Circumstantial reasons related to the outbreak of the global financial crisis mainly to:
• the global political geographical situation:
Where the world has seen since the events of September 11, 2001 a number of important implications that have been evacuatedto the adoption of the so-called war on terrorism.
We have fought the U.S. two consecutive terms againstAfghanistan, Iraq, regardless of the financial cost high for the war effort and intelligence the U.S. (the second Gulf War cost theAmerican taxpayer $ 2000 every minute) have been all these eventsthe effects of direct economic, including the adoption of the U.S. central bank reduction from the roof of the obligation.
As the world has seen since the beginning of the third millenniumincluded an unprecedented rise in commodity prices, as well asfood and energy prices have overlapped in a variety of reasonssuch as the creation of such phenomena:
high demand and consumption rates for the emerging Asianeconomic powers (China and India in particular).
lack of transparency of information rational strategic globalinventory of fossil energy.
the high cost of extraction of raw materials.
allocation of vast agricultural areas for the cultivation of vegetablefuels, especially in the U.S. (corn) and Brazil (colza).
perceived impact of speculation in lifting the unjustified prices ofthese materials.
And regardless of the situational and structural reasons whichoverlapped with each other to create and configure the global financial crisis, the worker have a direct and bomber (l'élément catalytique) may represent the "mortgage crisis of America":
Foard crisis began to take shape during the summer of 2007 andthat after a relatively long period of extraordinary economic prosperity where interest rates have been established by the U.S. central bank declined significantly (1% in June 2003) and has caused it to create a huge financial liquidity in conjunction withAdoption of an internal U.S. policy aims to facilitate opportunities forU.S. citizens enjoy ownership of their homes. Follow the path andhave the mortgage crisis must be four stages of technical exposure:
1) has encouraged inter structural difficulties faced by the largest and Vdralitin two agencies in the U.S. housing sector (Fannie mae, Freddie mac) banks and banking institutions of America to intensifythe pace of activity of granting and assignment of mortgage loanswith variable interest rates (1.5% in the first two years with variable interest rate in subsequent years) and to customers that have not been confirmed conclusively their ability to meet them.
2) To ensure the elimination of risks related to those debts with access to cost-effective for the assets of self resorted America's big banks specialized in the financing of mortgage loans to "securitize" these loans through the transmission to the financial intermediaries and investors, professionals and in the framework of the "originate to distribute" and I took these intermediaries toconvert that debt "bonds showing" negotiable dropping "of new financial products," called the label RMBS << Residential Mortgage Backed Securities >>.
3) In the third phase flocked (investment funds, private pension funds ...) on the purchase and handling of such products and through the so-called "media investment methodology" véhicules d'investissement structurés "so that these transactions do not appear in the budgets of those institutions and therefore, the assetsare not subject to the same prudential regulations in force in theordinary transactions, and has made U.S. banks financing of such operations over the short-term loans (Asset Backed Commercial Paper) and the "investment banks" more actors in the financial market's ability to use "crane indebtedness "that, should not besubject to the same controls" capital "of commercial banks.
4) that it did not stop at that point as he was in the context of concern for the "fragmentation of potential risks and reduce the size of assetsdue availability of self has had some financial institutions, the establishment of new financial products called: Collateralised Debt Obligations, which includes debt as well as emerging mortgageloans for high-risk (Subprimes) debt on a variety of other sources thatthese risks have not indivisible, but on the contrary becomeinterconnected with each other.
← and thus grew up a complete system and the development of new financial mechanisms of high-tech, high-risk steadily changing formand movement which has seen circulation without an instance (thejump size of 640 billion years 2000 to 2000 billion dollars in 2007).
And the end of the explosion, "real estate bubble," the impact of higher interest rates the U.S. central bank to the erosion of value and prices of real estate, mortgage loans and the total bond related and the result was inevitable that consuming whole of the financial marketand the deficit for the full range of customers to meet those debts andthus damage to double the institutions U.S. banking Langer himmainly abruptly and a sharp contraction in the volume of liquidityavailable on two levels: the inter-bank and its customers and amongbanks themselves, and analyzes in view of the worsening crisis of confidence in view of the scarcity of information on the extentaffected by each banking institution that the crisis.
And we can therefore affirm that the reason for the deep for a variety of these "bankruptcies banking successive" but due to thenature of the change in the global financial system, which allowed the banks to business and investment access to liquidity andfunding the necessary financial not through the "savings" form the conventional but by issuing "duties assigned des titres titrisés-"in light of monetary policy with low interest rates there.
It has been a sharp deterioration of the situation of global financial markets crisis and transition to the European banking system and establish a climate of suspicion and mutual mistrust between the parties cause a critical intervention in the U.S. federal authorities to find the capital necessary to save the banking institutionscompetent in the area of mortgages.
And certified the failure of partial solutions to address the global financial crisis without recourse in the instance of the second phase of rescue plan bearing the name of College and Secretary of the Treasury (Paulson Plan) the financial value of approximately $ 700 billion will use to reconfigure the capital of U.S. banks. They are ofthe plan adopted by the European Union allocate 1,500 billion eurosfor the same goal.
I have decided the four countries of the European members of the Group of Seven that resorted to the use of the item on paused for the Stability Pact (le pacte de stabilité) and that by dropping the interimfrom the standard 3% of gross national product of the specifiedceiling maximum deficit in their budgets so that you can reconfigure the capital of the European banking sector.
التسميات
Economic policy