|
Whatever floats your boat 只要人民高兴 A FORMER chairman of the Federal Reserve, PaulVolcker, once compared financial markets to a seathat was prone to occasional storms. It was better,he said, to be on a big ship when the waters got choppy. But recent events have turned thislogic on its head. Market squalls have tossed some of the bigger vessels in the euro-zoneflotilla, including Italy and Spain. Nervous investors are jumping instead into some of Europesoutlying bond markets, such as Sweden, Denmarkand Britain. Although an unlikely havenbecause of its weak economy, huge private debts, high inflation and swollen deficit, Britainsten-year bond yieldie, the price the Treasury must pay to borrow money for a decadefellto a record low of 2.2% this month. 前美联储主席保罗?沃尔克曾经把金融市场比作随时可能暴风骤雨的汪洋大海，说在风起云涌的大海中，还是大船比较保险。可近期发生的种种却完全颠覆了他的说法。市场风暴将欧元区舰队中包括意大利，西班牙在内的大型战舰折磨的破败不堪。犹如惊弓之鸟的投资者们纷纷转向欧洲一些外缘债券市场，如瑞典，丹麦，英国。经济疲软，私人债务高企，高通胀和肿胀的赤字，让英国不再是那么安全的避难所，但英国十年期债券收益率，也就是国家需支付借债十年以来的利息的占本息总价格的百分比，已经在这个月下降至2.2%,创史上新低。 | 
