Into the global economy, high inflation era of high interest rates.

<P>: Http://finance. News </ P> <P> ● aside fears of recession or deflation, while they worried about economic overheating or inflation, the world in the end what happened? .</ P> <P> ● away from the real economy and the virtual economy, there are two causes: first, loss of basic global monetary system constraints; the second is between the major economic powers to implement a floating exchange rate monetary system </ P> <P> ● China .The rapid growth of world exports, is the world's real important force for economic growth, ensure that the global price of basic consumer goods remained low </ P> <P> ● global economy into high inflation, high interest rates higher and higher probability, China .immune to the need to plan ahead </ P> <P> recent weeks, the global financial market is the most dramatic events, but the world's major central bank's monetary policy reverse. .Federal Reserve, European Central Bank and the Japanese central bank injected funds to the mass market, has totaled over 500 billion U.S. dollars. .</ P> <P> West does not light Dongfang Liang </ P> <P> Fed sudden reversal of policy direction, from worries about inflation instead of credit market collapse, reducing the discount rate is the first step, the market generally expected that the next .Federal Reserve monetary policy meeting will be to reduce federal funds rate, the European Central Bank and the Bank of Japan to at least maintain the current interest rates unchanged, does not rule out further rate cuts. .</ P> <P> Although the world's most important central banks join forces to rescue the market, subprime mortgage crisis still lingering, the United States, Europe and Japan stock markets remain volatile, do not rule out the possible substantially lower, better financial institutions will face continuing .losses and even bankruptcy fate. .</ P> <P> like China, the central bank continued to adopt various monetary policy instruments to contraction of liquidity, interest rates have become commonplace, excess liquidity, China's biggest challenges facing monetary policy. .However, the stock market and real estate market contraction of liquidity the central bank ignore the multi-pronged approach, the stock market to new heights, irresistible; real estate prices rose overtake each other, the high price of real estate news of the day do not have. ."The scenery here is fine," "the West does not light Dongfang Liang." .</ P> <P> side is the lack of liquidity or credit crisis, while it is excess liquidity and credit expansion; side of the fear of economic recession or deflation, while they worried about economic overheating or inflation, the world in the end what happened? .</ P> <P> the real economy and the virtual economy </ P> <P> serious departure from the </ P> <P> If I were an alien economist, overlooking the small planet, I will look at how the human .economy? .</ P> <P> answer is: first, the last 30 years, the human economy in the total amount of monetary aggregates and credit growth are substantial, both the growth rate or stock size, are far more than the real economic or human .The growth rate of real wealth and size. .In 1970, the global stock of base money, but tens of billions of dollars, today more than 5 trillion; 1970, the global credit total several hundred billion dollars, however, has surpassed 400 trillion U.S. dollars today; 1970, global foreign exchange transactions and .volume of derivatives transactions is minimal, the scale of today's trading day, more than three trillion U.S. dollars, year over 80 billion U.S. dollars; in 1970, the global scale, but billions of dollars of debt today has reached tens of trillions of dollars, only U.S. Treasury bonds .close to 5 trillion dollars (foreign purchases of U.S. treasury bonds in 2006 reached 2.2 trillion U.S. dollars). .In contrast, nearly 30 years, the global real economy or the growth rate of real wealth (measured by real GDP), averaging less than 5%..