训练—26系列】【26-04】经管

杀G给猴看

Official Weibo:  http://weibo.com/u/3476904471

大家好，周四经管~~

今天的 SPEAKER 部分主题为 Why we shouldn't trust markets with our civic life，演讲人 Michael Sandel 是哈佛大学热门网络公开课 Justice: What Is The Right Thing To Do （公平与正义）的主讲。由于这篇演讲是最近更新的，LZ 还没有在网上找到音频链接，所以现在只有自己转换的 MP3，可能要麻烦大家下载以后才能听。给大家添麻烦了，真的很抱歉，BOW

SPEED 速度部分的两篇文章都是关于 Fiscal Crisis / Debt-Ceiling 的，如果大家想先了解一下 Debt-Ceiling 具体是怎么回事，可以先参考这个页面上的介绍 http://www.bloomberg.com/quicktake/the-debt-ceiling/；OBSTACLE 越障是关于上海自贸区的相关讨论。

Enjoy！

PART I: SPEAKER

Listen to a TED Talk on
Why we shouldn't trust markets with our civic life.


【REPHRASE 1】

【SPEECH - 14:37】

Source: TED
http://www.ted.com/talks/michael_sandel_why_we_shouldn_t_trust_markets_with_our_civic_life.html

PART II: SPEED

Article 2: Debt-Ceiling Standoff Threatens America’s Global Leadership
Even talk of a U.S. default is bad for the world economy and America’s standing within it
By Michael Schuman Oct. 08, 2013

【TIME 2】
There is always a lot of proud boasting in Washington about “American exceptionalism” — the idea that the U.S. was created for some higher purpose, to bring democracy and prosperity to a needy world. Perhaps in no way is the U.S. more “exceptional” than in its role in the global economy. The dollar remains the unrivaled No. 1 currency in the world and the basis for international trade. Everything from oil to corn is priced in the greenback. The U.S. economy is still the world’s largest by far, and what happens within it has an outsize impact on the rest of the world. U.S. government bonds are the bedrock of global investment, perceived in every corner of the globe as an unmatched store of wealth.

All that is being threatened by the embarrassing arm wrestling in Washington over the debt ceiling. The U.S. Treasury Department has warned that if Congress doesn’t raise the ceiling on U.S. government debt by Oct. 17, its coffers will be dangerously low, potentially leading to a default on the country’s $16.7 trillion of debt. Such a dire consequence has done little to move Republican Congressmen, who are refusing to raise the ceiling without concessions from the White House on budget cuts and other issues. “The nation’s credit is at risk because of the Administration’s refusal to sit down and have a conversation,” Republican House Speaker John Boehner said on Sunday. When asked if that meant the U.S. was headed for default, Boehner said: “That’s the path we’re on.”

Policymakers have not minced words when describing the consequences of a U.S. default. “As reckless as a government shutdown is, as many people as are being hurt by a government shutdown, an economic shutdown that results from default would be dramatically worse,” President Barack Obama said in a recent speech. “The government shutdown is bad enough, but failure to raise the debt ceiling would be far worse, and could very seriously damage not only the U.S. economy, but the entire global economy,”warned IMF managing director Christine Lagarde. The U.S. Treasury was even blunter, predicting a default would spark another global financial crisis. “A default would be unprecedented and has the potential to be catastrophic,” it said in a recent report. “The negative spillovers could reverberate around the world, and there might be a financial crisis and recession that could echo the events of 2008 or worse.”
【TIME 2 ENDS – 398 WORDS】

【TIME 3】
Just rhetoric? Not at all. In fact, these statements might be underestimating the consequences. Remember a couple of years ago the turmoil that resulted from fears that tiny Greece would default? Well, imagine the impact a default by the U.S. — an economy more than 66 times larger — would have. All of those Treasury bonds held around the world would quickly lose their value, wiping out a huge chunk of global wealth. The banks and funds that hold these bonds would take an instantaneous hit to their health, possibly destabilizing financial markets worldwide. The dollar would likely plummet in value as investors lose faith in U.S. assets. No wonder the world is getting nervous. An official in China, the world’s largest foreign holder of Treasuries (with almost $1.3 trillion of them) warned that “the clock is ticking” and pressed Washington to “ensure the safety of the Chinese investments.”

The cost to the U.S. would be greater than even this. A default would forever undermine global confidence in the ability and willingness of the U.S. to provide global economic leadership. That would hasten the decline of America’s status as the world’s “exceptional” nation. Policymakers and bankers around the world would be forced to look for other sources of economic stability. That would bolster the standing of China in global finance and commerce, and that of the dysfunctional euro. Even if Congress eventually raises the debt ceiling and avoids default, as many investors still believe, damage is being done. The mere fact that some senior politicians in Washington are willing to flirt with default over domestic political squabbles raises doubts around the world about America’s commitment to its global responsibilities and tarnishes the reputation of the U.S. as a global leader.

Back to Boehner. There is no doubt that the U.S. needs to set itself on a path to long-term fiscal strength. But blackmailing the White House with international economic conflagration and the deterioration of American global power is not the way to get it. In a speech, Boehner once asked, “If America won’t lead the way, who will?” If he truly believes in American exceptionalism — like he says he does — then he and his colleagues have to start acting like it.
【TIME 3 ENDS – 369 WORDS】
Source: TIME
http://business.time.com/2013/10/08/debt-ceiling-standoff-threatens-americas-global-leadership/#ixzz2hFpIyW80


Article 3: When Wealth Disappears
By STEPHEN D. KING
Published: October 6, 2013  

【TIME 4】
AS bad as things in Washington are — the federal government shutdown since Tuesday, the slim but real potential for a debt default, a political system that seems increasingly ungovernable — they are going to get much worse, for the United States and other advanced economies, in the years ahead.

From the end of World War II to the brief interlude of prosperity after the cold war, politicians could console themselves with the thought that rapid economic growth would eventually rescue them from short-term fiscal transgressions. The miracle of rising living standards encouraged rich countries increasingly to live beyond their means, happy in the belief that healthy returns on their real estate and investment portfolios would let them pay off debts, educate their children and pay for their medical care and retirement. This was, it seemed, the postwar generations’ collective destiny.

But the numbers no longer add up. Even before the Great Recession, rich countries were seeing their tax revenues weaken, social expenditures rise, government debts accumulate and creditors fret thanks to lower economic growth rates.

We are reaching end times for Western affluence. Between 2000 and 2007, ahead of the Great Recession, the United States economy grew at a meager average of about 2.4 percent a year — a full percentage point below the 3.4 percent average of the 1980s and 1990s. From 2007 to 2012, annual growth amounted to just 0.8 percent. In Europe, as is well known, the situation is even worse. Both sides of the North Atlantic have already succumbed to a Japan-style “lost decade.”

Surely this is only an extended cyclical dip, some policy makers say. Champions of stimulus assert that another huge round of public spending or monetary easing — maybe even a commitment to higher inflation and government borrowing — will jump-start the engine. Proponents of austerity argue that only indiscriminate deficit reduction, accompanied by reforming entitlement programs and slashing regulations, will unleash the “animal spirits” necessary for a private-sector renaissance.
【TIME 4 ENDS – 323 WORDS】

【TIME 5】
Both sides are wrong. It’s now abundantly clear that forecasters have been too optimistic, boldly projecting rates of growth that have failed to transpire.

The White House and Congress, unable to reach agreement in the face of a fiscal black hole, have turned over the economic repair job to the Federal Reserve, which has bought trillions of dollars in securities to keep interest rates low. That has propped up the stock market but left many working Americans no better off. Growth remains lackluster.

The end of the golden age cannot be explained by some technological reversal. From iPad apps to shale gas, technology continues to advance. The underlying reason for the stagnation is that a half-century of remarkable one-off developments in the industrialized world will not be repeated.

First was the unleashing of global trade, after a period of protectionism and isolationism between the world wars, enabling manufacturing to take off across Western Europe, North America and East Asia. A boom that great is unlikely to be repeated in advanced economies.

Second, financial innovations that first appeared in the 1920s, notably consumer credit, spread in the postwar decades. Post-crisis, the pace of such borrowing is muted, and likely to stay that way.

Third, social safety nets became widespread, reducing the need for households to save for unforeseen emergencies. Those nets are fraying now, meaning that consumers will have to save more for ever longer periods of retirement.

Fourth, reduced discrimination flooded the labor market with the pent-up human capital of women. Women now make up a majority of the American labor force; that proportion can rise only a little bit more, if at all.

Finally, the quality of education improved: in 1950, only 15 percent of American men and 4 percent of American women between ages 20 and 24 were enrolled in college. The proportions for both sexes are now over 30 percent, but with graduates no longer guaranteed substantial wage increases, the costs of education may come to outweigh the benefits.

These five factors induced, if not complacency, an assumption that economies could expand forever.
【TIME 5 ENDS – 346 WORDS】

【TIME 6】
Adam Smith discerned this back in 1776 in his “Wealth of Nations”: “It is in the progressive state, while the society is advancing to the further acquisition, rather than when it has acquired its full complement of riches, that the condition of the labouring poor, of the great body of the people, seems to be the happiest and the most comfortable. It is hard in the stationary, and miserable in the declining state.”

The decades before the French Revolution saw an extraordinary increase in living standards (alongside a huge increase in government debt). But in the late 1780s, bad weather led to failed harvests and much higher food prices. Rising expectations could no longer be met. We all know what happened next.

When the money runs out, a rising state, which Smith described as “cheerful,” gives way to a declining, “melancholy” one: promises can no longer be met, mistrust spreads and markets malfunction. Today, that’s particularly true for societies where income inequality is high and where the current generation has, in effect, borrowed from future ones.

In the face of stagnation, reform is essential. The euro zone is unlikely to survive without the creation of a legitimate fiscal and banking union to match the growing political union. But even if that happens, Southern Europe’s sky-high debts will be largely indigestible. Will Angela Merkel’s Germany accept a one-off debt restructuring that would impose losses on Northern European creditors and taxpayers but preserve the euro zone? The alternatives — disorderly defaults, higher inflation, a breakup of the common currency, the dismantling of the postwar political project — seem worse.

In the United States, which ostensibly has the right institutions (if not the political will) to deal with its economic problems, a potentially explosive fiscal situation could be resolved through scurrilous means, but only by threatening global financial and economic instability. Interest rates can be held lower than the inflation rate, as the Fed has done. Or the government could devalue the dollar, thereby hitting Asian and Arab creditors. Such “default by stealth,” however, might threaten a crisis of confidence in the dollar, wiping away the purchasing-power benefits Americans get from the dollar’s status as the world’s reserve currency.
【TIME 6 ENDS – 364 WORDS】

【TIME 7】
Not knowing who, ultimately, will lose as a consequence of our past excesses helps explain America’s current strife. This is not an argument for immediate and painful austerity, which isn’t working in Europe. It is, instead, a plea for economic honesty, to recognize that promises made during good times can no longer be easily kept.

That means a higher retirement age, more immigration to increase the working-age population, less borrowing from abroad, less reliance on monetary policy that creates unsustainable financial bubbles, a new social compact that doesn’t cannibalize the young to feed the boomers, a tougher stance toward banks, a further opening of world trade and, over the medium term, a commitment to sustained deficit reduction.

In his “Future of an Illusion,” Sigmund Freud argued that the faithful clung to God’s existence in the absence of evidence because the alternative — an empty void — was so much worse. Modern beliefs about economic prospects are not so different. Policy makers simply pray for a strong recovery. They opt for the illusion because the reality is too bleak to bear. But as the current fiscal crisis demonstrates, facing the pain will not be easy. And the waking up from our collective illusions has barely begun.
【TIME 7 ENDS – 203 WORDS】
Source: New York Times
http://www.nytimes.com/2013/10/07/opinion/when-wealth-disappears.html?partner=rssnyt&emc=rss

PART III: OBSTACLE

Article 4: The next Shenzhen?
A new enterprise zone could spark wider market reforms—but only if bureaucrats ease their grip
Oct 5th 2013 | SHANGHAI |From the print edition

【PARAPHRASE 8】
FOR weeks, businessmen have speculated wildly about the Shanghai Free Trade Zone (SFTZ). This showpiece policy is meant to kickstart a broader reform agenda, due to be presented after a big party meeting in November. Despite its name, it is more of a special enterprise zone on the outskirts of China’s commercial capital (see map). The prime minister, Li Keqiang, has personally championed the pilot.

At last, on September 29th, the zone was launched. Leaders called it a landmark moment, similar to the creation of the Shenzhen special economic zone near Hong Kong more than three decades ago that ushered in reforms and spectacular growth. At a press conference, officials used the word “innovation” 43 times.

Despite the gush, the launch was a let-down. Hardly any senior government figures turned up. The scheme will not include several hoped-for reforms: access to the uncensored internet, cuts in corporate tax and permission for foreign auctioneers to sell antiquities. More troubling is that few details were given at all. “Show me the beef!” exclaims Joerg Wuttke, a former head of the European Union Chamber of Commerce in Beijing. He had been enthusiastic, but he now fears officials have grown timid.

Such concerns were hardly allayed when the authorities released a “negative list” of sectors in which foreigners cannot invest in the zone. In theory, a short list—banning guns, drugs and pornography perhaps—would be investor-friendly. In fact, the SFTZ’s negative list contains over 1,000 banned areas. Local officials insist it will be pared down, but one foreign lawyer grumbles that Chinese officials are simply “addicted to control.” Given these uncertainties, it is reasonable to ask whether the ballyhooed SFTZ can really become the next Shenzhen. The surprising answer from many experts is a cautious maybe.

Be patient, grasshopper

“Do not be fooled by the early caution,” says Chen Bo of the Shanghai University of Finance and Economics, who has advised the government on the SFTZ. “We remain very ambitious.” Mr Chen believes internal and external factors are forcing a change in China’s economic model.

At home, soaring wages and an ageing workforce are pushing China towards the “middle-income trap”. Abroad, rivals are rushing into regional free-trade deals, such as the Trans-Pacific Partnership, that will pry economies open. “China is feeling pressure to up its competitive game,” says Kenneth Jarrett, head of the American Chamber of Commerce in Shanghai.

To keep up, argue many analysts, China must liberalise. As manufacturing is already competitive, that means opening up the inefficient, cosseted services sector—especially finance. This is where the SFTZ comes in. Services have risen from just half of Shanghai’s GDP in 2003 to 62% this year (in Hong Kong, they make up 90%).

By letting experienced local officials experiment with deeper reforms in services inside a tightly sealed zone, cautious types hope risks—for example, arising from yuan convertibility—can be contained. Louis Kuijs of RBS, an investment bank, argues that, when it comes to controlling hot money, the pilot works “only if there is a very tight border between the zone and the rest of China”. On this view, only those reforms that work well in the zone will be rolled out, carefully and slowly, elsewhere.

Nonsense, say those hoping for leakage. They argue that the whole point of the zone is to spark broader liberalisation that has been stalled for a decade. May Yan of Barclays investment bank says that, if liberalisation inside the zone is not allowed to affect the rest of the economy, “the SFTZ will be merely like Qianhai [a special zone near Hong Kong], where there is not much happening”. Such critics want to see reforms move quickly from the SFTZ to other zones and the rest of China.

Many observers, however, seem willing to give the pilot zone time to blossom. Perhaps this is because they think the zone is irreversibly linked to plans for national economic liberalisation. After all, though widely known as the SFTZ, the zone’s legal name is the China (Shanghai) Pilot Free Trade Zone. Some liken Mr Li’s support for the SFTZ to his predecessors’ push for entry into the WTO in 2001, a symbol of modernisation that galvanised political support for economic reform.

And despite the lack of details, the SFTZ guidelines promise to liberalise some important sectors. Officials have outlined six areas where industries will be opened during the next three years (see table).

It’s right, directionally speaking

Some three dozen firms have been given permission to enter. That is meant to be an early show of confidence (though sceptics ask how they applied, since the rules have not been made public). Most are domestic ones, but Citibank, an American banking giant, is among them. Andrew Au, its China boss, accepts his firm has “no information” about how the zone will regulate banks, but says it is going in because “directionally it is the right place for the country to go”. He notes that the Shenzhen reforms also did not offer many details at the start.

Citibank plans to open a sub-branch in the zone to handle trade financing and cash management for clients (“Our telephones are ringing off their hooks,” claims Mr Au). But he thinks even bigger opportunities will come when yuan convertibility and interest-rate liberalisation—the two biggest reforms promised—come in.

Simon Pearson, a China-based business analyst, believes another opportunity lies in simplifying and speeding up imports. It now takes up to a month for goods to clear customs, so retailers hold plenty of “safety stocks”. As it is costly to re-export, that stock is then stuck. If the SFTZ cuts red tape, he thinks not only that firms could save money through lower stocks but also that Shanghai might compete with Hong Kong and Singapore to be a regional fulfilment hub for Asian retail markets.

The biggest advance the SFTZ could bring, argues Mr Jarrett, is “predictability of regulation”. He observes that the implementation of rules in China varies across time and geography, creating tremendous uncertainty. Echoing other observers, he hopes that the management committee now being put together for the SFTZ will help co-ordinate the actions of regulatory bodies so that the new pilot is administered in a transparent and predictable fashion. Doing this means squabbling bureaucrats and regulators ending their addiction to control. China’s next stage of development may depend on it.
【OBSTACLE ENDS – 1059 WORDS】
Source: The Economics
http://www.economist.com/news/china/21587237-new-enterprise-zone-could-spark-wider-market-reformsbut-only-if-bureaucrats-ease-their-grip

AceJ

pennyz 发表于 2013-10-11 11:43
请问，第二篇speed的time5 在本文中是什么意思呢，感觉这一段不能理解
time5
股票繁荣未必会使大家过的 ...

Hi，Penny，我是这么理解这篇文章的

文章头5段：对美国遭遇的政治（shutdown）和经济（0.8% GDP Growth）问题，有两种观点，一是过于乐观，认为这只是一个cyclical dip（周期性下滑）而已；二是过于悲观，认为当前解决问题的方式过于保守，只会激化出“animal spirits"；
第6段至17段（Borrowed from future ones），作者认为这两者都不对 (Both sides are wrong)，从而提出自己对经济问题的观点：The underlying reason for the stagnation is that a half-century of remarkable one-off developments in the industrialized world will not be repeated. 后面5个理由都是详述这个观点，以及引用Adam Smith和法国大革命来形容当今美国社会潜在的危险
第18段至最后，作者提出自己的解决方法：In the face of stagnation, reform is essential.然后列举了欧盟的例子。又说回美国，作者没有提出具体的方案（只是认为要改革），但十分悲观，因为作者觉得 facing the pain will not be easy。美国的问题不是立即降低生活标准，减少开支就可以解决的，而是要承认keep your promises 已经不像好的时代那样容易做到了。

针对你的问题，我说说看我的理解（未必对）
Time5的部分，5个理由说明了美国为什么没能像以前那样高速增长；

Adam Smith的引用，描述美国处于潜在危机中。美国现在就是一个progressive state, 就像decades before the French Revolution, 它的money 也正在runs out。这一段所表达的意思有点像"黑暗前的黎明"

全文我最不理解的也正是这句话 “These five factors induced, if not complacency, an assumption that economies could expand forever.” 但我觉得这里应该是个虚拟语气
不过一句话应该不影响整篇文章的逻辑理解~ 希望对你有帮助，再探讨~

AceJ

iamyingjie 发表于 2013-10-31 21:00
这个好办。咱们Q上解决～

哦也，解决了，这是我的笔记截图，红色是不懂的单词，紫色是背景词，标黄的句子是难句，黑色加粗的是逻辑结构关键句

renita12

占~好久没来啦
time2 2'30
the change of debt ceiling was not pass will lead to the government shoutdown ,then maybe it will lead to another economic crisis
time3 2'20
there are some bader results if the raise of debt deiling is not passed. it will make many bankers and investers who hold the Treasury bonds lose their wealth quickly and the world having no confidence to the US.US will lose its "exception" status in the world
time4  2'30
the phenomenon appears that the economy of US is solw down
time5  2;40
five factors why the US economy is slow down

Obstacle 7’10

Some views

> negative opinions about opening the SFTZ, more banning, more control etc.

> reasons china has to open the market with less limit ,like competitive trade

>policies that are similar with shenzhen zone,the chinese leaders’ view of national economic liberalisation  make some experts believe the SFTZ also has a profound  prospect

>citibank has already come in ,and it will improve the import also illustrate that the SFTZ will have a good future

AceJ

抢个小板凳，谢谢小杀姐

Debt-Ceiling Standoff Threatens American's Global Leadership
Time2: 2'21" failure of raising debt ceiling on Oct 17th may  lead another financial crisis, being worse than that in 2008
Time3: 2'17" If U.S. really do a default, the economy around the whole world will collapse, and all investors are going to find another economic leader in the world.

When Wealth Disappears
Time4: 2'14" this passage seems to say that U.S. economy enter into Japan "lost decade" with a just 0.8% GDP growth from 2007-2012, and the same thing happened in Europe or even worse
Time5: 2'37" describe the real five reasons that leaded to an economic stagnation in U.S.
Time6: 2'39" according to notions in "wealth of nations" and what happened in French Great Revolution, the author warned U.S. not to spend the future money
Time7: 1'30" facing the pain will not be easy, and the waking up from our collective illusions have barely begun.

The Next Shenzhen?
Time8: 9'23"
Even though the SFTZ has launched, but the fact that government is addictive to control (bidden list) makes people to ask when the SFTZ will become the next Shenzhen
Some officials and experts appeal people to be patient to Pilot Zone, "it is cautious to reform at the beginning and then spread it without risks"; some critics thinks the SFTZ will not affect economy as deeply as people thought if this zone cannot spread to the rest of China
Three potential advantages the SFTZ brings: Yuan convertibility and interest-rate liberalization; simplifying and speeding up the imports and predictability of regulation

疏离无罪

来晚了，地板都没了，感谢杀G给猴看，辛苦了

02:29
The failure of rasing debt ceiling will threathen America's status in the world and lead to another financial crisis.
The default of the debt is worse than the shutdown of the government.

02:29
The consequeces of the default is underestimated.
The default or the trend to have a default will decrease investors' confidence to America and lessen America's leadership in economy.

02:08
Westen countries have no longer the ability to rise their living standards beyond their mean because of their poor enconomic situation.

02:08
Only after these five factors that affect the growth of the economy solved can we expand our economy.

02:08
Adam Smith's theory is used to try to analysis and solve the problems that the world economy is facing now.

01:24
What may happen if the default of the american debt happen.

06:59
Although the fact is that the SFTZ has been established and that the government emphasized that it's a innovation,people are still not confident ot the SFTZ because of the long banned list.They question whether the SFTZ will become next SHENZHEN.
Many people have different opinions.
Some experts said that people and firms shoulde be patients.China has the pressure to liberalise many of its economy sectors such as finance.The liberalisation will be tried in the SFTZ first and then be decided whether to apply this policy from the STFZ to the rest of the China.So this proces will not be short.
Although no more details have been showed,there still many potential opportunities in the SFTZ.Many companies and banks have already taken actions.

ELLENGONG2012

T2   2`34    398
The usa is the leader of the world,especially in the economy and current. However, the standoff between the government and congress about the 预算has effects on its state in the world. The government it is very important to agree the 预算，otherwise, there will be a new risk in  economy, even much bigger.
T3   2`32   369
If the usa is default, it will bring much problem. One of the problems is 债券， especially those china has. The other problem is America`s state in the world. Its leader role will lose.

T4 2`18  323
From the second world war and cold war, the economy of America has it own characteristic. A fast gross must be followed by a recession. It is like a circle.

T5  2`23 346
It is recognized that two polar of the circle is not a right way. So 5 ways to construct a healthy and external grossing economy.
T6   2`24  364
An expert say the way to keep gross is improve the state of life .Then has an example about the economy of france. And another two effects of recession. The currant ways in America is not very good.

Obstacle   6•04
SFTZwas established.Many people have their ideas about this zone. And some resistance has been listed, inferring many region of business. Facing this big chanllenge and innovation, we have to be patinent. ……记不得了

lxskyfly

zhan~thank you!!LZ!
-
SPEED
掌管 6 00:02:15.24 00:21:11.01
掌管 5 00:05:21.53 00:18:55.77
掌管 4 00:03:05.03 00:13:34.24
掌管 3 00:03:51.70 00:10:29.20
掌管 2 00:03:14.94 00:06:37.50
掌管 1 00:03:22.55 00:03:22.55
(slepyyyyy.....= = so slow)

1. US takes a lead in world's finance world, but debt ceilling threatens it, a default which will be likely to echo 2008 event.
2. Debt ceiling will bring about damges both for global mkt and US, hurting status of US nowadays.
3-4  1) Development of developed countries since Great Depression is declinling based on strategies purchasing wealth.
       2) Two sides stance of how to improve development.
       3) Reasons for stagnation in author's perspective.(4 rules that are complacent for continuous increase of economics)
5. Track for history of economics development in national wealth based on Adam Smith's theory.( & talk about why government debt ceillng will exits for solution)
6. US fed should recoginize the current situation of bad times, giving up strategies focusing on illusion in the future.

OBSTACLE
掌管 1 00:08:21.74 00:08:21.74

- bg: Shang(China) Pilot Free Trade Zone is settled.
- two sides viewpoint: 1) Big step for China; 2) Too general, not many details
Liberlise: national CNY convertibility & interest rate liberlisation/ China gov addicited to control--> we still need patience.
Advantage: SFTZ surely is the right path for China and will definitely bring about lots of advantages./ Prediction of advantage(China gov policies always change)

Victoriasong

Time 2, 02’20.44
As the center of the world, U.S. is now threaten by deat ceiling. A default would cause a financial crisis and recession that could echo the events of 2008 or worse.
Time 3, 1’56.98
Time 4, 1’47.29
Things are getteing much worse, for the United States and other advanced economies.
Time 5, 1’54.97
Time 6, 1’58.51
Time 7, 1’06.50
Time 8, 06’10.50

小鱼上树

噢耶！首页姐回来了

26-04

Speaker

Marketize every aspect of life- you can buy anything in themarket- we can’t do it even it is really attractive- equality and change thecharacter of goods-focus on the true value and meaning

2 398 2min18

cof‧fer [countable]

-somebody's coffers      the money that an organization, government etc has available to spend:

-a large strong box used to hold valuable or religiousobjects

3 369 2min33

rhet‧o‧ric [uncountable]

-language that is used to persuade or influence people,especially language that sounds impressive but is not actually sincere oruseful:

-the art of speaking or writing to persuade or influencepeople

4 323 1min59

re‧nais‧sance[singular]

-a new interest in something, especially a particular formof art, music etc, that has not been popular for a long period

un‧leash[transitive]

-to suddenly let a strong force, feeling etc have its fulleffect:

-to let a dog run free after it has been held on a                 leash

5 346 1min54

6 364 2min28

os‧ten‧si‧bly

-if something is ostensibly true, people say that it is truebut it is not really true

Obstacle 1059 5min36

SFTZ has launched last month-a lot of restrictions but smallamount of details have been announced- most people and companies think it willhave a bright future- it’s the right place that Chinese economy needs to be

irvan

占座～～～～～

_______________________
Obstacle
06:44
Comments and hopes on SFTZ

ttlovej

占个位！

TIME 2 2‘35
TIME 3 2’56
TIME 4 3‘11
TIME 5 2’40
TIME 6 2‘38
TIME 7 1’33
TIME 8 5‘25