那么为什么伯南克的美联储如今也跟10年前的日本银行一样的那么被动呢？
So why is the Bernanke Fed being just as passive now as the Bank of Japan was a decade ago?
一些地区联邦储蓄银行对刺激政策表示怀疑，并提及紧缩信贷的需要，伯南克尚未表明他对美联储下一步行动的倾向。
Some regional Fed presidents who were skeptical of stimulus have talked about the need to tighten credit, and Bernanke has yet to indicate his preference for the Fed's next move.
但是伯南克先生可以在无力阻止这种散漫言行时，清楚地表明他们那些并不代表美联储的全面政策。
But while Mr. Bernanke doesn’t have the authority to stop that loose talk, he could make it clear that it doesn’t represent overall Fed policy.
我撰写这篇文章时，全世界的投资者都在焦急地等待伯南克在怀俄明州杰克逊城举行的美联储年度例会上的讲话。
As I write this, investors around the world are anxiously awaiting Ben Bernanke's speech at the annual Fed gathering at Jackson Hole, Wyo.They want to know whether Mr.
换句话说，有迹象表明伯南克领导的美联储将竭尽所能尽快将通胀率维持在适当的范围之内。
No sign there, in other words, that the Bernanke Fed is in any great hurry to get inflation back within range.
我撰写这篇文章时，全世界的投资者都在焦急地等待伯南克在怀俄明州杰克逊城举行的美联储年度例会上的讲话。
As I write this, investors around the world are anxiously awaiting Ben Bernanke's speech at the annual Fed gathering at Jackson Hole, Wyo.
几乎肯定的是，伯南克希望新监管者是美联储。
投资者们听信伯南克的引导并认为美联储将不会过多采取货币紧缩政策，从而导致股价上涨，而债券利息下降，美元贬值。
Share prices rose and bond yields and the dollar fell as investors listened to Mr. Bernanke and decided the Fed might not tighten policy much more after all.
现在，唯有伯南克才可以正式地行使这种极高的权力，这也是他正在做的事情——他上周宣布，美联储将向金融体系追加注入1万亿美元。
Only Mr. Bernanke is formally in a position to exercise that high authority now, which he is doing — he announced last week that the Fed would inject an extra $1 trillion into the financial system.
伯南克的传达的信息相当于，美联储不打算采取任何行动，直到上帝知道何时最佳。
The message from Bernanke is pretty much that they're not going to do anything on tightening until God knows when.
伯南克去年做了如下决定：调用美联储的紧急权力，增加央行资产负债表的抵押贷款和其他资产，克鲁格曼称这“是纯粹的托宾式做法”。
The decision by Bernanke last year to invoke the Fed's emergency powers and put mortgages and other assets on the central bank's balance sheet "is pure Tobin," Krugman said.
伯南克昨天在其国会证词中给金融市场发出了一个明确而响亮的信息：美联储正“准备”而且“有能力”应对美国经济。
In his Congressional testimony yesterday, Mr. Bernanke had a clear and loud message to financial markets: the Fed is "prepared" and have the "means" to take action on the economy.
如果伯南克先生这个星期的目标是为政策实施制造余地，并为美联储提供选择暂停其利率紧缩，那么他实现了，但仅仅是在部分价格达到一致的条件下。
If Mr. Bernanke's aim this week was to create room for manoeuvre and give the Fed the option to pause in its rate-tightening, he achieved it—but at the price of some coherence.
伯南克于2006年受任执掌美联储，很大程度上是因为他的学术造诣。
Mr Bernanke was appointed to the Fed in 2006 largely on his academic credentials.
这正是货币“直升机下落”，米尔顿·弗雷德曼使其声名显赫，而时任美联储理事的伯南克先生在2002年演讲时，令其声名狼藉。
This is the "helicopter drop" of money made famous by Milton Friedman and notorious by Mr Bernanke in a 2002 speech when he was still a Fed governor.
美元贬值多少和多快将取决于金融市场如何看待伯南克对于通胀的关注，他们对美联储越乐观，美元贬值将越快。
How far and fast the dollar falls will depend in part on how financial markets view Mr Bernanke's concerns about inflation. The more sanguine they think the Fed is, the faster the likely slide.
一旦经济复苏确立，同时失业率下降，伯南克必须上调利率，并缩减美联储的资产负债表。这将导致国会，也许还有奥巴马的攻击。
Once the recovery is entrenched and unemployment is falling, he will have to raise interest rates and shrink the Fed's balance-sheet, inviting attack from Congress and perhaps Mr Obama.
2000年的时候，伯南克先生指责日本银行遭受“内部引发的瘫痪”；嗨，现在美联储遭受的是一种外部引发的瘫痪。
Back in 2000, Mr. Bernanke accused the Bank of Japan of suffering from "self-induced paralysis"; well, now the Fed is suffering from externally induced paralysis.
伯南克先生指出基于采用的通胀标准所作出的同时期预测，美联储实际上相当严格的遵循了泰勒规则。
Mr Bernanke points out that based on contemporary forecasts for its preferred inflation measure, the Fed actually followed the Taylor rule reasonably closely.
近来，我们看到伯南克领导下的美联储比格林斯潘时代对金融危机的反应更为激烈。
Recently we have witnessed the Bernanke-led Fed reacting even more dramatically to a financial crisis than did the Greenspan Fed.
难怪队伯南克先生的一些批评出于真诚的知识信念，但对美联储攻击的核心原因却是地地道道的自我利益作怪。
No doubt some of Mr. Bernanke's critics are motivated by sincere intellectual conviction, but the core reason for the attack on the Fed is self-interest, pure and simple.
伯南克说，不必担忧：美联储拥有消除美国版日本综合症的所需工具并会在必要的时候使用它们。
Not to worry, said Mr. Bernanke: the Fed had the tools required to head off an American version of the Japan syndrome, and it would use them if necessary.
毫无疑问，伯南克正处在两难的境地中，这部分是美联储自找的。
And we'll admit Mr. Bernanke is in a fix, partly of the Fed's own making.
毫无疑问，伯南克正处在两难的境地中，这部分是美联储自找的。
And we'll admit Mr. Bernanke is in a fix, partly of the Fed's own making.
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