全球流动性膨胀与国际货币体系危机

Global Liquidity Expansion and the Crisis of International Monetary System

本文首先描述了黄金非货币化后国际本位货币美元以及欧元向外过度提供引致全球流动性膨胀的机制和规模,指出了美国经济的去工业化和经济虚拟化的过程,进而从境外美元资产规模和投机资金力量、美国外汇储备等方面分析了美元危机不可避免的原因,目前美国的次贷危机只是美元危机的一个前奏。最后文章指出国际第二大本位货币欧元已经加入了无节制扩张行列,现行国际货币体系面临巨大的危机。

The paper points out that the excessive supply of USA dollar and Euro-two major reserve currencies- induces the global liquidity expansion. It describes the deindustrialization and virtualization of American economy, and analyzes the inevitability of dollar crisis from perspectives including the offshore dollar asset scale, the specula- tion fund, and America＇s foreign exchange reserve. Finally, the paper concludes that the international monetary sys- tem is faced with severe crisis.