韩国央行行长李昌镛周三表示，目前的韩元兑美元汇率虽然不是传统意义上的金融危机，但从对物价和 不平等的影响来看，可以称之为一场危机。 责任编辑：于健 SF069 李昌镛当天在首尔举行的一次关于通胀情况的新闻发布会上表示，外汇供求不平衡是韩元走弱的主要原 因，并敦促国民年金公团（NPS）考虑其海外投资对宏观经济的影响。 李昌镛说："目前的外汇市场形势并不构成涉及金融机构倒闭或主权违约风险的传统金融危机。但它可 以被视为一场危机，因为汇率可能对通胀产生重大影响，并产生一种使社会凝聚变得更加困难的环 境。" "考虑到对经济增长两极分化加剧的担忧，目前的汇率水平并不让我们感到满意，"他补充道。 由于韩国投资者大举向海外投资，加上外国投资者在近期股价上涨后纷纷抛售韩国股票，韩元兑美元的 汇率一直徘徊在1450韩元以下。 有关部门已承诺采取适当措施确保市场稳定。韩国财政部和韩国央行周一宣布，将与国民年金公团签订 的外汇互换协议延长1年。 据悉，韩国央行已经恢复了与国民年金公团的货币互换交易，但具体时间和规模尚未公布。该协议的上 限为650亿美元。 "我认为NPS在启动或暂停货币套期保值的时机上不应那么透明，" 李昌镛表示。 ...

撰文丨王聪 编辑丨王多鱼 排版丨水成文 长期以来，无论是学术圈还是大众媒体，普遍存在一种共识： 收入和财富差距的扩大 （ 经济不平等） 会 通过加剧社会地位焦虑和破坏社会关系，最终损害我们的主观幸福感和心理健康。这一观点已经根深蒂 固， 影响了数十年来的公共政策建议和社会态度。 然而，国际顶尖学术期刊 Nature 上发表的一项新研究，通过 以空前规模的数据分析和严谨的方法论，提 出了令人信服的证据，对上述观点提出了挑战。 数据说话：整体效应近乎为零 研究团队发现，经济不平等与 主观幸福感 之间并无显著关联，而对于 心理健康 （例如抑郁、焦虑等） ， 初步分析似乎显示经济不平等确实有害，但进一步分析发现，这一结果受到" 发表偏倚 "的严重影响。 经济不平等与主观幸福感的荟萃分析的森林图 | Scale® | · Life satisfaction | C Longitudinal design | Agg OR (95% Cl) | Author (year) | RoB | + Happiness | · Other/both outcomes | Cross-sectional design | 0.94 ...

Core Insights - The American middle class is not slowly declining but is facing a silent and comprehensive shrinkage [1][3] - The official poverty line is misleading, with a significant gap between reported and actual living costs, leading to over 70% of American families being effectively classified as "poor" [3][4] Historical Context - The post-war era (1945-1970) marked the golden age of the middle class, with labor participation rates rising and real wages increasing significantly [4] - The shift in economic policy during the 1980s, particularly under Reagan's neoliberal policies, led to a decline in labor income's share of GDP and an increase in corporate profits [4][5] Key Data Analysis - Essential expenditures such as housing, healthcare, and childcare now account for nearly 60% of family budgets, compared to about one-third in 1963 [2][6] - The median home price in 2025 is projected to be $416,900, which is five times the median family income of $83,150, significantly higher than historical averages [6][7] - The average hourly wage has not kept pace with inflation, resulting in a 34% decline in purchasing power over the past 25 years [8] Causes of Decline - Policy changes since 1980 have exacerbated inequality, with tax reforms favoring the wealthy while increasing the tax burden on the middle class [9] - Financialization has dominated the economy, with a significant portion of corporate profits being returned to shareholders rather than reinvested in labor [9][10] - Globalization and automation have further eroded middle-class jobs, with manufacturing employment declining by 30% since 1980 [9] Future Outlook - The contraction of the middle class is expected to worsen between 2025 and 2030, with potential poverty rates reaching 75% under restructured calculations [11] - However, there are potential turning points, such as job creation from infrastructure investments and possible interest rate cuts, which could alleviate housing burdens [11][12] - Structural reforms are necessary to address the root causes of middle-class decline, including tax reforms and investments in vocational education [12]

Core Points - UN Secretary-General António Guterres called for the G20 to lead efforts in eliminating trade barriers and emphasized the need for countries to build "bridges of trade" rather than "walls of trade" [1][2] - Guterres criticized the current international financial system as unfair and ineffective, stating it was designed by developed countries to meet their economic needs [1] - He highlighted the historical injustices faced by African nations in global governance, describing them as "double victims of colonialism" [1] - Guterres urged G20 members to play a crucial role in reforming global economic governance to make it more inclusive, representative, fair, and effective [1] - He warned that inequality has become a "cancer in society," concentrating power and undermining public trust in democracy [1] - Many developing countries, particularly in Africa, are locked at the bottom of global value chains or excluded from trade opportunities [1] G20 Summit Context - The G20 summit is scheduled to take place from November 22 to 23 in Johannesburg, South Africa, with the theme of "Unity, Equality, Sustainability" [2] - This summit marks the first time the G20 is held on the African continent, making it a significant milestone [2] - Guterres urged the G20 to fulfill commitments made at the June financing conference in Seville, including unlocking more financing for developing countries and supporting their domestic resource mobilization [2]

Core Insights - Nomura emphasizes China's focus on resilient, stable, and inclusive economic growth from 2026 to 2030, driven by significant investments and industrial policies, particularly in semiconductors and artificial intelligence [1][5] - The core drivers for the A-share market's future growth are policy support, liquidity, and industrial upgrades, with AI and high-value exports identified as key themes for the upcoming year [4][1] Group 1: Global Economic Resilience - Despite rising tariffs, geopolitical tensions, and fiscal pressures, the global economy shows significant resilience, supported by the AI revolution, flexible trade adjustments, and moderate monetary and fiscal policies [2] - Economic inequality is becoming more pronounced, with low-income families and small businesses struggling, posing challenges for policymakers to maintain global economic stability [2] Group 2: Asian Economic Outlook - The technology sector in Asia (excluding Japan) is expected to perform well, driven by strong demand for AI and a supercycle in storage chips, while non-tech sectors face challenges due to limited spillover effects from AI and increased tariffs on labor-intensive industries [3] - The region's solid economic fundamentals and new growth drivers, such as supply chain shifts and increased AI investment, position India, the Philippines, and Malaysia as some of the fastest-growing economies in the next decade [3] Group 3: A-share Market Dynamics - A-share valuations have expanded over the past year but remain reasonable when considering the equity risk premium in a declining risk-free rate environment [4] - The "14th Five-Year Plan" emphasizes long-term productivity upgrades and technological transformation, which will catalyze structural market trends, although improvements in earnings fundamentals are still needed [4][7] Group 4: AI and Technology Sector Developments - The trend towards a self-sufficient AI supply chain in China is becoming more evident, with significant investments in AI infrastructure and a focus on developing large language models and generative AI applications [8] - The competitive landscape in the instant retail sector is expected to stabilize, potentially alleviating losses for companies expanding in this area [8] Group 5: Entertainment Sector Insights - The online entertainment sector, particularly online gaming and music services, is expected to remain resilient, while long-form video content may continue to lag due to shifts in consumer preferences towards short videos [9]

Core Insights - Gary Stevenson, a former trader at Citigroup, experienced rapid success in the financial industry but ultimately chose to leave it behind to pursue a deeper understanding of economic inequality and systemic issues [3][41]. Group 1: Early Life and Career - Gary Stevenson grew up in East London, facing poverty and challenges, which shaped his ambition to succeed in finance [1][6]. - He joined Citigroup in 2008 as the youngest trader in London and quickly became one of the top traders globally, managing thousands of billions in transactions [2][12]. Group 2: Trading Success and Strategies - During the 2008 financial crisis, Stevenson capitalized on the popularity of foreign exchange swaps, leading to significant profits for his department [15][19]. - He earned $12 million in his first year, a record for a new trader at Citigroup, due to favorable market conditions and a unique trading strategy [18][19]. - By 2011, he became one of the highest-earning traders, making $35 million for Citigroup in a single year [31]. Group 3: Psychological Impact and Departure - Despite financial success, Stevenson faced psychological challenges, feeling increasingly disconnected from his work and the growing wealth inequality around him [32][35]. - He ultimately decided to leave Citigroup, feeling that the financial system was rigged against the less fortunate and wanting to advocate for change [39][41]. Group 4: Post-Career and Advocacy - After leaving Citigroup, Stevenson pursued a master's degree in economics at Oxford, focusing on systemic economic issues and wealth distribution [41]. - He established a YouTube channel and wrote articles to raise awareness about economic mechanisms and advocate for reforms in the financial system [44].

Core Insights - Gary Stevenson, a former trader at Citigroup, shares his journey from a struggling youth in East London to becoming one of the top traders in the world, ultimately leaving the finance industry to pursue a deeper understanding of economic inequality and systemic issues [1][3][40]. Group 1: Early Life and Career - Gary Stevenson grew up in a challenging environment, selling candy at school and engaging in small trades, which laid the foundation for his future in finance [3][5]. - He joined Citigroup in 2008 as the youngest trader in London, quickly rising to manage trades worth hundreds of billions [3][11]. - Despite his success, he struggled with insomnia and the pressures of the trading environment, leading him to write a book titled "The Trading Game" [3][11]. Group 2: Trading Success and Strategies - Stevenson won a trading competition at Citigroup, which led to an internship, showcasing his ability to manipulate market sentiment [7][9]. - During the 2008 financial crisis, he capitalized on the popularity of foreign exchange swaps, earning significant profits for Citigroup [11][13]. - By the end of 2009, he became the first trader to earn $12 million in his first year, driven by favorable market conditions and a unique trading strategy [15][17]. Group 3: Market Insights and Economic Understanding - Stevenson recognized that successful trading relies on being right when others are wrong, emphasizing the importance of understanding market psychology [18][21]. - He observed that the economic models used by many traders were disconnected from reality, leading to widespread misjudgments in the market [23][24]. - His insights into economic inequality and systemic issues led him to bet against the prevailing market consensus, resulting in substantial profits during crises [26][29]. Group 4: Departure from Citigroup and New Ventures - After years of success, Stevenson faced mental health challenges and dissatisfaction with the trading environment, prompting his decision to leave Citigroup [31][34]. - Following his departure, he pursued a master's degree in economics at Oxford, focusing on the structural issues he encountered in finance [40]. - He established a YouTube channel and wrote articles to raise awareness about economic mechanisms and advocate for systemic change [40][43].

Core Viewpoint - The article narrates the journey of Gary Stevenson, who transitioned from a challenging childhood to becoming a successful trader at Citigroup, only to leave the financial industry to expose systemic economic inequalities and advocate for reform through his book "The Trading Game" [7][63]. Group 1: Early Life and Career - Gary Stevenson grew up in a poor environment in East London, wearing hand-me-downs and dreaming of a better life [2][13]. - He began selling candy at school and engaged in minor trades, but these were not his true aspirations [3][4]. - In 2008, he joined Citigroup as the youngest trader in London, quickly rising to manage trading volumes in the hundreds of billions of dollars [4][20]. Group 2: Trading Success and Challenges - Despite his success, Stevenson faced insomnia and stress from the high-stakes trading environment [6][5]. - He participated in a trading game that tested his ability to maintain conviction under pressure, ultimately winning an internship at Citigroup [15][19]. - During the 2008 financial crisis, he capitalized on the demand for foreign exchange swaps, leading to significant profits for himself and his team [25][26]. Group 3: Insights on Trading and Economics - Stevenson learned that successful trading relies on recognizing when others are wrong, rather than merely being right oneself [34][40]. - He observed that economic models often failed to reflect reality, particularly regarding wealth distribution and systemic inequalities [41][63]. - His trading strategies often involved betting against prevailing market sentiments, which proved lucrative during crises [42][44]. Group 4: Departure from Citigroup - Over time, Stevenson became disillusioned with the financial industry, feeling increasingly detached from his roots and the struggles of the less fortunate [51][53]. - After a series of personal and professional challenges, he decided to leave Citigroup, marking a significant turning point in his career [59][63]. - Following his departure, he pursued further education at Oxford and began advocating for economic reform through various platforms [63][64].

Core Insights - The article narrates the journey of Gary Stevenson, who rose from humble beginnings to become a successful trader at Citigroup, only to leave the financial industry to pursue a deeper understanding of economic inequality and systemic issues [2][4][50]. Group 1: Early Life and Career - Gary Stevenson grew up in East London, facing poverty and challenges, which shaped his aspirations and drive for success [1][10]. - He entered the London School of Economics, distinguishing himself from his peers due to his background and experiences [9][10]. - In 2008, he joined Citigroup as the youngest trader in London, quickly becoming one of the top traders globally, managing thousands of billions in transactions [3][4][20]. Group 2: Trading Success and Challenges - Despite his success, Stevenson experienced sleepless nights and a sense of emptiness, leading him to question the true value of his achievements [5][6]. - He won a trading competition that secured him an internship at Citigroup, showcasing his unique approach to trading and market psychology [12][15]. - During the 2008 financial crisis, he capitalized on the demand for foreign exchange swaps, earning significant profits and establishing himself as a top trader [20][24][39]. Group 3: Insights on Economic Inequality - Stevenson observed that many traders lacked real-world understanding of economic issues, leading to poor decision-making during market downturns [27][32]. - He recognized the systemic nature of economic inequality, noting that wealth was increasingly concentrated among the elite while the middle class was being hollowed out [32][34]. - His experiences led him to believe that true change in the economic system required public awareness and action against entrenched interests [50][52]. Group 4: Departure from Finance - Over time, Stevenson became disillusioned with the repetitive nature of trading and the growing wealth gap, prompting him to leave Citigroup [41][46]. - After a challenging exit process, he pursued further education at Oxford University to study economics more deeply [49][50]. - He transitioned from being a player in the financial game to a critic of the system, advocating for reforms and raising awareness about economic disparities [50][52].

Core Viewpoint - Richard Wolff emphasizes the unique advantages of China's socialist market economy compared to the U.S. economic system, highlighting the need for a better understanding of China's development among Americans [1][2][5]. Group 1: Economic Comparison - Wolff notes that China's high-speed rail system is a significant achievement, showcasing China's investment in infrastructure, which contrasts with the U.S. perception of its own capabilities [2][11]. - The GDP of the G7 countries accounts for approximately 28% of the world, while China's GDP, along with that of BRICS nations, represents about 35%, indicating a shift in global economic power [7]. Group 2: U.S.-China Relations - Wolff points out that while some in the U.S. seek to learn from China's development, others view China as a threat, leading to a polarized perspective on U.S.-China relations [3][4]. - The response of China to U.S. tariffs under the current administration is more pronounced than in previous administrations, indicating China's willingness to counteract perceived threats to its development [2][6]. Group 3: Economic Inequality - Wolff discusses the severe economic inequality in the U.S., where a small number of individuals hold vast wealth while many struggle to meet basic needs, attributing this to the corporate governance structure that prioritizes profits over employee welfare [9][10]. - The U.S. faces a crisis where essential social services are neglected, contrasting with China's approach to public investment in infrastructure and education [11].