Questão 1125146

INGLÊS

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Read the text below entitled “The long climb” so as to

answer questions 21 to 23:

The long climb

Source: www.economist.com

st Oct, 2009 (Adapted)

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The world economy is fi tfully getting back to normal,

but it will be a “new normal”. This phrase has caught on,

even if people disagree about what it means. In the new

normal, as defi ned by Pimco´s CEO, Mohamed El-Erian,

growth will be subdued and unemployment will remain

high. “The banking system will be a shadow of its former

self,” and the securitization markets, which buy and sell

marketable bundles of debt, will presumably be a shadow of

a shadow. Finance will be costlier and investment weak, so

the stock of physical capital, on which prosperity depends,

will erode.

The crisis invited a forceful government entry into

several of capitalism´s inner sanctums, such as banking,

American carmaking and the commercial-paper market. Mr

El-Erian worries that the state may overstay its welcome.

In addition, national exchequers may start to feel some

measure of the fi scal strain now hobbling California.

America´s Treasury, in particular, must demonstrate that it is

still a “responsible shepherd of other countries´ savings.”

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In paragraph 1, fi nance is referred to as