世界恐慌の前兆かーNO.3 [Occupy Wall Street]
世界恐慌の前兆かーNO.3
引き続きエコノミストの記事を見ていきます。
Tackle the causes, not the symptoms 「症状ではなく、原因と取り組むこと」
◆解決策ーその1
Braver politicians would focus on two things. The first is tackling the causes of the rage speedily. Above all that means doing more to get their economies moving again. A credible solution to the euro crisis would be a huge start. More generally, focus on policies that boost economic growth: trade less austerity in the short term for medium-term adjustments, such as a higher retirement age.
「もっと勇敢な政治家だったら、次の2つのことを重要視するだろう。まず第１は、(抗議デモ参加者の)怒りの原因についてスピーディーに取り組むこと。とりわけ重要なのは、経済を再び正常に動かすための努力をもっと行うことだ。ユーロ危機に対して信頼のおける解決策を示せば、これが大きなとっかかりとなるだろう。もっと具体的には、経済成長を促進するような政策に重点を置くことだ。緊縮財政の短期的な緩和をする代わりに、退職年齢の引き上げを中期的に調整することもよい。」
Reform finance vigorously. “Move to Basel 3 and higher capital requirements” is not a catchy slogan, but it would do far more to shrink bonuses on Wall Street than most of the ideas echoing across from Zuccotti Park.
「積極的な金融システム改革を行うこと。「ベーゼル3と自己資本規制の更なる厳格化への移行」はあまりパッとしたスローガンではないが、ウォール街のボーナスを縮小するのは、ズコッティ公園から聞こえてくるデモ参加者たちからの大半の主張よりは、はるかに効果があるはずだ。」
◆Basel : 金融業界に対するリスク管理のガイドライン
◆解決策ーその2
The second is telling the truth—especially about what went wrong. The biggest danger is that legitimate criticisms of the excesses of finance risk turning into an unwarranted assault on the whole of globalisation.
「第２は、真実を伝えること。とくに、問題の原因について真実を伝えること。一番危険なことは、金融危機に対する正当な批判が過度になると、その批判が今度は世界経済全体に対する不当な攻撃に変わっていく恐れがあることだ。」
◆国の財政危機をもたらした張本人は政治家たちだ。
the huge hole in most governments’ finances stems less from bank bail-outs than from politicians spending too much in the boom and making promises to do with pensions and health care they never could keep. Look behind much of the current misery—from high food prices to the lack of jobs for young Spaniards—and it has less to do with the rise of the emerging world than with state interference.
「ほとんどの政府の財政に見られる財政赤字という巨大な穴が出来た原因は、銀行の公的資金による救済からではなくて、政治家が景気のよいときに過剰な支出をして、年金や医療などについて守ることなどできないような約束をしたことから起こってしまったのだ。高騰する食料価格から、スペインの若者の失業率に至るまで、現在世界で起こっている惨状の裏側を見れば、新興国の台頭の影響よりは、政府による干渉の方が影響が大きいことがわかる。」
Global integration has its costs. It will put ever more pressure on Westerners, skilled as well as unskilled. But by any measure the benefits enormously outweigh those costs, and virtually all the ways to create jobs come from opening up economies, not following the protesters’ instincts.
「グローバルな統合にはそれなりの代償が伴う。欧米の人たちは、未熟練労働者のみならず、熟練労働者も、今後経済的に今まで以上に大きな圧迫を受けることになるだろう。しかしそれでも、グローバルな統合によるメリットは、そうした代償よりはるかに大きいものだ。実際に雇用を創出するには、経済を解放することしかないのだ。デモの抗議者たちの本能に従うことではないのだ。」
怒りの抗議行動の行先はーNO.1
怒りの抗議行動の行先はーNO.2
Tackle the causes, not the symptoms
Braver politicians would focus on two things. The first is tackling the causes of the rage speedily. Above all that means doing more to get their economies moving again. A credible solution to the euro crisis would be a huge start. More generally, focus on policies that boost economic growth: trade less austerity in the short term for medium-term adjustments, such as a higher retirement age. Make sure the rich pay their share, but in a way that makes economic sense: you can boost the tax take from the wealthy by eliminating loopholes while simultaneously lowering marginal rates. Reform finance vigorously. “Move to Basel 3 and higher capital requirements” is not a catchy slogan, but it would do far more to shrink bonuses on Wall Street than most of the ideas echoing across from Zuccotti Park.
The second is telling the truth—especially about what went wrong. The biggest danger is that legitimate criticisms of the excesses of finance risk turning into an unwarranted assault on the whole of globalisation. It is worth remembering that the epicentre of the 2008 disaster was American property, hardly a free market undistorted by government. For all the financiers’ faults (“too big to fail”, the excessive use of derivatives and the rest of it), the huge hole in most governments’ finances stems less from bank bail-outs than from politicians spending too much in the boom and making promises to do with pensions and health care they never could keep. Look behind much of the current misery—from high food prices to the lack of jobs for young Spaniards—and it has less to do with the rise of the emerging world than with state interference.
Global integration has its costs. It will put ever more pressure on Westerners, skilled as well as unskilled. But by any measure the benefits enormously outweigh those costs, and virtually all the ways to create jobs come from opening up economies, not following the protesters’ instincts. Western governments have failed their citizens once; building more barriers to stop goods, ideas, capital and people crossing borders would be a far greater mistake. To the extent that the protests are the first blast in a much longer, broader battle, this newspaper is firmly on the side of openness and freedom.
引き続きエコノミストの記事を見ていきます。
Tackle the causes, not the symptoms 「症状ではなく、原因と取り組むこと」
◆解決策ーその1
Braver politicians would focus on two things. The first is tackling the causes of the rage speedily. Above all that means doing more to get their economies moving again. A credible solution to the euro crisis would be a huge start. More generally, focus on policies that boost economic growth: trade less austerity in the short term for medium-term adjustments, such as a higher retirement age.
「もっと勇敢な政治家だったら、次の2つのことを重要視するだろう。まず第１は、(抗議デモ参加者の)怒りの原因についてスピーディーに取り組むこと。とりわけ重要なのは、経済を再び正常に動かすための努力をもっと行うことだ。ユーロ危機に対して信頼のおける解決策を示せば、これが大きなとっかかりとなるだろう。もっと具体的には、経済成長を促進するような政策に重点を置くことだ。緊縮財政の短期的な緩和をする代わりに、退職年齢の引き上げを中期的に調整することもよい。」
Reform finance vigorously. “Move to Basel 3 and higher capital requirements” is not a catchy slogan, but it would do far more to shrink bonuses on Wall Street than most of the ideas echoing across from Zuccotti Park.
「積極的な金融システム改革を行うこと。「ベーゼル3と自己資本規制の更なる厳格化への移行」はあまりパッとしたスローガンではないが、ウォール街のボーナスを縮小するのは、ズコッティ公園から聞こえてくるデモ参加者たちからの大半の主張よりは、はるかに効果があるはずだ。」
◆Basel : 金融業界に対するリスク管理のガイドライン
◆解決策ーその2
The second is telling the truth—especially about what went wrong. The biggest danger is that legitimate criticisms of the excesses of finance risk turning into an unwarranted assault on the whole of globalisation.
「第２は、真実を伝えること。とくに、問題の原因について真実を伝えること。一番危険なことは、金融危機に対する正当な批判が過度になると、その批判が今度は世界経済全体に対する不当な攻撃に変わっていく恐れがあることだ。」
◆国の財政危機をもたらした張本人は政治家たちだ。
the huge hole in most governments’ finances stems less from bank bail-outs than from politicians spending too much in the boom and making promises to do with pensions and health care they never could keep. Look behind much of the current misery—from high food prices to the lack of jobs for young Spaniards—and it has less to do with the rise of the emerging world than with state interference.
「ほとんどの政府の財政に見られる財政赤字という巨大な穴が出来た原因は、銀行の公的資金による救済からではなくて、政治家が景気のよいときに過剰な支出をして、年金や医療などについて守ることなどできないような約束をしたことから起こってしまったのだ。高騰する食料価格から、スペインの若者の失業率に至るまで、現在世界で起こっている惨状の裏側を見れば、新興国の台頭の影響よりは、政府による干渉の方が影響が大きいことがわかる。」
Global integration has its costs. It will put ever more pressure on Westerners, skilled as well as unskilled. But by any measure the benefits enormously outweigh those costs, and virtually all the ways to create jobs come from opening up economies, not following the protesters’ instincts.
「グローバルな統合にはそれなりの代償が伴う。欧米の人たちは、未熟練労働者のみならず、熟練労働者も、今後経済的に今まで以上に大きな圧迫を受けることになるだろう。しかしそれでも、グローバルな統合によるメリットは、そうした代償よりはるかに大きいものだ。実際に雇用を創出するには、経済を解放することしかないのだ。デモの抗議者たちの本能に従うことではないのだ。」
怒りの抗議行動の行先はーNO.1
怒りの抗議行動の行先はーNO.2
Tackle the causes, not the symptoms
Braver politicians would focus on two things. The first is tackling the causes of the rage speedily. Above all that means doing more to get their economies moving again. A credible solution to the euro crisis would be a huge start. More generally, focus on policies that boost economic growth: trade less austerity in the short term for medium-term adjustments, such as a higher retirement age. Make sure the rich pay their share, but in a way that makes economic sense: you can boost the tax take from the wealthy by eliminating loopholes while simultaneously lowering marginal rates. Reform finance vigorously. “Move to Basel 3 and higher capital requirements” is not a catchy slogan, but it would do far more to shrink bonuses on Wall Street than most of the ideas echoing across from Zuccotti Park.
The second is telling the truth—especially about what went wrong. The biggest danger is that legitimate criticisms of the excesses of finance risk turning into an unwarranted assault on the whole of globalisation. It is worth remembering that the epicentre of the 2008 disaster was American property, hardly a free market undistorted by government. For all the financiers’ faults (“too big to fail”, the excessive use of derivatives and the rest of it), the huge hole in most governments’ finances stems less from bank bail-outs than from politicians spending too much in the boom and making promises to do with pensions and health care they never could keep. Look behind much of the current misery—from high food prices to the lack of jobs for young Spaniards—and it has less to do with the rise of the emerging world than with state interference.
Global integration has its costs. It will put ever more pressure on Westerners, skilled as well as unskilled. But by any measure the benefits enormously outweigh those costs, and virtually all the ways to create jobs come from opening up economies, not following the protesters’ instincts. Western governments have failed their citizens once; building more barriers to stop goods, ideas, capital and people crossing borders would be a far greater mistake. To the extent that the protests are the first blast in a much longer, broader battle, this newspaper is firmly on the side of openness and freedom.
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