美国的意大利模式,欧洲的日本模式

慕尼黑——

美国式的商业模式已经崩盘。近些年来,美国从全球的其他国家借贷了巨额资金。仅在2008年一年,净流入美国的资本就超过8000亿美元。这些资金主要投向房贷化的证券产品和抵押贷款的债券,以及针对美国房贷人的赔偿金(更精确的来说,仅仅是针对住房本身,房主是被无追索权债项所保护的)。

目前,发行此类证券的市场还没有消失。2006年发行的资金达到1.9万亿美元。根据IMF的数据,2009年只发行了500亿美元,和2006年相比,下降了97%。如果从这点来看,金融灾难的危险程度是史无前例的。

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