Unless a senior actuary on Wall Street comes to check the accounts, with the situation of the domestic era, even if the China Banking Regulatory Commission jointly raids the accounts, it is estimated that the exact amount of book capital overflow will not be calculated.

In fact, it is very simple, this trick is a small trick in the Wall Street magic world, he learned it in his previous life to use it for his affiliated companies, and in this life he simply used it to change and change the treasury bills to play.

Take the acceptance bill as an example, if the Xiongtu steel sales office sends a staff to recover 1 million accounts receivable, and the salesman takes a 1 million acceptance back into the account, then it is flat on the books, and the money has been recovered, but the value of the acceptance bill is not 1 million of the face value, the half-year period may be 950,000, the one-year period may only be worth 870,000, and the middle 130,000 is overflowing, and the overflow part is generally the letter of credit card discount, but on the books, the accounts receivable have indeed been recovered.

The second ring is the trust, the trust is to have a reserve collateral like the issuance of banknotes, due to the nature of the treasury bonds, it is a natural mortgage object, but before the treasury bills are allowed to circulate freely, six are collected and seven out, the face value is sixty percent cash income, seventy percent is sold, and the price difference between the current market periphery and the magic capital is also one percent, such as Yang Wei, who directly deals with the local bank business system, and the price difference is even higher.

The interest rate of savings is 5 points, and the interest rate of treasury bills can reach 13-16, what is the concept of three times the interest rate difference. If he has a license, he can make treasury bonds into corporate bonds through a series of affiliated companies, package a series of wealth management products, and all of them are pooled together to form a bottomless bond pool, and then distribute the water droplets of the bond pool to securities companies for underwriting and sales.

If he is a little more black-hearted, he will pour water to dilute the bond pool, decompose the bonds into smaller bonds again, sell them to the whole society, and sweep them all together from banks to institutions and individual investors, very familiar with it, yes, this is the principle of subordinated debt, but it is more clever than the subordinated debt at the beginning of the century, after all, technology has been improving, the magic world has never been complacent, and the top magicians will not take the existing tricks and then come out to be embarrassed, just change to a new trick, there will always be a moment for you to witness a miracle.

This is much more ferocious than a one-way reversal, the issuance of treasury bonds is quantitative, the pool of water from the periphery into the magic capital has capacity, and the plate is so big, but by using the interest rate difference to dig the bond pool, you can pump out the stagnant water in the magic capital and send it out, flowing in both directions, and the stagnant water will become living water, endless, endless.

The interest rate differential between foreign currency and local currency can also be dug into the pool, and the savings are made into bonds as soon as they are enlarged, released, and packaged into trusts and financial products as soon as they are decomposed and recovered, and an infinite cycle deduction is made.

This is also the reason why Yang Wei looks down on the old management of those institutions, even if he only uses the interest rate differential formed by the interest rate difference between treasury bonds and bank interest rates, he can make the securities industry prosperous, but he wants to pour out treasury bills like potatoes, and he wants to dismantle his own securities and futures market.

This is also why the domestic Zhengzhou futures market is so fun, but once it comes to the domestic and foreign copper reserves, aviation fuel and other futures, it can't play the reason, why, a market without a big picture, not paying attention to technology, not knowing self-care of the market, can not cultivate senior financial talents with strategic vision, even the trader is from the daily limit death squad, this gang of wild people in the country is used to being arrogant, as soon as they go abroad, they are laughed at as meat buns.

Global speculative capital has a rare commonality in individual industries, very closed, almost all of the internal apprenticeship training, the elite layer is all produced in actual combat, even the domestic is no exception, unlike the introduction of high-end scholars and scientists to the domestic leadership laboratory still produce academic results, but a change of environment immediately unadaptable.

Speculative capital in the industry, you are a top student, a professor, how many titles, honors are useless, and all the public and private equity and funds of global investment banking institutions are all apprentice-style training, and they are too influenced by the environment and the leader.

What is the environment, it will produce a team that adapts to the specific environment, what is the style of the master, and the trader who teaches is basically the same way, both at home and abroad.

Traders who play futures and stocks in Hong Kong can't play at all in the mainland, and most of the Hong Kong people like those in "Stock Crazy" really come to the mainland to play, and most of them have to swim back. Even if Soros's team enters the mainland capital market to practice, it is still a dead end, and the death squad can play him to death, and the domestic team will be played by people as soon as they go out.

If the Soros team enters the mainland capital market for practical operation, the method of going back and forth with thousands of private equity accounts can scare him to death, what to buy and what to harvest, what to sell and what is insufficient, today to buy a food factory and tomorrow 315 to expose you, put a message today, the next day the newspaper will refute the rumors, buy a house today and check the water meter tomorrow, which company holds shares and which company will make some trouble for him, if you want to lend monetary assets do not borrow, you can sell what assets you want, but you have to hold a meeting to study and study first. If he wants to come to China to play, he can't stop taking medicine, otherwise he will have to go crazy, and why he is mischievous to socialism with Chinese characteristics, and why he is not sent to move bricks is for the sake of the traditional friendship between the Chinese and American peoples.

It's the same for the domestic team to go out to play, check your accounts every day, the media help you publicize, release the inventory when you buy oil, reduce production when you sell oil, hear the good news and buy the bad news immediately come out, and others play like this in other people's territory, what economic principles are all appearances, the practical operation of the professor of finance is still the level of a grocery shopping aunt, I have seen more of Buffett's value investment, who looks at the value of speculative capital?

Wall Street is good at formulating rules, strategically overwhelming people with momentum, striving for the consistency of the global capital market environment, tactically relying on the right to speak in the global capital market to obtain profits, and relying on the design of mouse traps or mathematical models to magic, and entering the secondary market instead of banks and investment banks, all of which are public and private, which are only effective in the field of international capital advantages, such as the capital markets of Europe, North and South America, such as the global commodity futures market and the foreign exchange market, but specific to a single country with strip fragmentation, Because the environment and rules are different, to change the magic, one is to transform into a familiar stage, and the other is to find a local trust, otherwise the trading team trained by Wall Street itself will not be able to play at all, and the trader is an IT coder with a program.

The total amount of global sovereign debt is 60 trillion US dollars, and Greece's debt is only 300 billion euros, and the media has speculated, but the real big business in the financial circle is social security, insurance, pensions, banks, the market related to the national economy and people's livelihood, and the derivatives market of 100 billion US dollars. Retail investors in the financial circle only play, let alone carry Treasury bills.

The Chinese media have invented a lot of words, such as capital operation, international professional speculator, and international financial speculator, which sound quite lofty, but without such a thing, Europe and the United States do not even have the bourgeoisie. Financial institutions will not chase the rise and fall like stockholders or futures, and they will play all the rules and regulations, and they will not play in the secondary market at all, and subordinated debt is the rule.

The financial world is like this, the first class is the Reserve Bank and the Federal Reserve, Class A war criminals. The second class is the note-issuing bank and the asset management bank, Class B war criminals. The third class is commercial banks and investment banks, and the high-level investment banks are mainly those that provide consulting and financial services, also known as risk banks, and Class C war criminals. These three categories are big players, playing rules, and the top public and private placements are also at this level, and they are not active in the secondary market at all.

Commercial banks and investment banks will intervene in mergers and acquisitions, shareholding, splitting, packaging, and listing, but they will leave after selling in the secondary market. Whatever financial products are more profitable than Soros, strip the risky trust fund, use other people's money to play in the secondary market, win or lose, and the risk is much smaller.

Because of the restrictions on financial licenses in China, securities companies were able to enter the third category, and they could expand leveraged products at will, and the business department of margin financing and securities lending was doing it in the 80s, which was very good, but the result was that they still lowered their prices and ran into the secondary market to speculate. The financial market with Chinese characteristics is different from the world, financial institutions have political tasks, and CICC is an investment bank that buys and sells in the secondary market, which is all self-deprecation, which is not what investment banks should do, and it has become speculative capital, which is very risky. Even banks are active in the secondary market, and central banks have remittances, which are actually national sovereign funds.

As long as you are active in the secondary market, speculating in foreign exchange and stocks, speculating in futures, whether you are a national sovereign fund or a pension and social security, public and private equity, retail investors, all at this level, there are capital predators are also in this layer, the so-called financial predators like Soros are quite big, but they are coolies who work for banks, even if they are national-level Tyrannosaurus Rex, for big players in the same gear, they are all dishes.