高三英语时文阅读选23篇

高三最新英语时文阅读选23篇12009politicalpredictions:Whatwillbethebigstory?(CNN)--Thispastyearwasfullofunexpectedtwistsandturnsonthecampaigntrail.BarackObamawilltakeofficewithabigto-dolistinfrontofhim.Withanewpresidenttakingoverandahostofproblemsawaitinghim,there'snotellingwhatwillhappenin2009.w.w.w.k.s.5.u.c.o.mCNN'spoliticalanalystsandcontributorsofferedupsomeoftheirpredictionsfortheupcomingyear:EdRollins,RepublicanstrategistThebiggeststorywillbethecontinuedviolenceintheMiddleEast--theIsrael/HamaswarandtheuncertaintyofwhetherwecanpullourtroopsoutofIraqandAfghanistan.WhilemostAmericansandournewpresidentwillbefocusedontheongoingeconomiccrises,thenationalsecurityteamofHillaryClinton,RobertGatesandretiredGen.JamesJoneswillbeinacrisis-a-daymodefortheforeseeablefuture.Thesecondarystorywillbewhoplaystheroleofthetheloyaloppositiontothenewpresident.WiththediminishedroleoftheRepublicanParty,doesitbecomeatrueoppositionpartyledbytheconservativesbuildingforthefuture,orisitapartythatcrossestheaisletoseekcompromisewiththeDemocratsandthenewpresident?More:PoliticianswhofellfromgraceAnddoesJohnMcCainplaytheleadroleinbecomingthefacilitatorforcompromise?IftheRepublicanPartyisnoteffective,doesthenationalmediabecometheoppositionvoice?JeffreyToobin,senioranalystTheoverarchingpoliticalissueof2009willbetheeconomy.ItappearsthatPresident-electBarackObamawillbenefitfromwidespreadgoodwilland--thoughthisisnotcertain--asensethatthingsarenearthebottom.Thegreatunknowniswhethertherewillbeanyturnaround.Ifthereis,lookforDemocratstotakecredit.Ifnot,lookforthemtocontinuetoblametheBushlegacy.Theeconomywillbecentralintwoverydifferentpoliticalraces.TheVirginiagovernor'sracewillhelpestablishwhetherthecommonwealthhasbecomeatrulybluestate.It'sanopenseatbecausecurrentGov.TimKaineisineligibletosucceedhimself.TheDemsaremostlylow-profilenames,exceptforTerryMcAuliffe,thegreatClintonfundraiser,whowantstorunforthefirsttime.TheotherraceisforNewYorkmayor.MikeBloombergengineeredachangeincitylawtoallowhimselftorunathirdtime,andhelookslikethefavoritetowin.Butwillthecity'smajoreconomicproblemspromptaseriouschallengertoemerge?I'llbewatching.JamesCarville,Democraticstrategistw.w.w.k.s.5.u.c.o.m2009willbeayearinwhichtheRepublicanPartywillbeconfrontedwithanear-catastrophicideologicalrift.Readaboutapredictionthat'pains'CarvilletomakeThereisnoobviousRepublicanleaderonthehorizon,andthepartyiscaughtbetweenitsSouthern/talk-radiobaseandtherestofthecountryonwhethertheyshouldopposeorcooperatewithObama'sadministration.ThecombinationofthelackofanobviousleaderandthegeneralpoliticalcombustibilityoftheRepublicanPartywillleadtoadangerousfissurethatwillplagueituntilthe2012electioncycle.HilaryRosen,DemocraticstrategistWillPresidentObama'ssolutionsfortheeconomybringpeopletogether?Obamamadealotofcampaignpromises--onesIknowheintendstokeep.Butfixinghealthcare,creatinganewenergypolicy,investingineducationandprovidingformiddle-classtaxreliefcostalotofmoney.Withaneconomyintatters,howthenewpresidentmarriesthisaggressiveagendatotheall-importanttaskoffixingtheeconomywillbethebiggeststoryof2009.Hestartswithtwothingsthatfewpresidentshavehad:ahugeamountofgoodwillfromtheAmericanpeopleand,importantly,acitizenrythatwantstoparticipateinthenewagenda.Theydon'tcarewhichboxtheycheckedonElectionDay.Theycareabouttheirfragilepaycheck.Itwillbeanexcitingyear,suretostartwithmorestockmarketscaresandmorelayoffs.ButIhaveahunchthatbynextNewYear'sEve,wewillberemarkingthatthebigpoliticalstoryof2009wasthesuccessofPresidentObama'sfirstyearinoffice.DonnaBrazile,Democraticstrategist2009willpresentuswiththemostfundamentalbreakinAmericanpoliticaleconomydiscoursesincetheelectionofRonaldReaganin1980.Whatistheroleofgovernment?Isgovernmenttheproblem(Reaganomics1980),orisgovernmentisafundamentalpartofthesolution(Obama2008).Thisisanepochalshift.FareedZakariastatedinNewsweekthat"governmentsaremorepowerfulthanmarkets."Thereisaneedforanewbalancebetweenthestate/governmentandmarkets.Marketfundamentalismfailed(marketsarenotself-regulatingasthebanks,BernardMadoff,WorldCom,etc.sopainfullyillustrated).Thequestion:Whatkindofgovernment?Thiswillbethechallengeofthenewpresident,hisadministrationandthenewCongress.LeslieSanchez,RepublicanstrategistThemostinterestingpoliticalstoryin2009willbethesurprisinglydisharmoniousrelationshipbetweenObamaandthecongressionalDemocraticleadership.Obamawillwanttoleadfromthecenter,whileSpeakeroftheHouseNancyPelosiandSenateMajorityLeaderHarryReidwillcontinuallypullhimleft.Tocomplicatematters,itshouldbenotedthatReidistheGOP'stoptargettodefeatin2010.PaulBegala,DemocraticstrategistAfterthecampaignsofJimmyCarter,WalterMondaleandMichaelDukakis,(theMountLosemoreofmodernDemocraticpolitics),Democratsfinallystoppedblamingthevoters.AndsobeganagreatconversationaboutwhatitmeanttobeaDemocrat.TheconversationtookplaceoverorganictofuinyurtsinSantaBarbara,itwasfueledbyChassagne-MontrachetinGeorgetown,andwasconcludedwhilescarfingdownpimento-cheesesandwichesinall-nightbullsessionsinthebasementofthegovernor'smansioninLittleRock.w.w.w.k.s.5.u.c.o.mWhatcamefromthatpainfulreassessmentwastheNewDemocratmovementembodiedbyBillClinton,andnowcarriedtothenextlevelbyObama.Nowit'stheRepublicans'turn.TheGOPneedstoaskitselftoughquestions:Aretheythepartythatbelievessodeeplyinscienceandtechnologythattheybelievewecanshootasupersonicmissileoutofthesky,oraretheythepartythatbelieveshumanswalkedtheearthwithdinosaursafewthousandyearsago?AretheythepartythatreachesouttoAfrican-Americans,oraretheythepartythathandsouttheracistsong"BaracktheMagicNegro?"AretheythepartyofconservativeintellectualslikeDavidBrooksandthelateWilliamF.Buckley,oraretheypartyofanti-intellectualknow-nothingslikeRushLimbaughandAnnCoulter?AretheythepartythatfeelssomorallysuperiortogayAmericansthattheywoulddenythemequalrights,oraretheythepartythatcoversupforLarryCraig,MarkFoleyandtheRev.TedHaggard?Aretheythepartythatbelieveseconomicincentivesshouldbetargetedtoatiny,wealthyelite(likeBernardMadoffandKenLay)--oraretheythepartythatbelieveshundredsofmillionsofmiddle-classconsumersdrivetheeconomy?MarkShieldssaystherearetwokindsofpoliticalparties:thosethatseekoutconvertsandthosethathuntdownheretics.Fundamentally,that'sthechoicetheGOPwillwrestlewithin2009.Ifthey'reinterestedinseriouslythinkingthisthrough,IknowsomeexcellentyurtsinSantaBarbara.2Study:Diamondslinkcomettomammalextinction(CNN)--Tinydiamondsfoundinthesoilare"strongevidence"acometexplodedonoraboveNorthAmericanearly13,000yearsago,leadingtotheextinctionofdozensofmammalspecies,accordingtoastudy.DiamondsfoundinNorthAmericansoilsuggestacometledtotheextinctionofdozensofmammalspecies.Thescientificreportalsosuggeststhecataclysmalsoreducedthepopulationoftheearliestpeopletoinhabittheregionandtriggereda1,300-year-longcoldspellthatstretchedaroundtheworld.TheheatgeneratedbytheextraterrestrialimpactlikelymeltedmuchofaglacierthatoncecoveredtheGreatLakesregion,sendingamassiveflooddowntheMississippiRiver,thestudysaid.Accordingtothereport,thecoldwavesofglacialrunoffintotheGulfofMexicoshiftedAtlanticOceancurrents,changingclimatepatternsthroughouttheworldinacoolingperiodknownastheYoungerDryas."Arareswarm"ofcometsrainedoverNorthAmericaabout12,900yearsago,sparkingfiresthatproducedchoking,leading"totheextinctionofalargerangeofanimals,includingmammoths,acrossNorthAmerica,"thereportsaid.ThestudywasconductedbyagroupofeightarchaeologistsandgeologistsfromtheuniversitiesofOregonandCalifornia,NorthernArizonaUniversity,OklahomaUniversityandDePaulUniversity.TheirfindingswerepublishedFridayinthejournalNature.Theprehistorichumansknowntohaveinhabitedthecontinentatthetimeoftheevent--huntersandgatherersdubbedtheClovisculture--sufferedamajordeclineinpopulationintheaftermath,thescientistssaid.Thescientists,studyinglayersofsedimentdatedto12,900yearsagoatsixNorthAmericanlocations,includingonedirectlyontopofaClovissiteinMurraySprings,Arizona.Eachlayerwasrichinnanodiamonds,whichareproducedunderhigh-temperature,high-pressureconditionscreatedbycosmicimpacts,thereportsaid."ThenanodiamondsthatwefoundatallsixlocationsexistonlyinsedimentsassociatedwiththeYoungerDryasBoundarylayers,notaboveitorbelowit,"saidUniversityofOregonarchaeologistDouglasKennett."Thesediscoveriesprovidestrongevidenceforacosmicimpacteventatapproximately12,900yearsagothatwouldhavehadenormousenvironmentalconsequencesforplants,animalsandhumansacrossNorthAmerica."w.w.w.k.s.5.u.c.o.mTheothersitesstudiedwereinBullCreek,Oklahoma;Gainey,MichiganandTopper,SouthCarolina,aswellasLakeHind,Manitoba;andChobot,intheCanadianprovinceofAlberta.3PlayboyoftheeasternworldThefirstmodernnovelcelebratesits1,000thbirthdayITCONTAINSnomilitaryadventuresnorepicjourneys.Yet“TheTaleofGenji”isineverywayJapan’sequivalentofHomer’s“Iliad”.Firstmentionedinadiaryexactly1,000yearsago,inlate1008,ithasoverthecenturiesbeensubjecttochanges,adaptations,mutationsandtranslations(nottomentionbeingremadeasamangacomic),allofwhichhavehelpeditnotjustsurvive,butflourish.Todaythisaccountoftheamorousescapadesofanaristocraticaestheteiswidelyregardedasthefirstmodernorpsychologicalnovel.Thebook’ssuccessliesinitsbroadappeal.Right-wingJapanesecommentatorspointto“TheTaleofGenji”andtakegreatprideinemphasisinghowmuchmoresophisticatedcivilisationwasinJapaninthe11thcenturycomparedwithEuropeatthattime.Formiddle-agedJapanese,readingthebookatstudygroupsinadult-educationcentresisaspopular,andasquintessentiallyJapanese,asflower-arrangingortheteaceremony.Feministsrejoicethattheauthor,MurasakiShikibu,wasawoman,evenifwritingfictionwasgenerallyregardedasfrivolousandlowbrow;notanactivityformen.Thebook’s1,000thanniversaryisbeingcelebratedinJapanwithlectures,symposia,plays,conferencesandconcerts.AlineofGenjiteaandGenjisweetsisalreadyonthemarketandtheCDofanewlycomposedGenjisymphonygoesonsalethismonth.Ruthlesslysummarised,thebook’sstorylinegoeslikethis.The“dazzlinglylovely”Genji,sonoftheemperorandoneofhislower-gradeconsorts,isirresistibletowomen.Heenjoysastringofaffairsasayoungman,evenabductingaten-year-oldgirlsohecanmouldherintotheperfectlife-companion.ButsleepingwiththedaughteroftheleaderoftheopposingpoliticalfactionisoneindiscretiontoomanyandGenjiisforcedintoexile.Recalledeventuallytothecapital,hebuildshimselfamansionwithadifferentwomanineachofitsfourwings.Honoursareheapeduponhimandheisofferedtheretiredemperor’sdaughterasawife.ButGenji’sroyalbridebetrayshimwithanothermanandwhenhisbelovedmistressdiesafteralongillness,ourheartbrokenherofollowsherswiftlytothegrave.Atthispointthereaderisonlytwo-thirdsofthewaythroughthebook,whichrunsto1,200pagesinitsmostrecentEnglishtranslationandboastsacastofmorethan400.Thestoryresumeswithnewheroes.Twoyoungmen(thepurportedsonandgrandsonofGenji)arewooingatrioofsisters.Oneofthemsuccumbstomarriage,butoftheothertwosisters,onestarvesherselftodeathandtheotherchoosestobecomeanunratherthanfallintomalehands.Love,itturnsout,isnotinnocenthanky-panky,butsomethingnoxious,corrosive—evendeadly.Sheerscaleisnotallthatisforbiddingaboutthebook.JapaneseprosewasstillinitsinfancyinMurasaki’sday,sohersyntaxcanbeopaque.Sentenceslacksubjects,directspeechisoftenunattributedand,mostalarmingly,thecharacterschangenamesaccordingtotheirrankorcircumstances.Genji,forinstance,isvariouslyreferredtoasthecaptain,theconsultant,thecommander,thegrandcounsellor,thepalaceminister,thechancellorandthehonoraryretiredemperor.Thesubjectmatterisalsochallenging.Thereispolygamy,bisexuality(whenoneyoungwomanrebuffshisadvances,Genjiconsoleshimselfwithheryoungerbrotherwhoturnsouttobe“nobadsubstituteforhisungracioussister”)andsomethingveryclosetoincest.GenjiisattractedtoFujitsubo,oneofhisfather’sconsorts,becauseofherresemblancetohisdeadmother.Eventhoughsheis,ineffect,hisstepmother,hefathersachildwithher.Murasaki’slanguagewasalreadyarchaicandimpenetrableacenturyafteritwaswritten,sotheJapanesehavebeenreadingannotated,abridged,simplifiedandillustratedversionsofthebooksinceasearlyasthe12thcentury.Thesameholdstruetoday.Inthelastcentury,fourJapanesewritersproducedatotalofsevenupdatedversionsofthebook.ThemostrecentofthesewasbyJakuchoSetouchi,afemalenovelistwhoseownworkdealswithissuesofwomen’sindependence.Setouchi’s“Genji”hassoldmorethan3mcopiessinceitwaspublishedinDecember1996,asuccessthatKodansha,thepublisher,attributestotheauthor’sempathywiththewomeninthetaleandhercolloquialwriting.Cannymarketingalsoplayedapart,withKodanshaorganisinglecturesanddiscussiongroupsalloverthecountryatthetimeofthelaunch.Freerandlessreverentialadaptationsexistaswell.AlsofromKodanshaisWakiYamato’s“FleetingDreams”,a“sugarandspiceandallthingsnice”takeonGenjiinmangaformthathassold17mcopies.Forthosewhopreferalesssaccharineapproach,Shogakukan,arivalpublisher,cameupwithanothermangaversionthatemphasisesthemaliciousfemalecharactersandincludesplentyofexplicitsex.w.w.w.k.s.5.u.c.o.mIttookuntilthe20thcenturybeforeacompleteEnglish-languageversionappeared.ArthurWaley,aCambridgeclassicistwhotaughthimselfJapaneseandChinese,producedthefirstEnglishtranslationinsixinstalmentsbetween1925and1933.Waleywasmuchmoreinterestedinreadabilitythanfidelity.Hespeduptheplot,cutlongdescriptivescenesandtheoccasionalentirechapter.Heclarifiedmanyofthesentences,addedpsychologicalbackgroundtothecharactersandwesternisedtheJapanesearchitecture.Theresultwasaprosemasterpiece,thoughonewhichmodernscholarsprefertocallanadaptationratherthanatranslation.LyttonStrachey,aneighbourofWaley’s,consideredhistranslation“beautifulinbits”,butthereactionfromJapanwasmuchwarmer.EvenifWaley’sJapanesenoblemensoundalittlelikeearly-20th-centuryCambridgeundergraduates,onecontemporaryJapanesewriterfamouslydeclaredthattheEnglishmanhadbreathedlifeintoaworkthathadbeentotteringaroundlikeaheadlesscorpse.Indeed,Waley’sstatureinJapanissuchthatHeibonsha,anotherpublisher,recentlyreleasedaretranslationofWaley’s“Genji”backintoJapanese.“Eveninthemodern-languageversionsof‘Genji’,themajorityofJapanesereadersdon’tmakeitmuchpasttheopeningchapters,”explainsTakaoHoshina,aneditoratHeibonsha.“Waley’sisthemostaccessibleversionforustoo.”In1976EdwardSeidensticker,anacademicalreadycelebratedforhistranslationsofYasunariKawabata,aNobelprize-winningnovelist,broughtoutanewversion.TornbetweenadmirationforWaley’snarrativeverveandhorroratthelibertieshehadtakenwiththetext,Seidenstickerproduceda“Genji”thatwasdoggedlyfaithfulbutalittlelackingingrace.ItwaslefttoRoyallTyler,whosecharmingandurbane“Genji”cameoutin2001,tochartthecoursebetweentheexuberanceandtheexactitudeofhistwopredecessors.PerhapsbecausehelivesintheAustralianbush,MrTylerwaswillingtorecognisethatreaderscanlosetheirwayinthenovel’svastnessandsoprovidesahandykitoforientationtools:chapter-by-chapterlistsofthecharactersandfootnotestoexplaintheimageryofthepoemsdottedthroughoutthetext.“TheTaleofGenji”rewardsperseverance,butjustasyoungGenjiflitsfromonemistresstothenext,sothereadercanchoosebetweenthethreeEnglishversionsofthestory.EffervescentWaley,primSeidenstickerorsuaveTyler—whowillyoutaketobedwithyoutonight?4WhatSantacanbringEasternEuropeRadekSikorskiforNATOchiefTHEreindeerareharnessed,thesledgeladen.SowhatwillSantaClausbringtheex-communistcountriesforChristmas?Desirablepresentsareeasytothinkof.Arespitefromtheeconomicdownturn.AlesschauvinistattitudefromRussia.AmoreconsiderateapproachfromGermany.AttentionfromthenewAmericanadministration.Butthesebelonginthesamecharmingbutunrealisticcategoryasachild’swish-listonwhich“noschool”,“afairycarriage”and“machinegun”arescrawledincrayon.Rathermorelikely—andgenuinelydesirable—wouldbetheappointmentofsomeonefromtheonce-captivenationstoatopinternationaljob.Sincethecollapseofcommunism,therecordonthishasbeendismal.RussiachairedtheG-8(thoughmostofthecountriesattendingtheStPetersburgsummitdidsowhilewincingattheirhost’sbehaviour).SloveniaheldtheEuropeanUnion’spresidencycompetently(thoughcloseinspectionrevealedatightFrenchembraceoftheEU’snominalleadership).w.w.w.k.s.5.u.c.o.mButintermsofthebigappointments,suchasrunningtheEUCommissionandNATOoreventhelesserpostssuchasleadingtheOrganisationforSecurityandCo-operationinEurope,theCouncilofEurope,theEuropeanBankforReconstructionandDevelopmentoranythingattheUnitedNations,itishardtofindanyonefromeasternEuropewhohasheldanythingremotelyresemblingatopjob.Themessageis:begratefulforyourEUcommissioners;nowshutup.Thenewmember-statesofNATOandtheEUfeeltheyhavebeenratherpoorlytreatedinthepastyearorso.GermanysnubbedthemattheBucharestNATOsummit.TheEUtoldthemtheyweresillytocareaboutGeorgia,imposedasingleflimsysanctiononRussiaandthenwasunabletomaintaineventhat.MuchoftheresponsibilityforthislieswiththeFrenchpresident,NicolasSarkozy.HehasalsoflirtedwiththeKremlin’snewschemeforEuropeansecurity.ThisinvolveskickingtheAmericansout,sideliningNATO,andallowingRussiaandthebigEUcountriestostitchthingsupbetweenthem.Inprivatebriefings,FrenchandotherwestEuropeanofficialsarealreadyunderminingtheupcomingCzechEUpresidency,sneeringandjeeringattheideathatthedumpling-munchingpeasantsofBohemiacanmatchthegrandeurofFrance.Theyalsogrosslyoverstatetheimportance(moreaccurately:nuisancevalue)oftheabrasiveCzechpresident,VaclavKlaus.AllEUstatesareequal,MrSarkozyconcedes.Butthebiggeroneshave“moreresponsibilities”(andarelessequal,GeorgeOrwellmighthaveconcluded,thanothers).Nextyear,iftheLisbontreatyisratified,thefollowingjobswillcomeopen:presidentsoftheEUCommission(anexistingpost)andtheEUCouncil(anewone),plusEUforeignminister,NATOsecretary-generalandpresidentoftheEuropeanparliament.Asthingsstand,theeastEuropeanswillgetonlythelastofthese—whichisbyfartheleastimportant.Thatisnotjustunfair.It’srisky.ItwillalienatetheeastEuropeansandmaketheirpoliticalelitesfeelmutinous.EastEuropeancountrieshaveplentyofwaystoslowdownEUdecision-making.Sofar,theyhaveforthemostpartbeenatpainstoshowthattheyaregoodEuropeans.Thatcannotbetakenforgranted.Hereisapossiblewayout:theNATOtopjobshouldgotoaheavyweightAtlanticistpolitician,withexpertiseindefencepolicy,fromanewmemberstate.Thatproducesashortlistofroughlytwo:RadekSikorski,Poland’sforeignminister(andformerdefenceminister)orSashaVondra,theCzechdeputyprimeminister.Poland’sstatusasadefenceheavyweightmakesMrSikorski’scasethestronger.Let’shopeSantaseesitthatwaytoo.AmericantradeandbudgetdeficitshavegrownworseandTreasurySecretaryHenryPaulsonJr.,withPresidentHuJintaoofChina,hasnotbeenabletoallaytheproblem.5DollarShift:ChinesePocketsFilledasAmericans’EmptiedUsuallyit’stherichcountrylendingtothepoor.Thistime,it’sthepoorcountrylendingtotherich.”—NiallFergusonWASHINGTON—InMarch2005,alow-keyPrincetoneconomistwhohadbecomeaFederalReservegovernorcoinedanoveltheorytoexplainthegrowingtendencyofAmericanstoborrowfromforeigners,particularlytheChinese,tofinancetheirheavyspending.Theproblem,hesaid,wasnotthatAmericansspendtoomuch,butthatforeignerssavetoomuch.TheChinesehavepiledupsomuchexcesssavingsthattheylendmoneytotheUnitedStatesatlowrates,underwritingAmericanconsumption.Thiscolossalcreditcyclecouldnotlastforever,hesaid.Butinaglobaleconomy,thetransferofChinesemoneytoAmericawasamarketphenomenonthatwouldtakeyears,evenadecade,toworkitselfout.Fornow,hesaid,“weprobablyhavelittlechoiceexcepttobepatient.”Today,thedependenceoftheUnitedStatesonChinesemoneylookslessbenign.Andtheeconomistwhoproposedthetheory,BenS.Bernanke,isdealingwiththeconsequences,havingbeenpromotedtochairmanoftheFedin2006,asthesecross-bordermoneyflowswerereachingstratosphericlevels.Inthepastdecade,Chinahasinvestedupwardof$1trillion,mostlyearningsfrommanufacturingexports,intoAmericangovernmentbondsandgovernment-backedmortgagedebt.ThathasloweredinterestratesandhelpedfuelahistoricconsumptionbingeandhousingbubbleintheUnitedStates.China,someeconomistssay,lulledAmericanconsumers,andtheirleaders,intocomplacencyabouttheirspendthriftways.“Thiswasablinkingredlight,”saidKennethS.Rogoff,aprofessorofeconomicsatHarvardandaformerchiefeconomistattheInternationalMonetaryFund.“Weshouldhavereactedtoit.”Inhindsight,manyeconomistssay,theUnitedStatesshouldhaverecognizedthatborrowingfromabroadforconsumptionanddeficitspendingathomewasnotaformulaforeconomicsuccess.Evenasthatweaknessisbecomingmorewidelyrecognized,however,theUnitedStatesislikelytobemoreaddictedthanevertoforeigncreditorstofinancerecordgovernmentspendingtorevivethebrokeneconomy.Tobesure,therewerefewreadyremedies.SomecriticsarguethattheUnitedStatescouldhavepushedBeijinghardertoabandonitspolicyofkeepingthevalueofitscurrencyweak—apolicythatmadeitsexportslessexpensiveandhelpedturnitintotheworld’sleadingmanufacturingpower.IfChinahadalloweditscurrencytofloataccordingtomarketdemandinthepastdecade,itsexportgrowthprobablywouldhavemoderated.Anditwouldnothaveacquiredthesamevasthoardofdollarstoinvestabroad.OtherssaytheFederalReserveandtheTreasuryDepartmentshouldhaveseentheChineselendingforwhatitwas:agiantstimulustotheAmericaneconomy,notunlikeinterestratecutsbytheFed.ThesecriticssaytheFedunderAlanGreenspancontributedtothecreationofthehousingbubblebyleavinginterestratestoolowfortoolong,evenasChineseinvestmentfurtherstokedaneasy-moneyeconomy.TheFedshouldhavecutinterestrateslessinthemiddleofthisdecade,theysay,andstartedraisingthemsooner,tohelpreducespeculationinrealestate.Today,withthewreckagearoundhim,Mr.Bernankesaidheregrettedthatmorewasnotdonetoregulatefinancialinstitutionsandmortgageproviders,whichmighthavepreventedthefloodofinvestment,includingthatfromChina,frombeingsobadlyused.ButtheFed’sroleinregulationislimitedtobanks.Andstricterregulationbyitselfwouldnothavebeenenough,heinsisted.w.w.w.k.s.5.u.c.o.m“Achievingabetterbalanceofinternationalcapitalflowsearlyoncouldhavesignificantlyreducedtheriskstothefinancialsystem,”Mr.BernankesaidinaninterviewinhisofficeoverlookingtheWashingtonMall.“However,”hecontinued,“thiscouldonlyhavebeendonethroughinternationalcooperation,notbytheUnitedStatesalone.Theproblemwasrecognized,butsufficientinternationalcooperationwasnotforthcoming.”Theinactionwasbecauseofarangeoffactors,politicalandeconomic.Bytheyardsticksthatappearedtomattermost—prosperityandgrowth—therelationshipbetweenChinaandtheUnitedStatesalsoseemedtobepayingoffforbothcountries.Neitherhadastrongincentivetobreakanaddiction:Chinatostrongexportgrowthandfinancialstability;theUnitedStatestocheapimportsandlow-costforeignloans.InWashington,Chinawastreatedasathreatbysomepeople,butmostlybecauseitluredawaymanufacturingjobs.OthersarguedthatChina’sheavylendingtothiscountrywasriskybecauseChineseleaderscoulddecidetowithdrawmoneyatamoment’snotice,creatingapanickyrunonthedollar.Mr.Bernankeviewedsuchinternationalinvestmentflowsthroughadifferentlens.HearguedthatChineseinvestedsavingsabroadbecauseconsumersinChinadidnothaveenoughconfidencetospend.Changingthatsituationwouldtakeyears,anddidnotamounttoapressingproblemfortheAmericans.“Theglobalsavingsglutstorydidusacollectivedisservice,”saidEdwinM.Truman,aformerFedandTreasuryofficial.“Itcreatedtheideathattheworldwasdoingittousandwecouldn’tdoanythingaboutit.”ButMr.Bernanke’stheoryfittheprevailinghands-off,pro-marketid