考研英语阅读例题：Istherelifeafterdebt债后还有生活吗

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1、Istherelifeafterdebt?债后述有生活吗？[2010.06.24]TheEconomistDEBTisaspowerfuladrugasalcoholandnicotine.InboomtimesWesternconsumersusedittoenhancetheirlifestyles,companiesborrowedtoexpandtheirbusinessesandinvestorsemployeddebttoenhancetheirreturns.Foraslongastheboomlasted,MrMicawber'sfamousinjunct

2、ionappearedtobewrong:whenannualexpenditureexceededincome,theresultwashappiness,notmisery.Foralongtimedebtintherichworldhasgrownfasterthanincomes.InAmericaprivate-sectordebtalonerosefromaround50%ofGDPin1950tonearly300%atitsrecentpeak・Theoriginsoftheboomgoevenfurtherback,reflectinghugechang

3、esinsocialattitudes・Inthe19thcenturydefaultingborrowersweresenttoprison.ThegenerationthatlivedthroughtheGreatDepressionlearnedtoscrimpandsave・Butthewidertake-upofcreditcardsinthe1960screateda"buynow,paylatcF'socicty.Defaultbecamejustalifestylechoice.Therecklesslender,ratherthantheimpruden

4、tdebtor,waslikelytogettheblame.Asconsumersleveragedup,sodidcompanies.TheaveragebondratingfellfromAin1981toBBB-today,justonenotchabovejunkstatus.Firmsthatheldcashontheirbalance-sheetswerecriticisedfortheirtimidity,whilebankruptcylaws,suchasAmerica'sChapter11，preventedcreditorsfromforeclosi

5、ngoncompanies・Thatforgivingregimeencouragedentrepreneurs(inSiliconValleyabankruptcyislikeaduellingscarinaPrussianofficers5mess)butalsoallowedtoomanyzombiecompaniestosurvive(lookattheairlines).Theroadtoricheswassimple:buyanassetwithborrowedmoney，thensitbackandwatchitspricerise.Allthiswasen

6、couragedbytheauthorities.Anytimeadebtcrisisthreatenedtheeconomy,centralbanksslashedinterestrates.Theprospectofsuchrescuesreducedtheriskoftakingonmoredebt.Bubbleswerecreated,firstinequities,theninhousing.Itwasamonetaiyratchet,inwhicheachcycleendedwithmuchhigherdebtandmuchlowerinterestrates

7、.Rich-worldcountriesnowfacetwosetsofproblems.Themostpressingishowtopayofftheirdebts・Manypeoplewhohavecutbacktheircredit-cardspendingandfirmswhichhaveseentheircreditlinesslashedwouldbehorrifiedtoseehowlittletherichworld'soverallburdenhasfallen.Muchofthedebthasmerelym