金融英语作文

初中就要写这么复杂的作文还要英文的 后生可畏啊

The term financial crisis is applied broadly to a variety of situations in which some financial institutions or assets suddenly lose a large part of their value. In the 19th and early 20th centuries, many financial crises were associated with banking panics, and many recessions coincided with these panics. Other situations that are often called financial crises include stock market crashes and the bursting of other financial bubbles, currency crises, and sovereign defaults. Many economists have offered theories about how financial crises develop and how they could be prevented. There is little consensus, however, and financial crises are still a regular occurrence around the world.The global financial crisis of 2008 is a major financial crisis, the worst of its kind since 1987, and which is ongoing as of mid-November 2008. It became prominently visible in September 2008 with the failure, merger or conservatorship of several large United States-based financial firms. The underlying causes leading to the crisis had been reported in business journals for many months before September, with commentary about the financial stability of leading U.S. and European investment banks, insurance firms and mortgage banks consequent to the subprime mortgage crisis. Beginning with failures of large financial institutions in the United States, it rapidly evolved into a global crisis resulting in a number of European bank failures and declines in various stock indexes, and large reductions in the market value of equities (stock) and commodities worldwide. The crisis has led to a liquidity problem and the de-leveraging of financial institutions especially in the United States and Europe, which further accelerated the liquidity crisis. World political leaders and national ministers of finance and central bank directors have coordinated their efforts to reduce fears but the crisis is ongoing and continues to change, evolving at the close of October into a currency crisis with investors transferring vast capital resources into stronger currencies such as the yen, the dollar and the Swiss franc, leading many emergent economies to seek aid from the International Monetary Fund. The crisis was triggered by the subprime mortgage crisis and is an acute phase of the financial crisis of 2007–2008.

It seems that the USA is experiencing the same thing Hong Kong experienced in 2003, when the housing bubble burst and the SARS virus spread. Being a small open economy, Hong Kong can do nothing to remedy the situation. The USA is different, it has fiscal and monetary policy on its side. I hope that America will try their best to reverse the trend so that the world economy will grow again. A recession in the US will certainly affect China, because the growth of the Chinese economy is, to a certain extent, export-led and America is the largest market for Chinese goods. If the Chinese economy is affected, it will affect Hong Kong too because every year we have a large number of visitors from China. They also buy houses as well as stocks and shares in Hong Kong. However, it will be impossible to have a recession as severe as the great depression of 1930’s. The reasons are as follows:1. The gold standard has been abandoned. In the past, a dollar was not just a piece of paper, it was also a piece of gold. You could convert it into gold at a fixed rate. Now a dollar is just a piece of paper. Under the gold standard the government lost the freedom to control (or to increase) the money supply. Now the government can print as much money as she likes. The probability of having inflation is much larger than that of having a recession.2. The knowledge that private virtue is public vice. Private individuals still want to save more and spend less during bad times. But governments know that people should spend more in bad times. To encourage people to do so, governments will have deficit budgets by cutting taxes and spend more money than they have.3. Governments learn from history. The experience of the Great Depression leads them to prevent such a tragedy from happening again. The Ph.D. thesis of Ben Bernanke (Chairman of the Federal Reserve of the U.S.) is about the causes of the Great Depression and how to prevent it from happening again.4. There are coordinated measures taken by the main countries of the world, including those of the emerging economies such as China. During the Great Depression, the governments did not take coordinated measures, and one country’s measure was nullified by another country’s measure.

I like English best because I can know something about other countries' culture and I can also talk with some foreigners . English is a universal language so you can speak it in any country.

Fear and loathing is spreading as signs mount that the economy is in danger of losing its balance. Industrial production is expected to have dropped in the third quarter, underscoring the plight of troubled auto makers as well as manufacturers of furniture, construction materials and other goods that have been hard hit by the collapse of the housing market. Stabilization of the financial markets is a critical first step, but even if they stabilize as we hope they will, broader economic recovery will not happen right away," Ben Bernanke, Fed Chairman, told the Economic Club of New York.Leaders of the world's top economic powers, the G8, said they would meet "in the near future" for a global summit to tackle the financial crisis. The group comprises the United States, Japan, Germany, France, Britain, Italy, Canada and Russia. The current financial crisis began more than a year ago in the United States when lax lending standards on certain home mortgages came home to roost. Foreclosures skyrocketed, mortgage securities soured and financial companies racked up huge losses.