预览加载中,请您耐心等待几秒...
1/9
2/9
3/9
4/9
5/9
6/9
7/9
8/9
9/9

在线预览结束,喜欢就下载吧,查找使用更方便

如果您无法下载资料,请参考说明:

1、部分资料下载需要金币,请确保您的账户上有足够的金币

2、已购买过的文档,再次下载不重复扣费

3、资料包下载后请先用软件解压,在使用对应软件打开

ThefailureoftheUSfinancialbailout紧急援助hashadavolatileeffectonEuropeanfinancialmarketswithbankingsharesinLondonthehardesthit. Theworldfinancialsystemisteetering动摇onthe"brink边缘ofsystemicmeltdown", --richnationshadsofarfailedtorestoreconfidence "Intensifying增强solvency债务偿付能力concernsaboutanumberofthelargestUS-basedandEuropeanfinancialinstitutionshavepushedtheglobalfinancialsystemtothebrinkofsystemicmeltdown," ---Thefirstco-ordinationbetweenadvancedcountriesandtherestoftheworldisnowontrack." ---TheIMFchief'sstrongwordsreflectabeliefthattheglobalfinancialcrisiscanbecontained. ---ThemeetingcameadayafterAsian,EuropeanandUSmarketscontinuedtopanicselldespiteratecutsandcashinjections注射bycentralbanks,amidwidespreadfearsofaglobalrecession. Thistime,marketplayersseemtrulyhorrified—becausethey’vesuddenlyrealizedthattheydon’tunderstandthecomplexfinancialsystemtheycreated.Credit—lendingbetweenmarketplayers—istothefinancialmarketswhatmotoroilistocarengines.Theabilitytoraisecashonshortnotice,whichiswhatpeoplemeanwhentheytalkabout“liquidity,”isanessentiallubricantforthemarkets,andfortheeconomyasawhole. Butliquidityhasbeendryingup.Somecreditmarketshaveeffectivelyclosedupshop.—liketheLondonmarket,inwhichbankslendtoeachother—haverisenevenasinterestratesonU.S.governmentdebt,whichisstillconsideredsafe,haveplunged. “Whatwearewitnessingisessentiallythebreakdownofourmodern-daybankingsystem,acomplexofleveragedlendingsohardtounderstandthatFederalReserveChairmanrequiredaface-to-facerefreshercoursefromhedgefundmanagersinmid-August.” Thefreezingupofthefinancialmarketswill,ifitgoesonmuchlonger,leadtoaseverereductioninoveralllending,causingbusinessinvestmenttogothewayofhomeconstruction—andthatwillmeanarecession,possiblyanastyone. Behindthedisappearanceofliquidityliesacollapseoftrust:marketplayersdon’twanttolendtoeachother,becausethey’renotsurethey’llberepaid. Whywasthisallowedtohappen?Atadeeplevel,Ibelievethattheproblemwasideological:policymakers,committedtotheviewthatthemarketisalwaysright,simplyignor