[edit]Types
Financial crises can be categorized as currency crises, debt crises, banking crises and other types. Financial crises in recent years have increasingly taken on a somewhat mixed form.
[edit]Characteristics
It is characterized by people's expectations based on an economic future that will be more pessimistic, a larger depreciation of the value of currencies throughout the region, a larger loss of economic volume and size, and a blow to economic growth. This is often accompanied by massive business closures, increased unemployment, generalized economic depression, and in some cases even social unrest or national political unrest. In dealing with this world-shaking Asian financial crisis, Zhu Rongji has stated firmly on many important occasions that "the RMB is determined not to depreciate and not to add to the crises and difficulties of other Asian countries and regions." Zhu Rongji said on many important occasions that "the RMB will not be devalued, and will not increase the crisis and difficulties of other Asian countries and regions." "We are a part of Asia, and we are in the same boat, and we will never take advantage of the others." The image of the Chinese government represented by Zhu Rongji has won the respect and praise of the international community. The media at home and abroad generally believe that Zhu Rongji is leading the Chinese people out of the dilemma in the tide of economic reform. Toward the light of the best candidate. (The above is excerpted from the "Applied Writing" magazine, Issue 10, 1998, "talk about Zhu Rongji's speech of the language characteristics")
[Edit Paragraph] The U.S. Financial Crisis Evolution*** Through Three Stages
From the U.S. subprime mortgage crisis caused by the storm on Wall Street, which has now evolved into a global financial crisis. The rapid development of this process, the number of large, huge impact, it can be said that people were not expected. Broadly speaking, it can be divided into three stages: one is the debt crisis, borrowed housing loan borrowers, can not pay the principal and interest on time caused by the problem. The second stage is the liquidity crisis. Some of the financial institutions concerned were not able to have sufficient liquidity in time to meet the demands of creditors for liquidity as a result of the debt crisis of these financial institutions. The third stage is the credit crisis. That is to say, people are skeptical of financial activities based on credit, resulting in such a crisis.
[edit]How to solve the financial crisis
China, if it is only from the oil imports to engage in RMB appreciation, it is better to use foreign currency savings to subsidize the oil.
China's structural governance must start with cleaning up its credit system, especially by following up on the huge amounts of money it has already lent out. If there is a gap in this area, more tickets must be printed to reach a new equilibrium through price increases (internal devaluation of the yuan), which is the price the Chinese must pay. If there is no problem in this part, immediately stop the appreciation of the RMB and spend the reserve dollars as soon as possible, or invest in the US and sell real estate instead of bailing out the US financial institutions. This way the US won't put pressure on the RMB and save the US economy. Whether the Chinese make or lose money in the future, it will be good for now.
To deliberately protect China's stock market and real estate market, which is the embodiment of the results of China's reforms, especially real estate, the world's real estate as the dike (the last line of defense) of the country's economy, once the real estate is endangered, will do whatever it takes to save. China's real estate is on the hot side is normal, the government crackdown will only give foreign hot money to create opportunities to intervene, so that the Chinese will pay a bigger price in the future. To protect the real estate developers in particular, do not pork rose, the sow also killed to sell meat. It is not the fault of real estate developers when housing prices go up.
The stock market can not rely on foreign capital to save, foreign capital will not come to China for no reason, and China does not have the ability to carry out the power game, the foreign capital will be forced to stay in China, so that in the flow of excess, can not be allowed to appreciate the yuan, allowing foreign capital to continue to inflow in large quantities.
China also can't use devaluation to drive away foreign investment, because China's economy has become inextricably linked to foreign investment, and driving it away would cause the economy to collapse.
China doesn't have to practice austerity, because to do so would be to take China's own money out of the main economic battlefield and let foreign investment and lobbying dominate the Chinese economy, which in the end would render China's own money useless.
China should be a good management of financial institutions, the behavior of money, China should not blow the financial bubble, the money can not flow in the financial institutions, to guide the public, to the industrial direction of investment, the Americans are very clever, people engaged in high-tech bubble, Internet bubble, I have not heard of the financial bubble, China's high financial bubble, prices can not rise? Money is in the high-end turn around, no more in the flow in the industry, the economy can not be a problem.
The country to slow down the equity allocation reform, equity allocation is mainly state-owned shares allocation, through the release to the market to compete for profits (funds) is not a good practice, the country can be divided into period from 3 years to 30 years. Significantly slow down the speed of release, the stock market can play a role in saving.
The state should strictly control the refinancing, the listed companies, to implement the benefits of regulation, stock price regulation, if due to refinancing caused by the decline in share prices, must be refinanced by the money to the shareholders to pay, so as not to produce the malicious behavior of the circle of money.
As for the stamp duty is really not a problem, down and not down is not the key to the problem. The country last year collected more than 200 billion stamp duty, even if not down this year can not collect 200 billion, down is not much, and the release than, compared with the refinancing, is not much at all.
The government should be targeted to manage the structural problems, not good to the Chinese economy indiscriminately read the tightrope.
[edit]Asian Financial Crisis
Overview of the 1997 Asian Financial Crisis
In June 1997, a financial crisis erupted in Asia, a crisis whose development process was very complex. By the end of 1998, it could be roughly divided into three phases: from June to December 1997; from January 1998 to July 1998; and from July 1998 to the end of the year.
Phase 1: On July 2, 1997, Thailand announced that it was abandoning its fixed-exchange-rate system and implementing a floating-exchange-rate system, triggering a financial turmoil that spread throughout Southeast Asia. On that day, the Thai baht fell 17 percent against the U.S. dollar, and foreign exchange and other financial markets were in disarray. Under the influence of the baht's volatility, the Philippine peso, the Indonesian rupiah, and the Malaysian ringgit were successively targeted by international speculators. in August, Malaysia abandoned its efforts to defend the ringgit. The Singapore dollar has always been strong also suffered a blow. Indonesia is the "contagion" of the latest countries, but by the most serious impact. late October, international speculators moved to the international financial center of Hong Kong, the spearhead of the Hong Kong linked exchange rate system. Taiwan authorities suddenly abandoned the new Taiwan dollar exchange rate, a day depreciation of 3.46%, increasing the pressure on the Hong Kong dollar and the Hong Kong stock market. 23 October, the Hong Kong Hang Seng Index plunged 1,211.47 points; 28, fell 1,621.80 points, fell below 9,000 points mark. In the face of the onslaught of international financial speculators, the Hong Kong SAR Government reiterated that it would not change the existing exchange rate system, and the Hang Seng Index rose and went up to the 10 000-point mark again. Then, in mid-November, the financial turmoil also broke out in East Asia, and on the 17th, the exchange rate of the Korean Won against the US dollar fell to a record 1 008:1. On the 21st, the South Korean Government had to seek assistance from the International Monetary Fund, and the crisis was brought under control for the time being. But to December 13, the Korean won against the dollar exchange rate fell to 1,737.60:1. Won crisis also hit in South Korea has a lot of investment in Japan's financial industry. 1997 the second half of a series of Japanese banks and securities firms went bankrupt one after another. Thus, the Southeast Asian financial turmoil evolved into the Asian financial crisis.
The second stage: in early 1998, Indonesia's financial turmoil again, the face of the worst recession in history, the International Monetary Fund for Indonesia's prescription failed to achieve the expected results. 11 February, the Indonesian government announced that the rupiah and the U.S. dollar to maintain a fixed rate of exchange rate linked exchange rate system, in order to stabilize the rupiah. This move was unanimously opposed by the International Monetary Fund and the United States, Western Europe. The IMF threatened to withdraw its assistance to Indonesia. Indonesia was plunged into a major political and economic crisis. on February 16, the rupiah to dollar ratio fell below 10,000:1. affected by the Southeast Asian exchange market again waves, the Singapore dollar, the Malaysian dollar, the Thai baht, the Philippines peso and so on have fallen. Until April 8, Indonesia and the international monetary fund on a new economic reform program agreement, southeast Asia exchange market only temporary calm. 1997 the outbreak of the financial crisis in southeast Asia makes the close relationship with the Japanese economy in trouble. The yen exchange rate from the end of June 1997, 115 yen to 1 U.S. dollar fell to 133 yen to 1 U.S. dollar at the beginning of April 1998; May and June, the yen exchange rate all the way down, once close to 150 yen to 1 U.S. dollar mark. With the sharp depreciation of the yen, the international financial situation is more uncertain, the Asian financial crisis continues to deepen.
The third stage: in early August 1998, multiplied by the U.S. stock market turmoil, the yen exchange rate continued to fall at the time, the international speculators in Hong Kong to launch a new round of attacks. The Hang Seng Index fell all the way to more than 6 Financial Crisis 600 points. The Hong Kong SAR Government retaliated by using the Exchange Fund of the Hong Kong Monetary Authority to enter the stock market and futures market to absorb the Hong Kong dollar sold by international speculators and stabilize the exchange market at the level of 7.75 Hong Kong dollars to one United States dollar. After nearly a month of bitter struggle, the international speculators suffered heavy losses and were unable to realize their attempt to use Hong Kong as a "super ATM" again. While international speculators have lost in Hong Kong, they have suffered an even more disastrous defeat in Russia. The Central Bank of Russia announced on August 17 that it would expand the floating range of the ruble to the US dollar exchange rate to 6.0-9.5:1 during the year, and postponed the repayment of foreign debts and suspended the trading of treasury bonds. on September 2, the ruble depreciated by 70%. This all made the Russian stock market, currency market fell sharply, triggering a financial crisis and even economic and political crisis. The sudden change in Russian policy, so that the Russian stock market invested huge sums of money in the international speculators greatly hurt, and led to the United States and Europe, the stock market of the foreign exchange market of the overall violent fluctuations. If the Asian Financial Crisis was regional before that, the outbreak of the Russian Financial Crisis showed that the Asian Financial Crisis had gone beyond the regional scope and had taken on a global significance. By the end of 1998, the Russian economy was still not out of the woods, and in 1999, the financial crisis ended.
The outbreak of the financial crisis in 1997 was due to a variety of reasons, which our scholars generally believe can be categorized into direct triggers, intrinsic underlying factors and world economic factors.
Direct triggering factors include:
(1) the impact of lobbying in the international financial market. Currently there is about 7 trillion dollars of liquid international capital in the world. Once the international speculators found in which country or region profitable, will immediately through speculation impact on the country or region's currency, in order to obtain windfall profits in the short term.
(2) Some Asian countries have improper foreign exchange policies. They in order to attract foreign capital, on the one hand, to maintain a fixed exchange rate, on the one hand, and expand financial liberalization, to the international speculators to provide an opportunity to take advantage of. For example, Thailand in the country's financial system has not been straightened out before the abolition of the capital market control in 1992, so that the flow of short-term funds unimpeded for foreign speculators to speculate on the Thai baht to provide the conditions.
(3) In order to maintain the fixed-exchange-rate system, these countries used foreign exchange reserves for a long period of time to cover their deficits, leading to an increase in foreign debt.
(4) The structure of external debt of these countries is unreasonable. In the medium-term and short-term debt is more, once the outflow of foreign capital exceeds the inflow of foreign capital, and the country's foreign exchange reserves are not enough to make up for the shortfall, the country's currency depreciation is inevitable.
Inherent underlying factors include:
(1) Overdrafts, high economic growth and the expansion of non-performing assets. Maintaining a high rate of economic growth is the *** same desire of developing countries. When the conditions for high growth became insufficient, in order to continue the pace, these countries turned to rely on foreign debt to maintain economic growth. However, due to poor economic development, by the mid-1990s, some countries in Asia were no longer able to service their debt. In Southeast Asian countries, the bubble blown by real estate was exchanged for nothing but bad and doubtful bank loans; as for South Korea, the fact that it was too easy for large enterprises to obtain funds from the banks resulted in a situation where non-performing assets swelled as soon as the condition of the enterprises was poor. The existence of a large number of non-performing assets, in turn, affect the confidence of investors.
(2) The immature development of the market system. One is that the government intervenes excessively in the allocation of resources, especially in the investment of loans and projects in the financial system; the other is that the financial system, especially the regulatory system is not perfect.
(3) the defects of the "export substitution" model. The "export substitution" model is an important reason for the economic success of many Asian countries. But this model also exists in three aspects of the shortcomings: First, when the economic development to a certain stage, the cost of production will be increased, exports will be inhibited, caused by the imbalance of the balance of payments of these countries; Secondly, when this export-oriented strategy has become the development strategy of many countries, it will be formed between them to squeeze each other; Thirdly, the product of the ladder of progress is a prerequisite to continue to implement the export substitution, relying only on the resource of cheap The advantage of cheap resources alone cannot maintain competitiveness. These countries in Asia have failed to address the above issues after achieving high growth rates.
World economic factors mainly include:
(1) The negative impact of economic globalization. Economic globalization is an increasingly close economic ties around the world, but the resulting negative impacts cannot be ignored, such as the intensification of the collision of interests between nation-states, the increased ability of capital flows, and the difficulty of preventing crises.
(2) The irrational international division of labor, trade and monetary system is unfavorable to the third world countries. In the field of production, it is still the developed countries that produce high-tech products and high-tech itself, and the technological content of the products declines step by step to the underdeveloped and underdeveloped countries, and the least developed countries can only do assembly work and produce primary products. In the area of exchange, the developed countries are able to buy primary products at low prices and monopolize the marketing of their own products at high prices. In the field of international finance and money, the entire global financial system and regime also favors the big financial powers.
The financial crisis has had an extremely far-reaching impact, exposing some deep-rooted problems behind the rapid economic development of some Asian countries. In this sense, not only bad, but also good, which is to promote the Asian developing countries to deepen the reform, adjustment of industrial structure, sound macro management provides an opportunity. Because of the arduous task of reform and adjustment, it will take some time for the economies of these countries to fully recover. However, the basic factors for economic growth of Asian developing countries still exist, after overcoming internal and external difficulties, the economic situation in Asia and further development is promising.
The Asian financial crisis, which occurred in 1997 and 1998, was another major event with far-reaching impact on the world economy after the world economic crisis of the 1930s. The financial crisis reflected the serious shortcomings of the financial systems of the world and various countries, including many relatively mature financial systems and economic operation methods, which are considered to have been selected through historical development, and exposed many problems in this financial crisis, which need to be reflected upon. The financial crisis has raised many new issues for us, raising the question of establishing new financial laws and forms of organization. This book is an attempt to do so. The central issue of this book's research is how to unravel several century-old economic difficulties brought about by the money supply system formed in various countries under the conditions of the dishonored paper money standard after the reform of the monetary system at the beginning of this century and the debt derivation mechanism formed among enterprises in the new situation, including:
(1) Heavy debts of enterprises, a proliferation of bad debts of banks, and frequent financial and debt crises;
(2) Excessive social money supply, over-banking, and increased difficulty in macro-control;
(3) Difficulties in government tax collection, and fiscal crises mixed with financial crises;
(4) Inflation haunts the socio-economy, with a bubble economy occurring from time to time, frequent economic fluctuations, and frequent obstruction of economic growth;
(5) Insufficient corporate capital brings about operational difficulties, raising the bankruptcy and closure rates, frequent merger and acquisition activities of enterprises, reducing the stability of enterprises and increasing unemployment, which is not conducive to economic growth and social stability.
(6) Unequal international monetary relations have brought heavy burdens to most countries in the world and caused many international economic problems.
The deepest reason for the above problems is that the imperfections of the monetary system and the new mechanisms arising from inter-enterprise transactions under the conditions of socialized mass production have not been fully recognized. The idea of this book is to establish an authoritative intermediary system for the settlement of business transactions - the National Intermediary Settlement System for Business Transactions - to free the chain of debts between enterprises and to eliminate the basis for the generation of bad debts by enterprises and banks, so as to avoid debt and financial crises, and to minimize the hazards of inflation and the bubble economy, and to promote stable economic growth. . This process of innovation will also generate innovations in the way the country collects taxes and spends money, reducing the incidence of fiscal deficits. At the same time, it will also produce the innovation of enterprise system, reduce the bankruptcy and merger phenomenon, and enhance the stability of enterprises. Moreover, there will be innovations in international settlement methods and reforms in the use of international currencies. This process is not a simple governance of economic problems, but the paper currency system exists in the serious flaws of the correction, is the money supply and circulation system of innovation, is a major change in the financial system, and, this change brings many aspects of the economic operation mechanism adjustment.
The outbreak of the Asian financial crisis, although in each country has its specific internal factors: the economy continues to overheat, economic bubble expansion, the blindness of the introduction of foreign capital - short-term foreign debt is excessive, the banking system is not sound, the collusion between banks and enterprises and enterprises in large amounts of debt, etc., the crisis also has its own external causes: international speculators' The crisis also has its external causes: the international speculators "bad" behavior, but people should also further trace the root cause, to find the essential factors of the crisis - the modern financial economy and economic globalization trend.
Liu Shibai believes that the financial crisis is the inherent content of the capitalist economic crisis, the world economic panic in 1929-1933, but also a serious financial crisis as a precursor. 1994 Mexican financial crisis and 1997 East Asian financial crisis first occurred in the capitalist world. It can be seen that financial crises have their institutional roots in the crisis of capitalism. The possibility of financial crisis exists in the spontaneous money and credit mechanism inherent in the market economy, and once financial activities get out of control and the contradictions in money and capital borrowing and lending intensify, financial crises manifest themselves. The modern market economy, characterized by a high degree of financial activity, is itself a high-risk economy that harbours the possibility of financial crises. Economic globalization and economic integration are another major feature of the contemporary world economy. Economic globalization is the highest form of transnational development of the market economy. With the further development of commodity relations among countries after the Second World War, countries have become more economically interdependent, and with the frequent international flows of goods, services, capital, technology and knowledge, the trend of economic globalization has become even more distinctive.
The globalization of the economy is the most important feature of the contemporary world economy, and it is also the most important feature of the globalization of financial activities. The globalization of financial activities is an important reason for the contemporary new allocation of resources in the world and the leap forward development of economically backward countries and regions, but the international credit, investment in a big bang, its inherent contradictions deepen, the financial crisis is bound to break out in those systems are not sound, the weakest link. To summarize, the modern market economy not only has crises stemming from overproduction of commodities and insufficient demand, but also has financial crises caused by uncontrolled financial and credit behavior, excessive use of new financial instruments and excessive speculation in the capital market. In the capitalist world, such crises of the market mechanism are catalyzed and intensified by the basic system. Financial crisis is not only unavoidable in capitalist countries, but also may appear in socialist market economy system.
The unsoundness of the financial system and the uncontrolled financial activities are the endogenous elements of the financial crisis. Because of this, in the current transformation of China's system, people should attach great importance to the construction of the government-regulated market economic system, especially to make great efforts to improve the financial system, and vigorously enhance the ability to prevent endogenous and exogenous financial crises. Summarize: after the outbreak of the financial crisis in Southeast Asia, people have carried out extensive and in-depth discussions on the reasons for the outbreak of the crisis. The intrinsic and extrinsic causes of the outbreak of the crisis were pointed out, and Liu Shibai further pointed out the deep-seated cause, that is, the modern monetary credit mechanism led to the outbreak of the crisis. As long as the modern market economy exists, the monetary credit mechanism inherent in the market economy may lead to financial crisis. It is only that it occurs only in those countries where the system is unsound and weakest. This is no exception in socialist market economies. Despite this, we can prevent financial crises through a sound financial system, and Liu Shibai has shown us another way to prevent financial crises.
Causes
On July 2, 1997, the Asian financial turmoil swept through Thailand, devaluing the Thai baht. Soon the storm swept through Malaysia, Singapore, Japan and South Korea. It shattered the picture of a surging Asian economy. The economies of some of Asia's major economic powers began to slump, and the political situation in some countries began to be chaotic.
So what exactly is the reason for the outbreak of the Asian financial turmoil?
After watching a series of reports on the Asian financial turmoil and doing my own research, I found the following reasons:
1. George Soros's personal and a supportive family. Soros' personal and a capitalist group that supported him;
2. the influence of US economic interests and policies;
3. the economic patterns of Asian countries that led to it.
I: George? George Soros's personal and a capitalist group that supported him:
"Financial predator" and "a sleepy old wolf" are the names given to this financial wizard. He once said, "When it comes to financial operations, it's not a matter of morality or immorality, it's just an operation. The financial market does not belong to the category of morality, it is not immoral, morality does not exist here, because it has its own rules of the game. I am a participant in the financial market and I will play the game according to the rules that have been laid down. I will not violate these rules, so I do not feel guilty or responsible. Insofar as the Asian financial turmoil is concerned, whether or not I speculate will not play any role in the occurrence of the financial incident. It will happen anyway if I do not speculate. I do not feel that there is anything immoral about speculating on foreign currencies or speculation. On the other hand I follow the rules of operation. I respect those rules and care about them. As someone who is ethical and cares about them, I want to make sure that those rules, are conducive to a good society, so I advocate for certain rules to be changed. I think some rules need to be improved. If the improvement and refinement affects my own interests, I will still support it because this rule that needs to be improved may be the very reason why the event happened." It is well known that Soros' speculation on the Thai baht was the trigger for the Asian financial meltdown. He is an absolutely powerful and capable financier, yet it is obviously despicable to play with the regimes of Asian countries to achieve his goal of gaining huge amounts of capital.
Two: The influence of the economic interests and policies of the United States:
In 1949, the founding of New China heralded the establishment of the socialist camp. America, as the number one capitalist power, had a sense of crisis. He established a united front of capitalism in the Asia-Pacific region through his strong economic backing: Korea, Japan, Taiwan and up to Southeast Asia became the economic vassals of the United States. This brought economic support to the rapid development of some Asian countries. In the 1970s, the economies of some countries in Southeast Asia grew rapidly.
But in 1991, the collapse of the Soviet Union signaled the breakup of the socialist camp. The United States, of course, did not allow the Asian economies to continue to develop in this way, and so he began to recoup his economic losses. For Soros' behavior, he condoned it.
Three: The economic pattern of the Asian countries led to:
New Malaysia, Thailand, Japan, and South Korea are all externally oriented economies. They are very dependent on the world market. Asian economic shakes will inevitably lead to a situation that affects the whole body. Take Thailand as an example, the Thai baht in the international market whether to buy and sell not by the government to dominate, and he himself does not have enough foreign exchange reserves, in the face of the speculation of the financiers, the country's economy is unbearable. And the economy determines politics, so the Thai political situation is also volatile.
The revelation
(1) The degree of openness of a country's economy is based on strong economic strength and stable regime, only strong economic strength, the regime is solid in order to talk about the real development of the economy.
(2) An economist can only promote the progress and development of society if he has a correct outlook on life and values; otherwise, he will not be a real economist and will act as an obstacle to economic development.
(3) Only by improving the comprehensive national power can a country be made invincible.
[edit]Serious Situation
Globe Faces Worst Financial Crisis in 60 Years
The current financial crisis was facilitated by the U.S. housing market bubble. In some ways, this financial crisis has similarities to other crises that erupted every 4 to 10 years after the end of the Second World War.
However, there is a fundamental difference between financial crises. The current crisis marks the end of the era of credit expansion, which was based on the dollar as the global reserve currency. Other cyclical crises are part of a larger boom-bust process. The current financial crisis is the culmination of a super-boom cycle that has lasted more than 60 years.
Boom-bust cycles usually revolve around credit conditions and always involve a bias or misunderstanding. This is usually a failure to recognize that there is a reflexive, cyclical relationship between willingness to lend and the value of collateral. If credit is easily available, it creates demand, which pushes up real estate values; in turn, this situation increases the amount of credit available. Bubbles are created when people buy properties with the expectation that they will be able to profit from refinancing their mortgages. The boom in the US housing market in recent years is evidence of this. The super-boom, which lasted 60 years, is a more complex example.
Whenever credit expansion ran into trouble, the financial authorities intervened to inject liquidity (into the market) and find other ways to stimulate economic growth. This created a system of asymmetric incentives, also known as moral hazard, which drove an increasingly robust expansion of credit. This system was so successful that people began to believe that former U.S. President Ronald? Ronald Reagan called it "market magic" - I call it "market fundamentalism". I call it market fundamentalism.) Fundamentalists believe that markets tend to equilibrate and that allowing market participants to pursue their own self-interests will best serve the interests of ****. This is clearly a misunderstanding, since it is not the market itself that saves financial markets from crashing, but the intervention of the authorities. However, market fundamentalism began to become the dominant way of thinking in the 1980s, when financial markets were just beginning to globalize and the U.S. was starting to run current account deficits.
Globalization has allowed the United States to siphon off savings from the rest of the world and consume goods that are higher than its own output. in 2006, the U.S. current-account deficit reached 6.2 percent of its gross domestic product (GDP). Financial markets have encouraged consumer borrowing through the introduction of increasingly sophisticated products and more generous terms. Whenever the global financial system was in danger, the financial authorities intervened and played a catalytic role. since 1980, regulation has been relaxed to the point of being a nom de plume.
[edit]Ten notes on the financial crisis
1: do not quit, do not change jobs, do not change careers, do not start a business;
2: more backup a few of their own can go to the company's position;
3: do not take the initiative to ask the boss to raise wages, layoffs are often from the high wage cuts;
4: more to help friends pay attention to job opportunities, more introduction, it is their turn to find a job, only then will a friend to help you;
5: save money, buy treasury bonds, or dual-currency deposits, don't buy stocks;
6: send money to your parents every month, the economy is bad, the poorer the more difficult it is to get by;
7: don't buy a car;
8: the later stages of the crisis is the most difficult, it has not yet begun, don't think you're strong;
8: the crisis is the most difficult, don't think you're strong;
9: don't get divorced, don't get married, don't get married. p>9: Don't get divorced, don't have children;
10: Even if you don't feel the crisis yet, you should have tight days, and use 70% of the money you used to have to live now.