For such as I to take or leave withal, [1];In unexpected largesse ? am I cold

把这罕见的舍施丢下;教我拿什么;来作为你应得的报答?请不要

||1: The origins of higher prices matter. ||2: Supply shocks, for instance, do more damage to global growth than higher prices that are the consequence of stronger demand. ||3: One frequent explanation of the current rise is that central-bank largesse has sent oil prices higher. ||4: In recent months the world’s big central banks have all either injected liquidity, expanded quantitative easing (printing money to buy bonds) or promised to keep rates low for longer. ||5: This flood of cheap money, so the argument goes, has sent investors into hard assets, especially oil. ||6: But since markets are forward-looking, the announcement rather than the enactment of QE should move oil prices; indeed, the chairman of the Federal Reserve, Ben Bernanke, disappointed markets last month by not signalling another round of QE (see Buttonwood). ||7: Moreover, if rising prices are being driven by speculators you should see a rise in oil inventories—exactly the opposite of what has happened.

||1:高油价的源头至关重要。||2:比如，像供应异动对全球经济造成的危害就比需求走强型油价攀升大。||3:对于目前的上涨，一个常被用到的解释就是央行的慷慨救助推升了油价。||4:在近几个月里，全球各大央行不是在注入流动性，增加量化宽松（印钱买国债），就是在保证延长保持低利率的期限。||5:就像争论的那样，廉价资金（不只是低息贷款，还有货币的贬值等）的涌入早把投资者推到了硬资产那边，特别是石油那里。||6:不过因为市场是有预测性的，所以是量化宽松的宣布提升了油价，而不是实施。确实，上个月美联储主席本伯南克宣布没有下一轮量化宽松，是让市场很失望的。||7:另外，如果价格上涨是由投机者造成的，你将会看到原油库存的增加——这完全与事实背道而驰。

||1: The origins of higher prices matter. ||2: Supply shocks, for instance, do more damage to global growth than higher prices that are the consequence of stronger demand. ||3: One frequent explanation of the current rise is that central-bank largesse has sent oil prices higher. ||4: In recent months the world’s big central banks have all either injected liquidity, expanded quantitative easing (printing money to buy bonds) or promised to keep rates low for longer. ||5: This flood of cheap money, so the argument goes, has sent investors into hard assets, especially oil. ||6: But since markets are forward-looking, the announcement rather than the enactment of QE should move oil prices; indeed, the chairman of the Federal Reserve, Ben Bernanke, disappointed markets last month by not signalling another round of QE (see Buttonwood). ||7: Moreover, if rising prices are being driven by speculators you should see a rise in oil inventories—exactly the opposite of what has happened.

||1:其中较高价格的起源关系重大。||2:举例来说，供给冲击对全球增长的危害要远大于需求增加导致的价格上涨。||3:一种常见的解释是，中央银行增加货币供给推动了价格上涨。||4:最近的几个月里，世界各大央行都向市场注入了流动性，实行量化宽松政策（印更多的钞票购买债券）或者承诺现行的低利率将维持一段时间。||5:这样一大批廉价货币让投资者涌入了硬资产领域，特别是石油，因此争论还在继续。||6:但由于市场具有前瞻性，所以左右油价的应该是官方声明而不是量化宽松政策的实施。实际上，美联储主席本﹒伯南克并没有签署另一轮量化宽松政策（见《梧桐》），这一举动无疑挫败了市场信心。||7:此外，如果价格被投机者操控，那么原油存货应该增加，而事实却恰好相反。

Stanford’s business school spent 345m on its new campus, largely thanks to the largesse of Phil Knight, the founder of Nike.

斯坦福商科学院为其新校已投资3.45亿美元，该笔资金主要来源于耐克品牌创始人菲尔·奈特的慷慨赠与。

Compared with the many banks which are flourishing only thanks to state largesse , BlackRock’s success—based on providing value to customers and paying attention to detail—is well-deserved.

同许多依靠政府援手才能风光无限的银行相比，贝莱德的成功—基于让客户实现盈利及注重细节—实至名归。

That is refreshing. Politicians usually promise subsidies and largesse for special interests.

这想法很新鲜。因为政客们通常都只是承诺给补助金并且出于特殊利益才慷慨赠予。

Unfortunately, this gesture of largesse comes with a price tag much bigger than that $100 bowl.

不幸的是，这种慷慨大度的姿态却有比100美元一碗更高昂的价签。

Other reds seem more interested in basking in Mr Thaksin’s popularity and milking his largesse .

但其他红衫军成员似乎更愿意沉浸在他信的高支持率以及利用其慷慨的捐赠中。

And yet there is still a sense of entitlement and inertia, particularly among those who are used to benefiting from the state’s largesse .

但仍然有人存在理所应得和懒惰的思想，尤其是那些习惯了从国家的慷慨中获益的人。

But defence benefited much less than other departments from the largesse of the boom years (see chart).

但是国防从繁荣时期的派发中受益比其他部门少（见图表）。

But now China is facing the consequences of its largesse .

但是中国现在要面对着这一慷慨大气的后果。

In the short term public largesse is a necessary response to the slump in private demand.

短期内公共财政的慷慨是对私人需求萎缩的必要反应。

And there will be more lay-offs by the many private firms that have come to rely on public-sector largesse .

而大量依靠公共部门吃饭的私人公司也将使下岗人数增加。

Stories of Mr Kim’s largesse suggest there is considerable scope for definition.

而各种有关金正日慷慨赏赐的传言意味着，有待界定的奢华品范围相当广泛。

Non-European members would also prevent the IMF from offering such indefinite largesse .

非欧盟成员国也将阻止IMF提供这类无限期的慷慨援助。

The Finns’ entitlement to a generous state pension and other largesse counts for more than a nest egg to call one’s own.

芬兰人在慷慨的国家养老金以及其他大方的福利中的权利要比他们所拥有的储蓄金有价值得多。

High oil prices give petro-economies the wherewithal to counter discontent by dispensing largesse .

高油价为产油国揽入资金，使其能够以慷慨施舍压制不满情绪。

The public finances, at the state and central level, can hardly support this largesse .

各邦与中央政府的公共财政难以支持这种慷慨。

Japan’s largesse now appears to have captured the project, according to officials in Beijing, Tokyo and Moscow.

根据在北京、东京和莫斯科的官员透露，日本的慷慨解囊现在显然已经赢得了该工程项目。

Cuba now receives Venezuelan largesse on a scale similar to that once supplied by the Soviet Union.

古巴现在接受的委内瑞拉慷慨资助在规模上堪比当年苏联所提供的。

The chemical enterprise is a beneficiary of that largesse .

化工企业是这种发展中的受益者。

That said, with gold trading at almost $900 an ounce now, the company is showing three times as much largesse as it did in 2000.

话虽如此，在目前黄金价格接近每盎司900美元的情况下，该公司捐赠的数额是2000年时的三倍。

Today’s “supercapitalism” is based on fierce global competition in which firms can no longer afford such largesse .

今天的“超级资本主义”的基础是残酷的全球竞争，公司实在无法继续慷慨大度。

But despite the government’s largesse , America’s recession has been deep and its impact on the rest of the world profound.

尽管政府慷慨救援，但美国经济衰退严重并对世界其他国家的影响深远。

Cheap credit and government largesse are palliatives that at some point will be withdrawn.

廉价信贷与政府大量支出只是缓和手段，到一定时候将被撤消。

Ronald Reagan, well on his way to slashing his predecessor’s largesse toward clean energy, killed the investment tax credit.

罗纳尔多·里根——当时已经在大张旗鼓地削减其前任对清洁能源的补贴——把投资税务抵免取消掉了。

Moulton insisted that he did not seek or receive any benefits from the Tories as a result of his financial largesse .

默尔顿坚称他没有为他对保守党的资助寻求或获得任何利益。

It is not clear whether, in its 2010 budget, the government will be able to cut enough waste to pay for such largesse .

目前尚不清楚新政府是否能在其2010年预算中，砍去足够多的浪费项目，以使其有能力为此类政策慷慨解囊。

The NGOs which accepted BP’s largesse presumably now wish that they had brought a longer spoon to the feast.

那些接受了BP钱物的NGO现在也许会希望当时它们应该带更长的勺子去参加这场盛宴。

Critics contrast this largesse with the government’s failure to help Nortel.

批评家将政府在这方面的出手阔绰与救助北电不利相提并论。