德世堡:我决心 分享个人发展，帮您实现梦想

全球金融安危取决于股市??? 。。。英国金融时报在中国的影响可不可小觑。你看格林斯潘8月6日给金融时报的撰文可以说是“同声"翻译成了中文。估计明天或者后天，参考消息上也会把这段中文登出来。题目很可能就叫全球金融安危取决于股市。真的吗？

格老原文题目叫做: THE WORLD MUST REPEL CALLS TO CONTAIN COMPETITIVE MARKETS - 世界必须抵制人为控制竞争市场的诱惑。

你看这个文章翻译的。连我这个门外汉都看不进去了。当然格老说话比较难懂是个原因，但翻译者应该也不够敬业吧。我们看看这唯一一段跟股市有关的:

Capital gains, however, are just as important. This can best be observed in the context of the consolidated balance sheet of the world economy. All debt and derivative claims offset in global accounting, leaving real physical and intellectual assets and their market value reflected as net worth. Capital gains cannot finance new physical investment, but do add to global net worth. If, for whatever reason, discounting of prospective future earnings engendered by the world's physical capital stock declines, the market value of that capital stock rises with no offsetting liability. There is accordingly a larger value of equity shoring up the capital of financial or nonfinancial businesses. Should that discount rate reverse, the value of world equity will fall. Consequently, lower global stock prices could impede the recapitalisation of banks and other financial institutions. Debt issuance would also be suppressed as it leverages off the level of equity.

资本利得也很重要。这可以从全球经济的统一资产负债表中来看。全部债务，衍生品所有权抵消后，剩下的就是物质资产和智力资产(净值), 以及与它们相应的市场价值。

资本利得不能(直接)为物质投资融资, 但增加了全球净值。假如，不管由于什么原因，全球物质资本存量的未来期望收益贴现率降低，那么这些物质资本存量的市场价值就会增加，并且没有(增加)相应负债。 这样的话，支撑金融资本或者实业资本的净资产就增加了。 如果贴现率逆转(升高)，全球净资产价值下降。相应的，较低的股票价格会妨碍银行和其他金融机构充实资本。和净资产有关联比率的债券发行也会受到压制。

不敢大言不惭说，我这个翻译就是格老的意思了，但总归离格老进了些吧！？