English Reader. Мишустина В.Д. - 21 стр.

    5.1.4 Просмотрите текст и найдите предложения со следующими словами и
словосочетаниями, попытайтесь перевести эти предложения без словаря:

     The U.S. Federal Reserve (A); to replace worn-out money (A); Central banks
(A); to buy bonds in the open market (A); desappear into the black hole (B);
unemployment and reduced production (B); The French central bank (B); In times of
international crisis (B); these international payments (B).

                                              A

      Текст
      Just as a prudent driver keeps an eye on the road and a hand on the wheel, every
country's central bank watches economic data carefully and adjusts the money supply
in an effort to keep the economy headed in the right direction.
      Instead of taking deposits and making loans as normal banks do, a central bank-
such as the U.S. Federal Reserve or the Bank of Japan - controls the economy by
increasing or decreasing the country's supply of money. Cranking up the printing
presses is not the only way for a central bank to increase the economy's supply of
money. In fact, in most modern economies printed notes and coins are only a small
percentage - often less than 10 percent - of the money supply. Central banks usually
print only enough currency to satisfy the everyday needs of businesses and
consumers. The U.S. Federal Reserve, for example, has the Bureau of Printing and
Engraving to print up bills from time to time simply to replace worn-out money in
the economy at large.
      Since most "money" is actually nothing more than a savings or checking account
at a local bank, the most effective way for a central bank to control the economy is to
increase or decrease bank lending and bank deposits. When banks have money to
lend to their customers, the economy grows. When the banks are forced to cut back
lending, the economy slows.
      Once a customer deposits money in a local bank, it becomes available for further
lending. A hundred dollars deposited at a bank in San Francisco, for example, doesn't
lie idle for long. After setting aside a small amount of each deposit as a "reserve", the
bank can lend out the remainder, further increasing the money supply - without any
new currency being printed. When these loans are redeposited in banks, more money
becomes available for new loans, increasing the money supply even more. A bank's
supply of money for lending is limited only by its deposits and its reserve
requirements, which are determined by the central bank.
      Central banks often use these reserve requirements to control the money supply.
When a bank is required to keep a certain amount of its funds on reserve with the
central bank - 10 percent of deposits for example - it is unable to lend these funds
back to customers. When a central bank decides to increase the money supply, it can
reduce this reserve requirement, allowing banks to use more of their funds to lend to
businesses and consumers. This increases the money supply quickly because of a
multiplier effect: as the new loans enter the economy, deposits increase - and banks

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