s； and you wouldn't get into these crises if the vested interests weren't that important。 That I think is why it takes political change to deal with a crisis as big as this。
STANLEY FISCHER：你就是一个要治疗一个危重病人的医生。公众抱怨这个医生因为那个病人有病，但是，是病人先有的病。然而这些事情是会对社会造成伤害的，但又有人期望从中获取巨大的利益，而如果这些所期望的利益不那么重要的话，你是不会深入到这些危机中去的。这就是我认为的为什么要处理好这么大的一次危机需要政治改革的原因。
NARRATOR： To some of the region's entrenched leaders； the IMF's conditions smacked of a new kind of colonialism。
旁白：对于该地区的一些地位巩固的领导人来说，国际货币基金组织的条件就象是一种新形式的殖民主义强加给他们的条件。
MAHATHIR BIN MOHAMAD： Presently we see a well…planned effort to undermine the economies of all the Asian countries by destabilizing their currencies。
马哈蒂尔：目前，我们看到一种要通过使我们的货币币值不稳定的方法来达到破坏所有亚洲国家经济的目的的，计划周密的努力。
In the old days you needed to conquer a country with military force； and then you could control that country。 Today it is not necessary at all。 You can destabilize a country； make it poor； and then make a request for help； and for the help that is given； you gain control over the policies of the country； and when you gain control over the policies of a country； effectively you have colonized that country。
在过去，你需要首先用武力征服一个国家， 继而你就可以控制那个国家。现在，这些已经完全没有必要了。你可以使一个国家不稳定，使它变穷，然后它会向你请求帮助，而因为那些你给予的帮助，你就可以控制那个国家的政策，而当你控制了一个国家的政策，你就已经有效地把那个国家殖民化了。
NARRATOR： The market forces were simply too powerful for the IMF； or any government； to contain。 In late 1997； contagion reached Korea； one of the most successful economies in the world。
旁白：市场力量对于国际货币基金组织，或任何一个国家来说，都是太过强大了而无法遏制。在1997年末，恶性影响蔓延到韩国——世界上最成功的经济体之一。
EISUKE SAKAKIBARA： It was unbelievable that the crisis had spread as quickly as to Indonesia and Korea； and within a matter of six months or seven months。 But the world was much globalized that we thought it was at that time。
EISUKE SAKAKIBARA：这一危机蔓延得如此之快，在六，七个月间迅速蔓延到印度尼西亚和韩国，让人无法相信。但是，世界的全球化程度要比我们当时以为的大得多。
Onscreen caption： Seoul； Korea； December 1997
字幕：汉城，韩国，1997年12月
ROBERT RUBIN： In the last week of December of 1997； the 11th largest country …… economy； rather …… in the world； which was Korea； had roughly speaking 4 billion of reserves left and was using reserves at the rate of 1 billion a day。 Well； it didn't take a great deal of quantitative insight to see that that was not a long…term viable situation。
罗伯特。鲁宾：在1997年12月的最后一个星期，世界第十一大的国家 —— 经济体——韩国，只剩下四十亿美元的外汇储备，而以每天用掉十亿美元的速度消耗着它的储备。这并不需要大量的量化的洞察力就可以看出这不是一个长远可行的局面。
NARRATOR： Korea had been misleading the world； claiming it had enough money to withstand the crisis。 The IMF's Stanley Fischer arrived in Seoul to inspect the Central Bank's accounts。
旁白：韩国误导了世界，宣称它有足够的资金来抵御这次危机。国际货币基金组织的的费舍尔来到汉城审查中央银行的账目。
STANLEY FISCHER： I visited Korea a couple of days before they turned to the IMF for help； and it was a circus atmosphere。 It was a state of panic； and it was at that point that I went to the Central Bank and was shown how much money was left in the Korean Central bank。 It was essentially all gone。
费舍尔：我是在韩国向国际货币基金组织提请帮助的前两天访问韩国的。那里的气氛一片混乱。到处是一片惊恐。正是在那时，我去了中央银行并被告知韩国的中央银行还剩下多少钱。实际上，所有的钱都没了。
NARRATOR： Korea was about to default on its loans from Japanese and Western banks。 Pressured by their governments； the banks agreed to share some of the pain： They rolled over their loans。 Korea was then given the largest bailout in history。
旁白：韩国当时正要准备不履行他们从日本和西方银行所得的贷款。迫于它们各自政府的压力，这些银行同意分担部分痛苦：延期还款安排。韩国从而度过历史上最大的难关。
Onscreen caption： Korea received 55 billion in new loans and credits。
字幕：韩国收到了550亿美元的新贷款和信贷。
LEE HSIEN LOONG： If they had done that in Thailand； I think that they would have not only avoided some economic problems； but I think that a sense in Southeast Asia that the Americans were really on the side of putting things right would have been stronger。
李显龙：如果他们在泰国这样做，我认为他们不仅可以避免一些经济难题，而且我认为，在东南亚认为美国人确实是要解决问题的看###强烈得多。
Chapter 13： Russia Defaults ＇2：31＇
第十三章： 俄罗斯不履行还款义务
WILLIAM McDONOUGH； President； Federal Reserve Bank of New York： Then a very； very strange thing happened。 From about the first of February until the beginning of August； there was a period in which financial markets essentially decided that risk didn't exist anywhere。
WILLIAM McDONOUGH，纽约联邦储备银行行长：当时一个非常非常奇怪的事情发生了。大约从二月一号直到八月初，有这样一个时期，各资本市场认为风险是全然不存在的。
Onscreen caption： Moscow； August 1998
字幕：莫斯科，1998年8月
NARRATOR： Markets thought contagion had been contained in Asia。 Investment flowed elsewhere。 Some came to Russia； where the Moscow stock market was the best performing in the world。 But economic reforms had stalled； and Russia was heavily in debt。 Even so； investors were convinced they'd found an emerging market that couldn't fail。
旁白：各个市场均认为这一恶性影响已被遏制在亚洲。投资流向其他地区。有些流入俄罗斯。当时的莫斯科股票市场在世界上表现最好。但是，经济改革已经停止了，而且俄罗斯负债累累。尽管如此，投资者们坚信他们找到了一个新兴的，不会失败的市场。
WILLIAM McDONOUGH： Investors had decided Russia is an ex…superpower； it has lots of missiles and lots of atomic warheads …… certainly you could not have a financial accident in Russia； because the rest of the world； the rich countries； would bail Russia out。 Well； it turned out that that was wrong。
WILLIAM McDONOUGH：投资者们认为俄罗斯是一个前超级大国，它有很多导弹和核弹头——当然你不可能在俄罗斯有金融事故，因为世界其他国家，那些发达国家，会帮助俄罗斯度过难关的。然而，结果是他们想错了。
NARRATOR： Russia defaulted on its debt。 Its currency plummeted。 Global investors were stunned。
旁白：俄罗斯不能履行它的还款义务。它的货币大大地贬值。全球的投资者被震惊了。
WILLIAM McDONOUGH： All these people who in the previous seven months had decided there was no risk anywhere literally panicked and decided there's got to be massive risk everywhere。 Behind each fence and barnyard wall there must be a risk that we hadn't though of； you know； like the redcoats retreating from Lexington。
WILLIAM McDONOUGH：所有那些在前七个月中认为风险实际根本不存在的人恐慌了， 并认为巨大的风险无处不在。在每一个篱笆和空场围墙的后面肯定会有一个我们没有想到的风险，你知道，就象当年红衣军团撤出莱克星顿一样。
NARRATOR： Everywhere； markets were freezing up。 The economic crisis seemed to have taken on a life of