I-6'7 "Isiqhwaga esiphelela i-Stagflation
I-Volcker yalwa neepesenti ezili-10 zonyaka wexabiso lokunyuka kwamaxabiso kunye nomgaqo-mali wezemali .
Wabonisa isibindi ngokuphindwe kabini kwindleko zemali ezixhasayo ukusuka kwi-10.25 kweepesenti ukuya kuma-20 ekhulwini ngo-Matshi 1980. Wanciphisa ngokufutshane ngoJuni. Xa ukunyuka kwamaxabiso kubuyele, uVolcker wenyusa izinga ukuya kuma-20 ekhulwini ngoDisemba waza wagcina ngaphezulu kweepesenti ezingama-16 ukuya kuMeyi ka-1981. Ukunyuka kwezinga lentengo elide kunye nexesha elide libizwa ngokuba yiVolcker Shock. Yagqiba ukunyuka kwamaxabiso. Ngelishwa, kwadala u-1981 ukwehla kwemali. UMongameli Jimmy Carter wammisela yena kunye noMongameli uRonald Reagan bamisela kwakhona ngo-1983.
Kutheni i-Volcker Shock isebenza
U-Volcker wayesazi ukuba kufuneka athathe isenzo esichukumisayo kunye esifanelekileyo ukuba wonke umntu akholwe ukuba angayithintela ukunyuka kwamaxabiso. UMongameli uNixon uye wadala ukunyuka kwamaxabiso ngokuphelisa umgangatho wegolide ngowe-1973. Ixabiso leli dola liye lanyuka kwiimarike zerhwebo lwangaphandle. Oko kwenza ukungena kwamaxabiso angaphezulu, ukudala ukunyuka kwamaxabiso. U-Nixon wazama ukuwuyeka ngokulawulwa kwemali ngo-1971. Loo nto yayinomsebenzi wokushishina, ukukhula okucothayo, kunye nokwenza i- stagflation .
Usihlalo weFed Alfred Hayes uzame ukulwa nokunyuka kwemali kunye nokunciphisa ngokwexesha elifanayo. Wandula wakhuphula waza wanciphisa amaxabiso omdla. Ukuyeka kwakhe-umgaqo-nkqubo wezemali udideke abathengi kunye namashishini. Ngowe-1972, iCongress yaphelisa ukulawulwa kwamanani emivuzo. Iinkampani ezixhalabileyo zaphakamisa amanani ukuba zihlale phambili kwizinga eliphezulu lenzalo.
Abathengi baqhubeka bethengwa ngaphambi kokuba amaxabiso abuyeke. I-Fed yalahlekelwa ukuthembeka, kwaye ukunyuka kwamaxabiso kwenyuka kumadidi aphindwe kabini.
Ngombulelo kuVolcker, amabhanki asekuhlaleni ayaqonda ukubaluleka kokulawula ukulindela kwexabiso lentengo. Ngaphandle kokuba abantu bacinga ukuba amaxabiso aya kuhlala ephakama, babe nefuthe lokuchitha ixesha ngoku. Imfuno eyongeziweyo yaqhuba ukunyuka kwamaxabiso angaphezulu. Abathengi bayeka ukuchitha imali xa beqaphela ukuba iVolcker iya kugqiba ukunyuka kwamaxabiso. Amashishini ayeka ukuphakamisa amaxabiso ngenxa yezizathu ezifanayo.
Indlela i-Volcker eyadala ngayo umyalelo wayo
Ngonyaka ka-2009, uMongameli Obama wamisela uVolcker kwiBhodi yoBucebisi ngezoQoqosho (2009-11). I-Volcker yadlala indima ebalulekileyo ekwenzeni ibhodi. Waletha iinkokheli kumashishini nakwizemfundo. Banikela ngombono omeleyo wokusingatha ingxaki yezemali. U-Volcker, owayeneminyaka engama-81 xa wamkela iposi, wayekade esebenza kwiphulo lika-Obama. U-Obama wambheka njengoNobhala Wezezimali .
I-Volcker yatsho i- crisis crisis ye - 2008 kwimimiselo yezemali. Njengesihlalo sebhodi, wayelungisa imimiselo ebhankini enamandla ne- Volcker Rule . Ithintela iibhanki ezinkulu ekusebenziseni iimpahla zokuthengisa amakhasimende ukuze zithengise inzuzo yazo. Bakwenza oko kuphela egameni labathengi babo.
Ezi zingoo mngcipheko kutheni ukubhalwa kwee- 2008 kwakufuneka. Amabhanki anokuthengisa kuphela ukuhlawula iingozi zemali okanye ukuthengisa umthengi. Nangona uMgaqo wawuphantsi kokuhlaziywa kwaze kwaba ngo-2012, kwaba neziphumo ngokukhawuleza. Ngokomzekelo, i-Goldman Sachs inqamle iiferenki zayo zokuthengisa iimpahla kunye nemali yokuthengisa.
I-Bretton Woods entsha
Ngo-2014, uVolcker wabiza isivumelwano esitsha seBretton Woods . Isivumelwano se-1944 sakha idola njengoko imali yehlabathi jikelele iboshwe kwixabiso layo kwigolide. I-Volcker yathi ukunyuka kwemali kwanda xa uMongameli uNixon evala isivumelwano. Ziquka iMelika yaseMelika, iMexico kunye neAsia.
Isivumelwano esitsha siza kudala inkqubo edibeneyo yezemali neyezimali. Kuza kuseka imithetho yokukhokela umgaqo-nkqubo wezemali. Kusenokuba ifake imali entsha yehlabathi ukuze ithathe indawo yodola.
Kuya kudala ukulingana kumanqanaba eentlawulo zelizwe . Oku kuya kuqinisekisa ukuba babe neendawo zokugcina utshintshi lwangaphandle .
I-Volcker yenza la mazwi kwiintlanganiso zeKomiti yeBretton-Woods. Liqela leenkokheli zehlabathi ezifuna ukusebenzisana kumaziko ngamazwe ngamazwe. Ezi ziquka iBhanki yehlabathi kunye neNgxowa-mali yeMali yamazwe ngamazwe . Kwakhona kubandakanya iibhanki eziphambili zehlabathi, i-treasury, kunye neebhanki zabucala. I-Volcker nguSihlalo u-Emeritus weKomiti.
Imfundo kunye neMvelaphi
U-Volcker wazalwa ngoSeptemba 1927 eKapa, eNew Jersey. Wafumana i-BA esuka ePrinceton ngo-1949. UMa wakhe uqoqosho lwezopolitiko kunye noorhulumente. Wayifumana ngo-1951 evela kwiSikolo seSikolo soPhuculo lweSikolo saseHarvard. Ukususela ngo-1951 ukuya ku-1952, wayeyiFellowship Foundation Fellow kwi-London School of Economics.
U-Volcker waqala umsebenzi wakhe njengomncedisi wophando kwiNew York Fed ngo-1949. Wabuya nje ngoqoqosho ngo-1952. Ngo-1957, uVolcker waba ngu-Economist kwiChase Manhattan Bank. Ngowe-1962, wasebenza kwiSebe leNondyebo le-US. Waba nguMlawuli we-Ofisi yoHlolo lweMali. Ngomnyaka olandelayo, waba nguSekela leNtsholongwane yeMicimbi yezeMali. Ngowe-1965, wabuyela eChase Manhattan njengoMongameli weCwangciso loPhulo. Ukususela ngo-1969 ukuya ku-1974, wayengumNcedisi weNondyebo kwiMicimbi yezeMali. Ngo-1974-75, wayeyindoda ephakamileyo yeSikolo sePolrow Wilson soLuntu kunye neMicimbi yeSizwe kwiIyunivesithi yasePrinceton.
UColcker wasebenza kubini kunye noluntu emva kokushiya iFed. WayenguSihlalo weJ. J. Rothschild, uWolfensohn & Inkampani, iqumrhu lokutyalwa kwebhanki. Wakhokelela uphando kwi-scandals yase-Enron. Wahlola kwakhona urhwaphilizo kwinkqubo ye-oli-for-food program yeZizwe eziManyeneyo e-Iraq.
U-Volcker okwangoku usihlalo weQela lama-30. Leli qela leengcebiso ngezoqoqosho e-Washington, DC. Wahamba kwiphaneli eyayichengeza ukuphathwa kweebhanki zaseSwitzerland kwi-akhawunti yamaxhoba e-Holocaust. Uye wahlala esebenza kwiArthritis Foundation.
Ngokomagazini weForbes, "iVolcker yinqaba (bobabini ngokoqobo-ngu-6'7" -nokomfuziselo) kwimidlalo yentlanzi. " Uloba i-bonefish kunye ne-tarpon eFlorida kunye nentandokazi yakhe, i-salmon yase-Atlantic, eQuebec. Ungumlawuli we-Atlantic Salmon Federation. Usebenza kwakhona kwi-North Atlantic Salmon Fund. Zombini ukuxhasa ulondolozo.