Alan Greenspan, the former Federal Reserve chairman, has attacked the Dodd-Frank financial reforms warning they could create the “largest regulatory-induced market distortion” in the US since the imposition of wage and price controls in 1971.

　　美聯(lián)儲(chǔ)(Fed)前主席艾倫·格林斯潘(Alan Greenspan)對(duì)多德-弗蘭克(Dodd-Frank)金融改革進(jìn)行了抨擊，警告這些改革可能創(chuàng)造出美國(guó)自1971年實(shí)施薪資與價(jià)格控制措施以來(lái)“最嚴(yán)重的由監(jiān)管引發(fā)的市場(chǎng)扭曲”。

　　In an article in today’s Financial Times that might encourage Republican attempts to unwind the law, Mr Greenspan says the reforms, passed by Congress last year, would be impossible to implement, distortive to markets and a possible threat to US living standards.

　　格林斯潘今天在英國(guó)《金融時(shí)報(bào)》發(fā)表文章，該文可能為共和黨人撤銷該法的努力提供鼓勵(lì)。格林斯潘在文中表示，去年國(guó)會(huì)通過(guò)的改革法案是不可能執(zhí)行的，會(huì)造成市場(chǎng)扭曲，并可能危及美國(guó)人的生活水平。

　　The Dodd-Frank legislation was the Obama administration’s response to the financial crisis, signalling a “re-regulation” of financial markets after the deregulation championed by Mr Greenspan in the 1990s.

　　 多德-弗蘭克法案是奧巴馬政府對(duì)金融危機(jī)作出的回應(yīng)，標(biāo)志著在上世紀(jì)90年代格林斯潘領(lǐng)導(dǎo)下市場(chǎng)管制放松之后，對(duì)金融市場(chǎng)“重新加強(qiáng)監(jiān)管”。

　　In spite of the crisis, Mr Greenspan sticks to his guns, writing that regulators are ill-equipped for more intrusive supervision because they “can never get more than a glimpse at the internal workings of the simplest of modern financial systems” and that “with notably rare exceptions (2008, for example), the global ‘invisible hand’ has created relatively stable exchange rates, interest rates, prices, and wage rates”.

　　盡管爆發(fā)了金融危機(jī)，格林斯潘還是堅(jiān)持自己的立場(chǎng)。他在文中寫道，監(jiān)管部門沒(méi)有能力對(duì)市場(chǎng)進(jìn)行更具侵入性的監(jiān)督，因?yàn)樗麄?ldquo;即便是對(duì)于最簡(jiǎn)單的現(xiàn)代金融體系的內(nèi)部運(yùn)轉(zhuǎn)方式，也永遠(yuǎn)不可能超過(guò)浮光掠影的程度”，而且“除了罕見(jiàn)的一些特例（比如2008年的危機(jī)），全球那只‘看不見(jiàn)的手’一直創(chuàng)造了相對(duì)穩(wěn)定的匯率、利率、價(jià)格與薪資水平”。

　　The light-touch regulation he favoured has gone out of fashion after the 2008 crisis and Mr Greenspan was criticised in January by Democratic appointees to the Financial Crisis Inquiry Commission.

　　他推崇的那種寬松監(jiān)管風(fēng)格已在2008年危機(jī)之后失勢(shì)，今年1月，由民主黨任命的金融危機(jī)調(diào)查委員會(huì)(Financial Crisis Inquiry Commission)對(duì)格林斯潘進(jìn)行了批評(píng)。

　　Their report found that: “More than 30 years of deregulation and reliance on self-regulation by financial institutions, championed by former Federal Reserve chairman Alan Greenspan and others, supported by successive administrations and Congresses, and actively pushed by the powerful financial industry at every turn, had stripped away key safeguards, which could have helped avoid catastrophe.”

　　 委員會(huì)的報(bào)告指出：“在美聯(lián)儲(chǔ)前主席艾倫?格林斯潘等人的領(lǐng)導(dǎo)下，在數(shù)任美國(guó)政府和國(guó)會(huì)的支持下，在強(qiáng)勢(shì)金融業(yè)處處積極的推動(dòng)下，30多年來(lái)美國(guó)一直在執(zhí)行寬松監(jiān)管，并依賴金融機(jī)構(gòu)的自我管制，這種做法卸除了金融市場(chǎng)的關(guān)鍵防護(hù)措施，而這些措施本有助于避免這場(chǎng)金融災(zāi)難發(fā)生。”

　　Mr Greenspan takes the opposite view to his predecessor at the Fed, Paul Volcker, who intervened in the financial reform debate to argue for tougher restrictions on the trading activities of banks.

　　格林斯潘與其前任保羅?沃爾克(Paul Volcker)持相反看法，沃克爾曾介入金融改革辯論，支持對(duì)銀行的交易行為施加更嚴(yán)格的限制。

　　Mr Volcker famously said that the most useful financial innovation of the past 30 years was the automated teller machine.

　　沃克爾有句名言是，過(guò)去30年里最有用的金融創(chuàng)新是自動(dòng)取款機(jī)。