ERM crisis in Europe. It stems from the fluctuation of floating exchange rate and the continued weakness of the US dollar against European currencies and the British pound. International speculative hot money (mainly hedge funds) attacked the pound and European currencies, which led to the collapse of the exchange rate of the pound and lira and forced the introduction of the European exchange rate mechanism.
1994-95: Mexico's financial crisis spread rapidly around the world. Originated from the blind liberalization of Mexico's financial market (following the instructions of "Washington"), a large amount of hot money flowed into Mexico and other developing countries, resulting in speculative asset price bubbles.
1997-98: Asian financial crisis, Russian debt crisis. The blind liberalization of financial markets in Asian countries, the relaxation of capital account management and the speculative hot money induced by the weak dollar have flowed into Asia and Russia in large quantities. From 65438 to 0996, the weak dollar policy ended, speculative hot money quickly flowed out of Asian countries, and the asset price bubble burst.
2000-02: The bursting of the global Internet bubble led to a sharp contraction of the credit market. The strong dollar cycle from 1996 led to a large number of international funds returning to the United States to participate in asset speculation such as the stock market.
2008: American subprime mortgage crisis and global credit market turmoil. Originated from the weak dollar cycle that began in 2002, the continuous interest rate cuts by the Federal Reserve led to unscrupulous credit expansion in the real estate market.