Namhlanje, ngoSeptemba 6, i-2012, i-European Central Bank (ECB) kunye nabalawuli beebhanki ze-Eurozone ze-17 zelizwe eliphakathi baya kudibana ukuze bazame ukwenza umzamo wamva nje wokuzisa isisombululo semali kwi-Eurozone esasazeka ngokukhawuleza kwaye igxininise ingxaki yezoqoqosho— Ingxaki eqhubela phambili icothisa uqoqosho lwehlabathi, ukuquka i-US, ukuya kolunye ukudodobala koqoqosho. Ngeli xesha, njengoko abaqulunqi bomgaqo-nkqubo we-Eurozone befuna isisombululo esitsha semali-bhanki kwingxaki yabo, imigaqo-nkqubo yangaphambili yokunciphisa imali ye-Eurozone eqhubela phambili ukudodobala koqoqosho. Ngaba isisombululo esitsha semali se-Eurozone ngoku sinokuthi sithintele ingxaki yezoqoqosho ekhulayo-ngoku ithatha 'indlela ezintathu' malunga nengxaki yamatyala amakhulu, ingxaki yenkqubo yebhanki, kunye nokudodobala koqoqosho ngokubanzi? Ngaba oonobhanki abangoovimba bangakwazi ukuphumeza isisombululo semali-mali? Kwaye nokuba benza njalo, ngaba ingakwazi ukulungisa imigaqo-nkqubo ye-fiscal-austerity policy ethi ngaxeshanye iqhubeke nokuqhuba uqoqosho lwe-Eurozone ukuya ekudodobaleni okunzulu kunye nokungazinzi okukhulu kokuzimela kunye nokungazinzi kwebhanki?
Oosomashishini basebhankini be-Eurozone kunye nabezopolitiko abadibana namhlanje ngokuyimfuneko badlala i-copycat kwi-US central bank (Federal Reserve) imigaqo-nkqubo yeminyaka emine edlulileyo. Lo mgaqo-nkqubo uye wampompa i-12 yezigidi zezigidi zeedola kwinkqubo yebhanki yase-US, inikezelwe yiminyaka emine yemali-mboleko eyinzala eyi-zero kwiibhanki kunye neetriliyoni zeedola ze-Fed ezithengiweyo zotyalo-mali kunye neebhondi ezisebhankini ngaphezulu kwexabiso labo lentengiso lokwenyani-oko kukuthi inkxaso-mali enkulu gcina iibhanki zimile. Kodwa loo mgaqo-mali awuzange uvelise ukubuyiswa koqoqosho oluzinzileyo e-US, kwaye akuyi kuba njalo. Ngoko i-Eurozone imalunga nokuzama ukuphumeza umgaqo-nkqubo ohluthiweyo osele uzanyiwe e-US, kwaye ukwenze oko ngelixa ngaxeshanye uqhubeleka nomgaqo-nkqubo wemali yobungqongqo (okt ukunyuswa kwerhafu, ukucuthwa kwenkcitho, ukuthengiswa kwempahla yesizwe kunye noshishino lwabucala). Emva kokuba idlale ngomgaqo-nkqubo wezemali we-minimalist weminyaka emi-4 edlulileyo, i-US ngoku ikwamalunga nokuthathela ingqalelo ubungqongqo obufana ne-Euro kulandela unyulo lwase-US lukaNovemba-oko kukuthi igama lekhowudi elithi 'fiscal cliff'.
Ke i-Eurozone kunye ne-US ziyadibana ngokwezisombululo zomgaqo-nkqubo wazo kwintlekele: i-Eurozone isiya e-US njengesisombululo sebhanki yemali kunye ne-US ukuya kwisisombululo sezemali se-Eurozone. Ingxaki asizisombululo zemali okanye ezemali azisebenzanga. I-Eurozone sele ikwimeko yokudodobala koqoqosho kwaye i-US itsalela ngakuloo meko, njengoko uqoqosho lwehlabathi ngokunjalo luqhubeka ukucotha kakhulu.
Ukuqonda amandla engxaki yangoku ye-Eurozone ngokwemvelaphi yayo, indaleko, kunye nemeko yayo yangoku, okulandelayo liCandelo loku-1 lecandelo leeNgxaki ezintathu ze-'Eurozone's Triple Crisis 'eyavela kwimo yokuqala kwimagazini yeZ' kaSeptemba. Ushicilelo luka-2012. Amacandelo 1 kunye ne-2 achazwe kwinqaku le-Z mag. Icandelo 3 liya kubonelela ngohlaziyo malunga nophuhliso lwe-Eurozone kwiinyanga zikaJulayi-Agasti ezazingafumaneki ngexesha lokubhalwa kwenqaku le-Z mag.
Indawo yengxaki yoqoqosho lwehlabathi itshintshele kwi-Eurozone namhlanje. Ngoko ke kubalulekile ukuqonda okwenzekayo apho, kuba kuye kwaye kuya kuqhubeka nokubaluleka kwikamva elizayo lokudodobala koqoqosho lwehlabathi ngoku kwaye kuya kwenzeka ntoni e-US kwi-2012-13 inxalenye enkulu nakwamanye amacandelo abalulekileyo. kuqoqosho lwehlabathi olufana neTshayina, iJapan, iBrazil nezinye. Oku kulandelayo yiCandelo loku-1 lecandelo le-3.
ICANDELO 1: INGXAKI YE-EUROZONE: IMVELAPHI KUNYE NEMVELAPHI
Yintoni i-Eurozone kwaye kuthetha ukuthini ukuthi 'kungxaki'? I-Eurozone (EZ) yingqokelela yamazwe aseYurophu ali-17 abelana ngemali efanayo, 'i-Euro'. Intsingiselo yeli gama, ingxaki, ayibhekiseli kwimeko nje embi okanye eqatha. Kuthetha imeko apho ukuvela kwengxaki kuye kwafikelela kubunzulu bobunzima obumele ukuguquka okusisiseko. Kwaye ngokunjalo i-Eurozone namhlanje ifikelele kwelo nqanaba lotshintsho-oko kukuthi 'ingxaki' yokwenene.
Ubukhulu becala lengxaki ye-EZ intlantlu-ntathu: Ukuqala njengento ebizwa ngokuba 'yingxaki yetyala elizimeleyo', iye yaguquka ngokuqhubekayo ukuya kwintlekele yebhanki ebanzi ye-EZ. Ingxaki enkulu yokugcinwa kwamatyala ebhankini iye yagqithisa ngokukhawuleza kulo nyaka uphelileyo kuqoqosho olubanzi lwengingqi ngokubanzi kuwo onke amacandelo angengawo awobhanki kunye nalawo angekho phantsi kukarhulumente kuqoqosho lwe-Eurozone. Ingxubakaxaka ye-Eurozone ke ngoko yintlekele yaxeshanye ephindwe kathathu, into nganye kwezi zintathu isiya isondla, kwaye iba mandundu, enye.
Ulwakhiwo lwangoku lwemali karhulumente (irhafu, inkcitho, ulawulo lwamatyala), amaziko emali naweebhanki kunye nobudlelwane, kunye nemigaqo-nkqubo ejongene nokudodobala koqoqosho olukhula ngamandla zonke aziphumelelanga ubukhulu becala ukuza kuthi ga ngoku. Utshintsho olusisiseko luyimfuneko ke ngoko ukuba i-EZ iza kuzikhupha kubunzima bayo obuphindwe kathathu. Ngaphandle kotshintsho olunjalo, i-EZ iya kuqhubeka nokungena kwityala lilonke elinzulu, ekugqibeleni libe nokuwohloka kwebhanki yakudala, kwaye ikhukuliseke ekudodobaleni okuthatha ixesha elide okuya kutsalela kumda obanzi woqoqosho lwaseYurophu. IBritane sele ikhe yafunxwa kwi-vortex yezoqoqosho kwaye ijongene nokudodobala koqoqosho ngokuphindiweyo-njengoko kuya kwenza nolunye uqoqosho kwilizwe elibanzi lama-27 e-European Union. Ngokufanayo, ingxaki kwi-EZ sele iqalisile ukuba nefuthe elibi kulo lonke uqoqosho lwehlabathi. Ichaphazele uqoqosho olusele lucotha e-US, kunye neChina, iIndiya, iBrazil nakwezinye iindawo. Ngawona mandla aphambili kunciphiso lwehlabathi lokwenziwa kwemveliso oluqhubekayo ukususela ekupheleni kuka-2011 oluye lwakhula ngamandla ngowama-2012.
Ngamafutshane, ingxaki ye-Eurozone yeyona nto iphambili kunye nekhonkco elibuthathaka namhlanje kwintlekele yezoqoqosho yehlabathi engazange iphele ngo-2009 kunye nokuzinziswa kwethutyana (hayi ukubuyiswa) koqoqosho lwase-US emva kokuwa kwebhanki ngo-2008. Imigaqo-nkqubo yase-US ukusukela ngo-2009, ngaphezu koko. , abawunyanga umhlaza wezoqoqosho wehlabathi. Baye baphumelela okwethutyana ukunqumamisa uqoqosho lwase-US kwimeko yoxolelo lwexeshana loqoqosho. Ngaphaya koko, imigaqo-nkqubo yase-US ukusukela ngo-2009 ivumele umhlaza wezoqoqosho ukuba ube metastasize eYurophu, apho uqhubeka nokukhula namhlanje.
Imvelaphi kwiNgxaki ye-Eurozone
Ngokuqhambuka kweengxaki zoqoqosho 'kummandla we-euro periphery' (umzekelo, iGrisi, iPortugal, iSpain, i-Ireland, njl.njl.) malunga nowama-2009-10, ingxaki ye-EZ yaqala ukumelwa kumaphephandaba ubukhulu becala njengengxaki yetyala elikhulu-oko kukuthi apho oorhulumente. kwi-euro periphery—iGrisi, iPortugal, i-Ireland, iSpeyin, njl.njl—babenamatyala amaninzi. Uqoqosho kwi-euro periphery ke ngoko belufumana 'ingxaki yetyala eliSomandla' ngenxa yokungakwazi kwabo ukuhlawula inqununu kunye nenzala kwityala elenziwe ngaphambili eliye lakhula kakhulu kwaye/okanye libiza kakhulu ukuba lingahlawuleka ngokupheleleyo kunye/okanye ngexesha eliphuma kumvuzo oqhelekileyo karhulumente. ukuhamba-oko kukuthi kwiirisithi zengeniso yerhafu karhulumente.
Kodwa emva kwenkangeleko yeengxaki zetyala elizimeleyo lihlala liyingxaki yebhanki ekhulayo-ulwazi oluza kuphuma kumaphephandaba kulo nyaka uphelileyo ngenxa yoluhlu lweziganeko zecandelo lebhanki eziza kuchazwa kungekudala. Unxunguphalo lwebhanki lusoloko lusisipili esibonakalisa ingxaki enkulu yamatyala. Licala elisecaleni lengqekembe yengxaki yetyala elikhulu.
Ukuze bagweme ukusilela ukuhlawula amatyala abo—oko kukuthi ukuphepha ukusilela ukuhlawula ngokupheleleyo nangexesha—oorhulumente bamacango eeuro ukususela ngowama-2009 baye bakhetha ukuphendula ngale ndlela ilandelayo yomgaqo-nkqubo: (1) ukuboleka amatyala amaninzi ukuhlangabezana neentlawulo kwityala elidala; (2) ukuhlenga-hlengisa ityala elidala (ukunciphisa amanqanaba enqununu, ukutshintsha imiqathango yokuhlawula, njl. njl.) ukwenzela ukuba iingeniso zerhafu ezikhoyo zikwazi ukuhlawulela iintlawulo zamatyala kwixesha elizayo; okanye (3) ukwazisa amanyathelo 'obungqongqo' ukongeza kwingeniso yerhafu enganelanga. Amanyathelo okunciphisa aquka ukunyuswa kwerhafu, ukucutha inkcitho karhulumente, kunye nokuthengisa ii-asethi neepropati zikarhulumente (zesizwe). Imilinganiselo ye-Austerity iyilwe ngokwethiyori ukunyusa ingeniso yoorhulumente ukuze kuncedwe ukwenza intlawulo yetyala lenzala ezayo. Ngokwenyani, zontathu iindlela ezizezinye zikholisa ukwenzeka ngaxeshanye kurhulumente ojongene nokusilela ekuhlawuleni amatyala.
Ababolekisi abaya kukhupha imali mboleko eyongezelelweyo kurhulumente owongamileyo ongakwaziyo ukwenza iintlawulo zamatyala akhe anyanzelisa umlawuli, ukuze enze iintlawulo zamatyala kwixesha elizayo, anyuse imali eyaneleyo karhulumente ngokunciphisa inkcitho karhulumente, ukunyusa irhafu, okanye ngokuthengisa izinto zoluntu ( oko kukuthi ubungqongqo). Ngokunjalo kwabo babolekisi abanokuthi, endaweni yokukhupha imali-mboleko entsha, bahlengahlengise amatyala akhoyo angekahlawulwa. Ukunyusa ukuhamba kwemali karhulumente ngendlela yokucutha kukhatshwa kukunciphisa inqununu yetyala kunye/okanye ngokutshintsha imiqathango yokuhlawula ibe yinto engaphantsi kobunzima bomboleki (urhulumente wecala). Enyanisweni, indibaniselwano ethile yeemali-mboleko ezongezelelweyo kunye nohlenga-hlengiso lwamatyala ngokuqhelekileyo lwenzeka, kudityaniswe nomxube othile weendlela ezintathu zemigaqo-nkqubo ye-austerity (okt ukuthotywa kwenkcitho karhulumente, ukunyuswa kwerhafu, ukuthengiswa kwepropathi karhulumente).
Eyona nto ichazwa yile meko ingasentla, nangona kunjalo, kukuba ityala lihlala lihamba ngeendlela ezimbini. Kuthatha ababini ukudanisa i-tango ezimeleyo yetyala-oko kukuthi umboleki (urhulumente ozimeleyo) kunye nombolekisi. Ke ngoobani ababolekisi abanikezela ngetyala kunye nemali mboleko kubaboleki abakhulu abathi babe netyala elikhulu? Okokuqala nokuphambili, ziibhanki ze-Eurozone, kwaye ngokukodwa iibhanki 'ezingundoqo' zaseYurophu, ezo mboleko koorhulumente bamacandelwana.
Ukubolekwa kwebhanki kurhulumente kusenokuba ngqo, kodwa amaxesha amaninzi kwenzeka ngokudibeneyo kunye neebhanki ezithatha inxaxheba kunye neebhanki ezikummandla wezoqoqosho. Kodwa amatyala karhulumente alenziwanga nje yibhanki ngqo kwimali mboleko karhulumente. Xa imeko yetyala elimandla isiya isiba mandundu, abanye oorhulumente be-Eurozone nabo baboleka abo rhulumente bajikelezayo baqokelela amatyala. Lo rhulumente ubolekisa ngemali ngurhulumente uyenzeka ukuze aqinisekise ukuba 'ezazo' iibhanki ezingundoqo ziyaqhubeka nokuhlawulwa kwiimali mboleko zabo zangaphambili koorhulumente bamacango. Ngoko ityala lisenokuba ngurhulumente kurhulumente ngokwemvelaphi, kunye nebhanki kurhulumente.
Njengoko iingxaki zokuhlawula amatyala zisiya zisiba mbi ngakumbi, ngaxa lithile ababolekisi bakarhulumente abangundoqo bagqiba ekubeni 'bahlawule' imfuno yemali-mboleko eyongezelelweyo koorhulumente basematyaleni. Ngelo xesha iimali zokuhlangula ze-pan-Eurozone zenzelwe ukubonelela ngokuqhubekayo ngemali mboleko ngeenjongo zokuhlawulela ityala elizimeleyo. Kwimeko ye-EZ kukho iingxowa-mali ezimbini zokuhlangula: i-European Financial Stability Fund (EFSF) kunye ne-European Stability Mechanism (ESM) engekavunywa ngokusesikweni okanye ngokupheleleyo eyilelwe ukuncedisana ne-EFSF. I-EFSF kunye ne-ESM kunye ziqokelele malunga ne-1 yeetriliyoni zeedola ukuze kuhlangulwe ityala elizimeleyo-imali enganelanga ngokupheleleyo namhlanje kwingxaki yeTyala eliKhulu le-Eurozone.
I-IMF yingxowa-mali yesithathu enokubakho yebheyile yetyala likarhulumente. Nangona kunjalo, ukuzibophelela kwayo kwimboleko-mali ukuze kuhlangulwe oorhulumente abazimeleyo kufuna imvumelwano yabanye abathathi-nxaxheba bamazwe ngamazwe, njengeTshayina, iBrazil kunye nabanye. Ayikwazanga ukufumana eso sivumelwano, i-IMF ibonakalise ukuba iyathandabuza ukuza kuthi ga ngoku ukubonelela ngemboleko eninzi kwi-Euro periphery. Ihlala ikakhulu ecaleni.
Kusekho 'umthombo wesine' onokubakho wenkxaso-mali yebheyile yetyala likarhulumente. Leyo yi-European Central Bank (ECB). 'Inkxaso-mali yohlangulo' ayinamida, kwaye inokusetyenziswa ngokwethiyori kubalawuli nakwiibhanki zabucala. Kodwa iSivumelwano esibanzi seManyano yaseYurophu siyayinqanda i-ECB ekuboneleleni ngenkxaso-mali kummandla okanye kwabanye oorhulumente be-euro abaneengxaki zamatyala. Nangona kunjalo, i-ECB ifumene indlela malunga nokuthintela ngo-2010 kwaye kwakhona ngo-2011 xa ingxaki yetyala likarhulumente we-Euro liye lahla ngokukhawuleza. Kodwa ikwenze oko ngokuthozama, ukuya kuthi ga ekuthengeni kuphela amakhulu amabini eebhiliyoni zee-euro kuqikelelo lwetriliyoni ye-euro ehlawulwayo yetyala likarhulumente, kwaye ngaphezu koko ikwenzile oko ebusweni bobuxhakaxhaka baseJamani bokuchasa ukuthengwa kwebhondi karhulumente ngokuthe ngqo.
Umfanekiso wengxaki yetyala elimandla ngulowo apho ityala likarhulumente elongezelekayo lifikelela kwiitriliyoni ezininzi zeedola, kodwa iimali ezivela koorhulumente abakummandla (kwaye zisanda kwenye indawo kwi-Eurozone) zifikelela kuphela kwindawo ethile phakathi kwe-500 yeebhiliyoni zeedola ukuya kwi-1 yetriliyoni yeedola. I-IMF njengomthombo webheyile ihlala isecaleni ngokuzikhethela. Kwaye idabi lezopolitiko liyaqhubeka ligquba, kwaye ukuya kuthi ga phi na, oorhulumente belizwe 'kumbindi' osemantla kunye neebhanki ezingoovimba besizwe baya kuvumela i-ECB ukuba ithathele ingqalelo iindima zabo njengababolekisi koorhulumente. Ukuba oku kuyenzeka, abatyali-zimali kwiibhondi zikarhulumente wesizwe, njengee-German Bunds, banokufumana ilahleko enkulu kwiibhondi zabo esele zikhutshiwe.
Eyandulelayo ibonelela ngeendlela ezinokubakho apho bobabini oorhulumente abazimeleyo (iGrisi, iSpain, njl.njl.) banokuthi 'bahlangulwe', okanye bakhutshwe ngebheyile, kwimeko yokuwohloka ngakumbi kwamatyala abo kunye nokusilela kunye nezinye zeengxaki kunye nezopolitiko. imiqobo ethintela oko ukuba kungenzeki ngokwenene. Kodwa ayichazi ukuba umlawuli ogqithisileyo waba yingxaki njani kwasekuqaleni. Okanye ukuba elo tyala lizimeleyo liyinxalenye yetyala elikhulu ngakumbi, elinokuphazamisa ngakumbi, letyala lebhanki labucala kunye nengxaki.
Imvelaphi yeNgxaki ye-Eurozone
Ingxaki ye-EZ ineengcambu zayo ekudalweni kwe-Euro njengemali eqhelekileyo ngo-1999, ngexesha elinye, ukwandisa intelekelelo yemali yehlabathi.
Ukungeniswa kwemali eqhelekileyo, i-Euro, kwenze ukuba kube nokwanda okukhulu kurhwebo kunye nokuhamba kwemali phakathi kwe-EZ yasemntla 'engundoqo' kunye noqoqosho olujikelezayo. Urhwebo oluthe kratya ngohlobo lokuthengwa okuthe chatha nge-euro periphery yempahla kunye neenkonzo eziveliswe kuqoqosho olusemantla (eFransi, eJamani, eNetherlands, njl.njl.) luthethe inzuzo ethe chatha kumashishini kunye neebhanki 'embindini' emantla. Ngoko iibhanki ezisemantla zazikulangazelela kakhulu ukuboleka amazwe aphantsi kwezoqoqosho. Ngamanye amaxesha uboleko lwalusiya ngqo kumashishini akwi-periphery. Ngamanye amaxesha ukuya kwiibhanki ze-periphery kunye / okanye amasebe eebhanki ezisemantla ezisekwe kwi-periphery. Kwaye ngamanye amaxesha ukuya kumantla angundoqo amashishini angengawo awebhanki afudukela kwimimandla yezoqoqosho-ngokufana namashishini ase-US kumashishini asemantla afuduselwe emazantsi nakumazantsi-ntshona ngo-1970-1980s. Imali yayiphuma emantla isiya emdeni, ngokukodwa ummandla wayo osemazantsi, weMeditera. I-GDP kunye nengeniso yenyuka kumda, ngakumbi umgangatho wayo osemazantsi weMeditera. Abathengi be-periphery, amashishini kunye noorhulumente baye bathenga iimpahla kunye neenkonzo ezininzi kuqoqosho olusemantla; okanye kumashishini athe asuka emantla. Ukubolekwa kwemali kwiperiphery ngoko kwabuyela kumbindi ngendlela yokuthengwa 'kwezinto eziphuma ngaphandle' zangaphakathi ukusuka emantla. IJamani yaba yinzuzo ekhethekileyo kweli lungiselelo. Iibhanki zayo 'ezibolekisayo kwiperiphery, kunye namashishini ayo angengawo ebhanki afudukela kumda ngokuyinxenye, kubangele ukwanda okukhulu kwentengo ye-intra-Eurozone yempahla kunye neenkonzo zaseJamani. Iibhanki kunye namashishini aseJamani aye aphumelela kakhulu.
Ukunyuka kwe-GDP kuye kwabeka isiseko kuqoqosho lwe-periphery ye-real estate boom kunye ne-bubble. Inkunzi yemali eninzi iphuma kwiibhanki ezisemantla ukuya kumda. Ababebandakanyeke kakhulu koku kubolekisa ngemali ziibhanki zaseFransi ezifana neCredit Agricole kunye neSociete General, iibhanki zase-UK, iGerman Commerzbank, kunye nezinye. Idityaniswe notshintsho lwehlabathi olubhekiselele kuqikelelo lwezemali kwiibhondi zokubambisa kunye nezinto eziphuma kwizinto ezinxulumene nezindlu, i-real estate boom idale iqamza lolwakhiwo lwezindlu olungafaniyo nolo lwalusenzeka ngaxeshanye e-USA ngaxeshanye. Kusenjalo imali eninzi ingene kutyalo-mali kwindawo esecaleni, ngakumbi kwizindlu nomhlaba kunye noqikelelo lwezemali olusekwe kuyo. Ngeli xesha, ngokunyuka kwe-GDP kunye nengeniso, oorhulumente bezoqoqosho be-peripheral babonakala bekwazi ukuboleka ngaphezulu. Ukukhula kwezakhiwo nezakhiwo kufuna uphuhliso lweziseko ezingundoqo kummandla. Urhulumente uya kuboleka ukuxhasa ngemali eso siseko. Oorhulumente bamazwe aboleka ngakumbi ukwandisa iinkonzo zentlalontle kunye nokudluliselwa kweentlawulo kwezo nxalenye zabemi bayo abangaxhamlinga ngokuthe ngqo kutyalo-mali, izindlu nomhlaba, kunye noqikelelo lwezemali. Imali yenkunzi yemali iqukuqele emazantsi nangaphandle ukuya kumda wezindlu, iziseko ezingundoqo, ishishini jikelele, kunye notyalo-mali oluqikelelwayo ngokwezemali kubukhulu obuthe kratya. Ukunyuka kwezindlu akwenzekanga eSpain kuphela kodwa eIreland nakuqoqosho olukude njengeLatvia.
Iibhanki ezikummandla wezoqoqosho, njengeSpain, zisenokuba zenze imali eninzi yokubolekisa ngokuthe ngqo ukuxhasa ngemali ibhubhu yezindlu zaseSpain, kunye nokumpompa imali eyongezelelekileyo yemali mboleko koorhulumente basekhaya ngeziseko ezingundoqo kunye nokwandiswa kwezindlu nomhlaba-kodwa imali yoko yavela. kwimali-mboleko ziibhanki ezingundoqo ezisemantla kwiibhanki zaseSpain okanye ngenye indlela kuhlahlo lwabiwo-mali lukarhulumente wesizwe waseSpain, leyo yokugqibela yaba nayo ngokwandayo ixhomekeke kwimali-mboleko evela emantla. Ke ikomkhulu lasemantla liqukuqelele kwi-real estate yendawo, iibhanki zasekhaya, oorhulumente basekhaya kunye noorhulumente belizwe kumda. Abasemantla babekulungele ukwenjenjalo, ekubeni ukunyuka kwezoqoqosho namaxabiso kummandla oko kuthetha ingeniso engakumbi kwiibhanki ezisemantla nakumashishini asemantla.
Le meko iphakamisa lo mbuzo: Ngaba ukwakhiwa kwamatyala agqithisiweyo kwi-periphery-ibhanki kunye netyala likarhulumente-sisiphumo sokuboleka ngokugqithiseleyo kwi-periphery okanye isiphumo sokuboleka ngokugqithisileyo ngumbindi osemantla? Ngaba ukuziphatha kwe-periphery kwakunempazamo ekuqhutyweni kwetyala? Ngoobani abangenelwayo? Ngokucacileyo, iibhanki 'ezingundoqo' ezisemantla kunye namashishini abolekise ngemali kunye/okanye athengise iimpahla zawo 'kukuthunyelwa ngaphandle kwangaphakathi' ukuya emazantsi nakwi-periphery. Mhlawumbi nangaphezu komda we-periphery-south ukuba ngaba kwenziwa ubalo olufanelekileyo. Kufana nokuthi i-subprime mortgage crisis e-US yayingenxa yabanini-zindlu abathatha imali yokubambisa abangenakukwazi ukuyihlawula. Ngokungathi iibhanki kunye nababolekisi be-subprimes babengenanto yakwenza ne-bubble eqhuma ngo-2007, idonsa yonke inethiwekhi edibeneyo yekhredithi yebhanki kunye nokudibanisa okuqikelelwayo kunye nayo.
Ngaphandle kwento yokuba iibhanki ezingundoqo ezisemantla Yurophu kunye 'nababolekisi' bakarhulumente babenoxanduva njengorhulumente kunye 'nababoleki' bezoqoqosho kunye 'nababoleki', ingxaki ye-Eurozone yacwangciswa ngokwemiqathango ye-peripheral (kwaye ngakumbi inqanaba lasezantsi) ' ingxaki yetyala elizimeleyo'. Indima yeebhanki ezingundoqo ezisemantla kuyo yonke into ayizange ikhankanywe. Konke kwakungenxa yezenzo ezibi zikarhulumente kwaye hayi izenzo ezimbi zebhanki-oko kukuthi umgca wengxoxo ethi eneneni isebenzela ukukhulula inkqubo yebhanki kuxanduva lwayo ekudaleni ingxaki yamatyala kwasekuqaleni.
Xa ukuhlaselwa kwezindlu kwihlabathi kwenzeka ngo-2008-09 kuye kwaba nefuthe kwi-EZ yokuwa kwezindlu kunye nempahla yorhwebo apho kunye nase-US. I-real estate bust ithethe ilahleko ziibhanki, zombini iibhanki zalapha kunye nezo zikumantla ebhanki angundoqo ebeboleke kwiibhanki ezisecaleni. Ukuhla kwezoqoqosho okukholisa ukuvela emva kokuhla kwezemali kunciphise zombini iingeniso zeshishini ngokubanzi kunye nengeniso karhulumente, ngakumbi oorhulumente basekhaya. Kuye kwafuneka iimali-mboleko ezingakumbi ukuze kuhlawulwe ilahleko, kwiibhanki zasekuhlaleni, amashishini noorhulumente. Oorhulumente belizwe baboleka ngaphezulu, bekhula ityala lesizwe njengoko iGDP yehla. Ngo-2010 i-EZ ebanzi iboleka 'imali yokuhlangula'—njenge-EFSF—yayilwa ukulungiselela umthamo omkhulu wemali-mboleko efunekayo. Iinkqubo ze-Austerity zaziswa njengemiqathango yokubolekwa okungaphezulu. I-Austerity yehlise ingeniso karhulumente, ifuna iimali-mboleko ezingxamisekileyo kunye namatyala karhulumente angaphezulu. Umjikelo okhohlakeleyo umiselwe: ukudodobala koqoqosho okubangela ingeniso yerhafu encinci, efuna iimali-mboleko ezingaphezulu koorhulumente abangundoqo kunye neengxowa-mali, ezikhatshwa bubunzima obungakumbi obunzulu kunye nokwandisa ixesha elide lokudodobala koqoqosho, okukhokelela kwingeniso yerhafu encinci, njalo njalo. Le meko yinto kanye eyenzekayo kwimeko yaseGrisi ngexesha lika-2009-10, xa 'ingxaki yetyala' yavela esidlangalaleni ngentwasahlobo ka-2010.
UJack Rasmus ungumbhali wencwadi ka-Epreli ka-2012, "UQoqosho luka-Obama: Ukubuyiswa kwabambalwa", epapashwe nguPluto Press kunye noPalgrave-Macmillan. Incwadi iyafumaneka kwiwebhusayithi yakhe, www.kyklosproductions.com kunye nebhlog yakhe, jackrasmus.com, eAmazon nakwezinye iivenkile zeencwadi. Kuhlahlelo lwamva nje, vula inkqubo entsha kanomathotholo kaJack, UKUJIKA KWAMANQAKU, eza kuqala ukuboniswa kwiProgressive Radio Network eNew York rhoqo ngooLwezithathu ngentsimbi yesibini ukuqala nge-2 Septemba 19.
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Nikela