大学核心商务英语读写教程UnitFINANCIALCRISISANDINFLATION

1、UNIT SEVENFINANCIAL CRISIS AND INFLATIONObjectivesTo get familiar with business reportTo know something about financial crisis& inflation To learn new words and expressionsTo master how to analyze difficult and long sentences1. Background Information2. Introduction to the Text3. Business Terms 4

2、. Words and Expressions5. Notes to the TextText A US financial crisis is entering a new phaseThe financial crisis of 2007 to the present is a crisis triggered by a liquidity shortfall in the United States banking system. It has resulted in the collapse of large financial institutions, the bailout of

3、 banks by national governments and downturns in stock markets around the world. In many areas, the housing market has also suffered, resulting in numerous evictions, foreclosures and prolonged vacancies. It is considered by many economists to be the worst financial crisis since the Great Depression

4、of the 1930s. It contributed to the failure of key businesses, declines in consumer wealth estimated in the hundreds of trillions of U.S. dollars, substantial financial commitments incurred by governments, and a significant decline in economic activity. 1. Background InformationMany causes have been

5、 suggested, with varying weight assigned by experts. Both market-based and regulatory solutions have been implemented or are under consideration, while significant risks remain for the world economy over the 20102011 periods. The collapse of the housing bubble, which peaked in the U.S. in 2006, caus

6、ed the values of securities tied to real estate pricing to plummet thereafter, damaging financial institutions globally. 1. Background InformationQuestions regarding bank solvency, declines in credit availability, and damaged investor confidence had an impact on global stock markets, where securitie

7、s suffered large losses during late 2008 and early 2009. Economies worldwide slowed during this period as credit tightened and international trade declined. Critics argued that credit rating agencies and investors failed to accurately price the risk involved with mortgage-related financial products,

8、 and that governments did not adjust their regulatory practices to address 21st century financial m a r k e t s . G o v e r n m e n t s a n d c e n t r a l b a n k s re s p o n d e d w i t h unprecedented fiscal stimulus, monetary policy expansion, and institutional bailouts. 1. Background Informati

9、on Theme of the TextTheme of the Text ： Text A is a personal prediction on economic recovery in the US. Although the reported weekly new jobs lost number signals the rate of job loss is slowing, the author is not optimistic about a quick US recovery, for he believes high future unemployment rates an

10、d retirement will induce fiscal crises within the federal, state and local governments. 2. Introduction to the Text本商务语篇为说明文体，具体为个人观点阐述 。作者在文章的一开始就做出“正如中国的经济发展有利于美国，美国的经济进发展也有利于中国”这样的论断，从而吸引更多的中国读者阅读该文。 作者以美国具体失业数字为个人预测出发点，层层推进，做出个人对美国经济状况的预测。文中涉及的经济类词汇运用准确、严谨，体现出作者作为经济学教授的专业化水平。但由于是个人预测，文中也运用了大量诸如w

11、ill，may等表示推测性、可能性的情态动词，体现出作者写作本文时的严谨和审慎态度。 文体特征分析2. Introduction to the TextSocial security is primarily a social insurance program providing social protection, or protection against socially recognized conditions, including poverty, old age, disability, unemployment and others. Social security may

12、refer to: 1. social insurance, where people receive benefits or services in recognition of contributions to an insurance scheme. These services typically include provision for retirement pensions, disability insurance, survivor benefits and unemployment insurance.Social Security 社会保障 3. Business Ter

13、ms 2. income maintenancemainly the distribution of cash in the event of interruption of employment, including retirement, disability and unemployment 3. services provided by administrations responsible for social security. In different countries this may include medical care, aspects of social work

14、and even industrial relations. 4. More rarely, the term is also used to refer to basic security, a term roughly equivalent to access to basic necessitiesthings such as food, clothing, shelter, education, money, and medical care.Social Security 社会保障 3. Business Terms ere4. Words and Expressions ere4.

15、 Words and Expressions ere4. Words and Expressions Prize-fighting remained popular, though technically illegal, until the 1880s. 在19世纪80年代以前，职业拳击比赛虽然严格来说是不合法的，但一直很受欢迎。 ere4. Words and Expressions The more likely scenario is that the president will resign and an election will be held. 局面更可能是：总统辞职，然后进

16、行选举。 ere4. Words and Expressions ere4. Words and Expressionsa sum of money paid regularly as a retirement benefit or by way of patronage ere4. Words and Expressionsof or relating to government expenditures, revenues, and debt ere4. Words and Expressions(inf.) in financial need ere4. Words and Expres

17、sionstending to cause or bring about; contributive ere4. Words and Expressionsrelating to, causing, or produced by disruption ere4. Words and Expressionsdeprive of voting rights ere4. Words and Expressionsa sign of something about to happen ere4. Words and Expressions ere4. Words and Expressions 释义

18、解析 5. Notes to the Text解析 5. Notes to the Text释义 解析the case指的是前文中提及的可能性，即“Their talents, abilities and past contributions will simply no longer be needed in the new economy that follows”. 而what type of practical economic recovery the US is actually able to generate for its typical citizens是名词性从句，做介词

19、for的宾语。 5. Notes to the Text解析本句是条件状语从句，主句谓语动词cause的宾语是the routinely predicted pension plan fiscal crises for state and local governments, as well as for the national government，to come quicker 和 to be much more severe than previously expected是其宾语补足语。 5. Notes to the Text解析本句是由and连接的并列句。在第一个并列分句中tha

20、t feel they are not making economic progress是限制性定语从句，修饰先行词financially strapped workers；在第二个分句中定语从句that are not conducive to order and prosperity修饰先行词confrontations。 5. Notes to the Text解析 5. Notes to the Text1. Background Information2. Introduction to the Text3. Business Terms 4. Words and Expressio

21、ns5. Notes to the TextText B Financial Crisis: Inflation doubles in the last six months to hit 5.2 per cent The global financial crisis has plunged the British economy into the depths of its most severe contraction since the 1930s.Although the UK government projects a decline in the nations economy

22、of 3.5% in 2009, with a return to growth in 2010, the International Monetary Fund (IMF) released its own estimate on the global economy, projecting a decline in the UK economy of 4.1 % in 2009 and likely a continued contraction in 2010. This number reflects growing pessimism by the IMF concerning th

23、e UK economy.The imploding British economy has set off deflation in key asset classes, particularly real estate. Unemployment is skyrocketing, having reached an official figure of 6.7 %, or 2.1 million jobless, which will certainly rise substantially during the next two years.1. Background Informati

24、onComplicating the economic problems in the UK is its disastrous banking crisis, which rivals that of the United States. Much of Britains banking sector is insolvent, prompting a costly bailout by Gordon Browns government. With plunging tax revenues due to the nations economic contraction, the UK ha

25、s been forced to borrow vast amounts of money to cover the cost of subsidizing the nations zombie banks. The combination of bank bailouts and stimulus spending has created staggering budgetary deficits, prompting the governor of the Bank of England, Mervyn King, to warn that further government indeb

26、tedness threatens the long-term stability of the UKs finances.1. Background Information Theme of the TextTheme of the Text ： Text B introduces the serious financial situation in UK. CPI and many other published official figures predict the UK economy may already have entered a recession, for British

27、 families cost of living escalates to a 16-year-high. And economists believe a further 50 basis point reduction to interest rates will be the correct move for solving inflation. 2. Introduction to the Text本商务语篇是以说明文体为主的新闻报道。文中出现的由各个权威部门公布的大量数据如4.7%、5.2%、7.1%、912、1303、5%、4%、2%等，涉及到普通民众生活的各个方面，全面而详尽地介

28、绍了英国所面临的严重通货膨胀。 文体特征分析2. Introduction to the Text大量引用权威部门发布的精确数字突出了“客观性”这一新闻报道的特点。在令读者信服的同时，也将英国的经济现状真实地展现在读者眼前。Consumer Prices Index is a measure that examines the weighted average of prices of a basket of consumer goods and services, such as transportation, food and medical care. The CPI is calcul

29、ated by taking price changes for each item in the predetermined basket of goods and averaging them; the goods are weighted according to their importance. Changes in CPI are used to assess price changes associated with the cost of living. Sometimes referred to as headline inflation.Consumer Prices In

30、dex/CPI 消费者物价指数 3. Business Terms John Major is a British politician and prime minister (1990 97). After Thatchers reisgnation as prime minister and party leader in 1990, Major was elected as party leader, and in 1992 he led the party to a general election victory. Majors first years in office coinc

31、ided with a long economic recession (1990 93). His government became increasingly unpopular, and Major himself was perceived as a colourless and indecisive leader. In 1997 the Conservatives lost by a landslide to the Labour Party, and Major was succeeded as prime minister by Tony Blair. John Major 约

32、翰梅杰 3. Business Terms Gordon Brown is a British Labour politician, who was the Prime Minister of the United Kingdom and Leader of the Labour Party between 2007 and 2010. Brown became Prime Minister in June 2007, after the resignation of Tony Blair and three days after becoming leader of the governin

33、g Labour Party. His tenure ended in May 2010, when he officially resigned as Prime Minister and leader of the Labour Party.Gordon Brown 戈登布朗 3. Business Terms The Office for National Statistics (ONS) is the executive office of the UK Statistics Authority, a non-ministerial department which reports d

34、irectly to Parliament. ONS is the UK Governments single largest statistical producer.ONS operates under two levels of governance: Strategic oversight is provided by the Statistics Authority Day-to-day management is the responsibility of the Director General, who is supported by a team of DirectorsON

35、S/Office of National Statistics 英国国家统计局 3. Business Terms The Council of Mortgage Lenders is a not-for-profit organisation and the trade association for the mortgage lending industry, and its members account for around 94% of UK residential mortgage lending. Its aim is to help to foster a favourable

36、 operating environment in the UK housing and mortgage markets. It is the representative voice for the residential mortgage lending industry, and the central provider of economic, statistical, legal, research and other market information.Council of Mortgage Lenders 抵押贷款协会 3. Business Terms The Bank o

37、f England is the central bank of the United Kingdom. Sometimes known as the Old Lady of Threadneedle Street, the Bank was founded in 1694, nationalised on 1 March 1946, and gained independence in 1997. Standing at the centre of the UKs financial system, the Bank is committed to promoting and maintai

38、ning monetary and financial stability as its contribution to a healthy economy.Bank of England 英格兰银行 3. Business Terms Centre for Economic and Business Research (CEBR) is an independent research and consulting centre located at Copenhagen Business School (CBS). The Centre was established in 1999 in

39、the Ministry of Industry and Trade and moved to CBS in 2005. The centre is affiliated to the Department of Economics.Centre for Economic and Business Research经济和商业研究中心 3. Business Terms A basis point is a unit of measure used in finance to describe the percentage change in the value or rate of a fin

40、ancial instrument. One basis point is equivalent to 0.01% (1/100th of a percent) or 0.0001 in decimal form. In most cases, it refers to changes in interest rates and bond yields. For example, if interest rates areraised by 25 basis points, it means that rates have risen by 0.25% percentage points. I

41、n the bond market, a basis point is used to refer to the yield that a bond pays to the investor. For example, if a bond yield moves from 7.45% to 7.65%, it is said to have risen 20 basis points.basis point/bp 基点 3. Business Terms ere4. Words and Expressions (2) ere4. Words and Expressions ere4. Word

42、s and Expressions ere4. Words and Expressions (5) ere4. Words and Expressions 解析5. Notes to the Text 5. Notes to the Text解析 5. Notes to the Text解析 5. Notes to the Text 5. Notes to the Text解析 5. Notes to the Text1. Background Information2. Introduction to the Text3. Business Terms 4. Words and Expres

43、sions5. Notes to the TextText C Impact of InflationInflation is the overall general upward price movement of goods and services in an economy (often caused by a increase in the supply of money), usually as measured by the Consumer Price Index and the Producer Price Index. Over time, as the cost of g

44、oods and services increase, the value of a dollar is going to fall because a person wont be able to purchase as much with that dollar as he/she previously could. While the annual rate of inflation has fluctuated greatly over the last half century, ranging from nearly zero inflation to 23% inflation,

45、 the Fed actively tries to maintain a specific rate of inflation, which is usually 2-3% but can vary depending on circumstances. 1. Background Information Theme of the TextTheme of the Text ： In Text C the term “inflation” is defined and a number of simple examples are pur forward to explain the rel

46、ationship between inflation and purchase power. With inflation getting severe, the same sum of money will buy less. So maintaining a diversified investment portfolio is suggested to protect savings against inflation. 2. Introduction to the Text本商务语篇为说明文体。文章按照“提出问题分析问题解决问题”这一写作模式，将通货膨胀与购买力的关系阐述得清晰明了，

47、并提出解决方法，建议投资者需要坚持多元化投资策略。 本文是一篇非常浅显易懂的经济类说明文章，通过列举大量通俗简单的例子，深入浅出地将“通货膨胀”这一复杂的经济概念解释得通俗易懂，是一篇难得一见的经济知识普及类文章。文体特征分析2. Introduction to the TextA fund is usually created through a fundraising, and the purpose can be a collective investment scheme or vehicle Mutual fund, a specific type of collective inv

48、estment in the United States Hedge fund, an investment vehicle open only to investors who are qualified in some wayFund/FD 基金 3. Business Terms It is the interest rate on an investment or loan without adjusting for inflation. The nominal interest rate is simply the interest rate stated on the loan o

49、r investment agreement. If one makes a loan at a high nominal interest rate, this does not guarantee a real profit. For example, if the nominal interest rate on a loan is 7% and the inflation rate is 4%, the real interest rate is only 3%. nominal interest rate 名义利率 3. Business Terms (1) ere4. Words

50、and Expressions (2) ere4. Words and Expressions (3) n. ere4. Words and Expressions (4) ere4. Words and Expressions (5) ere4. Words and Expressions (6) ere4. Words and Expressionsa list of the financial assets held by an individual or a bank or other financial institution ere4. Words and Expressions

51、While a half-century, the board of trade was slower to move to electronic trading and to issue public stock, causing it to lose ground to the mercantile exchange. 半个多世纪，商品交易进入到电子交易和发行公开股票的速度缓慢，从而让位于商业票据交易。 If savings are important, inflation decreases your purchasing power more if you just put away

52、your savings and dont use them than if you had invested it. 5. Notes to the Text解析 The returns you get from financial instrumentsyour bank deposits, company deposits and such likeare pegged to nominal interest rates, and are not adjusted for inflation.（Para.5） 5. Notes to the Text 2. income maintena

53、ncemainly the distribution of cash in the event of interruption of employment, including retirement, disability and unemployment 3. services provided by administrations responsible for social security. In different countries this may include medical care, aspects of social work and even industrial r

54、elations. 4. More rarely, the term is also used to refer to basic security, a term roughly equivalent to access to basic necessitiesthings such as food, clothing, shelter, education, money, and medical care.Social Security 社会保障 3. Business Terms ere4. Words and Expressions Prize-fighting remained po

55、pular, though technically illegal, until the 1880s. 在19世纪80年代以前，职业拳击比赛虽然严格来说是不合法的，但一直很受欢迎。 ere4. Words and Expressions Prize-fighting remained popular, though technically illegal, until the 1880s. 在19世纪80年代以前，职业拳击比赛虽然严格来说是不合法的，但一直很受欢迎。 The Office for National Statistics (ONS) is the executive office

56、 of the UK Statistics Authority, a non-ministerial department which reports directly to Parliament. ONS is the UK Governments single largest statistical producer.ONS operates under two levels of governance: Strategic oversight is provided by the Statistics Authority Day-to-day management is the responsibility of the Director General, who is supported by a team of DirectorsONS/Office of National Statistics 英国国家统计局 3. Business Terms The Office for National Statistics (ONS) is the execu