What is the key difference between social insurance and Ponzi scheme?

Financial crisis refers to the sharp, short-term and super-cycle deterioration of all or most financial indicators (such as short-term interest rates, monetary assets, securities, real estate, land (price), the number of commercial bankruptcies and the number of financial institutions) in a country or several countries and regions.

1. The financial crisis originated in America. Causes of financial crisis: The credit expansion caused by fictitious economy and the bursting of economic bubble are the main causes of financial crisis. The subprime mortgage crisis is the fuse. Sub-prime bonds are actually only $600 billion, which caused such a big financial crisis because of following the trend, that is, people's psychological expectations. Herd effect refers to the situation that investors have not formed their own expectations or obtained first-hand information in the market. Theoretically speaking, herding behavior will aggravate market fluctuation and become the key to the success of leaders' behavior. In the following situations, sesame seed cake is the leader. In the real economy, subprime mortgage is the leader.

2. From the subprime mortgage crisis to the financial crisis, here is an original case: two people sell baked wheat cakes, each selling 20 cakes a day (because the demand for baked wheat cakes is only 40), and the output value of one yuan per day is 40 yuan. Later, they discussed and bought 100(A bought it from B and B 100 bought it from A 100).

If the price of sesame cakes traded with each other is 5 yuan, the daily transaction amount is 1040 yuan. At this time, A and B will raise the market biscuits to 2 yuan. Some people heard that sesame seed cakes 1 were sold in 5 yuan, but when they saw that there was only 2 yuan in the market, they quickly bought them. -The bubble economy came into being.

Baked sesame seeds can't be cooked at once, so buy forward cakes. A, Otsuichi increased the number of baked wheat cakes (up to 100 per day), on the other hand, it sold forward baked wheat cakes, and at the same time began to issue baked wheat cakes bonds. Buyers use cash and mortgages to buy. -Financing, financial intervention.

Some people want to buy it, and they have neither cash nor collateral, so A and B issue subordinated biscuit bonds to buy insurance from insurance institutions-subprime bonds have planted seeds for the subprime mortgage crisis.

One day, I found that I couldn't eat the biscuits I bought. If it is stored in one place and moldy, I will sell it soon, even if the price is lower. The bubble burst.

This is how the financial crisis broke out. Cookie shop layoffs (as long as 40 cookies a day)-unemployment; Sesame cake bonds become waste paper-subprime mortgage crisis

Mortgage loan (collateral is worthless) can not be recovered, the liquidity crisis of the lending bank, the bankruptcy of the insurance company and so on. -Financial crisis

3. In the process from subprime mortgage crisis to financial crisis, the financial leverage of financial institutions and the issuance and circulation of financial derivatives have played an amplification role.

4. The financial crisis has spread all over the world, affecting China. Part of the country's foreign exchange reserves are lost, making it difficult to export. Economic growth slows down, unemployment increases, people's income declines, consumption decreases, and the market is depressed. If it is serious, it will cause political instability. Compared with European countries (such as Detroit Motor City), the financial crisis has little impact on China, because China's economy is separated from the international economy to some extent. China's RMB is strictly managed under the capital account, and the impact of international hot money is not great. Now, with more than 70 banks in the United States tending to close down, China's financial system is running well and its economy is growing at a certain speed. At the same time, the state is also taking measures such as expanding finance, reducing the deposit reserve ratio and stimulating domestic demand of 4 trillion yuan. Now, the RMB exchange rate has been lowered. If all macroeconomic measures are effectively implemented, China needs about 1 year.