The facts were indeed not as expected. In June 2006, the three carriages of the EU, the European Central Bank and the International Monetary Fund came to a consensus conclusion after conducting detailed evaluations of the sovereign debts of EU member states. Since many countries led by European pig countries did not meet the economic standards for joining the EU, they used improper accounting methods to conceal the truth. After joining the EU, they did not change their domestic high welfare policies and required EU subsidies for many years, so they had to pay the price for the sovereign debt this time. Since EU members unanimously voted not to persuade their members to withdraw, they could only wave the punishment whip and whip the aid targets.

The public is already extremely dissatisfied with the current financial system that has experienced continuous subprime mortgage and European debt crises. The EU has also proposed major adjustment plans in accordance with public opinion, from strengthening industry supervision and limiting wages for practitioners, especially the salary cap orders for bank executives, which has made Britain, with the financial industry as its core, very dissatisfied and even threatened to withdraw from the EU.

One of the most controversial ones is that banks not only need to increase their capital adequacy ratio, but also have to pay for their wrong investments. In order to prevent a crisis of "bigness that cannot be destroyed" again, European banks must participate in stress tests. Banks that do not meet the standards have only two ways to go, either declare bankruptcy and reorganization immediately, or meet a series of conditions before they can obtain assistance. These conditions include re-dividing bank assets and sharing them into relatively healthy assets, "good banks" that can ensure the safe deposits of small and medium-sized depositors and most of them are toxic assets, which require large depositors to make sacrifices, and if necessary, they will directly impose high deposit taxes.

This condition shocked the entire international financial community. This means that when bankrupt banks suffer asset restructuring, the biggest loser is their big savers. This was warmly welcomed by the majority of middle and lower-class civilians. Who doesn’t like robbing the rich to help the poor? But it made many European rich people panic all day long. In addition, since the European financial industry is second only to the United States, and there are many tax havens, most of the VIP customers of large banks are overseas rich people.

Before the announcement of this condition, European and American rich people had received rumors and transferred their deposits to other continents, which only hurt the surface. Many wealthy people in emerging countries, including China, had transferred their money to Europe to avoid domestic investigations, but now they are trapped, which is really a terrible problem. However, compared to the losses of Japan and Russians, this is nothing.

Russian rich people have good traditions to transfer their wealth to foreign countries. When the Soviet Union collapsed, the country was in turmoil. In order to reduce risks, many financial oligarchs transferred many deposits to Europe. The oligarchs that the Russians cannot forgive are because they took advantage of the collapse of the Soviet Union to make a fortune. As a result, when they encountered the financial crisis in 1998, they refused to share hardships with the country. Instead, most people chose to escape and let ordinary people live in dire straits.

So after Putin came to power, he hit the financial oligarch hard, winning praise from the public. Not long ago, he put the richest man, Khodorkovsky, into prison, causing Russia's number one oil giant Yushenko to collapse, and domestic rich people were frightened by this. With this mentality, Russian rich people bought property and saved money overseas, and their first choice was financial havens such as London and Cyprus in the UK. Unexpectedly, the financial tsunami was too big, which completely defeated the defense lines that were originally considered impregnable in London, Iceland, Cyprus and other Russian rich people naturally wasted all their bank deposits.

The situation in Japan is much more complicated. Since the 1960s and 1970s, Japan's economy has entered a stage of rapid take-off. In the 1980s, Japan has become the second largest economic power in the Western world, and its momentum has been catching up with the United States. This has aroused strong resentment from other Western countries and caused a wave of "Japanese threat theory" that has risen higher than the wave, which is quite similar to the "China threat theory" that is gradually rising. Therefore, the seven Western countries launched the "Platform Agreement" in 1985, forcing the Japanese yen to compare prices all the way, and the yen appreciated by 2.4 times in less than three years!

The appreciation of the yen caused social wealth to soar. The Japanese were confused about how these wealth that suddenly fell from the sky was spent, so they had to invest in real estate, land and stock markets, which led to the soaring of Japanese real estate prices and forming a huge bubble. When Japan's housing prices were at its highest, the real estate prices in Tokyo alone were comparable to those in the entire United States, which was obviously impossible and not lasting. Even if the Japanese real estate bubble burst in the 1990s, housing prices are still among the best in the world.

As the Cold War disappeared, the Western world doubled its territory overnight. In Asia, the economies of emerging countries such as China and India began to grow rapidly, which urgently needed a large amount of foreign capital. As the appreciation of the yen hit the export industry at the core of Japan's economic growth, Japan's land prices rose, and domestic labor costs remained high, which accelerated the pace of manufacturing investment migration, and the Japanese economy began to show a "empty" situation. The Japanese government also judged the situation and introduced the national policy of "transforming export orientation to investment and establishing a country". Using the wealth in hand, it widely invested overseas with an intention to build an "overseas Japan". Therefore, with trading companies controlled by several major Japanese consortiums as the core, many Japanese merchants took large yen overseas.

Although the feudal system of Japanese consortiums has been widely criticized, the cooperation model of group-to-group warming is still the magic weapon for success of Japanese companies. Following Japan's unique economic penetration method, trading companies controlled by large consortiums and other core companies will mostly adopt direct shareholding or set up joint ventures to enter the production chain of the target country of investment, with different links ranging from oligarchs to small and medium-sized enterprises, but the proportion generally does not exceed 20, which can not only gain a voice in overseas cooperative enterprises, but will not arouse the vigilance of the government of the country.

Most of Japan's overseas investment targets are developed countries in Europe and the United States and emerging markets, and it has found a good "unblocking port" for Japanese corporate wealth when they are "harmed" at home. Since the late 1980s, Japan's industries and funds have flocked to overseas. These investments have made Japan a fortune, and 2.4 times of value-added funds have become 2.4 times of industrial and financial capital.

Among them, Mitsui Products and Mitsubishi Commercial participated in oil fields and minerals in Australia, Brazil, Africa, Russia and the Middle East. Behind the hot iron ore price negotiations in recent years, there are many shadows of Japanese consortiums. Mitsui Products are closely related to the Vale in Brazil, BHP Billiton in Australia and Rio Tinto; Merchant ships Mitsui and Japanese mail ships dominate the world's maritime market, and then extend the value chain to major steel producers such as New Japan Iron Manufacturing, China's Baoshan Steel and South Korea's Poshang Steel. In the upstream of the industrial chain, there are also Japanese consortiums that have invested in it.

At present, the investment of Japanese consortiums overseas has reached a level that can affect the national economic safety of several countries, and it also plays a role in resolving the "Japanese threat theory". After the 1990s, although Japan's domestic economy was widely reported by domestic and foreign media as "lost twenty years" and described as a stagnant pool and unable to reproduce the grand occasion of the previous economic takeoff, it has actually not really declined. For more than 20 years, Japan's GDP has remained at a certain level. Even though the domestic market and manufacturing capacity shrinks, overseas expansion has not stagnated and has always maintained a rapid development trend.

In 2004, Japan's direct exports were only 61 trillion yen, while Japan's total sales of overseas companies reached 155 trillion yen, which is more than 2.5 times the former. If the sales of these overseas companies are directly converted into GDP, it is 3.5 trillion US dollars, which is the domestic GDP of Japan that year.

At the same time, Japan's total overseas assets include overseas land purchased, factories built, etc., which also have more than 4 trillion US dollars. Together with the sales of overseas companies, it reached 7.5 trillion US dollars, which is still a relatively conservative estimate. This conservative estimate alone still reaches 1.58 times Japan's domestic GDP, fully realizing the goal of the Japanese government building a "asset Japan" overseas that is stronger than China!

Another special thing about Japan's overseas assets is that they have little to do with the government. In addition to some of the foreign exchange reserves controlled by the government, they mainly rely on the company's own capabilities, and use the global network of major consortiums to maximize Japan's overseas investment. Surveys of several major international brokerage agencies have shown that Japan's holdings of overseas net assets have been the highest in the world for 19 consecutive years. In 2004, Japan's overseas net assets were US$1.8 trillion, accounting for more than 90 global overseas pure assets! It is the world's largest creditor country. In addition to some physical assets, such as land, factories and foreign company shares, a large part of them are invested in European and American bonds, financial bonds and financial derivatives.

As the financial tsunami came, many Japanese banks suffered heavy losses in the whirlpool of the US subprime mortgage crisis. Among them, Mitsui and Fuji Consortium's core companies suffered considerable losses. After the European debt crisis hit, even the top leaders of the two major consortiums, which had always been quiet, could not sit still and sent elite soldiers to Europe and participated in many negotiations as representatives of creditors.

But the news they received was worse than the other. The representatives of European pig countries also looked for Japan, but Japan's overseas assets first mean corporate wealth. The issuance of Japanese government's government bonds exceeded more than twice the GDP. In terms of risk alone, it also exceeded the level of several European pig countries. How can I have spare money to save people?
Chapter completed!