Chapter 1219 What’s more terrifying than asset bubbles is credit bubbles

When you walk into the hall, you can tell at a glance that not everyone has arrived yet.

This is not surprising. Judging from the social level that CEO Gao lives in, Gao Xian belongs to the rare young group, and his diligence is the norm. Others are inevitably a little overwhelmed by the tight schedule these days, or are temporarily distracted by other things.

live.

After noticing Gao Xian walking in, an old man immediately stood up to greet him, and at the same time greeted him as "Sir Gao" in English. President Gao also quickened his pace and responded enthusiastically.

This person is the former president of Nomura Securities, Yoshihisa Tabuchi, who only retired in June this year. However, he and Gao Xian met with the former CEO of Chase Bank, Willard Butcher, before the start of the Global Financial Leaders Investment Summit in Hong Kong.

But it's different.

Willard Butcher has reached the age of sixty-five, which is a normal retirement. He is no longer the head of Chase Bank in the United States, and he will not be left out. There are still many directors of major American companies, as well as the Rockefeller family foundation, in the museum.

His position was vacant, and his life was still very prosperous. However, Yoshihisa Tabuchi was retired, which was quite ironic compared to his previous high profile as president.

The reason why Tabuchi Yoshihisa fell into the dust from the clouds is related to the current embarrassment of Nomura Securities, which can also be regarded as a reflection of the bursting of the current economic bubble.

A brief summary of the causes and consequences is that Nomura Securities lost money from its major clients due to poor performance, but they refused to agree and wanted to pursue liability and claim compensation.

To give a random example, the year before the stock market bubble reached its peak, Nomura Securities signed a specific currency trust agreement with Tokyo Broadcasting Corporation. As a result, less than two years later, in March of this year, a check of the trading account revealed a loss of about three million yuan.

Sixty million yen.

You must know that in recent years, the Japanese yen exchange rate has not only risen, but also remained strong. It is not the same as in the earlier years, when one dollar was exchanged for about 300 yen or more than 200 yen. Now one dollar is only exchanged for 100 yen.

More than 150 yen is basically less than 150 yen. When converted into US dollars, 360 million yen is more than 2.4 million US dollars.

For example, the predecessor of Yoshihisa Tabuchi, Setsugu Tabuchi, retired safely in 1985, but now he has been settled by Akiko, and even his consultants at Nomura Securities were raped.

At this point in time, Gao Xian's speech is profound and brilliant, "Everyone, I think this stock market crash and real estate industry depression are different from the asset bubbles in previous cycles, but a more terrifying credit bubble.

, I speculate that the bad debts of various banks are so shocking that a banking crisis is not far away."

The stock market bubble burst spectacularly last year, in 1990; the real estate bubble burst with a lag, starting this year.

Because he foresees that one book is still closely related to many "financial skills", Gao Xian can be said to show off what he has learned in order to consolidate his authority in the elite circle.

This reflects the gap between many people, including Tabuchi Yoshihisa, and Gao Xian. They have unlimited success in their positions, but if they step down, they may be in trouble. On the other hand, Gao Xian has his own resources. If

One day, he left his official position as the president of the Xiangjiang Monetary Authority, and the Gao family's kingdom, which he built with his own hands, still has boundless power.

Because Gao Xian built the Xiangjiang Offshore Yen Center, there is a special connection between the Xiangjiang International Financial Center and the Ippon Capital Market, which is much closer than Wall Street. Furthermore, this discussion with the Ippon Financial Circle brings with it

The grand finale of this Hong Kong Global Financial Leaders Investment Summit.

Tokyo Broadcasting Corporation believed that Nomura Securities had neglected its duties, so they started a riot. All regulatory agencies intervened. Even Nomura Securities felt that it was wronged and agreed to first spend 16.1 billion yen in various compensations.

This is the so-called Jianghu. There are subtle differences between the way and angle of looking at various phenomena and various problems and some imagined natural phenomena.

Even Yoshihisa Tabuchi's successor, Hideo Sakemaki, now president of Nomura Securities, has some similar problems hidden behind him.

President Gao's benevolence and righteousness are not only due to his acting style, but also have another consideration, that is, people like Tabuchi Yoshihisa should still have value, and even Gao Xian can see it more clearly, in an environment like this

, Tabuchi Yoshihisa was ousted from power, which was somewhat "unjust".

Tabuchi Yoshihisa was afraid that just taking the blame and resigning would not be the end, so after he retired, he was still active in various activities, just to increase his amulet. Gao Xian did not show that he wanted to attend the Hong Kong Global Financial Leaders Investment Summit

, I won’t treat you too slowly, with the same hospitality standards as Willard Butcher.

This is not over yet, Nomura Securities was found to have another problem, including transactions with gangs.

Large financial institutions like Nomura suffered losses when the bubble burst, and they ignored the bursting of the stock market bubble and real estate bubble. There is a relationship that cannot be ignored - who has seen this before?

As for this cycle of ups and downs, it is enough to deal with it according to mature experience.

As the chat continued, all the people who were supposed to come had arrived, and the forum officially began.

From the non-cold attitude of Hideo Sakemaki toward Yoshihisa Tabuchi in this very conference room, one can guess that they are in the same boat, and the fox is sad when the rabbit dies.

Feeling the usual courtesy from President Gao, Yoshihisa Tabuchi, an elite who had lost power for a while, naturally felt sincerely and sincerely. The other elites who were watching also admired Gao Xian's charisma.

Nomura Securities has gotten into such trouble. As the president, how can Yoshihisa Tabuchi retain his position? He must take the blame and resign. Nomura Securities did not even give Yoshihisa Tabuchi the minimum position of director as usual.

In the financial field, the concept of credit is quite mysterious and can only be understood but not explained.

To be precise, the supply of real estate exceeds demand, but the house is still there after all. The supply of stocks exceeds demand, and junk stocks should be delisted and the stocks will be reduced to waste paper. There is also an intuitive feeling that the asset bubble bursts; but

After credit is rampant, there is no real enough mortgage, but financial resources far exceed the ability to repay. When the credit bubble bursts, due to the particularity of credit, the disaster of the chain reaction is unimaginable.

Listening to President Gao's direct opinions on the credit bubble, all the financial elites present were thoughtful.

Indeed, as the economic bubble continues to expand, not only are many companies lending money crazily, but individuals are also being "begged" by banks to provide loans to almost everyone. Now the stock market bubble and real estate bubble are bursting, and the corresponding wealth

, all disappeared, how can the scale of bank’s bad debts not be terrifying!

As the top regulator of the Xiangjiang International Financial Center, Sir Gao's views are indeed more direct to the core than those of the market practitioners present.
Chapter completed!