Financial crisis and bitcoin 6

1. Around the blockchain currency, the dispute is still going on, and in the attack of bitcoin, we will find an instry that is very active: banking. The emotion of bitcoin in the banking instry can be called "hatred", and there are constant voices advocating that bitcoin value will return to zero. Dimon, CEO of JPMorgan Chase, can be called the standard bearer
Why do banks hate bitcoin so much? The important reason is that one of the major goals of bitcoin is to become a new currency in the digital era, or even a new "general equivalent". Although the scope of application is still limited, bitcoin payment has been accepted in some fields, and because of its transaction properties and potential value-added space, bitcoin has been sought after by a new generation of investors. In the United States, some people have concluded that the "old people" love the stock market, and the millennials love bitcoin. This is no doubt a bad sign for banks. They seem to be worried about losing their future
at present, bitcoin and its transactions are not regulated. Compared with banks that are still strictly regulated by the government, bitcoin has a strong competitive advantage, which also makes the banking instry nervous. Once more people hold and accept bitcoin and other blockchain e-coins, it will become a natural logic to trade with them, which will form capital flow outside the existing banking system, which is undoubtedly a major blow to the banking instry

2.

1. The U.S. financial crisis has evolved from the Wall Street storm caused by the U.S. subprime mortgage crisis into a global financial crisis. The rapid development, large quantity and huge influence of this process can be said to be unexpected

Generally speaking, it can be divided into three stages: the first stage is the debt crisis, which is caused by the failure to repay the principal and interest on time. The second stage is the liquidity crisis

as a result of the debt crisis, some financial institutions concerned are unable to have sufficient liquidity in time to meet the demand of creditors for cash. The third stage is credit crisis. That is to say, people have doubts about financial activities based on credit, resulting in such a crisis

At the beginning of Hong Kong's return to China in 1997, the Asian financial crisis broke out. From mid July to August 1998, international financial speculators attacked the Hong Kong dollar three times and took actions in the foreign exchange, stock and futures markets at the same time. They used financial futures to buy Hong Kong dollars with three or six months' Hong Kong dollar futures contracts, and then quickly short them, resulting in a sharp rise in the interest rate of Hong Kong dollars and a sharp drop in the Hang Seng Index

International financial crisis and International Contagion of financial crisis caused by external factors are not new phenomena in recent years. In 1873, the German and Austrian economy prospered, attracting capital to stay at home, and the external credit stopped suddenly, which led to the difficulties of American J. cook company

In 1890, Barings Brothers investment bank in London had a payment crisis on Argentina's debt. In addition, the financial crisis in New York in October of that year led to a series of business failures in London. Barings Bank almost closed down in November of that year. It was only under the assistance of the syndicated guarantee fund led by William Liddell, President of the Bank of England that Barings Brothers investment bank was spared

as a result, British loans to South Africa, Australia, the United States and other Latin American countries decreased sharply, resulting in the economic crisis in these countries and regions lasting until 1893

In June 1997, a financial crisis broke out in Asia, and its development process is very complicated. By the end of 1998, it can be divided into three stages: from June to December in 1997; January 1998 to July 1998; From July to the end of 1998

There are many reasons for the outbreak of the financial crisis in 1997. Chinese scholars generally believe that it can be divided into direct trigger factors, internal basic factors and world economic factors

Global financial crisis 2007-2008 global financial crisis, also known as financial tsunami, credit crisis and Wall Street tsunami, is a financial crisis that began to emerge on August 9, 2007. Since the outbreak of the subprime housing credit crisis, investors began to lose confidence in the value of mortgage-backed securities, causing a liquidity crisis

even if the central banks of many countries inject huge amount of funds into the financial market for many times, it can not prevent the outbreak of the financial crisis. Until 2008, the financial crisis began to get out of control, and led to the collapse of a number of fairly large financial institutions or government takeover

4. 1. The main reasons for the financial crisis in 2008 are as follows: for a long time, American banks and financial institutions have issued a large number of loans to the indivial owners and institutions with only sub-prime credit rating (poor repayment ability and unstable income), and the graal decline of American economy has led to the graal decline of the income level of these indivials and institutions, which has led to the graal decline of repayment ability, Over time, the phenomenon of failing to repay on time occurs in a large number, which leads to the difficulty of capital turnover because banks can not receive the money they should receive. Therefore, the subprime mortgage crisis has turned into a financial crisis. Therefore, the collapse of a large number of banks and financial investment institutions has a chain effect on the economic downturn of relevant countries in the world and the run on financial institutions, which has spread into the global financial crisis< On April 4, 2007, new century financial company applied for bankruptcy protection< On August 6, 2007, American Residential Mortgage Investment Corporation, the tenth largest mortgage service provider in the United States, filed for bankruptcy protection< On September 7, 2008, the US Treasury Department had to announce the takeover of Fannie Mae and Freddie Mac< On July 16, 2007, Bear Stearns, the fifth largest investment bank on Wall Street, closed down its two hedge funds, revealing its first loss in 83 years. In March 2008, the US Federal Reserve prompted JPMorgan Chase Bank to acquire Bear Stearns< On September 15, 2008, Lehman Brothers Holdings, the fourth largest investment bank in the United States, filed for bankruptcy protection
later on September 15, 2008, Bank of America issued a statement that it was willing to acquire Merrill Lynch, the third largest investment bank in the United States< On September 16, 2008, AIG provided us $85 billion in short-term emergency loans. This means that the US government has taken over AIG< On September 21, 2008, after the collapse of investment banks on Wall Street one after another, the Federal Reserve announced that only the last two investment banks, namely Goldman Sachs Group and Morgan Stanley, would be changed into commercial banks. In this way, we can get through the difficulties by absorbing deposits
so far, on September 21, 2008, history has drawn an amazing ending for the investment banks on Wall Street, which used to be very prosperous. "Wall Street investment bank" has disappeared as a historical term< On October 3, 2008, the Bush administration signed a $700 billion financial rescue plan
the outbreak of the financial crisis in the United States has greatly impacted the real economy of the United States, including the three major automobile companies of general motors, Ford Motor and Chrysler, and the real instry is in danger
the U.S. financial tsunami has also affected the world
on January 20, 2009, the new US President Barack Obama was sworn in

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5. The people's Bank of China authorized China foreign exchange trading center to announce that on December 1, 2008, the central parity rate of US dollar and other currencies against RMB in the inter-bank foreign exchange market was 6.8505 yuan for us dollar, 8.6720 yuan for Euro, 7.1865 yuan for 100 yen, 0.88390 yuan for Hong Kong dollar and 10.5066 yuan for pound. The previous day, the central parity rate of RMB against the US dollar was 6.8349
in order to cope with the global economic recession and the difficulties faced by China's foreign trade exports, the central bank may lead the RMB to weaken, and the market's expectation of RMB devaluation is significantly enhanced

in addition, several countries and economies will announce interest rate decisions one after another this week. Among them, the euro zone unemployment rate and other data released by the European Union last week were worse than expected, which strengthened the market's expectation that the European Central Bank will cut interest rates sharply this week. Against this background, the US dollar strengthened and the RMB fell sharply against the US dollar
under the influence of the international financial crisis, China's exports are facing greater pressure, and many small and medium-sized enterprises mainly engaged in export processing have closed down. At present, China is highly dependent on exports, and more than 60% of GDP is related to exports. The recent trend of RMB closely following the US dollar has led to a significant appreciation relative to other international currencies, which also has a restraining effect on exports. Against this background, the central bank said that it did not rule out the possibility of RMB devaluation, which was also reflected in the performance of the foreign exchange market on December 1. For developed countries, the devaluation of local currency often leads to the improvement of economic growth and the rise of stock market, because exports will be boosted, but for developing countries, the problem is more complicated. On the one hand, our exports will benefit from it, but on the other hand, the devaluation of our currency will lead to the shrinkage of RMB denominated assets, which may lead to capital outflow from a global perspective. The future trend of RMB is worth paying close attention to, but the trend of sustained and rapid depreciation may not be good at present. The China US dialogue in December is about to be held, and the central bank has also stated that it is necessary to keep the exchange rate basically stable.

6. The global financial crisis in the 1930s from 1922 to 1929 was the seven years of economic prosperity in the United States. The unprecedented prosperity and huge rewards greatly stimulated the ambition of Wall Street speculators, and many Americans were involved in the Wall Street fanatical speculation. From 1920 to 1929, the average share price of the American stock market increased by five times. The share price rose in a parabola, and the stock market rose sharply. On October 24, 1929 (Thursday), when the opening bell of the New York Stock Market rang, something unbelievable happened to most shareholders: almost all the selling orders were displayed in the trading floor. In an instant, the stock price fell and the volume increased, and all the technical support points were unable to resist. They were beaten through one by one. By the close of the day, nearly 1.3 million shares had been traded on the New York Stock Exchange, 4 to 5 times the usual trading volume. In the second trading week, the stock price still had no intention of rebounding, even reaching a new low. By 1930, the prices of 25 representative instrial stocks had dropped from 366.29 US dollars in 1929 to 96.63 US dollars. The stock market crash triggered an unprecedented financial and economic crisis in the United States. 2. The financial and credit crisis in the 1980s and the banking crisis in the 1980s are major events in the history of the development of American banking instry. This crisis has caused the US legislative authorities to deeply reflect on some financial regulatory issues, and accelerated the introction of the US financial reform bill and the reform and adjustment of financial regulatory policies. From 1980 to 1994, there was a serious banking crisis in the United States. The number of bankruptcies and bankruptcies of banks and savings and loan institutions rose sharply. A total of 2912 banks and savings and loan institutions were forced to close down or accept the assistance of the Federal Deposit Insurance Corporation, including 1617 banks and 1295 savings and loan institutions, accounting for 14% of the total number of banks and savings and loan institutions in the same period, On average, one family is forced to close or receive assistance every two days. The total assets of the failed institutions are 923.6 billion US dollars, accounting for 20.5% of the assets of banks and savings and loan institutions. The average daily disposal of assets by banks is 168 million US dollars. 3. 1997 Asian financial crisis in June 1997, a financial crisis broke out in Asia. The development process of the crisis is very complex. By the end of 1998, the crisis is coming to an end. The process can be divided into three stages: June to December 1997; the first stage is from June to December 1997; January 1998 to July 1998; From July to the end of 1998. On July 2, 1997, Thailand announced that it would abandon the fixed exchange rate system and implement the floating exchange rate system, which triggered a financial storm all over Southeast Asia. On the same day, the exchange rate of the Thai baht against the US dollar fell by 17%, and foreign exchange and other financial markets were in chaos. Under the influence of the fluctuation of the Thai baht, the Philippine Peso, the Indonesian rupiah and the Malaysian ringgit have become the targets of international speculators. In August, Malaysia abandoned its efforts to defend ringgit. The Singapore dollar, which has always been strong, has also been hit. Although Indonesia is the latest country to be "infected", it has suffered the most severe impact. In late October, the international speculators moved to Hong Kong, the international financial center, and the spearhead was the linked exchange rate system in Hong Kong. The Taiwan authorities suddenly abandoned the exchange rate of the new Taiwan dollar, which depreciated by 3.46% in one day, increasing the pressure on the Hong Kong dollar and the Hong Kong stock market. Since then, Hong Kong's Hang Seng Index has plummeted, falling below the 9000 mark on the 28th. In the face of fierce attacks from international financial speculators, the Hong Kong SAR government reiterated that it would not change the current exchange rate system, and the Hang Seng Index rose to 10000 points. In mid November, a financial storm broke out in South Korea. On the 17th, the exchange rate of the won against the US dollar fell to a record 1008:1. On the 21st, the South Korean government had to seek help from the International Monetary Fund to temporarily control the crisis. However, on December 13, the exchange rate of the won against the US dollar dropped to 1737.60:1. The Korean won crisis has impacted Japan's financial instry, which has invested a lot in South Korea. In the second half of 1997, a series of Japanese banks and securities companies went bankrupt one after another. As a result, the Southeast Asian financial crisis evolved into the Asian financial crisis.

7. Since the outbreak of the subprime mortgage crisis, it has lasted almost two years, and roughly experienced four stages of development and evolution

the first stage is the emergence of crisis. Since the beginning of 2007, the U.S. subprime mortgage market has been in turmoil e to the continuous decline of the U.S. real estate market. Many financial institutions engaged in subprime mortgage loan, such as HSBC North America company, national finance company and new century finance company, have suffered huge losses e to customer default, and some even went bankrupt or applied for bankruptcy protection< The second stage is the outbreak of crisis. Since July and August 2007, a large number of financial institutions related to subprime mortgage loans have gone bankrupt. In August 2007, American family Mortgage Investment Corporation, the tenth largest loan company in the United States, filed for bankruptcy protection. That month, affected by the announcement that some funds investing in U.S. subprime mortgage bonds stopped redemption, the Federal Reserve and the European Central Bank were forced to join hands to inject capital to restore the order of the inter-bank market, which became a landmark event of the outbreak of the crisis< The third stage is crisis diffusion. At the end of 2007 and the beginning of 2008, Citigroup, Merrill Lynch, UBS and other large financial institutions suffered huge losses e to sub-prime loans, resulting in a sharp increase in market liquidity pressure. Western central banks joined hands to intervene. Mbia, the world's largest bond insurer, and AMBAC, the second largest bond insurer in the United States, suffered heavy losses. In the first quarter of 2008, mbia lost $2.4 billion and AMBAC lost $1.7 billion. The collapse of Bear Stearns, the fifth largest investment bank in the United States, is like a big bomb, which has brought the crisis to a new height< The fourth stage is the deepening and worsening stage of the crisis. Since June 2008, the crisis has worsened. The landmark events are the takeover of Fannie and Freddie by the US government, the bankruptcy protection filed by Lehman Brothers, the acquisition of Merrill Lynch by Bank of America, and the takeover of AIG by the government. The other shoe of the crisis finally landed, and the subsequent evolution remains to be further observed. So far, the crisis has caused more than 1 trillion US dollars of losses, and the destructive power and wide influence of this crisis are unmatched by previous financial crises.

8. At present, most of the factories you mentioned are export-oriented factories, mainly for export trade. When other countries have problems with less demand, these factories naturally have no orders and no room for survival. There are also some factories whose customers are mainly these export-oriented factories, so the collateral reaction is that countries do not have no money, but sometimes the money is magnified many times before they operate Financial instruments or shoddy procts are also circulating in the market in some form. Problems with these procts have led to the loss of money to buy these procts.

every country can print and issue banknotes independently, but we should grasp the scale. The more the better, the better. We can't print without money. Do you think that money is still worth money? Or did a country print 2 trillion yuan out of 1 trillion yuan worth of goods and materials? That is to say, the original 1 trillion yuan can only buy half of it.

I will add to your question:
people have less money on hand. For example, when your house is worth 1 million, what do you spend? You always think you have a house worth 1 million, but what if it's only worth 500000? When it's only worth 500000 yuan, will it rece consumption compared with a house worth 1 million yuan? The answer is yes.

in addition, will the collapse of the instry lay off a lot of people? Will consumption be reced? Will money be reced? The answer is yes.

and the point of the stock market is down. God, this is too intuitive<

maybe I'm smart, but I guess you don't know the simplest way to identify it:
if the bank reces the interest rate, it means that the society is short of consumption, or the government wants the residents to spend more and save less
on the contrary, increasing the interest rate means that the society has excess liquidity, and the government wants the residents to save money

sometimes finance is just like this So simple~