Who in the manufacture of the next world economic troubles.

<P> Who create the next big problem the world economy? .</ P> <P> a bullish stock market in the world, when this question a little bit out of date. .But now, not to mention not, because there are two things that are accelerating the formation of a bubble under the First, the exchange rate war has opened the world to play, and second, the developed economies but also in overweight quantitative easing monetary policy. .The emergence of these two financial events, indicating the global economy is becoming more difficult and more complex, and the current market, a major rise in the price, and no fundamentals to support, its causes and consequences are very serious .The. .</ P> <P> first look at the global stock market situation. .Statistics show that from the beginning to the present, from emerging markets to developed market economies, there are special reasons in addition to individual countries and regions, there is no one place is not red-hot stock market. .Gains in major markets such as the rainbow, beyond most people's expected gains, and some even more than the level before the financial crisis, there was nothing like the way the financial crisis. .</ P> <P> example, nearly a year to gain the top ten stock market, rose 43.95% in Thailand, the Philippines rose 43.28%, up 43.00% in Indonesia, Turkey rose 37.41%, up 23.56% in Denmark, Argentina, up 22.94 .%, up 20.67% of Israel, Malaysia, up 19.49%, up 18.59% of Poland, Singapore, up 18.15%. .Thai stock market even beyond the 2008 level before the financial crisis, from the December 2008 low of 380 point on reentry, go now 999 points, hitting a new historical high. .</ P> <P> and Europe at the stock market so what? .UK FT100 index in September 2008 was 5649 points, in March 2009 fell to 3460 points, 5500 points early this year is, despite the test a low year, but now has come to 5770 points higher than the beginning. .The United States in September 2008 the Dow is 11,800 points, in March 2009 was 6469 points early this year is 10,700 points, after dropping as little, and now rose to 11,155 points, also beyond the beginning point. .The Nikkei 225 index affected by the yen's appreciation, the beginning of 10600 points, 9500 points now, the trend has been repeated. .</ P> <P> in the BRIC countries, India in September 2008 was 15,500 points, in March 2009 dropping 10,540 points, 17,700 points earlier this year, now 20,125 points, a record high. .Earlier this year, Brazil is 70,000 points to 57,000 points in the probe, now 71,805 points, not only beyond the September 2008 outbreak of the financial crisis, the high point, beyond the point earlier this year. .Russia earlier this year was 1,400 points, 1,224 points in the dropping, and now 1605 points, the same is beyond the beginning of the opening price level. .</ P> <P> reference to the BRIC countries and other countries and economies, China's performance is very special. .October 2007 on the Shanghai Composite Index touched 6124 points, to September 2008 fell to 2049 when the financial crisis point to the November 2008 round of dropping the lowest point of 1678 points, 3289 points early this year, opened in mid-year .dropping 2319 points, now just climb to 2971 points. .Not only the historical high of more than 6124 points far away, and the opening price than the beginning of this year has fallen by 10% as the world's weakest markets. .</ P> <P> taken the trouble to put them here, the national representative body of the stock market and economic order out of the situation, you can see? .Clearly, the current relationship between stock market and the fundamentals have not had, but with the exchange rate trends and liquidity conditions highly correlated. .Now is the hot money around the market, is increasingly affecting the liquidity of investment. .Which led to the outbreak of the 2008 financial crisis, liquidity problems, to this day has not been resolved, but once again became the resurrection in some developed countries harm than soup. .</ P> <P> example, in some European countries, government financial constraints, social rising unemployment, the strike continued, the economic outlook is uncertain, but the country's stock market still higher. .Why? .Like the United States, serious fiscal and trade deficits, high unemployment, a number of economic indicators are not optimistic, but the stock market still higher. .Why is that? .Because the dollar further and sustained depreciation of the impact of flooding the market expected, and once again inspired the enthusiasm of global speculators, speculation of the wind once again prevailed. .</ P> <P> Asia and other emerging economies, areas affected by exchange rate fluctuations and hot money, but also rise in the price everywhere. .In particular, some small economies, market gains huge, seriously out of line with economic fundamentals for the future development of buried a lot of hidden dangers. .And compare alternative is that Japan and China. .Japan's huge increase in the yen against the dollar, the attacks have become the object of international speculators, coupled with continued weakness in the Japanese economy, the stock market has been repeated. .Slow recovery in the Chinese stock market, then, and China's financial environment and market structure. .</ P> <P> from the above comparison is not difficult to find, now, of the major important factor in the investment market is the exchange rate movements and liquidity position. .In other words, the current market environment and the funds before the outbreak of the 2008 financial crisis, there is no fundamental difference. .In this case, a number of developed economies would also like to stress once again continue the quantitative easing monetary policy. .Its purpose is to ease the internal contradictions, the cost of rebalancing the economy shifted to emerging economies, the head, the result will cause the world economy once again shocks. .This is very dangerous. .</ P> <P> example, Fed Chairman Ben Bernanke said on Friday that there is a need for further quantitative easing policy, and recently the European Central Bank and Bank of Japan on the implementation of the quantitative easing monetary policy has also been action. .All this to protect themselves from the developed economies action, no doubt to the next generation of a large bubble created new conditions for the world economy has created an even bigger trouble. .This is the need to guard against. .</ P>.