Kutheni iBhanki yeNtloko yeSizwe yenza uTyala lukaRhulumente lube lubi kakhulu
I- Federal Reserve ihlawulisa ityala le- US xa ithenga i- US Treasury bills, amabhondi kunye namanqaku . Xa i-Federal Reserve ithengwa ngala ma-Treasurys, ayifuni ukuprinta imali ukwenza njalo. Inika isikweletu kwiibhanki ze-Federal Reserve ezibamba i-Treasurys. Emva koko ibeka i-Treasury kwiphepha layo lemali. Yenza oku ngeofisi kwi-Federal Reserve Bank yaseNew York. Wonke umntu uthatha i-credit njengemali, nangona i-Fed ayifaki ukushicilela imali ebomini ebandayo.
Le nkqubo ibizwa ngokuba yimisebenzi yemarike evulekileyo . I-Fed isebenzisa esi sixhobo ukuphakamisa nokunciphisa inzala . Inciphisa ixabiso lentengo xa kuthengwa i-Treasury ukusuka kwiibhanki zalo zamalungu. Imiba enokubambisa imali kwiibhanki. Ngoku banamalungelo amaninzi kunokuba bafuna ukuhlangabezana neemfuneko zokugcinwa kwe-Fed.
Amabhanki aya kuboleka ezi zikhuphelo ezingaphezulu, ezibizwa ngokuba yimali eyondliwe , kwezinye iibhanki ukuhlangabezana neemfuno. Inzala yemali abahlawulana ngayo iyinqanaba lemali elondliwe .
Amabhanki aya kunciphisa le nqanaba ukukhulula ezi zikhulu.
Indlela i-Fed yenza ngayo imali ngetyala
Yintoni yokwenza imali ngetyala? Xa urhulumente we-United States ethengisa i-Treasury, ityala kubo bonke abathengi be-Nondyebo. Ezi zibandakanya abantu, amaqumrhu kunye noorhulumente bamazwe angaphandle. I-Fed ijika le matyala ibe yimali ngokususa loo Nondyebo ukusasazwa.
Ukunciphisa ukubonelelwa koNondyebo kwenza ukuba iibhondi ezisele zixabiseke ngakumbi.
Ezi xabiso eziphezulu ze-Treasurys akumele zihlawule ngokubanzi ngenjongo yokufumana abathengi. Esi sivuno esincinci siqhuba ixabiso lentlawulo kwi-matyala ase-US. Ixabiso lentlawulo elincinci lithetha ukuba urhulumente akadingeki ukuba achithe imali enkulu yokuhlawula iimboleko zakhe. Yimali engayisebenzisa kwezinye iiprogram.
Kufana nokuba i-Treasurys ethengwe nge-Fed ayikho. Kodwa zikhona kwiphepha lokulinganisela leFuthi . Ngokwenene, uNondyebo kufuneka ahlawule iFed emuva ngelinye ilanga. Kuze kube ngoko, i-Fed iye yanikezela urhulumente wesigqeba imali engakumbi yokuchitha. Oku kwandisa imali , ngoko ukwenza imali ngetyala.
Kutheni le nto iyinkinga
Uninzi lwabantu aluzange lusixhala malunga ne-Fed yokwenza imali ngetyala kwaze kwaba ngo- 2008 . Kungenxa yokuba kude kube ngoko, imisebenzi evulekileyo yemarike yayingeyona into enkulu yokuthenga. Phakathi koNovemba 2010 noJuni 2011, i-Fed yathenga ii-600 zamawaka ezigidi ze-Treasury-long. Kwakuyinxalenye yokuqala yokunciphisa umzimba , eyaziwa ngokuthi yi- QE1 .
Kwakukho izigaba ezine ze-QE kwinkqubo eyaqhubeka ngo-Oktobha 2014. I-Fed iphelile nge $ 4.5 trillion kwi-Treasurys kunye ne-securities-backed sheet kwi-balance sheet.
Ngomhla ka-Juni 14, 2017, i-Fed yathi iya kunciphisa ukubamba kwayo ngokuthe ngcembe kwakungadingeki ukuba ithengise.
Xa isantya semali esondliwe sifike ekujoliswe kuyo kwipesenti ezi-2, i-Fed iya kuvumela i-$ 6 billion ze-Treasurys ukuba zivuthwe ngaphandle kokufaka endaweni yazo. Ngenyanga nganye yayiza kuvumela i-R6 billion yezigidi ukukhula. Injongo yalo kukuthatha umhlala-phantsi we-$ 30 billion ngenyanga.
I-Fed iya kwenza okufanayo kunye nokubanjwa kwayo kweemali ezixhaswe ngemali-mboleko , kuphela ngokunyuka kwama-4 bhiliyoni ngenyanga ukuya kufinyelela kwi-20 billion yezigidigidi.
Xa i-Fed iqalisa ukusihlawula iimbophe zayo, iirhafu zentshola elide ziza kuqhubeka. Kungenxa yokuba kuya kuba negalelo elikhulu leNondyebo kwimarike. I-Nondyebo yase-US iya kufuneka inikeze inzala ephakamileyo kwiNondyebo ithengisa ukunyanzela nabani na ukuba bathenge. Oku kuya kwenza i-US ityala libiza kakhulu ukuba urhulumente ahlawule. Ingxaki enkulu kunye ne-$ 20 trillion. Ukongezelela, umlinganiselo wecala lomhlaba wentengo ungaphantsi kwama-100 ekhulwini.
Kule nqanaba elikhuselekileyo. Ibenza ababolekisi ukuba babuze ukuba uhlanga luyakwazi ukubuyisela imali mboleko.
Kutheni i-Fed Bought Bonds
Injongo ephambili ye-Fed kulo lonke i-QE kukugcina isantya semali esondliwe. Iibhanki zisezantsi zonke iirhafu zentsholongwane zentsholongwane kwinqanaba lemali elondliwe. Inqanaba eliphantsi lokunceda iikhampani zandisa kwaye zakha imisebenzi . Ixabiso elingaphantsi kwemali elithengisa abantu linceda abantu bafumane imizi ebiza kakhulu. I-Fed yafuna i-QE ukuvuselela imarike yezindlu. Ixabiso lentengo elincinci liyanciphisa ibuyiselo kwiibhondi. Oku kuguqula abatyali-mali kumashishini kunye nezinye iimali-mali eziphakamileyo. Kuzo zonke izizathu, iirhafu zenzalo ezantsi zikhuthaza ukukhula koqoqosho .
Kodwa inxalenye yesicwangciso seFed yayingayenza imali ngetyala. Awuzange avume oko, kodwa kunengqiqo. I-QE incedise ukwandisa iindleko zikaRhulumente kunye nokwandisa ukukhula. I-Nondyebo ayifuni ukunyusa izinga lokutsala ukutsala abathengi. Oku kwakuya kuphazamiseka kwezoqoqosho. Xa uqoqosho lubuyiselwe ngokugcwele, i-Fed ingakwazi ukuguqula ngokuthe ngqo ukuthengiswa kwayo kwe-QE. Iza kuthengisa i-Treasury yona.
I-St Louis Fed Disagrees
NgoFebruwari 2013, i-Federal Reserve Bank yaseSt. Louis yakhankanya ingxelo ephikisayo iFed imali eyenziwa ngetyala. Yathi ibhanki ephakathi ingenza imali kuphela xa iinjongo zayo kukugcina i-Treasurys kwi-balance sheet. Ngamanye amagama, bekuya kusebenzisa amandla ayo ukudala imali ngaphandle komoya omncinci ukuxhasa ngokusisigxina indleko zikaRhulumente.
Kunoko, owayengumongameli we- Fed uBen Bernanke wachaza ngokucacileyo ukuba iFed yayiza kuthengisa i-Treasurys xa i-QE iphelile. Nangona iFed iphelile i-QE ngo-Oktobha 2014, ayizange iqale ukuthengisa i-Treasurys yayo. Xa kunjalo, inzala iya kuphakama. Urhulumente wephondo uza kufumana ukuba ukuxhaswa kwayo imali kuya kubiza.