One nation overdrawn

　　歐洲的問題不在于貨幣

　　Lessons for Europe from Americas history

　　美國歷史對今天歐洲的啟示

　　IN THE frantic race to save the euro, manyEuropeans have sought inspiration from the UnitedStates, perhaps the most successful monetaryunion in history. Germanys council of economicexperts has proposed a debt redemption pactmodelled on the American federal governmentsassumption of state debts in 1790. To Europeanfederalists, America demonstrates that monetary union cannot survive without fiscal union.And proponents of a European lender of last resort to insulate sovereigns from liquiditycrises note how America can still borrow at 2% thanks to a deep and liquid government bondmarket backstopped by the Federal Reserve.

　　在拯救歐元的燃眉時刻，很多歐洲人試圖從美國經驗中尋找啟示，因為美國的貨幣聯盟大概是歷史上最成功的了。德國的經濟專家委員會最近提出的債務救贖協議， 就是以1790年美國聯邦政府承擔州政府債務的行動為范本的。在歐洲的聯邦主義者看來，美國歷史已經證明，沒有財政聯盟的支持，貨幣聯盟不可能獨立存在。為了避免主權基金發生流動性危機，一些人士認為，應當有一個統一的歐洲債權人作為最終保障。他們注意到，正是由于美國存在著一個由聯邦儲備作后盾的豐富并流動性高的公債市場，政府才能仍以2%的低利率借貸。

　　Look more carefully, however, and the American example is more complicated. Fiscal andcurrency union did indeed kick-start Americas early economic development. But fiscal andmonetary frameworks were so rudimentary that they contributed little to nation-building.

　　但仔細考察一下就可以發現，美國的經驗沒有人們想象的那么簡單。財政聯盟和貨幣聯盟確實促進了美國初期的經濟發展，但當時兩者的結構仍是非常初級的，對于美國的立國過程并沒有發揮太大作用。

　　America began life as a fiscal basket-case. The federal and state governments were deeply inarrears on loans taken out to finance their war for independence from Britain; federal debttraded at 50 cents on the dollar, state debt for 20 cents or less. Alexander Hamilton, the firstTreasury secretary, considered it vital to Americas economic health to re-establish faith in thenational credit. He proposed in 1790 that the federal government assume the states wardebts and then arrange a new schedule of payments and interest to refinance all of therepublics unpaid bills. Holders of the restructured bonds would be encouraged to exchangethem for capital in a new central bank that would issue a uniform currency to unify the statesfinancial systems.

　　建國初期，美國的財政狀況非常困頓。為籌措資金支撐脫離英國的獨立戰爭，聯邦和州政府都承受著沉重的債務負擔。聯邦債券只能以面值的一半價格出售，而州政府債券只能以20%甚或更低價格出售。因此，美國第一任財長亞歷山大?漢密爾頓認為，重振人們對國債的信心，對美國經濟的健康發展至關重要。于是他在 1790年提出，由聯邦政府承擔州政府的所有戰爭欠款，并安排新的還本付息計劃，為全國所有未償付債務進行再融資。政府鼓勵新公債持有人到新的中央銀行把手中公債兌換為現金，而中央銀行將發行單一貨幣以統一各州的財政系統。

　　Foreshadowing the rifts within Europe today, Hamiltons plan was deeply divisive. Virginia andother southern states that had paid off their debts resented being asked to pay taxes to bailout the others. Hamilton at one point feared for the future of the union if his plan did not pass: Our credit will burst and vanish; and the States separate, to take care every one of itself.

　　和今天歐洲內部紛爭的狀況類似，漢密爾頓的計劃當時也是毀譽參半。弗吉尼亞和南方其它已付清債務的各州，都不愿再交稅以幫助其它州還債。漢密爾頓曾擔心，他的計劃如果通不過，會危及聯邦的命運：我們的債務系統會崩潰以至消失，各州將分道揚鑣，各顧各的。

　　One nation overdrawn

　　歐洲的問題不在于貨幣

　　Lessons for Europe from Americas history

　　美國歷史對今天歐洲的啟示

　　IN THE frantic race to save the euro, manyEuropeans have sought inspiration from the UnitedStates, perhaps the most successful monetaryunion in history. Germanys council of economicexperts has proposed a debt redemption pactmodelled on the American federal governmentsassumption of state debts in 1790. To Europeanfederalists, America demonstrates that monetary union cannot survive without fiscal union.And proponents of a European lender of last resort to insulate sovereigns from liquiditycrises note how America can still borrow at 2% thanks to a deep and liquid government bondmarket backstopped by the Federal Reserve.

　　在拯救歐元的燃眉時刻，很多歐洲人試圖從美國經驗中尋找啟示，因為美國的貨幣聯盟大概是歷史上最成功的了。德國的經濟專家委員會最近提出的債務救贖協議， 就是以1790年美國聯邦政府承擔州政府債務的行動為范本的。在歐洲的聯邦主義者看來，美國歷史已經證明，沒有財政聯盟的支持，貨幣聯盟不可能獨立存在。為了避免主權基金發生流動性危機，一些人士認為，應當有一個統一的歐洲債權人作為最終保障。他們注意到，正是由于美國存在著一個由聯邦儲備作后盾的豐富并流動性高的公債市場，政府才能仍以2%的低利率借貸。

　　Look more carefully, however, and the American example is more complicated. Fiscal andcurrency union did indeed kick-start Americas early economic development. But fiscal andmonetary frameworks were so rudimentary that they contributed little to nation-building.

　　但仔細考察一下就可以發現，美國的經驗沒有人們想象的那么簡單。財政聯盟和貨幣聯盟確實促進了美國初期的經濟發展，但當時兩者的結構仍是非常初級的，對于美國的立國過程并沒有發揮太大作用。

　　America began life as a fiscal basket-case. The federal and state governments were deeply inarrears on loans taken out to finance their war for independence from Britain; federal debttraded at 50 cents on the dollar, state debt for 20 cents or less. Alexander Hamilton, the firstTreasury secretary, considered it vital to Americas economic health to re-establish faith in thenational credit. He proposed in 1790 that the federal government assume the states wardebts and then arrange a new schedule of payments and interest to refinance all of therepublics unpaid bills. Holders of the restructured bonds would be encouraged to exchangethem for capital in a new central bank that would issue a uniform currency to unify the statesfinancial systems.

　　建國初期，美國的財政狀況非常困頓。為籌措資金支撐脫離英國的獨立戰爭，聯邦和州政府都承受著沉重的債務負擔。聯邦債券只能以面值的一半價格出售，而州政府債券只能以20%甚或更低價格出售。因此，美國第一任財長亞歷山大?漢密爾頓認為，重振人們對國債的信心，對美國經濟的健康發展至關重要。于是他在 1790年提出，由聯邦政府承擔州政府的所有戰爭欠款，并安排新的還本付息計劃，為全國所有未償付債務進行再融資。政府鼓勵新公債持有人到新的中央銀行把手中公債兌換為現金，而中央銀行將發行單一貨幣以統一各州的財政系統。

　　Foreshadowing the rifts within Europe today, Hamiltons plan was deeply divisive. Virginia andother southern states that had paid off their debts resented being asked to pay taxes to bailout the others. Hamilton at one point feared for the future of the union if his plan did not pass: Our credit will burst and vanish; and the States separate, to take care every one of itself.

　　和今天歐洲內部紛爭的狀況類似，漢密爾頓的計劃當時也是毀譽參半。弗吉尼亞和南方其它已付清債務的各州，都不愿再交稅以幫助其它州還債。漢密爾頓曾擔心，他的計劃如果通不過，會危及聯邦的命運：我們的債務系統會崩潰以至消失，各州將分道揚鑣，各顧各的。