原新闻网址： http://www.economist.com/blogs/freeexchange/2011/02/commodity_prices 文章内文: FOR those convinced that America is on the verge of becoming Weimar Germany, the high price of oil and gold are exhibits one and two. Often forgotten is the fact that both are traded in global markets and reflect global, not American, demand. Failing to appreciate the distinction can lead to policy mistakes. Just look at 1998. Weimar Germany:是1920年代德国威马共和的称呼,当时的中产阶级存款在银行, 但是因为政府破产,逼银行必须拿出钱来帮忙,等於说银行也破产, 这种连带反应导致中产阶级的财富受到威胁. 美国现在已经濒临当时Weimar Germany时代的情况,高价的石油与黄金仅是一或是二. （似乎不是这样翻译?）而这样的情况是全球性的,而不是只有美国.忽略去考虑到 这样的差异性会导致政策上的错误.就像1998年一样. A financial crisis tipped east Asia into a deep recession in 1997-98, which spread to Russia and then the United States via Long Term Capital Management. To cushion the spillover to America, the Fed first aborted a nascent monetary tightening cycle, then actually cut interest rates. It could do so in part because collapsing Asian demand crushed the price of oil, sending headline inflation below 2%. deep recession :严重的萧条（经济） cushion:缓和（降低）冲击 spillover:溢出(n.) nascent:未成熟的(adj.) We now know that between cheaper oil and the Fed’s rate cuts, the Asian crisis was ultimately a positive for an economy already operating below 5% unemployment. Growth, and with it the stock market, went into overdrive. The result was the Nasdaq bubble. 目前已经知道在便宜的汽油与联邦税务缩减中，亚洲危机对於经济是一项正面的帮 助。使得失业率可以维持低於5%。成长进入了过度成长阶段。导致那斯达克泡沫化。 ps.这篇觉得好难翻译，麻烦各位大大可以帮忙解释，谢谢。 --

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