Name: 市場崩潰時，錢都去哪兒了？ (Where Does the Money Disappear to in a Market Crash?)
Uploaded: 2025-08-02T18:25:28.000Z
Duration: 21 min 3 s

基礎被動語態

Trillions of dollars were wiped out of the market.

數萬億美元從市場中化為烏有。

Companies lost hundreds of billions of dollars in a matter of a few weeks.

公司在短短几周內損失了數千億美元。

That's the kind of headlines that you see whenever the stock market crashes.

每當股市暴跌時，你就會看到這樣的標題。

And if you watch the news, the stock market crashes pretty often.

如果你看新聞，股市崩盤是很常見的。

And that leads to a very natural and simple question.

這就引出了一個非常自然而簡單的問題。

What exactly has happened to those money?

Because if that money was created in the first place, those trillions of dollars, they can't simply disappear to nowhere.

因為如果這些錢一開始就被創造出來，這些數萬億美元就不可能憑空消失。

If they existed in the first place, they must disappear to some place.

如果它們一開始就存在，那麼它們一定會消失在某個地方。

You can't simply make it disappear to nothing.

你不能簡單地讓它消失得無影無蹤。

You can melt it down, you can throw it in the ocean.

你可以把它融化，也可以把它扔進大海。

And that's why when you hear that trillions of dollars were wiped out of the market, what exactly did that money go to?

這就是為什麼當你聽到數萬億美元從市場上消失時，這些錢到底去了哪裡？

Did the billionaires or the rich people orchestrated a market crash in order to steal those trillions of dollars out of the market?

億萬富翁或富人是否策劃了市場崩潰，以便從市場上偷走那數萬億美元？

Just the recent crash when Donald Trump announced the liberation day on April the 2nd, the stock market collapsed and 6.6 trillion dollars of wealth was wiped out in a matter of a couple of weeks.

就在最近，當唐納德-特朗普在 4 月 2 日宣佈解放日時，股市崩盤，6.6 萬億美元的財富在短短几周內化為烏有。

When you hear the news that United States will be imposing tariffs of 245%, at first glance to a lot of people, that seemed like a joke.

當你聽到美國將徵收 245% 關稅的消息時，乍一看，對很多人來說，這似乎是個笑話。

But it ended up to be the reality, which is probably why the market collapsed.

但這最終成了現實，這也許就是市場崩潰的原因。

Another major market collapse was back in 2022 when we had major inflation and the Fed decided to hike the rates from 0.25% up to 5.5%.

另一次重大的市場崩潰發生在 2022 年，當時通貨膨脹嚴重，美聯儲決定將利率從 0.25% 提高到 5.5%。

And in a matter of a few months, the market lost 9 to 10 trillion dollars of wealth.

在短短几個月內，市場損失了 9 到 10 萬億美元的財富。

And that is so much money that most people don't have even brain capabilities to understand that.

而這麼多的錢，大多數人甚至連大腦都無法理解。

Just to give you some context, the entire GDP of the United Kingdom is around 3.5 trillion dollars.

英國的國內生產總值約為 3.5 萬億美元。

So market loses 10 trillion dollars in the United States and the entire GDP of the United Kingdom is what?

那麼，美國市場損失 10 萬億美元，而整個英國的 GDP 是多少？

In fact, there isn't a single country who has a GDP close to 10 trillion dollars or more than that other than the United States and China.

事實上，除了美國和中國，沒有一個國家的國內生產總值接近或超過 10 萬億美元。

In 2022, the market also collapsed and 6 to 7 trillion dollars was wiped out of the market.

2022 年，市場也崩潰了，6 至 7 萬億美元從市場中消失。

So if we simply take these 3 major crashes over the last 5 years, that's almost like what 20 to 25 trillion dollars of wealth being wiped out.

是以，如果我們簡單地把過去 5 年中的這 3 次大崩盤算在內，那麼差不多有 20 到 25 萬億美元的財富化為烏有。

That is as much as probably half of the or a third of the global GDP.

這可能相當於全球國內生產總值的一半或三分之一。

So here in this video, let's try to answer that very simple and basic question.

是以，在這段視頻中，讓我們試著回答這個簡單而基本的問題。

And this is not just about the S&P 500 that represents the entire market.

這不僅僅是指代表整個市場的標準普爾 500 指數。

From September 2022 to January 2023, Tesla lost 600 billion dollars.

從 2022 年 9 月到 2023 年 1 月，特斯拉損失了 6000 億美元。

What happened to those 600 billion dollars?

From January 2025 to April 2025, Tesla lost almost 500 billion dollars worth of market capital in such a short period of time.

從 2025 年 1 月到 2025 年 4 月，特斯拉在如此短的時間內損失了價值近 5000 億美元的市場資本。

So market crashes happen every single day.

是以，市場崩潰每天都在發生。

Though some of these crashes are very huge, where the market loses trillions of dollars.

儘管有些崩盤的規模非常巨大，市場損失高達數萬億美元。

Sometimes those crashes are really huge for individual companies, where the company can lose 200-500 billion dollars in a span of a few weeks.

有時，這些崩潰對單個公司來說確實是巨大的，公司可能在幾周內損失 2,000-5,000 億美元。

And sometimes they are small, where the crash is 10 billion dollars, 20 billion dollars for one particular company.

有時規模較小，對某家公司來說，崩盤的金額不過是 100 億美元或 200 億美元。

To understand what's happening, we need to have a very basic understanding of what the stock market is.

要了解發生了什麼，我們需要對股市有一個非常基本的瞭解。

Yes, when you hear the word stock, think of vouchers, or shares, or stocks.

是的，當你聽到股票這個詞時，就會想到憑證、股份或股票。

These are basically analogies of the exact same thing.

這些基本上是完全相同的類比。

So behind every stock, there is a real business.

是以，每隻股票背後都有一個真正的企業。

And let's take in this case an example of Tesla.

So if Tesla divides itself into 4 parts, each part is going to worth 25%, then we have 4 vouchers.

是以，如果特斯拉把自己抽成 4 部分，每部分價值 25%，那麼我們就有 4 張代金券。

And these vouchers can be sold in the open market.

這些代金券可以在公開市場上出售。

So if the entire Tesla consists of 4 single or 4 simple vouchers, then the value of each voucher is going to be 25%.

是以，如果整個特斯拉由 4 張單張或 4 張簡單代金券組成，那麼每張代金券的價值將是 25%。

And whatever the price of Tesla is going to be, you simply take the percentage of that voucher and you multiply it by that price.

無論特斯拉的價格是多少，你只需將優惠券的百分比乘以該價格即可。

And that is going to be the value in dollars of that particular voucher.

So in this case, if we say that the value of Tesla is 100 dollars, and each voucher is 25%, then 25% out of 20 or 100 dollars is 25 dollars.

是以，在這種情況下，如果我們說特斯拉的價值是 100 美元，而每張代金券的價值是 25%，那麼 20 或 100 美元中的 25%就是 25 美元。

So that is the price of a single voucher.

Of course, this is an oversimplification.

Tesla consists millions, if not billions of stocks.

特斯拉擁有數百萬甚至數十億股票。

That's the case pretty much with every single company that you see in the stock market.

你在股票市場上看到的每一家公司幾乎都是這種情況。

So when I go and buy a single Tesla stock, I am buying a single Tesla voucher.

是以，當我去買一隻特斯拉股票時，我買的就是一張特斯拉的代金券。

And the price of that stock is, for example, 300 dollars or 350 dollars.

例如，該股票的價格是 300 美元或 350 美元。

And that gives me a percentage of the total company.

這樣，我就能得到整個公司的一個百分比。

In this example, we simply took 25% in order to simplify the entire process for you to  And the stock market is one giant auction place.

在這個例子中，我們只取了 25%，目的是簡化整個過程，讓您明白股票市場就是一個巨大的拍賣場。

Let's for the sake of simplification, imagine that this is me with my Tesla stocks.

為了簡化起見，讓我們假設這是我和我的特斯拉股票。

And I am in the stock market trying to sell my stocks.

而我正在股票市場上試圖出售我的股票。

We have a plenty of bidders who are trying to buy my stock.

One guy offers, I'm going to buy your stock for 200 dollars.

有一個人說，我用 200 美元買你的股票。

Then we have another guy says, no, wait a second, I'm offering you a much higher price.

然後又有人說，不，等一下，我給你開個更高的價。

Then there is the third person who offers me, let's say, 250 dollars and so on and so forth.

然後是第三個人，他給了我 250 美元，以此類推。

And the more people are offering and bidding for my stock price, the more its value goes up.

越多人出價競購我的股票，它的價值就越高。

But let's say that I bought that Tesla stock for 100 dollars.

但假設我用 100 美元買了特斯拉的股票。

And now in the auction, the auction is the stock market.

而現在的拍賣，拍賣的是股票市場。

So the stock market is literally an auction for stocks or for the vouchers that represents those companies.

是以，股票市場實際上就是股票或代表這些公司的憑證的拍賣會。

Yes, I bought my stock, my Tesla stock for 100 dollars back in the days.

是的，當年我用 100 美元買了我的股票，我的特斯拉股票。

And now someone is offering that to buy that stock for me for 250 dollars.

現在有人出價 250 美元幫我買下這隻股票。

What do you think is the value of my Tesla stock right now is?

您認為我的特斯拉股票現在的價值是多少？

Because there are people in the world who are ready to offer me that much money to buy that stock from me.

因為世界上有人願意出那麼多錢從我這裡買股票。

And the more bidders there are going to be to buy my stock at a higher price, the more it is going to worth.

以更高的價格購買我的股票的競標者越多，我的股票就越值錢。

But what happens suddenly if all those people decide that, listen, we no longer want to buy your stock, we no longer believe in your Tesla stock and they stop bidding for my stock, but I still want to sell my stock.

但是，如果所有這些人突然決定，聽著，我們不再想買你的股票了，我們不再相信你的特斯拉股票了，他們停止競購我的股票，但我仍然想賣掉我的股票，那會發生什麼呢？

所以我打算出一個更低的價格。

If nobody wants to buy it, for example, at 250, I'm going to go and offer who wants to buy my Tesla stock at 220 dollars.

比如說，如果 250 美元的價格沒人願意買，那我就以 220 美元的價格向誰提出購買我的特斯拉股票。

If there is somebody is going to buy it, yes, the deal is closed.

如果有人要買，那麼交易就完成了。

But what if there is nobody who wants to buy it at 220.

但如果在 220 時沒有人願意購買呢？

And if nobody wants to buy it at 200 dollars, then I will offer 180 dollars.

如果 200 美元沒人願意買，那我就出 180 美元。

And at some point, we are going to come to an agreement.

So every time a transaction takes place in the market, if I have purchased my Tesla stock for a hundred dollars and then I sold it to someone else at 250 dollars, I made a profit of a hundred and fifty dollars.

是以，每次在市場上進行交易時，如果我以 100 美元的價格購買了特斯拉股票，然後以 250 美元的價格賣給了別人，我就賺了 150 美元。

That means that wealth transferred from one hand to another.

這意味著財富從一隻手轉移到另一隻手。

So every single time when there is a transaction and somebody buys a stock and somebody sells the stock, wealth constantly changes hands every single time.

是以，每次交易，有人買入股票，有人賣出股票，財富每次都在不斷地易手。

Remember that there are billions of Tesla stocks in the market alone.

請記住，僅市場上就有數十億隻特斯拉股票。

And if you take the entire market, where every single company has billions of stocks in the market, and there are plenty of investors in the market who are fighting for those stocks, you see that the stock price changes every single second.

在整個市場上，每家公司都有數十億隻股票，市場上有大量投資者在爭奪這些股票，你會發現股價每秒鐘都在變化。

And in some cases, or in plenty of cases, or in every single case, the price of the stock changes every single millisecond.

在某些情況下，或者在很多情況下，或者在所有情況下，股票價格每毫秒都會發生變化。

Because there are so many bidders on one side and there are so many sellers on the other side.

因為一邊是眾多的競拍者，另一邊是眾多的賣家。

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市場崩潰時，錢都去哪兒了？ (Where Does the Money Disappear to in a Market Crash?)

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