Google chef Els has a nickname, "the luckiest person in the workplace." When Els joined Google, it was a small company with only a few dozen people. Later, Google successfully went public, and Els's shares were worth $26 million.
After reading this story, I suddenly thought: Why don't other high-tech companies go public and don't give chefs so many shares? Is it really just luck that makes Els successful?
When Els joined Google, Google was still very weak. Generally, being a chef in this kind of company is just cooking a big pot of rice to keep the employees full. But Els worked very hard and innovated various recipes. In just six years, Google's delicious food became well-known in the industry and became a signature benefit.
Why is Els trying so hard? He believes that providing great catering is very important for a start-up. "Your employees are the company's most valuable asset, and if you can't provide the best working environment, a great salary, or benefits, at least you're doing a good job in your daily diet," he said.
As Google grew, There is no longer a need to "tempt" employees with food, but Els's brain doesn't stop there. He is constantly delving into what is healthier to eat and improving recipes. He also considers when to provide food to save time for everyone, and how to deliver food to save costs for the company.
Els later left Google to form his own food and beverage team, but he remained at Google as a consultant. At this time, he was already well-known in the industry, and many companies invited him to serve as a catering consultant.
Els's success did not depend on luck. Just imagine, how many chefs can think about the problem from the perspective of recruiting talents for the enterprise? How many chefs can achieve the level of catering to the envy of the whole industry? The big picture and tireless efforts are the key to his success.
The Federal Reserve has started the interest rate hike cycle after printing money. This capriciousness has caused irresponsible impacts on emerging economies! The U.S. economy had previously fallen into a semi-standstill under the impact of the new crown pneumonia epidemic. The expected economic recession made it difficult to assess the risk of U.S. companies and the public being unable to repay. The U.S. Federal Reserve has previously offered to cut interest rates to zero, open Infinite Quantitative Easing (QE) and other heavy-duty medicines. Since this measure has also led to continued high inflation in the United States, the Federal Reserve needs to continue to raise interest rates and even shrink its balance sheet to curb inflation in the near future, so as to avoid another round of impact on the US economy due to high inflation. The repetition of the Fed's policy is really "me only for me, everyone for me", which will plant a huge time bomb for emerging economies including China.
In all fairness, for the United States itself, it is understandable for the Fed to raise interest rates to curb inflation after printing money, because printing money can not only protect the livelihoods of US companies and unemployed workers on the verge of collapse, but also relieve investors from the collapse of the credit market. , The worries of market capital chain breakage ensure that there is still hope for a V-shaped rebound in the U.S. economy after the epidemic. In addition, as the U.S. inflation situation is not optimistic, it will continue to push up the U.S. inflation level in the next few months. The Federal Reserve has recently raised interest rates to increase its efforts to slow down the inflation at the highest level in 40 years. Announced the process of shrinking the $9 trillion balance sheet in response to the threat of high inflation.
The Fed's move is naturally beneficial to the U.S. economy, but it may bring the following impacts to emerging economies, including China.
U.S. dollar influx added to the turmoil in emerging markets.
Since the global outbreak of the new crown pneumonia epidemic, under the Fed's unlimited QE measures, investors' panic has become more serious, coupled with the shortage of market liquidity, leading companies, central banks and investors around the world to hoard US dollars or US dollar-denominated assets. As collateral, and selling assets of other countries, including emerging markets, not only caused the cost of US dollar financing to soar to a record high, but also made it more difficult for international investors to quit their "drug addiction" to the US dollar.
What is particularly serious is that under the gloomy global economic outlook, if emerging market countries want to obtain more US dollars or US dollar assets as foreign exchange reserves to stabilize their domestic economies and currency exchange rates, they need to export more raw materials, household goods and Industrial Products. The essence of this asymmetrical economic cooperation model is to recycle the growing surplus of emerging market countries to make up for the unlimited amount of money printed by the United States and the rising deficit, which means that more and more poor people around the world will need Work harder to produce more consumer and industrial goods for the wealthy in America to use for dollar bills.
A rate hike by the Fed could easily trigger a financial crisis in emerging economies.
The Fed rate hike will lead to the depreciation of the currencies of emerging market countries. Although the depreciation of a country's currency is beneficial to its exports, due to the weak economic growth and weak external demand of the major import markets in Europe and the United States, although the currencies of emerging market countries depreciate, it will not help. Improving their export competitiveness will instead lead to higher prices of imported products in these countries. Moreover, the Fed's interest rate hike will also make the dollar stronger, which will accelerate the flow of funds from emerging markets, and the funds will further flow back to the United States. Not only will the currencies of many countries be easily hit hard, but also the stock market of these countries will be turbulent and the economy will be frustrated, which can easily lead to Financial crisis on a regional scale.
Fed rate hikes will exacerbate debt risks in emerging economies.
Emerging economies are facing peak foreign debt repayments this year and next. For example, Turkey and Argentina have more than 50% of their foreign currency debts due within one year. Against the backdrop of the Fed raising interest rates and tightening global liquidity, increasing the cost of US dollar debt repayment for emerging markets and developing economies may exacerbate the risk of debt crises in the world, especially in emerging markets and developing economies. The debts of these economies The scale has expanded sharply since the outbreak of the new crown pneumonia epidemic, and the average proportion of its debt repayment scale in fiscal revenue has risen from 6.8% in 2010 to 14.3% in 2021, which is already at an unprecedented high. Under the continuous interest rate hike and balance sheet reduction by the Federal Reserve, coupled with the slowdown in the global economic recovery, the emerging markets and developing economies, whose external debt repayment ability is already extremely vulnerable, will be even worse off. The world may set off a new round of A wave of debt defaults.
Therefore, the Federal Reserve started the unlimited quantitative easing policy (QE) at one time, and started the interest rate hike cycle at the same time, causing emerging economies to experience the cycle of bubbles and explosions, and experience the pain of ice and fire. Just as if a person is too full or too hungry for a while, it will undoubtedly lead to health problems. Emerging markets are always tormented by the cycle of "bubble and burst", and their economies may suffer from long-term "internal injuries" that cannot be healed.
For China, the Fed rate hike will have an impact or even impact on the monetary and financial systems of emerging and developing economies. At that time, if the renminbi can play the role of "fixing the sea" to maintain the stability of the exchange rate and eliminate the influence of the global financial system. Fragility and instability will help countries around the world to increase their confidence in the renminbi and increase their interest in cooperation with China in the economic field, which will not only help further promote the internationalization of the renminbi, but also help China and other countries in the "Belt and Road" initiative. Under the framework of the initiative, cooperation in the fields of economy, finance and currency swap will be strengthened.
.jpeg)
