Blue Flower

Номинация "Перевод экономического текста"

 

Money creation in the modern economy

By Michael McLeay, Amar Radia and Ryland Thomas of the Bank’s

Monetary Analysis Directorate.

 

In the modern economy, most money takes the form of bank deposits. But how those bank deposits are created is often misunderstood: the principal way is through commercial banks making loans. Whenever a bank makes a loan, it simultaneously creates a matching deposit in the borrower’s bank account, thereby creating new money.

The reality of how money is created today differs from the description found in some economics textbooks:

• Rather than banks receiving deposits when households save and then lending them out, bank lending creates deposits.

• In normal times, the central bank does not fix the amount of money in circulation, nor is central bank money ‘multiplied up’ into more loans and deposits.

Although commercial banks create money through lending, they cannot do so freely without limit. Banks are limited in how much they can lend if they are to remain profitable in a competitive banking system. Prudential regulation also acts as a constraint on banks’ activities in order to maintain the resilience of the financial system. And the households and companies who receive the money created by new lending may take actions that affect the stock of money — they could quickly ‘destroy’ money by using it to repay their existing debt, for instance.

Monetary policy acts as the ultimate limit on money creation. The Bank of England aims to make sure the amount of money creation in the economy is consistent with low and stable inflation. In normal times, the Bank of England implements monetary policy by setting the interest rate on central bank reserves. This then influences a range of interest rates in the economy, including those on bank loans. In exceptional circumstances, when interest rates are at their effective lower bound, money creation and spending in the economy may still be too low to be consistent with the central bank’s monetary policy objectives. One possible response is to undertake a series of asset purchases, or ‘quantitative easing’ (QE). QE is intended to boost the amount of money in the economy directly by purchasing assets, mainly from non-bank financial companies.

QE initially increases the amount of bank deposits those companies hold (in place of the assets they sell). Those companies will then wish to rebalance their portfolios of assets by buying higher-yielding assets, raising the price of those assets and stimulating spending in the economy. As a by-product of QE, new central bank reserves are created. But these are not an important part of the transmission mechanism. This article explains how, just as in normal times, these reserves cannot be multiplied into more loans and deposits and how these reserves do not represent ‘free money’ for banks.

 

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Номинация "Перевод юридического текста"

 

Ministers to face court challenge over gender-neutral passports

by Owen Bowcott Legal affairs correspondent

 

UK passports currently restrict sex designations to male or female. Ten countries permit their citizens to opt for a third category, X, or unknown.

Before the court hearing, Elan-Crane said: “Legitimate identity is a fundamental human right but non-gendered people are often treated as though we have no rights. The UK’s passport application process requires applicants to declare whether they are male or female. It is inappropriate and wrong that someone who defines as neither should be forced to make that declaration.’’

Elan-Cane has argued that the government is discriminating against its own citizens since it already allows holders of foreign X passports to enter the country.

HM Passport Office has refused to grant X passports on the grounds that it would affect other legislation, cost too much to change computer records and increase the need for consular support abroad for gender-neutral British citizens.

Referring to the human rights issues involved, Sarah Hannett, counsel for the Home Office, said: “This is a matter of delicate social policy. Member states of the Council of Europe have a margin of discretion as to how they advance this agenda.”

Gilbart, however, ruled that a full judicial review should go ahead. “This is an arguable case,” he said. No date has yet been set for the full high court hearing, which is scheduled to last two days.

Narind Singh, a partner at the law firm Clifford Chance, which represented Elan-Cane on a pro bono basis, said: “We are delighted that the court has granted permission for a full hearing of this significant public interest case on the fundamentally important issue of the right to respect for individuals’ identity.

“Gender identity is a fundamental part of an individual’s intimate, personal identity and X passports are a crucial step in the protection of the human rights of this group of individuals, who otherwise face an unacceptable choice between forgoing a passport and making a false declaration and using a passport which misrepresents their identity.”

At the weekend it emerged that the Office for National Statistics (ONS) had suggested the “sex” question in the next census, in 2021, could be made voluntary in response to claims that it discriminates against transgender people.

The move would make the UK one of the first countries in the world not to require its citizens to tell officials what sex they are. A two-step option, with separate sex and gender identity questions, was ruled out.

 

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Номинация "Перевод публицистического текста"

 

US withdraws from UNESCO over 'anti-Israel bias'

By Zachary Cohen, CNN

 

Washington (CNN) — The US is withdrawing from the United Nations Educational Scientific and Cultural Organization, the US State Department announced on Thursday.

The "Department of State notified UNESCO Director-General Irina Bokova of the US decision to withdraw from the organization and to seek to establish a permanent observer mission to UNESCO," State Department spokesperson Heather Nauert said.

"This decision was not taken lightly, and reflects US concerns with mounting arrears at UNESCO, the need for fundamental reform in the organization, and continuing anti-Israel bias at UNESCO," she added.

UNESCO is a body of the United Nations that promotes international cooperation in education, science, culture and communication, though it is perhaps best known for its designation of "world heritage" sites -- locations with particular cultural significance.

It was founded in 1945 as allied countries "were looking for ways and means to reconstruct their systems of education once peace was restored" in the wake of World War II, according to the organization -- which currently has 195 members and eight associate members.

"Among other efforts, UNESCO is committed to building the capacity of various individuals and stakeholders to develop and amplify innovative responses against extremism; all while promoting the protection of freedom of expression, privacy and other fundamental freedoms," Bokova wrote in a CNN op-ed in September.

In a statement released via her official Twitter handle, Bokova called the withdrawal "a loss to UNESCO. This is a loss to the United Nations family. This is a loss for multilateralism."

She paid tribute to what she said had been a meaningful relationship between UNESCO and the US, saying: "since 2011, we have deepened the partnership between the United States and UNESCO, which has never been so meaningful. Together, we have worked to protect humanity's shared cultural heritage in the face of terrorist attacks and to prevent violent extremism through education and media literacy."

"At the time when the fight against violent extremism calls for renewed investment in education, in dialogue among cultures to prevent hatred, it is deeply regrettable that the United States should withdraw from the United Nations agency leading these issues," Bokova said in the statement.

"At the time when conflicts continue to tear apart societies across the world, it is deeply regrettable for the United States to withdraw from the United Nations agency promoting education for peace and protecting culture under attack," the statement said. 

 

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Номинация "Перевод научно-популярного текста"

 

 What Is a Black Hole?

 

A black hole is a place in space where gravity pulls so much that even light can not get out. The gravity is so strong because matter has been squeezed into a tiny space. This can happen when a star is dying.

Because no light can get out, people can't see black holes. They are invisible. Space telescopes with special tools can help find black holes. The special tools can see how stars that are very close to black holes act differently than other stars.

Black holes can be big or small. Scientists think the smallest black holes are as small as just one atom. These black holes are very tiny but have the mass of a large mountain. Mass is the amount of matter, or "stuff," in an object.

Another kind of black hole is called "stellar." Its mass can be up to 20 times more than the mass of the sun. There may be many, many stellar mass black holes in Earth's galaxy. Earth's galaxy is called the Milky Way.

The largest black holes are called "supermassive." These black holes have masses that are more than 1 million suns together. Scientists have found proof that every large galaxy contains a supermassive black hole at its center. The supermassive black hole at the center of the Milky Way galaxy is called Sagittarius A. It has a mass equal to about 4 million suns and would fit inside a very large ball that could hold a few million Earths.

Scientists think the smallest black holes formed when the universe began.

Stellar black holes are made when the center of a very big star falls in upon itself, or collapses. When this happens, it causes a supernova. A supernova is an exploding star that blasts part of the star into space.

Scientists think supermassive black holes were made at the same time as the galaxy they are in.

A black hole can not be seen because strong gravity pulls all of the light into the middle of the black hole. But scientists can see how the strong gravity affects the stars and gas around the black hole. Scientists can study stars to find out if they are flying around, or orbiting, a black hole.

When a black hole and a star are close together, high-energy light is made. This kind of light can not be seen with human eyes. Scientists use satellites and telescopes in space to see the high-energy light.

Black holes do not go around in space eating stars, moons and planets. Earth will not fall into a black hole because no black hole is close enough to the solar system for Earth to do that.

Even if a black hole the same mass as the sun were to take the place of the sun, Earth still would not fall in. The black hole would have the same gravity as the sun. Earth and the other planets would orbit the black hole as they orbit the sun now.

The sun will never turn into a black hole. The sun is not a big enough star to make a black hole.

NASA is using satellites and telescopes that are traveling in space to learn more about black holes. These spacecraft help scientists answer questions about the universe.

 

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Номинация "Перевод поэтического текста"

 

Child, Child

 

CHILD, child, love while you can

The voice and the eyes and the soul of a man;

Never fear though it break your heart --

Out of the wound new joy will start;

Only love proudly and gladly and well,

Though love be heaven or love be hell.

Child, child, love while you may,

For life is short as a happy day;

Never fear the thing you feel --

Only by love is life made real;

Love, for the deadly sins are seven,

Only through love will you enter heaven.

 

Pierrot

 

PIERROT stands in the garden

Beneath a waning moon,

And on his lute he fashions

A fragile silver tune. [A little silver tune.]

Pierrot plays in the garden,

He thinks he plays for me,

But I am quite forgotten

Under the cherry tree.

Pierrot plays in the garden,

And all the roses know

That Pierrot loves his music, --

But I love Pierrot.

 

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Номинация "Перевод художественного текста"

 

Rewarding Superstitions

by Fernando Sorrentino

 

I live off the superstitions of others. I don't earn much and the work is pretty hard.

My first job was in a seltzer plant. The boss believed, who can say why, that one of the thousands of siphon bottles (yes, but which one?) harbored the atomic bomb. He also believed that the presence of a human being was enough to prevent that fearful energy from being released. There were several of us employees, one for each truck. My task consisted of remaining seated on the irregular surface of the siphon bottles during the six hours daily required in the distribution of the seltzer. An arduous task: the truck jolted; the seat was uncomfortable, painful; the route was boring; the truckers, a common lot; every once in a while a siphon bottle would explode (not the one with the atomic bomb) and I would sustain slight injuries. Finally, tired of it, I quit. The boss hastened to replace me with another man who, with his mere presence, would prevent the explosion of the atomic bomb.

Immediately, I learned that a spinster lady in Belgrano had a pair of turtles and that she believed, who can say why, that one of them (yes, but which one?) was the Devil in the form of a turtle. Since the lady, who always wore black and said her rosary, couldn't watch them continually, she hired me to do so at night. "As every one knows," she explained to me, "one of these two turtles is the Devil. When you see one of them begin to sprout a pair of dragon wings, don't fail to inform me, because that's the one, without a doubt, who is the Devil. Then we'll make a bonfire and burn it alive so as to make all evil disappear from the face of the earth." I stayed awake during the first nights, keeping an eye on the turtles: what stupid, clumsy animals. Later I felt my zeal to be unjustified and, just as soon as the spinster lady went to bed, I would wrap my legs in a blanket and, curled up in a folding chair, I would sleep away the entire night. So I never managed to discover which of the two turtles was the Devil. Later I told the lady that I was going to give up that job because it seemed it was bad for my health to stay awake all night.

Besides, I had just learned that there was an old mansion in San Isidro overlooking a deep ravine and, in the mansion, a statuette depicting a sweet French girl from the end of the nineteenth century. The owners, a very old, gray haired couple, believed, who can say why, that that girl was sad and pining for love and that if she didn't get a beau she would die shortly. They provided me with a salary and I became the statuette's boyfriend. I began to call on her. The old folks left us to ourselves, though I suspect they spied on us. The girl receives me in the gloomy parlor, we sit on a worn sofa, I bring her flowers, bon bons or books, I write poems and letters to her, she languidly plays the piano, she glances at me tenderly, I call her "my Love," I furtively kiss her, at times I go beyond what is permitted by the decorum and innocence of a late nineteenth century girl. Giselle loves me too, she lowers her eyes, sighs slightly and says to me: "When will we be married?" "Soon," I answer. "I'm saving up." Yes, but I keep putting off the date since I can't save more than a little towards our wedding; as I've already said, you don't earn very much living off other people's superstitions.

 

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