公债

Business this week Aug 13th 2009 From The Economist print edition America's Federal Reserve decided not to increase its $300 billion programme of buying Treasury debt with newly printed money, though it did push back the completion date and left open the option of future purchases.

See article 虽然之前已经推迟了计划的完成时间，并允许用来购买期货，美国联邦储备局最终决定取消新印刷3000亿美元用来购买公债的计划。

To cherish peace and friendly intercourse with all nations having correspondent dispositions; to maintain sincere neutrality toward belligerent nations; to prefer in all cases amicable discussion and reasonable accommodation of differences to a decision of them by an appeal to arms; to exclude foreign intrigues and foreign partialities, so degrading to all countries and so baneful to free ones; to foster a spirit of independence too just to invade the rights of others, too proud to surrender our own, too liberal to indulge unworthy prejudices ourselves and too elevated not to look down upon them in others; to hold the union of the States as the basis of their peace and happiness; to support the Constitution, which is the cement of the Union, as well in its limitations as in its authorities; to respect the rights and authorities reserved to the States and to the people as equally incorporated with and essential to the success of the general system; to avoid the slightest interference with the right of conscience or the functions of religion, so wisely exempted from civil jurisdiction; to preserve in their full energy the other salutary provisions in behalf of private and personal rights, and of the freedom of the press; to observe economy in public expenditures; to liberate the public resources by an honorable discharge of the public debts; to keep within the requisite limits a standing military force, always remembering that an armed and trained militia is the firmest bulwark of republics——that without standing armies their liberty can never be in danger, nor with large ones safe; to promote by authorized means improvements friendly to agriculture, to manufactures, and to external as well as internal commerce; to favor in like manner the advancement of science and the diffusion of information as the best aliment to true liberty; to carry on the benevolent plans which have been so meritoriously applied to the conversion of our aboriginal neighbors from the degradation and wretchedness of savage life to a participation of the improvements of which the human mind and manners are susceptible in a civilized state——as far as sentiments and intentions such as these can aid the fulfillment of my duty, they will be a resource which can not fail me.

我认为应珍视与所有志同道合的国家的和平相处和友好往来；对所有交战国则保持真诚的中立；在任何情况下，对分歧都应采取友善的协商和理智的调停，而不能诉诸武力加以解决；来自国外的种种阴谋诡计和对外国的偏袒不公，对任何国家来说都是卑下可鄙的，对自由国家则更是危害非浅，故应予以摒弃；要培育一种独立的精神，这种精神非常公正而不会侵犯他人的权利，非常自尊而不会放弃我们自己的权利，非常开明而不耽溺于我们自己毫无价值的偏见，非常高尚而必然鄙弃他人抱有的偏见；要把各州的团结作为我们和平与幸福的基础；要拥护作为联邦凝聚剂的宪法，不仅维护它的权威，而且遵从它的限制；要尊重保留给各州和保留给人民的各项权利和权力，这对整个制度的成功同样休戚相关和不可或缺；信仰的权利和总价的功能已然明智地排除在民事管辖的范围之外，故应避免加以丝毫的干涉；要维护旨在保障私人权利、人身权利和出版自由的其他有益规定的全部活力；政府开支要厉行节约；要通过光荣地清偿公债以调动公共资源；要把常备军事力量控制在必要的限度以内，应时刻牢记，一支训练有素的武装民兵便是所有共和国最坚强的堡垒，没有常备军，他们的自由决不至于陷入危险的境地，而庞大的武装则未必意味着安全；要采用合法的手段推动有利于农业制造业和国内外贸易的各项改进措施；要以同样方式支持科学的进步和知识的传播，此乃真正自由的最佳养份；要继续执行慈善计划，这些计划一直都在值得称道地实施，以改造我们的土著邻居，使他们摆脱野蛮生活的堕落和不幸，得以分享文明状态下人们在心灵和举止上所惯有的各种改善成果。以上种种想法和打算，只要有助于我完成使命，便是不会令我失望的一个源泉。

The Obama administration will likely send increased amounts of grant money to the states, improving their cash flows and allowing them to complete old projects and start new ones, all of which should energize the muni market.

奥巴马政府可能将给各州送去数额增加的巨额资金，改善它们的现金流，使它们可以完成老项目并且开始新项目，所有这一切将给市政公债市场注入活力。

Not gold stocks. Not muni bonds.

不要黄金类股，不要市政公债，不要抗跌股。

The first phase of a new subway in New Delhi finished in late 2005 on budget and ahead of schedule.

这个国家的公债占了国家生产总值的 82%，在世界排在倒数11 位。

Mr Setser and his colleague, Arpana Pandy, estimate that since mid

事，Arpana Pandy，估计自从2006年以来，通过伦敦售出的美国公债的30%是由中

One does not have to look back of the last century for the beginnings of the present complexities of trade and perplexities of commercial speculation, nor for the portentous birth of national debts.

人们无需追溯到上一个世纪去探寻目前贸易上的复杂性和使人困惑的商业投机行为是怎样产生的，也无需这样做来了解国家公债是怎样奇异地诞生的。

The budget deficit is running at 13% of GDP; public debt is well over 100%.

冰岛的预算赤字占了GDP的13%，公债也正好超出一倍。

Content: The course is the study of fundamental theories and administration methods of public debt.

主要内容：阐述公债的基本知识，基本理论和管理方法。

Contents: The course is the study of fundamental theories and administrative methods of public debt.

主要内容：阐述公债的基本知识，基本理论和管理方法。

But we don't care about Battlegrounds.

但我们并不在乎沙场中的显露。

Ah! don't mention it, the butcher's shop is a horror.

啊！不用提了。提到肉，真是糟透了。