Chapter 2041: Draw the sword! (Part 2)

As soon as Jiang Xiangjie finished speaking of his plan, a brief silence appeared in the conference room.

This plan is very bold. If it is implemented, it will make a lot of profits, but the risks will be huge. Western countries will not sit idly by and let us do it.

No matter what ideology it is, Western countries dominated by the United States have one supreme principle, that is, national interests are above everything else!

Now, Jiang Xiangjie's plan is that national interests are above everything else!

Similarly, once this plan is implemented, it will touch a large number of interest classes in the country and lead to fierce "resistance".

Everyone here knows the key.

After a while, Liu Jun said: "In principle, I fully agree with this plan proposed by Comrade Xiang Jie. In terms of details, I would like to give some reference opinions..."

Everyone's eyes fell on Liu Jun's face again.

"About the first point, the issue of divestment. I think it is the basis of all steps and the most critical link. US Treasury bonds can be properly retained. However, I think the derivative bonds issued by two-bedroom companies must be sold all, or at least the majority of them."

Liu Jun said firmly.

“Sell all?”

Everyone was shocked, and Zheng Shaojie even murmured.

Just now, Jiang Xiangjie had clearly stated the amount of bonds we owned in two houses, which was an astronomical figure, accounting for half of our foreign exchange reserves overseas investment.

If all sold, it is very likely to cause panic. Moreover, it is very difficult to sell such a large amount of bonds within a few months and will suffer a large loss.

The so-called "two-bedroom" refers to the two major real estate mortgage giants in the United States, Freddie Mac and Fannie Mac, who are directly responsible to the Federal Housing and Financial Services Agency (FHFA).

In the US Public Housing Act, Fannie Mae's attributes were clearly identified as a federal government trusteeship enterprise, the so-called "state-owned enterprises". In 1949, in the amendment to the National Housing Act passed by the Truman administration, Fannie Mae's role was expanded again, playing the role of four intermediaries in the real estate market, consumers, financial institutions and government.

By 1970, in order to expand the secondary mortgage market to the ordinary residential loan market, the US federal government authorized Fannie Mai to purchase residential mortgage loans from private financial institutions, and authorized the establishment of a federal housing mortgage loan company through the Emergency Housing Finance Act, namely Freddie Mai.

Because of the sponsorship of the US government, Fannie Mae and Freddie Mae issued more than 5 trillion derivative bonds despite having only a total asset of more than 70 billion US dollars. Also because of the sponsorship of the US government, the securities issued by these two companies are considered "equivalent to US Treasury bonds."

Relatively speaking, purchasing treasury bonds is a relatively safe investment, although the returns are not large, at least higher than bank interest, and the repayment is guaranteed.

Guo Qiliang said frankly: "It is unlikely that all the bonds of two houses will be sold. First, the time is too late, and second, some necessities must be taken into account."

In fact, Guo Qiliang believes that Liu Jun also understands this truth very well.

Anyone with a little economic vision knows a very clear point: buying a country's national bond is to support the construction of this country. This was how we promoted it when we issued government bonds.

However, in addition to preserving value, other countries purchase US Treasury bonds, including *** and Russia, another important consideration is the *** aspect. Keeping a low profile requires a certain price.

Guo Qiliang mainly wanted to know the reason why Liu Jun proposed this.

Liu Jun nodded and said, "I suggest that based on what Comrade Xiang Jie said just now, reduce holdings of two-bedroom bonds. If it is due to the consideration of ***, you can consider transferring US Treasury bonds. Government sponsorship does not equal government guarantees, and this concept must be clearly distinguished. After all, Fannie Mae and Freddie Mae are not the US government, and the US government has never publicly admitted that they will guarantee the derivative bonds issued by two-bedrooms in the name of the government. This is a problem. In essence, two-bedrooms

Companies are just ordinary housing mortgage companies. Once their performance plummets, they may be liquidated in bankruptcy. This is a big problem. Even if they are not liquidated in bankruptcy, as long as they are delisted on the New York Stock Exchange, the bonds issued by the two houses can only be traded over the market, which will greatly increase the liquidity of the bonds. At that time, it will become very difficult for us to sell these bonds to cash out. If they go bankrupt, then these bonds will become waste paper. This danger must be taken into account."

The expressions of the attendees became more serious.

Liu Jun's words are indeed quite amazing. Before this, scholars have raised similar questions, but they have not attracted enough attention. After all, companies sponsored by a government still have credibility in everyone's eyes. Although the proportion of capital leverage for two houses has reached a jaw-dropping ratio of 700 times.

To put it bluntly, everyone still has some superstitions about the credibility of the US government.

However, now that Liu Jun raised this question in person and raised it at a meeting at this level, we must consider it seriously.

Yue Shuhong, chairman of the China Securities Regulatory Commission, pondered: "Liu***, the two houses are not ordinary listed companies. They are actually exercising the functions of some government functional departments. It should not be that the two houses delisted, right? According to the rules of the New York Stock Exchange, only if the stock price of listed companies is less than one dollar for 30 trading days will it be delisted... Now the stock price of the two houses is above seventy dollars..."

Speaking of this, Yue Shuhong couldn't help but shook her head gently.

That is, Liu Jun raised such a question. If others said this, Yue Shuhong would not say anything to him at all. With the special background of the two-bedroom company and the important mission it undertakes, coupled with the high stock price, it is incredible to suspect that the two-bedroom company will be delisted and delisted now.

"State-owned enterprises" like two-bedroom companies are guaranteed by the government. It is easy to maintain the stock price of two-bedroom companies above one dollar. The total share capital of two-bedroom companies does not exceed one billion shares.

As the chairman of the China Securities Regulatory Commission, it is very reasonable for Yue Shuhong to raise "questions" against Liu Jun.

Except for Yue Shuhong, I'm afraid everyone here, including Liu Jincai, has this idea. With Liu Jun's repeated reminders, compared to another parallel world, the total amount of US Treasury bonds and two-bedroom bonds is much smaller. But Liu Jun still thinks that this amount is too large. Even if you take into account the *** factor, it is still unprofitable.

Liu Jun didn't know whether the two houses would be delisted. Before his rebirth, the two houses' stocks were still on the New York Stock Exchange and were not delisted, but the stock price had fallen to around one dollar.

From more than seventy dollars to one dollar!

If the two houses had no government color, they would have collapsed long ago if they had replaced other listed companies.

Even so, there are still great risks.

Liu Jun picked up the teacup and took a sip, smiled, and said, "Comrade Shuhong's question makes sense, but there is nothing absolute in the world. We estimate... There is basically no need to predict now, and we can see it... This financial crisis in the United States will be triggered by their mixed subprime bond market. The fundamental reason is also the inflated bubble in the real estate market. After this financial crisis, the first thing that will be affected will be mortgage mortgage companies. It is entirely possible that the stock price of two-bedroom companies will fall to the bottom. Such a huge bubble, once

It is shattered, no matter how much money the US government invests to save the market, it cannot be saved. The funds owned by the US government and the funds needed for rescue are not above the same level. In the end, they cannot resist and can only push the two-bedroom companies to the market and delist. If the US economy cannot recover quickly, it is not impossible to go bankrupt and liquidate these two companies. I think we must prevent this risk. Considering other reasons, we can transfer some US Treasury bonds, but the total amount should not be too much, and should be controlled within a certain range."

Yue Shuhong nodded thoughtfully.

Jiang Xiangjie said: "I think Comrade Liu Jun's opinion is worth considering."

Liu Jun's words can be said to partially deny his plan. Jiang Xiangjie's ability to have such an attitude shows that he has a broad mind and is completely on the standpoint of work and discusses the matter.

Liu Jun nodded to Jiang Xiangjie and continued: "I agree with the second point that Comrade Xiangjie talked about, sending inspection teams to all provincial branches and key state-owned enterprises. I think this is a key step to deal with this financial crisis and strive for the best interests. To put it bluntly, if we want to attack others, we have to hug our own wallets first. Otherwise, if the benefits are not obtained and we have to pay off our old capital, it is not worth it. I think the key is to have the inspection in place. In recent years, some of our financial institutions have indeed had many violations of regulations. Especially when entering the foreign capital market, the amount is huge, and the possibility of collusion between inside and outside is not ruled out..."

As soon as Liu Jun said this, the face of the People's Bank of China President Zheng Shaojie changed slightly and then returned to normal.

In recent years, Zheng Shaojie has done a very effective job in the supervision of state-owned banks, and is also recognized as Liu Jun's confidant. Liu Jun's words should be right to the right things and the wrong people.

"I want to add that in this action, not only should state-owned financial institutions be supervised, but also to convince private financial institutions, especially private institutions registered overseas, to be listed as the focus of monitoring. All channels for capital outflows should be blocked as much as possible. Only by joining forces can we achieve the most fruitful results. Moreover, some actions can also be operated through private institutions, which should be more convenient."

Everyone agreed with Liu Jun’s addition.

Liu Jincai said: "Other comrades, talk about their opinions..."

The night is already deep and the meeting is still going on...
Chapter completed!