The fourth stage of the American financial crisis in 2007

A week later, on Monday, June 6th, 10, a major banking and financial crisis occurred in Iceland, which caused the exchange rate of Icelandic krona, the main currency of Iceland, to depreciate by 30% against the euro. Iceland's parliament passed an emergency bill that night, giving the government greater power to take over and rectify banks. Landsbanki and Glitnir in Gerrit were taken over by the government, and the government also provided a bail-out plan for Kaupthing, Iceland's largest bank.

65438+10.6, the Icelandic Financial Supervisory Authority decided to temporarily suspend the trading of all financial instruments issued by Gerrit Lier Bank, Kaupthing Bank, National Bank of Iceland, Straumur Investment Bank, Spron Investment Bank and Exista Investment Bank.

Before the start of the working day of 6543810.6, BNP Paribas took over the remaining assets after the Dutch government nationalized Fortis' business in the Netherlands. On Monday, October 6th, 65438/KLOC-0, Denmark, Austria and possibly Germany, as well as Ireland and Greece, provided guarantees for domestic bank deposits. Since then, the Financial Times 100 index, which represents important listed companies in the UK, has recorded the biggest decline in history. .65438+1On Tuesday, October 7th, the consumer loan rescue plan was put on the agenda of the British Parliament. 10 On June 6th, German Chancellor Angela Merkel announced that the government would guarantee all deposits in German private banks. The government also announced a plan to rescue German loan company, Haibo Real Estate (HRE). On that day, the Dow Jones Industrial Average in new york plummeted. At the close, the index fell below 65,438+00,000 points, that is, when the index reached a high point above 65,438+04,000 points on October 9, 2007, the cumulative decline was 30%. Stock exchanges in Brazil and Russia were closed on Monday to prevent a possible stock price crash.

654381October 7, Iceland's Financial Supervisory Authority took over the National Bank of Iceland. On the same day, the Bank of Iceland announced that Russia had promised to provide a loan of 4 billion euros. However, this news was quickly denied by Russian officials, and the Icelandic Finance Minister was asked to correct the earlier discussion statement about Russia accepting Icelandic loans. Dmitry Pankin, Russia's deputy finance minister, denied this statement. However, Russian Finance Minister Alexei Kudrin later admitted that he had received such a request. It just said that Iceland has sent people to Moscow to attend a meeting later this week to discuss financial issues. Standard & Poor's downgraded Iceland's foreign exchange credit rating from A-/A-2 to BBB/A-3, and its local currency credit rating from A+/A- 1 to BBB+/A-2. Standard & Poor's also changed the risk group of Iceland's banking industry from the fifth group to the eighth group, and said that "in the case of severe economic recession, accumulated default and restructuring loans may account for 35% to 50% of the total export loans of Iceland's banking industry, which is equivalent to the risk that half of the loans will be repaid. 」

On the same day, the Russian President announced that he would provide $36 billion in aid to Russian domestic banks. Some countries announced to increase or update the deposit guarantee amount: Taiwan provincial government proposed to triple the deposit guarantee amount to NT$ 3 million (US$ 92,000), while the EU agreed to increase the deposit guarantee amount to at least 50,000 euros for each EU depositor. Some EU countries have announced to increase the deposit guarantee amount: the Dutch, Spanish and Belgian governments have announced that they will give each depositor a deposit guarantee amount of 654.38 million euros.

/kloc-0 On the morning of Wednesday, June 8th, 0, the British government announced that it would provide 25 billion pounds to the following financial institutions to buy primary institutions (equivalent to the government buying preferred shares, referred to as PIBS), including Abby Bank, Barclays Bank, HBOS, HSBC Bank, Lloyd TSB Bank, National Real Estate Association, Royal Bank of Scotland Group and Standard Chartered Bank. Other financial institutions will receive another 25 billion pounds in aid, including foreign banks that set up branches in the UK. Generally speaking, the government plays the role of a public organization in the British banking system and economy. The plan also includes raising the government debt ceiling, providing fair and mutual assistance and fulfilling international commitments. The plan is considered to be semi-nationalization of enterprises.

On Wednesday, October 8th, 65438/kloc-0, the European Central Bank, the Bank of England, the Federal Reserve System of the United States, the Bank of Canada, the Bank of Sweden and the Swiss National Bank all announced that they would cut the benchmark interest rate by 0.5% at 1 1:00 international standard time, followed by the Bank of China. 10 On June 8th, global stock markets all plunged, and Japan's decline reached 9%. Trading in the Russian stock market was suspended in intraday trading, and the Indonesian stock market also stopped trading after a sharp fall in early trading. In the United States, the stock market stopped falling because the Federal Reserve cut interest rates. On the same day, the Federal Reserve provided another $37.8 billion in loans to AIG, bringing the total assistance to AIG to $85 billion.

On Thursday, October 9th, 65438/KLOC-0, the Icelandic Financial Supervisory Authority took over Kaupthing Bank, the largest bank in Iceland. Kaupthing also announced that the government would take over This happened when the UK handed over the control of kaupthing Edge, an Internet bank, to direct, and put Kaupthing's UK business under management, and Kaupthing under the technical default accounting of the loan agreement. The relationship between Iceland and Britain is tense because Iceland restricts all depositors of local banks from withdrawing money (including deposits from overseas customers).

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American people's reaction to the government's use of treasury funds to save big banks; 65% of Americans oppose the US government's $700 billion bailout. The American people pointed out that the big banks first advocated the laissez-faire expansion of capitalism, but when something went wrong, they demanded that the money from the state treasury be paid in a socialist way to save the capitalists of the big banks, but the people lost their jobs, their credit went bankrupt and their houses were gone. In addition, some scholars in the world believe that $700 billion is far from enough.

On March 5, 2009, Song Hongbing, the author of the book Currency War, in which the US Federal Reserve Board started the printing press and the Iranian put forward the "dollar substitution scheme", said in the article "US Treasury bonds are the biggest scam in history": "The (American) commercial banking system transferred its bad debts to the US government's balance sheet, and the US government then transferred the bad debts on the balance sheet to the household assets of each taxpayer ... and all this was ultimately in the form of treasury bonds. If it can't be sold in the end, who is the last buyer? This is the Federal Reserve. " Subsequently, due to the worsening financial crisis, on March 8, 2009, the Federal Reserve announced that it would purchase up to $300 billion of long-term US Treasury bonds and mortgage-backed securities issued by Fannie Mae and Freddie Mac/$0.25 trillion, which is the so-called "quantitative easing" monetary policy. "The real property of the Fed is 8,200 tons of gold reserves, but even if it is sold, it will only be worth about $270 billion. Even the money for buying long-term government bonds this time is not enough." Therefore, comments from all walks of life have pointed out that the Fed is printing money to save the market, which will lead to the inflation of the dollar.

Iranian President Mahmoud Ahmadi-Nejad said to the US dollar as early as October 20th, 2007/KLOC-0: "They got our oil, but they gave us worthless waste paper (US dollars). In response to the economic crisis caused by the depreciation of the US dollar, Iran has converted a large part of its foreign exchange reserves into other currencies. He suggested that the Organization of Petroleum Exporting Countries could consider issuing a new currency on its own. 2009-03- 1 1 Ahmadinejad further put forward a series of suggestions to the Economic Cooperation Organization, including the establishment of the Organization for Economic Cooperation and Development, trade banks, and monetary cooperation. He said: "The' single currency' should be used for trade among member countries and then implemented in other countries and neighboring countries. "