高考英语 阅读理解精读荟萃(中级篇)5

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1、PassageOneTheResultoftheFallingUSDollarLikeatickingtimebomb,thefallingdollarhasgrabbedtheattentionofJapanandWestGermany,forcingthemtoconsideradoptingeconomicpolicestheUnitedStatesadvocates.TheU.S.governmentwantsthedollartofallbecauseasthedollardeclinesinvalueagainsttheyenandDeutschemark,U.S.g

2、oodbecomescheaper.U.S.companiesthensellmoreathomeandabroad,andU.S.tradedeficitdeclines.Criesfortradeprotectionabate,andtheglobalfree-tradesystemispreserved.Then,thecheaperdollarmakesitcheaperformanyforeigninvestorstosnapupU.S.stocks.Thatpromptsheavybuyingfromabroad—especiallyfromJapan.Also,if

3、thetradepictureisimproving,thatmeansU.S.companieseventuallywillbemorecompetitive.Consequently,manyinvestorsarebuyingsharesofexport-orientedU.S.companiesinanticipationofbetterprofitsinthenextyearorso.Butthatisaratherfaddishnotionrightnow;ifcorporateearningsaredisappointingininterestrates,thest

4、ockmarketrallycouldstall.ImprovingU.S.competitivenessmeansadeclineinanother’scompetitiveness.JapanandWestGermanyarevergingonrecession.Theirexport-orientedeconomiesarefacingmajorproblems.JapanisworriedaboutthedamagethestrongyenwilldotoJapanesetrade.WestGermanyisalsoworried.SharepricesinFrankfu

5、rtplummetedthispastweek.Bonnisthoughttobeconsideringacutininterestratestoboostitseconomy.Couldthefallingdollargetoutofhand?Ifthedollarfallstoofar,investorsmightloseconfidenceinU.S.investments—especiallythegovernmentbondmarket.Themoneytofinancethefederalbudgetandtradedeficitscouldmigrateelsewh

6、ere.Inflationcouldflareup,too,sinceJapaneseandGermanmanufacturerswilleventuallypassalongpricehikes—andU.S.companiesmightfollowsuittoincreasetheirprofitmargins.TheU.S.federalReservethenmightneedtostepinandstabilizethedollarbyraisinginterestrates.AndhigherinterestratescouldcausetheU.S.economyto

7、slowdownandendtheWallStreetRally.Worriedaboutthesesideeffects,FederalReservechairmanPaulVolcherhassaid21thedollarhasfallenfarenough.Whatistheequilibriumlevel?Probablynearwhereitisorslightlylower.ItalldependsonwhentheU.S.tradedeficitturnsaroun