圖片發自《經濟學人》
James Carville,political adviser ?to Bill Clinton, the former president, famously ?said that ? the bond ?market ?so ?he could“intimidate everybody”. He ?was frustrated ?by ?the administration ' s ?inability ?to ?push through ?an economic stimulus for fear ?of spooking investors ?and pushing ?bond yields higher.
1.political adviser 政治顧問
2. bond market 債券市場
3.inability ?to do 沒能力做…
4.put through完成，從事 ?economic stimulus 刺激
5.spook investors 使投資者驚慌 ?「 spook」作名詞講是鬼，間諜的意思；作動詞講是使驚慌，驚嚇的意思
6.bond yield 債券收益率
In the 1990s “bond-market vigilantes”sold their holdings when they feared that countries were pursuing irresponsible fiscal or monetary policies.
7.bond-market vigilantes 債券市場的義務警察（指在通貨擔憂出現時通過出售債券推高債券收益率）的投資者
8.holdings 財產「尤指地產或公司的股份」
9.pursuing irresponsible fiscal or monetary policies 實行不負責任的財政政策和貨幣政策
This week, for example, Saudi Arabia tapped ?the markets ?for the first time,raising $17.5billion-- the largest-ever ?emerging -market ?bond issue.10.tapped ?the markets 開發市場 ? 「tap」在這里作“利用，發掘，開發'（能源，資金來源等）”解
11.raising 籌集
12.largest-ever 有史以來最大的 ? ? ? ?
? ? ?emerging ?market 新興市場
Vigilantes have become vastly outnumbered ?by bondholders with ?no real interests ?in maximizing ?the return ?on their portfolios.
沒有興趣在有價證券取得最大回報的證券持有者已經大大地超過了證券市場的義務警察。
13.outnumber 「在數量上勝過，比…多」
? ? ?maximize 使…增加到最大限度，充分利用
? ? ? ?portfolio 公文包；有價證券
Government bonds ?now seem to be a home ?for the rainy-day money ?of institutional investors.
14.rainy-day money 源于 save ?money for a rainy day 以備不時之需
