Since the financial crisis broke out in the United States in 2008, the government began to implement loose monetary policy, quantitative easing again and again, and vigorously issued national debt.
This practice makes the scale of national debt bigger and bigger, which has reached an unprecedented level at present, and the United States can only rely on borrowing from other countries to survive and promote economic recovery.
Today, the snowball of American debt has been getting bigger and bigger, and the amount of American debt has reached 28.5 trillion US dollars. The "elite politicians" in the United States don't pay much attention to this. They want to continue to use the hegemonic position of the US dollar and its coinage privilege to "print money crazily" and don't want to end this carnival.
National interests always come first. The United States blindly "robbing Peter to pay Paul" and printing a lot of money, which eventually made many countries lose confidence in the United States, leading to a repeated decline in trust in the US dollar, and even fell to negative figures.
Not many countries are willing to lend money to America now. In order to maintain their normal development and accelerate dollarization, countries around the world have also set off a wave of selling American debt. It is conceivable that life in America is not very good at present. Today's huge debt in the United States is also like a "time bomb", threatening the development of the American economy.
However, to make matters worse for the United States, another serious crisis is approaching, that is, the collective debt owed by the American people is soaring sharply, which has threatened the American economy. Hundreds of billions of household debts hit a record high, and the whole people blew up the financial bubble. If the level of household debt continues to rise, it will be very dangerous, and even the subprime mortgage crisis similar to that in 2008 will break out again.
Because the United States printed a lot of money, the money supply in the market increased, the exchange rate of the US dollar plummeted, and domestic inflation became more and more serious. Under the ultra-low loan interest rate and "high fever" inflation, American household debt has also soared, expanding as fast as blowing bubbles, floating lightly over every family, which can be said to be very dangerous.
It is reported that in the second quarter of this year, American household debt soared by $31300 million, the highest growth rate since 14, and the fastest growth rate since the fourth quarter of 20 13. The debt increased by 2. 1% compared with the previous three months.
By the end of June this year, the total household debt in the United States had reached 14.96 trillion US dollars, the highest level in history, 2.28 trillion US dollars more than the highest value reached in the financial crisis in 2008. It is 81200 million dollars higher than before the outbreak. It can be seen that the growth rate of household debt is fast and large.
It is also worth noting that the growth of American household debt is closely related to frequent loans and high loans in recent years. Among these soaring household debts, high-risk mortgage loan is the most prominent, which is also known as mortgage loan, because it is the largest component of American household debt.
The scale of mortgage loan increase in the second quarter was very large, with an increase of $282 billion, an increase of 2.8% over the first quarter and 6.7% over the same period last year.
In the past year, the total amount of mortgage loans in the United States was nearly $4.6 trillion, of which 44% was housing loans. As we all know, the current economic development in the United States is sluggish, and the unemployment rate is high and the employment rate is low, which means that there are uncertain risks in their ability to repay housing loans.
In addition, the cost of housing in the United States is very high, and the annual property tax alone is equivalent to 1% of the house price. Plus property management fees, housing maintenance fees, etc. The cost performance is also very high.
At present, the Delta virus is rampant, and the epidemic situation in the United States is also very serious. It is conceivable that after the economic blockade, the mortgage risk will surge.
However, it is not just mortgages that make American household debt rise and swell. Credit card debt increased by $654.38+07 billion, and auto loans soared to $202 billion, reaching the highest level in history. Student loans are the only debt category that has declined, with a decrease of $654.38+0.4 billion.
Compared with other countries, American household debt has been high. This is related to their consumption habits. The American people advocate spending in advance, and are used to overdrawing wealth and eating, drinking and enjoying in time.
Thanks to the American government, Americans have the opportunity to borrow money and overspend. They frantically printed money, which increased the money supply in the market and made people "unable to stop". According to the survey, in the past year, the amount of mortgage loans in the United States reached a record high, reaching $4.6 trillion.
In addition, the Fed plans to maintain zero interest rate until 2023, which means that there is no need to repay interest. With such good conditions, the American people should naturally make good use of it, so spending in advance has gradually become a habit.
As a result, many Americans began to overdraw consumption, borrow money to buy a house and invest in real estate. There is a phenomenon that people flock to buy houses in society, which makes the real estate market in the United States continue to be hot. According to the survey, in the first half of 2002 10.5%, American house prices actually rose10.5%, setting a record for the highest increase.
Although the real estate market in the United States is hot, the risk of borrowing money to buy a house is also high. At present, there are still 2 million mortgage borrowers who are in the plan to postpone repayment because they have not repaid their loans. In 2020, due to the outbreak of the epidemic, in order to alleviate the pressure of the people, the United States introduced a mortgage deferred repayment policy, announcing that borrowers can apply for deferred repayment.
But this is not a long-term solution after all. Once this deferred payment plan ends, they will inevitably fall into economic difficulties and even drag down the economic recovery of the United States. Subsequently, with the passage of time, borrowers with higher credit levels are out of risk, leaving only those borrowers with financial fragility. It can be seen that the risk is still great.
Although they can overdraw consumption, more than consumption. However, because the household savings rate in the United States is generally low, once unemployment occurs, there will be a shortage of supply, so their ability to take risks is very weak. It is no exaggeration to say that a simple expense can bring down a family during the economic depression.
For example, during the epidemic, a large number of families survived by receiving government relief funds. Without this bailout fund, a large number of American families will face bankruptcy.
American household debt is more dangerous than "public debt". For the American people, in order to pay their debts, they can only work hard and pay their debts by wages. However, public debt is different. If the government has no money, it can increase the money supply and print money. Enterprises can borrow money from banks or apply for a certain degree of subsidies and support from the government when the economy is tight.
For example, in this epidemic, a large number of American enterprises were hit and faced with economic difficulties. A large number of "zombie enterprises" can only survive in the market under the "blood transfusion" of the Federal Reserve; The US government, on the other hand, is "printing money crazily" and issuing huge amounts of national debt.
At this time, ordinary people have no plans at all, so they can only work hard, honestly, earn wages and pay off debts in a proper way. But if this debt is not repaid, there will be a credit storm crisis, and the consequences will be unimaginable.
What needs our attention is that the fundamental reason why the American people are keen on "overdraft consumption" and form the consumption habit of "ahead of consumption" is that the loan interest rate in the United States is relatively low. However, this good time will not last long. Recently, the Federal Reserve said it would reduce its bond purchases within two months to weaken its support for the US economy.
This practice will inevitably lead to an increase in the borrowing cost of the American people, and the borrowing cost will increase, and the loan interest rate will also increase accordingly. This means that it is more difficult for the American people to borrow low-cost funds, and it should be impossible to live a good life by "borrowing money".