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　　Conventional wisdom has it that large deficits in the United States budget cause interest rates to rise. Two main arguments are given for this claim. According to the first, as the deficit increases, the government will borrow more to make up for the ensuing shortage of funds. Consequently, it is argued, if both the total supply of credit (money available for borrowing) and the amount of credit sought by nongovernment borrowers remain relatively stable, as is often supposed, then the price of credit (the interest rate) will increase. That this is so is suggested by the basic economic principle that if supplies of a commodity (here, credit) remain fixed and demand for that commodity increases, its price will also increase. The second argument supposes that the government will tend to finance its deficits by increasing the money supply with insufficient regard for whether there is enough room for economic growth to enable such an increase to occur without causing inflation. It is then argued that financiers will expect the deficit to cause inflation and will raise interest rates, anticipating that because of inflation the money they lend will be worth less when paid back.
　　Unfortunately for the first argument, it is unreasonable to assume that nongovernment borrowing and the supply of credit will remain relatively stable. Nongovernment borrowing sometimes decreases. When it does, increased government borrowing will not necessarily push up the total demand for credit. Alternatively, when credit availability increases, for example through greater foreign lending to the United States, then interest rates need not rise, even if both private and government borrowing increase.
　　The second argument is also problematic. Financing the deficit by increasing the money supply should cause inflation only when there is not enough room for economic growth. Currently, there is no reason to expect deficits to cause inflation. However, since many financiers believe that deficits ordinarily create inflation, then admittedly they will be inclined to raise interest rates to offset mistakenly anticipated inflation. This effect, however, is due to ignorance, not to the deficit itself, and could be lessened by educating financiers on this issue.
　　文章概况:文章开始就说美国大量赤字导致利率上升,后面给了两个观点来说明为什么会导致利率上升.第二段开头就说其实一、个观点不对,因为一、个观点假设 nongovernment borrowing and the supply of credit将会维持稳定.第三段说第二个观点也不对,因为通过金钱供给增多导致的赤字会只有经济增长没有足够的空间时才会导致通货膨胀!
　　Question #33. 154-01 (22788-!-item-!-188;#058&000154-01)
　　Which of the following best summarizes the central idea of the passage?
　　(A) A decrease in nongovernment borrowing or an increase in the availability of credit can eliminate or lessen the ill effects of increased borrowing by the government.
　　(B) Educating financiers about the true relationship between large federal deficits and high interest rates will make financiers less prone to raise interest rates in response to deficits.
　　(C) There is little support for the widely held belief that large federal deficits will create higher interest rates, as the main arguments given to defend this claim are flawed.
　　(D) When the government borrows money, demand for credit increases, typically creating higher interest rates unless special conditions such as decreased consumer spending arise.
　　(E) Given that most financiers believe in a cause-and-effect relationship between large deficits and high interest rates, it should be expected that financiers will raise interest rates.
　　问主旨,我们直接看选项
　　A 非的borrowing下降或者credit的上升能够消除或缓解borrow的增加带来的负面影响.没说过,
　　B 教育金融学家赤字和高利率之间的关系将会使金融学家不太倾向于提高利率,没说过,
　　C 有一种观点认为赤字会导致高利率,而支持这个观点的一些理由是错误的,和文章的outline一致,留下
　　D 当借钱,对于credit的需求增加,后面说什么消费者spending上升,没说过,
　　E 选项中说it should be expected that financiers will raise interest rates,明显属于预测未来的主观答案,
　　It can be inferred from the passage that proponents of the second argument would most likely agree with which of the following statements?
　　(A) The United States government does not usually care whether or not inflation increases.
　　(B) People in the United States government generally know very little about economics.
　　(C) The United States government is sometimes careless in formulating its economic policies.
　　(D) The United States government sometimes relies too much on the easy availability of foreign credit.
　　The United States government increases the money supply whenever there is enough room for growth to support the increase.
　　问支持第二个argument的人观点是什么?显然问的是一、段的后半部分,我们把这句话读一下The second argument supposes that the government will tend to finance its deficits by increasing the money supply with insufficient regard for whether there is enough room for economic growth to enable such an increase to occur without causing inflation. It is then argued that financiers will expect the deficit to cause inflation and will raise interest rates, anticipating that because of inflation the money they lend will be worth less when paid back.大概说的是将通过增加金钱供给来缓解赤字但是并没有足够是否存在经济足够的增长空间又说通货膨胀导致利率增加.我们来看看选
　　A 美国并不关心通货膨胀是否增加,没提,
　　B 美国中的人对经济一无所知,有还幻觉的选项,
　　C 美国在制定政策时粗心大意,文章说的就是没有充分考虑一个什么东西就开始增加金钱供给了,有点关系,先留着
　　D美国有时候过多依靠e easy availability of foreign credit,没提过,
　　E 美国只要有足够的经济空间就会增加金钱供给,想选这个吧,我一看这就是个骗我的答案,文章说美国没有考虑通货膨胀的问题就增加了金钱供给,这个说的是whenever,就是考虑了通货膨胀,虽然词汇对应的令人发指,但方向反了!

　　Which of the following claims concerning the United States government's financing of the deficit does the author make in discussing the second argument?
　　(A) The government will decrease the money supply in times when the government does not have a deficit to finance.
　　(B) The government finances its deficits by increasing the money supply whenever the economy is expanding.
　　(C) As long as the government finances the deficit by borrowing, nongovernment borrowers will pay higher interest rates.
　　(D) The only way for the government to finance its deficits is to increase the money supply without regard for whether such an increase would cause inflation.
　　Inflation should be caused when the government finances the deficit by increasing the money supply only if there is not enough room for economic growth to support the increase.
　　问美国 financing of the deficit作者对这个的态度是怎么样的?考的是作者对第二个观点的态度,这个态度显然不是在一、段,而是在第三段,第三段说的大概就是因为通过金钱供给增多导致的赤字会只有经济增长没有足够的空间时才会导致通货膨胀!我们来看选项
　　A 当这个没有deficit来资助的话这个将会减少money supply
　　B 只要经济蓬勃发展,就会通过增加金钱供给来资助deficit,没提,
　　C 只要通过borrowing来资助deficit,非的borrowers就会支付比较高的利率,没说,
　　D 增加金钱供给是资助deficit的方式,是否是的方式文章没有提到过,
　　E 这个选项和第三段内容几乎是一致的,留着
　　The author uses the term "admittedly" (see highlighted text) in order to indicate that
　　(A) the second argument has some truth to it, though not for the reasons usually supposed
　　(B) the author has not been successful in attempting to point out inadequacies in the two arguments
　　(C) the thesis that large deficits directly cause interest rates to rise has strong support after all
　　(D) financiers should admit that they were wrong in thinking that large deficits will cause higher inflation rates
　　(E) financiers generally do not think that the author's criticisms of the second argument are worthy of consideration
　　问的是后一段这个词所在那句话的功能,这个词给我的感觉就是虽然你这个家伙有一点正确,但是整体还是很扯淡的,我们来看选项
　　A 逻辑结构和这个词给我的提示是一样的,留着
　　B 不成功,admittedly这个词说还是有一定道理的,不是不成功,方向不对,
　　C 这个说has strong support,文章说虽然有一定道理,但整体还是有问题的,方向显然不对,
　　D financier在考虑某个问题的时候是错误的,即便留着这个选项,也没有A好,A更像佛
　　E financiers不认为作者对于 second argument是值得考虑的,文章说的是值得考虑的,只不过说第二个argument有问题罢了,