In 2007, the subprime mortgage crisis in the United States developed into a full-scale financial crisis, which penetrated into the real economy and spread all over the world, causing serious impact on the world economy. But the subprime mortgage crisis alone is not enough to cause such a serious financial crisis in the United States. The American financial crisis has deeper and broader roots, including at least the following three points:
The Internet bubble problem has not been solved. In the 1990s, the IT industry in the United States was in full swing, which led to the prosperity of the American economy. However, there are also many bubbles. But the United States did not solve this problem well, but tried to cover it up with the prosperity of the real estate industry. Since 265438+the 20th century, the Federal Reserve has continuously cut interest rates, financial institutions have simplified the procedures for purchasing houses, issued loans without down payment, and even forged credit ratings to encourage subprime mortgages, resulting in a growing real estate bubble. The real estate bubble merged with the unresolved Internet bubble in the past, and the financial market risks accumulated rapidly.
Virtual economy is seriously out of touch with real economy. The duality of commodity use value and value, and the dual form of physical form and value form divide the national economy into two parts: real economy and virtual economy. These two parts should be basically the same, but due to the different operation channels, tracks and ways of commodity value and use value, as well as the different regulatory agencies and business entities, value often deviates from use value, which leads to the disconnection between virtual economy and real economy. When this deviation reaches a considerable degree, serious inflation, huge fiscal deficit and foreign trade deficit may occur, until the financial crisis and economic crisis. One of the root causes of the financial crisis in the United States is that the virtual economy (mainly represented by the financial industry) is seriously divorced from the real economy and over-expanded.
The United States implements deficit fiscal policy, high consumption policy and export control policy. The US government relies on fiscal deficit or borrowing, and American households also rely on borrowing to support early consumption. Household debt has exceeded 15 trillion dollars. In the industrial structure of the United States, capital and technology-intensive high-tech industries are the advantages, and labor-intensive necessities industries are the disadvantages. This determines that the United States must import labor-intensive products and export high-tech products. However, while importing a large number of labor-intensive products, the United States strictly restricts the export of high-tech products with export control policies, resulting in a serious trade imbalance and a widening trade deficit. How to solve the twin deficits problem of finance and trade? This depends on the global issuance of dollars, government bonds, stocks and a large number of financial derivatives. Through such virtual channels, the world's physical resources (natural resources, labor resources, capital resources) continue to flow into the United States. The United States produces money and other countries produce goods. However, it is unsustainable after all.
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