Ukucinga Ngokukhawuleza Okulondoloze iMakethe yeZindlu
I-Fed ingathenga ityala elikhulu njengoko lifuna, nayiphi na ixesha elifunayo.
Kungenxa yokuba unamandla okudala i-credit ngaphandle kwomoya ococekileyo . Unalo lwazi ukwenzela ukuba ikwazi ukukhawulela ngokukhawuleza ukuthengiswa kwemali kwi-economic as required.
I-QE1 yokuthenga inkqubo yahlala ngoDisemba 2008 kwaze kwaMatshi 2010. Kukho ukuthengiswa okongeziweyo okwenziwe ukususela ngo-Ephreli ukuya ku-Agasti 2010 ukulungiselela ukulungiswa kokuthengwa kokuqala.
QE1 Ixesha lexesha
I-Fed yaqalisa i-QE1 ngoNovemba 26, 2008. USihlalo we-Fed uBen Bernanke wamemezela ukuhlaselwa ngokukhawuleza kwiingxaki zemali ngo-2008 . I-Fed yaqala ukuthenga i-R6 600 billion kwizibambiso ezixhaswe ngemali kunye ne-$ 100 yezigidi kwezinye iitalato. UFannie Mae noFreddie Mac baqinisekisa konke. I-QE ixhasa imarike yezindlu ukuba i-subprime mortgage crisis inakele.
Ngenyanga elandelayo, i-Fed iyanciphisa isantya semali esondayo kunye nezinga layo lokunciphisa ukuya kwi-zero. I-Fed yaze yaqalisa ukuhlawula umdla kwiibhanki kwimfuno yazo yokugcina . Ngenxa yoko, zonke izixhobo zomgaqo-nkqubo wezemali zonyusa ezibaluleke kakhulu ziye zafikelela kwimida yazo.
Ngako oko, ukunyuka kwamanani kwintsikelelo yaba yintloko yebhanki eyona nto yokukhuthaza ukukhula koqoqosho.
Ngomhla ka-Matshi 2009, iphothifoliyo ye-Fed ye- securities iye yafikelela kwiirekhodi eyi-1.75 trillion. Sekunjalo, ibhanki ephakathi yaqhubeka nokwandisa i-QE1 ukulwa nokunciphisa umonakalo. Ingqonge ukuba izithenga ngaphezulu kweebhiliyoni eziyi-750 zeebhiliyoni kwiziqinisekiso ezixhaswe ngemali-mboleko, i-$ 100 yezigidigidi kwi-Fannie kunye no-Freddie ityala, kunye ne-$ 300 yezigidigidi ze-Treasury-long-term Treasury kwiinyanga ezintandathu ezizayo.
NgoJuni 2010, iphothifoliyo yeFed yandile i-$ 2.1 yezigidigidi. UBernanke unqambile ukuthenga okuthe xa uqoqosho luphucule. Ukubamba kweFed kwaqala ukuwa ngokwemvelo njengoko ityala likhula. Enyanisweni, baxelwe ukuba baye kwi $ 1.7 trillion ngo-2012.
Nangona i-QE1, iBhanki yayingahlawulwanga
Kodwa ngo-Agasti, uBernanke wathintela ukuba i-Fed ingaqalisa kwakhona i-QE kuba uqoqosho lwalusenalo lucala. Amabhanki awazange ahlawulise ngokungathi i-Fed yayithembele. Kunoko, bebehlawula imali. Basebenzisa ukuba babhale phantsi bonke abatyala be-mortgage babesenayo kwiincwadi zabo. Abanye babenokwandisa ukulinganiswa kweentengo zabo, xa kunjalo.
Iibhanki ezininzi zikhalaza ukuba zikho nje ezaneleyo eziboleke ngemboleko. Mhlawumbi okokuba kuba iibhanki zaphakamisa imigangatho yazo yokuboleka. Naluphi na isizathu, inkqubo yeFed's QE1 ibheka okuninzi njengokunyusa umtya. I-Fed ayikwazanga ukunyanzelisa iibhanki ukuba ibolekise, ngoko nje yaqhubeka ibenza babakhuthaze ukwenza njalo.
Naphezu kwezinto ezintathu zokungabikho, i-QE1 isebenze
I-QE1 ibe neengxaki ezingundoqo, kodwa yayisebenza ngokubanzi. Ingxaki yokuqala, njengoko kukhankanywe, kwakungenakusebenza ekuphoqeleleni ibhanki ukuboleka. Ukuba i-$ 1 trillion okanye ukuba i-Fed ibethe ibenze kwiibhanki ibolekiswe ngaphandle, bekuya kukhulisa uqoqosho ngama-dollar ayi-10 triliyoni.
Kungenxa yokuba ibhanki kufuneka igcine iipesenti ezili-10 zezinto zayo ezipheleleyo kwindawo egcinwe kuyo. Oku kwaziwa njengemfuneko yokugcina indawo . Ingakwazi ukuboleka abanye, abaya kufakwa kwezinye iibhanki. Zigcina kuphela iipesenti ezili-10 kwindawo yokugcina, iboleka abanye. Yiloo ndlela i-$ 1 trillion kwi-Fed yemali-mboleko ingaba yi-$ 10 triliyoni ekukhuleni koqoqosho. Ngelishwa, i-Fed ayinalo igunya lokwenza iibhanki ziboleke, kwaye ngoko ayizange isebenze njengalindelekileyo.
Oku kwakhokelela kwingxaki yesibini. I-Fed manje ibenezinga eliphezulu lokurekhoda kwezinto ezinobungozi kwiphepha layo. Ezinye iingcali zazixhalabisa ukuba i-Fed yayifake i-subprime mortgage crisis. Isixa esikhulu seemali eziyingozi ziyakwenza ukuba zikhubaze njengoko zenza iibhanki. Kodwa iFed inekhono elingenamkhawulo lokudala imali ukuze ikhuphe nayiphi na ityala eliyingozi. Yaye yakwazi ukuhlala kwi-matyala kuze kube yilapho imarike yezindlu ifunyenwe.
Ngelo xesha, ezo mboleko "ezimbi" zaba zilungileyo. Babenempahla eyaneleyo yokuxhasa.
Oko kunjalo, kukhokelela kwingxaki yesithathu ngokunciphisa umzimba. Ngesinye isikhathi, kunokudala ukunyuka kwamaxabiso okanye nokuba ne- hyperinflation . Kungenxa yokuba iidola ezininzi zeFed zidala, ixabiso elincinci lee-dollar ezikhoyo. Emva kwexesha, le nto iyanciphisa ixabiso leedola zonke, oko kuthengwa ngaphantsi. Isiphumo ke ukunyuka kwamaxabiso.
Kodwa i-Fed yazama ukudala ukunyuka kwamaxabiso. Kungenxa yokuba kwakungqubuzana nokuchaswa kwezindlu, apho amaxabiso aye anciphise amaphesenti angama-30 ukusuka ekugqibeleni kwawo ngo-2006. I-Fed yayijongene neengxaki ezikhawulezayo. Kwakungakhathazeki malunga nokunyuka kwamaxabiso. Ngoba? Kungenxa yokuba ukunyuka kwamaxabiso akwenzeki ukuba uqoqosho lukhula. Le ngxaki iFed iya kwamkela. Ngaloo xesha, i-asethi kwiincwadi ze-Fed ziye zanda ngexabiso. I-Fed ayiyi kuba neengxaki zokuthengisa. Ukuthengwa kweempahla kuya kunciphisa imali yokubonelela ngemali kunye nokupholisa nayiphi na intengo yokunyuka kwamaxabiso.
Yingakho i-QE1 yayiyimpumelelo. Inciphise ixabiso lesenzalo malunga neepesenti ezipheleleyo. Amaxabiso awela ukusuka kuma-6.33 ekhulwini ngoNovemba 2011 ukuya kuma-5.23 ekhulwini ngo-Matshi 2010 ngeminyaka engama-30 enomdla.
Ezi xabiso ezisezantsi zigcina iimarike zezindlu ngokuxhasa ubomi. Kwakhona baqhube abatshali-mali ukuba benze ezinye iindlela. Ngelishwa, ngamanye amaxesha oku kuquka ukuhamba kweoli kunye negolide, ixabiso lokudubula esibhakabhakeni. Kodwa, iirhafu ezingaphantsi kwamanqaku zenza i-lubrification efunekayo ukuze kuqhutywe i-injini yezoqoqosho yaseMelika kwakhona.