Mlandu wotsutsana ndi Fed - Kodi United States ikufunika banki yayikulu?

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Ndi limodzi la mafunso amene anthu ena amadabwa…koma aliyense amachita mantha kufunsa. (Monga dzina la mnansi wanu mutanena zabwino m'miyezi isanu ndi umodzi yapitayi.)

Makamaka chifukwa Federal Reserve ikuwoneka kuti ili ponseponse, kufunikira kwake, komanso kutchuka muchuma cha America.

Kukayikitsa kufunika kwa Fed pazachuma ndikufanana ndi kufunsa ma jalapenos (kapena chinanazi!) pa pizza…

Mwano.

Koma lero, tidzachita chimodzimodzi. (The Fed, kunena momveka. Pizza yathu imakhalabe yoyera.)

Pansipa, mnzake Jim Rickards akudula mizu ndikufunsa:

"Kodi Federal Reserve System imagwira ntchito yothandiza pakukula kwachuma, kukhazikika kwachuma, kapena kupanga ntchito?"

Mayankho ake akhoza kukudabwitsani.

Fufuzani pansipa.

Werenganibe.” - Chris Campbell

N'chifukwa Chiyani Timafunikira Fed?
Ndi ndemanga zopanda malire za ndondomeko ya Fed yopereka "chilimbikitso" kapena "kuchepetsa ulova" kapena "kulimbana ndi kukwera kwa mitengo," pali ndemanga zochepa chabe ngati Fed ingathe kuchita chilichonse mwa zinthu zimenezo.

Ndipo, ngati angakwanitse, kaya achita ntchito yabwino. Pafupifupi palibe amene amafunsa funso ngati tifunika Federal Reserve System poyamba, ndipo ngati ndi choncho, chifukwa chiyani.
Mlandu wotsutsana ndi Fed - Kodi United States ikufunika banki yayikulu? Kudyetsedwa "Stimulus" Sicholimbikitsa
Umboni wotsimikizika wa mphamvu ya Fed ndi yowonekera. Ndalama sizingalimbikitse chuma. Mmodzi amangofunika kuganizira nthawi kuyambira 2009 mpaka 2019. Pazaka khumi zimenezo, chuma cha US chinali kubwerera ku Great Recession of 2007 - 2009. Izi zinaphatikizapo mantha aakulu azachuma m'chaka cha 2008 ndi zolephera zotsatizana za Bear Stearns, Fannie. Mae, Freddie Mac, Lehman Brothers ndi AIG.

Tidakumananso ndi zolephera za Goldman Sachs ndi Morgan Stanley, zomwe zidali maulamuliro otsatirawa mpaka a Fed adawasandutsa kukhala makampani okhala ndi mabanki ndikuwapulumutsa pamodzi ndi Citi, Wells Fargo, ndi JP Morgan.

Kukula kwapakati pachaka kwa GDP pazobwezeretsa zonse kuyambira Nkhondo Yachiwiri Yapadziko Lonse kunali kupitirira pang'ono 4.2%. Kukula kwapachaka kwa GDP muzobweza zonse kuyambira 1980 kunali 3.75%. Kukula kwapakati pachaka kwa GDP pakuchira kwa 2009 - 2019 kunali 2.1%.

Uku kunali kuchira kofooka kwambiri m'mbiri ya US.

Zinafika panthawi yomwe Fed idakulitsa ndalama zake kuchokera pa $ 800 biliyoni kufika $ 4.5 triliyoni pogwiritsa ntchito njira yochepetsera ("QE") m'mapulogalamu otchedwa QE1, QE2, QE3, QE4, ndipo mosabisa tasiya kuwerengera. QEs kuyambira pamenepo.

Simumvanso mawu oti "QE". Ndi chifukwa sizigwira ntchito. Mapepala ambiri ofufuza a Fed ndi omwe si a Fed apeza mfundo imeneyi. Mwachidule, kusindikiza ndalama za Fed kumachita osati zimathandizira kukula ndipo sizilimbikitsa.

N'chimodzimodzinso ndi kuchepetsa chiwongoladzanja. Kumbukirani ndondomeko ya chiwongoladzanja cha ziro (ZIRP)? Ndalamazo zinkakhala ndi chiwongoladzanja pa zero kuyambira December 2008 mpaka December 2015, ndipo sizinawakweze konse mpaka 2017. Nthawi imeneyo ya ZIRP ikupitirira ndi kukula kwa kuchepa kwa magazi m'kuchira kuchokera ku 2009 - 2019. Apanso, uwu ndi umboni wamphamvu wakuti ZIRP ili nawo. palibe stimulative mphamvu.

Kutsika kwachuma ndi kukulitsa kumachitika; iwo ndi gawo la kayendetsedwe ka bizinesi. Koma, a Fed alibe chochita nawo. Kuzungulira kwamabizinesi kumayendetsedwa ndi zochitika zazikuluzikulu monga kulimbikitsana kwa nkhondo pambuyo pa nkhondo, zowopsa, ndondomeko yazachuma, miliri, zolakwika zamalamulo, chidaliro cha ogula, kupita patsogolo kwaukadaulo, komanso kuchuluka kwa anthu.

Fed Ndi Yabwino Pakuwononga Chuma
Fed ilibe kanthu kochita ndi aliyense wa madalaivala amenewo. M'malo mwake, mbiri yonse ya Fed ndikusokonekera kwa mfundo zingapo potengera kuwerengera molakwika mayendedwe abizinesi.

Ndalamazo zinayambitsa Kusokonezeka Kwakukulu mwa kulimbitsa ndondomeko ya ndalama mu 1927 - 1929 isanafike kuwonongeka kwa msika wa October 1929. Fed inatalikitsa kutsika kwachuma kumeneko mwa kusunga ndondomeko yolimba kwambiri.

Dziko la US linatuluka kuchokera ku chuma choyamba (1929-1932) cha Kuvutika Kwakukulu pamene FDR inachepetsa mtengo wa dola motsutsana ndi golide mu 1933. Kutsika kwachuma mu 1933-1936.

Kunali kutsatizanaku kwa kugwa kwachuma kuwiri komwe kwachiwiri kunachitika tisanachira koyambirira komwe kunasandutsa nthawi yonseyi kukhala Great Depression (1929-1940). Chomaliza ndi chakuti Fed ili ndi mphamvu zochepa zothandizira chuma koma ndi yabwino kwambiri pakuyiwononga.

Chosangalatsa ndichakuti, US yakhala ndi mabanki atatu apakati komanso nthawi yayitali popanda banki yayikulu. Kuyambira ndi George Washington mu 1789, dziko la United States linalibe banki yaikulu mpaka 1791. Chaka chimenecho, banki yaikulu yoyamba ya United States yotchedwa Bank of the United States, yomwe imadziwika kuti First Bank of the United States inalembedwa ndi Congress ya US. Inakhazikitsidwa kwa zaka 20 mpaka 1811.

Banki Yoyamba ya United States sinakhazikitse ndondomeko yandalama kapena chiwongola dzanja, sinayang'anire mabanki ena, sinasungitse ndalama zochulukirapo, ndipo sinakhale ngati wobwereketsa womaliza.
Mlandu wotsutsana ndi Fed - Kodi United States ikufunika banki yayikulu? Koma linaloledwa kubwereketsa ndalama ku boma la United States, ndipo ndiye mfundo yake. Banki Yoyamba ikhoza kuthandizira kupambana kwa dongosolo la Alexander Hamilton lopereka ngongole ya boma ndikuchotsa msika wake watsopano wa bondi posonyeza kuti US inali yobwereka ngongole. Pankhani imeneyi, zinali zopambana.

Bungwe la First Bank charter silinakonzedwenso ndi Congress mu 1811. Nthawi yachiwiriyi yopanda banki yayikulu ku US sinathe nthawi yayitali. Nkhondo ya 1812, yomwe idamenyedwa kuyambira 1812 mpaka 1815, idasokoneza kwambiri ndalama za US. Ngongole ya dziko la US idakwera kuchoka pa $45 miliyoni mu 1812 kufika pa $127 miliyoni mu 1815.

Mavuto azachuma amenewa anachititsa andale ambiri, kuphatikizapo Purezidenti James Madison, kuthandizira kukhazikitsidwa kwa Banki Yachiwiri ya United States. Idalembedwa ndi Act of Congress mu 1816 kwa zaka makumi awiri. Banki Yachiwiri inayamba kugwira ntchito ku Philadelphia pa January 7, 1817. Mtsogoleri wamkulu mu Banki Yachiwiri anali Nicholas Biddle wa Philadelphia, yemwe anali pulezidenti wa banki kuyambira 1823 mpaka 1836.

Banki Yachiwiri idayamba movutirapo poyendetsa ndondomeko ya ndalama zosavuta mu 1817 ndi 1818, zomwe zinapangitsa kuti nthaka iwonongeke komanso kuphulika kutha mu mantha a 1819. , ndi kugwetsa mitengo ya katundu.

Sizinafike mpaka Nicholas Biddle adakhala Purezidenti wa banki mu 1823 pomwe Banki Yachiwiri idapeza ndondomeko pa keel. Biddle amadziwika kuti adapanga ndalama zabwino komanso ndondomeko yandalama yokhazikika kuyambira 1823 mpaka 1833, zomwe zidathandizira US kuthandizira chuma chomwe chikukula panthawiyo.

Andrew Jackson adakhala Purezidenti wa US mu 1829 ndipo nthawi yomweyo adayamba kuwononga Second Bank. Mgwirizano wake udayenera kutha mu 1836. Woyang'anira bankiyo adakhala nkhani yayikulu pachisankho cha 1832 pankhondo yomwe idatchedwa Nkhondo Yakubanki.

Jackson adapambananso pachisankho. Anaukira bankiyo pochotsa ndalama za federal ndikupatutsa ndalama zatsopano za federal kumabanki apadera osankhidwa. Jackson adatsutsa bilu ya recharter ndipo veto idavomerezedwa. Banki Yachiwiri inasiya kukhala ndi mgwirizano wa federal mu February 1836.

Kwa zaka 77 kuyambira 1836 mpaka 1913, US inalibe banki yayikulu. Palibe kukaikira kuti iyi inali imodzi mwa nyengo zazikulu kwambiri ndi zazitali za chitukuko chachuma m’mbiri ya dziko.

Panali kutsika kwachuma khumi ndi zisanu ndi chimodzi panthawiyi, ndi mantha asanu ndi limodzi (1857, 1873, 1893, 1896, 1907, ndi 1910). Komabe, kukula konseko kunali kwabwino ndipo kukula kumeneku sikunali kokwera mtengo komanso kolimbikitsidwa ndi luso laukadaulo. Zina mwa zinthuzi zinali njanji, telegalafu, telefoni, zipangizo zaulimi, magalimoto, nyumba zosanjikizana, magetsi, ndi zingwe zapanyanja.

Kutsika kwachuma kwachitika pafupipafupi ndi mabanki apakati monga opanda. M'zaka 110 chiyambireni kukhazikitsidwa kwa Federal Reserve mu 1913, US idakumana ndi vuto lazachuma 20 komanso nkhawa zisanu zazachuma, (1929, 1987, 1994, 1998, ndi 2008).

Pazaka 77 zopanda banki yayikulu (1836-1913), pakhala kutsika kwachuma kamodzi pazaka 4.8 pafupifupi. Pazaka 110 kuchokera pamene Federal Reserve inakhazikitsidwa (1913-2023), pakhala kutsika kwachuma kumodzi zaka 5.5 zilizonse. (Lingaliro lakuti theka loyamba la 2022 linali kutsika kwachuma kutengera magawo awiri otsatizana a kukula kwachuma, ndipo kutuluka kwachuma kwatsopano chaka chino kungachepetse kuchuluka kwachuma kumodzi zaka 5.0 zilizonse).

Kumeneko sikuli kusiyana kwakukulu muzaka za 187, makamaka chifukwa cha kuopsa kwa Great Depression (1929-1940), zomwe zinachitika pa wotchi ya Fed. Chotsatira chake ndi kulumikizana kwakukulu pakati pa kuchuluka kwachuma ndi popanda banki yayikulu.

Chinsinsi Chenicheni Kumbuyo kwa Federal Reserve
Izi zikusonyeza kuti Fed ndi ndondomeko zake za chiwongoladzanja sizikugwirizana kwambiri ndi kuchepa kwachuma. Kutsika kwachuma kumayendetsedwa ndi kayendetsedwe ka bizinesi ndi ndondomeko yandalama. Fed ikhoza kupangitsa kuti kuchepa kwachuma kuipire, koma sikungathe kuwachiritsa. Chuma chimachita zimenezo chokha.

Pamaso pake, sitifunikira Federal Reserve kuti ikhazikitse chiwongola dzanja. Msika ukuwoneka kuti ukuchita ntchito yabwino yokhazikitsa mitengo pawokha. Sitifunika Federal Reserve kuti tipewe kugwa kwachuma chifukwa zimachitika pafupipafupi pazifukwa zomwe sizikugwirizana ndi Fed. Sitifunikira Federal Reserve kuti iwonetsetse kukula chifukwa US idakula modabwitsa kuyambira 1836 mpaka 1913 popanda banki yayikulu.

Ngati Federal Reserve ilibe cholinga chofunikira pakukhazikitsa chiwongola dzanja, kuletsa kutsika kwachuma, kapena kukulitsa inshuwaransi, chifukwa chiyani tili ndi Federal Reserve konse?

Yankho limabwereranso ku zochitika zachilendo kuyambira 1906 mpaka 1913. Zochitika izi zimasonyeza cholinga chenicheni ndi chinsinsi chenicheni cha Federal Reserve.

Pa April 18, 1906, kunachitika chivomezi chachikulu ndi moto umene unawononga mzinda wa San Francisco. Anthu opitilira 3,000 adafa ndipo 80% ya mzindawo idawonongedwa. Makampani a inshuwaransi nthawi yomweyo adayamba kuwononga katundu wawo kuti apeze ndalama kuti athe kubweza zomwe akuyembekezeka.

Kugulitsaku kumabweretsa nkhawa ku mabanki aku New York ndi New York Stock Exchange ndi misika ina yazachuma kummawa. Kuphatikizika kwa kupsinjika kwachuma kuchokera ku chivomezi cha San Francisco komanso kutaya chidaliro kuchokera ku kugwa kwa Knickerbocker Trust Company ku New York kudapangitsa kuti mabanki ayendetse.

Pakutha kwa mantha pa Okutobala 19, 1907, Pierpont Morgan, wosunga banki wodziwika kwambiri ku America komanso wamkulu wa JP Morgan & Co., adayamba misonkhano ingapo ku New York City brownstone pakona ya 36th Street ndi Madison ndi akuluakulu amabanki ndi akuluakulu aboma. Kudzera mu utsogoleri wake, a Pierpont Morgan pafupifupi adapulumutsa yekha mabanki aku US.
Mlandu wotsutsana ndi Fed - Kodi United States ikufunika banki yayikulu? Ulendo Wodabwitsa wopita ku Jekyll Island
Chiwopsezo cha 1907 chitangotha, mabanki ndi ndale adayamba kufunsa mafunso omveka bwino. Kodi chingachitike n'chiyani m'tsogolomu? Pierpont Morgan sakanakhala ndi moyo kosatha. (Ndipotu, Morgan anamwalira ku Roma mu 1913). Ndani angapulumutse dongosololi nthawi ina pamene mabanki ali pafupi kugwa?

Mabanki apamwamba adaganiza kuti pakufunika banki yayikulu yatsopano. Moyenera, banki iyi ikhala yake yokha koma ikanathandizidwa ndi boma la US mwanjira yoti athe kutulutsa ndalama. Chofunika koposa, banki yapakati iyi ikhoza kukhala ngati wobwereketsa womaliza kumabanki aku US.

Senator waku US Nelson Aldrich (R-RI) adakhala ngwazi yandale ku banki yayikulu yatsopano. Mu 1910, Aldrich adakonza ulendo wachinsinsi wopita ku kalabu yapadera pa Jekyll Island, Georgia.

Paulendowu anali Frank A. Vanderlip (Purezidenti wa National City Bank woimira zofuna za Rockefeller), Paul Warburg (wothandizana naye ku Kuhn, Loeb akuimira zofuna za Jacob Schiff ndi ndalama za ku Ulaya), Henry Davison (mnzake ku JP Morgan & Co. akuyimira zofuna za Morgan), Abram Andrew (katswiri wa zachuma ndi Mlembi Wothandizira wa Treasury woimira Boma la US), ndi Benjamin Strong (Wachiwiri kwa Pulezidenti wa Bankers Trust ndi mutu wamtsogolo wa Federal Reserve Bank of New York).

Kwa mlungu umodzi, gululi linalemba zomwe pambuyo pake zinadzakhala Federal Reserve Act. Panthawiyo inkadziwika kuti Aldrich Plan.

Gululi linkadziwa kuti anthu a ku America ankadana ndi mabanki apakati kuyambira pamene Banki Yachiwiri ya ku United States inatha mu 1836. N’chifukwa chake sanatchule chilengedwe chawo kuti ndi banki yaikulu kapena kuti Bank of the United States.

Kuyitcha kuti Federal Reserve inali yachinyengo komanso anodyne. Zinatenga zaka zingapo kuti izi zikhazikitse lamulo, koma Lamuloli linasindikizidwa ndi Pulezidenti Woodrow Wilson m'masiku otsiriza a 1913. Bungwe la Fed lakhala nafe kuyambira pamenepo.

Mpaka lero mabanki khumi ndi awiri a Federal Reserve Banks ali ndi eni ake pambali ndi mabanki m'chigawo chilichonse. Malangizo amaperekedwa ndi Board of Governors of the Federal Reserve System yosankhidwa ndi Purezidenti wa US ndipo amakhala ku Washington DC. Dongosolo lonse ndi wosakanizidwa bwino wa zokonda zapagulu ndi zachinsinsi.

Cholinga chenicheni cha Federal Reserve sichikugwirizana ndi kuthandiza chuma, kukhazikitsa chiwongola dzanja, kuchepetsa ulova, kapena zolinga zina zilizonse zomwe mumamva ndikuwerenga. Cholinga chenicheni ndi chinsinsi cha Fed ndikuchotsa mabanki pogwiritsa ntchito ndalama za boma. Mabanki ali ndi manja awo pa makina osindikizira.

Chifukwa chake, yankho lalifupi ndikuti US safuna banki yayikulu. US idachita bwino popanda imodzi kwa zaka 77 kuyambira 1836 mpaka 1913. Ndalama sizingalimbikitse chuma. Ndalama sizimayambitsa bizinesi (koma zimatha kupangitsa kuti zinthu ziipireipire ndipo nthawi zambiri zimatero). A Fed sangathe kupanga ntchito.

The Fed imangopatsa mabanki kuwongolera ndalama ndikudzipulumutsa okha kamodzi pazaka khumi zilizonse. Zina zonse zomwe mumamva zokhudza zolimbikitsa, kulenga ntchito, chiwongola dzanja, kukhazikika kwachuma, ndi zina zambiri ndi phokoso chabe. Kugwa kwachuma komwe kukubwera kumatha kukakamiza ena kufunsa mafunso ovuta ndikudula mapiko a Fed. Osadalira basi.

Author: Jim Rickards
Source: AltucherConfidential.com