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NARRATOR： The New York Federal Reserve summoned representatives of major ； then at Goldman Sachs； was among them。
旁白：纽约联邦储备银行召集美国和欧洲的主要银行代表参加一个紧急会议。JON CORZINE，当时任职于高盛公司，就是与会者之一。
JON CORZINE： The real problem of Long Term Capital was nobody really understood all the downsides。 All one knew was it was going to be extraordinarily dangerous to enter into that。 And everybody； I think； understood the Fed's concern that that had real implications to the real economy。
JON CORZINE：长资公司的真正问题是没有人真正懂得所有的市场下挫的情况。每个人只知道要进入这个市场是极其危险的。每个人，我认为，都理解联邦储备的担心， 即它对实际的经济有着实际的寓意。
NARRATOR： Since LTCM was a private fund； the government could not impose a solution。 The fate of the global economy was in the hands of these bankers。
旁白：由于长资公司是一个私人基金，政府无法对它实行强制的解决办法。全球经济的命运就这样被掌握在这些银行家的手里。
WILLIAM McDONOUGH： The head of a securities firm or a bank is not paid to be a patriot。 He or she is paid to serve the best interests of the shareholders； so the most that one could do in a position like mine is to say the public interest may well be served by Long Term Capital Management not failing； but there is no publicsector money to solve the problem。 The taxpayer is not going to do this。 You folks have to decide whether it's in your interest to do it。
WILLIAM McDONOUGH：一个证券公司或是一家银行的头儿要莋爱国者是没有酬劳的。但他或她为他们的股东的利益服务是有酬劳的，所以，处在我这样的位置上的人最多可以做的就是去说，公众的利益也许可以通过长资公司的不失败来得到维护。但是，我们没有公共部门的资金去解决这个问题。纳税人是不会这么做的。你们这些人不得不决定这么做是否符合你们的利益。
NARRATOR： The banks agreed to put up their own money to rescue LTCM。 Wall Street had averted disaster； but the global crisis had one final chapter to go。
旁白：那些银行同意用它们自己的资金来拯救长资公司。华尔街逃过一劫，但是，这一全球危机还没有走到尽头。
Onscreen caption： Rio de Janeiro； Brazil； December 1998
字幕：里约热内卢，巴西，1998年12月
What had started in Asia now reached Brazil； the eighth largest economy in the world。 But this time； a loan package was put in place early。 Brazil's government cut spending and enacted reforms。
在亚洲开始的事情现在到了巴西，世界第八大经济体。但是，这一次，较早地安排了一个贷款计划。巴西政府削减了开支并实施了改革。
It worked。 Brazil's problems were contained。 Global financial markets gradually returned to normal。
这一切奏效了。巴西的问题被遏制住了。全球金融市场逐渐恢复了正常。
ROBERT RUBIN： Well； and it's not clear when you would say it ended； but what happened was that the countries that actually took ownership of reform Korea； Thailand； the Philippines； Brazil began to reestablish stability in their financial markets； and their economies started to recover。 And after a while there came a point we began to feel； "；Well； maybe we're past the crisis。"； Then a little bit past that we said； "；You know； it does look like we are past the crisis。"； And finally we got to the point where we said； "；Well； we think this is over。"；
。罗伯特。鲁宾：呃，你什么时候会说它结束了并不清楚，但是事实是那些真正实施改革的国家 – 韩国，泰国，菲律宾，巴西 – 开始在它们的金融市场上重建稳定，而且，它们的经济也开始复苏。过了一段时间我们就开始感觉到我们到了这样一个关头：“也许我们已经度过了这次危机。”再过一段时间，我们说：“你知道，看上去我们确实度过了难关。”然后，最终我们到了我们说：“我们认为这一切已经过去了。”的时候。
NARRATOR： The world economy had survived the first crisis of the globalization era； but millions of ordinary people had paid the price。
旁白：世界经济熬过了全球化时代的第一次危机，但是，成百万的普通人为此付出了代价。
ANAND PANYARACHUN： And that's the unfortunate part of socalled globalization； because such negative effects can be totally responsible； can e very fast。 It takes decades for a country to grow up to a certain level； and all of a sudden it disappears。
ANAND PANYARACHUN：这就是所谓的全球化的不幸的一面，因为这样的负面影响应负全部责任，它可以来得很快。一个国家要发展到一定的水平需要几十年的时间，而这一切突然之间就化为乌有了。
SIRIVAT VORAVETVUTHIKUN： We've been a poor country； so we never tasted richness。 When we tasted the richness； we wanted more； being greedy。 I blame myself also； I never had enough。
SIRIVAT VORAVETVUTHIKUN：我们的国家一直是个贫穷的国家，所以我们从未尝到过富裕的滋味。当我们尝到了富裕的滋味，我们贪婪地还想要的更多。我也责备我自己；我对自己已经得到的从没满足过。
Yeah； it's quite a view； and I really feel bad because no one can enjoy it now。 It's all left to the bank。 Nice fairway and nice lake。 It's so sad。
对，那里确实很美。 我真的感觉很悲伤，因为现在没人能欣赏它了。那里的一切都留给了银行。美丽的高尔夫球道和美丽的湖泊。真是太悲哀了。
I had a big dream and couldn't achieve it。 That's why I am today standing selling things for two hours。 But after four years of struggling； at least I know I have a chance。 Today my big dream is to be McDonald's of Thailand； because selling sandwiches on the streets； now I've developed a new Japanese sushi。 I use Thai brown rice。 I am the first in Thailand。 So hopefully in the near future I will raise my funds in the local stock market so in the future I will be McDonald's of Thailand。
我曾经有一个很大的梦想但不能实现了。这就是为什么我今天站在这里卖了两个小时东西了。但是，经过了四年的奋斗，至少我知道我还有一个机会。今天我的最大的梦想就是要成为泰国的麦当劳，因为我站在街上卖三明治，现在我开发了一种新的日式寿司。我用泰国黑米。我是泰国第一个用黑米做寿司的。所以希望能在不远的将来在本地的股票市场上筹集到资金，成为泰国的麦当劳。
Chapter 15： The Global Debate ＇2：49＇
第十五章：全球辩论
NARRATOR： The global economy rested on institutions that dated back to the end of the second world war。 The contagion crisis proved that the new era of globalization needed new rules。
旁白：全球经济依靠的是早在第二次世界大战结束时制定的制度基础上。这一传染性危机证明了新的全球化时代需要新的规则。
WILLIAM McDONOUGH： We have to improve the rules of the game。 You want the financial system essentially to be like the shock absorber in a car。 When you hit a pothole the car still bounces； but have