Chapter 1027 Zheng Baiwan

Supersovereign power is terrible. Whoever dominates it will have world economic hegemony and win the greatest economic benefits.

Obviously, neither the old overlord Britain nor the war-breaking United States would give up this opportunity. In 1941, Roosevelt and Churchill jointly issued the Atlantic Charter. It was recommended that the United Nations with the victorious country as its core be established after the war to stabilize the international political order.

Establish an International Trade Organization (WTO) to form a balanced and stable international economic order. In fact, an economic hegemony without gunpowder has been undercurrents, and the battle between Britain and the United States has begun.

On July 1, 1944, the Mount Washington Hotel in the Washington Forest was overcrowded. 730 representatives from 44 countries stayed here to witness the birth of the Bretton Woods Agreement, the first international monetary convention in human history.

But at that time, there were actually only two people in the spotlight. One was the economist Keynes, who advocated the United Kingdom and had a huge impact on modern economic policies, and the other was the one who advocated the United States, White, assistant secretary of the U.S. Treasury.

They carried their own plans and held fierce debates, while the representatives of other countries were just passive recipients of spectators and final plans.

Both the UK and the US plan advocate the establishment of an international monetary institution, the world's central bank, and the International Settlements Union (the predecessor of the IMF), and a consensus was quickly reached in this general direction, but the core was who should be the supersovereign currency used for international trade deduction and settlement?

The plan proposed by White is naturally the US dollar, but the plan proposed by Keynes is not the pound. He proposed a new currency "Bankle" - a currency basket composed of sovereign currencies of various countries, and then the International Settlements Union issued Banker; Banker focused on gold, and currencies of other countries focused on Banker; international trade was settled in Banker, and distributed and used according to the proportion of investments of each country and the size of international trade.

From the perspective of the past life, we can naturally clearly know that Keynes failed. On July 22, 1944, 22 days after Keynes fought to the death, the final plan surfaced, and the US dollar won the crown of the king of international currency in the Bretton Woods at the foot of Mount Washington.

There are two core items of the Bretton Woods Agreement. One is the General Agreement on Tariffs and Trade, which attempts to unify the trade policies of various countries and restrict the adoption of encouraging trade measures by countries to harm the trade interests of other countries; the other is the Bretton Woods currency system, which attempts to establish an internationally recognized exchange rate system to prevent individual countries from stimulating exports through active currency depreciation and triggering vicious export competition.

If you can't pay it back, you still need to analyze the specific issues in detail. It is impossible to directly confiscate the collateral.

The two world wars made the United States profitable, and the Bretton Woods system even allowed the United States to stand at the top of the food chain of the global jungle of interest.

"There are... no, our people took the first move, and we crossed the boundary."

"Don't tell me that 'doing' is a fight."

What's more, the interest rate for these debts is three times that of the original, and such a high interest rate is imposed on us without our knowledge, so this is not our responsibility at all.

The reason for doing this is that Germany and Japan will be the future export markets of the United States.

At the same time, Kennedy also encountered another big trouble. The European and American markets have long been actually connected by financial giants, while the Bretton Woods system actually built a fixed exchange rate system. Under this background, the US monetary policy has basically been invalidated.

On June 25, 1950, after the outbreak of the War to Resist U.S. Aggression and Aid Korea, Truman, President of the American Donkey Party, who walked into the White House in the footsteps of the Bretton Woods system, felt really uneasy.

Latin American countries' attitude towards high-interest foreign debt has strongly stimulated the City of London and Wall Street. They must force Latin American countries to obey and accept the debt repayment arrangements of "capital".

Nan Yi mutes the satellite phone first, picks up the cell phone on the table and walks to the bathroom while connecting. After sitting for a long time, even if the phone doesn't come, he almost needs to open the gate and release water.

It was also October 1, 1982, when the creditor's and debtors showed up.

"Well, let's discuss Malaysia and Indonesia next. Let's wait... and I'll answer a call."

Nan Yi: "Simon, how many loans do we release in Thailand?"

Argentina's domestic commodity production relies heavily on foreign investment. After the massive withdrawal of international funds, Argentina had to increase its imports. Therefore, under the triple pressure of weak exports, surge in imports, and maintaining high welfare, in 1981, Argentina's foreign debt rose to the third largest in the world, reaching US$34 billion. In addition, the US dollar appreciated under high interest rates, Argentina's foreign debt burden was even more difficult.

Zhao Shixian: "I support Simon's view. Most of Thailand's short-term foreign debt is in the stock market and real estate. Both of them are almost unable to hold on. As long as Thailand's short-term foreign debt exceeds foreign exchange reserves, someone will give it a slight push, Bomb!"

Our efforts to overcome hunger, disease, ignorance and vassals are not the cause of this international crisis.”

"Mr. Nan, I just signed a new contract with TCV last month. North China, Lu, Hui, Su, Shanghai, Jingxi Yigo can all be stepped on. Our people collided with Zheng Baiwan in Shanghai. After two games, we won. Zheng Baiwan's Li Fukun said he wanted to enter the capital."

On the one hand, two oil crises in the 1970s led to a sharp rise in crude oil prices, oil exporting countries obtained huge US dollar revenue, strong demand for asset appreciation and preservation, and sufficient US dollar supply in the international market.

Jingxi Yigou is a benchmark in the home appliance industry in Beijing and one of the major distributors of home appliance companies. It has large warehouses in Beijing. In addition to retail, it will help home appliance companies act as intermediaries, mainly radiating to North China, earning some money, and collecting some information from friendly companies, so that they can accurately take advantage of the situation when they need help in the future.

The reason is very simple. Nanguo Bank trusts customers to do something that can guarantee profits, so that they can lend money. People and things are bound together. Once customers use money in other aspects, this trust foundation will be lost and the risk of funds will soar sharply.

"I must not be the one who died."

In this year, with the average return on investment in Europe being 16%, twice that of the United States, US$47 billion of US capital flowing to Europe, with the figure being only 25 billion in 1957; this year, US gold reserves accelerated, with a total value of more than 40 billion in 1950, and at this time there were less than 20 billion US dollars left;

This year, the US fiscal deficit exceeded US$20 billion, exceeding the total gold reserves for the first time in history. In this year, the US industrial output value fell by 14%, exports shrank, and with a large spillover of capital, the US balance of payments showed a $2 billion deficit.

"Beijing?" Nan Yi frowned.

Some people say that when the welfare of a country is guaranteed, they will naturally be keen on consumption. This is what the Argentine people who enjoy high welfare do. They do not have the habit of saving and usually spend high consumption. As the end of the month approaches, they will ask a few Argentinians, and usually there are few cents left in their pockets.

Nan Yi: "Tell me about your true thoughts, it's okay without data support."

Mexico, Brazil, Argentina and all countries listed on the IMF list played Wu Dalang once, listening to a gentle voice: "Dalang, be good, drink medicine."

"Shanghai."

More importantly, a large amount of US dollar loans were invested in Europe, which cultivated the habit of using US dollars and established the unparalleled status of the US dollar in the entire Western world. The United States stood at the top of the food chain in the economic jungle, and only needed to issue a large amount of currency and export loans, American goods could be exported overseas on a large scale.

In order to achieve industrialization faster and catch up with developed countries, these Latin American countries adopted expansionary economic policies and borrowed large-scale foreign debts to increase government spending on public utilities.

"Master Nan, Li Fukun is not a good person to talk to, and he may not admit defeat."

This is a relatively conservative estimate, and the actual number is likely to exceed US$40 billion."

In 1958, the world's suspicion of the US dollar finally evolved into a sell-off.

First, Western Europe's large amount of US dollar income comes from trade with Eastern Europe, so Western Europe is afraid that the United States will also freeze its US dollar assets; second, the United States, which is deeply involved in the Korean War, will the US dollar assets depreciate as a result?

At this moment, the UK saw the opportunity to restore its position as a financial center in London. Therefore, the UK adopted a series of measures such as ignoring the source and tax incentives to try to attract the Euro dollar to London and form the largest dollar market in the world outside the United States.

"Master Nan, you said."

Argentina, located in Latin America, is a country with extremely rich products. It used to be the world's granary and meat warehouse, with national income comparable to that of the United States, and social welfare is aimed at Nordic Europe.

Ma Shimin: "I will write 80% in the written report."

There is no doubt that there must be two prerequisites to maintain the Bretton Woods system: one is that the United States must maintain sufficient gold reserves to maintain balance of payments and other countries unconditionally exchange gold at $35 per ounce; the other is that the dollar remains firm and maintains the world's confidence in the US dollar.

Nan Yi wiped his hands, held the phone in his hand and walked out of the bathroom, laughing and said, "Liuzi, you are capable. You are also idle. Jingxi Yigou is a middleman just to better maintain the relationship with the manufacturer. Who made you work so hard?"

"Stable and large rear, don't be cut off from the bottom of a pot."

Ma Shimin: "More than 95%.

Nan Yi clapped his hands, "Okay, let's talk about our theme today, Shixian, what do you think?"

The US interest rate hike will naturally induce the outflow of international funds invested in Latin America, which has exacerbated the shortage of funds in Latin America, and the balance of payments situation is deteriorating, capital outflows are intensifying, and Latin American currencies are forced to depreciate.

In terms of trade, the US trade surplus has become a deficit; in terms of finance, in order to make up for the deficit, the United States can only increase the amount of US dollar currency, but the currency is getting more and more, but gold no longer flows into the United States, which shakes the basis of 35 US dollars per ounce of gold, and the expectation of a depreciation of the US dollar has hurt the world's confidence in the US dollar.

"Tell me about the passage."

In short, Nanguo Bank is aiming to annex Thailand's high-quality industries, but it is impossible to be too naked during the implementation process. If a bitch wants to do it, the archway must be established. We must create a tragic situation where Nanguo Bank receives non-performing assets with tears in its eyes - Thailand, a place where funds come and may never be able to go back.

"Poetry and Sage."

Judging from the expenditure, the rise in lending interest rates in the international financial market has caused the loan costs of Latin American countries to rise, and interest expenses have increased rapidly. Under the dual pressure, Latin American countries' debt repayment ability has declined sharply.

Around 1980, the economies of Britain and the United States were in trouble and implemented "financial shock therapy". In order to cope with the dilemma of stagflation and attract international capital to flow back, the Federal Reserve has raised interest rates continuously since August 1980. Most of the foreign debt borrowed by Latin American countries were floating interest rates. The cost of international lending rose sharply and the debt burden increased, which ignited the fuse of the debt crisis.

From then on, the US dollar has stood at the center of the international monetary system and continued to the present.

This was the first crisis in the US dollar after the establishment of the Bretton Woods system. The United States, who was very frightened, immediately invited the United Kingdom, France, Germany, Italy, the Netherlands, Belgium, Sweden, Canada and Japan to hold an emergency summit to discuss how to deal with the crisis.

Four months later, in August, at the United Nations General Assembly, Mexico, which was unable to repay its foreign debt, became a pioneer. President Portillo publicly stated: "Mexico and many third world countries cannot comply with the original repayment period. We developing countries do not want to be vassals, and cannot paralyze our economy or put our people in greater disaster because of repaying debts.

"One long red, one TCV, what's the point of noisy?" Nan Yi said suspiciously.

Less than half of the loans issued by Nanguo Bank in Thailand are used in accordance with the "standard purpose", and the others have entered the stock market, futures, real estate and other fields. Most customers have violated certain terms in the loan contract. Nanguo Bank pretends to be ignorant and waited for the crisis in Thailand to break out. Nanguo Bank is more kind and does not enforce its own rights and interests to urge loans in advance, just to ensure the safety of funds and let customers make up for the difference in collateral. This is not an exaggeration.

If you can't make up for it, it means a high-risk loan project. If you need to urge it, you have to urge it. At least you have to urge the part that exceeds the mortgage value of the mortgaged property first and reduce the loan risk level first.

Zhao Shixian: "In 1990, the IMF had intervened in Thailand's foreign exchange affairs, and a considerable amount of Thailand's foreign debt came from the World Bank."

"It has it on both sides, not serious, just a bruised nose and a swollen face."

“OK.”

Kennedy cared about the healthy development of the US real economy. He believed that the real economy is the foundation of a country's economy, the source of wealth creation, and the cornerstone for the people to move towards the middle class. However, Kennedy's road to prosperity in industry was very bumpy because he violated the boycott of many financial power groups.

After 127 days of debate, Kennedy did not have the opportunity to see the bill pass. It was not until about ten months after his death that the relevant bill was approved by the US Congress, but the terms were subtly modified and did not serve the purpose of preventing the free flow of capital.

"Uh...it's just a fight."

Zhao Shixian: "Yes."

In 1976, Argentina's GDP deflator index grew by 438%, and CPI reached 444% year-on-year. Severe inflation, economic recession and political instability stimulated the outflow of funds from some enterprises and private enterprises in Latin American countries, and the funds became increasingly short of funds, further strengthening the motivation of Latin American countries to borrow foreign debt.

"All right, stop complaining, I didn't blame you, it's just that it doesn't make much sense to fight Zheng Baiwan now. If you beat it down, the benefits will not fall into our hands." Nan Yi said with a careful consideration: "Call Li Fukun and make peace first."

On April 2, 1982, news of the resurrection of the Malvinas Islands reached Argentina. The whole country celebrated, and it was still in May Square. It was still a large-scale parade, but this time it was a support for the government's action. The 12 Argentina political parties and the Federation of Trade Unions ignored past grudges and vowed to unite around Galtieri.

At the meeting, the heads of state accepted the United States' proposal to concentrate their respective gold reserves together to build the famous "10-country gold reserve pool". At the same time, all parties signed a currency swap agreement - a reciprocal loan agreement, and through this agreement, nine European countries provided US$20 billion in loans to the United States.

After the war, the follow-up work of Britain and Argentina was based on the standards of the war. There was no single exchange of words about the Argentina economic crisis. Both sides knew what the idea was. If you didn't mention it, I wouldn't mention it. If you mentioned it, I wouldn't respond.

Usually, the bundling requirements will occur in relatively large amounts for customers' assets, such as a loan project with an asset of 1 million yuan that needs to be loaned 700,000 yuan or more than US$100 million; loan projects with good credit and the loan amount only accounts for a small amount of their assets, generally only look at people, don't care about things, and do whatever money loans do.

"There are also internal and home appliance manufacturers. Either don't fight. If you want to fight, try to prepare carefully. Be sure to win and have more snacks. You should know that business wars will kill people. Don't let the person who dies."

After the Battle of the Horse Island, the mess in Latin America remains the same.

Based on the currently known data and the short-term debt that Thailand may increase in the next 10 months, when the time enters April 1996, the short-term debt that Thailand needs to repay within one year will exceed US$40 billion.

One party wants to lend money, and the other party needs money, so the two parties naturally hit it off. So Latin America borrowed more than 20 billion US dollars from outside, but the borrowed money lacks good planning and management. A large amount of foreign debt is used for large utilities with long cycles, low efficiency, poor liquidity and monetization capabilities, and part of it is used for non-productive expenditures, such as making up for losses in state-owned enterprises, purchasing arms, etc.

However, another wall of Cold War was formed inadvertently by people. Given the dominance of Keynesianism, the competition between industrial capital and financial capital for policy resources has created a huge gap.

On March 31, 1982, a massive protest and demonstration occurred in May Square in Buenos Aires, the capital of Argentina, and it quickly spread to the whole country. The people accused the Galtieri military government of bringing the Argentine economy into the quagmire.

Zheng Baiwan is not engaged in production, but distributors. He is a major domestic color TV dealer. The super VIP of Wuchuan Changhong is worth hundreds of millions of times each time he buys goods.

The IMF changed its previous low-key and had no sense of existence. It prescribed four good medicines to Latin American countries:
To be continued...