Alan Greenspan, the former Federal Reserve chairman, has attacked the Dodd-Frank financial reforms warning they could create the “largest regulatory-induced market distortion” in the US since the imposition of wage and price controls in 1971.

　　美聯儲(Fed)前主席艾倫·格林斯潘(Alan Greenspan)對多德-弗蘭克(Dodd-Frank)金融改革進行了抨擊，警告這些改革可能創造出美國自1971年實施薪資與價格控制措施以來“最嚴重的由監管引發的市場扭曲”。

　　In an article in today’s Financial Times that might encourage Republican attempts to unwind the law, Mr Greenspan says the reforms, passed by Congress last year, would be impossible to implement, distortive to markets and a possible threat to US living standards.

　　格林斯潘今天在英國《金融時報》發表文章，該文可能為共和黨人撤銷該法的努力提供鼓勵。格林斯潘在文中表示，去年國會通過的改革法案是不可能執行的，會造成市場扭曲，并可能危及美國人的生活水平。

　　The Dodd-Frank legislation was the Obama administration’s response to the financial crisis, signalling a “re-regulation” of financial markets after the deregulation championed by Mr Greenspan in the 1990s.

　　 多德-弗蘭克法案是奧巴馬政府對金融危機作出的回應，標志著在上世紀90年代格林斯潘領導下市場管制放松之后，對金融市場“重新加強監管”。

　　In spite of the crisis, Mr Greenspan sticks to his guns, writing that regulators are ill-equipped for more intrusive supervision because they “can never get more than a glimpse at the internal workings of the simplest of modern financial systems” and that “with notably rare exceptions (2008, for example), the global ‘invisible hand’ has created relatively stable exchange rates, interest rates, prices, and wage rates”.

　　盡管爆發了金融危機，格林斯潘還是堅持自己的立場。他在文中寫道，監管部門沒有能力對市場進行更具侵入性的監督，因為他們“即便是對于最簡單的現代金融體系的內部運轉方式，也永遠不可能超過浮光掠影的程度”，而且“除了罕見的一些特例（比如2008年的危機），全球那只‘看不見的手’一直創造了相對穩定的匯率、利率、價格與薪資水平”。

　　The light-touch regulation he favoured has gone out of fashion after the 2008 crisis and Mr Greenspan was criticised in January by Democratic appointees to the Financial Crisis Inquiry Commission.

　　他推崇的那種寬松監管風格已在2008年危機之后失勢，今年1月，由民主黨任命的金融危機調查委員會(Financial Crisis Inquiry Commission)對格林斯潘進行了批評。

　　Their report found that: “More than 30 years of deregulation and reliance on self-regulation by financial institutions, championed by former Federal Reserve chairman Alan Greenspan and others, supported by successive administrations and Congresses, and actively pushed by the powerful financial industry at every turn, had stripped away key safeguards, which could have helped avoid catastrophe.”

　　 委員會的報告指出：“在美聯儲前主席艾倫?格林斯潘等人的領導下，在數任美國政府和國會的支持下，在強勢金融業處處積極的推動下，30多年來美國一直在執行寬松監管，并依賴金融機構的自我管制，這種做法卸除了金融市場的關鍵防護措施，而這些措施本有助于避免這場金融災難發生。”

　　Mr Greenspan takes the opposite view to his predecessor at the Fed, Paul Volcker, who intervened in the financial reform debate to argue for tougher restrictions on the trading activities of banks.

　　格林斯潘與其前任保羅?沃爾克(Paul Volcker)持相反看法，沃克爾曾介入金融改革辯論，支持對銀行的交易行為施加更嚴格的限制。

　　Mr Volcker famously said that the most useful financial innovation of the past 30 years was the automated teller machine.

　　沃克爾有句名言是，過去30年里最有用的金融創新是自動取款機。