What does the news mean by the second wave of financial crisis .

Dubai's debt crisis can be called the second wave of the financial crisis. If subprime mortgages are a crisis for the poor, then Dubai is a crisis for the rich. The poor can't afford to buy a house, and lowering the credit bar to let him buy a house is a subprime loan.

The wealthy think that their wealth will increase, so their consumption will become more and more extravagant, which is the basis for Dubai to build an ultra-luxury consumer city in the desert. But whether it is rich or poor, the basis of loan consumption is that the economy can continue to develop, or even "tomorrow will be better"; When this expectation is not sustainable for some reason, whether it is the poor man's inferior goods or the rich man's Dubai, it will evolve into a crisis. Dubai's boom is underpinned by the expectation of increasingly abundant oil wealth, which seems logical in previous years and is confirmed by rising oil**.

If there is a tension between resources and consumption, it can be eliminated by moderately leveraged financial instruments. However, when the leverage rate is getting higher and higher, it is difficult to expand further; First of all, there was a rupture on the consumer side, which is the subprime mortgage crisis; Then there is a financial crisis related to the consumer side, which is the financial crisis; Then the expectation of resources, which is based on sustainable economic development, and the wealth expectations that are parasitic on the basis of high resource **, are reversed, and this is the Dubai crisis. If oil continues to rise, the world can't stand it; If oil doesn't go up, Dubai and Dubai's rich can't stand it.

Oil** is neither high enough to support luxury consumption in Dubai, nor low enough for the world to fully consume, it is like a giant wearing a small coat that covers the lower half of the body and exposes the upper body.

The real meaning of financial crisis is the crisis of financial assets, financial institutions, and financial markets, which is manifested in the fact that financial assets are significantly closed or financial institutions are failing or on the verge of failure or a financial market such as the bond market.

Since the liquidity of financial assets is very strong, the international nature of finance is very strong. The trigger for a financial crisis can be financial products, markets, institutions, etc., in any country.

The financial crisis is characterized by a relatively large depreciation of the currency value of the entire region, a relatively large reduction in the total economic volume and economic scale, and a blow to economic growth, often accompanied by a large number of business closures, an increase in unemployment, a general economic depression in society, and sometimes even social unrest or national political turmoil.

The first financial crisis was the first worldwide economic crisis. The first world economic crisis occurred in the United States in 1857, because the flooding of the American market with British products hindered the development of important industrial sectors such as metallurgy and cotton textiles in the United States, and the impact was to cause a large number of banks, financial companies and industrial enterprises in the United States to fail.

The second financial crisis is the second world economic crisis. The second world economic crisis occurred in the United States in 1929, due to the sharp decline in the market situation on Wall Street in New York, the sharp decline in stock prices, the frenzied selling**, and the collapse of the market, which led to the collapse of banks, the bankruptcy of a large number of industrial and commercial enterprises, the surge in unemployment, and the fact that many people were on the verge of bankruptcy.

I think the first event that could be called a financial crisis would be the "tulip mania" event.

From the middle of the 16th century until February 4, 1637, the ** of tulips grew uncharacteristically in Europe (especially in the Netherlands). For example, a tulip called "Augustus Forever" sold for 6,700 guilders a few days before the bubble burst, enough money to buy a mansion by the canals in Amsterdam, when the average Dutch earned only 150 guilders a year.

On February 4, 1637, the seller began to sell tulips, and since then the bubble has burst and the tulips** have plummeted. Countless families have gone bankrupt as a result.

Two months later, the Dutch government decided to terminate all contracts and ban speculative tulip trading, thus bursting the economic bubble that was unprecedented in history.

Yes: I'm afraid.

The financial crisis caused a decline in China's exports in the fourth quarter. Imports fell. Some small and medium-sized foreign trade enterprises have closed down or gone bankrupt.

Foreign-funded enterprises have also withdrawn their investments. All these have a direct impact on the difficulties of our country's job market. As far as I know.

More than 7,000 enterprises have closed down in Guangdong. In Hubei alone, more than 300,000 migrant workers have returned to their hometowns. The employment situation is expected to be even more severe next year.

The economic downturn is an inevitable trend.