14屆高考英語時文閱讀選

2009屆高三最新英語時文閱讀選

1

2009politicalpredictions:Whatwillbethebig

story?

(CNN)--Thispastyearwasfullofunexpectedtwistsandturnsonthe

campaigntrail.

BarackObamawilltakeofficewithabigto-dolistinfrontofhim.

Withanewpresidenttakingoverandahostofproblemsawaitinghim,

there，snotellingwhatwillhappenin2009.

CNN'spoliticalanalystsandcontributorsofferedupsomeoftheir

predictionsfortheupcomingyear:

EdRollins,Republicanstrategist

ThebiggeststorywillbethecontinuedviolenceintheMiddleEast一

theIsrael/Hamaswarandtheuncertaintyofwhetherwecanpullourtroops

outofIraqandAfghanistan.

WhilemostAmericansandournewpresidentwillbefocusedontheongoing

economiccrises,thenationalsecurityteamofHillaryClinton,Robert

GatesandretiredGen.JamesJoneswillbeinacrisis-a-daymodeforthe

foreseeablefuture.

Thesecondarystorywillbewhoplaystheroleofthetheloyalopposition

tothenewpresident.WiththediminishedroleoftheRepublicanParty,

doesitbecomeatrueoppositionpartyledbytheconservativesbuilding

forthefuture,orisitapartythatcrossestheaisletoseekcompromise

withtheDemocratsandthenewpresident?More:Politicianswhofellfrom

grace

AnddoesJohnMcCainplaytheleadroleinbecomingthefacilitatorfor

compromise?IftheRepublicanPartyisnoteffective,doesthenational

mediabecometheoppositionvoice?

JeffreyToobin,senioranalyst

Theoverarchingpoliticalissueof2009willbetheeconomy.Itappears

thatPresident-electBarackObamawillbenefitfromwidespreadgoodwill

and--thoughthisisnotcertain-asensethatthingsarenearthe

bottom.

Thegreatunknowniswhethertherewillbeanyturnaround.Ifthereis,

lookforDemocratstotakecredit.Ifnot,lookforthemtocontinueto

blametheBushlegacy.

Theeconomywillbecentralintwoverydifferentpoliticalraces.The

Virginiagovernor'sracewillhelpestablishwhetherthecommonwealthhas

becomeatrulybluestate.It'sanopenseatbecausecurrentGov.TimKaine

isineligibletosucceedhimself.TheDemsaremostlylow-profilenames,

exceptforTerryMcAuliffe,thegreatClintonfundraiser,whowantsto

runforthefirsttime.

TheotherraceisforNewYorkmayor.MikeBloombergengineeredachange

incitylawtoallowhimselftorunathirdtime,andhelookslikethe

favoritetowin.Butwillthecity，smajoreconomicproblemsprompta

seriouschallengertoemerge?I'11bewatching.

JamesCarville,Democraticstrategist

2009willbeayearinwhichtheRepublicanPartywillbeconfrontedwith

anear-catastrophicideologicalrift.Readaboutapredictionthat

'pains'Carvilletomake

ThereisnoobviousRepublicanleaderonthehorizon,andthepartyis

caughtbetweenitsSouthern/talk-radiobaseandtherestofthecountry

onwhethertheyshouldopposeorcooperatewithObama'sadministration.

Thecombinationofthelackofanobviousleaderandthegeneralpolitical

combustibilityoftheRepublicanPartywillleadtoadangerousfissure

thatwillplagueituntilthe2012electioncycle.

HilaryRosen,Democraticstrategist

WillPresidentObama，ssolutionsfortheeconomybringpeopletogether?

Obamamadealotofcampaignpromises一一onesIknowheintendstokeep.

Butfixinghealthcare,creatinganewenergypolicy,investingin

educationandprovidingformiddle-classtaxreliefcostalotofmoney.

Withaneconomyintatters,howthenewpresidentmarriesthisaggressive

agendatotheall-importanttaskoffixingtheeconomywillbethebiggest

storyof2009.

Hestartswithtwothingsthatfewpresidentshavehad:ahugeamountof

goodwillfromtheAmericanpeopleand,importantly,acitizenrythat

wantstoparticipateinthenewagenda.Theydon，tcarewhichboxthey

checkedonElectionDay.Theycareabouttheirfragilepaycheck.

Itwillbeanexcitingyear,suretostartwithmorestockmarketscares

andmorelayoffs.ButIhaveahunchthatbynextNewYear，sEve,wewill

beremarkingthatthebigpoliticalstoryof2009wasthesuccessof

President0bama，sfirstyearinoffice.

DonnaBrazile,Democraticstrategist

2009willpresentuswiththemostfundamentalbreakinAmericanpolitical

economydiscoursesincetheelectionofRonaldReaganin1980.

Whatistheroleofgovernment?Isgovernmenttheproblem(Reaganomics

1980),orisgovernmentisafundamentalpartofthesolution(Obama2008).

Thisisanepochalshift.

FareedZakariastatedinNewsweekthat,/governmentsaremorepowerfulthan

markets.Thereisaneedforanewbalancebetweenthestate/government

andmarkets.Marketfundamentalismfailed(marketsarenot

self-regulatingasthebanks,BernardMadoff,WorldCom,etc.sopainfully

illustrated).

Thequestion:Whatkindofgovernment?Thiswillbethechallengeofthe

newpresident,hisadministrationandthenewCongress.

LeslieSanchez,Republicanstrategist

Themostinterestingpoliticalstoryin2009willbethesurprisingly

disharmoniousrelationshipbetweenObamaandthecongressional

Democraticleadership.

Obamawillwanttoleadfromthecenter,whileSpeakeroftheHouseNancy

PelosiandSenateMajorityLeaderHarryReidwillcontinuallypullhim

left.Tocomplicatematters,itshouldbenotedthatReidistheGOP，s

toptargettodefeatin2010.

PaulBegala,Democraticstrategist

AfterthecampaignsofJimmyCarter,WalterMondaleandMichaelDukakis,

(theMountLosemoreofmodernDemocraticpolitics),Democratsfinally

stoppedblamingthevoters.

AndsobeganagreatconversationaboutwhatitmeanttobeaDemocrat.

TheconversationtookplaceoverorganictofuinyurtsinSantaBarbara,

itwasfueledbyChassagne-MontrachetinGeorgetown,andwasconcluded

whilescarfingdownpimento-cheesesandwichesinall-nightbullsessions

inthebasementofthegovernor，smansioninLittleRock.

WhatcamefromthatpainfulreassessmentwastheNewDemocratmovement

embodiedbyBillClinton,andnowcarriedtothenextlevelbyObama.

Nowit'stheRepublicans，turn.

TheGOPneedstoaskitselftoughquestions:Aretheythepartythat

believessodeeplyinscienceandtechnologythattheybelievewecanshoot

asupersonicmissileoutofthesky,oraretheythepartythatbelieves

humanswalkedtheearthwithdinosaursafewthousandyearsago?

AretheythepartythatreachesouttoAfrican-Americans,oraretheythe

partythathandsouttheracistsong"BaracktheMagicNegro?”

AretheythepartyofconservativeintellectualslikeDavidBrooksand

thelateWilliamF.Buckley,oraretheypartyofanti-intellectual

know-nothingslikeRushLimbaughandAnnCoulter?

AretheythepartythatfeelssomorallysuperiortogayAmericansthat

theywoulddenythemequalrights,oraretheythepartythatcoversup

forLarryCraig,MarkFoleyandtheRev.TedHaggard?

Aretheythepartythatbelieveseconomicincentivesshouldbetargeted

toatiny,wealthyelite(likeBernardMadoffandKenLay)--orarethey

thepartythatbelieveshundredsofmillionsofmiddle-classconsumers

drivetheeconomy?

MarkShieldssaystherearetwokindsofpoliticalparties:thosethat

seekoutconvertsandthosethathuntdownheretics.Fundamentally,that's

thechoicetheGOPwillwrestlewithin2009.Ifthey，reinterestedin

seriouslythinkingthisthrough,IknowsomeexcellentyurtsinSanta

Barbara.

2

Study:Diamondslinkcomettomammalextinction

(CNN)-Tnydiamondsfoundinthesoilare"strongevidence"acometexploded

onoraboveNorthAmericanearly13,000yearsago,leadingtotheextinctionof

dozensofmammalspecies,accordingtoastudy.

DiamondsfoundinNorthAmericansoilsuggestacometledtothe

extinctionofdozensofmammalspecies.

Thescientificreportalsosuggeststhecataclysmalsoreducedthe

populationoftheearliestpeopletoinhabittheregionandtriggereda

1,300-year-longcoldspellthatstretchedaroundtheworld.

Theheatgeneratedbytheextraterrestrialimpactlikelymeltedmuchof

aglacierthatoncecoveredtheGreatLakesregion,sendingamassiveflood

downtheMississippiRiver,thestudysaid.

Accordingtothereport,thecoldwavesofglacialrunoffintotheGulf

ofMexicoshiftedAtlanticOceancurrents,changingclimatepatterns

throughouttheworldinacoolingperiodknownastheYoungerDryas.

〃Arareswarm"ofcometsrainedoverNorthAmericaabout12,900yearsago,

sparkingfiresthatproducedchoking,leading〃totheextinctionofa

largerangeofanimals,includingmammoths,acrossNorthAmerica,z，the

reportsaid.

Thestudywasconductedbyagroupofeightarchaeologistsandgeologists

fromtheuniversitiesofOregonandCalifornia,NorthernArizona

University,OklahomaUniversityandDePaulUniversity.Theirfindings

werepublishedFridayinthejournalNature.

Theprehistorichumansknowntohaveinhabitedthecontinentatthetime

oftheevent一一huntersandgatherersdubbedtheClovisculture一一suffered

amajordeclineinpopulationintheaftermath,thescientistssaid.

Thescientists,studyinglayersofsedimentdatedto12,900yearsagoat

sixNorthAmericanlocations,includingonedirectlyontopofaClovis

siteinMurraySprings,Arizona.Eachlayerwasrichinnanodiamonds,

whichareproducedunderhigh-temperature,high-pressureconditions

createdbycosmicimpacts,thereportsaid.

“Thenanodiamondsthatwefoundatallsixlocationsexistonlyin

sedimentsassociatedwiththeYoungerDryasBoundarylayers,notabove

itorbelowit,〃saidUniversityofOregonarchaeologistDouglasKennett.

“Thesediscoveriesprovidestrongevidenceforacosmicimpacteventat

approximately12,900yearsagothatwouldhavehadenormousenvironmental

consequencesforplants,animalsandhumansacrossNorthAmerica.

TheothersitesstudiedwereinBullCreek,Oklahoma;Gainey,Michigan

andTopper,SouthCarolina,aswellasLakeHind,Manitoba;andChobot,

intheCanadianprovinceofAlberta.

3

Playboyoftheeasternworld

Thefirstmodernnovelcelebratesits1,000thbirthday

ITCONTAINSnomilitaryadventuresnorepicjourneys.Yet“TheTaleof

Genji”isineverywayJapan'sequivalentofHomerJs“Iliad”.First

mentionedinadiaryexactly1,000yearsago,inlate1008,ithasover

thecenturiesbeensubjecttochanges,adaptations,mutationsand

translations(nottomentionbeingremadeasamangacomic),allofwhich

havehelpeditnotjustsurvive,butflourish.Todaythisaccountofthe

amorousescapadesofanaristocraticaestheteiswidelyregardedasthe

firstmodernorpsychologicalnovel.

Thebook,ssuccessliesinitsbroadappeal.Right-wingJapanese

commentatorspointto“TheTaleofGenji”andtakegreatpridein

emphasisinghowmuchmoresophisticatedcivilisationwasinJapaninthe

11thcenturycomparedwithEuropeatthattime.Formiddle-agedJapanese,

readingthebookatstudygroupsinadult-educationcentresisaspopular,

andasquintessentiallyJapanese,asf1ower-arrangingortheteaceremony.

Feministsrejoicethattheauthor,MurasakiShikibu,wasawoman,even

ifwritingfictionwasgenerallyregardedasfrivolousandlowbrow;not

anactivityformen.

Thebook,s1,000thanniversaryisbeingcelebratedinJapanwithlectures,

symposia,plays,conferencesandconcerts.AlineofGenjiteaandGenji

sweetsisalreadyonthemarketandtheCDofanewlycomposedGenji

symphonygoesonsalethismonth.

Ruthlesslysummarised,thebook'sstorylinegoeslikethis.The

dazzlinglylovely”Genji,sonoftheemperorandoneofhislower-grade

consorts,isirresistibletowomen.Heenjoysastringofaffairsasa

youngman,evenabductingaten-year-oldgirlsohecanmouldherinto

theperfectlife-companion.Butsleepingwiththedaughteroftheleader

oftheopposingpoliticalfactionisoneindiscretiontoomanyandGenji

isforcedintoexile.Recalledeventuallytothecapital,hebuilds

himselfamansionwithadifferentwomanineachofitsfourwings.Honours

areheapeduponhimandheisofferedtheretiredemperorsdaughteras

awife.ButGenji'sroyalbridebetrayshimwithanothermanandwhen

hisbelovedmistressdiesafteralongillness,ourheartbrokenhero

followsherswiftlytothegrave.

Atthispointthereaderisonlytwo-thirdsofthewaythroughthebook,

whichrunsto1,200pagesinitsmostrecentEnglishtranslationandboasts

acastofmorethan400.Thestoryresumeswithnewheroes.Twoyoungmen

(thepurportedsonandgrandsonofGenji)arewooingatrioofsisters.

Oneofthemsuccumbstomarriage,butoftheothertwosisters,onestarves

herselftodeathandtheotherchoosestobecomeanunratherthanfall

intomalehands.Love,itturnsout,isnotinnocenthanky-panky,but

somethingnoxious,corrosive一evendeadly.

Sheerscaleisnotallthatisforbiddingaboutthebook.Japaneseprose

wasstillinitsinfancyinMurasaki'sday,sohersyntaxcanbeopaque.

Sentenceslacksubjects,directspeechisoftenunattributedand,most

alarmingly,thecharacterschangenamesaccordingtotheirrankor

circumstances.Genji,forinstance,isvariouslyreferredtoasthe

captain,theconsultant,thecommander,thegrandcounsellor,thepalace

minister,thechancellorandthehonoraryretiredemperor.

Thesubjectmatterisalsochallenging.Thereispolygamy,bisexuality

(whenoneyoungwomanrebuffshisadvances,Genjiconsoleshimselfwith

heryoungerbrotherwhoturnsouttobe"nobadsubstituteforhis

ungracioussister")andsomethingveryclosetoincest.Genjiis

attractedtoFujitsubo,oneofhisfather'sconsorts,becauseofher

resemblancetohisdeadmother.Eventhoughsheis,ineffect,his

stepmother,hefathersachildwithher.

MurasakiJslanguagewasalreadyarchaicandimpenetrableacenturyafter

itwaswritten,sotheJapanesehavebeenreadingannotated,abridged,

simplifiedandillustratedversionsofthebooksinceasearlyasthe12th

century.Thesameholdstruetoday.Inthelastcentury,fourJapanese

writersproducedatotalofsevenupdatedversionsofthebook.Themost

recentofthesewasbyJakuchoSetouchi,afemalenovelistwhoseownwork

dealswithissuesofwomen'sindependence.Setouchis“Genji”has

soldmorethan3mcopiessinceitwaspublishedinDecember1996,asuccess

thatKodansha,thepublisher,attributestotheauthorJsempathywith

thewomeninthetaleandhercolloquialwriting.Cannymarketingalso

playedapart,withKodanshaorganisinglecturesanddiscussiongroups

alloverthecountryatthetimeofthelaunch.

Freerandlessreverentialadaptationsexistaswell.AlsofromKodansha

isWakiYamato's"FleetingDreamsw,ausugarandspiceandallthings

nice”takeonGenjiinmangaformthathassold17mcopies.Forthose

whopreferalesssaccharineapproach,Shogakukan,arivalpublisher,came

upwithanothermangaversionthatemphasisesthemaliciousfemale

charactersandincludesplentyofexplicitsex.

Ittookuntilthe20thcenturybeforeacompleteEnglish-languageversion

appeared.ArthurWaley,aCambridgeclassicistwhotaughthimself

JapaneseandChinese,producedthefirstEnglishtranslationinsix

instalmentsbetween1925and1933.Waleywasmuchmoreinterestedin

readabilitythanfidelity.Hespeduptheplot,cutlongdescriptive

scenesandtheoccasionalentirechapter.Heclarifiedmanyofthe

sentences,addedpsychologicalbackgroundtothecharactersand

westernisedtheJapanesearchitecture.Theresultwasaprosemasterpiece,

thoughonewhichmodernscholarsprefertocallanadaptationratherthan

atranslation.

LyttonStrachey,aneighbourofWaleyJs,consideredhistranslation

“beautifulinbits”,butthereactionfromJapanwasmuchwarmer.Even

ifWaley,sJapanesenoblemensoundalittlelikeearly-20th-century

Cambridgeundergraduates,onecontemporaryJapanesewriterfamously

declaredthattheEnglishmanhadbreathedlifeintoaworkthathadbeen

totteringaroundlikeaheadlesscorpse.Indeed,Waley1sstatureinJapan

issuchthatHeibonsha,anotherpublisher,recentlyreleaseda

retranslationofWaley1s“Genji”backintoJapanese."Eveninthe

modern-1anguageversionsof'Genji’,themajorityofJapanesereaders

don'tmakeitmuchpasttheopeningchapters,"explainsTakaoHoshina,

aneditoratHeibonsha."Waley'sisthemostaccessibleversionforus

too.”

In1976EdwardSeidensticker,anacademicalreadycelebratedforhis

translationsofYasunariKawabata,aNobelprize-winningnovelist,

broughtoutanewversion.TornbetweenadmirationforWaley'snarrative

verveandhorroratthelibertieshehadtakenwiththetext,Seidensticker

produceda“Genji”thatwasdoggedlyfaithfulbutalittlelackingin

grace.

ItwaslefttoRoyal1Tyler,whosecharmingandurbane“Genji”cameout

in2001,tochartthecoursebetweentheexuberanceandtheexactitude

ofhistwopredecessors.PerhapsbecausehelivesintheAustralianbush,

MrTylerwaswillingtorecognisethatreaderscanlosetheirwayinthe

novel'svastnessandsoprovidesahandykitoforientationtools:

chapter-by-chapterlistsofthecharactersandfootnotestoexplainthe

imageryofthepoemsdottedthroughoutthetext.

“TheTaleofGenji”rewardsperseverance,butjustasyoungGenjiflits

fromonemistresstothenext,sothereadercanchoosebetweenthethree

Englishversionsofthestory.EffervescentWaley,primSeidenstickeror

suaveTyler一whowillyoutaketobedwithyoutonight?

4

WhatSantacanbringEasternEurope

RadekSikorskiforNATOchief

THEreindeerareharnessed,thesledgeladen.SowhatwillSantaClaus

bringtheex-communistcountriesforChristmas?Desirablepresentsare

easytothinkof.Arespitefromtheeconomicdownturn.Alesschauvinist

attitudefromRussia.AmoreconsiderateapproachfromGermany.Attention

fromthenewAmericanadministration.Butthesebelonginthesame

charmingbutunrealisticcategoryasachild'swish-listonwhich“no

school”,“afairycarriageand“machinegun”arescrawledincrayon.

Rathermorelikely-andgenuinelydesirable-wouldbetheappointmentof

someonefromtheonce-captivenationstoatopinternationaljob.Since

thecollapseofcommunism,therecordonthishasbeendismal.Russia

chairedtheG-8(thoughmostofthecountriesattendingtheStPetersburg

summitdidsowhilewincingattheirhost'sbehaviour).Sloveniaheld

theEuropeanUnion1spresidencycompetently(thoughcloseinspection

revealedatightFrenchembraceoftheEU'snominalleadership).

Butintermsofthebigappointments,suchasrunningtheEUCommission

andNATOoreventhelesserpostssuchasleadingtheOrganisationfor

SecurityandCo-operationinEurope,theCouncilofEurope,theEuropean

BankforReconstructionandDevelopmentoranythingattheUnitedNations,

itishardtofindanyonefromeasternEuropewhohasheldanything

remotelyresemblingatopjob.Themessageis:begratefulforyourEU

commissioners;nowshutup.

Thenewmember-statesofNATOandtheEUfeeltheyhavebeenratherpoorly

treatedinthepastyearorso.GermanysnubbedthemattheBucharestNATO

summit.TheEUtoldthemtheyweresillytocareaboutGeorgia,imposed

asingleflimsysanctiononRussiaandthenwasunabletomaintaineven

that.

MuchoftheresponsibilityforthislieswiththeFrenchpresident,

NicolasSarkozy.HehasalsoflirtedwiththeKremlin,snewschemefor

Europeansecurity.ThisinvolveskickingtheAmericansout,sidelining

NATO,andallowingRussiaandthebigEUcountriestostitchthingsup

betweenthem.

Inprivatebriefings,FrenchandotherwestEuropeanofficialsarealready

underminingtheupcomingCzechEUpresidency,sneeringandjeeringatthe

ideathatthedumpling-munchingpeasantsofBohemiacanmatchthegrandeur

ofFrance.Theyalsogrosslyoverstatetheimportance(moreaccurately:

nuisancevalue)oftheabrasiveCzechpresident,VaclavKlaus.AllEU

statesareequal,MrSarkozyconcedes.Butthebiggeroneshaveumore

responsibilities”(andarelessequal,GeorgeOrwellmighthave

concluded,thanothers).

Nextyear,iftheLisbontreatyisratified,thefollowingjobswillcome

open:presidentsoftheEUCommission(anexistingpost)andtheEUCouncil

(anewone),plusEUforeignminister,NATOsecretary-generaland

presidentoftheEuropeanparliament.Asthingsstand,theeastEuropeans

willgetonlythelastofthese-whichisbyfartheleastimportant.

Thatisnotjustunfair.It'srisky.ItwillalienatetheeastEuropeans

andmaketheirpoliticalelitesfeelmutinous.EastEuropeancountries

haveplentyofwaystoslowdownEUdecision-making.Sofar,theyhave

forthemostpartbeenatpainstoshowthattheyaregoodEuropeans.That

cannotbetakenforgranted.

Hereisapossiblewayout:theNATOtopjobshouldgotoaheavyweight

Atlanticistpolitician,withexpertiseindefencepolicy,fromanew

memberstate.Thatproducesashortlistofroughlytwo:RadekSikorski,

Poland'sforeignminister(andformerdefenceminister)orSashaVondra,

theCzechdeputyprimeminister.Poland'sstatusasadefenceheavyweight

makesMrSikorski'scasethestronger.Let'shopeSantaseesitthat

waytoo.

AmericantradeandbudgetdeficitshavegrownworseandTreasurySecretary

HenryPaulsonJr.,withPresidentHuJintaoofChina,hasnotbeenable

toallaytheproblem.

5

DollarShift:ChinesePocketsFilledas

Americans'Emptied

Usuallyit'stherichcountrylendingtothepoor.Thistime,it'sthe

poorcountrylendingtotherich.”

一NiallFerguson

WASHINGTON—InMarch2005,alow-keyPrincetoneconomistwhohadbecome

aFederalReservegovernorcoinedanoveltheorytoexplainthegrowing

tendencyofAmericanstoborrowfromforeigners,particularlytheChinese,

tofinancetheirheavyspending.

Theproblem,hesaid,wasnotthatAmericansspendtoomuch,butthat

foreignerssavetoomuch.TheChinesehavepiledupsomuchexcesssavings

thattheylendmoneytotheUnitedStatesatlowrates,underwriting

Americanconsumption.

Thiscolossalcreditcyclecouldnotlastforever,hesaid.Butinaglobal

economy,thetransferofChinesemoneytoAmericawasamarketphenomenon

thatwouldtakeyears,evenadecade,toworkitselfout.Fornow,hesaid,

“weprobablyhavelittlechoiceexcepttobepatient.”

Today,thedependenceoftheUnitedStatesonChinesemoneylooksless

benign.Andtheeconomistwhoproposedthetheory,BenS.Bernanke,is

dealingwiththeconsequences,havingbeenpromotedtochairmanofthe

Fedin2006,asthesecross-bordermoneyflowswerereachingstratospheric

levels.

Inthepastdecade,Chinahasinvestedupwardof$1trillion,mostly

earningsfrommanufacturingexports,intoAmericangovernmentbondsand

government-backedmortgagedebt.Thathasloweredinterestratesand

helpedfuelahistoricconsumptionbingeandhousingbubbleintheUnited

States.

China,someeconomistssay,lulledAmericanconsumers,andtheirleaders,

intocomplacencyabouttheirspendthriftways.

“Thiswasablinkingredlight,“saidKennethS.Rogoff,aprofessor

ofeconomicsatHarvardandaformerchiefeconomistattheInternational

MonetaryFund."Weshouldhavereactedtoit?“

Inhindsight,manyeconomistssay,theUnitedStatesshouldhave

recognizedthatborrowingfromabroadforconsumptionanddeficit

spendingathomewasnotaformulaforeconomicsuccess.Evenasthat

weaknessisbecomingmorewidelyrecognized,however,theUnitedStates

islikelytobemoreaddictedthanevertoforeigncreditorstofinance

recordgovernmentspendingtorevivethebrokeneconomy.

Tobesure,therewerefewreadyremedies.Somecriticsarguethatthe

UnitedStatescouldhavepushedBeijinghardertoabandonitspolicyof

keepingthevalueofitscurrencyweak一apolicythatmadeitsexports

lessexpensiveandhelpedturnitintotheworld,sleadingmanufacturing

power.IfChinahadalloweditscurrencytofloataccordingtomarket

demandinthepastdecade,itsexportgrowthprobablywouldhavemoderated.

Anditwouldnothaveacquiredthesamevasthoardofdollarstoinvest

abroad.

OtherssaytheFederalReserveandtheTreasuryDepartmentshouldhave

seentheChineselendingforwhatitwas:agiantstimulustotheAmerican

economy,notunlikeinterestratecutsbytheFed.Thesecriticssaythe

FedunderAlanGreenspancontributedtothecreationofthehousingbubble

byleavinginterestratestoolowfortoolong,evenasChineseinvestment

furtherstokedaneasy-moneyeconomy.TheFedshouldhavecutinterest

rateslessinthemiddleofthisdecade,theysay,andstartedraising

themsooner,tohelpreducespeculationinrealestate.

Today,withthewreckagearoundhim,Mr.Bernankesaidheregrettedthat

morewasnotdonetoregulatefinancialinstitutionsandmortgage

providers,whichmighthavepreventedthefloodofinvestment,including

thatfromChina,frombeingsobadlyused.ButtheFed,srolein

regulationislimitedtobanks.Andstricterre