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Exercise 5. Translate



1. Каталог зарегистрированных ценных бумаг можно увидеть на табло в центральном зале фондовой биржи.

2. Наш брокер ведет переговоры о покупке еще 15% акций этой компании.

3. Торги были перенесены на пятницу.

4. Не следует полагаться на то, что наши конкуренты повысят цены на свои акции.

5. Доступ к ресурсам сети Интернет позволяет нам получать оперативную информацию о фьючерсных контрактах.

6. Состояние султана Брунея оценивается в 25 миллиардов долларов.

7. «Тойота» является лидером на автомобильном рынке Японии.

8. Согласно условиям контракта, покупатель должен заплатить наличными.

9. Остаток на вашем счете составляет 25 долларов.

10. Мы могли бы приобрести пакет этих акций с маржей.


8 MONETARY AND FISCAL POLICY

Since the mid–20th century, US policy makers have attempted to use a mixture of monetary policies and fiscal policies to promote the twin goals of full employment and price stability. Monetary policies are those affecting the availability of credit, the supply of money and the velocity of its circulation, while fiscal policies are the government’s spending and taxing policies.

MONEY IN THE U.S. ECONOMY

The quantity of money in an economy is central to determining the state of that economy – it affects the level of prices, the rate of economic growth and the level of employment. It is a medium of exchange that people will accept for their goods or services and a unit of account for prices or debts. In addition, it can be used like property or precious metals – as a store of wealth that people can save for future purchases.

Money in the United States consists of coins and paper currency. According to federal law, only the US Treasury and the Federal Reserve System can issue U. S. currency. All U. S. currency carries the nation’s official motto, “In God We Trust”.

Coins come in various denominations based on the value of a dollar: the penny, one cent or one-hundredths of a dollar; the nickel, five cents or five-hundredths of a dollar; the dime, 10 cents or ten-hundredth of a dollar; the quarter, 25 cents or one-fourth of a dollar; the 50-cent piece or half-dollar; and the one-dollar coin.

Paper money carries the printed signatures of the secretary of the Treasury and the treasure of the United States.

THE U.S. MONEY SUPPLY

A nation’s money supply is based on either the production of a commodity or governmental fiat. Commodity money typically is based on valuable metals, particularly gold or silver. When a nation uses commodity money, the size of the money supply is determined by the cost of producing the commodity and the rate of production. During the late 1800s and early 1900s, U. S. currency was based on the gold standard, which is to say that the United States promised to redeem its currency for a specified amount of gold.

Fiat money, on the other hand, does not have intrinsic value. It has value because people are willing to accept it. To increase a fiat money’s acceptability, a government may make the currency legal tender, which means people are required by law to accept the money at its face value. Today the United States is on a fiat money system, in which the national government through its central bank, the Federal Reserve System, controls the money supply U. S currency is legal tender.

Yet the money supply in the United States consists of more than just coins and paper money. Checking account deposits are considered a form of money because they are spent when people write checks. In fact, in the United States, about three-fourths of all payments are made by check.

Economists measure the money supply in several ways that differ according to which assets are included in the measurements. One measure includes deposits in all interest-bearing accounts that can be used like checking accounts. Another includes savings accounts that cannot automatically be converted to make purchases. Banks can require advance notice of withdrawals from these accounts.

When the money supply increases, people have more money to spend, and demand for goods and services increases. As demand increases, businesses hire additional workers to increase output. This is an economic growth scenario. But, if output does not keep pace with demand, prices increase. When prices rise continuously, inflation results. This tends to cause problems for people whose incomes do not increase at a rate consistent with inflation.

THE FEDERAL RESERVE SYSTEM

The Federal Reserve System, also known as the ‘Fed’, is an independent US government agency. Its most important function is to manage the country’s supply of money and credit.

The Federal Reserve System includes 12 regional Federal Reserve Banks and 25 Federal Reserve Bank branches. All nationally chartered commercial banks are required by law to be members of the Federal Reserve System; membership is optional for state-chartered banks. In general, a bank that is a member of the Federal Reserve System uses the Reserve Bank in its region in the same way that a person uses a bank in his or her community.

The Federal Reserve System is administered by the Federal Reserve Board of Governors, a group of seven individuals who are appointed by the president of the United States and serve overlapping 14-year terms. Although the Federal Reserve System is directly responsible to Congress, the governors are, by law, independent of political pressure from either Congress or the president. The board is expected, however, to coordinate its policies with those of the administration and Congress. Additionally, the Federal Reserve does not rely on Congress for funding; it raises all of its own operating expenses from investment income and fees for its own services.

The Fed’s operation has evolved over time in response to major events. Established by Congress in 1913, the Federal Reserve was created to strengthen the supervision of the banking system and stop the periodic bank panics that erupted in the previous century. As a result of the Great Depression in the 1930s, Congress gave the Fed the authority to vary reserve requirements and to regulate stock market margins. In time, additional laws made it easier for the Fed to expand credit when a financial disaster seemed likely.

During World War II, Federal Reserve operations were subordinated to helping the Treasury borrow money at low interest rates.

The Federal Reserve has three main tools for maintaining control over the total supply of money and credit in the economy. The first is the discount rate, or the interest rate that commercial banks pay to borrow funds from Reserve Banks. By raising or lowering the discount rate, the Fed can promote or discourage borrowing and, thus, alter the amount of revenue available to banks for making loans.

The second is the reserve requirement. There are percentages of deposits, set by the Federal Reserve, that commercial banks must set aside either as currency in their vaults or as deposits at their regional Reserve Banks. These percentages cannot be used for loans. In 1980 the Federal Reserve gained the authority to set reserve requirements for all deposit-taking institutions.

The third tool, which is probably the most important, is known as open market operations. It is the buying and selling of government securities. When the Federal Reserve buys government securities from banks, other businesses or individuals, it pays for them with a check (a new source of money that it prints) drawn on itself. When this check is deposited in a bank, it creates new reserves – a portion of which can be lent or invested – further increasing the money supply.

These tools allow the Federal Reserve to expand or contract the amount of money and credit in the US economy. When there is more money to lend, credit is “loose” and interest rates tend to drop. In general, business and consumer spending tend to rise when interest rates fall. When there is less money to lend, credit is “tight” and interest rates tend to rise. Tight money is considered a particularly powerful tool for fighting inflation.

FISCAL POLICY

The government can also use its own spending and taxing activities to achieve specific objectives. This is called fiscal policy. By increasing or decreasing its spending and taxing programs, the federal government may reduce or increase demand for goods and services. If the government reduces its own spending, it buys less from businesses, reducing sales and earnings, and people have less money to spend. Similarly, if the government raises taxes, people have less money to spend. Moreover, spending and taxing policies work together to increase or decrease aggregate demand. For example, if the government taxes to a greater extent than it spends, it causes a net reduction in the flow of income to people and businesses. Because this reduces aggregate demand for goods and services, it is a method for fighting inflation.

Fiscal policy uses budget deficits or surpluses to promote economic stability and growth. In the United States, some fiscal policy tools work automatically – without action being taken by the president or Congress. The progressive income tax, for example, is generally considered to promote stability automatically. It tends to reduce the government’s collection of revenue when personal and business incomes are declining, and thus helps offset the cutbacks in spending that accompany declining incomes. During business expansions, however, federal tax collection tends to rise fairly quickly and thus reduce inflationary pressures. During postwar business declines, Congress has sometimes legislated emergency spending measures, such as temporary increases in public works expenditures, as additional means of offsetting cutbacks in private spending and preventing unemployment.

Yet there are also problems associated with the use of fiscal policy. Many object to a reduction in government spending because this could mean a reduction in funds used to help provide education, health care and other services. Higher taxes are unpopular with both individuals and businesses. In addition, the use of fiscal policy to cause a sharp reduction in demand is somewhat controversial because it tends not only to reduce inflation but also to increase unemployment.

VOCABULARY

A

1. to attempt – пытаться, пробовать

2. monetary policy – денежно-кредитная политика

3. fiscal policy – финансово-бюджетная политика

4. to promote – содействовать, помогать, достигать

5. the velocity of money circulation – скорость денежного обращения

6. a medium of exchange – средство обмена

7. a unit of account – единица расчета

8. currency –денежное обращение, деньги, валюта

9. Treasury – Государственное казначейство

10. Federal Reserve System – Федеральный резервный банк

11. a government fiat – правительственный декрет, указ

12. a valuable metal – ценный метал

13. to redeem the currency for smth – изымать деньги из обращения, обменивать на новые

14. fiat money – неразменные бумажные деньги

15. to have no intrinsic value – не иметь существенной стоимости

16. to make the currency legal tender – сделать деньги законным платежным средством

17. a checking account – вклад на текущем счете

18. an interest-bearing account – счет с начислением процентов

19. a savings account – сберегательный счет

20. to be converted – превратиться, трансформироваться

21. to require advance notice of withdrawals from the account – требовать предварительного уведомления о снятии денег со счета

22. to keep pace with smth – идти наравне, не отставать

B

1. to manage the country’s supply of money and credit – управлять денежной массой и объемом кредитных ресурсов в стране

2. a branch – филиал, отделение банка

3. Membership is optional for state-chartered banks – Членство не обязательно для банков, зарегистрированных штатом

4. to appoint – назначать

5. to rely on Congress for funding – полагаться на Конгресс в вопросах финансирования

6. fee – взнос, плата

7. to give the Fed the authority to vary reserve requirements – давать право Федеральному резервному банку варьировать резервные требования

8. a financial disaster seemed likely – в ситуации, когда финансовая катастрофа вероятна

9. tools for maintaining control over the total money supply and credit in the economy – инструменты для поддержания контроля за кредитно-денежной массой в экономике

10. the discount rate – ставка дисконта (внутренняя форма рентабельности) либо альтернативная стоимость капитала

11. to alter the amount of revenue – изменять количество налоговых сборов

12. to set aside – откладывать

13. deposit-taking institutions – учреждения, принимающие вклады

14. open market operations – операции на открытом рынке (с неограниченным числом участников)

15. spending and taxing activities – деятельность по налоговым сборам и государственным расходам

16. aggregate demand – совокупный спрос

17. a net reduction in the flow of income – сокращение суммы чистого дохода

18. a budget deficit/surplus – дефицит/профицит бюджета

19. progressive income tax – прогрессивный подоходный налог

20. revenue – (государственный) доход (от налогов и сборов)

21. to help offset the cutbacks in spending that accompany declining incomes – помогать компенсировать сокращения расходной статьи бюджета, которые происходят наряду с понижением дохода

22. temporary increases in public works expenditures –временный рост затрат на общественные работы

23. to object to smth/doing smth – возражать против, выступать против.

EXERCISES

Exercise 1. Translate

1. Вся валюта РФ содержит отметки государственного казначейства.

2. Чтобы получить такую большую сумму, мы должны послать в банк предварительный запрос.

3. Рубль является законным средством обмена в РФ.

4. Вклады на текущих счетах составляют 30% от общей денежной массы банка.

5. Правительство выпустило указ об изъятии наличности старого образца из оборота.

6. Метал, который был протестирован в лаборатории, не является ценным.

7. Доход компании зависит от скорости денежного оборота.

8. Министерство финансов РФ регулирует предложение денежных средств в стране.

9. Чиновники исполнительной ветви власти назначаются президентом.

10.Федеральный резервный банк покрывает свои расходы за счет взимания платы за оказанные услуги.

Exercise 2. Fill in the prepositions

1. Government supplies relief … the poor and help … the disabled.

2. Money gave a high return … investment.

3. The four types of monopolies are distinct … the other companies, which obtained complete control … particular commodities.

4. The sole proprietorship is well adapted … many kinds of small business.

5. A partnership is a business formed … profit … two or more co-owners.

6. Each partner is liable … all the debts of a partnership irrespectively how much money he invested … the business.

7. The seller charged a too high price … the commodity and we asked him to reduce it … 50$.

8. This organization provides services … the people of the city and the suburbs.

9. Interest paid … bonds is a tax-deductible business.

10.If we compare the current year … the previous one, we’ll see that cotton prices have dropped … 44%.

11.Many farmers couldn’t sell … a profit due … the rise … prices … farm machinery.

12.We borrowed 1000$ … a year … 10% interest.

13.The American economic system is based … free enterprise.

14.The strong emphasis placed …education contributed … America’s economic success.

15.Common stockholders have the right to vote … the board … directors.

16.Interest is paid … fixed rate … a specified date.

17.The American economic system is characterized … private ownership … productive resources.

18.Many people sold their shares to make a quick profit … the stock exchange.

19.Industrial overproduction did a lot of damage … the economy and pushed many businesses … … the market.

20.You should take steps … uneconomical spending or you’ll be … debt.

Exercise 3. Say whether the statements are true or false.

1. Monetary policies affect government’s spending.

2. The quality of money affects the level of employment.

3. Property and precious metals can be considered as forms of money.

4. Paper money has the signature of the president draw on it.

5. The official motto is “In Bank We trust”.

6. There are three types of money.

7. The other name for the FED is a central bank.

8. The FED consists of 12 branches and 25 regional federal reserve banks.

9. The FED is run by the board of governors.

10.The FED reports to Congress.

Exercise 4. Punctuate each section and arrange them in their proper order to get a text on money and banking.

A. today a banks primary function is to act as an intermediary between depositors and borrowers it serves as a reservoir of loanable money

B. the term money in its widest sense covers anything which serves as a store of value and a means of exchange legal tender is the name for actual notes issued by governments or authorized banks while instruments of credit such as cheques act as a substitute for legal tender

C. the whole system however is based on simple acts of trust between all concerned without this trust modern banking would be impossible

D. a bank accordingly makes main profits by lending part of its store of deposited money at fixed rates of interest these rates usually exceed the rates offered to depositors

E. the purchasing power of money is dependent upon supply and demand variations therefore occur in the amount of money actually in circulation such institutions as banks assist in the flow of money throughout the economy.

F. banks have developed greatly from their original position as places of security for valuables today they are service industries which handle large sums of money on current and deposit account


9 TAXATION

Tax Freedom Day – the day on which American tax payers have earned enough money to pay their total tax debt for the year. All across the country, people worked 3 to 4 months of the year just to pay their taxes! No wonder everyone complains. People with high income grumble because they pay the highest taxes. Low-income earners point out that even a low tax rate is too much to bear. People in the middle consider their situation the worst of all – their incomes are not high but their taxes are.

“In this world nothing is certain but death and taxes.”
(Benjamin Franklin)

THE POWER TO TAX

Congress exercises the taxing power in order to raise money to finance at least most of what it costs to operate the Federal Government. But Congress also levies some taxes for nonrevenue purposes.

Constitutional limitations. The power to tax is not an unlimited one. Congress must exercise the taxing power in account with the Constitution, which puts four expressed limits on the power of Congress to tax.

1. Taxes must be for public purposes only, not for the benefit of some private interests.

2. Export taxes are prohibited. No tax or duty should be laid on articles exported from any State. Thus, custom duties cab be applied only to imports. While Congress cannot tax exporters, it cab and does prohibit the export of certain items – usually for reasons of national security and acting under its expressed power to regulate foreign commerce.

3. Direct taxes must be equally apportioned. Recall that a direct tax is one that must be borne by the person upon whom it’s levied, e. g. a tax on land or buildings, must be paid by the owner of the property; or a capitation tax – a head or poll tax – laid on each person. Other taxes are indirect taxes. An income tax is a direct tax. Congress first levied on income tax in 1861, to help finance the Civil War.

4. The 4-th expressed limitation on the taxing power is that indirect taxes must be uniform. It means that all indirect taxes must be levied at the same rate in all parts of the country.

The implied limitations. The Federal Government cannot tax the States or any of their local governments in the exercise of their governmental functions. That is, federal taxes cannot be imposed on those governments when they are doing such things as providing public education, furnishing health care or building streets and highways.

CURRENT FEDERAL TAXES

The Income Tax – is the largest source of federal revenue today. It first became the major source in 1917 and except for a few years during the Depression of the 1930s, it has remained so. Several factors suit the income tax to its dominate role. It’s a flexible tax; its rates can be adjusted to produce whatever amount of money Congress thinks is necessary. It’s a progressive tax – the higher the income and the ability to pay, the higher the tax rate. Ever since 1913, the income tax has been levied on the incomes of both individuals and corporations.

The Individual Income Tax – the tax is levied on each person’s taxable income – one’s total income in the previous year, minus exemptions and deductions. Deductions are allowed for a number of things, including the costs of some medical care, some state and local taxes (except for sales taxes), interest paid on home mortgages, and contributions to charitable organizations.

The Corporation Income Tax – each corporation must pay a tax on its net income – on all of its earnings above the costs of doing business. The corporate tax has been called the most complicated of all federal taxes because of the many deductions allowed. Nonprofit organizations (churches and charitable foundations) are not subject to the corporation income tax.

Social Insurance Taxes – The Federal Government collects huge sums to finance three major social welfare programs:

1. the Old-Age, Survivors and Disability Insurance program (OASDI)

2. Medicare - health care for the elderly

3. the unemployment compensation program – benefits paid to jobless workers

OASDI and Medicare are supported by taxes imposed on nearly all employers and their employees, and on self-employed persons.

These levies are often called payroll taxes because the amounts owed by employees are withheld from their paychecks.

The unemployment insurance program is a joint federal-state operation. Each State has its own unemployment compensation law; and the amount of a worker’s weekly benefits, and their duration, is determined by State law.

Notice that social insurance taxes are not progressive – instead, they are regressive taxes – taxes levied at a flat rate, without regard to the level of a tax payer’s income or his ability to pay them.

Excise Taxes – are laid on the manufacture, sale or consumption of goods and/or the performance of services. Today, federal excise taxes are imposed on a long list of things. Many excise taxes are often called hidden taxes because they are collected from producers who then figure them into the price that the retail consumer finally pays.

Some are called luxury taxes as they are levied on goods not usually considered to be necessities.

And some excise taxes are known as sin taxes, in particular, those laid on tobacco products, beer, wine, liquor and gambling.

Estate and Gift Taxes - an estate tax is a levy imposed on the assets (the estate) of one who dies. A gift tax is one imposed on the making of a gift by a living person. Any person may make up to 10000$ in tax-free gifts to any other person. Gifts that husbands/wives make to one another are not taxed, regardless of value.

Custom Duties – are laid on goods brought into the US from abroad. They are also known as tariffs, import duties, or imports. Congress decides which imports will be dutied and at what rates.

TAXING FOR NONREVENUE PURPOSES

Remember, the power to tax can be used for purposes other than the raising of revenue. Usually, that other purpose is to regulate some activity that is harmful or dangerous to the public. Thus, regulation of narcotics is based on the taxing power. Federal law provides that only those who hold a valid license may legally manufacture, sell, or otherwise deal in those drugs – and licensing is a form of taxation. The government also regulates a number of other things by licensing (including certain firearms, prospecting or public lands, hunting of migratory birds). The federal excise tax on gas-guzzling cars is intended to discourage their purchase.

NONTAX REVENUE AND BORROWING

Large sums of money reach the federal treasury from a multitude of nontax sources: the interest on loans made by federal agencies; fees for such items as passports, copyrights, patents and trademarks also generate large sums.

Congress has the power “to borrow money on the credit of the US”. Historically, the power to borrow has been viewed as a power that makes it possible for the government to:

1. meet the costs of short and long term crisis situations

2. finance large-scale projects that would not be paid for out of current income

Thus, the Federal Government borrowed huge sums of money when the US entered World War 1; to combat the Depression of the 1930s; and again during World War 2.

In recent decades, the Federal Government borrowed for another reason: deficit financing. Over these years, the government has spent more that it has taken in. that is, it has run up an annual deficit – the yearly shortfall between income and outgo; and it has borrowed to make up the difference.

Borrowing produces a debt, of course. The public debt is estimated to reach $4trillion in 1992. No constitutional limit exists on the amount that may be borrowed. Congress has put a statutory ceiling on the public debt, however, which can be raised whenever the need arises.

The current debt will have to be paid by future taxpayers. Most of those who are most concerned about the size of the debt are worried about its impact on future generations of America. They believe, that today’s deficit financing – that is, today’s borrowing to pay for yesterdays and today’s spending – is being done at the expense of tomorrow’s taxpayer.

VOCABULARY

1. to complain - жаловаться

2. to levy taxes for non-revenue purposes – собирать налоги для внебюджетных статей дохода

3. to limit/limitation – ограничивать, ограничение

4. to prohibit the export of certain goods – запрещать экспорт некоторых товаров

5. custom duties – таможенные пошлины

6. direct taxes must be equally apportioned – прямые налоги должны быть равномерно распределены

7. a capitation tax – подушный налог

8. to impose on – облагать, налагать

9. to apply to – прилагать, применять к чему-либо

10. to furnish health care – поставлять медицинское оборудование для учреждений здравоохранения

11. exemptions – освобождение, льгота, привилегия

12. deductions – удержание, вычет

13. home mortgage – ипотека под строительство жилья

14. charitable organizations – благотворительные организации

15. net income – чистый доход

16. to be subject to – быть подверженным чему-либо

17. payroll tax – налог с заработной платы

18. to withhold - взимать

19. at a flat rate – по единой шкале

20. excise tax – акцизный налог

21. a levy – сбор, налог

22. retail consumer – розничный потребитель

23. estate tax – налог на недвижимое имущество

24. an inheritance tax – налог на наследство

25. a gift tax – налог на дарение

26. to hold a valid license – иметь действующую лицензию

27. multitude - множество

28. conscience fund – “фонд совести”

29. to combat smth – бороться с чем-либо

30. shortfall – нехватка, недобор

31. to authorize – разрешать, санкционировать

32. accrued interest – процентный доход, набежавший процент

33. at the expense of smth – за счет чего-либо

EXERCISES

Exercise 1. Translate

1. Экспорт экзотических животных без специальной лицензии запрещен.

2. Процентного дохода с вклада оказалось достаточно, чтобы заплатить налог на недвижимое имущество.

3. Подарки родственников и членов семьи не облагаются налогом.

4. Концерт был дан, чтобы собрать средства для благотворительных организаций.

5. Товарищество «Н» поставило медицинское оборудование для сельских учреждений здравоохранения.

6. Кто разрешил выдавать им ипотеку под строительство?

7. Этот регион подвержен частым изменениям погоды.

8. Акциз выплачивается розничными потребителями.

9. Косвенный налог взимается по единой шкале повсеместно.

10.Таможенные пошлины налагаются только на импорт.

Exercise 2. Paraphrase

MODEL: She lives in Greece. – She’s Greek.

1. He comes from Malaysia.

2. They are from Turkey.

3. You live in Spain.

4. We are from Pakistan.

5. She speaks the language of Norway.

6. I have never met a man from Sweden.

7. They live in Ghana.

8. She comes from Karachi.

9. He lives in Lusaka.

10.We are from Edinburg.

Exercise 3. Where do these people come from?

Karl Marx, Adam Smith, Neil Armstrong, Pele, Robert Burns, Edward Grigg, Diego Maradona, Edgar Dega, Alfred Nobel, Arnold Shwarzenigger, the Pope.

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