原新聞網址： http://www.economist.com/blogs/freeexchange/2011/02/commodity_prices 文章內文: 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年代德國威馬共和的稱呼,當時的中產階級存款在銀行, 但是因為政府破產,逼銀行必須拿出錢來幫忙,等於說銀行也破產, 這種連帶反應導致中產階級的財富受到威脅. 美國現在已經瀕臨當時Weimar Germany時代的情況,高價的石油與黃金僅是一或是二. （似乎不是這樣翻譯?）而這樣的情況是全球性的,而不是只有美國.忽略去考慮到 這樣的差異性會導致政策上的錯誤.就像1998年一樣. 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 :嚴重的蕭條（經濟） cushion:緩和（降低）衝擊 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. 目前已經知道在便宜的汽油與聯邦稅務縮減中，亞洲危機對於經濟是一項正面的幫 助。使得失業率可以維持低於5%。成長進入了過度成長階段。導致那斯達克泡沫化。 ps.這篇覺得好難翻譯，麻煩各位大大可以幫忙解釋，謝謝。 --

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