"But...... We are still the strongest ......"

After a while, Ji Shengcheng opened his mouth to speak, but his voice was a little dry.

"Of course, we are still the strongest," Chen Geng nodded affirmatively: "Although the Bretton Woods system is gone, the three main bodies that maintain the Bretton Woods system are still there, and don't forget, to some extent, it can actually be considered that we have abandoned the Bretton Woods system, on the one hand, this system founded in 1944 is actually not in our interests, on the other hand, we have found a better alternative than gold, that is, ......"

"Oil!"

Ji Shengcheng took the words faintly.

That's right!

Ji Shengcheng's words made the traders present react suddenly, and then, with a smile on their faces: There is no Bretton Woods system, but we have a better one, we control the oil!

Compared with gold, as a strategic resource that all countries in the world need, oil itself has all the characteristics of becoming a "hard currency", whether it is a developed country or a developing country, oil is an indispensable energy and basic chemical resources for the modern economic development of any country, so after the collapse of the Bretton Woods system, the United States, which is unwilling to give up the dollar as the world's common currency and is reluctant to collect "seigniorage" from the world, immediately realized that oil is a "hard currency" and immediately tilted the country's monetary policy from gold to oil.

In 1974, the United States signed an agreement with Saudi Arabia announcing the sale of military weapons to Saudi Arabia and promising to ensure the security of its homeland and royal family, in return for which Saudi Arabia must accept the U.S. dollar as the sole currency for oil exports.

Then, in December of the same year, the United States and other OPEC member countries also reached agreements one by one, and when these agreements were signed one by one, it also meant that the "petro-dollar" hegemony of the post-Bretton Woods system was officially born.

Under the hegemonic system of "petro-dollar", in order to obtain oil, oil-importing countries must first exchange dollars and hold dollar reserves, so the United States consolidates the position of the dollar in the international monetary system by controlling oil transactions, continues to enjoy the benefits of the dollar as the world's common currency, and continues to collect "seigniorage" from all over the world.

If we compare the Bretton Woods system with the "petro-dollar" system, then under the Bretton Woods system, it is the United States that eats meat, and the European brothers follow and gnaw the bones with meat, and the rest of the world drinks a sip of soup with some minced meat in it; Although some meat is taken out of the soup, as for the rest of the world, they can only drink a little soup that has been mixed with water after being left over from European and American countries.

It can be said that under the "petro-dollar" hegemonic system, the Americans play more independently, but obviously, Americans like it, and how comfortable it is to eat alone.

As for Chen Geng, looking at these pure Americans in front of him, he shrugged: As for the danger of doing this, why did Lao Tzu tell you? Speaking of which, buddy is still the beneficiary of this system.

........................

In order to alleviate the pressure and release confidence to the market, the Hong Kong Island Stock Exchange announced to the media and investors on the 24th through Hong Kong Island TV and a number of newspapers that it will hold a press conference on Sunday on the 25th to announce to everyone the rescue measures jointly formulated by the Hong Kong Island Stock Exchange and the Hong Kong Island Financial Secretary.

Under the current trend of global integration, every move of Hong Kong Island has been followed by investors all over the world and the world's major stock markets, and in order to be able to understand the first-hand information of the press conference of the Hong Kong Island Stock Exchange, BB and other large European TV stations have even arranged a rare live broadcast, although the price of watching the live broadcast is a little expensive, but for Chen Geng, he doesn't care about this little money, the important thing is to be able to understand the first-hand information.

Sunday, October 25, 10am Hong Kong time.

Saturday, October 24, 10 p.m. Washington time.

The eyes of the whole world are focused on the small land of Hong Kong Island, on the Hong Kong Island Stock Exchange, and on Li Fuzhao, chairman of the Hong Kong Island Stock Exchange.

Li Fuzhao, who has never had such a high degree of attention, feels that there is a lot of pressure on his shoulders: Attention from all over the world, when has Hong Kong Island, a small projectile land, ever been so concerned? Listening to the secretary whispering to himself about the origin of the media outside, Li Fuzhao shook his head with a wry smile: It seems that this pass is not easy today......

As soon as the press conference began, a reporter from the Asia branch came up and gave Li Fuzhao a dismissal, and reporter Smith asked Li Fuzhao with the usual arrogance of the Americans, with an aggressive face: "Mr. Li, don't you think that the suspension of the market for four days is too long? Moreover, do you think that such a simple and crude financial intervention method will damage Hong Kong's image as a 'free economic port.'"

"No, I don't think so," Li Fuzhao shook his head in the face of the aggressive reporter and replied in the same English: "First of all, as the governing body of the Hong Kong Island Stock Exchange, we have the responsibility and obligation to protect the property safety of investors. To protect the financial security of Hong Kong Island, in the case of the 19th, if the Hong Kong Island Stock Exchange is not suspended in time, the Hong Kong Island stock market will definitely suffer the most powerful plunge since its establishment, and the wealth of investors will also fall into a situation of no return, and for my view, Hong Kong Island Financial Secretary Sir Pierce Jacobs also agrees, Sir Jacobs believes that the decision to suspend the Hong Kong Island Stock Exchange has protected the financial security of Hong Kong Island to the greatest extent. ”

The reporter's question made everyone dissatisfied: In the case that the four-day market suspension period has passed, who cares why you Hong Kong Island is closed, Lao Tzu cares about how you plan to save the market!

As soon as Li Fuzhao's words fell, the BBC reporter immediately raised his hand: "Mr. Ronald, according to the information we have received, during the four days of the suspension of the market, the Hong Kong Island government and the Stock Exchange, Officials at the futures exchange held a series of meetings to deal with the crisis and look at how to avoid a market crash when the market reopens on Monday, but there have been pessimistic predictions from financial experts that unless an effective solution to the crisis is found by the end of this week, Hong Kong's credit as an international financial center will collapse.

Well, Ronald Lee is the English name of Li Fuzhao.

As soon as the BBC reporter's question came out, Li Fuzhao felt that the atmosphere at the scene had frozen a little, and the eyes of the whole world were paying attention to him.

Taking a deep breath, Li Fuzhao said with a smile: "As the BBC reporter said, after our futures exchange, stock exchange, Hong Kong Island government, Hong Kong Island Financial Secretary, Hong Kong Island Bank Union, In order to protect the interests of investors, we finally came up with a package of bailout plans, the core of which is that the government will arrange a loan bailout of HK$2 billion to the futures exchange, half of which will come from direct funding from the government, and the shareholders of the Hong Kong Futures Exchange and the stockbroking company will be responsible for supporting the other half. ”

Speaking of this, Li Fuzhao paused slightly, and said with confidence and pride: "For this plan, a number of multi-financial analysis experts from the Hong Kong Island Bank Union, Standard Chartered Bank and HSBC believe that this rescue policy is timely and effective, and they are optimistic about the effect. In addition......"

Before Li Fuzhao could finish his words, the local media who had just arrived said they would quit, and the reporter of Ta Kung Pao shouted: "Mr. Ronald, could you please explain why the stock market crisis broke out, but the Hong Kong Island government gave the bailout loan to the futures market?"

As soon as the voice of the reporter of "Ta Kung Pao" fell, it immediately attracted the echo of many Hong Kong Island media reporters, and compared with the reporters of big-name media such as BB, the local media on Hong Kong Island are undoubtedly too spicy......

"Yes, Li Sheng, could you please explain why there is obviously a crisis in the stock market, but the target of the rescue is the futures market?"

"As the chairman of the Hong Kong Island Stock Exchange, Li Sheng, you are clearly eating inside and out!"

............

Li Fuzhao can not care too much about the rhetoric of the BBC and other media, but he can't care less about the attitude of the local media on Hong Kong Island, seeing that everyone is very unsupportive of his approach, he hurriedly explained: "Everyone listen to me, listen to me, the way to save the futures market first is the stock market, the futures market, the government, The reason why the financial department and the bank made it together, the reason why the futures market was saved first, the reason is very simple, because the collapse of the stock market caused a comprehensive decline in commodity futures prices, especially the decline in stock index futures to make investors suffer heavy losses, you may know that on Monday, the account of the futures exchange suffered a large number of losses, many customers 'walked', the number of unrecoverable margins is very large, according to the market value, the need to 'make up' the funds as high as 3. 800 million Hong Kong dollars, while the futures exchange itself only has a capital of 15 million and a cumulative reserve of 7.5 million yuan!"

When Li Fuzhao said this, the scene suddenly quieted down: On Monday, the futures exchange needed to replenish the position of as much as 380 million Hong Kong dollars, while the futures exchange itself only had 15 million capital and 7.5 million yuan of accumulated reserves?

Oh, my God!

Anyone with a little bit of financial and futures experimentation knows that this amount of capital is clearly not enough to cope with a large-scale financial storm.