crisis and opportunity * * * existence
Professor Schreurs, then director of the Free University of Berlin, Germany, believes that the financial crisis has a two-way impact on the global work to deal with climate change: on the one hand, the financial crisis has caused huge losses to the global economy and will weaken the financial resources and political will of governments to deal with climate change. On the other hand, the financial crisis has made global investors pay attention to those investment fields with long-term growth prospects, such as new energy. The financial crisis has made people pay more attention to the improvement of energy efficiency, because improving energy efficiency means reducing costs.
At the same time, she also believes that the financial crisis has provided an opportunity for China to increase its investment in new energy sources. "In recent years, China has made great progress in improving energy efficiency. If China wants to be more competitive in the future, its energy efficiency needs to be further improved. In the context of the current financial crisis, China needs to increase investment to promote economic growth, and investing in new energy and energy-efficient industries is not only beneficial to the current economic development, but also very beneficial to the future economic growth of China. "
multi-directional interpretation-
For this financial crisis, we can think like this: How did this financial storm come about? How serious is the crisis? How long will it last? In addition to its harm to the financial industry, what other aspects have it affected? Through such questioning, we can dig out its characteristics from its superficial phenomena and adopt countermeasures!
Applicable topics
Ask about the connection between appearance and essence
Multi-directional interpretation 2
Crisis and opportunity exist, and everything has two sides. Therefore, in the face of the crisis, we should not hold back because of its harm, but should see the development opportunities hidden under its harm. If we seize this opportunity, we may occupy an important position in the future world wave.
Applicable topic
Crisis of courage and opportunity; Dialectically look at the crisis
Multi-directional interpretation 3
Facing the crisis, we can only do nothing, and there is nothing we can do? Certainly not. We should use our wisdom, our potential and our insight to find a way to overcome it. Only in this way can we minimize the crisis and be safe in this crisis.
Applicable topic
Wisdom potential gives me a pair of eyes
Multi-directional interpretation 4
After the financial crisis broke out, many people talked about the color change of "gold", thinking that the world economy would go backwards for many years. The impact is certain, but we must have a crisis-facing mentality. Some people are pessimistic and disappointed, only see negative effects, so they panic; Some people are optimistic and face it with a positive attitude, so they are calm. Different mentalities will determine different fates, so will people and countries!
Applicable topic
Facing pessimism and optimism positively determines fate
Multi-directional interpretation 5
This is a global economic crisis, and no country can "be immune to it" and ignore it. To tide over the crisis, we must rely on everyone's concerted efforts, unity and cooperation. In today's globalization, if you just turn a blind eye to your own self-interest, you will not only suffer from yourself. Therefore, if we unite sincerely, we can win.
Applicable topic
Unity and cooperation * * * Win self-interest and altruism
The fundamental reason is the asymmetry between virtual economy and real economy. Including the asymmetry of economic aggregate and economic structure. And why there is asymmetry between virtual economy and real economy is the conclusion that Marx has reached in the early days: the inevitable result of the development of capitalism.
1. subjectively, capitalism pursues the maximization of capital benefits and increasingly capitalizes the real economy. However, the increase of the real economy and the real economy is limited, but the desire of capitalism is infinite. Although self-control has been done today, the greedy nature of capitalism remains unchanged. When capitalism is out of control in pursuit of maximizing capital benefits, it produces the result that the total amount of virtual economy is greater than the total amount of real economy. When this result keeps increasing so that the virtual economy can't support the real economy, the economic crisis appears. In addition, because capitalism pursues the maximization of benefits, and when capital is transferred to high-profit industries during the transition, the capital of low-profit industries is scarce, which eventually leads to the imbalance between the virtual economy and the real economy structure, which can also produce economic fluctuations.
2. Objectively, with the development of productivity, the proportion of factors of production will be adjusted accordingly. With the development of productive forces, when other factors of production increase slightly or negatively (such as petroleum energy), the function of funds will be weakened. This has caused the weakness of the capitalist economy. For a long time, capital has been strong, which is based on the sufficiency of raw materials and energy and the surplus of labor. Capital is in the seller's market and other factors are in the buyer's market. With the continuous increase of capital, and this increase is greater than the demand of other factors, the strong capital will weaken.
in p>28, due to the accumulation of the previous cycle, the crisis became more and more serious, and at the same time, the factors of production, especially raw materials and energy, were caused by large relative variables in recent years.
28 economic crisis (19: 14: 2, October 13, 28)
This autumn is even more depressed than previous years
-28 economic crisis
You are from Yale. I'm from Harvard
I work on Wall Street or Optics Valley
The hibernating bear wakes up and growls
People throw out all their hands in horror
The bar is crowded with unemployed friends
We still walk on the street
When we get to the government gate, I open the cigarette case
and light a new york 1929
tear, which falls to no avail
and splashes.
The global financial system is facing the biggest crisis since 1929. How did the ailment that started in the American real estate subprime mortgage market lead to a deep global crisis? Why is Wall Street so fragile? What role should the government hand and the market hand play in this crisis, and how to save the global economy from collapse?
The subprime mortgage crisis has finally completely broken the myth of Wall Street. After Bear Stearns was shot down, Lehman Brothers, the fourth largest investment bank in the United States with a long history of 158 years, is also dying. Whether it is bankruptcy or bail-out, Lehman's once prestigious position is definitely an indicator event in the post-war financial history. Because this is not a case, but a big outbreak of systemic risk.
The current world is experiencing a once-in-a-century financial crisis.
what is the financial crisis
the financial crisis, also known as the financial storm, refers to the sharp, short-term and super-cycle deterioration of all or most financial indicators of a country or several countries and regions (such as short-term interest rates, monetary assets, securities, real estate, land (price), the number of commercial bankruptcies and the number of financial institution failures).
financial crisis can be divided into currency crisis, debt crisis, banking crisis and other types, which is characterized by people's expectation that the economy will be more pessimistic in the future, and the currency value in the whole region has depreciated greatly, resulting in great losses in economic aggregate and scale, and economic growth has been hit. It is often accompanied by a large number of business closures, rising unemployment rate, general economic depression in society, and sometimes even social unrest or national political turmoil.
the causes of the financial crisis
the most fundamental cause of the financial crisis in the United States is the decline in the solvency of subprime borrowers caused by the decline in housing prices in the United States. The savings rate of American residents has been declining. When American residents' debts are too high to support the housing bubble, the housing market adjustment is inevitable, which in turn leads to a significant increase in the default rate of subprime and prime floating rate mortgage loans, and more and more mortgage borrowers are unable to repay their loans.
once these mortgage loans are collected, it will cause credit losses. The subprime mortgage crisis is getting worse and worse, causing major financial institutions on Wall Street to close down or be taken over, and the glorious era of Wall Street has finally come to an end.
on September 15th, the U.S. government refused to help Lehman Brothers, and Lehman Brothers announced that it would seek bankruptcy protection. The financial crisis caused by subprime mortgage will deepen, and the downward trend of the global economic boom cycle is almost a foregone conclusion.
Up to now, three of the top five independent investment banks on Wall Street have disappeared within six months, and more financial institutions are waiting for fate judgment. An ultimate question arises: Has global financial capitalism come to an end, and should the government be more involved in the micro-operation of the market?
Greed and fear are reflected in all aspects of the subprime mortgage crisis. Richard Bitner, an American real estate mortgage expert, revealed the terrible truth in the book The Truth of the Subprime Mortgage Crisis-almost every aspect is full of lies and false assessments. Federal Reserve Chairman Ben Bernanke rebuked that "a considerable part of lending in recent years is neither irresponsible nor prudent", which is almost synonymous with madness and irrationality in the language system of the Federal Reserve Chairman.
But the truth is by no means so simple. The subprime mortgage crisis not only exposed the madness of financial institutions, but also exposed the madness of the economic development model led by the US government. Real estate loans in the United States are the basis for supporting loan consumption. Buyers buy houses through loans, obtain consumer loans through value-added houses, and sell real estate loan products to the world after securitization through various financial institutions-a chain of loans, consumption and production is formed with real estate as the center, and global dollar assets are continuously gathered in the United States in the form of liabilities or creditor's rights. In the chain of mortgage securitization, Fannie Mae and Freddie Mac in implicit government guarantee played a pivotal role.
isn't it? It was the intervention of the U.S. government that made the U.S. bond securitization market flourish in the late 198s. It was the measures to boost consumption by using mortgages that made the U.S. economic data in the Clinton era colorful. It was the implicit guarantee of the U.S. government that made billions of subprime mortgage products sell all over the world through Fannie and Freddie. It can be seen that the subprime mortgage crisis is not only the disillusionment of the financial capital market, but also the bankruptcy of the national policy of financial capitalism led by the US government to save the American economy and save consumption. If the financial market collapsed, it was also the collapse of the US government and American financial capitalism.
the innovation ability of American financial market is incomparable, but no financial market can resist institutional fraud, and the subprime mortgage crisis just shows a large area of institutional fraud, from rating agencies to guarantee companies.
in the process of counterfeiting, financial assets have exploded. According to McKinsey Global Institute, the proportion of global financial assets in global annual output has soared from 19% in 198 to 316%, and in 25, the global core assets stock has reached 14 trillion US dollars. In the same period, the proportion of financial assets in Britain rose from 278% to 359%, while that in the United States rose from 33% to 45%. Josef Ackermann, CEO of Deutsche Bank, said: "I no longer believe in the self-repairing ability of the market." The government took over Fannie and Freddie and saved Bear Stearns, which showed that the government's control ability had reached its limit.
after the subprime mortgage crisis, the international financial market will undergo profound changes. The intuitive performance is that the volume of financial assets has fallen and investors have become more and more conservative. Joseph Yam, President of the Hong Kong Monetary Authority, said, "In the end, everyone may find it necessary to go back to basics and recognize the fundamental purpose of financial intermediation again, and the regulators responsible for protecting public interests should also realize that the simplest method may be more cost-effective in the long run." In fact, we don't want to be fooled by Wall Street's complicated financial derivatives. The basic function of the financial market is to finance funds, not to make greedy people reap huge profits.
investors began to protect themselves, holding cash and investing in the most conservative assets in order to survive the severe winter: investors in all markets reduced their leverage positions; Investors turned to safe assets such as cash and treasury bonds. The subprime mortgage crisis shows that financial derivatives should have clear boundaries, and financial markets tend to be conservative, which recognizes the conservative trend. The global financial market will not turn around again until the current economic downturn triggered by subprime mortgage is safely passed.
Those countries that once believed in the American financial innovation system will become more cautious. They don't trust the complicated financial system that is difficult to control. The subprime mortgage crisis will make them see the destructive power of the unregulated financial market, and sovereign investment funds and financial innovation in various countries will be more cautious.
However, it can be believed that financial capitalism will not return to the road of government regulation, but will move towards the road of strengthening supervision. Otherwise, the US government will continue to help Lehman Brothers and dozens of financial institutions threatened by bankruptcy. Possible regulatory measures include tightening capital requirements, making more transparent requirements for off-balance-sheet assets of financial institutions, controlling the credit rating of rating agencies, punishing counterfeiters more severely, and treating government credit guarantees in financial markets with caution.
the subprime mortgage crisis is a cure-all process of American financial capitalism. Just as the Great Depression in 1929 gave birth to Roosevelt's New Deal and the bankruptcy of Enron and WorldCom gave birth to Sarbanes-Oxley Act, the subprime mortgage crisis will give birth to new control measures and new financial products.
* For ordinary people, what they feel most is not the financial crisis, but the economic slowdown. They can't borrow from banks and their credit cards can't be overdrawn.
The current financial crisis in the United States is a once-in-a-century event.
The financial crisis, also known as the financial storm, refers to the sharp, short-term and ultra-cyclical deterioration of all or most financial indicators of a country or several countries and regions (such as short-term interest rates, monetary assets, securities, real estate, land (price), the number of commercial bankruptcies and the number of financial institutions).
The subprime mortgage crisis has finally completely broken the myth of Wall Street. After Bear Stearns was shot down, Lehman Brothers, the fourth largest investment bank in the United States with a history of 158 years, declared bankruptcy. The once-prestigious Lehman's fall to this stage is definitely an index event in the post-war financial history. Because this is not a case, but a big outbreak of systemic risk.
The current world is experiencing a once-in-a-century financial crisis. In the context of globalization, such a crisis can't be just about the United States or the rich. Everyone in China should pay close attention to the changes it will bring to our lives ...
-Look at the international changes:
On October 2, 28, the Korean government implemented a large-scale financial rescue plan
On October 2, 28, the Dutch government injected large-scale capital into ING
28. Latin American central banks will join hands to deal with the financial crisis
On October 17, 28, Germany passed a 5 billion euro rescue plan
On October 17, 28, Citigroup lost the throne of the largest bank in the United States
On October 15, 28, US stocks reappeared "Black Wednesday"
On October 14, 28, the United States announced the details of the first rescue plan.