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This is what a new Bretton woods conference could accomplish in one fell swoop. It would reconstitute the IMF to better reflect the prevailing pecking order among states and revise its methods of operation. It would decide how to treat financial institutions that are too big to fail and it would consider new rules to control capital movements because the total freedom of financial capital to move around freely the world has proved to be a source of instability and needs to be curbed.
这就是一个新的布雷顿森林会议可以一举完成的任务。它将会重新组建国际货币基金组织，使之能更好反映国家之间的一般排序，并且修改其运作方式。会议还可以决定怎样对待那些规模大而不会垮掉的金融机构，以及考虑新规则来控制资本流动，因为在国际范围内金融资本完全地自由流动已被证明是造成不稳定的因素之一，必须加以遏制。
The use of the dollar as the main international currency has produced dangerous imbalances. The dollar is no longer and no longer enjoys the trust and confidence it once did, yet no other currency is in a position to take its place. There is a general flight from currencies into gold and other commodities and tangible assets. That is harmful because it keeps those assets out of productive use and stokes the fear of inflation.
美元作为主要国际货币已经导致了危险的通货不平衡现象。它过去所享有的信任和信心已不复存在，但尚未出现可将其取而代之的货币。现在大致的趋势是，各种货币都向黄金及其他商品和有形不动产转移。这不是好亊，因为它限制了这些资产的建设性作用，并会引发大众对通货膨胀的恐惧。
The United States ought not to shy away from the wider use of Special Drawing Rights (SDRs). That should induce China to abandon its peg to the dollar and that would be the best way to reduce international imbalances. Since SDRs are denominated in several national currencies, no single currency would enjoy an unfair advantage.
美国不应羞羞答答地回避“特别提款权”的更广泛使用。它可以促使中国放弃盯着美元不放，也是减少国际不平衡的最好办法。由于“特别提款权”由多个国家的货币决定，所以没有哪一种货币能享有不公平的优势。
