关于金融危机的英语作文

金融危机的定义（英文版的）最好是从经济文献中的。~

Financial crisis, also known as financial tsunami, refers to the dramatic deterioration of the financial indicators of a certain country or several countries and regions in the world. It can be classified as currency crisis, debt crisis, banking crisis, sub-loan crisis, etc. The feature of the crisis is that people are pessimistic about the economic future because of monetary depreciation occurring throughout the region. The causes for the crisis are complicated with multiple reasons, mainly from three aspects, i.e., the U.S. consumption habits of borrowing, the idea of free economic management, and the economic environment and specific policy instruments.

How to Solve the Financial Crisis


The financial crisis deepens. The bailouts are piecemeal and national, whereas the crisis is global. What’s worse, the policy responses are not based on a clear diagnosis of the underlying problem.
Some politicians talk as if this crisis were merely about illiquidity: banks don’t have enough liquid assets to meet their current obligations. If this were so, the problem would already have been solved. The reason is that most countries have three institutions in place that generally prevent this sort of thing from happening: (1) central banks that are “lenders of last resort”, (2) depositors are insured (up to a specified maximum) and (3) banks are regulated and supervised.
But the problem now is different. Once we understand it, we are close to finding a solution. It is not just a matter of potential illiquidity, but also of potential insolvency: the total assets of many financial institutions could fall short of their total liabilities. At the current fire-sale asset prices, they’re in danger of going broke. The central banks can’t help here, since they lend only for short periods against highly-rated collateral.
The difficulty is that some of the troubled financial institutions are too large too fail (their demise would wipe out too much wealth, shut down too many businesses, throw too many people into unemployment) and are very contagious (their bankruptcy would lead to the bankruptcy of other large institutions). That is why we’ve seen lots of case-by-case bailouts (Bear Stearns, AIG, Fannie Mae und Freddi Mac, Fortis, Bradford and Bingley, Wachovia, Glitnir, etc.), climaxing in the largest, the Paulson plan.

EVEN by the standards of the worst financial crisis for at least a generation, the events of Sunday Spetember14th and the day before were extraordinary. The weekend began with hopes that a deal could be struck, with or without government backing, to save Lehman Brothers, America’s fourth-largest investment bank. It ended with Lehman’s set for Chapter 11 bankruptcy protection and the bank preparing to wind itself up after those efforts failed. Other vulnerable financial giants scrambled to sell themselves or raise enough capital to stave off a similar fate. Merrill Lynch, the third-biggest investment bank, sold itself to Bank of America (BofA), an erstwhile Lehman suitor, in a $50 billion all-stock deal. American International Group (AIG) brought forward a potentially life-saving overhaul and went cap-in-hand to the Federal Reserve.

即使以至少一代人所经历的最坏的金融危机的标准来看，上周六及周日（9月14日）的事件仍是非同寻常的。那个周末开始于拯救美国第四大投行雷曼兄弟的交易有望达成，无论有或者没有政府的支持。然而却以雷曼兄弟的所有努力均告失败后，根据美国破产法案第11章申请破产保护而告终。其它脆弱的金融巨头同样努力地将自己卖出或是筹集足够的资金以避免与雷曼相同的命运。第三大投行美林以500亿美元全额换股交易将自己卖给了以前雷曼的收购者–美国银行。美国国际集团（AIG）正在提出一个潜在的挽救重整方案，并且毕恭毕敬地照美联储脸色行事。

The term financial crisis is applied broadly to a variety of situations in which some financial institutions or assets suddenly lose a large part of their value. In the 19th and early 20th centuries, many financial crises were associated with banking panics, and many recessions coincided with these panics. Other situations that are often called financial crises include stock market crashes and the bursting of other financial bubbles, currency crises, and sovereign defaults.
Many economists have offered theories about how financial crises develop and how they could be prevented. There is little consensus, however, and financial crises are still a regular occurrence around the world.

The global financial crisis of 2008 is a major financial crisis, the worst of its kind since 1987, and which is ongoing as of mid-November 2008. It became prominently visible in September 2008 with the failure, merger or conservatorship of several large United States-based financial firms. The underlying causes leading to the crisis had been reported in business journals for many months before September, with commentary about the financial stability of leading U.S. and European investment banks, insurance firms and mortgage banks consequent to the subprime mortgage crisis.
Beginning with failures of large financial institutions in the United States, it rapidly evolved into a global crisis resulting in a number of European bank failures and declines in various stock indexes, and large reductions in the market value of equities (stock) and commodities worldwide. The crisis has led to a liquidity problem and the de-leveraging of financial institutions especially in the United States and Europe, which further accelerated the liquidity crisis. World political leaders and national ministers of finance and central bank directors have coordinated their efforts to reduce fears but the crisis is ongoing and continues to change, evolving at the close of October into a currency crisis with investors transferring vast capital resources into stronger currencies such as the yen, the dollar and the Swiss franc, leading many emergent economies to seek aid from the International Monetary Fund. The crisis was triggered by the subprime mortgage crisis and is an acute phase of the financial crisis of 2007–2008.

It seems that the USA is experiencing the same thing Hong Kong experienced in 2003, when the housing bubble burst and the SARS virus spread.

Being a small open economy, Hong Kong can do nothing to remedy the situation. The USA is different, it has fiscal and monetary policy on its side. I hope that America will try their best to reverse the trend so that the world economy will grow again.

A recession in the US will certainly affect China, because the growth of the Chinese economy is, to a certain extent, export-led and America is the largest market for Chinese goods.

If the Chinese economy is affected, it will affect Hong Kong too because every year we have a large number of visitors from China. They also buy houses as well as stocks and shares in Hong Kong.

However, it will be impossible to have a recession as severe as the great depression of 1930’s. The reasons are as follows:

1. The gold standard has been abandoned. In the past, a dollar was not just a piece of paper, it was also a piece of gold. You could convert it into gold at a fixed rate. Now a dollar is just a piece of paper. Under the gold standard the government lost the freedom to control (or to increase) the money supply. Now the government can print as much money as she likes. The probability of having inflation is much larger than that of having a recession.

2. The knowledge that private virtue is public vice. Private individuals still want to save more and spend less during bad times. But governments know that people should spend more in bad times. To encourage people to do so, governments will have deficit budgets by cutting taxes and spend more money than they have.

3. Governments learn from history. The experience of the Great Depression leads them to prevent such a tragedy from happening again. The Ph.D. thesis of Ben Bernanke (Chairman of the Federal Reserve of the U.S.) is about the causes of the Great Depression and how to prevent it from happening again.

4. There are coordinated measures taken by the main countries of the world, including those of the emerging economies such as China. During the Great Depression, the governments did not take coordinated measures, and one country’s measure was nullified by another country’s measure.

EVEN by the standards of the worst financial crisis for at least a generation, the events of Sunday Spetember14th and the day before were extraordinary. The weekend began with hopes that a deal could be struck, with or without government backing, to save Lehman Brothers, America’s fourth-largest investment bank. It ended with Lehman’s set for Chapter 11 bankruptcy protection and the bank preparing to wind itself up after those efforts failed. Other vulnerable financial giants scrambled to sell themselves or raise enough capital to stave off a similar fate. Merrill Lynch, the third-biggest investment bank, sold itself to Bank of America (BofA), an erstwhile Lehman suitor, in a $50 billion all-stock deal. American International Group (AIG) brought forward a potentially life-saving overhaul and went cap-in-hand to the Federal Reserve.
On Sunday night the situation was still fluid, with bankers and regulators working to limit the fallout. They were girding themselves for a dreadful Monday in the markets. Australia’s stockmarket opened sharply lower on Monday (most other Asian bourses were closed). American stock futures were deep in the red too, and the dollar weaker. Spreads on risky credit, already elevated, widened further.

The takeover of Merrill leaves just two large independent investment banks in America, Morgan Stanley and Goldman Sachs.

Fear and loathing is spreading as signs mount that the economy is in danger of losing its balance. Industrial production is expected to have dropped in the third quarter, underscoring the plight of troubled auto makers as well as manufacturers of furniture, construction materials and other goods that have been hard hit by the collapse of the housing market.

Stabilization of the financial markets is a critical first step, but even if they stabilize as we hope they will, broader economic recovery will not happen right away," Ben Bernanke, Fed Chairman, told the Economic Club of New York.

Leaders of the world's top economic powers, the G8, said they would meet "in the near future" for a global summit to tackle the financial crisis. The group comprises the United States, Japan, Germany, France, Britain, Italy, Canada and Russia. The current financial crisis began more than a year ago in the United States when lax lending standards on certain home mortgages came home to roost. Foreclosures skyrocketed, mortgage securities soured and financial companies racked up huge losses.

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秀山土家族苗族自治县19688376438： 关于金融危机英语作文 - ？
旗良盐酸： insurers like AIG who insured these bad mortgages also got in trouble.The scheme worked well.7% 2009-06-05 20slammed when their adjustable mortgage finally adjusted. When too many of them couldn't afford to make their payments, it causes ...

秀山土家族苗族自治县19688376438： 关于金融危机的英语作文 - ？
旗良盐酸： The term financial crisis is applied broadly to a variety of situations in which some financial institutions or assets suddenly lose a large part of their value. In the 19th and early 20th centuries, many financial crises were associated with banking panics...

秀山土家族苗族自治县19688376438： 关于金融危机的英语作文60到80词就是写一篇以金融危机为主题的英语作文 - ？
旗良盐酸：[答案] What Caused The Financial Crisis? I think we can sum up the cause of our current economic crisis in one word — GREED.Over the years,mortgage lenders were happy to lend money to people who couldn't afford their mortgages.But they did it anyway...

秀山土家族苗族自治县19688376438： 求一篇金融危机的英语作文,200词,急!!! - ？
旗良盐酸： The financial crisis A slump in finance increase since last year was likely to continue through the next whole year,resulting that people's cutting back on spending due to recession fears,which is a period of reduced trade and business activity,and ...

秀山土家族苗族自治县19688376438： 写一篇关于金融危机的英语作文{初2水平} - ？
旗良盐酸： Over the years, insurers. All of this translates into more money for the lenders. Higher house values means that lenders could lend out even bigger mortgages, and it also gave lenders some protection against foreclosures. When too many of them ...

秀山土家族苗族自治县19688376438： 英语作文:有关金融危机的,高手帮我写一篇吧,在下万分感谢 - ？
旗良盐酸：[答案] EVEN by the standards of the worst financial crisis for at least a generation,the events of Sunday Spetember14th and the day before were extraordinary.The weekend began with hopes that a deal could be...

秀山土家族苗族自治县19688376438： 用英语写一篇关于金融危机的文章？
旗良盐酸： What Caused The Financial Crisis? I think we can sum up the cause of our current economic crisis in one word — GREED. Over the years, mortgage lenders were happy to lend money to people who couldn't afford their mortgages. But they did it ...

秀山土家族苗族自治县19688376438： 关于金融危机英语作文？
旗良盐酸： slammed when their adjustable mortgage finally adjusted. When too many of them couldn't afford to make their payments, it causes these lenders to suffer from liquidity issue and to sit on more foreclosures than they could sell. Mortgage-backed ...

秀山土家族苗族自治县19688376438： 有关金融危机的英语作文 - ？
旗良盐酸： Financial Crisis Impact on China Although China's financial institutions, some enterprises hold some U.S. financial institutions, bonds or assets, but not large scale. These financial institutions in China are joint ventures and investment projects, the ...