本文摘要:The US Federal Reserve must do a better job of responding to the rising tide of economic anger in America that is leading to a surge in protectionist rhetoric on the presidential campaign trail, according to the newest member of its policy committee.美联储(Fed)政策委员会的近期成员回应,美联储在对此美国国内日益加剧的经济气愤浪潮时必需做到得更佳,这股气愤于是以造成总统竞选过程中保护主义言论加剧。
The US Federal Reserve must do a better job of responding to the rising tide of economic anger in America that is leading to a surge in protectionist rhetoric on the presidential campaign trail, according to the newest member of its policy committee.美联储(Fed)政策委员会的近期成员回应,美联储在对此美国国内日益加剧的经济气愤浪潮时必需做到得更佳,这股气愤于是以造成总统竞选过程中保护主义言论加剧。In an interview with the Financial Times, Neel Kashkari, who took over as head of the Minneapolis Federal Reserve at the start of the year, warned the Fed must work harder to rebuild public trust and communicate with US citizens. Economic anger, he said, was “all around the country and it is non-partisan”.在拒绝接受英国《金融时报》专访时,今年初接替明尼阿波利斯联邦储备银行(Minneapolis Federal Reserve)行长的尼尔愠什卡利(Neel Kashkari)警告称之为,美联储必需在修复公众信任、与美国公民交流方面更为希望。他称之为,经济气愤“遍及全美,不分党派”。Mr Kashkari’s first public forays this week have quickly positioned him as an outspoken voice among policymakers.卡什卡利在本周的首次公开发表夺权,使他很快竖立起直言不讳的政策制定者的形象。
As a senior Treasury official during George W Bush’s administration and the first term of Barack Obama, Mr Kashkari was a key architect of Wall Street’s 2008 bailout. But on Tuesday, in his first speech since joining the Minneapolis Fed, he called for regulators to consider breaking up the largest US lenders, which were still “too big to fail”.作为乔治圠布什(George W. Bush)政府时期以及奥巴马第一任期时的财政部(Treasury)高级官员,卡什卡利是2008年华尔街纾受困计划的关键设计师。但在本周二,在他重新加入明尼阿波利斯联储后的首次演说中,他敦促监管部门考虑到合并美国规模仅次于的一些银行,称之为它们依然“太大而无法推倒”。
In his FT interview he blamed the bailouts he oversaw as one of the “root causes for the loss of trust” in the US’s economic managers. Those actions had “really violated a core American belief” that risk takers had to bear the consequences of things going wrong, he said, and “it really leads to great anger if you violate the core beliefs of a society”.在拒绝接受英国《金融时报》专访时,他谴责当年由他负责管理的纾受困计划是民众对美国经济管理者“丧失信任的根源”之一。他称之为,那些措施“显然违背了美国的核心信念”,即风险承担者被迫分担事情错误的后果,“如果你违背一个社会的核心信念,显然不会导致很大的气愤”。The impact, he said, had been made worse by a history of opacity at the Fed and a past institutional reluctance to explain monetary policy clearly.他称之为,这股冲击波因美联储不半透明的历史和以往在机构层面不愿具体说明货币政策而显得更糟。
The Fed was now paying the price for decades of “very poor” communications as it “adopted this Wizard of Oz routine that ‘We are so mysterious and you can’t understand what we are doing’”, he said, “and that really hurt trust between the people and the institution”.他称之为,美联储正在为数十年来“采行‘我们那么谜样,你搞不懂我们在干什么’这一绿野仙踪般的套路”、造成“十分差劲”的交流付出代价,“而这显然伤害了人们与这个机构之间的信任”。Anger about the economy was also fuelling support for those advocating new barriers to protect US industry. “I don’t think protectionism is the right path. I think we need to promote free markets around the world. But some of the anger is understandable,” he said.对于经济的气愤也使那些倡导设置新的壁垒来维护美国产业的人获得更大反对。“我不指出保护主义是准确的道路。
我指出我们必须在世界各地增进自由市场。但是其中一些气愤是可以解读的,”他称之为。“We need to promote free markets on both sides. It can’t just be the American economy that is free and our trading partners are not free. So I understand that anger that is there. We need to push back against that [protectionist rhetoric] but also push out globally for free markets everywhere.”“我们必须增进双方的自由市场。
无法只有美国经济是自由化的,而我们的贸易伙伴的经济不权利。所以我解读当前不存在的气愤。我们必须顶着(保护主义言论),但也要在全球各地推展自由市场。”His words come amid a presidential election campaign dominated by frustration about sluggish growth since the 2007-09 financial crash. Some 72 per cent of people feel the economy is still in recession, according to the American Values Survey released in November, even though economic analysts say the Great Recession ended in mid-2009.他公开发表言论之际,人们对自2007-09年金融危机以来快速增长力弱的失望感觉主导着美国总统竞选的氛围。
去年11月公布的《美国价值观调查》(American Values Survey)表明,约72%的人实在经济依然正处于衰落状态,尽管经济分析人士称之为“大衰落”已在2009年年中完结。That frustration has spilled over into antipathy towards the Fed itself, and on both sides of the political divide. Democratic lawmakers have questioned the central bank’s decision to lift interest rates, warning it could stifle wage growth, while Republicans are calling for greater scrutiny of the Fed’s decisions amid lingering anger over the scale of its interventions during the crisis.这种失望感已笼罩为人们(政治分界线的双方都是如此)对美联储本身产生反感。民主党议员批评美联储加息的要求,警告它有可能诱导工资快速增长,与此同时,共和党人士敦促对美联储的决策强化审查,其背景是人们仍对金融危机期间美联储的介入规模耿耿于怀。
But above all it has helped fuel the rise of populist candidates such as Bernie Sanders, a self-described democratic socialist, and Republican frontrunner Donald Trump, who have both urged greater effort to protect US industry from cheap imports and foreign competition.但最重要的是,这助长了民粹主义候选人的气焰,比如自称为民主社会主义者的伯尼儠德斯(Bernie Sanders)和共和党领跑者唐纳德礠朗普(Donald Trump)。他们二人都呼吁为维护美国产业免遭廉价进口商品和外国竞争的冲击代价更加多希望。Mr Kashkari praised the work of Janet Yellen, the Fed chair, but said the central bank needed to go further.卡什卡利赞扬了美联储主席珍妮特耶伦(Janet Yellen)的工作,但是他称之为美联储必须更进一步。
Ms Yellen was “trying to do the right thing for the country”, and if people got to know her and other people in the Fed system “they would be very proud we have this institution in our country”, but “we don’t really let them see in”.耶伦“于是以尝试着为国家做到准确的事”,如果人们理解她和美联储系统内的其他人员,“他们不会为我们国家享有这样的机构深感十分自豪”,但是“我们没知道让他们理解”。“I think we could do a better job,” he said. “The press conferences [held quarterly by the Fed chair] are a step in the right direction and Chair Yellen is very candid in those press conferences and addresses the questions directly. That’s positive.” But the Fed needed to “look for more opportunities like that. It has to happen on all levels.”“我实在我们能做到得更佳,”他称之为,“(美联储主席每季度举办一次的)新闻发布会是向着正确方向迈向的一步,耶伦主席在新闻发布会上十分真诚,必要问问题。这是大力进展。
”但是美联储必须“找寻更加多这样的机会。变革必需反映在所有层面。
”Monetary policy was hugely complicated and it was not possible to explain every twist and turn to the whole population. That meant it was critical the public trusted the Fed, he said.货币政策非常复杂,不有可能向所有人说明确切政策制订的每个环节。他称之为,这意味著公众信任美联储很关键。“You are not going to have the population as a whole understand all the nuances of what we are talking about here. They need to trust us. They need to know that we care. If they trust us and know that we care, they are going to give us the benefit of the doubt on some of the complexities they may not fully understand.”“你不了让所有人都解读我们现在所辩论的每个微小之处。
他们必须信任我们。他们必须告诉我们在乎。如果他们信任我们,告诉我们在乎,他们就不会在一些他们有可能无法几乎解读的简单问题上对我们‘疑罪从无’。
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