4 thoughts on “What's the matter with the financial crisis, why is money gone for no reason? Who can talk about it”
Rolando
Let me explain to you what the subprime crisis is! At first glance, it is clear
The past in the United States, loans are very common. From houses to cars, from credit cards to telephone bills, the loan is everywhere.
The local people rarely buy a house once, usually long loans. But we also know that unemployment and employment in the United States are very common. These income is not stable or even without income. How do they buy a house? Because the credit rating does not meet the standard, they are defined as secondary loans.
about 10 years ago. At that time, the loan company's advertisement appeared on TV, newspapers, streets, or sequels filled in your mailbox:
"Do you want to live a middle class life? Buy a house! "
" Is there not enough savings? " Loan! "
" No income? " Find A -iu Loan Company! "
" Can't afford to pay for the first time? " We provide zero down payment! "
" Worried about the interest too high? " In the first two years, we provided a 3 % preferential interest rate! "
" Can't afford it every month? " It doesn't matter, you only need to pay interest for the first 24 months, and the principal of the loan can be paid after two years! Think about it, you must have found a job or be promoted to the manager two years later, and you will not be able to afford it at that time! 』
" Worried about it, it still can't afford it after two years? " Oh, you are so careful, see how much the house is now increased from two years ago. At that time, you can turn it to others. Not only do you live for two years, you may also make a fortune! Besides, I do n’t need to pay for it. I believe you must do it. Do I dare to loan, do you dare to borrow it? "
In such temptation, countless American citizens did not hesitate to choose a loan to buy a house. (Do you worry about their debt after two years? The American citizens, who have always been optimistic, will tell you that those who play movies can become the governor, maybe I can still run for the president two years later.)
Ayu's loan company has achieved amazing performance in just a few months, but the money is loaned out, can it be recovered? The company's chairman, Mr. Ayuki, is also a person who is familiar with the history of American economic history. It is impossible to know that the real estate market is also risky. Therefore, this income does not seem to swallow alone.
So A 囧 found the leader of the US financial industry-investment bank. These guys are all big brothers (Merrill Lynch, Goldman Sachs, and Morgan) with their names. What do they do every day? It ’s idle when I was full, so I found Nobel economists, I found Professor Harvard, and found financial engineering staff to use the latest economic data model. ) After that, a few analysis reports were made to evaluate whether a certain stock is worth buying. The stock market in a certain country has a bubble. risk?
joking, the risk is to see with your feet! But there is a profit, what are you hesitating, take it! So after an economist and financial engineering staff, after a data model and random simulation assessment of university professors, re-packaged it, and made a new product-CDO (Note: DEBT, debt mortgage bonds). And sell this CDO bond to allow the holders of bonds to share the risk of housing loans.
Sold, the risk is too high or no one can buy it. Suppose the original bond risk level is 6, which is medium to high. So the investment bank divided it into two parts: high -level and ordinary CDO (Trench). When the debt crisis occurred, the advanced CDO had the right to pay priority. In this way, the risk levels of the two parts have become 4 and 8, and the total risk is unchanged, but the former is a low -risk bond. With the investment bank, the "gold" tongue is not bad. The exquisite production and excel, of course, sold the lottery! But what about the remaining risk level 8 of the risk level 8? Who is the insurance shelter fund, so the investment bank found the insurance shelter, but it bought the role of more than the world in the financial community in the world, and spent the days of licking the blood of the knife. This risk is simply small! So relying on the relationship, the bank with the lowest interest rate in the world borrowed money, and then bought this part of ordinary CDO bonds. Before 2006, the interest rate of the Bank of Japan was only 1.5 %. 12 %, so it is full of interest to the spread of risk shelter.
This in this way, wonderful things happened. At the end of 2001, real estate in the United States soared all the way, and it doubled in just a few years. God, this is like A -hyan loan company Like the advertisement at the beginning, there will be no incident of house loans at all. Even if there is no money, you can make a sum of money when you sell the house. This from the person who bought a house to the loan, to the Ayuki loan company, to major investment banks, to various general banks, and everyone to make money to everyone, but the investment bank is not very happy! At first I felt that the risk of ordinary CDO was too high to throw it to the insurance fund. I did not expect that these guys made more than earning more than themselves. The net worth rose desperately. Dangerous funds, planned to divide a cup. This is like Azhai's home has a long meal in the house. I happened to see the nasty little flower dog next door. I originally intended to poison it. This is dumbfounded. Is the moldy meal better? So I started eating too!
It the hedging fund is bad again. Who are they and 1 yuan in their hands, they can find a way to borrow 10 yuan to play. Of course, CDO must be a big vote! So they mortgaged the CDO bonds in their hands to the bank, replaced 10 times the loan to operate other financial products, and then continued to chase the investment bank to buy ordinary CDOs.
Keke, but the agreement was signed at the beginning. These ordinary CDOs were all belonged to us! Intersection The investment bank is really uncomfortable. In addition to continuing to buy a shelter fund and selling ordinary CDOs to the insurance shelter , they also came up with a new product, which is called CDS (Note: Credititititita Default SWAP, credit breach of contract) Okay, Wall Street is the hotbed of these genius products: Isn't that general investors think that the original CDO risk is high, then I get insurance It was given to the insurance company in vain, but the risks were in the future, and everyone would bear it together.
The insurance company represented by AIG thinks, yes, now CDO makes money so much, and no profit is needed for 1 point of money. Isn't this a year in vain! The insurance shelter has thought that it is okay. It has been made for a few years. In the future, the risks are getting bigger and bigger. If you go out in part of the profit, there will be half risk in the insurance company! So I rejoiced again, Win Win Situation! CDS is also popular!
But the story is not over yet: because of the "smart" Wall Street people came up with CDS -based innovative products! Finding more general investment public to bear it together. We assume that CDS has brought us 5 billion yuan in income. Now I have issued a new fund. This fund is specially invested in buying CDS. Obviously, this is based on the previous series of products. The risk of the fund above it is very high, but I put the 5 billion yuan input that I have earned as a deposit. If the fund has lost money, then the 5 billion yuan paid is used. Only the 5 billion yuan will be lost. The principal will begin to lose money, and before that, you can be redeemed in advance, the first raising scale is 50 billion yuan. Oh my god, is there a funds that are better than this?
1 The fund purchased by the noodles will not lose their own money to 10%, but every penny is your own! rating agencies seeing this genius plan, it is simply without hesitation: Give AAA rating!
This funds can be crazy. Various retirement funds, education funds, wealth management products, and even banks in other countries have bought them. Although the first raising scale was the original 50 billion yuan, how many billion yuan was issued in the future, it was no longer estimated, but the security deposit did not change by 5 billion yuan. If the existing scale is 500 billion yuan, the security deposit can only ensure that the fund's net value does not lose 1% of the principal, which will not lose money, which means that the chance of loss is getting higher and higher.
The ended in 2006, the United States real estate, which was beautiful for 5 years, finally fell from the peak, and this food chain finally began to break. Because the housing price fell, the time limit for the preferential loan interest rate was over, and the general public could not repay the loan, and then the A -soo loan company closed down, and the insurance shelter fund loses a sharp losses. At the same time, major investment banks of investment -shelters have lost money, and then the stock market has plummeted. People generally lose money and the number of people who cannot repay the mortgage will continue to increase. In the end, the outbreak of the US Subprime Crisis has become Prime Crisis.
Credit crunch opens the hell door to open, I don't know how to close it ...
In the above, let's talk about China. China's main foreign exchange reserves have 1.9 trillion in the US dollar. The financial crisis in the United States has increased a lot of cash flow and printed a lot of money, so there is inflation in the short term, and the depreciation of the US dollar is reasonable. Of course, it is China that is lost. Who told you to reserve the US dollar? Intersection
It look at the country after reading foreign countries. The domestic property market bubble is also very large, and the people are buying a house in a single model. The country is relaxing the financial policy. To put it bluntly, it is the circulation of interest rate cuts and stimulation. Anyway, there is no interest in the bank. Moreover, the state also said that it increases the flow of funds. Increasing the amount of currency in the short term, the interest rate cut can be a bit effective. This is like rubbing the powder on the sores. The short -term seems to be covered. The international "integration" is like oil. The international crude oil price reaches 150 dollars. The Development and Reform Commission is "in line". The international grain prices have risen and the Development and Reform Commission is "in line."
The living standards are in line with North Korea. The welfare benefits and medical protection of the people are in line with Africa, and the price of price housing prices is in line with Europe and the United States. This is the challenge and opportunity of China's international status. Do you understand?
1. From the subprime mortgage crisis to the financial crisis, you can use the following example analysis: two people sell sesame cakes, sell 20 per person a day (because the entire sesame cake demand is only 40), one yuan is one yuan, and the daily output value is 40 yuan. Later, the two discussed the two people. , Buy and sell 100 of each other (buy 100 from A, buy 100 to A), use the accounting form, the price does not change, the transaction volume becomes 240 yuan per day The price of the biscuits for sale is 5 yuan, then the transaction volume is 1040 yuan per day. At this time, A and B rose the market biscuits to 2 yuan. Some people heard that the biscuits were sold for 5 yuan. , Hurry up and buy. --- The foam economy generates This cakes can not be made at once, buy long-term cakes .a and b, add cakes on the one hand (up to 100 or more per day), on the other hand The biscuits also started a transaction that issued a biscuit bond. The buyer first purchased it with cash, and also used mortgage loans to buy. , A and B issued sub-cake bonds. I also bought insurance from the insurance institution. --- The sub-bonds were broadcast on the seeds of the subprime mortgage crisis One day, I found that I could n’t eat it. Storage of both places and moldy, they will quickly sell them, even if the price is lower.-Bubble rupture The financial crisis broke out. Unemployment; Cake bonds have become waste paper-subprime mortgage crisis The mortgage loan (mortgage is not valuable) cannot be recovered, loan bank liquidity crisis, insurance companies are facing bankruptcy. -A financial crisis 2. Credit expansion. The economic bubble rupture caused by the virtual economy is the main reason for the financial crisis. The subprime crisis is the fuse line. The actual subprime bond is only 600 billion US dollars. The financial crisis is caused by the follow -up, that is, people's psychological expectations. People see the cakes like this, others do not know what, follow the throw. It refers to those who have not formed their own expectations or have not obtained first -hand in the market. Investors of information, they will change their behavior based on the behavior of other investors. Theoretically, the flock effect will exacerbate market fluctuations and become the key to whether the behavior of leaders can succeed. In the above cases, the cake is the leader. In the real economy, the sub -loan is the leader of the leader 3. The financial crisis is not good for anyone. Increased unemployment, decline in income, decreased consumption, and market depression. In severe cases, it will cause political instability. Compared with European countries, the impact of this financial crisis on China is not great, because China's economy and international economy have certain splitting. The country is also using measures such as expanding finances and reducing the deposit reserve ratio, 40 million ratilized domestic demand, etc., and now the RMB exchange rate has been reduced. If the implementation of various macroeconomic measures is valid, it can pass by China for about 1 year. With the acceleration of global economic integration, it is impossible for any country and region to be alone and will be influenced by the world financial crisis. Financial is relatively speaking with industry. Industry, such as industrial and commercial, service industries, create value. Finance is the capital of the industry and commerce and service industry. Specification arbitrage, so -called money making money has become a myth created by the financial industry, but the financial industry does not create value. Money has made money. The foundation becomes a bunch of bubbles. Although it looks like five colors, there is no real value -added, but more and more money. The physical matter does not increase as quickly as money, so the money is not worth the money. This is inflation inflation. If the money is worthless, the price will rise, and the consequence of the rise is that people's living standards have declined, so the money of borrowing loans is not yet on, the financial community will go bankrupt, and the financial crisis will occur. The head of disaster is actually the financial industry itself, but the harm caused by the people
The cause of the financial crisis is very complicated. But it is very simple. The initials of the financial crisis are Damo (JP Morgan Chase), which was invented by JP Morgan Chase in the 1990s. (CDS) This financial crisis caused by ".CDS can be compared to the guarantee or insurance of the securities market.
It this financial crisis is very simple from a micro perspective: in 2005 in 2005 There is a very incredible thing in the U.S. real estate and financial markets. It is assuming that a person can buy a house with no job or credit. You can buy a house in the United States. As long as he takes the first month of the monthly supply. What should I do for a monthly monthly supply? At this time, house prices are rising, and he can find the value of his house to find a bank to raise funds. What is the monthly supply in the third month? What about the monthly supply in the same? As long as the house is rising, he can make another financing. This game is played at the end of 2006. Why do you have no job or credit? You can buy a house in the United States. Isn't it? In the financial industry, you have to find a bank to borrow money. The bank depends on whether you have the ability to repay and whether you have the ability to repay. A person's loan is determined to be high -quality loans The people who have the ability to repay the repayment without the guarantor borrowed money in the bank to set the loan of these people into general loans The no repayment capacity, whether the guarantor borrows in the bank to borrow in the bank Qian Bank will set the loan of these people to the secondary loan but if there is no repayment ability, but the guarantor borrows money from the bank to borrow money to set the loan of these people into high -quality loans That that There is no job without a job, no one can buy a house. After buying the house, how does the loan of this house go in the financial industry? In first set this house as a loan request to the bank The bank approved and made A's loan into bonds, called A bond. A bond was thrown to the two -bedroom company in the United States (Fangli, Fang Limei). It has become many small bonds. Then many different small bonds are combined into large bonds. This bonds to investment banks. Investment banks buy CDS for this large bond The best bonds of Cheng AAA were sold to investors from all over the world. Including the investment bank itself.
The real estate price was at the end of 2006, and the financing could not be done. The A was broken, the two -bedroom (Fangli, Fang Limei) had no money to pay the interest of large bonds, and people who bought this big bond went to the company that sold them to CDS (the company issued the most CDS company in the United States It is ALG AIA). The company that issued CDS has closed or has no money to pay back. People who bought this big bond and the company's closure or impairment. Investors in the world have been lost again, and investors in the world have withdrawn from capital. At the same time, the United States The company began to lay off layoffs, and the unemployment rose. It came back to drive the stock market plunge, the stock market plummeted and the company layoffs, and the unemployment rose. The vicious cycle began. The financial crisis started. There is no reason for no reason? A to buy things to find b to borrow money, b should be guaranteed for A. a has no money to pay back, b finds C for money, C also has no money to pay back It's money.
n00:00 / 01:1870% Shortcut Key Key Explanation: Play / Passing ESC: Exit full screen ↑: Volume increase 10% ↓: Astripamental reduction 10% →: Single fast forward 5 seconds ←: Press a single fast retreat for 5 seconds, hold down and hold it down. Here you can drag no longer appear in the player settings to reopen the small window shortcut key description
Let me explain to you what the subprime crisis is! At first glance, it is clear
The past in the United States, loans are very common. From houses to cars, from credit cards to telephone bills, the loan is everywhere.
The local people rarely buy a house once, usually long loans. But we also know that unemployment and employment in the United States are very common. These income is not stable or even without income. How do they buy a house? Because the credit rating does not meet the standard, they are defined as secondary loans.
about 10 years ago. At that time, the loan company's advertisement appeared on TV, newspapers, streets, or sequels filled in your mailbox:
"Do you want to live a middle class life? Buy a house! "
" Is there not enough savings? " Loan! "
" No income? " Find A -iu Loan Company! "
" Can't afford to pay for the first time? " We provide zero down payment! "
" Worried about the interest too high? " In the first two years, we provided a 3 % preferential interest rate! "
" Can't afford it every month? " It doesn't matter, you only need to pay interest for the first 24 months, and the principal of the loan can be paid after two years! Think about it, you must have found a job or be promoted to the manager two years later, and you will not be able to afford it at that time! 』
" Worried about it, it still can't afford it after two years? " Oh, you are so careful, see how much the house is now increased from two years ago. At that time, you can turn it to others. Not only do you live for two years, you may also make a fortune! Besides, I do n’t need to pay for it. I believe you must do it. Do I dare to loan, do you dare to borrow it? "
In such temptation, countless American citizens did not hesitate to choose a loan to buy a house. (Do you worry about their debt after two years? The American citizens, who have always been optimistic, will tell you that those who play movies can become the governor, maybe I can still run for the president two years later.)
Ayu's loan company has achieved amazing performance in just a few months, but the money is loaned out, can it be recovered? The company's chairman, Mr. Ayuki, is also a person who is familiar with the history of American economic history. It is impossible to know that the real estate market is also risky. Therefore, this income does not seem to swallow alone.
So A 囧 found the leader of the US financial industry-investment bank. These guys are all big brothers (Merrill Lynch, Goldman Sachs, and Morgan) with their names. What do they do every day? It ’s idle when I was full, so I found Nobel economists, I found Professor Harvard, and found financial engineering staff to use the latest economic data model. ) After that, a few analysis reports were made to evaluate whether a certain stock is worth buying. The stock market in a certain country has a bubble. risk?
joking, the risk is to see with your feet! But there is a profit, what are you hesitating, take it! So after an economist and financial engineering staff, after a data model and random simulation assessment of university professors, re-packaged it, and made a new product-CDO (Note: DEBT, debt mortgage bonds). And sell this CDO bond to allow the holders of bonds to share the risk of housing loans.
Sold, the risk is too high or no one can buy it. Suppose the original bond risk level is 6, which is medium to high. So the investment bank divided it into two parts: high -level and ordinary CDO (Trench). When the debt crisis occurred, the advanced CDO had the right to pay priority. In this way, the risk levels of the two parts have become 4 and 8, and the total risk is unchanged, but the former is a low -risk bond. With the investment bank, the "gold" tongue is not bad. The exquisite production and excel, of course, sold the lottery! But what about the remaining risk level 8 of the risk level 8? Who is the insurance shelter fund, so the investment bank found the insurance shelter, but it bought the role of more than the world in the financial community in the world, and spent the days of licking the blood of the knife. This risk is simply small!
So relying on the relationship, the bank with the lowest interest rate in the world borrowed money, and then bought this part of ordinary CDO bonds. Before 2006, the interest rate of the Bank of Japan was only 1.5 %. 12 %, so it is full of interest to the spread of risk shelter.
This in this way, wonderful things happened. At the end of 2001, real estate in the United States soared all the way, and it doubled in just a few years. God, this is like A -hyan loan company Like the advertisement at the beginning, there will be no incident of house loans at all. Even if there is no money, you can make a sum of money when you sell the house.
This from the person who bought a house to the loan, to the Ayuki loan company, to major investment banks, to various general banks, and everyone to make money to everyone, but the investment bank is not very happy! At first I felt that the risk of ordinary CDO was too high to throw it to the insurance fund. I did not expect that these guys made more than earning more than themselves. The net worth rose desperately. Dangerous funds, planned to divide a cup. This is like Azhai's home has a long meal in the house. I happened to see the nasty little flower dog next door. I originally intended to poison it. This is dumbfounded. Is the moldy meal better? So I started eating too!
It the hedging fund is bad again. Who are they and 1 yuan in their hands, they can find a way to borrow 10 yuan to play. Of course, CDO must be a big vote! So they mortgaged the CDO bonds in their hands to the bank, replaced 10 times the loan to operate other financial products, and then continued to chase the investment bank to buy ordinary CDOs.
Keke, but the agreement was signed at the beginning. These ordinary CDOs were all belonged to us! Intersection
The investment bank is really uncomfortable. In addition to continuing to buy a shelter fund and selling ordinary CDOs to the insurance shelter
, they also came up with a new product, which is called CDS (Note: Credititititita Default SWAP, credit breach of contract) Okay, Wall Street is the hotbed of these genius products: Isn't that general investors think that the original CDO risk is high, then I get insurance It was given to the insurance company in vain, but the risks were in the future, and everyone would bear it together.
The insurance company represented by AIG thinks, yes, now CDO makes money so much, and no profit is needed for 1 point of money. Isn't this a year in vain! The insurance shelter has thought that it is okay. It has been made for a few years. In the future, the risks are getting bigger and bigger. If you go out in part of the profit, there will be half risk in the insurance company! So I rejoiced again, Win Win Situation! CDS is also popular!
But the story is not over yet:
because of the "smart" Wall Street people came up with CDS -based innovative products! Finding more general investment public to bear it together. We assume that CDS has brought us 5 billion yuan in income. Now I have issued a new fund. This fund is specially invested in buying CDS. Obviously, this is based on the previous series of products. The risk of the fund above it is very high, but I put the 5 billion yuan input that I have earned as a deposit. If the fund has lost money, then the 5 billion yuan paid is used. Only the 5 billion yuan will be lost. The principal will begin to lose money, and before that, you can be redeemed in advance, the first raising scale is 50 billion yuan. Oh my god, is there a funds that are better than this?
1 The fund purchased by the noodles will not lose their own money to 10%, but every penny is your own!
rating agencies seeing this genius plan, it is simply without hesitation: Give AAA rating!
This funds can be crazy. Various retirement funds, education funds, wealth management products, and even banks in other countries have bought them. Although the first raising scale was the original 50 billion yuan, how many billion yuan was issued in the future, it was no longer estimated, but the security deposit did not change by 5 billion yuan.
If the existing scale is 500 billion yuan, the security deposit can only ensure that the fund's net value does not lose 1% of the principal, which will not lose money, which means that the chance of loss is getting higher and higher.
The ended in 2006, the United States real estate, which was beautiful for 5 years, finally fell from the peak, and this food chain finally began to break. Because the housing price fell, the time limit for the preferential loan interest rate was over, and the general public could not repay the loan, and then the A -soo loan company closed down, and the insurance shelter fund loses a sharp losses. At the same time, major investment banks of investment -shelters have lost money, and then the stock market has plummeted. People generally lose money and the number of people who cannot repay the mortgage will continue to increase. In the end, the outbreak of the US Subprime Crisis has become Prime Crisis.
Credit crunch opens the hell door to open, I don't know how to close it ...
In the above, let's talk about China. China's main foreign exchange reserves have 1.9 trillion in the US dollar. The financial crisis in the United States has increased a lot of cash flow and printed a lot of money, so there is inflation in the short term, and the depreciation of the US dollar is reasonable. Of course, it is China that is lost. Who told you to reserve the US dollar? Intersection
It look at the country after reading foreign countries. The domestic property market bubble is also very large, and the people are buying a house in a single model. The country is relaxing the financial policy. To put it bluntly, it is the circulation of interest rate cuts and stimulation. Anyway, there is no interest in the bank. Moreover, the state also said that it increases the flow of funds. Increasing the amount of currency in the short term, the interest rate cut can be a bit effective. This is like rubbing the powder on the sores. The short -term seems to be covered. The international "integration" is like oil. The international crude oil price reaches 150 dollars. The Development and Reform Commission is "in line". The international grain prices have risen and the Development and Reform Commission is "in line."
The living standards are in line with North Korea. The welfare benefits and medical protection of the people are in line with Africa, and the price of price housing prices is in line with Europe and the United States. This is the challenge and opportunity of China's international status. Do you understand?
1. From the subprime mortgage crisis to the financial crisis, you can use the following example analysis: two people sell sesame cakes, sell 20 per person a day (because the entire sesame cake demand is only 40), one yuan is one yuan, and the daily output value is 40 yuan. Later, the two discussed the two people. , Buy and sell 100 of each other (buy 100 from A, buy 100 to A), use the accounting form, the price does not change, the transaction volume becomes 240 yuan per day The price of the biscuits for sale is 5 yuan, then the transaction volume is 1040 yuan per day. At this time, A and B rose the market biscuits to 2 yuan. Some people heard that the biscuits were sold for 5 yuan. , Hurry up and buy. --- The foam economy generates
This cakes can not be made at once, buy long-term cakes .a and b, add cakes on the one hand (up to 100 or more per day), on the other hand The biscuits also started a transaction that issued a biscuit bond. The buyer first purchased it with cash, and also used mortgage loans to buy. , A and B issued sub-cake bonds. I also bought insurance from the insurance institution. --- The sub-bonds were broadcast on the seeds of the subprime mortgage crisis
One day, I found that I could n’t eat it. Storage of both places and moldy, they will quickly sell them, even if the price is lower.-Bubble rupture
The financial crisis broke out. Unemployment; Cake bonds have become waste paper-subprime mortgage crisis
The mortgage loan (mortgage is not valuable) cannot be recovered, loan bank liquidity crisis, insurance companies are facing bankruptcy. -A financial crisis
2. Credit expansion. The economic bubble rupture caused by the virtual economy is the main reason for the financial crisis. The subprime crisis is the fuse line. The actual subprime bond is only 600 billion US dollars. The financial crisis is caused by the follow -up, that is, people's psychological expectations. People see the cakes like this, others do not know what, follow the throw. It refers to those who have not formed their own expectations or have not obtained first -hand in the market. Investors of information, they will change their behavior based on the behavior of other investors. Theoretically, the flock effect will exacerbate market fluctuations and become the key to whether the behavior of leaders can succeed. In the above cases, the cake is the leader. In the real economy, the sub -loan is the leader of the leader
3. The financial crisis is not good for anyone. Increased unemployment, decline in income, decreased consumption, and market depression. In severe cases, it will cause political instability. Compared with European countries, the impact of this financial crisis on China is not great, because China's economy and international economy have certain splitting. The country is also using measures such as expanding finances and reducing the deposit reserve ratio, 40 million ratilized domestic demand, etc., and now the RMB exchange rate has been reduced. If the implementation of various macroeconomic measures is valid, it can pass by China for about 1 year.
With the acceleration of global economic integration, it is impossible for any country and region to be alone and will be influenced by the world financial crisis.
Financial is relatively speaking with industry. Industry, such as industrial and commercial, service industries, create value. Finance is the capital of the industry and commerce and service industry. Specification arbitrage, so -called money making money has become a myth created by the financial industry, but the financial industry does not create value. Money has made money. The foundation becomes a bunch of bubbles. Although it looks like five colors, there is no real value -added, but more and more money. The physical matter does not increase as quickly as money, so the money is not worth the money. This is inflation inflation. If the money is worthless, the price will rise, and the consequence of the rise is that people's living standards have declined, so the money of borrowing loans is not yet on, the financial community will go bankrupt, and the financial crisis will occur. The head of disaster is actually the financial industry itself, but the harm caused by the people
The cause of the financial crisis is very complicated. But it is very simple.
The initials of the financial crisis are Damo (JP Morgan Chase), which was invented by JP Morgan Chase in the 1990s. (CDS) This financial crisis caused by ".CDS can be compared to the guarantee or insurance of the securities market.
It this financial crisis is very simple from a micro perspective:
in 2005 in 2005 There is a very incredible thing in the U.S. real estate and financial markets. It is assuming that a person can buy a house with no job or credit. You can buy a house in the United States. As long as he takes the first month of the monthly supply. What should I do for a monthly monthly supply? At this time, house prices are rising, and he can find the value of his house to find a bank to raise funds. What is the monthly supply in the third month? What about the monthly supply in the same? As long as the house is rising, he can make another financing. This game is played at the end of 2006.
Why do you have no job or credit? You can buy a house in the United States. Isn't it?
In the financial industry, you have to find a bank to borrow money. The bank depends on whether you have the ability to repay and whether you have the ability to repay. A person's loan is determined to be high -quality loans
The people who have the ability to repay the repayment without the guarantor borrowed money in the bank to set the loan of these people into general loans
The no repayment capacity, whether the guarantor borrows in the bank to borrow in the bank Qian Bank will set the loan of these people to the secondary loan
but if there is no repayment ability, but the guarantor borrows money from the bank to borrow money to set the loan of these people into high -quality loans
That that There is no job without a job, no one can buy a house. After buying the house, how does the loan of this house go in the financial industry?
In first set this house as a
loan request to the bank The bank approved and made A's loan into bonds, called A bond.
A bond was thrown to the two -bedroom company in the United States (Fangli, Fang Limei). It has become many small bonds. Then many different small bonds are combined into large bonds.
This bonds to investment banks. Investment banks buy CDS for this large bond The best bonds of Cheng AAA were sold to investors from all over the world. Including the investment bank itself.
The real estate price was at the end of 2006, and the financing could not be done. The A was broken, the two -bedroom (Fangli, Fang Limei) had no money to pay the interest of large bonds, and people who bought this big bond went to the company that sold them to CDS (the company issued the most CDS company in the United States It is ALG AIA). The company that issued CDS has closed or has no money to pay back. People who bought this big bond and the company's closure or impairment. Investors in the world have been lost again, and investors in the world have withdrawn from capital. At the same time, the United States The company began to lay off layoffs, and the unemployment rose. It came back to drive the stock market plunge, the stock market plummeted and the company layoffs, and the unemployment rose. The vicious cycle began. The financial crisis started. There is no reason for no reason?
A to buy things to find b to borrow money, b should be guaranteed for A.
a has no money to pay back, b finds C for money, C also has no money to pay back It's money.
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