Merrill virtual currency
On the 23rd Beijing time, a former Goldman Sachs banker planned to launch a digital currency platform to make it easier for investors to short between cryptocurrencies, which is likely to make this emerging financial market more mainstream
the so-called repo is common in the financial system, usually with banks as the main body of transactions, involving several trillion dollars
cryptocurrency holders, whether institutions or indivials, will be able to make loans and profits through the oxygen platform. In return, they will receive another cryptocurrency as collateral until the borrowed currency is recovered. Borrowers then get the cryptocurrency they want to use or trade in the short term
oxygen also allows investors to short cryptocurrencies like hedge funds
go to the official website of the people's Bank of China, and there is an issue announcement for the issue of commemorative coin
700 Euro = 5756.5789 RMB
the data is for reference only, and the transaction price at the bank counter shall prevail ring the transaction. Update time: 2014-01-06 11:40
the latest purchase price of foreign currency for RMB
according to the latest foreign exchange license rate on that day, 100 foreign currency can be converted into RMB: (purchase price of cash)
formula is: (purchase price of foreign currency)
÷ 100 × The purchase price of cash = convertible RMB
if you don't believe me, you can calculate it by yourself http://www.boc.cn/sourcedb/whpj/
daily foreign exchange rate of Bank of China, Please click the "adopt as satisfactory answer" button in time^ ω^ Thank you for your support o(∩_ ∩) O
the mobile phone questioner can click [satisfied] in the upper right corner of the client! o(∩_ ∩) O
originality is only for you, and the adoption of the benefactor is the driving force of the cultivation of the poor way!! o(∩_ ∩)o
the data is for reference only, and the transaction price at the bank counter shall prevail at the time of transaction. Update time: 15:00 on January 6, 2014
see the latest purchase price of foreign currency for RMB
according to the latest foreign exchange rate on that day, 100 foreign currency can be converted into RMB: (purchase price of cash)
formula is: (purchase price of foreign currency) ÷ 100 × The purchase price of cash = convertible RMB
if you don't believe me, you can calculate it by yourself http://www.boc.cn/sourcedb/whpj/
daily foreign exchange rate of Bank of China, Please click the "adopt as satisfactory answer" button in time^ ω^ Thank you for your support o(∩_ ∩) O
the mobile phone questioner can click [satisfied] in the upper right corner of the client! o(∩_ ∩) O
originality is only for you, and the adoption of the benefactor is the driving force of the cultivation of the poor way!! o(∩_ ∩)o
Hello, Qin Meilin! In 1992, the people's Bank of China issued the commemorative currency for the 10th anniversary of the promulgation of the constitution
e to the moderate circulation of the commemorative coin, it still can not be favored by postmen, so the price of the coin hovers between 15 and 20 yuan
I hope you can treasure this coin
today's foreign exchange market has been separated from the era of fixed exchange rate for a long time, so all kinds of political and economic news, rumors and rumors are enough to shock the market. It is obviously too simple to infer the price of money based on the theory of purchasing power parity. Investors can only use the price deced from this theory as a reference.
Since the Reagan administration came into power in 1980, the gap between the rich and the poor in the United States has been growing
in the last 40 years, the real income of American working families has increased slowly. In 1980, the average income of the top 40% of households in the United States was four times that of the bottom 60%. By the end of 2016, the income ratio of the two had increased to 10 times
today, the total wealth owned by the richest 1% of the people in the United States is about equal to the total wealth owned by the poorest 90%. This distribution of wealth is similar to that of 1935-1940
the United States is not alone. Today, the Gini coefficient of the world has reached about 0.7, exceeding the recognized danger line
after World War II, the western world devoted itself to the construction of public welfare, and the quality of life of the poor was greatly improved. Nowadays, in order to maintain high welfare, governments in the United States and Europe are heavily in debt
Why can't efforts in public welfare construction prevent the widening gap between the rich and the poor The gap between the rich and the poor does not support political slogans, exploitation theory and the logic of "I am poor and I am reasonable"; There are profound economic laws behind itaccording to the logic of neoclassicism, the poor earn less and the rich earn more, which are determined by market competition. We can't blame others, because the market is fair to everyone
However, this is not the casethe more money, the less competitive market, overflows, the easier it will lead to the gap between the rich and the poor
Currency is a profound economic problem Currency is also the core of today's world economic problems Since the collapse of the Bretton Woods system in 1971, the world has entered the era of floating exchange rate and credit currency, and the international monetary market has been graally liberalized Nowadays, the international foreign exchange market has realized market-oriented transactions, capital control has been broken, and international capital flows freely in western countries However, money is still a market monopolized by the state. The government or monetary authority always monopolizes the right to issue national currency. This determines that money is not a fully competitive market, and the allocation of money resources is artificially interferedwhen the currency is over issued, the closer people are to the currency issuing right, the more likely they are to get wealth; Those who stay away from the right to issue money lose their wealth
in this way, the gap between the rich and the poor will expand with the excess of money. This has become an important factor in widening the gap between the rich and the poor in the last 40 years
The 1970s is a decade to change the world pattern. The changes in the past decade have a profound impact on today's world After the breakup of the Bretton Woods system in 1971, the floating exchange rate inced the international foreign exchange arbitrage space, which led to the rise of investment banks In the early 1980s, ring the Reagan administration, Paul Volcker, chairman of the Federal Reserve, adopted an extremely tight monetary policy, which brought down the inflation that had been raging for nearly 10 years, and the US dollar returned to a strong track After Walker left office, the Reagan administration accelerated the reform of financial integration and liberalization, and created the so-called Reagan cycle. The United States graally moved from instrial capital to financial capital: strong dollar, strong finance, weak manufacturing, high deficit and high debt After the collapse of the Bretton Woods system, the monetary system changed from the gold standard to the credit standard, and the cost of issuing US dollars by the Federal Reserve decreased significantly. There is no need to cash gold rigidly, and the national credit can be overdrawnwith the tide of strong US dollar, information technology revolution and globalization, American finance has continued to prosper, and real estate, stocks, trusts, bonds, funds and futures have ushered in an epic bull market
The Reagan cycle has promoted the sustained economic growth of the United States, but it is an unbalanced growth of global economic structure Restricted by the Triffin problem, the U.S. financial instry is booming under the impetus of the strong US dollar, while the manufacturing instry is declining day by day. As a result, the income gap between the rich and senior talents of financial and multinational companies and the blue collar workers is expanding rapidly The bigger problem is that this round of economic growth in the United States is largely dependent on monetary growth
Chart: US federal funds rate from 1971 to 2019, source: Instrial Securities
under the pressure of the White House and Wall Street financial institutions, the Federal Reserve sometimes can not stick to the monetary discipline, open the loose gate, release money to stimulate economic growth and financial prosperity
ring the 2008 financial crisis, the Federal Reserve reced the federal funds rate to near zero, allowing the capital market to borrow
However, at this time, the market fell into the liquidity trap. In order to avoid risks, banks adopt adverse selection to rece credit However, the Federal Reserve directly purchased trillions of US bonds through quantitative easing, releasing huge liquidity to the bond market and stimulating the rapid rebound of the stock marketas the lender of last resort, the Federal Reserve also provided loans to financial giants such as Citigroup and Goldman Sachs, contributing to the moral hazard of "being too big to fail"
In other words, the financial giants and the rich do not need to pay for their wrong decisions, and they are not fully punished by the market, while the middle class and the poor should go bankrupt or have to go bankrupteven if the crisis breaks out, the rich can share the risk, while the poor and the middle class are hard to avoid
most of the funds of the rich are allocated in the global real estate, stocks, trusts and other financial assets; The income source of the poor is mainly wages, and the assets of the middle class are basically allocated in houses
the rich have the conditions to avoid foreign exchange risk, while the ordinary people can only place their wealth on their own currency
when the financial crisis comes, the rich are more able to avoid risks, while the poor and the middle class face unemployment, have no income, and the middle class with mortgage may lose their houses
House is the wealth of the rich, but the debt of the middle classtherefore, the more money is released, the more concive to the expansion of financial and real estate assets, and the more concive to the wealth appreciation of the rich; The wealth of the poor has shrunk. Manufacturing workers, designers, lawyers, entrepreneurs and small business owners who are far away from the capital market are all victims of the currency tide
On the surface, the over issuance of money did not lead to the rise of prices, but the rise of real estate prices greatly increased the housing costs of the poor and the loan costs of the middle classat the same time, with the rise of real estate and financial asset prices, the poor can not participate in the profits, and the wage growth is slow, so the gap between the rich and the poor is widening
therefore, superfluous money is the doughnut of the rich, the bitter coffee of the middle class, and the fish bone of the poor [2] See "Malthus trap 3.0 | the world is on the brink of danger")
excessive currency has exacerbated the gap between the rich and the poor, economic structure and social imbalance
only by adhering to monetary neutrality, monetary authorities implement monetary policy in accordance with monetary discipline and scientific principles, and tighten when it should be tight, and ease when it should be loose, can we rece social cracks
However, such an ideal monetary policy, even the most perfect central bank system, is difficult to achieveReferences:
[1] the gap between the rich and the poor: the "ghost" behind the American economy, Zhang Peng, Xize Research Institute, compiled from the report "our biggest economy, social, and political issue the two economies: the top 40% and the bottom 60%"
[2] Malthusian trap 3.0 | the world is on the verge of danger, Qinghe, Zhiben
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