大连海事大学《考研英语》Unit 4 reading.ppt

Unit 4 reading greenback Federal Reserve The long-run value of all paper currencies is zero. paper currency Bill Bonner goldbug the Daily Reckoning Contrarian the long run Jim Rogers Morgan Stanley test （倒数L2,P75) currency reserve dollar assets Carter bonds store of value weather the storm current-account deficit turn sour subprime mortgage interest rate downgrade currency peg basket of currencies crimp bode (well) top dog currency standard network effect keep score transaction currency financial technology confidence factor float backstop liquidity liquid capital Barry Eichengreen Dollar standard current account cyclical forces sluggish economy appreciation wean off Diversify benchmark purchasing-power parity cartel if anything If China holds fast too self-defeating dump turn disorderly economic logic portfolio manager overshoot Straw in the wind regain ground trade balance greenback A slang term for U.S. paper dollars that was issued directly into circulation by the United States Department of the Treasury. Greenbacks got their name from their color because much of the printing on the reverse is green. Federal Reserve The Federal Reserve System (also the Federal Reserve; informally The Fed) is the central banking system of the United States. Created in 1913 by the enactment of the Federal Reserve Act, it is a quasi-public (government entity with private components) banking system composed of (1) the presidentially appointed Board of Governors of the Federal Reserve System in Washington, D.C.; (2) the Federal Open Market Committee; (3) twelve regional Federal Reserve Banks located in major cities throughout the nation acting as fiscal agents for the U.S. Treasury, each with its own nine-member board of directors; (4) numerous private U.S. member banks, which subscribe to required amounts of non-transferable stock in their regional Federal Reserve Banks; and (5) various advisory councils. The long-run value of all paper currencies is zero. Readers