Picture of decentralized Finance

1. It can trade virtual currencies such as bitcoin and Ethereum, and also play a multi-dimensional trading platform for foreign exchange, gold and crude oil.

3. It's a small thing. It's normal to sell things. Just don't think about it

4. It is suggested not to exceed the time limit, which will affect personal credit information later

5. 1. On the layers panel, select the image. 2. [Edit] transform / zoom. 3. Pull the slider on the navigator to rece the image, and you can see 8 control points. 4. Pull out a horizontal auxiliary line and a vertical auxiliary line. 5. Select the letter and [Edit] transform freely, and 9 control points will appear. 6 move the letter so that its center coincides with the center indicated by the two auxiliary lines of the image. Finish the task.

6. Except for bank loans, others are not formal

7. This is generally the background operation of others, you can not delete.

8. That's the routine

9. Enron, headquartered in Texas, was once rated as the most innovative company in the United States by Fortune magazine. Enron was formed by the merger of two natural gas companies in 1985 with total assets of US $12.1 billion at that time. In just 16 years, Enron has developed rapidly and become the largest energy trader in the United States and even in the world. In 2000, its total business income once reached 100 billion US dollars, ranking seventh in the United States. On October 17, 2001, Enron released its quarterly financial report, and its profit turned from profit to loss. Then the Wall Street Journal disclosed that Enron used the partnership to conceal huge debts. It is found that Enron's actual liabilities amount to US $40 billion, and only US $13 billion is listed in the book. On October 22, the U.S. Securities and Exchange Commission stepped in to investigate the Enron incident. On November 8, Enron was forced to admit that it had made false accounts and falsely reported a total profit of $600 million. On November 21, Enron and Houston dinokee failed to merge. On December 2, Enron was forced to apply to the New York Bankruptcy Court for bankruptcy protection because of its US $3 billion debt that could not be paid. With a total assets of US $49.8 billion, Enron set the largest corporate bankruptcy record in the history of the United States< There are three main reasons for Enron to go bankrupt: one is illegal operation, abusing financial derivatives to conct energy credit transactions, which is booming and declining rapidly. In order to raise funds, Enron has created new financial derivatives, that is, energy trading contracts with futures nature, including oil derivatives, interest rate exchange contracts and letters of credit. The total amount is 33 billion US dollars. Enron not only uses these financial instruments to finance energy procts, but also uses financial swap agreements to hedge. There is nothing wrong with financial innovation, but it must serve its own business, and hedging contains great financial risks. If you win, you will make huge profits, and if you lose, you will lose. This kind of potential risk turns into reality, which is the direct cause of Enron's bankruptcy. The second is to expand blindly, raise huge debts for great development, and try to control as many enterprises as possible with as little capital as possible, so as to maximize the financial synergy. In the 1990s, Enron took advantage of the deregulation of the energy market in the United States to enter the energy trading market, and extended its business abroad. It successively invested 7.5 billion US dollars in the construction of India's Dabor power station project and Britain's Esser junks water treatment project, both of which suffered disastrous failures. Third, the management is lack of integrity, loyalty to the enterprise, greed and selfishness. When the crisis comes, regardless of the interests of investors, they only want to save themselves. After learning the internal news, they sell their shares one after another and abandon the ship to escape

the impact of Enron incident is huge: e to the bankruptcy of Enron, the loss of American banking sector is about 20 billion US dollars, nine multinational banks are put on the dock, and Andersen company, which does financial audit and consulting for Enron, is sued for assisting Enron to make false accounts. Due to Enron's employee stock ownership plan, the pension of Enron's employees has been invested in the company's stock, and thousands of employees' pension has been lost. Half of the members of Congress and 15 senior Bush administration officials were dragged into the water, including Vice President Cheney. Enron incident also affected Britain. Among the political figures affected were British Prime Minister Blair and British Crown Prince Charles. Enron incident is not accidental. After Enron, WorldCom and Xerox broke out false accounting scandals one after another, which shocked the American government and the public. More importantly, the Enron incident has dealt a heavy blow to people's confidence in market integrity. It shows that there is no "perfect market", even in a "perfect" market economy country. The incement of Enron incident is the uncontrollable financial derivative risk, the essence of which is the illegal operation of listed companies, the basic method is false information disclosure, and the assistant is the cooperative cheating of intermediary agencies. The Enron incident exposed many institutional defects in the US economy, such as the securities market, related party transactions, information disclosure, financial and accounting system, and corporate governance structure. It also attracted the attention of the US political, financial, legal and securities regulatory bodies. On March 7, US President Bush put forward a 10 point plan to strengthen audit supervision, The United States will set up a federal government audit regulatory agency, which will be responsible for formulating standards of professional conct and ethics for the audit instry, supervising and investigating audit companies, and punishing accountants who violate regulations. The U.S. Congress has set up a special committee to investigate the illegal operation and securities fraud of Enron, Andersen and its senior executives. The Department of justice has filed a lawsuit against Enron for violating the securities and exchange act of 1934 and the relevant rules of the Securities Regulatory Commission of the United States, falsely reporting performance, providing false financial statements, and disclosing untrue related transactions, Legal liability is estimated to be $4 billion. At the same time, Andersen was formally charged with obstructing the government's investigation of Enron case. The U.S. Universal Service announced on March 14 that it would ban all new business transactions related to Enron and Andersen. In view of the fact that Andersen and Enron cooperate in cheating, the securities and Futures Commission of the United States has made the following decisions: (1) to step up the liquidation of accounts of enterprises suspected of improper auditing, so as to dispel the doubts of investors as soon as possible 2) Strictly separate the audit business from the profitable financial consulting business, so as to avoid the unfair behavior of audit 3) To improve the financial transparency of enterprises, investment banks must disclose the relationship between relevant enterprises and the investment bank to investors in the investment report 4) It is required that the company's senior executives should timely publicize the public when they buy and sell stocks for their own interests. Judging from the current situation, e to the Enron incident, the United States is initiating reforms in many fields, including enterprise transparency, financial audit system, political donation system, professional ethics and responsibility of enterprise executives, and new rules of the game are rapidly in place. However, it remains to be seen whether it can win the trust and confidence of investors. After the Enron incident, the public and official response in the United States was strong. This is of great significance for us to establish a timely, effective, comprehensive and fair social supervision system

enlightenment 1: the American economic system is a relatively perfect market economic system, with perfect laws and regulations, strict supervision and management, and standardized corporate governance structure, but the Enron incident can not be avoided, which shows that the market mechanism is not omnipotent. The stable development of economy is not the spontaneous behavior of the market, but the self process under the control of social rationality. The development of the market must be supplemented by social regulation, including the supervision of government agencies. Therefore, the goal of the reform is not how to construct a perfect market economic system, but how to construct a market economic system with social rational and effective control, which is the key to the problem

revelation 2: the rules of the game are serious, and those who violate them must be punished. In the Enron incident, we saw the timely response of the regulatory authorities, who were strict, resolute and merciless in the punishment measures. Of course, there are also the involvement of the public media and the shadow of political power, but after all, it shows the toughness of the legal system. Law is like water, law is like fire, and its ruthlessness should be like water and fire. This truth is deeper than we know<

case 2: California's energy crisis is not the fault of introcing competition

California, known as the "Golden State", is the third largest state in the United States. California's economic development contributes 17% to the U.S. economy. According to its economic strength, California can rank seventh in the world. However, it is here that the most serious energy crisis in history broke out. From the second half of 1999 to 2000, the price of California electricity wholesale market has increased by 500%, and the retail price has doubled. As the wholesale price is much higher than the retail price, the power companies lose about $400000 per hour in electricity trading. By the second half of 2000, two large power companies in California were on the verge of bankruptcy because of the price inversion and the accumulated cost that they could not pay was as high as 12 billion US dollars. The serious energy shortage led the state government to declare a state wide emergency for many times. Because of the fear of power failure in winter, the federal Secretary of energy used special power on December 13, 2000 to order the power plant to continue to sell electricity to the California electricity market. What is the cause of such a serious energy crisis in California

the energy crisis in California began with the California power reform launched in September 1996. California is a region in short supply of electricity. It needs to import 5000 megawatts of electricity every year, accounting for about 10% of California's power supply capacity. Due to the short supply of electricity, California's retail electricity price is one third higher than other states in the United States. The original intention of electric power reform is to introce competition mechanism to rece the cost of electricity borne by users. Before the reform, the California electricity market was a vertically integrated and vertically segmented market composed of three private power companies (i0us) and two municipal franchises. The service areas of these companies or institutions are not crossed, and they independently manage and operate the power generation, transmission and distribution systems. So there is no real business competition except for new instrial users. In view of the above factors, the California legislature passed the No. 1890 act of Parliament in September 1996 to reorganize California electric power enterprises. The main measures are as follows: (1) California's independent power control system (CAISO) is established to operate the state wide power transmission system, and any power supplier meeting the reliability standards has the right to access the power system 2) Three private power companies were forced to divest their power generation capacity, and ownership of at least 40% of the total installed capacity was transferred to independent power procers 3) The establishment of a new electricity exchange requires the wholesale electricity of independent power companies to be sold in this exchange through competitive bidding 4) The retail electricity price is fixed at the 1996 level and implemented for four years. The four-year transitional period is used for the three private power companies to recover the sunk costs caused by bidding sales

it should be said that the original intention of the reform is good. It is logically reasonable to try to rece the wholesale price of electricity through bidding, so as to drive down the retail price. But the designer of the scheme ignores an important premise, that is, the rise and fall of the price is ultimately determined by the relationship between supply and demand. California is the fastest growing region in the United States, and the world-famous Silicon Valley is located in California. With the development of new economy, there is a strong demand for electric power. California has become an important load center of electric power. Due to environmental protection and other factors, California has not built a new power plant for many years, so the relationship between supply and demand is very tense. When California's power supply is short of demand and there is a 500 megawatt power gap, lowering the profits of power generation companies through bidding can only hinder the entry of new power plants, thus inhibiting supply, and locking in the retail price makes it unnecessary for power users to rece power consumption, thus further worsening the power shortage situation. According to the operation procere of the electricity exchange, bidders are allowed to submit different quantities and prices of electricity supply in minutes and hours. Because the forecast of electricity demand is always low, power generation companies find that the transaction price in the last hour of the transaction is always much higher than usual, As a result, a considerable part of the electricity trading is in the last hour

10. The causes of the 2008 financial crisis
whether the financial crisis is caused by external factors or internal factors, there have always been two opposing views in the academic circles: conspiracy theory and law theory. Conspiracy theory holds that the financial crisis is caused by premeditated and planned attacks on the economy, and is caused by external factors, especially after the financial crisis in Southeast Asia. According to the law theory, the financial crisis is the law of the economy itself, which is caused by internal factors< First, the imbalance of the international economy
Huang Xiaolong believes that the imbalance of the balance of payments leads to the imbalance of the international monetary system, and the virtual economy leads to excess liquidity, which in turn leads to the global economic imbalance and financial crisis. Huang Xiaolong studied the financial crisis from external factors. However, fundamentally speaking, the root of global economic imbalance should be the imbalance of the real economy. The imbalance of international payments is just the appearance of the imbalance of the real economy. The imbalance of the real economy leads to the international flow of monetary capital, and the flow of international capital leads to the expansion and depression of the virtual economy, which leads to the shortage of liquidity, It can eventually lead to a financial crisis. Therefore, the imbalance of the global real economy is the necessary condition for the financial crisis, while the liquidity shortage caused by the virtual economy is the sufficient condition for the financial crisis
throughout the history of financial crisis, financial crisis is always accompanied by regional or global economic imbalances. Before the outbreak of the financial crisis in 1929, great changes had taken place in the international economic structure. Britain's world hegemony graally tilted to the United States and Europe. In particular, the rapid economic growth of the United States showed a trend to replace Britain's hegemony. This international economic imbalance laid a curse for the subsequent financial crisis. At the end of the 20th century, the trend of regional economic integration is faster than the trend of economic globalization. The economic relevance between Latin American countries and the United States makes the "Butterfly Effect" of Latin American countries on American economy stronger than other countries. In the last 20 years of the 20th century, when the economic structure of Latin America was unbalanced, it was often manifested as the financial crisis of Latin American countries. The imbalance of economic structure in Europe, the United States and Japan is also the source of financial crisis in Europe, the United States and Japan. When the stable regional or global economic structure is broken, the new economic balance is often driven by the financial crisis. The European financial crisis in 1992 originated from the rapid development of German economy after the reunification of Germany, which broke the economic balance between Germany and the United States and between Germany and other European countries. In 1990, Japan achieved a new economic balance because of the financial crisis after the economic balance between the United States and Japan was broken
regional or global economic imbalance will lead to the reallocation of international capital in a certain range. In the context of regional economic integration and economic globalization, the influence of a country's macro policy may be regional or global. In the short run, the international economy is relatively balanced at a certain point, and the total amount of global capital and demand is certain. When a country's economy changes, it will cause corresponding changes in international capital and demand in different countries. If it is a small country's economy, its impact is only regional. If it is a big country, its impact is global. When the economy of a big country becomes stronger, it will attract international capital into the country, resulting in the capital outflow of other countries. When the capital outflow reaches a certain extent, there will be a shortage of liquidity, and the financial crisis will change from possibility to necessity. The signal of this change is the high interest rate policy of big countries, or the strong monetary policy of big countries. For the small country economy, when the economy becomes stronger, it will attract the inflow of international capital. When the amount of international capital flows into the country, the real economy of the country will absorb the saturation of international capital, and the international capital will merge with the virtual economy of the country to promote the bubble of the economy. When the virtual economy and the real economy deviate seriously, international capital will soon withdraw. As a result, the financial crisis broke out
from the formation path of the financial crisis caused by the international economic imbalance, we can see that the international economic imbalance is manifested through the balance of payments, and the adjustment of the balance of payments imbalance is carried out through the international monetary system. If there is a perfect and effective international monetary system, then the mandatory and destructive adjustment of the international economy can be completely avoided, that is, the occurrence of the financial crisis can be avoided, However, the real international monetary system is manipulated by big powers, so the international economic imbalance will be further distorted and enlarged< Second, the distortion of the international monetary system
Xu Mingqi believes that, on the one hand, the international monetary system is characterized by weakening order and hovering between reform and maintaining the status quo; On the other hand, developing countries are in a weak position in international trade, investment and debt; The developing countries under the double constraints have to swallow the bitter fruit of the financial crisis again and again, so the inherent defects of the existing international monetary system can not escape its blame. That is to say, the international monetary system follows the basic principles and concepts of the Bretton Woods system in mediating the imbalance of international payments, while countries lose the original order and discipline in formulating monetary policies to coordinate international economic imbalances. Therefore, the current international economic imbalances are magnified and intensified by the current international monetary system
after the collapse of the Bretton Woods system, the existing international monetary system is a loose international monetary system. Although the role of euro and yen in the international monetary system is graally increasing, the diversification of reserve currency can not effectively solve the "Triffin problem", but only decentralize the contradiction, that is to say, the identity of reserve currency is not only a national currency but also an international currency. It is bound to be in contradiction with the requirements of the world economy or regional economy for the reserve currency countries to formulate macroeconomic policies according to the domestic macroeconomic conditions, which will lead to the instability of the foreign exchange market and the turbulence of the financial market. A country that is linked to or pegged to a certain reserve currency is not only affected by the monetary policy of the reserve currency country, but also by the cross effect of monetary policies among many countries. The changes of exchange rate and interest rate between reserve currencies have a greater impact on developing countries, making the foreign exchange market more unstable and turbulent. This impact can be divided into regional and global. In view of the special status of the US dollar, the impact of US economic policy changes may be regional or global
take the US dollar as an example, the adjustment of US dollar value is realized through the adjustment of US dollar interest rate. When setting US dollar interest rates, the Federal Reserve can not take into account the macroeconomic conditions of countries (regions) pegged to us dollar or using US dollar as reserves. Therefore, when US dollar interest rates are adjusted, it will often have an impact on other economies, especially those countries and regions that have close economic ties with the United States or whose currencies are linked to us dollar. First of all, the imperfect international monetary system with the US dollar as the pillar, no matter adopting the floating exchange rate policy or the fixed exchange rate policy, the US economy affects all the countries closely related to its economy and the change of their currency value. If the floating exchange rate policy can comply with the discipline of monetary policy making under the monetary system, then there will not be unstable speculative attacks on the world financial market, and there will not be the resulting currency market turbulence or even financial crisis. Due to the contradiction between the autonomy of monetary policy making and the relevance of economic globalization, the current monetary system can not guarantee the discipline of the US dollar under the premise of floating exchange rate. Therefore, a country's macro policy will lead to the currency market turbulence of economically related countries, and the financial crisis will break out under the catalysis of speculative capital. As far as the current situation is concerned, although the Bretton Woods system has collapsed, compared with the emerging market countries and developing countries, the appreciation or depreciation of the US dollar will still cause strong economic fluctuations in these countries. When the U.S. economy is prosperous, the appreciation of the U.S. dollar will lead to the outflow of capital; When the U.S. economy is depressed, the depreciation of the U.S. dollar will lead to inflation in these countries
from the above analysis, we can see that the current international monetary system retains the ideas and principles of the original international monetary system, but it has lost the original order and discipline. Strong economies can use this system to pass on the financial crisis and obtain more profits, without having to bear too much responsibility< Third, the attack of international hot money
international economic imbalance is the precondition of the financial crisis. The imperfect international monetary system will aggravate the international economic imbalance, but the initiator of the financial crisis is international hot money. After the collapse of the Bretton Woods system, the financial crisis cannot be separated from the attack of international hot money. During the 1992 European financial crisis, Soros obtained a 1:20 loan by way of margin. In a short period of one month, he sold short the pound equivalent to 7 billion US dollars and bought the mark equivalent to 6 billion US dollars, forcing the pound to depreciate sharply and making a net profit of 1.5 billion US dollars after repaying the loan. Before the financial crisis in Mexico in 1994, a large number of international hot money continued to enter the Mexican stock market. Among the foreign capital absorbed by Mexico, the stock investment accounted for 70% ～ 80%. However, in more than 40 days after the assassination of the Mexican presidential candidate, foreign capital withdrew 10 billion US dollars, which directly led to the outbreak of the financial crisis in Mexico. The Southeast Asian financial crisis in 1997 was also the first time for international hot money to attack the Thai baht, buy low and sell high, and skillfully use financial derivatives to obtain high returns
according to the IMF's statistics on international hot money, the international short-term capital in the early 1980s was US $3 trillion, which increased to US $7.2 trillion by the end of 1997, equivalent to 20% of the world's GDP that year. At the end of 2006, the total assets managed by global hedge funds alone reached US $1.43 trillion, an increase of about six times over the end of 1996. The investment strategies of hedge funds are also constantly enriched, from the initial "short selling + leverage" strategy (market neutral Fund), to single strategy (including arbitrage, direction, event driven, etc.), Multi Strategy (including emerging markets, mergers and acquisitions, etc.), fund of funds and other investment strategies. Its risk characteristics also show a trend of diversification, including macro hedge funds with high risk and high return, and market neutral funds with low risk but relatively stable return. Since the 1990s, the most significant feature of international capital flow is that the international excess capital flow has caused the instability of national, regional and even global economic development. Huge international monetary capital is bound to seek profits in various countries and regions of the world
why can international hot money destroy a country's financial system? As we all know, the scale of international hot money is large, and it is fully capable of influencing and shortening the financial cycle of the attacked countries. Financial cycle refers to the natural process of a country's financial market from prosperity to depression. When the international hot money enters the attacked country, it will affect the interest rate and exchange rate of a country, thus speeding up the transformation of financial market from rational development to irrational prosperity. According to the analysis of the psychological expectation self realization principle of financial market, when a large number of international hot money enters a country, even if the country's economic development performance is average, in the case of a large number of capital entering, it will also drive the rapid development of financial economy. At the same time, under the situation that international financiers master the discourse hegemony, They deliberately exaggerate the achievements or problems in the development of the attacked countries, so as to proce positive or negative psychological expectations. From the actual situation of Latin American countries and Southeast Asian countries