MTL - People Are In Tokyo, and the Peerless Raptors Are Also Afraid of Hatchets-~ Extra Story 2: The Destruction of the Financial Crisis
Thailand.
Bangkok.
hot summer.
It's time for watermelon to hit the market.
Carrie took her mother's hand on the street and looked at the beautiful new house. She was only eight years old with longing in her eyes.
"Mom! When will we be able to live in such a beautiful house?"
Mom sighed: "The house here is too expensive. Your dad is unemployed again, and we can't afford it."
The little girl asked ignorantly, "Mom, why is Dad unemployed?"
"Because there are too many houses to sell."
"Why can't we buy it if we can't sell it?"
"I didn't tell you just now, because your father lost his job."
Mother's tone was much higher.
The little girl looked aggrieved, not understanding why her mother was so angry.
It's just that the little girl doesn't understand.
In fact, her mother did not understand why.
And this time.
The little girl's father, Kawan, was standing on a street with many people holding a sign and looking for a job.
But there are too many people looking for work.
For some reason, many factories have gone bankrupt in the past two years.
Some have not gone bankrupt, but have also reduced their salaries or made significant layoffs.
Only a few companies exporting raw materials or rough processing are still in operation, but the wages are low and hard, and there is not much money to be saved in a month.
Kawan didn't know why.
All I know is that the boss sold all his property last month and went to America with the money.
And after losing his job, he could only find some temporary jobs every day, barely able to support his family in Hukou.
Half a day passed.
The young and strong people around were called away.
Only a group of elderly people over the age of 30 remained in place.
Knowing from my usual experience that I might not be able to find a job today, a group of people sighed and complained around smoking inferior cigarettes.
"Alas! It seems that there is no drama today."
"Why are you saying that it is so difficult to find a job now! There was a shortage of workers two years ago, but now it suddenly becomes impossible."
"It's not that **** little Japanese!"
"Little Japanese?"
"Yeah! You didn't see that everyone was buying Xiaoyueben's products. No one bought our own stuff. If the factory couldn't make money and couldn't open it, it would definitely be no longer needed!"
"Those Thai traitors who buy Japanese goods are too hateful!"
"Why don't they buy our own product?"
"Japanese goods are so expensive, they don't know our Thai goods, rich people are traitors..."
"..."
Production.
consume.
Which is more important in the economy?
The question is like which is more important, the sun or the moon.
But if one of these delicate balances is broken, it will inevitably turn into a disaster.
the second half of 1996.
Japan's overseas strategic investment has slowed down, and at the same time, some Japanese companies have also returned to Japan due to the reduced cost of the depreciation of the yen.
While taking away the cost of foreign exchange input, the large-scale growth of mid-end manufacturing that Japan abandoned, soon began to impact the manufacturing and economies of Asian countries.
The first to be unlucky was Thailand.
Due to the full liberalization of the financial market and offshore financial centers, Thailand has become the first of the four tigers in recent years, and is expected to become the second developed country in Asia.
However, success is also complete market, failure is also complete market.
Raw materials without technical content, jewelry, and rough primary processing level, export profits are meager.
But imports are all high-tech products such as televisions, motorcycles, air conditioners, tape recorders, game consoles, and communication equipment.
The rapid expansion of the trade gap resulted in an unprecedented decline in foreign exchange reserves.
The local mid-end manufacturing industry has been hit by the price reduction of Japanese products again, and cheap labor has lost completely in the face of cheaper automation.
The stock market crashed, the real estate crashed.
Realizing the seriousness of the problem, BOT abandoned everything and stuck to the last exchange rate defense.
Of course.
May 97.
An Asian financial turmoil is approaching.
The first to collapse was Thailand.
The devaluation of the yen to 140, the Japanese manufacturing industry once again demonstrated the horrific lethality that swept the European and American markets ten years ago.
However, compared with the technology chain of developed countries in Europe and America, the backward production level and manufacturing technology in Asia are like the original embryonic stage.
In just two years, Thailand finally realized why Britain, France, the United States and Germany forced the yen to appreciate in the first place, but the manufacturing industry has completely collapsed, and it is powerless to recover.
The real economy is the foundation of finance.
When there is a fundamental problem, there will inevitably be a financial problem.
Although the Bank of Thailand has repeatedly announced that the BOT has the ability to guarantee the stability of the baht, Soros cited a number of data in the Wall Street Journal to warn that the expansion of Thailand’s trade deficit may lead to a severe recession, hoping that Thailand can recognize the seriousness of the problem.
Like an attacking horn.
Financial institutions led by Quantum Fund sold Thai baht on a large scale in the offshore market.
On July 2, Thailand announced to abandon the fixed exchange rate system and implement a floating exchange rate system.
Soon, the storm began to spread to Malaysia, Singapore, and South Korea, among other places.
In mid-November, the financial turmoil also broke out in South Korea. On the 17th, the exchange rate of the Korean won against the US dollar fell to a record 1008:1.
Japan, Tokyo.
Because one-third of South Korea's GDP is invested by major Japanese consortia, the financial community held an emergency meeting overnight.
Most of them are presidents and vice presidents from major financial institutions.
After negotiation.
If you let the Korean stock and debt exchange kill three times.
The Japanese mainland may also be affected.
after all.
South Korea is the front line of Japan's overseas strategy. Even Japan Life Insurance has cooperated with Sony to invest in Samsung. Other large and small banks and securities companies also hold assets of different sizes in South Korea.
some negotiation.
The major consortiums are preparing to jointly spend one trillion yuan to buy the Korean won to stabilize the Korean market.
Before it had time to act, however, a phone call from the United States put the stabilization plan in jeopardy.
Tibet Province.
Listen to Kissinger's stern talk.
In the end, Haneda gave a wry smile and could only choose to back down.
After all, in this partition, Japan has already taken away most of the manufacturing market. If financial capital is greedy, it will probably be hit again by the Plaza Accord.
In the face of South Korea's call for help.
finally.
After all, Japan did not make a move, and the South Korean government had to ask the International Monetary Fund for assistance and temporarily controlled the crisis.
But on December 13, the exchange rate of the won to the dollar fell to 1737.60:1.
The president called on the people to use gold and dollars to support the national currency, but it was a drop in the bucket, and everyone's wealth was mixed into the sea on this day.
Even though the South Korean president bowed his head and asked for aid from the United States, the other party was silent for a while, and only said that this is a Wall Street business.
This year.
South Korea went bankrupt... Stock market, bond market, property market, foreign exchange market, all collapsed.
This year.
Sixty-five percent of South Korean companies went bankrupt, 70 percent of financial institutions went bankrupt, tens of millions of people lost their jobs, and more than 10,000 people committed suicide because of debt.
soon.
The won crisis finally hit Japan's financial industry, which has a lot of investment in South Korea.
In just one month, eight banks and two brokerage firms went bankrupt in the Japanese financial industry. Even the president of No. 1 Quanye chose to commit suicide at home to apologize.
When the avalanche comes.
No snowflake is innocent. UU reading www. uukanshu.com
This year, Haiya Real Estate fell from the highest price of 11,000 to 700 yuan, and Haiya Development Bank was insolvent and forced to go bankrupt.
The sharp depreciation of the currencies of many countries has impacted foreign trade companies in Asian countries, causing many large Asian companies to close down, layoff workers, and social and economic depression.
1998.
The debt ratio of Dahan banking industry exceeds 40%.
Credit unions are in debt crisis.
And at the same time.
The wave of layoffs broke out.
The four major banks have more than 36% debt and are technically bankrupt. They have to form an asset management company to transfer their liabilities and plan to go public...
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