10.3期经济学人翻译参考-L1theWorldEconomy-中国高翻团队Leaders1Theworldeconomy世界经济Dominantanddangerous统治与危机AsAmerica’seconomicsupremacyfades,theprimacyofthedollarlooksunsustainable随着美国经济霸权的衰落，美元的主导地位似乎难以为继IFHEGEMONSaregoodforanything,itisforconferringstabilityonthesystemstheydominate.For70yearsthedollarhasbeenthesuperpowerofthefinancialandmonetarysystem.Despitetalkoftheyuan’srise,theprimacyofthegreenbackisunchallenged.Asameansofpayment,astoreofvalueandareserveasset,nothingcantouchit.Yetthedollar’srulehasbrittlefoundations,andthesystemitunderpinsisunstable.Worse,thealternativereservecurrenciesareflawed.Atransitiontoamoresecureorderwillbedevilishlyhard.霸权的好处，在于能够维持霸权本身主导体系的稳定。过去70年间，美元一直是金融及货币体系中的主导力量。即使有人民币崛起一说，但美元的主导地位还未受挑战。无论作为付酬方式、贮藏手段还是储备资产，美元的地位都无可撼动。然而，美元的主导力薄弱，美元主导的体系也缺乏稳定性。更糟糕的是，目前可取代其储备地位的他国货币都存在缺陷。要使全球市场向一个更为安全的金融秩序过渡极为困难。Whenthebuckstops当美元无力维系霸权Fordecades,America’seconomicmightlegitimisedthedollar’sclaimstoreignsupreme.But,asourspecialreportthisweekexplains,afaultlinehasopenedbetweenAmerica’seconomiccloutanditsfinancialmuscle.TheUnitedStatesaccountsfor23%ofglobalGDPand12%ofmerchandisetrade.Yetabout60%oftheworld’soutput,andasimilarshareoftheplanet’speople,liewithinadefactodollarzone,inwhichcurrenciesarepeggedtothedollarormoveinsomesympathywithit.Americanfirms’shareofthestockofinternationalcorporateinvestmenthasfallenfrom39%in11019to24%today.ButWallStreetsetstherhythmofmarketsgloballymorethaniteverdid.Americanfundmanagersrun55%oftheworld’sassetsundermanagement,upfro4%adecadeago.几十年来，美国的经济实力保障着美元的霸权地位。但本刊也在这周的“特别报道”一栏中指出，美国的经济影响力与财政实力已出现脱节。目前，美国在全球GDP总量中占23%，在商品贸易总量中占12%，而实际上，全球约60%的经济产量及人口都位于美元区内——区域内的货币要么直接与美元挂钩，要么与Leaders1Theworldeconomy世界经济Dominantanddangerous统治与危机AsAmerica’seconomicsupremacyfades,theprimacyofthedollarlooksunsustainable随着美国经济霸权的衰落，美元的主导地位似乎难以为继IFHEGEMONSaregoodforanything,itisforconferringstabilityonthesystemstheydominate.For70yearsthedollarhasbeenthesuperpowerofthefinancialandmonetarysystem.Despitetalkoftheyuan’srise,theprimacyofthegreenbackisunchallenged.Asameansofpayment,astoreofvalueandareserveasset,nothingcantouchit.Yetthedollar’srulehasbrittlefoundations,andthesystemitunderpinsisunstable.Worse,thealternativereservecurrenciesareflawed.Atransitiontoamoresecureorderwillbedevilishlyhard.霸权的好处，在于能够维持霸权本身主导体系的稳定。过去70年间，美元一直是金融及货币体系中的主导力量。即使有人民币崛起一说，但美元的主导地位还未受挑战。无论作为付酬方式、贮藏手段还是储备资产，美元的地位都无可撼动。然而，美元的主导力薄弱，美元主导的体系也缺乏稳定性。更糟糕的是，目前可取代其储备地位的他国货币都存在缺陷。要使全球市场向一个更为安全的金融秩序过渡极为困难。Whenthebuckstops当美元无力维系霸权Fordecades,America’seconomicmightlegitimisedthedollar’sclaimstoreignsupreme.But,asourspecialreportthisweekexplains,afaultlinehasopenedbetweenAmerica’seconomiccloutanditsfinancialmuscle.TheUnitedStatesaccountsfor23%ofglobalGDPand12%ofmerchandisetrade.Yetabout60%oftheworld’soutput,andasimilarshareoftheplanet’speople,liewithinadefactodollarzone,inwhichcurrenciesarepeggedtothedollarormoveinsomesympathywithit.Americanfirms’shareofthestockofinternationalcorporateinvestmenthasfallenfrom39%in11019to24%today.ButWallStreetsetstherhythmofmarketsgloballymorethaniteverdid.Americanfundmanagersrun55%oftheworld’sassetsundermanagement,upfro4%adecadeago.几十年来，美国的经济实力保障着美元的霸权地位。但本刊也在这周的“特别报道”一栏中指出，美国的经济影响力与财政实力已出现脱节。目前，美国在全球GDP总量中占23%，在商品贸易总量中占12%，而实际上，全球约60%的经济产量及人口都位于美元区内——区域内的货币要么直接与美元挂钩，要么与