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时间:2020年01月28日 00:37:18

China, once a catch basin for the world#39;s money, is now watching cash stream out.中国曾经吸引世界资金涌入,现在却眼睁睁地看着资金流出。 Wealthy Chinese citizens are buying beachfront condos in Cyprus, paying big U.S. tuition bills for their children and stocking up on luxury goods in Singapore, frequently moving cash secretly through a flourishing network of money-transfer agents. Chinese companies, for their part, are making big-ticket foreign acquisitions, buying up natural resources and letting foreign profits accumulate overseas.中国富人在塞浦路斯购买海滨公寓,花高昂学费送子女去美国上学,并在新加坡囤积奢侈品。他们通过一个方兴未艾的汇款中介网络频繁而悄悄地转移资金。中国企业也没闲着,它们在海外从事大额收购,大肆采购自然资源,并任由海外利润在海外积累。 China hasn#39;t reported on capital inflows and outflows since last year, but it is possible to gauge more recent flows using trade data, foreign-exchange reserves numbers released Saturday and other economic statistics. A Wall Street Journal analysis of that data suggests that in the 12 months through September, about 5 billion flowed out of China, equivalent to about 3% of the nation#39;s economic output last year. Associated Press9月21日,一名男子在北京举办的中国房地产投资展上浏览国外开发商的展台。中国从去年以来就没有发布过有关资本出入情况的报告,但利用周六发布的贸易数据、外汇储备数据和其他经济统计资料,仍可评估后来的资金流动情况。根据《华尔街日报》对这些数据的分析,截至9月份的12个月,约2,250亿美元的资金流出中国,相当于去年全国经济产值的3%左右。 #39;We all noticed what we suspected, which is that there was significant capital flight,#39; says Michael Pettis, a finance professor at Peking University who witnessed capital flight up close in his previous career trading Latin American distressed debt. #39;It#39;s not a good sign when local businessmen begin to think it#39;s better to take money offshore, especially when the world economy is in such bad shape.#39;北京大学金融学教授佩蒂斯(Michael Pettis)说,我们都看到了所怀疑的情况,即存在大量资本外逃;当国内商人开始觉得把资金转移出国是更好的选择时,这不是一个好的兆头,特别是在世界经济如此糟糕的时候。佩蒂斯在交易拉丁美洲不良债券的从业经历中,曾近距离见资本外逃。 China officially maintains a closed capital account, meaning it restricts the ability of individuals and businesses to move money across its borders. Chinese individuals aren#39;t allowed to move more than ,000 per year out of the country. Chinese companies can exchange yuan for foreign currencies only for approved business purposes, such as paying for imports or approved foreign investments.中国名义上仍维持封闭的资本账户,即限制个人和企业的跨境资金转移。中国公民个人每年转移出境的资金不得超过5万美元,中国企业只有为经过批准的商业目的,如为进口产品或经过批准的境外投资付款,才能将人民币兑换成外币。 In reality, the closed system has become more porous and the rules are routinely ignored. #39;The wealthy in China have always had an open capital account,#39; says Eswar Prasad, a Cornell University economist and former International Monetary Fund official.在现实生活中,这个封闭系统的漏洞越来越多,规则常常不被遵守。康奈尔大学(Cornell University)经济学家、曾任职国际货币基金组织(IMF)的普拉萨德(Eswar Prasad)说,中国富人的资本账户一直是开放的。 Zheng Nan recently spent 300,000 (0,000) on a beachfront condo in Cyprus. At 50 years old, he says he is retired from selling telecommunications gear in China for foreign manufacturers. #39;My plan is to spend winter there because of the pollution in Beijing,#39; he says. #39;And we will be back for summer.#39;郑南(音)最近花30万欧元(39万美元)在塞浦路斯买了一套海滨公寓。现年50岁的郑南说,他原来是在国内为外资厂商销售电信设备,现在已经退休。他说,因为北京的污染,我打算去那里过冬,夏天我们就会回来。 China#39;s ,000-a-year limit on moving capital out presented a problem for him. He says he got around the restriction by recruiting friends to move chunks of his money under their own names. Real-estate agents in China say that is a common practice that is largely tolerated by authorities.中国每年5万美元的资金转出限额给他带来了困难。他说,多数资金都是通过让朋友按他们的名义转出,从而绕开这个限制。中国的房地产中介说,这是一个基本上被有关部门默许的常见做法。 For years, China#39;s economy benefited from large flows of cash into the country from exports and from foreign investors. Incoming dollars were exchanged for yuan at China#39;s central bank, putting more yuan into the economy. That made it easier for banks to lend and companies to grow, but it also stoked inflation and contributed to real-estate and stock-market bubbles.多年来,中国经济一直受益于出口和外商投资带来的大额资金流入。进入国内的美元在央行换成人民币,使更多人民币进入经济体。这有利于放贷和公司扩张,但也引起通货膨胀,催生了楼市、股市泡沫。When money leaves, that system swings into reverse, and there is less money available to fund growth. The outflow of money began to pick up in mid-2011, when concern about slowing economic growth, stalled yuan appreciation and falling stock and real-estate prices made holding cash in China less appealing. Money has left China before, most recently during the financial crisis, when outflows peaked at about 0 billion in the 12 months ended March 2009, the Journal#39;s calculations indicate.当资金流出中国时,这套体系就会产生相反的作用,能够助力经济增长的资金数量会减少。资金流出的现象在2011年中开始抬头,当时有关中国经济增速放缓的担忧、人民币汇率涨势中止以及股票和房地产价格下跌都令在中国持有现金的吸引力下降。资金此前也曾流出中国,最近一次是在金融危机期间。《华尔街日报》的计算显示,在截至2009年3月的12个月内,资金流出数量达到大约1,100亿美元的高峰。 The outflow helps explain why China#39;s banks have been slow to increase lending this year. Accelerated outflows might force China#39;s central bank to push the yuan to appreciate more strongly against foreign currencies, to encourage Chinese investors to keep their money in the country.资金流出有助于解释中资今年以来贷款增速放缓的原因。资金流出速度加快可能迫使中国央行加大人民币汇率的升值幅度,以鼓励中国投资者将资金留在国内。 The State Administration of Foreign Exchange, part of China#39;s central bank, said in a statement that China experienced #39;a certain degree of capital outflows#39; in the first half of this year. It attributed the outflows largely to more investment overseas by Chinese companies and individuals. It said it wasn#39;t concerned that the outflows could destabilize the economy.中国央行下属的国家外汇在一份声明中说,今年上半年中国经历了一定程度的资本流出。它将资本流出的主要原因归结为中国企业和个人海外投资数量的增加,还说它并不担心资本流出可能破坏中国经济。 In 1998, during the Asian financial crisis, Indonesia saw the equivalent of 23% of its annual economic output leave the country─far higher than the 3% estimated to have exited China over the recent 12-month period. China#39;s economy is protected from such catastrophic outflows by its restrictions on capital movement and by its substantial foreign-currency reserves, currently .29 trillion.1998年亚洲金融危机期间,流出印尼的资金数量大致相当于其年度经济产出的23%,远高于外界估计最近12个月内流出中国的资金数量,后者占中国年度经济产出的比重为3%。由于中国限制资本流动,且拥有庞大的外汇储备(目前为3.29万亿美元),因此中国经济能够避免此类带来灾难性后果的资本流出现象。 The Journal#39;s 5 billion estimate for the year ended in September captures both legal capital outflow and some of the illicit flow. Several economists also have attempted to calculate outflow. Charles Dumas, an economist at Lombard Street Research, estimated net outflows of 0 billion over the same period.《华尔街日报》估计在截止今年9月的一年内流出中国的资金数量达到2,250亿美元,这同时包括合法和非法的资金流出额。多位经济学家也试图估算流出中国的资金数量。研究机构Lombard Street Research的经济学家杜马(Charles Dumas)估计同期中国资金净流出数量为3,000亿美元。 To gauge the size of the outflow, the Journal compared the change in the country#39;s foreign-exchange reserves with changes in the main components that cause reserves to rise and fall: the trade surplus, foreign direct investment, interest on foreign assets and movements in exchange rates.为了估计资金流出的规模,《华尔街日报》比较了中国外汇储备的变动规模和导致外汇储备增减的主要项目的变化情况。这些项目包括贸易顺差、外国直接投资、外国资产生息以及汇率的变动。 The two sides of the equation should match. If foreign-exchange reserves increase more than the sum of the components, it suggests extra cash is flowing into China. If reserves increase less, or even fall, it means money is somehow getting out. China#39;s foreign currency reserves saw their first quarterly drop since 1998 in the last quarter of 2011, and fell again in the second quarter of 2012, a sign that the outflows had increased to the point that they offset inflows from trade, foreign direct investment and interest paid on existing reserves.等式的两边应该一致。如果外汇储备的增量大于上述各项之和的增量,这就表明资金净流入中国;如果外汇储备的增量小于上述各项之和的增量,甚至开始下降,这就意味着资金因某种原因流出中国。2011年四季度中国外汇储备规模自1998年以来出现首次季度下滑,2012年二季度再次出现这种现象。这一迹象表明,资金流出的规模已经大到足以抵消因贸易顺差、外国直接投资及现有储备生息所流入的资金总量。 One factor contributing to the reduced reserves is that Chinese exporters are keeping more of the money they make abroad in dollars, rather than converting it to yuan, economists say.经济学家说,导致外汇储备减少的一个因素是,中国出口企业把在境外赚到的钱更多地以美元形式持有,而不是兑换成人民币。 Because the 5 billion figure is derived from broad economic statistics, it is impossible to say how much of the outflow is legitimate personal and corporate transactions and how much was moved illegally or was the product of illegal activities.由于2,250亿美元的资金流出量是根据广泛的经济统计数据计算出来的,所以我们无法知道这其中有多少是个人和企业的合法交易,又有多少是非法流出中国或是非法活动造成的。 A sprawling industry has developed to help Chinese get money out. Services range from the money-transfer agents to private jets that ferry money by customs officials unmolested, according to lawyers and brokers who help Chinese investors find investments abroad. Sometimes bank transfers by companies hide personal money being moved out, these people say. Another method is to piggyback personal cash atop legitimate export and import transactions, at times by using fake invoices, they say. People even carry bags of cash across the border.在帮助中国人将资金转移到海外这个问题上,已经形成了一个庞大的产业。据律师和帮助中国投资者在海外寻找投资项目的经纪商说,务项目从汇款中介到由海关人员毫无顾忌地运送现金的私人飞机等不一而足。上述人士说,有时候,企业进行的转账可以掩盖向海外转移的个人资金。这些人士说,另外一种方法是将个人现金附带在合法进出口交易中,有时是通过伪造假发票。人们甚至会携带整包整包的现金出境。 Charlie Zhang, an agent in Shenzhen who matches wealthy mainlanders with real-estate investments abroad, says getting money out isn#39;t a problem.深圳中介Charlie Zhang说,将资金转移到海外一点都不难。他为内地有钱人与海外房地产投资项目之间牵线搭桥。 #39;We suggest them to other people, some special channel, that can exchange money outside the banks, outside supervision,#39; Mr. Zhang says. #39;It#39;s not hard for people to solve this problem.#39;他说,我们把他们介绍给其他人,一些特殊渠道,这些渠道能够在之外、不受监管地换汇。解决这个问题并不难。 Cyprus has become a popular investment destination for wealthy Chinese. The island nation in the Eastern Mediterranean gives permanent European Union residency to anyone who spends 300,000 on a property.塞浦路斯已经成为一个颇受中国有钱人欢迎的投资目的地。这个位于地中海东部的岛国会给予任何在该国花30万欧元买下房产的人欧盟永久居留身份。 #39;People in China are rich,#39; says Arthur Cheung, a Hong Kong-based immigration consultant who matches Chinese buyers with foreign property sellers, including from Cyprus. #39;They just buy a passport or permanent residency like a Louis Vuitton bag.#39;香港移民顾问Arthur Cheung说,中国人有钱。他们买护照或永久居留身份就像买个路易威登包一样。他为中国买家与包括塞浦路斯在内的外国房产销售商之间牵线搭桥。 Paschali Developers in Cyprus has sold more than 90 condos to Chinese buyers in recent months. Company spokesman Paschalis Paschali says buyers want to get residency. He declined to discuss how the company#39;s Chinese customers get their money out.塞浦路斯房地产开发商Paschali Developers近几个月已经向中国买家销售了90多套公寓。该公司发言人帕斯卡利(Paschalis Paschali)说,买房者希望获得永久居留身份。他拒绝透露该公司的中国客户是如何将资金转移到海外的。 Evis Hadjipetrou, business-development manager for Pafilia Property Developers in Cyprus, says the company has sold 30 condos with Mediterranean views in the past four months to buyers from mainland China. He says he was assured by his Chinese partners who helped line up buyers─among them an agency that is a subsidiary of the Ministry of Commerce, he says─not to worry about the restrictions on moving money. A ministry spokesman declined to comment.塞浦路斯房地产开发商Pafilia Property Developers业务发展经理(Evis Hadjipetrou)说,该公司过去四个月向中国内地买家销售了30套可以看到地中海美景的公寓。他说,他从他的中国合作伙伴得到了保,不必担心中国对资金转移的限制。他的合作伙伴帮助找买家,他说其中包括中国商务部下属的一个机构。商务部发言人不予置评。 Hong Kong, although part of China, has a separate financial system and currency─and no restrictions on outbound capital. Consequently, there are restrictions on mainland Chinese moving money to Hong Kong.香港虽然是中国的一部分,但拥有独立的金融系统和货币,而且对资金外流没有限制。因此,中国内地人向香港转移资金是受限制的。 One legal way that some elite Chinese have gotten money offshore is by taking their companies public in Hong Kong, then selling shares. Since 2005, 350 mainland companies have raised more than US0 billion in Hong Kong, according to data provider Dealogic. Company owners can accomplish the same thing by listing in New York or Singapore.一些中国精英人士将资金转移到海外的一种合法途径是,将自己的公司在香港上市,然后出售股份。据数据提供商Dealogic的数据,自2005年以来,350家内地公司在香港共筹集了逾1,500亿美元。公司所有者也可以通过将公司在纽约或新加坡上市而达到同样的目的。 Many other Chinese have resorted to money-transfer agents operating outside the official banking system. The agents provide loans and transfers that Chinese use to evade the limit on overseas transfers. Working as a money-transfer agent is illegal in China, but it is perfectly legal and lightly regulated in Hong Kong.其他很多中国人则求助于在官方系统之外运作的汇款中介。中介提供中国人可以用以逃避海外转账限制的贷款和转账。在中国内地做汇款中介是违法的,但在香港则是完全合法的,而且监管也不是很严。In Chongqing, home to purged Communist Party official Bo Xilai, authorities closed a money-transfer organization they said moved billion for clients. They said it was run by Chen Huizhuan, a 36-year-old former electronics saleswoman, with the help of her extended family. In July, she was sentenced to six years in jail. A lawyer for Ms. Chen, contacted through intermediaries, declined to comment.在被罢免的中共官员薄熙来曾经主政的重庆,有关部门关闭了一家地下钱庄,并称这家机构为客户转移了折合100亿美元的资金。有关部门说,这家钱庄由36岁的陈惠专在其一大家人的协助下经营,她曾从事过电子产品销售工作。今年七月,陈惠专被判处六年有期徒刑。记者曾通过中间人联系过陈惠专的律师,但他拒绝发表。 People with direct knowledge of the case say there was a large transfer by Qi Gang, a construction project manager from eastern Zhejiang province who they say was a client of Ms. Chen. In January 2011, Mr. Qi lost the equivalent of .3 million in two days of gambling with borrowed money at a Macau casino, these people allege. Macau, like Hong Kong, is part of China but has its own financial system, and mainlanders face the same restrictions on moving money there. Mr. Qi had the money to pay off his debt, these people say. The problem was getting it out of China.直接了解这件案子的人说,浙江一个工程项目的负责人祁刚(音)曾向海外转移过一大笔钱,他们说祁刚是陈惠专的一个客户。这些人说,2011年1月,祁刚用借来的钱在内,两天时间内输掉了相当于130万美元的赌资,跟香港一样,都是中国的一部分,但它有自己的金融体系,中国内地人将资金转入时所受到的限制与他们向海外转移资金时受到的限制一样。上述人士说,祁刚有还赌债的钱。问题是如何将钱转移出中国。 Mr. Qi#39;s company, which wasn#39;t identified by authorities, transferred the cash into an account set up by Ms. Chen in Chongqing, claiming it was paying for building materials, say the people knowledgeable about the case. Then Ms. Chen had the equivalent amount in Hong Kong dollars deposited into a separate account belonging to the entity that had lent Mr. Qi the gambling money, they say.祁刚的公司未获得政府的资质认。据知情人士说,这家公司将祁刚准备还赌债的钱转入陈惠专在重庆开立的一个账户,称这笔钱是用来付建筑材料款的。他们说,随后陈惠专将与这笔钱等值的一笔港元存入了由那家借赌资给祁刚的实体所有的一个账户。 #39;No funds actually cross the border, so this method is difficult to detect and impossible to measure,#39; says Stephen Green, head of China research at Standard Chartered Bank, who has studied Chinese money flows but has no direct knowledge of the case. 渣打(Standard Chartered Bank)中国研究部负责人王志浩(Stephen Green)说,在这桩交易中实际上没有资金被汇出境外,所以这种转移资金的方法难以被侦查到,人们也不可能算出以这种方式转移的资金究竟有多少。王志浩一直在研究中国的资金外流问题,但他并不掌握此案的第一手材料。 Mr. Qi couldn#39;t be reached for comment. It is unclear whether he has been charged with any wrongdoing.记者无法获得祁刚对此事的。不清楚他是否已经被起诉。 A recent decision by Hong Kong#39;s highest court highlighted the territory#39;s role as a facilitator for mainland money to escape. Yan Suiling, a wealthy Amway saleswoman, insurance agent and restaurateur in the southern Chinese city of Guangzhou, moved million via a money-transfer agent from the mainland to Hong Kong between 2007 and 2009, according to case records and lawyers involved with the case. She used the money to invest in Hong Kong#39;s stock market.香港最高法院最近的一项裁决彰显了香港在方便内地资金出逃方面所扮演的角色。身家不菲的严穗陵在广州身兼安利公司(Amway)销售员、保险代理人和餐馆老板三重身份,据案卷记载和涉案律师说,她在2007至2009年期间通过地下钱庄将200万美元从中国内地转移至香港。她将这笔钱投资于香港的股票市场。 Ms. Yan got into trouble when a check deposited in her Hong Kong account in one of the transactions included proceeds that Hong Kong authorities traced to a million mortgage fraud by someone else. Despite having no involvement in the mortgage fraud, she was convicted in a Hong Kong court of money laundering and served 18 months in prison.严穗陵的这些资金转移交易中有一笔票存入了她在香港的账户,而这张票上的一部分钱被香港政府认定属于其他某个人所实施一项100万美元按揭贷款诈骗案的非法所得,严穗陵也因此惹上了麻烦。尽管她没有参与这桩欺诈案,但香港一家法院仍然认定她的洗钱罪名成立,并判处其18个月监禁。 On appeal, her lawyers argued that she thought the money was part of a money transfer and couldn#39;t be expected to know it had come from the mortgage fraud. While such transfers are against the rules on the mainland, they are permitted in free-market-oriented Hong Kong. Her lawyers declined to comment, and Ms. Yan didn#39;t respond to a request for comment.她的律师在就这一判决提起上诉时称,她当时只认为这笔钱是地下钱庄帮她从内地所转来资金的一部分,不可能知道这钱来自按揭贷款欺诈所得。虽然通过地下钱庄转移资金出境违反了中国内地的法规,但在以自由市场为导向的香港此举却是被允许的。她的律师拒绝发表,严穗陵没有回复置评请求。 Hong Kong#39;s Court of Final Appeal agreed and cleared her record. The court said it was #39;not surprising#39; that she would #39;find it necessary#39; to use a money-transfer agent since she had to evade the mainland#39;s currency regulations in order to invest in Hong Kong#39;s stock market.香港终审法院同意了律师提出的这一观点,并免除了严穗陵的罪责。这家法院说,它对严穗陵发现有必要借助地下钱庄这一事实“并不感到惊讶”,因为为了投资香港股市她不得不绕开中国内地的货币监管。 /201210/204083

Mike Novogratz and the other principals of hedge fund Fortress Investment Group (FIG) became instant billionaires when the company went public in 2007. Like many other uber-rich on Wall Street, their wealth, some of it created by loose monetary policy, has become the target of criticism from politicians and activists.2007年堡垒投资集团(Fortress Investment Group)上市时,(公司投资总监)迈克#8226;诺沃格拉茨和这家对冲基金的其他负责人立即成为了亿万富翁。和华尔街众多超级富豪一样,他们的财富(部分源于宽松的货币政策)已成为政客和活动人士的批评目标。Recent statistics have renewed the debate about income inequality in the U.S. As referenced recently in the New York Times, 17.6 million households did not have enough to eat at some point in 2012. The Census Bureau recently reported that 15% of Americans, or 46.5 million people, live in poverty. But, according to the Economist, the share of national income flowing to the rich is at a record high of 19.3%, ahead of both 2007 and 1929.最近的统计数据再次在美国引发了一场关于收入不平等的讨论。正如最近《纽约时报》(New York Times)所指,2012年某个时候,有1,760万户家庭吃不饱。美国人口调查局(The Census Bureau)最近报告,有15%或4,650万美国人生活贫困。而《经济学家》(Economist)的报道显示,富人在美国国民收入中的占比已达到创纪录的19.3%,超过了2007年和1929年。Breaking from typical canned responses given by many on Wall Street, Novogratz offers a candid interview with Fortune about how policy can change to close the income gap, how CEOs need to have a ;moral revolution; when thinking about their businesses, and how making oodles of money isn#39;t always considered capitalism.日前,诺沃格拉茨就相关问题接受《财富》杂志(Fortune)采访时没有像很多华尔街人士那样用套话回应,而是非常坦诚地讨论了如何通过调整政策来缩小收入差距,CEO们在思考自身企业时需要如何进行一场“道德革命”,以及赚大钱为什么不一定被看成资本主义。Many people at the country#39;s biggest employer -- Wal-Mart -- are on some sort of government support. In your opinion, how did this country get to where it is now?沃尔玛(Wal-Mart)是美国最大的雇主,但它的很多员工却要依赖某种形式的政府补贴来维持生活。您认为,美国怎么到了今天这个地步?It#39;s the powerful combination of globalization and technology. In 1989, there were roughly 500 million people who constituted the developed world. Then the Berlin wall fell, and China opened up. Over the next 25 years, the developed world would go from 500 million to 3 billion.这是全球化和科技快速发展的结果。1989年时发达世界只有约5亿人口。然后,柏林墙倒了,中国开始对外开放。接下来的25年里,发达世界人口从5亿增长到了30亿。Labor supply increased, driving down wages, and the cost of intellectual capital went way up. So you look at a guy like Mark Zuckerberg. He developed a scalable idea that can go to the entire world. His single idea was very valuable.劳动力供应增加拉低了工资,智力资本成本大幅上升。比如,马克#8226;扎克伯格这样的人。他想出了一个可扩展的点子,推广至整个世界。这个点子价值连城。MORE: The rich got a lot richer since the financial crisis延生阅读:金融危机过后,美国有钱人更有钱了In a lot of ways, this divergence of wealth was going to happen no matter who was at the watch. The Gini index [a measure of a country#39;s inequality] has been on a one-way trend since the #39;80s through both Republican and Democratic regimes. Change is happening so fast, many people and maybe our political system just can#39;t keep up. What the government has a responsibility to do -- and has the possibility of doing -- is looking at these mega-trends and looking at what this does to our communities. Is this the environment that we want to live in? Is this the country we want to live in?从很多方面,这种财富的分化总是会发生,不管是哪个党派当政。自从20世纪80年代以来,无论是共和党、还是民主党当政,美国的基尼指数(反映一个国家经济不平等程度的指数)都处于单边走势。变化如此之快,很多人,也许连我们的政治体系都没能跟上。政府有责任去做并有可能做的事是,关注这些大趋势,关注它们对社会的影响。这是我们希望生活的环境吗?这是我们希望生活的国家吗?Many would argue that Wal-Mart is the quintessential company that exploited global trends over the last 25 years. Do you blame the likes of Wal-Mart for what is happening? Do you think they are being greedy?许多人会说,过去25年,沃尔玛借国际趋势大赚其钱,这方面无人能出其右。你会因为正在发生的这一切指责沃尔玛这类公司吗?你认为他们贪婪吗?Yes and yes. Wal-Mart (WMT) will make billion this year. 49% is owned by the heirs and trusts of Sam Walton. They have 1.3 million workers who on average make around an hour. So a full time employee, someone who works 40 hours a week doesn#39;t make a living wage. And the U.S. taxpayer subsidizes that wage bill with an estimated .5 billion a year. The family has net worth of over 0 billion. Something doesn#39;t feel right there, does it?是的,是的。沃尔玛今年会赚150亿美元。这家公司49%的股权由山姆#8226;沃尔顿的继承人和信托持有。他们有130万员工,人均时薪约12美元。因此,一个全职员工每周工作40个小时,赚的钱还不够维持生计。而且,美国纳税人每年还要为这些工资单补贴15亿美元左右。沃尔顿家族的资产净值已超过1,300亿美元。这里感觉有些不对劲,是不是?If I looked at only those last two sentences, and replaced Wal-Mart with Fortress, I#39;d think that you were talking about yourself and your partners. You might not have 0 billion, but you#39;re all billionaires. How is this different?如果只听最后两句,把沃尔玛换成堡垒投资集团,我会认为你刚才说的是你自己和你的合伙人们。你们可能没有1,300亿美元,但你们都是亿万富翁。有什么不同吗?My issue isn#39;t with people making money. I really think our first priority is to focus less on inequality and more on making sure the working class can support themselves. Wall Street employees, including ours, are in an industry with large margins and a very inflated pay scale. Our industry sits at the crossroads of globalization. We have a huge competitive advantage here in the U.S. which has a long history of being at the center of global finance. We have the training grounds of investing and risk taking. I am sure in time, that advantage will disappear but not in the near future. So we are in a position to pay all our employees extremely well.我不是要跟有钱人找茬。我认为,我们的第一要务不是盯着收入不平等问题,而是要确保更多的工薪族能自己养活自己。华尔街从业人员,包括我们自己在内,我们所处的行业利润率很高,薪资也非常高。我们的行业正处于全球化的十字路口。在美国,我们有很大的竞争优势,美国作为全球金融中心的历史悠久。我们有很多机会实战学习投资和承担风险。当然,假以时日这一优势必将消失,但短期内不会。因此,我们能给所有员工非常好的薪酬。So, in the case of Wal-Mart, government subsidies of the poor employees make the founders even richer. What do you think that the government should do?但就沃尔玛而言,政府为沃尔玛低收入员工提供的补贴让创始人们变得更赋富裕了。你认为政府该怎么做?The first step is for both sides to recognize what is happening and why. I was a big Obama supporter, yet the moment he gets on the campaign trail he blames the rich. He says billionaires and millionaires are rigging the system to take all the money. That immediately puts the people you need to help [the situation] on the defensive. I am not saying that people in power don#39;t tweak things to their advantage#39; what I am saying is that is not the root cause of the inequity.第一步是双方要认清当前的状况及原因所在。我曾经是奥巴马的积极持者。但他一展开竞选就开始指责富人。他说,亿万富翁和百万富翁们正在操纵整个体系,拿走所有的钱。这马上就把原本可以帮助(改善现状)的人们推到了对立面。我不是说“有权者不会为私利而改变体系”,我要说的是它并不是不平等的根源。But, specifically, what changes need to be made?但具体来说,需要进行什么改变?We need a change of thinking in corporate America. Globalization and the fear of having your lunch eaten by the Chinese has made ;shareholder value; the be-all and end of running a company. It is in the DNA of most of our CEOs. We need a shift where company leaders look at a balance between shareholders, customers, and employees. I guess that is a moral revolution.我们需要改变美国企业界的想法。全球化以及担心中国人抢饭碗的忧虑已经将“股东价值”变成了经营一家公司的全部和终极目标,深深地烙在了大多数CEO的DNA中。我们需要转变,公司领导人需要在股东、客户和员工间寻找平衡。我猜这是一场道德革命。Short of that, the government can do things both to promote growth and to give the working and middle class a better shot. The right structural changes need to be made. First, we need to look at the things that are overhanging us. Making even a down payment on our long term budget problems is key. Fixing the social security system should be a top priority. And, of course, we should means test. So rich people shouldn#39;t get social security, even though they paid into it. Once we show we can get something done, confidence will pick up.如果企业不这么做,政府可以努力促进增长,给工薪阶层和中产阶级更好的机会。需要进行正确的结构性调整。首先,我们需要关注迫在眉睫的事情。为长期预算问题哪怕付一笔定金,这非常重要。解决社保体系的问题应是当务之急。当然,我们应该按经济状况审查。因此,富人们不应获得社会保障,即便他们为此进行了付。一旦我们明我们能做成什么,信心就会提升。Second, the government needs to help get people employed. Here#39;s a sad statistic: 9% of 25-55 year old males are on disability, up from 2%-3% from 20 years ago. Of course there are people on the list that are disabled. But many are just chronically unemployed. We have a whole lost generation. It#39;s not unlike the hobos during the depression era. These men never got jobs; never got married; never have a reason to build a nest egg. That#39;s the really scary and depressing thing. The best way to spur employment is to get the business community to believe you#39;re on their side. It#39;s why blaming is such bad policy. We need to unleash the pent up capital and creativity.第二,政府需要帮助人们就业。这里有一个让人难过的统计数据:25-55岁的美国男性有9%的人在拿伤残补贴,高于20年前的2%-3%。这些人当然是伤残者。但很多人就是长期失业。我们有迷惘的一代,就像是历史上大萧条时期的无业游民。这些人从没有工作,从未结婚,从来没有理由攒钱。这是一件非常可怕和令人沮丧的事情。促进就业的最佳方式是让企业界相信你是持他们的。因此,指责是一种非常糟糕的政策。我们需要释放被压抑的资本和创造力。Third, take a look at monetary policy, QE3. This was meant to stimulate the economy by driving asset prices up. But it#39;s the rich people who own the assets. Manhattan is a perfect example. Manhattan apartments, Hamptons houses, stock prices have all gone higher. We#39;ve all gotten richer! We need to recognize it. Maybe the Fed should expand its mandate to direct lending to small and medium-size companies as opposed to QE forever.第三,让我们来看看货币政策,QE3。这项政策的本意是通过推高资产价格来刺激经济。但拥有资产的正是富人。曼哈顿是一个典型的例子。曼哈顿公寓、汉普顿的别墅以及股票价格都出现了上涨。我们都变得更有钱了!我们需要认识到这一点。或许,美联储(Fed)应当将政策关注点扩大至中小企业直接贷款,而不是永远只有量化宽松。Finally, the government needs to regulate minimum wage. An employee making minimum wage should not have to be subsidized by the government to live. A more comprehensive minimum wage system puts the responsibility back onto the businesses. It#39;s also a more dignified way at redistribution. I am sure those Wal-Mart employees would rather have that extra ,500 a year come from their company as opposed to a government handout.最后,美国政府需要规范最低工资。拿最低工资的人们应该无需政府补贴。一个更详尽的最低工资体系会把责任交回企业。这也是一种更有尊严的收入再分配方式。我相信那些沃尔玛员工宁可每年从公司获得额外的2,500美元,也不愿接受政府的救济。What about taxes? Since the rich, like you, have gotten richer, don#39;t you think redistribution of wealth through taxes could help? Or put another way, how is a lower tax rate on capital gains, which essentially helps the rich, not like a government subsidy similar to the one Wal-Mart receives?税收呢?既然像你这样的有钱人变得更有钱了,难道你不认为税收能帮助实现财富再分配吗?换言之,下调资本所得税税率让有钱人获益,与提供政府补贴让沃尔玛获益,两者有什么不同?Taxes play a role for sure. Most wealthy people I know wouldn#39;t mind redistribution if they believed it wouldn#39;t be wasted. Government hasn#39;t shown that it hasn#39;t been a good steward of GDP. In most cities our public school system is a debacle. This idea -- the disconnect between the need for government programs and the true implantation of them -- has caused a polarized system that throws a wet blanket over anything you want to get done. I wish I had an answer. Political gridlock is one of the reasons for the muted recovery. Once you have confidence, people start borrowing money and investing in the future.税收当然有一定作用。我认识的大多数有钱人都不介意财富再分配,前提是得让他们相信,这些财富不会被浪费。政府的表现从来没有明它是GDP的好管家。在大多数城市,我们的公共教育体系就是个大败笔。对政府项目的需求和项目实际执行之间脱节,这个体系两级分化,想做什么事都做不成。我希望我能有一个。政治僵局是复苏不温不火的原因之一。一旦有了信心,未来人们就会开始借钱和投资。 /201310/259724


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