高考英语时文阅读选23篇

2009届高三最新英语时文阅读选23篇

1

2009politicalpredictions:Whatwillbethebigstory?

(CNN)-Thispastyearwasfullofunexpectedtwistsandturnsonthecampaigntrail.

BarackObamawilltakeofficewithabigto-dolistinfrontofhim.

Withanewpresidenttakingoverandahostofproblemsawaitinghim,there'snotelling

whatwillhappenin2009.

CNN'spoliticalanalystsandcontributorsofferedupsomeoftheirpredictionsforthe

upcomingyear:

EdRollins,Republicanstrategist

ThebiggeststorywillbethecontinuedviolenceintheMiddleEast—theIsrael/Hamaswar

andtheuncertaintyofwhetherwecanpullourtroopsoutofIraqandAfghanistan.

WhilemostAmericansandournewpresidentwillbefocusedontheongoingeconomic

crises,thenationalsecurityteamofHillaryClinton,RobertGatesandretiredGen.JamesJones

willbeinacrisis-a-daymodefortheforeseeablefuture.

Thesecondarystorywillbewhoplaystheroleofthetheloyaloppositiontothenew

president.WiththediminishedroleoftheRepublicanParty,doesitbecomeatrueopposition

partyledbytheconservativesbuildingforthefuture,orisitapartythatcrossestheaisletoseek

compromisewiththeDemocratsandthenewpresident?More:Politicianswhofellfromgrace

AnddoesJohnMcCainplaytheleadroleinbecomingthefacilitatorforcompromise?Ifthe

RepublicanPartyisnoteffective,doesthenationalmediabecometheoppositionvoice?

JeffreyToobin,senioranalyst

Theoverarchingpoliticalissueof2009willbetheeconomy.ItappearsthatPresident-elect

BarackObamawillbenefitfromwidespreadgoodwilland-thoughthisisnotcertain-asense

thatthingsarenearthebottom.

Thegreatunknowniswhethertherewillbeanyturnaround.Ifthereis,lookforDemocratsto

takecredit.Ifnot,lookforthemtocontinuetoblametheBushlegacy.

Theeconomywillbecentralintwoverydifferentpoliticalraces.TheVirginiagovernor's

racewillhelpestablishwhetherthecommonwealthhasbecomeatrulybluestate.It'sanopenseat

becausecurrentGov.TimKaineisineligibletosucceedhimself.TheDemsaremostlylow-profile

names,exceptforTerryMcAuliffe,thegreatClintonfundraiser,whowantstorunforthefirst

time.

TheotherraceisforNewYorkmayor.MikeBloombergengineeredachangeincitylawto

allowhimselftorunathirdtime,andhelookslikethefavoritetowin.Butwillthecity'smajor

economicproblemspromptaseriouschallengertoemerge?I'llbewatching.

JamesCarville,Democraticstrategist

2009willbeayearinwhichtheRepublicanPartywillbeconfrontedwithanear-catastrophic

ideologicalrift.Readaboutapredictionthat'pains'Carvilletomake

ThereisnoobviousRepublicanleaderonthehorizon,andthepartyiscaughtbetweenits

Southem/talk-radiobaseandtherestofthecountryonwhethertheyshouldopposeorcooperate

withObama'sadministration.

Thecombinationofthelackofanobviousleaderandthegeneralpoliticalcombustibilityof

theRepublicanPartywillleadtoadangerousfissurethatwillplagueituntilthe2012election

cycle.

HilaryRosen,Democraticstrategist

WillPresidentObama'ssolutionsfortheeconomybringpeopletogether?

Obamamadealotofcampaignpromises-onesIknowheintendstokeep.Butfixinghealth

care,creatinganewenergypolicy,investingineducationandprovidingformiddle-classtaxrelief

costalotofmoney.

Withaneconomyintatters,howthenewpresidentmarriesthisaggressiveagendatothe

all-importanttaskoffixingtheeconomywillbethebiggeststoryof2009.

Hestartswithtwothingsthatfewpresidentshavehad:ahugeamountofgoodwillfromthe

Americanpeopleand,importantly,acitizenrythatwantstoparticipateinthenewagenda.They

don'tcarewhichboxtheycheckedonElectionDay.Theycareabouttheirfragilepaycheck.

Itwillbeanexcitingyear,suretostartwithmorestockmarketscaresandmorelayoffs.ButI

haveahunchthatbynextNewYear'sEve,wewillberemarkingthatthebigpoliticalstoryof

2009wasthesuccessofPresidentObama'sfirstyearinoffice.

DonnaBrazile,Democraticstrategist

2009willpresentuswiththemostfundamentalbreakinAmericanpoliticaleconomy

discoursesincetheelectionofRonaldReaganin1980.

Whatistheroleofgovernment?Isgovernmenttheproblem(Reaganomics1980),oris

governmentisafundamentalpartofthesolution(Obama2008).Thisisanepochalshift.

FareedZakariastatedinNewsweekthat''governmentsaremorepowerfulthanmarkets."

Thereisaneedforanewbalancebetweenthestate/governmentandmarkets.Market

fundamentalismfailed(marketsarenotself-regulatingasthebanks,BernardMadoff,WorldCom,

etc.sopainfullyillustrated).

Thequestion:Whatkindofgovernment?Thiswillbethechallengeofthenewpresident,his

administrationandthenewCongress.

LeslieSanchez,Republicanstrategist

Themostinterestingpoliticalstoryin2009willbethesurprisinglydisharmonious

relationshipbetweenObamaandthecongressionalDemocraticleadership.

Obamawillwanttoleadfromthecenter,whileSpeakeroftheHouseNancyPelosiand

SenateMajorityLeaderHarryReidwillcontinuallypullhimleft.Tocomplicatematters,itshould

benotedthatReidistheGOP'stoptargettodefeatin2010.

PaulBegala,Democraticstrategist

AfterthecampaignsofJimmyCarter,WalterMondaleandMichaelDukakis,(theMount

LosemoreofmodernDemocraticpolitics),Democratsfinallystoppedblamingthevoters.

AndsobeganagreatconversationaboutwhatitmeanttobeaDemocrat.Theconversation

tookplaceoverorganictofuinyurtsinSantaBarbara,itwasfueledbyChassagne-Montrachetin

Georgetown,andwasconcludedwhilescarfingdownpimento-cheesesandwichesinall-nightbull

sessionsinthebasementofthegovernor'smansioninLittleRock.

WhatcamefromthatpainfulreassessmentwastheNewDemocratmovementembodiedby

BillClinton,andnowcarriedtothenextlevelbyObama.

Nowit*stheRepublicans'turn.

TheGOPneedstoaskitselftoughquestions:Aretheythepartythatbelievessodeeplyin

scienceandtechnologythattheybelievewecanshootasupersonicmissileoutofthesky,orare

theythepartythatbelieveshumanswalkedtheearthwithdinosaursafewthousandyearsago?

AretheythepartythatreachesouttoAfrican-Americans,oraretheythepartythathandsout

theracistsong“BaracktheMagicNegro?"

AretheythepartyofconservativeintellectualslikeDavidBrooksandthelateWilliamF.

Buckley,oraretheypartyofanti-intellectualknow-nothingslikeRushLimbaughandAnn

Coulter?

AretheythepartythatfeelssomorallysuperiortogayAmericansthattheywoulddenythem

equalrights,oraretheythepartythatcoversupforLarryCraig,MarkFoleyandtheRev.Ted

Haggard?

Aretheythepartythatbelieveseconomicincentivesshouldbetargetedtoatiny,wealthy

elite(likeBernardMadoffandKenLay)—oraretheythepartythatbelieveshundredsofmillions

ofmiddle-classconsumersdrivetheeconomy?

MarkShieldssaystherearetwokindsofpoliticalparties:thosethatseekoutconvertsand

thosethathuntdownheretics.Fundamentally,that*sthechoicetheGOPwillwrestlewithin2009.

Ifthey'reinterestedinseriouslythinkingthisthrough,IknowsomeexcellentyurtsinSanta

Barbara.

2

Study:Diamondslinkcomettomammalextinction

(CNN)—Tinydiamondsfoundinthesoilare"strongevidence*'acometexplodedonor

aboveNorthAmericanearly13,000yearsago,leadingtotheextinctionofdozensofmammal

species,accordingtoastudy.

DiamondsfoundinNorthAmericansoilsuggestacometledtotheextinctionofdozensof

mammalspecies.

Thescientificreportalsosuggeststhecataclysmalsoreducedthepopulationoftheearliest

peopletoinhabittheregionandtriggereda1,300-year-longcoldspellthatstretchedaroundthe

world.

Theheatgeneratedbytheextraterrestrialimpactlikelymeltedmuchofaglacierthatonce

coveredtheGreatLakesregion,sendingamassiveflooddowntheMississippiRiver,thestudy

said.

Accordingtothereport,thecoldwavesofglacialrunoffintotheGulfofMexicoshifted

AtlanticOceancurrents,changingclimatepatternsthroughouttheworldinacoolingperiod

knownastheYoungerDryas.

"Arareswarm"ofcometsrainedoverNorthAmericaabout12,900yearsago,sparkingfires

thatproducedchoking,leading"totheextinctionofalargerangeofanimals,includingmammoths,

acrossNorthAmerica,"thereportsaid.

Thestudywasconductedbyagroupofeightarchaeologistsandgeologistsfromthe

universitiesofOregonandCalifornia,NorthernArizonaUniversity,OklahomaUniversityand

DePaulUniversity.TheirfindingswerepublishedFridayinthejournalNature.

Theprehistorichumansknowntohaveinhabitedthecontinentatthetimeoftheevent—

huntersandgatherersdubbedtheClovisculture-sufferedamajordeclineinpopulationinthe

aftermath,thescientistssaid.

Thescientists,studyinglayersofsedimentdatedto12,900yearsagoatsixNorthAmerican

locations,includingonedirectlyontopofaClovissiteinMurraySprings,Arizona.Eachlayer

wasrichinnanodiamonds,whichareproducedunderhigh-temperature,high-pressureconditions

createdbycosmicimpacts,thereportsaid.

“Thenanodiamondsthatwefoundatallsixlocationsexistonlyinsedimentsassociatedwith

theYoungerDryasBoundarylayers,notaboveitorbelowit,"saidUniversityofOregon

archaeologistDouglasKennett."Thesediscoveriesprovidestrongevidenceforacosmicimpact

eventatapproximately12,900yearsagothatwouldhavehadenormousenvironmental

consequencesfbrplants,animalsandhumansacrossNorthAmerica."

TheothersitesstudiedwereinBullCreek,Oklahoma;Gainey,MichiganandTopper,South

Carolina,aswellasLakeHind,Manitoba;andChobot,intheCanadianprovinceofAlberta.

3

Playboyoftheeasternworld

Thefirstmodernnovelcelebratesitsl,OOOthbirthday

ITCONTAINSnomilitaryadventuresnorepicjourneys.Yet"TheTaleofGenji^^isinevery

wayJapan'sequivalentofHomer's"Iliad”.Firstmentionedinadiaryexactly1,000yearsago,in

late1008,ithasoverthecenturiesbeensubjecttochanges,adaptations,mutationsandtranslations

(nottomentionbeingremadeasamangacomic),allofwhichhavehelpeditnotjustsurvive,but

flourish.Todaythisaccountoftheamorousescapadesofanaristocraticaestheteiswidely

regardedasthefirstmodernorpsychologicalnovel.

Thebook'ssuccessliesinitsbroadappeal.Right-wingJapanesecommentatorspointto“The

TaleofGenji“andtakegreatprideinemphasisinghowmuchmoresophisticatedcivilisationwas

inJapaninthe11thcentuiycomparedwithEuropeatthattime.Formiddle-agedJapanese,

readingthebookatstudygroupsinadult-educationcentresisaspopular,andasquintessentially

Japanese,asflower-arrangingortheteaceremony.Feministsrejoicethattheauthor,Murasaki

Shikibu,wasawoman,evenifwritingfictionwasgenerallyregardedasfrivolousandlowbrow;

notanactivityformen.

Thebook's1,000thanniversaryisbeingcelebratedinJapanwithlectures,symposia,plays,

conferencesandconcerts.AlineofGenjiteaandGenjisweetsisalreadyonthemarketandthe

CDofanewlycomposedGenjisymphonygoesonsalethismonth.

Ruthlesslysummarised,thebook'sstorylinegoeslikethis.Theudazzlinglylovely^^Genji,

sonoftheemperorandoneofhislower-gradeconsorts,isirresistibletowomen.Heenjoysa

stringofaffairsasayoungman,evenabductingaten-year-oldgirlsohecanmouldherintothe

perfectlife-companion.Butsleepingwiththedaughteroftheleaderoftheopposingpolitical

factionisoneindiscretiontoomanyandGenjiisforcedintoexile.Recalledeventuallytothe

capital,hebuildshimselfamansionwithadifferentwomanineachofitsfourwings.Honoursare

heapeduponhimandheisofferedtheretiredemperor'sdaughterasawife.ButGenji'sroyal

bridebetrayshimwithanothermanandwhenhisbelovedmistressdiesafteralongillness,our

heartbrokenherofollowsherswiftlytothegrave.

Atthispointthereaderisonlytwo-thirdsofthewaythroughthebook,whichrunsto1,200

pagesinitsmostrecentEnglishtranslationandboastsacastofmorethan400.Thestoryresumes

withnewheroes.Twoyoungmen(thepurportedsonandgrandsonofGenji)arewooingatrioof

sisters.Oneofthemsuccumbstomarriage,butoftheothertwosisters,onestarvesherselftodeath

andtheotherchoosestobecomeanunratherthanfallintomalehands.Love,itturnsout,isnot

innocenthanky-panky,butsomethingnoxious,corrosive-evendeadly.

Sheerscaleisnotallthatisforbiddingaboutthebook.Japaneseprosewasstillinitsinfancy

inMurasaki'sday,sohersyntaxcanbeopaque.Sentenceslacksubjects,directspeechisoften

unattributedand,mostalarmingly,thecharacterschangenamesaccordingtotheirrankor

circumstances.Genji,forinstance,isvariouslyreferredtoasthecaptain,theconsultant,the

commander,thegrandcounsellor,thepalaceminister,thechancellorandthehonoraryretired

emperor.

Thesubjectmatterisalsochallenging.Thereispolygamy,bisexuality(whenoneyoung

womanrebuffshisadvances,Genjiconsoleshimselfwithheryoungerbrotherwhoturnsouttobe

“nobadsubstituteforhisungracioussister")andsomethingveryclosetoincest.Genjiisattracted

toFujitsubo,oneofhisfather'sconsorts,becauseofherresemblancetohisdeadmother.Even

thoughsheis,ineffect,hisstepmother,hefathersachildwithher.

Murasaki'slanguagewasalreadyarchaicandimpenetrableacenturyafteritwaswritten,so

theJapanesehavebeenreadingannotated,abridged,simplifiedandillustratedversionsofthe

booksinceasearlyasthe12thcentury.Thesameholdstruetoday.Inthelastcentury,four

Japanesewritersproducedatotalofsevenupdatedversionsofthebook.Themostrecentofthese

wasbyJakuchoSetouchi,afemalenovelistwhoseownworkdealswithissuesofwomen's

independence.Setouchi's"Genji“hassoldmorethan3mcopiessinceitwaspublishedin

December1996,asuccessthatKodansha,thepublisher,attributestotheauthor'sempathywith

thewomeninthetaleandhercolloquialwriting.Cannymarketingalsoplayedapart,with

Kodanshaorganisinglecturesanddiscussiongroupsalloverthecountryatthetimeofthelaunch.

Freerandlessreverentialadaptationsexistaswell.AlsofromKodanshaisWakiYamato's

“FleetingDreams"，a“sugarandspiceandallthingsnice^^takeonGenjiinmangaformthathas

sold17mcopies.Forthosewhopreferalesssaccharineapproach,Shogakukan,arivalpublisher,

cameupwithanothermangaversionthatemphasisesthemaliciousfemalecharactersandincludes

plentyofexplicitsex.

Ittookuntilthe20thcenturybeforeacompleteEnglish-languageversionappeared.Arthur

Waley,aCambridgeclassicistwhotaughthimselfJapaneseandChinese,producedthefirst

Englishtranslationinsixinstalmentsbetween1925and1933.Waleywasmuchmoreinterestedin

readabilitythanfidelity.Hespeduptheplot,cutlongdescriptivescenesandtheoccasionalentire

chapter.Heclarifiedmanyofthesentences,addedpsychologicalbackgroundtothecharactersand

westernisedtheJapanesearchitecture.Theresultwasaprosemasterpiece,thoughonewhich

modernscholarsprefertocallanadaptationratherthanatranslation.

LyttonStrachey,aneighbourofWaley's,consideredhistranslation“beautifulinbits”,but

thereactionfromJapanwasmuchwarmer.EvenifWaley'sJapanesenoblemensoundalittlelike

early-20th-centuryCambridgeundergraduates,onecontemporaryJapanesewriterfamously

declaredthattheEnglishmanhadbreathedlifeintoaworkthathadbeentotteringaroundlikea

headlesscorpse.Indeed,Waley'sstatureinJapanissuchthatHeibonsha,anotherpublisher,

recentlyreleasedaretranslationofWaley's"Genji“backintoJapanese."Eveninthe

modern-languageversionsof'Genji',themajorityofJapanesereadersdon'tmakeitmuchpast

theopeningchapters,explainsTakaoHoshina,aneditoratHeibonsha."Waley'sisthemost

accessibleversionforustoo.^^

In1976EdwardSeidensticker,anacademicalreadycelebratedforhistranslationsof

YasunariKawabata,aNobelprize-winningnovelist,broughtoutanewversion.Tornbetween

admirationforWaley'snarrativeverveandhorroratthelibertieshehadtakenwiththetext,

Seidenstickerproduceda“Genji”thatwasdoggedlyfaithfulbutalittlelackingingrace.

ItwaslefttoRoyallTyler,whosecharmingandurbane“Genji“cameoutin2001,tochart

thecoursebetweentheexuberanceandtheexactitudeofhistwopredecessors.Perhapsbecausehe

livesintheAustralianbush,MrTylerwaswillingtorecognisethatreaderscanlosetheirwayin

thenovel'svastnessandsoprovidesahandykitoforientationtools:chapter-by-chapterlistsof

thecharactersandfootnotestoexplaintheimageryofthepoemsdottedthroughoutthetext.

“TheTaleofGenji”rewardsperseverance,butjustasyoungGenjiflitsfromonemistressto

thenext,sothereadercanchoosebetweenthethreeEnglishversionsofthestory.Effervescent

Waley,primSeidenstickerorsuaveTyler-whowillyoutaketobedwithyoutonight?

4

WhatSantacanbringEasternEurope

RadekSikorskiforNATOchief

THEreindeerareharnessed,thesledgeladen.SowhatwillSantaClausbringthe

ex-communistcountriesforChristmas?Desirablepresentsareeasytothinkof.Arespitefromthe

economicdownturn.AlesschauvinistattitudefromRussia.Amoreconsiderateapproachfrom

Germany.AttentionfromthenewAmericanadministration.Butthesebelonginthesame

charmingbutunrealisticcategoryasachild'swish-listonwhich“noschool",“afairycarriage^^

and"machinegun“arescrawledincrayon.

Rathermorelikely-andgenuinelydesirable—wouldbetheappointmentofsomeonefrom

theonce-captivenationstoatopinternationaljob.Sincethecollapseofcommunism,therecord

onthishasbeendismal.RussiachairedtheG-8(thoughmostofthecountriesattendingtheSt

Petersburgsummitdidsowhilewincingattheirhost'sbehaviour).SloveniaheldtheEuropean

Union'spresidencycompetently(thoughcloseinspectionrevealedatightFrenchembraceofthe

EU'snominalleadership).

Butintermsofthebigappointments,suchasrunningtheEUCommissionandNATOor

eventhelesserpostssuchasleadingtheOrganisationforSecurityandCo-operationinEurope,the

CouncilofEurope,theEuropeanBankforReconstructionandDevelopmentoranythingatthe

UnitedNations,itishardtofindanyonefromeasternEuropewhohasheldanythingremotely

resemblingatopjob.Themessageis:begratefulforyourEUcommissioners;nowshutup.

Thenewmember-statesofNATOandtheEUfeeltheyhavebeenratherpoorlytreatedinthe

pastyearorso.GermanysnubbedthemattheBucharestNATOsummit.TheEUtoldthemthey

weresillytocareaboutGeorgia,imposedasingleflimsysanctiononRussiaandthenwasunable

tomaintaineventhat.

MuchoftheresponsibilityfbrthislieswiththeFrenchpresident,NicolasSarkozy.Hehas

alsoflirtedwiththeKremlin'snewschemeforEuropeansecurity.Thisinvolveskickingthe

Americansout,sideliningNATO,andallowingRussiaandthebigEUcountriestostitchthingsup

betweenthem.

Inprivatebriefings,FrenchandotherwestEuropeanofficialsarealreadyunderminingthe

upcomingCzechEUpresidency,sneeringandjeeringattheideathatthedumpling-munching

peasantsofBohemiacanmatchthegrandeurofFrance.Theyalsogrosslyoverstatethe

importance(moreaccurately:nuisancevalue)oftheabrasiveCzechpresident,VaclavKlaus.All

EUstatesareequal,MrSarkozyconcedes.Butthebiggeroneshave“moreresponsibilities”(and

arelessequal,GeorgeOrwellmighthaveconcluded,thanothers).

Nextyear,iftheLisbontreatyisratified,thefollowingjobswillcomeopen:presidentsofthe

EUCommission(anexistingpost)andtheEUCouncil(anewone),plusEUforeignminister,

NATOsecretary-generalandpresidentoftheEuropeanparliament.Asthingsstand,theeast

Europeanswillgetonlythelastofthese—whichisbyfartheleastimportant.

Thatisnotjustunfair.It'srisky.ItwillalienatetheeastEuropeansandmaketheirpolitical

elitesfeelmutinous.EastEuropeancountrieshaveplentyofwaystoslowdownEU

decision-making.Sofar,theyhaveforthemostpartbeenatpainstoshowthattheyaregood

Europeans.Thatcannotbetakenforgranted.

Hereisapossiblewayout:theNATOtopjobshouldgotoaheavyweightAtlanticist

politician,withexpertiseindefencepolicy,fromanewmemberstate.Thatproducesashortlistof

roughlytwo:RadekSikorski,Poland'sforeignminister(andformerdefenceminister)orSasha

Vondra,theCzechdeputyprimeminister.Poland'sstatusasadefenceheavyweightmakesMr

Sikorski'scasethestronger.Let'shopeSantaseesitthatwaytoo.

AmericantradeandbudgetdeficitshavegrownworseandTreasurySecretaryHenry

PaulsonJr.,withPresidentHuJintaoofChina,hasnotbeenabletoallaytheproblem.

5

DollarShift:ChinesePocketsFilledasAmericans'Emptied

Usuallyit'stherichcountrylendingtothepoor.Thistime,it'sthepoorcountrylendingto

therich.n

—NiallFerguson

WASHINGTON一InMarch2005,alow-keyPrincetoneconomistwhohadbecomea

FederalReservegovernorcoinedanoveltheorytoexplainthegrowingtendencyofAmericansto

borrowfromforeigners,particularlytheChinese,tofinancetheirheavyspending.

Theproblem,hesaid,wasnotthatAmericansspendtoomuch,butthatforeignerssavetoo

much.TheChinesehavepiledupsomuchexcesssavingsthattheylendmoneytotheUnited

Statesatlowrates,underwritingAmericanconsumption.

Thiscolossalcreditcyclecouldnotlastforever,hesaid.Butinaglobaleconomy,the

transferofChinesemoneytoAmericawasamarketphenomenonthatwouldtakeyears,evena

decade,toworkitselfout.Fornow,hesaid,“weprobablyhavelittlechoiceexcepttobepatient.”

Today,thedependenceoftheUnitedStatesonChinesemoneylookslessbenign.Andthe

economistwhoproposedthetheory,BenS.Bernanke,isdealingwiththeconsequences,having

beenpromotedtochairmanoftheFedin2006,asthesecross-bordermoneyflowswerereaching

stratosphericlevels.

Inthepastdecade,Chinahasinvestedupwardof$1trillion,mostlyearningsfrom

manufacturingexports,intoAmericangovernmentbondsandgovernment-backedmortgagedebt.

Thathasloweredinterestratesandhelpedfuelahistoricconsumptionbingeandhousingbubble

intheUnitedStates.

China,someeconomistssay,lulledAmericanconsumers,andtheirleaders,intocomplacency

abouttheirspendthriftways.

“Thiswasablinkingredlight,”saidKennethS.Rogoff,aprofessorofeconomicsatHarvard

andaformerchiefeconomistattheInternationalMonetaryFund."Weshouldhavereactedtoit.”

Inhindsight,manyeconomistssay,theUnitedStatesshouldhaverecognizedthatborrowing

fromabroadforconsumptionanddeficitspendingathomewasnotaformulaforeconomic

success.Evenasthatweaknessisbecomingmorewidelyrecognized,however,theUnitedStates

islikelytobemoreaddictedthanevertoforeigncreditorstofinancerecordgovernmentspending

torevivethebrokeneconomy.

Tobesure,therewerefewreadyremedies.SomecriticsarguethattheUnitedStatescould

havepushedBeijinghardertoabandonitspolicyofkeepingthevalueofitscurrencyweak—a

policythatmadeitsexportslessexpensiveandhelpedturnitintotheworld'sleading

manufacturingpower.IfChinahadalloweditscurrencytofloataccordingtomarketdemandin

thepastdecade,itsexportgrowthprobablywouldhavemoderated.Anditwouldnothave

acquiredthesamevasthoardofdollarstoinvestabroad.

OtherssaytheFederalReserveandtheTreasuryDepartmentshouldhaveseentheChinese

lendingfbrwhatitwas:agiantstimulustotheAmericaneconomy,notunlikeinterestratecutsby

theFed.ThesecriticssaytheFedunderAlanGreenspancontributedtothecreationofthehousing

bubblebyleavinginterestratestoolowfortoolong,evenasChineseinvestmentfurtherstokedan

easy-moneyeconomy.TheFedshouldhavecutinterestrateslessinthemiddleofthisdecade,

theysay,andstartedraisingthemsooner,tohelpreducespeculationinrealestate.

Today,withthewreckagearoundhim,Mr.Bernankesaidheregrettedthatmorewasnot

donetoregulatefinancialinstitutionsandmortgageproviders,whichmighthavepreventedthe

floodofinvestment,includingthatfromChina,frombeingsobadlyused.ButtheFed'srolein

regulationislimitedtobanks.Andstricterregulationbyitselfwouldnothavebeenenough,he

insisted.

“Achievingabetterbalanceofinternationalcapitalflowsearlyoncouldhavesignificantly

reducedtheriskstothefinancialsystem,MMr.Bernankesaidinaninterviewinhisoffice

overlookingtheWashingtonMall.

“However,“hecontinued,"thiscouldonlyhavebeendonethroughinternationalcooperation,

notbytheUnitedStatesalone.Theproblemwasrecognized,butsufficientinternational

cooperationwasnotforthcoming/'

Theinactionwasbecauseofarangeoffactors,politicalandeconomic.Bytheyardsticksthat

appearedtomattermost-prosperityandgrowth—therelationshipbetweenChinaandthe

UnitedStatesalsoseemedtobepayingofffbrbothcountries.Neitherhadastrongincentiveto

breakanaddiction:Chinatostrongexportgrowthandfinancialstability;theUnitedStatesto

cheapimportsandlow-costforeignloans.

InWashington,Chinawastreatedasathreatbysomepeople,butmostlybecauseitlured

awaymanufacturingjobs.OthersarguedthatChina'sheavylendingtothiscountrywasrisky

becauseChineseleaderscoulddecidetowithdrawmoneyatamoment'sno