U.S. financial crisis, the root causes of the two

Last weekend went to Tsinghua University School of Continuing Education lectures, seminars entitled "How in the world is going through a crisis." Speaking of which the United States and China for the Wall Street began and spread to the global financial crisis has what should be their responsibility. This may be more interested in the topic, this may be a little something to share. To some extent, the financial crisis, many economists feel very excited because this may be the origin of the financial crisis and a crisis of national and world economy posed by the impact of an excellent opportunity, although the volcanic eruption on the seemed to make the Loss of life is to study the volcanic activity is the best time to the law of the same reason. How much I take some comfort that the crisis in full prior to the outbreak, to be precise in the spring of this year, I started a research topic: since ancient times has the mobility of (management). Perhaps this should belong to the scope of macro-monetary theory. I originally belong to more areas of micro-economics of monetary theory on macro-economic system under study, the main reason is that money is microscopic, but with the currency-related trade, especially trade among monetary phenomenon , There is a sufficient number of macro-economic connotations. So far, I have studied in Britain in the 18th century mobility with the expansion of liquidity management, studied the business model as well as the U.S. dollar exchange rate-based system for the formation of a study of the Ming Dynasty and the expansion of liquidity crisis in the 17th century, a preliminary study Today the U.S. financial crisis, as well as Japan's liquidity management lessons. Some of these research results published in the "wealth-chi," the magazine this year, 5, 7, 8 / 9, 10, on. The United States on the financial crisis, many people make it to 1929 than the same on Wall Street and led to the originator of the entire capitalist world into the Great Depression of that crisis. However, the United States not to mention the financial crisis of the international monetary system in 1929 and is essentially different from the last crisis led to only 50 percent of U.S. corporate bankruptcy, and the crisis of the U.S. non-financial enterprises Financial structure is still very sound, the Dow Jones index of 30 among the non-financial assets and liabilities average rate of only 21.65 percent, as well as such circumstances, the difference between the two is much larger than that of common ground. Specific to the U.S. financial crisis, many people believe that with the U.S. Federal Reserve Alan Greenspan presided over the period of monetary policy. Unfortunately, even Greenspan himself seems to have accepted the part of such accusations. However, it seems to me that Greenspan is the fundamental crisis of the scapegoat for the crime can not. I am increasingly aware of the financial crisis in the United States, there are two interrelated root causes, is one of the dollar-based exchange rate system, and the second is the currency of the United States. In the international monetary system, you may be aware of the gold standard, silver-based system. This kind belong to the monetary system. Strictly speaking, only the gold standard of the early international monetary system. At that time the countries using the currency is different in kind, gold, silver also, coins, and pearl, silk, silk and so on. In order for international trade to obtain a common measure of value as well as the mutual acceptance of the reserve tool, so as to determine the gold of the international monetary system among the main currencies, currency or other in-kind for the coins, or is not one of them to use international trade and, in accordance with a variety of Money and gold in the relations between the conversion price for gold after clearing them. Generally speaking, the international monetary system of the second phase, gold-based exchange rate system. This stage is characterized, as gold production is extremely limited, monetary gold with the pace of expansion is far below the rate of expansion of international trade to such an extent that the gold in the World Trade rapid growth in the process of gradually withdraw from the settlement in the area and replace it with notes, Although the gold at this time has not yet completely out of the international monetary system. However, due to the issuance of currency notes is not very reliable, especially for the existence of various countries to encourage exports through the pipeline to increase their mobility and the supply of competitive devaluation of their currency, which makes the international monetary system to become more volatile. As a result, the majority of countries have begun to accept the national currency anchor live "gold" and the national currency and gold prices as a basis for settlement of the international monetary system. At this stage, with the exception of gold, those with strong gold price of foreign currency notes, that is, the so-called foreign exchange, also began as a reserve currency, foreign exchange and gold appeared in the common currency reserves to play the role of the pattern. Lei Gexin with different rules, the gold-based exchange rate system is not bad money drives good money, good money, but the expulsion of bad money. In other words, the country's gold reserves, the more that country's currency will be strong, the more currency reserves by various countries welcomed the authorities; and the country's gold reserves less, the country's currency, the more unstable Of course, the more unpopular. By the first gold-based exchange rate system is in hot pursuit of the British currency. However, due to World War I and World War II in Europe as all the main battlefield of the war together with the British economic impact is huge, dominated by the pounds of gold-based exchange rate system accompanied by a sharp devaluation of the pound in 1931 Basically on the end. However, it should be said that since the international monetary system is still in the gold-based exchange rate system under operation for quite some time, for the performance of the dollar gradually replaced the pound, more or less to complete before the end of World War II. During this period, the United States through World War II to complete its ongoing accumulation of gold dream. 1932 to 1949, the United States of the world's monetary gold reserves with gold reserves increased from 35%% increase to almost 75 percent, spread out all over the world gold continue to be shipped to the U.S. can not find on a map called Knox Fort. This dollar's international status has risen considerably. Gold has been how to do? Americans did not stop, on the contrary, it started a crazy plan, which will sell dollars to any corner of the world, so that thorough dollar as the world currency. Bretton Woods system is in such a context of the birth. Cloth system is characterized by: In the past, gold-based exchange rate system which the U.S. dollar and gold are no longer the relationship between price fluctuations, but identified a completely stable dollar / gold parity officials from the Ministry of Finance of the United States to accept an unlimited number of countries in accordance with 35 U.S. dollar 1 oz gold price of their dollar holdings into gold. As a result, the pursuit of gold has become a pursuit of the dollar, although at the time the United States trading partners, the idea is to the hearts of gold, but they have to first of all holders of U.S. dollars. As a result, the U.S. dollar will be issued from the domestic expansion of the scope of the world. Nixon declared the incident a cloth collapse of the system, the vast majority of economists think that this is the failure of the United States. In fact, the only American in the U.S. dream of the initial realization of the above, in order to prevent the massive outflow of dollars to the United States and the strategic renounced cloth system. Facts have proved that countries in pursuit of the dollar does not fabric with the collapse of the system and stop, but in the oil-exporting countries to accept dollars as a settlement tool as well as the reserve currency, coupled with the subsequent Asian exporter has taken exactly the same reserves policy, making dollar The issue of territory in the world to continue to expand, as a result of competition for the U.S. dollar reserves of its own supply of liquidity has been an unprecedented expansion. The so-called dollar-based exchange rate system is a monetary system: the status of gold reserves is no longer important, is replaced by the dollar's foreign exchange reserves at the core, the anchor currency also live in U.S. dollars. It should be said that the cloth is a system of dollar-based exchange rate system in the first half, characterized by dollar-based exchange rate system with the gold-based exchange rate system in parallel; cloth into the system after the collapse of the dollar-based exchange rate system in the second half, characterized by the beginning of dollars out of gold and the dollar The only relationship between the political arena. In that case, dollar-based exchange rate system's contribution to the world what the U.S. contribution to what is, on what constitutes a world suffering from left, and why it is the United States one of the root causes of the financial crisis? Then talk about tomorrow.