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.governmentwantsthedollartofallbecauseasthedollardeclinesinvalueagain

2、sttheyenandDeutschemark,U.S.goodbecomescheaper.U.S.companiesthensellmoreathomeandabroad,andU.S.tradedeficitdeclines.Criesfortradeprotectionabate,andtheglobalfree-tradesystemispreserved.  Then,thecheaperdollarmakesitcheaperformanyforeigninvestorstosnapupU.S.stocks.Thatpromptsheavybuyingfromabroad—

3、especiallyfromJapan.Also,ifthetradepictureisimproving,thatmeansU.S.companieseventuallywillbemorecompetitive.Consequently,manyinvestorsarebuyingsharesofexport-orientedU.S.companiesinanticipationofbetterprofitsinthenextyearorso.Butthatisaratherfaddishnotionrightnow;ifcorporateearningsaredisappointi

4、ngininterestrates,thestockmarketrallycouldstall.  ImprovingU.S.competitivenessmeansadeclineinanother’scompetitiveness.  JapanandWestGermanyarevergingonrecession.Theirexport-orientedeconomiesarefacingmajorproblems.JapanisworriedaboutthedamagethestrongyenwilldotoJapanesetrade.WestGermanyisalsoworri

5、ed.SharepricesinFrankfurtplummetedthispastweek.Bonnisthoughttobeconsideringacutininterestratestoboostitseconomy.  Couldthefallingdollargetoutofhand?Ifthedollarfallstoofar,investorsmightloseconfidenceinU.S.investments—especiallythegovernmentbondmarket.Themoneytofinance thefederalbudgetandtradedefi

6、citscouldmigrateelsewhere.Inflationcouldflareup,too,sinceJapaneseandGermanmanufacturerswilleventuallypassalongpricehikes—andU.S.companiesmightfollowsuittoincreasetheirprofitmargins.TheU.S.federalReservethenmightneedtostepinandstabilizethedollarbyraisinginterestrates.Andhigherinterestratescouldcau

7、setheU.S.economytoslowdownandendtheWallStreetRally.Worriedaboutthesesideeffects,FederalReservechairmanPaulVolcherhassaidthedollarhasfallenfarenough.Whatistheequilibriumlevel?Probablynearwhereitisorslightlylower.Itallde