4         Source text – German    英文-德语

In Deutschland werden pro Jahr 45.000 Tonnen Heilpflanzen verbraucht – so viele wie in keinem anderen Land Europas. Doch das bringt auch Probleme für den Artenschutz mit sich.
Arzneimittel auf Heilpflanzen-Basis sind bei Ärzten und Patienten in Deutschland in den vergangenen Jahren immer beliebter geworden. Knapp drei Viertel der Kunden greifen inzwischen zu einem Naturheilmittel, wenn sie in der Apotheke ein nicht verschreibungspflichtiges Medikament kaufen. 2006 gingen so genannte Phytopharmaka im Wert von fast zwei Milliarden Euro über die Ladentische der Apotheken - knapp ein Drittel des Gesamtumsatzes an rezeptfreien Arzneimitteln. Entsprechend hoch ist der Bedarf an Heilpflanzen - an deren Blättern, Blüten, Stengeln, Wurzeln oder Samen.

4 Translation - English
Each year, 45,000 tons of medicinal plants are used in Germany -- more than in any other European country. But this booming business also creates problems for species preservation.
Drugs made from medicinal plants have become ever more popular among doctors and patients in Germany in recent years. Around 75 percent of customers in German pharmacies reach for a natural product when they buy non-prescription medications. In 2006, so-called phytopharmaceuticals accounted for around 2 billions euros worth of revenue, or about a third of the total revenue in non-prescription medications. That translates into a high demand for the raw materials for these products -- medicinal plants and their leaves, flowers, roots and seeds.

德语翻译公司样稿qq329365731

3         Source text – Chinese    中文-德语
设定
小心!
Ir(A)
参加以下工作的人员必须具有娴熟的电器专业知识和电工技术。供电设备均为嵌装式。设备安装施工中，请遵循当地的有关规定。
定位衔铁
Ii(A)
功能说明
拆卸
调制解调器

3         Translation - German
Einstellung
Vorsicht!
Ir(A)
Nur Elektrofachkräfte und elektrotechnisch unterwiesene Personen dürfen die im Folgenden beschriebenen Arbeiten ausführen. Die Stromversorgungsgeräte sind Einbaugeräte. Beachten Sie für die Installation der Geräte die länderspezifischen Vorschriften.
Pinbelegung
Ii(A)
Funktionsbeschreibung
Demontage
Modem

德语翻译公司联系方式http://www.jgfanyi.com.cn/page/contactus/index.php

2        Source text – French   法语-中文
Fondée en 1968, XXXX Tools a été au premier plan de la fabrication d’outils à main de qualité, à savoir des pinces professionelles, en Asie du Sud Est. la croissance et l’expansion de XXXX ont été largement attribuées à l’accent mis sur l’innovation des produits et la détermination de l’entreprise à offrir à l’industrie mondiale des outils à main, une qualité de produit supérieure. ...

L’entreprise XXXX est dotée d’un solide processus de test de qualité comprenant: un test de résistance au choc à basse température, test d’adhésivité, test de combustibilité, test de résistance d’isolation et test de diélectrique.

1 Source text  English  英语-中文

[...]
Cities today are under tremendous pressure to provide high quality, high availability services. Striving to enrich the lives of their citizens and enhance the level of service they offer, numerous towns and cities like yours have chosen to deploy WiFi technology.
[...]
WiFi technology can help you bridge a digital divide in your community, and meet electronic government targets.
[...]
The broadband age has brought a fundamental shift in the way people access, share and use data.
[...]
Road warriors, students and high flying execs all demand a high quality, high bandwidth experience that follows them wherever they go. With enterprise devices continuing to shrink in size and gaming consoles, music players and other consumer devices shipping WiFi-enabled, the demand for wireless internet access on the go is set to grow exponentially over the coming months. With such diversity in the required range of user experiences and devices, it is imperative to deploy a network that is able to support each user’s personal preferences in a scalable, secure and reliable way.
[...]
A metro WiFi network enables city workers to connect securely to office networks from wherever they are.
[..]
We understand that metro networks reflect on the cities that deploy them, and we know that excellent coverage, high capacity, stringent security and a quality experience are paramount.
[...]
We deliver against exacting service level agreements with high network availability guarantees.

1Translation   French
Réseau sans fil urbain
[...]
De nos jours, une grande ville se doit de fournir des services de haute qualité et à disponibilité élevée. Dans un effort visant à enrichir la vie de leurs citoyens et à améliorer le niveau de service offert, de nombreuses villes telles que la vôtre ont choisi de faire appel à la technologie sans fil.
[...]
La technologie sans fil vous aide à combler la fracture numérique au sein de la collectivité et à respecter les objectifs visés par le gouvernement.
[...]
L’ère de la bande large a provoqué une transition fondamentale dans la manière dont les individus accèdent aux données, les partagent et les utilisent.
[...]
Les travailleurs itinérants, les étudiants et les cadres de haut niveau exigent tous des fonctionnalités large bande de haute qualité qui les suivent où qu’ils aillent. Avec la poursuite de la miniaturisation des appareils professionnels et des consoles de jeu, des lecteurs audio et autres appareils de grande consommation systématiquement équipés de la technologie sans fil, la demande d’accès Internet sans fil quelque soit le lieu et l’heure est condamnée à croître de façon exponentielle au cours des mois à venir. Face à une telle diversité d’attentes, tant sur le plan des appareils que des fonctionnalités, il est impératif de déployer un réseau capable de prendre en charge les préférences personnelles de chaque utilisateur de manière évolutive, sûre et fiable.
[...]
Un réseau sans fil urbain permet au personnel des entreprises, où qu’il soit, de se connecter en toute sécurité aux réseaux de ces dernières.
[...]
Nous comprenons l’impact des réseaux urbains sur les villes qui les déploient et nous savons qu’une couverture excellente, une capacité élevée, une sécurité stricte et une offre de qualité constituent des éléments incontournables.
[...]
Nous remplissons les engagements d’accords de niveaux de service rigoureux assortis de garanties de disponibilité élevée du réseau.

2        Source text – French   法语-中文
Fondée en 1968, XXXX Tools a été au premier plan de la fabrication d’outils à main de qualité, à savoir des pinces professionelles, en Asie du Sud Est. la croissance et l’expansion de XXXX ont été largement attribuées à l’accent mis sur l’innovation des produits et la détermination de l’entreprise à offrir à l’industrie mondiale des outils à main, une qualité de produit supérieure. ...

L’entreprise XXXX est dotée d’un solide processus de test de qualité comprenant: un test de résistance au choc à basse température, test d’adhésivité, test de combustibilité, test de résistance d’isolation et test de diélectrique.

2        Translation - Chinese
XXXX Tools成立於1968年，一直以来即为东南亚地区优质手动工具（专业钳子）的专业制造者。XXXX的成长与扩张大部分赖於我们对於产品革新之重视，以及本公司企图为全球手动工具业提供高品质卓越产品之决心。...

XXXX公司配备有坚实可靠的品质测试过程，包括：低温耐撞击测试、粘合性测试、可燃性测试、绝缘阻抗测试及介电测试。

3         Source text – Chinese    中文-德语
设定
小心!
Ir(A)
参加以下工作的人员必须具有娴熟的电器专业知识和电工技术。供电设备均为嵌装式。设备安装施工中，请遵循当地的有关规定。
定位衔铁
Ii(A)
功能说明
拆卸
调制解调器

3         Translation - German
Einstellung
Vorsicht!
Ir(A)
Nur Elektrofachkräfte und elektrotechnisch unterwiesene Personen dürfen die im Folgenden beschriebenen Arbeiten ausführen. Die Stromversorgungsgeräte sind Einbaugeräte. Beachten Sie für die Installation der Geräte die länderspezifischen Vorschriften.
Pinbelegung
Ii(A)
Funktionsbeschreibung
Demontage
Modem

4         Source text – German    英文-德语

In Deutschland werden pro Jahr 45.000 Tonnen Heilpflanzen verbraucht – so viele wie in keinem anderen Land Europas. Doch das bringt auch Probleme für den Artenschutz mit sich.
Arzneimittel auf Heilpflanzen-Basis sind bei Ärzten und Patienten in Deutschland in den vergangenen Jahren immer beliebter geworden. Knapp drei Viertel der Kunden greifen inzwischen zu einem Naturheilmittel, wenn sie in der Apotheke ein nicht verschreibungspflichtiges Medikament kaufen. 2006 gingen so genannte Phytopharmaka im Wert von fast zwei Milliarden Euro über die Ladentische der Apotheken - knapp ein Drittel des Gesamtumsatzes an rezeptfreien Arzneimitteln. Entsprechend hoch ist der Bedarf an Heilpflanzen - an deren Blättern, Blüten, Stengeln, Wurzeln oder Samen.

4 Translation - English
Each year, 45,000 tons of medicinal plants are used in Germany -- more than in any other European country. But this booming business also creates problems for species preservation.
Drugs made from medicinal plants have become ever more popular among doctors and patients in Germany in recent years. Around 75 percent of customers in German pharmacies reach for a natural product when they buy non-prescription medications. In 2006, so-called phytopharmaceuticals accounted for around 2 billions euros worth of revenue, or about a third of the total revenue in non-prescription medications. That translates into a high demand for the raw materials for these products -- medicinal plants and their leaves, flowers, roots and seeds.

英语翻译公司 快速联系方式15814019060  qq329365731

建工翻译公司网址 http://www.jgfanyi.com.cn/index.php                                        

汉英口译分类词汇
　　关心老龄人 care for senior citizens.
　　贵族学校 exclusive school（美）; select school（英）
　　国企下岗职工基本生活保障 guarantee of basic cost of living allowances for workers laid off from state-owned enterprises
　　过紧日子 tighten one’s belt
　　过温饱生活 live a life at a subsistent level
　　合理调整就业结构to rationally readjust the employment structure
　　后勤服务社会化 make logistic services independent in their operation
　　积极发展民办教育 Efforts should be made to develop schools not operated by government education departments.
　　基本养老金basic pensions
　　计划生育责任制 responsibility system of family planning
　　继续开展"扫黄打非"斗争 The fight against pornography, illegal publications and piracy shall be continued.
　　加快住房分配货币化进程 capitalization process of housing distribution/allocation
　　加强计划生育工作 further improve family planning
　　加强舆论监督 ensure that the correct orientation is maintained in public opinion
　　家庭美德 family virtues
　　坚持"两手抓、两手都要硬"的方针 adhere to the principle of "doing two jobs at once and attaching equal importance to each"
　　坚持正确的舆论导向 maintain the correct orientation for public opinion
　　建立集体合同制度to establish a group contract system
　　建立市场导向的就业机制to establish a market-oriented employment mechanism
　　建立新型的劳动关系to establish a new type of labor relations
　　建设廉洁、勤政、务实、高效政府 build a clean and diligent, pragmatic and efficient government
　　建设一个富强、民主、文明的国家 build a prosperous, strong, democratic and culturally advanced country
　　教育程度 educational status; Education received
　　教育程度比率 educational attainment ratio
　　戒毒所 drug rehabilitation center
　　精算界 actuarial profession
　　精算师 actuaries
　　扩大就业和再就业to expand employment and reemployment
　　劳动保障监察制度the labor security supervision system
　　劳动标准体系labor standard system
　　劳动争议处理体制the system of handling labor disputes
　　面临困境 face adverse conditions
　　努力稳定低生育水平 work to stabilize the low birth rate
　　培养创新精神和实践能力 help them develop practical abilities and a spirit of innovation
　　破案率 rate of solved criminal cases
　　强制性普及方案 universally compulsory program
　　切实减轻中小学生过重的课业负担 effectively reduce too heavy homework assignments for primary and secondary school students
　　确保国有企业下岗职工基本生活费和离退休人员基本养老金按时足额发放to ensure that subsistence allowances for laid-off workers from state-owned enterprises and basic pensions for retirees are paid on time and in full
　　人口出生率 birth rate
　　人口老龄化 aging of population
　　人口增长的高峰期 baby boom
　　人口增长与社会经济发展相协调 try to keep population growth in line with social and economic development
　　人民生活水平 quality of life; the living standards
　　认真贯彻实施中国妇女、儿童发展纲要 The programs for the development of work concerning women and children should be earnestly implemented.
　　弱势群体disadvantaged groups
　　扫除青壮年文盲 eliminate illiteracy among young and middle-aged people
　　伤残保险 disability insurance
　　社会保障 social security
　　社会保障"三条保障线"制度 social security system of "three guarantees"
　　社会福利制度the social welfare system
　　社会公德 social morality
　　社会互助制度the social mutual help system
　　社会治安状况好转 see an improved law-and-order situation
　　深入扎实地开展群众性精神文明创建活动 Extensive public participation activities are launched to promote cultural and ethical progress.
　　生活待遇 material amenities
　　生活费收入 income available for cost of living
　　生活费用 cost of living; income maintenance; subsistence cost
　　生育保险制度the childbirth insurance system
　　失学儿童 dropouts
　　失业保险 guarantee of unemployment insurance benefits
　　失业保险 unemployment insurance
　　失业保险制度the unemployment insurance system
　　失业率 rate of unemployment
　　实施积极促进就业的政策to implement the policy of vigorously increasing employment
　　实现基本普及九年义务教育 The goal in the effort to make nine-year compulsory education basically universal has been attained.
　　实现小康目标 attain the goal of ensuring our people a relatively comfortable life
　　实行弹性大、灵活性强、多样化的就业形式to adopt elastic, flexible, diversified forms of employment
　　实行计划生育、控制人口数量、提高人口素质 promote family planning and control the population size and improve the health of the people
　　实行劳动合同制度to institute a labor contract system
　　树立正确的价值观、世界观、人生观 help foster in the young the morally sound values and outlook on the world and life
　　思想道德建设（思想政治工作） moral education among people
　　提高部分优抚对象抚恤标准 Allowances for certain disabled service men and women and family members of revolutionary martyrs and service men and women have been increased.
　　提高劳动者素质to enhance workers’ quality
　　统筹兼顾城乡就业to make overall plans for urban and rural system 

口译翻译公司  联系方式手机15814019060  qq329365731

此文为翻译公司发表 业务联系15814019060
 

1、 基材：base material
2、 层压板：laminate
3、 覆金属箔基材：metal-clad bade material
4、 覆铜箔层压板：copper-clad laminate (CCL)
5、 单面覆铜箔层压板：single-sided copper-clad laminate
6、 双面覆铜箔层压板：double-sided copper-clad laminate
7、 复合层压板：composite laminate
8、 薄层压板：thin laminate
9、 金属芯覆铜箔层压板：metal core copper-clad laminate
10、 金属基覆铜层压板：metal base copper-clad laminate
11、 挠性覆铜箔绝缘薄膜：flexible copper-clad dielectric film
12、 基体材料：basis material
13、 预浸材料：prepreg
14、 粘结片：bonding sheet
15、 预浸粘结片：preimpregnated bonding sheer
16、 环氧玻璃基板：epoxy glass substrate
17、 加成法用层压板：laminate for additive process
18、 预制内层覆箔板：mass lamination panel
19、 内层芯板：core material
20、 催化板材：catalyzed board ,coated catalyzed laminate
21、 涂胶催化层压板：adhesive-coated catalyzed laminate
22、 涂胶无催层压板：adhesive-coated uncatalyzed laminate
23、 粘结层：bonding layer
24、 粘结膜：film adhesive
25、 涂胶粘剂绝缘薄膜：adhesive coated dielectric film
26、 无支撑胶粘剂膜：unsupported adhesive film
27、 覆盖层：cover layer (cover lay)
28、 增强板材：stiffener material
29、 铜箔面：copper-clad surface
30、 去铜箔面：foil removal surface
31、 层压板面：unclad laminate surface
32、 基膜面：base film surface
33、 胶粘剂面：adhesive faec
34、 原始光洁面：plate finish
35、 粗面：matt finish
36、 纵向：length wise direction
37、 模向：cross wise direction
38、 剪切板：cut to size panel
39、 酚醛纸质覆铜箔板：phenolic cellulose paper copper-clad laminates (phenolic/paper CCL)
40、 环氧纸质覆铜箔板：epoxide cellulose paper copper-clad laminates (epoxy/paper CCL)
41、 环氧玻璃布基覆铜箔板：epoxide woven glass fabric copper-clad laminates
42、 环氧玻璃布纸复合覆铜箔板：epoxide cellulose paper core, glass cloth surfaces copper-clad laminates
43、 环氧玻璃布玻璃纤维复合覆铜箔板：epoxide non woven/woven glass reinforced copper-clad laminates
44、 聚酯玻璃布覆铜箔板：ployester woven glass fabric copper-clad laminates
45、 聚酰亚胺玻璃布覆铜箔板：polyimide woven glass fabric copper-clad laminates
46、 双马来酰亚胺三嗪环氧玻璃布覆铜箔板：bismaleimide/triazine/epoxide woven glass fabric copper-clad lamimates
47、 环氧合成纤维布覆铜箔板：epoxide synthetic fiber fabric copper-clad laminates
48、 聚四乙烯玻璃纤维覆铜箔板：teflon/fiber glass copper-clad laminates
49、 超薄型层压板：ultra thin laminate
50、 陶瓷基覆铜箔板：ceramics base copper-clad laminates
51、 紫外线阻挡型覆铜箔板：UV blocking copper-clad laminates

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在开放的现代社会，跨文化的言语交际显得愈发重要，已经成为现代交际中引人注目的一个特点。交际中的文化差异随处可见，言语环境中的文化因素受到普遍重视。下面是英汉文化中十大常见差异。
1．回答提问
中国人对别人的问话，总是以肯定或否定对方的话来确定用"对"或者"不对"。如：
"我想你不到20岁，对吗？"
"是的，我不到20岁。"
（"不，我已经30岁了。"）
英语中，对别人的问话，总是依据事实结果的肯定或否定用"Yes"或者"No"。如：
"You’re not a student，are you？"
"Yes，I am．"
（"No，I am not．"）
2．亲属称谓
英语的亲属以家庭为中心，一代人为一个称谓板块，只区别男性、女性，却忽视配偶双方因性别不同而出现的称谓差异。显得男女平等。如：
英文"grandparents，grandfather，grandmother"，而中文"祖辈、爷爷、奶奶、外公、外婆"。
再如，父母同辈中的称谓：英文"uncle"和"aunt"，而中文"伯伯、叔叔、舅舅等，姑妈、姨妈等"。
还有，英文中的表示下辈的"nephew和 niece"是不分侄甥的，表示同辈的"cousin"不分堂表、性别。
3．考虑问题的主体
中国人喜欢以对方为中心，考虑对方的情感。比如：
你想买什么？
您想借什么书？
而英语中，往往从自身的角度出发。如：
Can I help you？
What can I do for you？
4．问候用语
中国人打招呼，一般都以对方处境或动向为思维出发点。如：
您去哪里？
您是上班还是下班？
而西方人往往认为这些纯属个人私事，不能随便问。所以他们见面打招呼总是说：
Hi/Hello！
Good morning/afternoon/evening/night！
How are you？
It’s a lovely day，isn’t it？
5．面对恭维
中国人的传统美德是谦虚谨慎，对别人的恭维和夸奖应是推辞。如：
"您的英语讲得真好。"
"哪里，哪里，一点也不行。"
"菜做得很好吃。"
"过奖，过奖，做得不好，请原谅。"
西方人从来不过分谦虚，对恭维一般表示谢意，表现出一种自强自信的信念。如：
"You can speak very good French．"
"Thank you．"
"It’s a wonderful dish！"
"I am glad you like it．"
所以，学生要注意当说英语的人称赞你时，千万不要回答："No，I don’t think so．"这种回答在西方人看来是不礼貌的，甚至是虚伪的。
6．电话用语
中国人打电话时的用语与平时讲话用语没有多少差异。
"喂，您好。麻烦您叫一声王伟接电话。""我是张英，请问您是谁？"
英语中打电话与平时用语差别很大。如："Hello，this is John speaking．"
"Could I speak to Tom please？"
"Is that Mary speaking？"
西方人一接到电话一般都先报自己的号码或者工作单位的名称。如：
"Hello，52164768，this is Jim．"
中国学生刚开始学英语会犯这样的错误：
"Hello，who are you please？"
7．接受礼物
中国人收到礼物时，一般是放在一旁，确信客人走后，才迫不及待地拆开。受礼时连声说：
"哎呀，还送礼物干什么？"
"真是不好意思啦。"
"下不为例。"
"让您破费了。"
西方人收到礼物时，一般当着客人的面马上打开，并连声称好：
"Very beautiful！Wow！"
"What a wonderful gift it is！"
"Thank you for your present．"
8．称呼用语
中国人见面时喜欢问对方的年龄、收入、家庭等。而西方人很反感别人问及这些私事。西方人之间，如没有血缘关系，对男子统称呼"Mr．"，对未婚女士统称"Miss"，对已婚女士统称"Mrs．"。
中国人重视家庭、亲情，认为血浓于水。为了表示礼貌，对陌生人也要以亲属关系称呼。如：
"大爷、大娘、大叔、大婶、大哥、大姐等"。
9．体贴他人
在西方，向别人提供帮助、关心、同情等的方式和程度是根据接受方愿意接受的程度来定的；而中国人帮起忙来一般是热情洋溢，无微不至。例如：一位中国 留学生在美国看到一位老教授蹒跚过车水马龙的马路，出于同情心，他飞步上前挽住老人，要送他过去，但是他得到的却是怒目而视。请看下面的对话：
Chinese student：Mr．White，you are so pale，are you sick？
English teacher：Well．．．yes．I have got a bad cold for several days．
Chinese student：Well，you should go to a clinic and see the doctor as soon as possible．
English teacher：Er...what do you mean？
中国人建议患上感冒的人马上去看医生，表示真诚的关心。而美国人对此不理解，会认为难道他的病有如此严重吗？因此，只要回答："I’m sorry to hear that．"就够了。
10．请客吃饭
中国人招待客人时，一般都准备了满桌美味佳肴，不断地劝客人享用，自己还谦虚："没什么菜，吃顿便饭。薄酒一杯，不成敬意。"行动上多以主人为客人夹菜为礼。
西方人会对此大惑不解：明明这么多菜，却说没什么菜，这不是实事求是的行为。而他们请客吃饭，菜肴特别简单，经常以数量不多的蔬菜为可口的上等菜， 席间劝客仅仅说："Help yourself to some vegetables，please．"吃喝由客人自便自定。
可见在学习语言的过程中，不可忽视语言交际中的文化倾向，要适时导入相关的文化背景知识，以充实学习者的知识结构，提高认知能力。

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The markets have become incredibly volatile as investors vacillate between these outcomes

The first two weeks of July were dark indeed, as investors feared that high oil prices were both heralding recession and preventing central banks from taking action by cutting interest rates. That environment was pretty bleak for risky assets, with equities falling and credit spreads rising. The repeated falls in the share prices of Fannie Mae and Freddie Mac added to the sense of crisis.

Two things then changed the tone. The first was a fall in the oil price from its $147-a-barrel peak. The second was the rescue of Fannie Mae and Freddie Mac and some better-than-expected results from the banking sector. The market's economic and financial worries were eased at the same time; equities rallied sharply (particularly bank stocks) and credit spreads narrowed again. The ten-year Treasury bond yield rose in a week from 3.83% to 4.15%.

But on July 24th, the markets suffered a relapse. A set of negative economic data in Europe and America, together with fears about the health of Washington Mutual, sent the Dow Jones Industrial Average down 283 points and pushed the ten-year Treasury bond yield back down to 4.02%.

All this volatility has led to some contradictory-looking moves. Normally gold is seen as a hedge against inflation. You can thus count on the bullion price to rise as Treasury bond yields are increasing. But as the chart shows, this has not been happening since mid-July. Gold has been moving hand-in-glove with oil (as part of the commodity asset class) and in the opposite direction of the dollar (since it is seen as an alternative currency).

This market chaos is understandable; the trade-offs are complex. The fall in the oil price will eventually bring the headline inflation-rate down. That sounds like good news for both equities and government bonds.

But what if the decline in the oil price is the result of a global recession? That would hardly be positive for stock markets. And what if a falling headline inflation rate gives the green light for the central banks to cut interest rates? Coupled with the willingness of the authorities to rescue the banking system, that would suggest a long-term inflationary bias in the economy and thus be bad news for Treasury bonds. “Investors should not be distracted or trapped into dismantling portfolio inflation defences by either the current growth slowdown or by the vagaries of the spot oil price,” says Tim Bond, head of global asset allocation at Barclays Capital, in his latest note.

Despite Mr Bond, investors show every sign of being distracted by the details of the current slowdown. The latest euro-zone purchasing managers' survey, for example, appeared to point to a second-quarter fall in GDP. The highly erratic British retail sales numbers for June wiped out the strong gain recorded in May. American initial jobless claims jumped to 406,000 in the latest week, while existing home sales dropped to their lowest level in a decade. As Alan Ruskin of the Royal bank of Scotland remarked, this was a contest among the G7 nations to see who could post the worst numbers.

What makes the situation so obscure is the leads and lags in the economic data. The global economy is still absorbing the impact of the rise in oil above $100 a barrel, let alone its subsequent gains. And the Federal Reserve's long series of rate cuts are still working their way through the system. Then there is the American tax rebate, still sitting in many consumers' bank accounts.

That suggests both the inflationists and the deflationists are going to have plenty of ammunition over the next few months. In turn, that will make it hard for investors to make a decisive choice, and that means the volatility in financial markets will continue over the next few months.

Long term, the inflationists look to have a better case. The world has paper money and the central bank that runs its reserve currency (the dollar) has repeatedly erred on the side of loose monetary policy, for economic and financial reasons. Emerging markets, nowadays the drivers of global growth, have loose monetary policies in aggregate. Treasury bonds may occasionally benefit from flights to safety over the next few months, particularly as the banking sector continues to struggle. But it is hard to believe that yields of 4% or so will look good value in five years' time.