Ezinyangeni ezimbalwa ezedlule, uMnu. Franz Müntefering, uSihlalo we-Social Democratic Party (SPD), iqembu elihamba phambili kumfelandawonye olawulayo waseJalimane, uchaze izikhwama ezizimele kanye ne-hedge funds “njengoquqaba lwesikhonyane esiwela izinkampani, ukuwakhumula ngaphambi kokudlulela phambili.” Utshele iphephandaba laseJalimane ukuthi “abanye abatshalizimali bezezimali abachithi noma yimiphi imicabango yabantu abacekela phansi imisebenzi yabo.â Kamuva, abezindaba baseJalimane bashicilela imemo yangaphakathi ye-SPD ebhala ishumi nambili. “isikhonyane†(okuhlanganisa u-Goldman Sachs no-Kohlberg Kravis Roberts & Co.) amasu abo okukhulisa inzuzo yesikhashana athole ukugxekwa okukhulu komphakathi.
Abahlaziyi abaningana bakwehlisile ukuphawula kukaMnu. Müntefering njengengxenye yomkhankaso wokuxokozela ohlangothini lwe-SPD ukuze awine ukhetho lwesifunda olubalulekile endaweni eqinile eNorth Rhine-Westphalia (isifunda esinabantu abaningi eJalimane) ngoMeyi 22, 2005. Noma ngabe ikuphi ukucatshangelwa kwezepolitiki okwashiwo uMnu. Müntefering kodwa izindaba eziphakanyiswe nguye zibaluleke kakhulu ngakho-ke akufanele zishaywe indiva.
Ukwehlulwa okumangalisayo kwe-SPD kulolu khetho okokuqala ngqa eminyakeni engama-39 edlule kwakuyinkomba yokunganeliseki okukhulayo komphakathi ngokumelene noshintsho lwepharadigm oluya emnothweni wemakethe wesitayela se-Anglo-Saxon. Emuva konyaka nje, uhulumeni wakwa-Schroder wayevumele i-hedge funds ukuthi isebenze ngaphakathi kwezwe njengengxenye yohlelo lwayo lokukhululeka kwezezimali olwaqalwa ngasekupheleni kwawo-1990. Uhulumeni wase-Schroder ungene ngaphansi kokugxekwa okukhulu komphakathi ngezinqubomgomo zakhe zokwenza buthaka imodeli yaseJalimane esizinze kahle yomnotho wemakethe yezenhlalo ebhekene nezingcindezi zomhlaba wonke zokuncintisana ezivela e-Asia kanye namazwe amasha angamalungu e-EU avela Ephakathi naseMpumalanga Yurophu. Eyethulwe ngo-2003, amaphakheji ezinguquko kwezomnotho okukhulunywa ngawo kakhulu njenge-Agenda 2010 kanye ne-Hartz IV ahlulekile ukuzuza imiphumela yezifiso. Amathemba okukhiqizwa kwamathuba omsebenzi nokukhula komnotho afiphele. Sekunengcindezi yokwehla kwamaholo. Amazinga okuntuleka kwemisebenzi ayakhula kuyilapho kulo nyaka ukukhula komnotho kulindeleke ukuba kube ngamaphesenti angu-0.7 kuphela, kube phansi kakhulu eYurophu. Njengoba izwe liphokophele emnothweni wemakethe yesitayela se-Anglo-Saxon, ukuntuleka kwemisebenzi okuphezulu kanye nokukhula komnotho okuphansi kungenzeka kuqhubeke eminyakeni ezayo.
Usuku “Isikhonyaneâ€
Uma sikhuluma ngobuchwepheshe, ama-private equity funds kanye ne-hedge funds amathuluzi ezezimali amabili ahlukene kodwa ngokuhamba kweminyaka izici zazo ezihlukile ziye zafiphazwa ukukhululeka kwezezimali okusheshayo nezinqubo zokuhwebelana kwembulunga yonke. Namuhla, bavame ukusebenza ngokubambisana, ikakhulukazi ekwakhiweni kabusha kwebhizinisi. Ngaphansi kwengcindezi yokuncintisana, izinkampani eziningi zaseJalimane zigxile emabhizinisini azo ayisisekelo kunokuba zandise amabhizinisi azo. Kube nokwehla okukhulu ekutshalweni kwezimali kwezinkampani eminyakeni yamuva nje. Isimo esinjalo sinikeza amathuba amaningi okuthola izimali zokulingana ukuze kuhlelwe kabusha izinkampani zaseJalimane. Kulinganiselwa ukuthi izimali zezabelo ezizimele zithole izinkampani zaseJalimane ezingaphezu kuka-5000 kusukela ngasekupheleni kweminyaka yawo-1990. Ifuna imbuyiselo yonyaka engaphezu kwamaphesenti angama-20, ukutshalwa kwezimali kwamafemu amasheya azimele ngokuvamile okwesikhathi esifushane, okusuka kowodwa kuya eminyakeni emithathu. Ngemva kokuthatha izinkampani, amafemu amasheya anciphisa izindleko phakathi nesikhathi esifushane ngokuxosha abasebenzi futhi ahlele kabusha isikweletu. Bese inkampani eyakhiwe kabusha ithengiselwa abathengi abasha noma ezinye izikhwama ze-equity.
Ngakolunye uhlangothi, i-hedge funds ayinayo imali eningi elawulwayo (ezinye i-8000 hedge funds zilawula izimpahla ezingaphezu kwe-US$1 trillion emhlabeni jikelele), kodwa futhi zithola inzuzo yazo eningi ngokuqagela kanye nemisebenzi ye-arbitrage. Kusukela ngo-2003, imboni ye-hedge fund yomhlaba wonke ibe nezinguquko ezisheshayo. Ngokungafani nesikhathi esedlule, i-hedge funds ayisesona isizinda esikhethekile sezigidigidi nabantu abacebe ngokwedlulele. Uma kubhekwa isivuno esiphansi ezimakethe ze-equity kanye ne-bond, abanye abatshalizimali bathutheleke beyokwenza i-hedge funds njengoba isithembiso esithile sibuyela kumaphesenti angu-40. Ngisho nabatshalizimali besikhathi eside njengezikhwama zempesheni kanye nezinkampani zomshwalense ezizinze e-US naseYurophu nabo sebeqalile ukutshala imali enkulu kwi-hedge funds.
Inkinga nge-hedge funds ingozi engaba khona ebangelwa yizo kulo lonke uhlelo lwezezimali, ngenxa yokuziphatha kwazo okucatshangelwayo kokuhweba kanye namazinga aphezulu okuzuza. Imboni ye-hedge fund isaqhubeka nokuboleka imali enkulu emabhange nasezikhungweni zezimali ukuze ithuthukise imbuyiselo. Lokhu kwenzeka naphezu kokuwa okumangalisayo kwesikhwama esizinze e-US, i-Long-Term Capital Management (LTCM), ngo-1998 esagcina sitakulwe ngaphansi kokuqondisa kwe-New York Federal Reserve. Kubonakala sengathi izifundo ezivela kusiqephu se-LTCM azizange zifundwe yimboni ye-hedge fund kanye neziphathimandla zokulawula. Njengoba izinkampani eziyinhloko zokuvikela izimali ezimakethe ezimbalwa ngokuvamile zingamabhange okutshalwa kwezimali afanayo kanye nezikhungo zezezimali, noma yikuphi ukulahlekelwa okukhulu okutholwe yi-hedge fund kungase kudale umphumela we-domino ngaleyo ndlela kusongela ukukholeka kwamabhange otshalomali kanye nezikhungo zezezimali.
EJalimane, indima ye-hedge funds yacutshungulwa kakhudlwana lapho isikhwama se-hedge fund esizinze e-UK, i-Children’s Investment Fund (TCI) iletha izinguquko zokuphatha e-Deutsche Borse, inkampani yaseJalimane esebenza i-Frankfurt stock exchange. Ngokuba namaphesenti angu-8 kuphela esabelo sikaDeutsche Borse, i-TCI ayizange nje ibe nesandla ekuxoshweni kwe-CEO yayo, uMnu. Warner G. Seifert kodwa, okubaluleke kakhulu, yaphumelela ekuvimbeni isicelo se-Borse sokuthenga iLondon. I-Stock Exchange.
Ukuhwebelana Kwembulunga yonke Kokulawula Izinambuzane?
Kamuva nje, ukukhuphuka okumangalisayo kwemboni ye-hedge fund sekugxekwe kakhulu kwezinye izingxenye eziningi zomhlaba. Muva nje, uJohn Sunderland, uMongameli weNhlangano Yezimboni ZaseBrithani, uhlasele i-hedge funds ngamasu abo okutshalwa kwezimali kwesikhathi esifushane kanye nokuntuleka kokubeka izinto obala nokuziphendulela. Ngokokuqala ngqa, isiphathimandla esilawula ezezimali sase-UK, i-Financial Services Authority (FSA), sithathe isinyathelo esinzima ngokumelene nemboni ye-hedge fund. Lokhu kuyintuthuko ebalulekile uma kubhekwa iqiniso lokuthi inqwaba yezimali ze-European hedge funds zitholakala e-UK futhi zenza okungenani amaphesenti angu-30 okuhweba e-London Stock-Exchange, okuyimakethe yamasheya enkulu kunazo zonke phakathi kwe-Europe. Ephepheni layo lakamuva lezingxoxo, i-FSA ixwayise ngokuthi “amanye ama-hedge funds ahlola imingcele yenqubo eyamukelekayo mayelana nokuhweba kwangaphakathi kanye nokukhohlisa kwezimakethe.†I-FSA iphinde yamemezela ukusungulwa kweyunithi entsha ezinikele ezoqapha futhi yengamele ukuziphatha kokuhweba kwemboni ye-hedge fund.
E-Asia futhi, inkulumo-mpikiswano mayelana nokulawula izimali ze-equity kanye ne-hedge funds, isiphinde yaba nomfutho. Thatha isimo saseNingizimu Korea lapho abatshalizimali bezabelo ezizimele bathole izigidigidi zamadola ngokuthatha amabhange agulayo esikhathini sangemva kwenhlekelele futhi kamuva bawaphinda bawantanta ezimakethe zezimali. Eziningi zalezo zimali zenziwa izimali ezinjalo ngaphandle kokukhokha izintela. Lokhu kwaholela ekukhaleni okukhulu komphakathi eKorea futhi iziphathimandla ezilawulayo ziye zathembisa izenzo ngokumelene nemisebenzi enjalo yokukhohlisa. E-India, i-hedge funds yasebenzise ngempumelelo ithuba lokuphuma ezimakethe ze-stock stock ukuze ithole inzuzo enkulu futhi iziphathimandla ezilawulayo zenza izindlela ezikhethekile zokunqanda imisebenzi yazo.
Ngisho nase-US, i-Securities and Exchange Commission ihlola izindlela ezintsha zokwandisa ukubhekwa kwayo ku-hedge funds.
Zonke lezi zenzakalo zakamuva zikhuthaza ukucabanga okusha phakathi kwabenzi bezinqubomgomo, iziphathimandla ezilawulayo nabaholi bezombangazwe ukuthi basungule izindlela zenqubomgomo zokubhekana nosongo olungaba khona ngenxa yezimali ezivikelayo ohlelweni lwezezimali kanye nomnotho wangempela. Izimakethe zezimali lapho lezi zimali zisebenza khona aziphelele ngenxa yolwazi olungalingani, ukuziphatha komhlambi kanye nobungozi bokuziphatha. Ngakho-ke, isidingo sehora singaphezulu (hhayi ngaphansi) ukulawulwa nokuqondisa. Okokuqala, lezi zimali kufanele zidingeke ukuthi zidalule esidlangalaleni izindawo zazo ezinkulu zokutshala imali. Iziphathimandla ezilawulayo kufanele zandise ukubhekwa kwezikhwama ze-hedge ukuqinisekisa ukuthi akufanele zibe yingozi enkulu kulo lonke uhlelo lwezezimali.
Njengoba lezi zimali zisebenza emhlabeni wonke, kubalulekile ukuthi iziphathimandla zokulawula zikazwelonke zibambisane futhi zixhumanise izinyathelo zazo zenqubomgomo. Eqinisweni, ithuba elihle kakhulu lokuhlanganisa imizamo yamazwe ngamazwe yokulawula imboni ye-hedge fund liphuthelwe eNgqungqutheleni ye-G-8 esanda kuphothulwa e-Glen Eagles, e-Scotland. Ngokugxila ku-hedge funds, inkulumo-mpikiswano yokwakhiwa kabusha kwezakhiwo zezimali zamazwe ngamazwe ingase ibuyiselwe ohlelweni lwezinqubo zokwenza inqubomgomo yomhlaba wonke.
-Ukugcina
U-Kavaljit Singh uhlotshaniswa ne-Asia-Europe Dialogue Project (www.ased.org).
I-ZNetwork ixhaswa kuphela ngokuphana kwabafundi bayo.
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