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全文字数：1936字
阅读时间：20分钟
上期划线句答案
diffusion, on the other hand,tends tosmooth out fluctuations in pedestrian density, so an excess in one direction has to be fairly large to survive.
另一方面，扩散通常会平滑行人密度的变化，所以一个方向上的新通道必须汇集相当多的人才能持续存在
（如果人太少了就被原通道挤开/吞并了）
本期内容
双语阅读
the banking turmoil that has sent a handful of american and european lenders to the wall in recent weeks has a new feature. use of social media and messaging apps, which spread information at lightning pace to an ever-larger group ofpanickers, marks a break from past crises. meanwhile, new digital-finance tools let nervous depositors withdraw funds as soon as the notion strikes them, whether from offices in san francisco or ski slopes in saint moritz.
最近几周让欧美少数贷款机构陷入绝境的银行业动荡有一个新特点。与过往的危机不同，由于有了社交媒体和即时通讯应用，信息以闪电般的速度传播给不断扩大的恐慌人群。与此同时，新的数字金融工具又让神经紧绷的储户在一念之间便可取走存款，无论他们身在旧金山的办公室还是圣莫里茨的滑雪场。
after the fall of silicon valley bank, the idea of faster bank runs is understandably causing concern among analysts and legislators. yet the wave of new tech in the past decade and a bit is by no means the first to change behaviour. previous examples suggest something of a pattern: innovations initially help facilitate a boom, contributing toexuberancebased on a sense of futuristic possibility, before speeding up and magnifying the eventual bust. history also suggests that recent technological changes may have a deeper impact, reshaping markets in the long run, too.
硅谷银行的倒闭引起了分析师和立法者对银行挤兑速度加快的担忧，这是可以理解的。但过去十多年的新技术浪潮绝不是第一次改变人们的行为。之前的例子表现出某种模式：创新最初有助于促进繁荣，催生出憧憬未来无限可能性的泡沫，然后不断加速并放大最终的破灭。历史还表明，近期的技术变革可能会产生更加深刻的影响，在长期重塑市场面貌。
from the 1840s onwards, america was blanketed by the electric telegraph, which transmitted messages by overhead wires, connecting previously disparate financial markets in boston, chicago, new york and philadelphia. in 1866 reliable communication became possible between america and europe as well, thanks to an undersea telegraph cable. historians credit these new methods of transmitting financial information withsmoothing outpricing inefficiencies. the gap between american and british cotton prices dropped by a third, for example, and volatility also declined. the new form of communication was significant enough to have left a legacy. among currency traders, thesterling-dollar exchange rate is still known informally as “cable”.
从19世纪40年代起，电报在美国实现全覆盖，通过架空电线传输信息，电报把之前迥然不同的波士顿、芝加哥、纽约和费城等金融市场连接起来。1866年，海底电缆让美国和欧洲之间的可靠通信也成为可能。历史学家将定价低效率的消除归功于这些传递金融信息的新方法。例如，美国和英国棉花价格的差距缩小了三分之一，波动性也有所下降。这种新的交流方式意义重大，足以留下一笔辉煌的篇章。外汇交易员之间仍私下将英镑对美元的汇率称为“电缆”。
but efficiency often comes at a cost. in the 19th century, communication by cable was expensive and limited, and the information received at risk of manipulation by those transmitting it. during the panic of 1873, correspondents at the economistwent backand forth about whether the debilitating effects of new technologies, spreading panic from one market to another, outweighed the positives. a century later, new technology again provoked worries during a market crash in october 1987. the brady commission, which later investigated the slump in america, found that electronic communication across bordersexacerbatedproblems.
但效率往往是有代价的。在19世纪，电缆通信成本高昂且资源有限，接收到的信息有被传输者操纵的风险。翻译划线句，长按文末小程序码打卡，答案下期公布~一个世纪后，在1987年10月的一次市场崩盘中，新技术再次引发了担忧。布雷迪委员会后来对美国的经济衰退展开调查，发现跨境电子通讯恶化了问题的发展。
innovation has sped up sudden market wobbles,truncatingpanics that would have taken months in the 19th century to weeks. in the modern era, timelines have contracted further, from weeks to days or even hours. yet this may turn out to be just one of the ways in which frictionless trading and freely available information, of varying quality, affect finance in years to come. the profits banks have enjoyed for decades—or centuries—thanks to high transactions costs and low financial literacy might also become harder to sustain.
（技术）创新加速了市场的突然波动，将19世纪发展几个月的恐慌瞬间缩短到几周。而现代，时间线进一步缩短，从几周缩短到几天甚至几个小时。然而，这可能只是未来几年内无摩擦交易和可自由获取的质量不一的信息对金融造成影响的某一种体现方式而已。由于高交易成本和低金融素养要求，银行几十年甚至几个世纪以来一直享有的利润可能也会变得难以为继。
本文节选自：the economist（经济学人）
发布时间：2023.04.22
作者：finance
原文标题：did social media cause the banking panic?
词汇积累
1.panick
adj.<废语>惊慌的
n.<废语>恐慌，惊慌；大恐慌
v.<废语>（使）惊慌，惊慌失措
2.exuberance
英/ ?ɡ?zju?b?r?ns /美/ ?ɡ?zu?b?r?ns /
n.丰富，茂盛；健康；感情洋溢(或慷慨激昂)的言行；(感情等的)过度(或极度)表现
3.sterling
英/ ?st??l?? /美/ ?st??rl?? /
n.英镑（英国货币）；标准纯银
adj.优秀的；（银）标准纯度的；英币的；纯银制的
n.（sterling）（美、爱、英）斯特林（人名）
4.exacerbate
英/ ?ɡ?z?s?be?t /美/ ?ɡ?z?s?rbe?t /
v.使恶化，使加剧
5.truncate
英/ tr???ke?t /美/ ?tr??ke?t /
v.截断，删节；把……截成平面
adj.（叶、羽毛等）截形的；截短的
词组搭配
1.smooth out 消除；使平滑
2.go back 回去；追溯
写作句总结
原句：historians credit these new methods of transmitting financial information with smoothing out pricing inefficiencies.
结构：sb credit sth with sth.
例句：many people credit steve jobs with revolutionizing the computer industry by introducing the macintosh computer.
阅读理解题
what is the legacy of the electric telegraph in the financial markets according to the article?
a. it allowed for faster and more frequent bank runs, leading to concerns among analysts and legislators.
b. it facilitated smoother pricing and lower volatility by connecting previously disparate financial ma

rkets in america and europe.
c. it exacerbated problems during a market crash in october 1987.
d. it contributed to exuberance based on a sense of futuristic possibility, before speeding up and magnifying the eventual bust.
b
打卡作业
在草稿纸上翻译文章中的划线句，完成每日的打卡练习！下期推送会公布参考翻译答案，大家一起来学习英语吧~
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（戳码回复“j88”）
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