义务教育2012高考英语：阅读理解课堂练学案（21）

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1、2012高考英语：阅读理解课堂练学案（21）PassageTwenty-one(TheResultoftheFallingUSDollar)  Likeatickingtimebomb,thefallingdollarhasgrabbedtheattentionofJapanandWestGermany,forcingthemtoconsideradoptingeconomicpolicestheUnitedStatesadvocates.TheU.S.governmentwantsthedol

2、lartofallbecauseasthedollardeclinesinvalueagainsttheyenandDeutschemark,U.S.goodbecomescheaper.U.S.companiesthensellmoreathomeandabroad,andU.S.tradedeficitdeclines.Criesfortradeprotectionabate,andtheglobalfree-tradesystemispreserved.  Then,thecheaperd

3、ollarmakesitcheaperformanyforeigninvestorstosnapupU.S.stocks.Thatpromptsheavybuyingfromabroad—especiallyfromJapan.Also,ifthetradepictureisimproving,thatmeansU.S.companieseventuallywillbemorecompetitive.Consequently,manyinvestorsarebuyingsharesofexpor

4、t-orientedU.S.companiesinanticipationofbetterprofitsinthenextyearorso.Butthatisaratherfaddishnotionrightnow;ifcorporateearningsaredisappointingininterestrates,thestockmarketrallycouldstall.  ImprovingU.S.competitivenessmeansadeclineinanother’scompeti

5、tiveness.  JapanandWestGermanyarevergingonrecession.Theirexport-orientedeconomiesarefacingmajorproblems.JapanisworriedaboutthedamagethestrongyenwilldotoJapanesetrade.WestGermanyisalsoworried.SharepricesinFrankfurtplummetedthispastweek.Bonnisthoughtto

6、beconsideringacutininterestratestoboostitseconomy.  Couldthefallingdollargetoutofhand?Ifthedollarfallstoofar,investorsmightloseconfidenceinU.S.investments—especiallythegovernmentbondmarket.Themoneytofinance thefederalbudgetandtradedeficitscouldmigrat

7、eelsewhere.Inflationcouldflareup,too,sinceJapaneseandGermanmanufacturerswilleventuallypassalongpricehikes—andU.S.companiesmightfollowsuittoincreasetheirprofitmargins.TheU.S.federalReservethenmightneedtostepinandstabilizethedollarbyraisinginterestrate

8、s.AndhigherinterestratescouldcausetheU.S.economytoslowdownandendtheWallStreetRally.Worriedaboutthesesideeffects,FederalReservechairmanPaulVolcherhassaidthedollarhasfallenfarenough.Whatistheequilibriumlevel?Probablynearwhereitisorslightlylower.Itallde