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By asserting its right to pursue an immigration policy at odds with that of the US federal government, Texas is reviving a constitutional debate that recurred throughout the early nineteenth century, culminating in the Civil War. It is an ominous reminder that the perpetuation of the Union can never be taken for granted.
highlights the constitutional threat posed by the state's attempt to impose its own immigration policy.
With Ukraine depleted and overstretched, and with Russia posing a security threat to the Baltics and Europe more broadly, diplomatic and strategic coordination is more necessary than it has been since the end of the Cold War. Yet political leaders in Europe and the United States look too weak to rise to the occasion.
worries that Western political leaders lack the will to take the risky decisions that security demands.
华盛顿特区——世界各地的央行终于以联合调降利率半个百分点的方式对全球金融危机做出了应对。这是一项可喜的举措,但还需要出台更多的措施——而且速度要快。如果立即付诸实施,大幅度调降利率还可以产生可观的积极效果。可如果迁延下去,降息的效果很可能会微乎其微。
从整体上看,世界主要央行对不断深化的危机反应迟缓。这种措置不当反映出传统经济学占统治地位,并在全球央行系统中造成了非常相似的群体思维。结果是央行们没能看到即将到来的金融海啸,即便在危机真的到来之后它们仍然继续与通胀作战。
欧洲央行和英格兰银行在其中表现最差。这也没什么可大惊小怪,因为欧洲央行在思想上最为传统,对通胀问题也最不能释怀。这也能解释欧洲大陆失业率为什么会长时间居高不下。
美国联邦储备委员会的表现要好不少,可它也在采取行动的过程中瞻前顾后,政策一而再、再而三地总赶不上领先一步的金融危机。这种模式反映出美联储自身对物价稳定耿耿于怀,这种担忧鼓励它预先调升利率来阻止通胀,却在调降利率防止出现失业状况时却不愿提前出手。
结果是,美联储在2008年整个夏天任由利率保持不动,尽管抵押贷款巨人房利美和房地美崩溃、雷曼兄弟破产、美国国际集团(AIG)资不抵债、同时全球金融市场传染病蔓延。此外,美联储政策在美国实体经济快速恶化时却一直保持稳定,造成失业速度加快和失业率上升。
世界主要央行目前采取的降息措施启动了政策追赶的程序,但还需要进一步的降息举措。在通胀妖魔似乎终于不再兴风作浪的同时,另一个荒诞的说法还必须受到挑战——那就是美联储和其它央行应该把“子弹”留到最困难的时候,因此应该抵制降息。
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老话说货币政策在经济衰退时毫无用处,因为降低利率就像“推绳子”一样不起作用。这种情况通常发生在信心和财富被摧毁的时候,那时降息的确变得毫无用处。
那是因为信心的毁灭破坏了资本主义的“动物生命力”:借款人不愿借款而贷款人也不愿贷款。财富的破灭也摧毁了抵押担保,这就意味着即便是想借的人也借不到钱。同时,后来的降息操作也无法逆转由过度利率负担引发的破产和取消抵押品赎回权。