Dealingové oddělení (Citfin - Finanční trhy a.s.)
Currencies  |  September 14, 2010 15:04:56

The world changed after Lehman - how?

What the crisis has changed

Everything was started in the U.S. mortgage crisis. It spilled over the derivatives as a crisis of confidence and financial crisis and everything escalated until the world economic crisis proportions. The difference is that world economies are now much more interconnected than in previous crises.  

Expulsion of the Devil and so could be called the actions of individual governments. Cheap money was one of the causes of the crisis and are also used as medicine. The central bank has dramatically reduced the rates and all over the world began to individual governments to pump into the economy astronomical bailouts led by the United States. This approach is open, sometimes hidden a lot of boxes, from which dropped a lot of skeletons. Countries with a large debt on more debt in an effort to kick-start economic growth, fiscal spending and found themselves with front pages in the context of state collapse. This situation is very hard to show how important it is to have sound public finances.

Partial clean up of markets should be one of the positive aspects of the crisis, but we are only talking about part because state intervention saved companies that would otherwise not survive.


The last few years have been marked by almost continuous growth. Shares rose, real estate and commodities. None of these assets did not experience significant decline, but after the collapse of Lehman Brothers came from a dream sobering. Crude oil fell from $ 147 per barrel to 30 dollars per barrel.

Bonds are no longer perceived as a 100% investment and return to the top of the pyramid - liquidity - the risk is much more strongly enforce the right of risk is a determinant of investment. Very good to see it on the dollar.Players lead the market strategy: I have free money and do not know what to do with them and do not want to risk - buy dollar.

In the financial markets is the most important more than ever the phrase risk aversion. Or if the good news of the fall of the dollar means the U.S., poor contrast its growth. The other side of the coin gives a large space speculation. In recent months, high volatility assets represent the possibility of large profits.

What follows from the crisis

The main negative aspect that we perceive is that the crisis becomes an argument for all sorts of regulation of financial markets. Unfortunately, when these market barriers implemented in response to the crisis, this crisis behind us. The regulation, however, remain.

Among the positives are especially taboo topic open government deficits. The policy there was a few myths. For example. that debts will pay in the future, which we are now interested. Future debt is normal. Have a shortfall in economic growth is in order. And above all, that the debt is paid only interest.

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We offer comprehensive services in the world of banking for companies trading with foreign countries. Corporate Account, favorable exchange rates - web Exchange Rates, foreign payments, exchange news and advice.
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