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  • 5 biggest stock market crushes

    5大股市粉碎

  • Every time it seems like we are out of a financial crisis, we face another.

    每當我們似乎走出金融危機的時候,我們就會面臨另一場危機。

  • Remember back in 2008 when the housing bubble burst, millions of people lost their jobs,

    還記得2008年房地產保麗龍破滅時,數百萬人失業。

  • homes, and everything else.

    家,以及其他一切。

  • The European Union spent the next5 years trying to recover.

    歐盟在接下來的5年時間裡努力恢復。

  • In fact, countries such as Greece just recently recovered from the 2008 crisis, and yet here

    事實上,希臘等國家最近剛剛從2008年的危機中恢復過來,然而這裡的

  • we are in the middle of another crisis.

    我們正處於另一場危機之中。

  • But if you watch our videos, you know that a crisis is an opportunity to build a fortune,

    但如果你看了我們的視頻,你就會知道,危機就是建立財富的機會。

  • and we have taken a look into some of them in previous videos.

    而我們在之前的視頻中已經對其中的一些情況進行了瞭解。

  • But to take advantage of a crisis, you need to be able to spot them before everyone else

    但是,要想在危機中佔得先機,你必須要能在別人之前發現它們的存在

  • does and get yourself ready, and that's what we will do in this video.

    並讓自己做好準備,這就是我們在這個視頻中要做的。

  • We will take a look at five greatest financial crises in modern history to understand why

    我們將從近代史上最大的五次金融危機來了解原因。

  • they happened, How they happen, and How did we recover from them.

    它們是如何發生的,它們是如何發生的,以及我們是如何從中恢復的。

  • So let's start with the first one

    那麼,我們先來看看第一種。

  • The Panic of 1907

    "■▄▄■▓,1907年的恐慌。

  • The United States wasn't always such great

    "■▄▄■▓,美國並不總是那麼偉大。

  • financial power.

    財權。

  • Back in the 19th, it was a country of turmoil.

    早在19世紀,這是一個動盪的國家。

  • The civil war almost destroyed the country, and its financial market wasn't working properly.

    內戰幾乎摧毀了這個國家,它的金融市場也沒有正常運轉。

  • The US didn't even have a Central Bank to manage financial crises as many European countries

    美國甚至沒有像許多歐洲國家那樣有一箇中央銀行來管理金融危機。

  • did back then.

    當年做。

  • To understand the importance of the central bank, just imagine if the FED didn't exist

    要理解央行的重要性,試想一下,如果FED不存在的話

  • today during the current crises.

    今天在當前的危機中。

  • The only reason the stock market surged back is that the fed injected a ton of capital

    股市回升的唯一原因是美聯儲注入了大量的資金

  • into it, unemployment rose to an all-time high, but the fed gave the government the

    成,失業率上升到歷史最高點,但美聯儲給了政府。

  • ability to distribute stimulus checks.

    分發刺激物支票的能力;

  • If not for the fed, the current crises would have been much worse.

    如果不是美聯儲,目前的危機會更嚴重。

  • In 1906 one of the famous bankers wanted to make a fortune by pushing United Copper shares

    1906年一位著名的銀行家想通過推銷聯合銅業公司的股票來發家致富

  • to rise and force short sellers to buy his shares to exist their positions.

    漲,迫使賣空者買入他的股票以存在他們的倉位。

  • But his plan backfired as the short sellers found a different source to buy United copper

    但他的計劃適得其反,因為賣空者找到了另一個買入美聯銅業的來源。

  • shares.

    股份。

  • That move bankrupted the company and multiple other banks.

    此舉使該公司和其他多家銀行破產。

  • As the news of bankruptcy spread, depositors rushed to the banks to withdraw their savings.

    隨著破產的消息傳開,儲戶們紛紛趕到銀行提取存款。

  • As the banks run out of cash, they stopped lending money to their depositors and went

    由於銀行沒有現金了,他們停止了對儲戶的貸款,並去了

  • bankrupt one after another.

    相繼破產。

  • The stock market crashed to an all-time low.

    股市崩盤,創下歷史新低。

  • There wasn't a central bank back then to restore depositor's faith in the banks, so the wall

    那時候還沒有一箇中央銀行來恢復儲戶對銀行的信心,所以就有了這堵牆。

  • street turned to JP Morgan.

    街上轉向摩根大通。

  • He deposited a significant junk of his wealth into some of these banks to restore public

    他把自己的財富大量存入其中一些銀行,以恢復公眾的生活。

  • faith in the banking system and convinced other wealthy bankers to do the same, and

    對銀行系統的信心,並說服其他富有的銀行家們也這樣做,並且...

  • saved the economy from sliding into a crisis that god knows how long it would last.

    拯救了經濟,使其不至於滑向天知道會持續多久的危機。

  • 
 


  • 2.

    2.

  • The Dot Com bubble  


    Dot Com的保麗龍"■▄▄■▓。

  • The Internet has become such an important aspect of our lives that it's difficult to

    互聯網已經成為我們生活中重要的方面,以至於難以

  • imagine that 20 years ago, the Internet wasn't even a thing.

    想象一下,20年前,互聯網甚至不是一個東西。

  • The 1990s were the golden era to start an online company: Amazon, Yahoo, PayPal, eBay,

    上世紀90年代是創辦網絡公司的黃金時代。亞馬遜,雅虎,貝寶,eBay。

  • google are were developed during that period.

    google都是在那個時期發展起來的。

  • The people who understood the extent of the Internet knew that the Internet is going to

    理解互聯網程度的人都知道,互聯網是要

  • revolutionize the world.

    革新世界。

  • Everyone wanted to take advantage out of this gold rush, so investors threw their money

    每個人都想從這股黃金熱潮中佔到便宜,所以投資者把錢投到

  • at every company that had a dot com at the end of it's name.

    在每一個名字後面有一個點com的公司。

  • Everyone knew that most of these companies aren't going to survive, but one success would

    大家都知道,這些公司大部分都活不下去了,但有一個成功的公司會

  • not only compensate for all the failures but would pay back enormously.

    不僅可以彌補所有的失敗,而且會得到巨大的回報。

  • And that's happened; in just 25 years, Amazon went from nothing to a 1.7 trillion-dollar

    而這一切都發生了,在短短的25年時間裡,亞馬遜從無到有,成為1.7萬億美元的

  • company.

    公司。

  • But the overflow of cash into the tech companies pushed stock prices way higher than they worth.

    但溢出的現金流入科技公司,將股價推高到遠遠超過其價值。

  • Companies that barely knew what they were doing were valued at hundreds of millions

    那些幾乎不知道自己在做什麼的公司,估值都是上億的。

  • of dollars.

    的美元。

  • The Nasdaq index market rose by 400 percent in just five years (1995 to 2000).

    納斯達克指數市場在短短5年內(1995年至2000年)上漲了400%。

  • By the mid 2000s the bubble began to burst, stocks of internet companies start to plummet.

    到了2000年中期,保麗龍開始破滅,互聯網公司的股票開始暴跌。

  • By 2001, most internet companies had to declare bankruptcy.

    到2001年,大多數互聯網公司不得不宣佈破產。

  • The stock market had lost $5 trillion in market capitalization since the peak; the Nasdaq

    股市自高峰期以來,市值損失了5萬億美元;納斯達克指數的

  • was down by 78 percent

    是下降了78%。

  • 
 3.

    3.

  • The Great Depression

    大蕭條"""。

  • It's often called the greatest financial crisis in the history of the United States because

    它通常被稱為美國曆史上最大的金融危機,因為

  • it lasted ten years and crashed the entire economy.

    它持續了十年,使整個經濟崩潰。

  • The American leadership tried everything to save the economy, but nothing worked out.

    美國領導層想盡一切辦法挽救經濟,但都沒有成功。

  • Every solution proved to be ineffective in the face of such a crisis.

    事實證明,面對這樣的危機,每一種解決辦法都是無效的。

  •   When world war I broke up, the entire European

    第一次世界大戰爆發後,整個歐洲的

  • continent was at war but the war slowly spread to the rest of the world.

    大陸在打仗,但戰爭慢慢蔓延到世界其他地方。

  • Everyone was eager to win, but unfortunately, supplies were limited, especially food.

    大家求勝心切,可惜物資有限,尤其是食物。

  • So the allies turned to the United States for help since it wasn't directly affected

    所以盟國向美國求援,因為美國沒有受到直接影響。

  • by the war and had the economic power to provide that, so the US became the only major supplier

    由戰爭,並有經濟實力提供,所以美國成為唯一的主要供應國。

  • Wars by no means are good, but it brought a period of economic prosperity to the United

    戰爭絕不是好事,但它給美國帶來了一段經濟繁榮的時期。

  • States.

    國家:

  • If you were even a farmer, you could produce as much wheat as you can and sell at the highest

    如果你就算是個農民,你也可以生產出儘可能多的小麥,並以最高的價格賣出。

  • price.

    價格。

  • Even though the war has ended by 1918, the demand for American goods, especially wheat,

    儘管到1918年戰爭已經結束,但對美國商品的需求,尤其是小麥。

  • didn't fall because the entire world was still recovering.

    沒有倒下,因為整個世界還在恢復中。

  • Farmers began taking huge loans to buy more

    """,農民開始大量貸款購買更多的東西

  • land and equipment to farm more wheat, which led the real estate prices to increase.

    土地和設備來種植更多的小麥,這導致房地產價格上漲。

  • That pushed people to buy even more lands hoping to sell it later for a higher price.

    這就促使人們購買更多的土地,希望以後能以更高的價格出售。

  • The same thing was happening to every other industry.

    同樣的事情發生在其他每個行業。

  • Stock prices were dramatically rising.

    股價急劇上漲。

  • Even foreign countries and companies started investing in the US.

    甚至外國的國家和公司也開始在美國投資。

  • I guess you can already see the flow.

    我想你已經可以看到流程了。

  • Many companies were overpriced because of excessive demand.

    很多公司因為需求過大,價格過高。

  • In fact most of these investments were based on speculations.

    事實上,這些投資大多是基於投機。

  • Nonetheless, that didn't stop people from investing.

    儘管如此,這並沒有阻止人們投資的腳步。

  • When Europe recovered, the demand for American goods, especially wheat fell, since other

    當歐洲復甦時,對美國商品的需求,特別是小麥的需求下降,因為其他國家的商品都是在歐洲市場上銷售的。

  • counties started farming as well.

    各縣也開始了農耕。

  • The oversupply drove prices down And pushed the stock market to fall.

    供過於求導致價格下跌,推動股市下跌。

  • Everyone started selling their shares to cash out before the stock market plummets further.

    在股市進一步暴跌之前,大家都開始拋售股票套現。

  • But that crashed the market even more.

    但這更使市場崩潰。

  •  Since wheat prices started falling, farmers couldn't pay back their debts (to the bank),

    由於小麥價格開始下跌,農民無法償還債務(向銀行)。

  • so that pressured the banks since everyone was asking back for their deposits.

    所以這就給銀行施加了壓力,因為大家都在要求收回存款。

  • The panic has already spread to the entire country.

    恐慌已經蔓延到了整個國家。

  • Banks couldn't pay their obligations and had to shut down one after another.

    銀行無力償還債務,不得不相繼關閉。

  • in just ten-month, 744 banks failed

    在短短十個月內,有744家銀行倒閉。

  • 
 4.

    4.

  • The 2008 Housing Bubble

    2008年的房產保麗龍"■▄▄■▓。

  • Do you like real estate?

    你喜歡房地產嗎?

  • Probably yes!

    也許是的!

  • So does everyone else!

    其他人也是如此!

  • In the 2000s, investors were looking for a better return for their money.

    在2000年,投資者都在尋求更好的資金回報。

  • The stock market just crashed and US treasury bonds offered a low rate of return, so investors

    股市剛剛崩盤,美國國債提供的回報率很低,所以投資者的

  • turned to real estate!

    轉向了房地產!

  • But big investors don't want to deal with individual buyers; tenants are a pain in the

    但大投資商不願意和個人買家打交道,租戶是個麻煩。

  • ass.

    屁股

  • I can say that from my experience in real estate.

    我可以以我在房地產行業的經驗來說。

  • So banks took all of these mortgages, bundled them together, and sold them to investors

    所以銀行把這些抵押貸款,捆綁在一起,然後賣給投資者

  • in forms of shares.

    以股份的形式。

  • Investors were pretty confident because worst cases scenario, if the borrowers would default

    投資人很有信心,因為最壞的情況下,如果借款人違約的話

  • on their loans, the bank will take the house and sell it since home prices were rising.

    在他們的貸款上,銀行會把房子拿去賣掉,因為房價在上漲。

  • When banks realized that there is such a huge demand, banks started giving mortgages to

    當銀行意識到有如此巨大的需求時,銀行開始給予抵押貸款,以達到

  • people with a really low credit score.

    信用分很低的人。

  • Why?

    為什麼?

  • Because they would take these mortgages, bundle them together, and sell them to investors.

    因為他們會把這些抵押貸款,捆綁在一起,然後賣給投資者。

  • Low-interest rates and rising home prices kept attracting more investors

    低利率和房價上漲不斷吸引著更多的投資者。

  • But then one borrower defaulted, so his house was put on sale, then the second defaulted

    但是後來有一個借款人違約了,所以他的房子被賣掉了,然後第二個人違約了

  • and the third, soon there were so many houses back on-sell that home prices started falling.

    第三,很快就有很多房子回售,房價開始下跌。

  • That scared off investors, so they stopped buying these mortgage securities.

    這嚇跑了投資者,所以他們不再購買這些抵押證券。

  • Lenders who created mortgage securities were left with lots of worthless securities, which

    貸款人創造了抵押貸款證券,留下了很多不值錢的證券,這些證券

  • made home prices decrease further to the point where financial institutions had to declare

    使得房價進一步下跌,以至於金融機構不得不宣佈。

  • bankruptcy, such as Lehman Brothers.

    破產,如雷曼兄弟。

  • AIG, the company that provided insurance for these mortgages, soon collapsed since it provided

    AIG,為這些抵押貸款提供保險的公司,很快就倒閉了,因為它提供的是

  • so many insurances without having the money to back them up.

    這麼多保險,卻沒有錢支持。

  • The margate crises crashed the financial industry, which almost led to the collapse of the entire

    保證金危機使金融業崩潰,這幾乎導致整個

  • economy if the federal reserve didn't intervene and bail out the big banks

    如果聯邦儲備局不干預並救助大銀行的話,經濟就會受到影響。

  • 
 


  • 
 5.

    5.

  • The Covid Crash  The current crisis is so big that 10, 20,

    科維德崩盤 目前的危機很大,10、20。

  • or 100 hundred from now, people will be reading in history books about how the entire world

    或一百年後,人們會在歷史書上讀到整個世界如何。

  • economy crashed overnight because of an unexpected virus.

    因為意外的病毒,經濟一夜之間崩潰了。

  • For most people, a pandemic seemed more of a sci-fi movie.

    對於大多數人來說,大流行病似乎更像是一部科幻電影。

  • But what happened back in march is truly historical.

    但3月時發生的事情才是真正的歷史。

  • The crash was the fastest fall in global stock markets in financial history and the most

    這次股災是金融史上全球股市下跌最快的一次,也是最

  • devastating crash since the great depression of 1929.

    自1929年大蕭條以來,毀滅性的崩潰。

  • After decade-long prosperity, overnight, 38 million people had to apple for unemployment

    十年繁榮之後,一夜之間,3800萬人不得不為失業而蘋果。

  • benefits, and the US GDP fell by 5 percent.

    效益,美國GDP也下降了5%。

  • The stock market crashed by 50 percent, but that didn't last long since the injection

    股市崩盤了50%,但這並沒有持續多久,因為注入了

  • of cash by the fed quickly brought back the investors to the stock market.

    美聯儲的現金迅速將投資者帶回股市。

  • However, despite that, it will take us at least a few years to completely recover from

    然而,儘管如此,我們至少需要幾年的時間才能完全恢復。

  • this economic crisis

    這次經濟危機。

  • It's the nature of the economy to crash.

    "■▄▄■▓,這是經濟崩潰的本質。

  • When the economy is rising, everyone jumps in to earn more, which leads prices to increase

    經濟上升的時候,大家都會跳進去賺更多的錢,這就導致了物價的上漲

  • faster than they suppose, which leads to a bubble.

    比他們想象的要快,這就導致了保麗龍。

  • And bubbles burst sooner or later.

    而保麗龍破滅是遲早的事。

  • If you have enjoyed this video, make sure to give it a thumbs up and if you're new around

    如果你喜歡這段視頻,一定要給它豎起大拇指,如果你是新來的,一定要給它豎起大拇指。

  • here, subscribe and turn on your notifications thanks for watching and until next time.

    在這裡,訂閱並打開您的通知,感謝觀看,直到下一次。

5 biggest stock market crushes

5大股市粉碎

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