Hoarfrost thinks we should remember ping-pong diplomacy in order to understand the importance of people-to-people exchanges in establishing human bonds between peoples.

霍尔弗罗斯特认为，我们应该记住乒乓外交，从而理解人文交流在建立人与人之间的纽带方面的重要性。

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The first step is to take yields on gilts (government bonds) and treasury bills (the closest instrument to cash) in each year and rank them in descending order of the gap.

第一步，每年通过金边债券（国债）和短期国债（与现金就接近的金融产品）获得收益，并且依收益差距递减排列。

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Then the U.S. is confronted with the possibility that foreigners may sell their bonds or stocks and return the cash from the sale in order to return to their local currency.

那样的话美国会面临这种可能：外国人会为了重新持有他们的本国货币而卖掉债券或股票获得美元现金。

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Overseas, Jean-Claude Trichet, head of the European Central Bank, said he welcomed the pledge of European leaders to publish the results of their stress tests on banks and indicated that the need to buy troubled government bonds in order to calm markets appears to be diminishing.

FORBES

Thus someone needs to be buying lots of bonds in order to keep prices up and yields down, to stop this death spiral happening.

FORBES: The Euro Rescue Isn't Going to Work

Just as a poor credit risk has to pay banks a higher interest rate on loans, so a company or government that is a poor credit risk has to pay a higher yield on its bonds in order to entice investors to buy them.

FORBES: Might Be A Great Time To Be A Bond Bear