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ECONOMICS REPORT - Debt, Recession Worries Bring Volatility to World Markets

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This is the VOA Special English Economics Report.

A "rollercoaster ride" is one description for these days of scary ups and downs in financial markets. If you want to use a more technical term, the markets are showing volatility.

Thursday was another example of a day of strong gains on the New York Stock Exchange after a day of heavy losses.

Major measures of United States markets have closed with their biggest one-day losses since the financial crisis of two thousand eight. Asia and Europe have also had sharp declines.

Volatile markets can react suddenly in wild and unpredictable ways. Usually some kind of shock, or more than one, is involved.

For example, last Friday, one of the three major credit rating agencies downgraded long-term United States government debt. Standard & Poor's lowered its opinion of Treasury securities one step from the highest rating, triple-A, to AA-plus.

But shocks like a hopeful jobs report or good earnings results can stop a fall and send prices higher. Also, when prices fall, investors may find good deals and start buying.

The United States held S&P's top rating for seventy years and never had a downgrade. But many investors were expecting that to happen even after the budget deal in Washington. Congress last week agreed to increase the government's borrowing limit in return for steps to cut spending and reduce the deficit.

S&P says it thinks America's debt will only increase in the future. President Obama disagreed.

BARACK OBAMA: "The fact is, we didn't need a rating agency to tell us that we need a balanced, long-term approach to deficit reduction.  That was true last week, that was true last year, that was true the day I took office."

He said this week that markets still consider United States credit "as among the world's safest."

Still, there are growing worries of another recession -- a double dip. On Tuesday, policy makers at the central bank said economic growth so far this year has been "considerably slower" than they had expected. The Federal Reserve said it would likely keep short-term interest rates near zero for at least two more years.

Borrowing costs for the United States remain very low. But debt worries in two of Europe's biggest economies have increased costs for their governments in recent weeks.

On Monday the European Central Bank began buying debt securities from Spain and Italy. These efforts have helped push down interest rates for those countries.  Nick Parsons, an economist with the National Australia Bank, says the bank made the right move.

NICK PARSONS: "It has been an absolutely critical decision."

But he also thinks the bank will have to buy more. And Europe must still deal with the rescues of Greece, Ireland and Portugal.

And that's the VOA Special English Economics Report. I'm Mario Ritter.

___

Contributing: Michael Bowman, Selah Hennessy

网友的学习评论(9条):
作者:lvjiaying1984
To tell the truth, because I know little about economics, I cannot fully understand what is being talkedabout in the article, but I do understand that the prices are on the rise in an extent never before. The CPI grew up by six point five percent last month. The ingredient that contributes the most to the price growing of the CPI is the growing price of the pork. When CPI grows, the prices of nearly everything grow and thus this means that the value of the money stored in the bank has
作者:lvjiaying1984
decreased. So it is quite likely that someone has stolen money from the bank where you saved your money. Several years ago, when the CPI didn't grow or relatively grew in a relatively slow pace, the price of the pork is about twelve or fourteen yuan per kilogram, but now to much surprise, the price of the meat has grown to about twice as much as it was ten years ago, buying the same quality of pork. Several days ago, I read an article praising the good points Zhu Rongji had gained
作者:lvjiaying1984
because in his period of being the prime minister, the price of everything nearly stays still. Most people think it is Zhu's effort that had made it. But in my opinion, the reasons why the prices grow up quickly in recent months are among the most complicated issues we should understand. It is easy to see that during the last ten years, when Hu was the president, the economy was developing faster than ever before. And the government the center of the leadership is Hu,
作者:lvjiaying1984
has achieved things far more than the sad aspects of the rising of the CPI. The new government has also settled some problems concerning about the life of the people living in the countryside, but who have transplanted to the city, where it was impossible to enter a school without the household register. And the gap between the students in the countryside and the ones in the city has also been settled. Before, the students living in the countryside enjoyed poor education,
作者:lvjiaying1984
suffering from incompetent teachers, unsteady school buildings and something like that. Now all the students throughout the city share the same sources of education. There is also a change. The students living in the city, can enter the high school with a lower score compared with the students living in the countryside which is quite unfair.
作者:nothings
The prices of home has increased about tenfold than the years ago. And the oil of the international increase,our price will increase at once,but the international's has dropped down eighty dollors every barrel,but our will not decrease.Beacuse the price of oil will increase forever, the paymant and the raw material will also increase .So the CIP and GDP will increase, that make the producationcompanies will worse to work,becuse everything will increase but the price of the store will not
作者:nothings
increase,so there is a great problems or risk by producaion companies.And our country is a big producation country, so I think there maybe some problems happen.
作者:Youncy
I agree. Education is a huge burden for us common people , so is the high price of houses.
作者:rain
I agree with Lvjiaying1984,his english seems wonderful and he always release his mind.
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