The world is so big that almost only the United States does not have to worry about the exchange rate issue. Therefore, before the economic growth rate in the second quarter of the United States hit a new low since records began in 1947, and the annualized quarterly rate dropped to 32.9%, the long-anticipated Federal Reserve used all means to prevent all these consequences, even using its? Structured investment instruments are more sound than those used before the mortgage crisis.

In the final analysis, the Fed is just turning on the tap and printing money.

originally, QE took the initiative to cure all diseases. But this time, the severity of the crisis has obviously exceeded the expectations of the Federal Reserve.

Even Federal Reserve Chairman Powell himself has no choice but to warn that when the US economy recovers depends on when the US controls the epidemic. As long as the epidemic is not "eliminated", recovery is a mirage.

The consequences of quantitative easing by the Federal Reserve in the early stage are getting more and more serious. Compared with the revival of the US stock market, the collapse tide of entity enterprises is continuing.

According to a report quoted by CBS, a legal service company, from the beginning of this year to June 3th, more than 3,6 American enterprises have filed for bankruptcy protection, an increase of 26% compared with the same period last year.

At the same time, more than 4 large enterprises in the United States have declared bankruptcy this year, which is the worst data in a decade. Among them, there are many century-old American stores such as J Crew, Remington and Nieman.

Even well-known companies with businesses all over the world, such as Starbucks, Pizza Hut and Nord stron Department Store, need to permanently close some stores to survive. And Boeing, Ford Motor Company, General Motors and other American scientific and technological lifeline enterprises, despite the unlimited support of the Federal Reserve, layoffs have become a choice that they have to make for their livelihood.

More and more enterprises are burdened with huge debts.

? By the end of 219, the size of corporate bonds in the United States was 9.6 trillion US dollars, accounting for about 45% of US GDP, 1.8 times that of the end of 28.

By 22, as of August 17th, in less than eight months, the issuance of investment-grade corporate bonds in the United States reached a record $1,342 trillion. As time goes by in the second half of 22, there is little sign that the borrowing frenzy is slowing down. According to Refinitiv Lipper, investors have invested more than $1 billion in the fund in the past 17 weeks to buy high-rated bonds.

low borrowing costs attract American companies to return to the credit market again and again, and cheaper borrowing costs attract American companies to return to the credit market again and again.

At the same time, the debt default rate of American retail enterprises is constantly setting a new record, which brings us back to three issues worth pondering after the flood of the Federal Reserve, the issuance of bonds by enterprises and the accelerated death of the real economy:

Any one of these three crises will have a far-reaching effect, even the subprime mortgage crisis. ?