<tt id="6hsgl"><pre id="6hsgl"><pre id="6hsgl"></pre></pre></tt>
          <nav id="6hsgl"><th id="6hsgl"></th></nav>
          国产免费网站看v片元遮挡,一亚洲一区二区中文字幕,波多野结衣一区二区免费视频,天天色综网,久久综合给合久久狠狠狠,男人的天堂av一二三区,午夜福利看片在线观看,亚洲中文字幕在线无码一区二区

          What lies behind the new international financial crisis?

          Updated: 2011-08-09 17:49

          By John Ross (chinadaily.com.cn)

            Comments() Print Mail Large Medium  Small 分享按鈕 0

          For the second time in three years a financial hurricane is blowing with Standard and Poor's downgrading the US's credit rating, Europe's widening debt crises, weak US economic recovery, and $8 trillion of loses on international share markets.

          The reason a severe crisis has reappeared, and what determines its dynamic, is the failure of US and European policies to resolve the issues which created 2008's financial meltdown. These policies postponed the unwinding of the crisis without removing its underlying causes. Consequently the focus changed but the crisis was not resolved.

          The financial crash of 2008 was caused by an unsustainable build-up of US private sector debt. By the 4th quarter of 2007, the peak of US economic expansion, households and private non-financial company debt was 168 percent of US GDP compared to government debt of 51 percent of GDP - i.e. private debt was over three times as large as government debt. The interest rate increases introduced in 2008 to deal with inflation resulted in the inability of the US private sector to finance this debt burden. The US sub-prime mortgage crisis was therefore simply the weakest link in the overall excessive US private debt.

          The inability of the US private sector to meet its debt obligations, with consequent falls in asset values, destroyed US financial institutions’ balance sheets in 2008. Overall the US financial sector became insolvent. Therefore the US state had to step in to rescue the private financial system, with a similar process occurring in other countries. The new crisis is because the strength of the tools available to the US and European states themselves risk being overwhelmed.

          The figures show this process. Following the onset of the US economic downturn in 2008, the overall US debt burden rose, reaching 247 percent of GDP in the 3rd quarter of 2009. Since then US debt has fallen but only marginally to 243 percent of US GDP - still 26 percentage points above pre-recession levels.

          Merely the internal structure of US debt shifted. US private sector debt peaked at 180 percent of GDP in the 2nd quarter of 2009. It then fell to 163 percent of GDP – still 5 percentage points above its pre-recession level. But any recent decline in private sector debt has been almost entirely offset by increases in government debt created by budget deficits exceeding 10 percent of GDP.

          The US simply ‘nationalized’ its debt problem – replacing private with public debt. The mechanisms by which this occurred were the indirect consequences of the financial crisis, with recession increasing welfare payments and reducing tax receipts as well as transfer of funds to the private sector in bank bailouts and similar measures.

          Europe followed a similar path but with some countries, e.g. Greece and Italy, building up large public sector debts alongside the private ones in Spain and other countries. Europe’s situation is still more potentially threatening than the US as the Federal Reserve has greater resources than the European Central Bank.

          None of the means used for tackling this debt problem in the US and Europe can avoid severe economic pain. The political fighting which has broken out is simply over how this pain should be shared.

             Previous Page 1 2 Next Page  

          主站蜘蛛池模板: 午夜福利国产精品视频| 久久精品国产久精国产69| 国产一级三级三级在线视 | 人人澡人摸人人添| 插插射啊爱视频日a级| 国产成人av三级在线观看| 亚洲国产欧美在线看片一国产 | 国产精品欧美福利久久| 国产99久久无码精品| 精品国产丝袜自在线拍国语| 无码人妻斩一区二区三区| 一二三四电影在线观看免费| 深夜国产成人福利在线观看| 成av免费大片黄在线观看| 日韩一区二区三区水蜜桃| 亚洲情A成黄在线观看动漫尤物| 看全黄大色黄大片视频| 精品国产三级a∨在线欧美| 亚洲黄色性视频| 中文字幕亚洲无线码在线| 熟女一区二区中文字幕| 欧美激情视频一区二区三区免费 | 午夜福利国产盗摄久久性| 国产中文字幕在线一区| 国产成人AV一区二区三区无码| 久99视频| 国产香蕉精品视频一区二区三区| 亚洲午夜久久久久久噜噜噜| 中文字幕国产精品二区| 一区二区视频观看在线| 好男人社区资源| 91综合在线| 国产激情精品一区二区三区| 国产乱码一区二区三区免费| 国产av剧情亚洲精品| 18禁男女污污污午夜网站免费| 色就色偷拍综合一二三区| 亚洲人成小说网站色在线| 伊人精品成人久久综合97| 国产午夜福利在线机视频| 内射干少妇亚洲69xxx|