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Молочный гриб необходим в каждом доме как источник здоровья и красоты
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 When China Rules the World

There have been several contemporary illustrations of this realignment. After declining for over two decades, commodity prices began to increase around the turn of the century, driven by buoyant economic growth in the developing world, above all from China, until the onset of a global recession reversed this trend, at least in the short run. [4] Meanwhile, the stellar economic performance of the East Asian economies, with their resulting huge trade surpluses, has enormously swollen their foreign exchange reserves. A proportion of these have been invested, notably in the case of China and Singapore, in state-controlled sovereign wealth funds whose purpose is to seek profitable investments in other countries, including the West. Commodity-producing countries, notably the oil-rich states in the Middle East, have similarly invested part of their newly expanded income in such funds. Sovereign wealth funds acquired powerful new leverage as a result of the credit crunch, commanding resources which the major Western financial institutions palpably lacked. [5] The meltdown of some of Wall Street’s largest financial institutions in September 2008 underlined the shift in economic power from the West, with some of the fallen giants seeking support from sovereign wealth funds and the US government stepping in to save the mortgage titans Freddie Mac and Fannie Mae partly in order to reassure countries like China, which had invested huge sums of money in them: if they had withdrawn these, it would almost certainly have precipitated a collapse in the value of the dollar

 On the Brink: Inside the Race to Stop the Collapse of the Global Financial System

But this БЂњoriginate to holdБЂ« approach began to change with the advent of securitization, a financing technique developed in 1970 by the U.S. Government National Mortgage Association that allowed lenders to combine individual mortgages into packages of loans and sell interests in the resulting securities. A new БЂњoriginate to distributeБЂ« model allowed banks and specialized lenders to sell mortgage securities to a variety of different buyers, from other banks to institutional investors like pension funds. Securitization took off in the 1980s, spreading to other assets, such as credit card receivables and auto loans. By the end of 2006, $6.6 trillion in residential and commercial mortgage-backed securities (MBS) were outstanding, up from $4.2 trillion at the end of 2002. In theory, this was all to the good. Banks could make fees by packaging and selling their loans. If they still wanted mortgage exposure, they could hold on to their loans or buy the MBS of other originators and diversify their holdings geographically

 On the Brink: Inside the Race to Stop the Collapse of the Global Financial System

By late July both funds had effectively shut down. Bad news came fast, from within and outside the United States. Spooked investors began to shun certain kinds of mortgage-related paper, causing liquidity to dry up and putting pressure on investment vehicles like the now-notorious structured investment vehicles, or SIVs. A number of banks administered SIVs to facilitate their origination of mortgages and other products while minimizing their capital requirements, since the SIV assets could be kept off the banksБЂ™ balance sheets. These entities borrowed heavily in short-term markets to buy typically longer-dated, highly rated structured debt securitiesБЂ”CDOs and the like. To fund these purchases, these SIVs typically issued commercial paper, short-term notes sold to investors outside of the banking system. This paper was backed by the assets the SIVs held; although the SIVs were frequently set up as stand-alone entities and kept off banksБЂ™ balance sheets, some maintained contingent lines of credit with banks to reassure buyers of their so-called asset-backed commercial paper, or ABCP

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