Kafin in bayyana fannonin tattalin arzikin kama-karya, bari in zana wani makamancin ra'ayi wanda ke wanzuwa a cikin tsarin kwamfuta. Kwatancen yana taimakawa wajen fahimtar iyaka da muhimmancin matsalar.

Before describing the aspects of the virtual economy, let me draw a parallel concept which exists in computer systems. Analogy helps understand the scope and the significance of the problem.

A cikin farkon zamanin tsarin kwamfuta, na'urorin ajiyar bayanai (memory) suna da tsada sosai kuma girmansu ya yi ƙanƙanta. Misali, megabyte 1 na memory (RAM) ya kai fiye da $10,000! Kusan ba zai yiwu a gina tsarin kwamfuta mai megabyte 100 ba (memory din zai kai fiye da $1 million). Masu tsara tsarin kwamfuta masu hikima sun ƙirƙiro ra'ayin virtual memory. Manufar ita ce a samar da ruɗin cewa memory din yana da girma sosai (misali, gigabyte 100). Wannan ruɗi yana yiwuwa ta hanyar amfani da sararin hard disk, wanda ajiyarsa tana da arha kuma tana da girma.

In the earlier days of computer systems, memory devices were very expensive and their sizes were relatively small. For example, 1 megabyte of memory (RAM) cost more than $10,000! It was almost impossible to build a computer system with say 100 megabytes (memory would cost more than $1 million). The smart architects of computer systems invented the notion of virtual memory. The idea was to create the illusion that the memory was virtually large (say 100 gigabytes). The illusion is made possible by using the relatively inexpensive and large storage provided by hard disk space.

Mabuɗin ra'ayin ƙwaƙwalwar zahiri (virtual memory) shi ne cewa shirye-shiryen masu amfani ba sa buƙatar zama a cikin babbar ƙwaƙwalwa ta gaske (wacce take da tsada) a kowane lokaci. Wani ɗan ƙaramin sashe na shirin ne kawai zai kasance a cikin babbar ƙwaƙwalwa, yayin da sauran shirin da bayanansa suke a cikin faifan diski mai arha amma babba. Bayan lokaci, sassan shirin da bayanai za a ta musayar su tsakanin ƙwaƙwalwa da diski. Mai amfani ba zai taɓa sanin cewa ƙwaƙwalwar ta yi ƙanƙanta da za ta riƙe shirinta ba. Ga mai amfani, ƙwaƙwalwar tana da girma sosai a zahiri. Tana farin ciki kuma tana iya gudanar da manyan shirye-shirye ta amfani da ƙwaƙwalwa ta gaske da ta fi ƙanƙanta; abu ne na ruɗi, amma kyakkyawan ruɗi ne. Tabbas, tsarin kwamfuta na iya faɗuwa idan wani shiri mai yawan buri ya fara amfani da ƙwaƙwalwa ta gaske fiye da yadda tsarin yake da ita. Masana gine-ginen kwamfuta sun san wannan yanayi da ake kira thrashing, suna sane da shi sosai, kuma sun ƙirƙiro hanyoyi daban-daban na magance shi ko hana shi gaba ɗaya. To, ina misalin wannan a tsarin tattalin arziki?

The concept of virtual memory works under the assumption that user programs do not need to reside in the main (expensive) real memory all the time. A small portion of the program will reside in main memory, while the rest of the program and its data reside on the cheap but large disk space. Over time, pieces of the program and data will be swapped back and forth between the memory and the disk. The user will never know that the memory is too small to hold her program. For the user, the memory has a virtually large size. She is happy and can execute larger programs using much smaller real memory; it is an illusion, but a nice one. Of course the computer system may crash when a greedy program begins to use more real memory than the system actually has. This concept is known for computer architects as thrashing and they are well aware of it and have come up with different ways to cope with it or prevent it altogether. Now, where is the analogy in the economic system?

Mafi sauƙi a cikin tattalin arziki da kuɗi da za a iya kwatanta ra'ayin ƙwaƙwalwar kama-karya (virtual memory) da shi shi ne tsarin katin bashi. A ɗauki misalin wani iyali mai samun kuɗin shiga na dala 3,000 a wata. Iyalin yana biyan dala 2,500 a matsayin mafi ƙarancin biyan bashi a kan ma'auni na bashinsa, wanda zai iya kai dala 360,000 idan an haɗa da biyan kuɗin gida, motoci biyu, da siyayyar hutu. Ainihin dukiyar iyalin ita ce dala 36,000 a shekara (wato megabyte 36 a misalin kwamfuta); wannan ya kai dala 360,000 cikin shekara goma (kamar megabyte 360 na ajiya na kama-karya). Maimakon amfani da ainihin dukiyar dala 36,000 a shekara, iyalin yana amfani da dukiyar kama-karya ta shekara goma (dala 360,000). A gaskiya, dala 360,000 ɗin ba ta wanzu a lokacin da iyalin ya fara amfani da wannan babban kuɗin kama-karya.

The simplest financial economic analogy to the virtual memory concept is the credit card system. Take the example of a family with a monthly income of $3,000. The family pays $2,500 as a minimum payment on their debt balance, which could be $360,000 including the payments on a house, two cars, and holiday shopping. The actual real wealth of the family is $36,000 a year (36 megabytes in computer analogy); this amounts to $360,000 over ten years (similar to 360 megabytes of virtual storage). Instead of using the real wealth of $36,000 a year, the family uses the extended (virtual) wealth of ten years ($360,000). In reality, the $360,000 does not exist at the time when the family begins to use this large virtual money.

Bankin da Babban Bankin Tarayya ke goyon baya ya shigo ya ware kuɗi mai yawa bisa tsammanin cewa za a samu wannan kuɗin a hankali a kan lokaci. Idan komai ya tafi daidai, iyalin na ci gaba da samun $3,000 a kowane wata, kuma suna ci gaba da biyan mafi ƙarancin kuɗin da ake bukata; to komai zai tafi lafiya, kuma bambanci tsakanin abin da yake na zahiri da abin da ba haka ba ba zai bayyana ya haifar da wata matsala ba. Iyalin suna ci gaba da rayuwa cikin farin ciki a cikin ruɗin dukiya ta zahiri ta $360,000.

The bank supported by the Federal Reserve steps in and allocates the large amount of money in anticipation that this money will actually be generated over time. If all goes well, the family continues to earn $3,000 a month and continues to pay their minimum payments; then everything goes smooth and the difference between what is virtual and what is real will not surface to cause any problem. The family continues to happily live with the illusion of $360,000 virtual wealth.

Amma idan wani abu ya lalace, kamar korar memban iyali mai aiki daga aiki, wanda ba abu ne mai wuyar faruwa ba, ko kuma idan wata matsalar lafiya mai tsanani ta taso kuma ta cinye kuɗi fiye da abin da kamfanin inshora ya biya, wanda hakan ke haifar da ƙarin bashin kula da lafiya, ko kuma wani dalili daban, to sai a samu "thrashing". Ƙarfin kuɗin iyali na zahiri yana ƙafewa, kuma kadarorin da aka samu ta hanyar ƙwaƙwalwar zahiri su ma na iya ɓacewa. A zahiri, rugujewar dukiyar iyali ta zahiri na iya shafar cikakkiyar dukiyar iyali ta gaske, kamar filin da aka mallaka ta hanyar gado! Irin wannan yanayi yana faruwa koyaushe, kuma dukkanmu mun san misalai da yawa daga rayuwar yau da kullum. Wani fitaccen misali, wanda kafofin watsa labarai suka ruwaito, shi ne na attajirin nan Donald Trump. Ya saba gudanar da ayyuka masu girman daraja a biliyoyin daloli, kuma idan ya kasa biyan buƙatun masu bin bashi, sai ya shigar da ƙarar fatara135.

But when something goes wrong, such as a layoff of the working member of the family, which is not uncommon, or a serious health condition occurs and consumes more money than what the insurance company pays resulting on more healthcare debt, or any other reason, then thrashing will take place. The virtual capacity of the family evaporates, and the assets acquired with virtual memory may also vanish. In fact, the collapse of the virtual wealth of the family may affect the absolute real wealth of the family, such as a land owned through inheritance! This type of scenario occurs all the time, and we all know many real-life examples. One outstanding example, which was reported in the media, is the case of the billionaire Donald Trump. He is used to running projects sizing in billions of dollars, and when he fails to meet the demands of the creditors, he files for bankruptcy135.

Adadi na 22 ya nuna ci gaban dukiyar kama-karya (wadda ke daidai da bashi), yayin da dukiyar gaske (wadda ke daidai da samun kudin shiga) ta kasance kusan a tsaye fiye da shekaru goma sha uku. Lura cewa bashin da ke da alaka da gida ya karu daga dala 120,000 zuwa dala 183,000 ga kowane iyali, alhali kuwa kudin shigar da ya dace bai canza ba a cikin wannan lokaci.

Figure 22 shows the growth of the virtual wealth (proportional to the debt), while the real wealth (proportional to income) remained almost steady for more than thirteen years. Note how the home-related debt has increased from $120,000 to $183,000 per family while the corresponding income remained unchanged over the same period.

A babban sikeli na tattalin arziki, inda kamfanoni, masana'antu, da duk nau'ikan kasuwanci ke mu'amala da aiki, ra'ayin dukiyar ƙarya (virtual wealth) yana kama da misalan da ke sama, amma yana da girma sosai. Tsawon shekaru, tattalin arzikin ƙarya a ƙarƙashin tsarin jari-hujja ya zama mafi rinjaye a cikin tattalin arziki, wanda kusan ya rufe tattalin arzikin gaskiya gaba ɗaya. Hakika, tattalin arzikin ƙarya ya zama mai fice sosai har shugabannin siyasa suna gargadi game da yiwuwar a mayar da tattalin arziki daga darajojin ƙarya zuwa ainihin darajojinsa.

At the larger scale of the economy, where corporations, factories, and all types of enterprises interact and function, the concept of virtual wealth is similar to the examples above but much larger in scale. Over the years, the virtual economy under capitalism became the most dominant part of the economy which has almost totally masked the real economy. In fact, the virtual economy has become so prominent that the political leadership warns against the possibility of pushing the economy down from the virtual values to its more real values.

A cikin wata sanarwa da ya yi wa kwamitin majalisar wakilai a ranar 3 ga Afrilu, 2008, shugaban Babban Bankin Tarayya (Fed Reserve) Bernanke ya ce99,

In a statement made to a congressional committee on April 3, 2008, the Fed Reserve chief Bernanke said99,

Idan da an bar Bear Stearns ya fadi, da hakan zai haifar da rudani wajen warware hannun jarin Bear Stearns da daidaikun mutane da sauran cibiyoyin hada-hadar kudi ke rike da su. Haka kuma, illar faduwar ba za ta takaita ga tsarin hada-hadar kudi kadai ba, amma za a ji ta sosai a tattalin arzikin gaske ta hanyar tasirinta a kan darajar kadarori da samun lamuni.

If Bear Stearns had been allowed to fail, it would have led to a chaotic unwinding of Bear Stearns investments held by individuals and other financial institutions. Moreover, the adverse impact of a default would not have been confined to the financial system but would have been felt broadly in the real economy through its effects on asset values and credit availability.

Lura da yadda Bernanke ya yi nuni ga kare tattalin arziki na gaske a matsayin manufar da aka ambata don kare Bear Stearns daga faduwa.

Note how Bernanke alludes to the protection of the real economy as the objective cited for protecting Bear Stearns from failing.

A cikin wata kasida da aka buga a Newsweek, 11 ga Oktoba, 2008, Daniel Gross ya rubuta100, "A shekarar 2002, hannun jarin Apple yana ciniki ƙasa sosai da adadin kuɗin da ke cikin littattafan kamfanin, yana ba alamunsa da kayayyakinsa darajar sifili, idan aka kwatanta da biliyoyin daloli a kololuwar hauhawar kasuwa." A nan an lura cewa maganar tana nuna akwai ra'ayoyi biyu game da tattalin arziki: tattalin arziki na gaskiya, wanda adadin kuɗin da ke cikin littattafan kamfani ke nunawa, da kuma ra'ayi mai kumbura da wuce gona da iri, wanda darajar hannun jari a kasuwa ta yanzu ke nunawa. A wannan misali, an ga cewa darajar kasuwa ta zahiri ta yi ƙasa da darajar gaskiya.

In an article published by the Newsweek, October 11, 2008, Daniel Gross writes100, “Back in 2002, Apple’s stock was trading far below the level of cash on its books, ascribing a value of zero to its brands and products, compared with several billion at the height of the boom.” Note how the statement refers to the existence of two views of the economy: a real economy which is reflected by the level of cache on corporate books and an inflated, exaggerated view which is reflected in the current stock values of the market; in this case the virtual value was observed to be below the real value.

Tattalin arzikin kama-karya (VE) yana da alaƙa mai ƙarfi da gazawar tsarin jari-hujja na kuɗi kamar yadda ake gani a yau. VE yana sa tattalin arziki ya bayyana ya fi girma sosai fiye da girmansa na gaskiya. Kamar yadda yake a cikin kwamfutocin ƙwaƙwalwar kama-karya, tattalin arzikin kama-karya yana dogara ne akan zato cewa ba za a taɓa kuɗi na gaskiya ba, sabili da haka, yana yiwuwa a yi aiki da wata ƙima mafi girma (ta kama-karya) da aka zato ga kuɗi.

Virtual economy (VE) is strongly related to the failure of the financial capitalist system as being witnessed today. VE allows the economy to appear much larger than its real size. As in the case of virtual memory computers, virtual economy is based on the assumption that the real money will not be tapped into, and therefore, it is possible to deal with an assumed larger (virtual) value for the money.

Ka tuna cewa daya daga cikin manyan ka'idojin jari-hujja yana da alaka da ma'anar darajar kayayyaki. Darajar kaya a karkashin jari-hujja ma'auni ne na amfanin kaya ko kuma darajar musayarsa dangane da amfanin wasu abubuwa; idan darajar musayar tana dangane da kudi, to ana kiranta farashi. Saboda haka, tushen jari-hujja yana ba da damar kasancewar wata darajar dangantaka ta zahiri ga kayayyaki maimakon wata daraja ta gaskiya wadda mutane za su iya komawa gare ta koyaushe. Don haka, a tattalin arzikin kasuwa, yana yiwuwa darajar wani bangare na kasuwa, kamar mai, ta yi sauyi tsakanin matsanancin iyaka biyu a cikin ɗan gajeren lokaci. Ma'anar daraja a karkashin jari-hujja tana ba da damar wannan sauyi ya faru gwargwadon yanayin da ake ciki a yanzu. Yanayin tattalin arziki, siyasa da zamantakewa za su zama abin da ke haifar da sauyin darajar kayayyaki da bangarorin kasuwa daban-daban, wanda hakan ke haifar da rikici da kuma yiwuwar rushewa gaba daya.

Ayyukan kasuwar hannayen jari a farkon karni na ashirin ya haifar da wani sabon al'amari a cikin tattalin arziki, inda dukiyar da ke da alaƙa da darajar hannayen jari ta ƙaru da sauri fiye da dukiyar da ke da alaƙa da tattalin arziki na gaske. Lokacin da kasuwar hannayen jari ta rushe a birnin New York a watan Oktoba na 1929, masana tattalin arziki sun danganta rushewar da babban bambanci tsakanin farashin hannayen jari da aka kumbura da darajar kadarorin gaske na tattalin arziki. Ko da yake masana tattalin arziki ba su yarda kan musabbabin rushewar kasuwar hannayen jari ta 1929-1932 ba, dukkansu sun yarda cewa farashin hannayen jari na kamfanonin amfani ya tashi sama da kima.

The stock market activities at the start of the twentieth century created a new phenomenon in the economy, where the wealth associated with stock values grew at much higher rate than the wealth associated with the real economy. When the stock market collapsed in New York in October 1929, the economists attributed the crash to the great difference between the inflated values of stocks and the values of the real assets of the economy. Although economists may not agree on the cause of the 1929-1932 stock market crash, they all admit that the utility stocks prices drove up too high.

The Economist magazine asserted on 2 November 1929 that stock prices were too high, and wrote134, "There is warrant for hoping that the deflation of the exaggerated balloon of American stock values will be for the good of the world." In other words, stock values were highly inflated. To elaborate further on this issue, it was found that stock values in the financial market increased during the period between 1925 and 1929 by 120%, while economic growth over the same period did not exceed 17% (an average of 3.5% per year). In 1932, when the market finally collapsed, it lost over 90% of its value. The market returned to its real value, which was clearly much lower than what the stock market indicated (101, 134).

The Economist magazine insisted on November 2, 1929, that the stock prices were too high and wrote134, “There is warrant for hoping that the deflation of the exaggerated balloon of American stock values will be for the good of the world.” In other words, the stock values were highly inflated. To elaborate further on this issue, it was found that the stock values in the financial market increased during the period between 1925 and 1929 by 120%, while the economic growth for the same period has not exceeded 17% (an average of 3.5% per year). In 1932, when the market finally collapsed, it lost over 90% of its value. The market returned to its real value which was obviously much lower than what the stock market indicated (101, 134).

Shugaba Herbert Hoover ya amince cewa farashin kasuwar hannun jari ya yi matuƙar tsada, kuma cewa babu abin da yake a cikinsa sai kumfa ta hasashe wadda kurakuran Hukumar Tanadin Tarayya (Federal Reserve Board) suka haddasa. Hoover ya yi bayani cewa, "Ɗaya daga cikin waɗannan gajimare shi ne kyakkyawan fata na Amurka, wanda ya samo asali daga ci gaba da aka samu a cikin shekaru goma, wanda Hukumar Tanadin Tarayya ta mayar da shi kumfar Mississippi ta kasuwar hannun jari"102. Don haka, ra'ayin jama'a shi ne cewa farashin hannun jari ya yi tsada fiye da kima.

Misali, a ce darajar gaskiya ta wani kamfani daidai take da kashi 10% na jimillar darajarsa ta kama-karya (virtual); wannan ba abu ne baƙon ba a duniyar tattalin arzikin kama-karya. A aikace, adadin da za a iya mayar da shi kuɗi na gaske bai wuce kashi 10% na jimillar babban jarin kama-karya wanda darajar hannun jari ta kamfanin ta bayar ba; sauran kuma babu komai a cikinsa. Idan masu hannun jari a kamfanin (ko masu riƙe da hannun jari) suka lura cewa wani babban mai saka jari ya fara sayar da kadarorinsa (don mayar da su kuɗi na gaske), sai tsoro ya fara yaɗuwa a tsakanin masu hannun jari; sai su yi gaggawar sayar da kadarorinsu suna fatan samun wasu kuɗi na gaske kafin hannayen jarinsu su rasa daraja. Daga nan sai koma-baya ya faru, wanda ke rage darajar kamfanin ta kama-karya zuwa ainihin darajarsa ta gaskiya.

As an example, assume that the real value of some company is equivalent to 10% of its total virtual value; this is not uncommon in the realm of virtual economy world. Practically, the amount that can be turned into real money can be no more than 10% of the total virtual capital given by the stock value of the company; the rest is equal to none. When the owners of the company shares (or stockholders) notice that a major investor begins to sell his possessions (to convert them to real money), a panic among shareholders begin to propagate; they rush to sell their possessions hoping to cache in some real money before their stocks lose value. Then a collapse takes place and brings down the virtual value of the company to its more realistic basic value.

Bari mu yi aikin misalin sosai ta hanyar nazari da lissafi mai sauƙi don kada masu karatu su rude (hoto 23). Ka ɗauka cewa kamfani yana da hannun jari dubu ɗaya. Haka kuma, ka ɗauka cewa kowane hannun jari yana da darajar $100. Don haka darajar hannun jarin kamfanin ta zahiri (virtual) ita ce $100,000. Don muhawara, ka ɗauka cewa ainihin darajar kamfanin bisa ga kadarorinsa da samarwarsa ita ce $10,000. A wasu kalmomi, ainihin darajar kamfanin ita ce kashi 10% na darajarsa ta zahiri. Yanzu ka ɗauka cewa wani babban mai saka jari ya sayar da hannun jari hamsin a $100 kuma ya samu $5,000. Idan sauran masu hannun jari suka fara sayar da hannun jarinsu suna fatan samun kuɗi na gaske daga kamfanin, ba za su samu fiye da $5,000 ba a mafi kyau, wato sauran ɓangaren ainihin darajar kamfanin. Wannan ya fassara zuwa 5,000/950, wato kusan $5.25 a kowane hannun jari. Yanzu idan wani mutum ɗaya ya iya yin aiki da sauri fiye da sauran ya sayar da hannun jari hamsin a, ce, $50 kuma ya samu $2,500, to sauran taron za su raba hannun jari dari tara ɗin da suka rage don ba fiye da $2,500 ba; wato $2.75 a kowane hannun jari idan aka sayar da dukkan hannun jari a lokaci ɗaya. Ka ɗauka cewa wasu hannun jari ɗari biyu sun canja hannu a $10 kowane hannun jari, wanda ya kai $2,000. Abin da ya rage daga darajar kamfanin shi ne $500 da aka raba a kan hannun jari ɗari bakwai. Darajar hannun jarin wannan kamfani za ta faɗi zuwa $0.71. A ƙarshe, idan duk $10,000 sun ƙare, hannun jari zai koma sifili. Sauran hannun jari za su rasa darajarsu gaba ɗaya.

Riba shi ne na biyu daga cikin manyan dalilan da ke haifar da dukiyar kirkira (virtual wealth), wacce ke sa tattalin arziki ya yi kama da babba fiye da ainihin darajarsa. Riba, kamar yadda kamus na Merriam-Webster ya bayyana, ita ce "ba da kuɗi da cajin riba saboda amfani da su"; wannan kalma ta samo asali ne daga kalmar Latin ta zamanin tsakiya usuria, wacce ke nufin riba. An yi wa ma'anar riba gyara don nuna yawan ribar da ake caji fiye da ƙayyadadden adadi. Wannan gyara an yi shi ne domin a halatta cajin riba akan kuɗi. A cikin al'adu da addinin Musulunci, kalmar usury tana daidai da kalmar riba. Riba tana fitowa ne daga kalmar ƙaruwa. Idan aka yi amfani da ita ga ma'anar riba, tana nufin ƙaruwar kuɗi a kan kuɗin wasu mutane. Wannan ma'ana ta dogara ne akan wannan ayar Alƙur'ani:

Usury is the second major cause for the creation of virtual wealth which causes the economy to appear much larger in size than its real value. Usury is defined in Merriam-Webster dictionary as “the lending of money with an interest charge for its use”; this comes from the Medieval Latin usuria, which means interest. A modification was made to the meaning of usury to indicate the interest rate charged above a predetermined rate. This modification was made in order to legitimize the charging of interest on money. In the Islamic culture and religion, the word usury is mapped to the word riba. Riba comes from the word increase. When applied to the concept of usury, it means the increase of money at the expense of the money of other people. This definition is based on the Quranic verse:

Abin da kuke bayarwa a matsayin riba domin ya karu ta cikin dukiyar mutane, ba ya karuwa a wajen Allah.

That [usury-riba] which you lay out for increase through the money of other people will have no increase with Allah. (Quran 30:39)

Riba, wanda aka fi sani da adadin riba, shi ne ginshiƙin manufofin kuɗi a ƙarƙashin tsarin jari-hujja. Babban bankin tarayya (Federal Reserve) yana amfani da shi wajen daidaita sauye-sauyen kasuwa da tattalin arziƙi. A lokacin koma-baya a tattalin arziƙi, Babban Bankin Tarayya yana rage adadin riba (ƙimar riba) don ƙarfafa karɓar bashi da kuma ƙara buƙatar kayayyaki da ayyuka. Akasin haka, yana ƙara ƙimar riba don dakatar da hauhawar farashi a lokacin tsananin bunƙasar tattalin arziƙi. Manufar anan ita ce a fahimci cewa riba a cikin tattalin arziƙin siyasa na jari-hujja na ɗaya daga cikin muhimman kayan aikin da ake amfani da su wajen sarrafa tashe-tashen hankula na tattalin arziƙi. Watakila babban abin da ya bambanta tattalin arziƙin jari-hujja shi ne yaɗuwar cibiyoyin hada-hadar kuɗi da ke bayar da lamuni ga daidaikun mutane, kamfanoni, cibiyoyi, har ma da gwamnatoci kansu.

Usury, or the interest rate as most frequently referred to, is a cornerstone of the financial policies under capitalism. It is used by the Federal Reserve to adjust market and economy fluctuations. During a recession, the Federal Reserve Bank reduces the interest rate (usury value) in order to encourage borrowing and increase the demands on goods and services. Conversely, it increases the value of usury to curb inflation during excessive economic growth. The point here is to understand that usury in the capitalist political economy is one of the most important tools used for the control of the ups and downs of the economy. Perhaps the single most unique characteristic of capitalist economy is the widespread use of financial institutions that offer loans to individuals, companies, institutions, and even governments themselves.

Adadin kuɗi da yawan kwararar kuɗi da ke tafiya zuwa ga masu saka hannun jari da abokan ciniki tabbas zai zama ƙasa da adadin kuɗi da yawan kwararar kuɗi da ke tafiya zuwa ga bankuna. Yayin da lokaci ke wucewa, bankuna suna tara dukiya fiye da jimillar dukiyar da kasuwa take tarawa ko ta hanyar lamuni daga bankuna ko ta hanyar samar da kayayyaki da ayyuka. Bambancin da ke tsakanin dukiyar da bankuna suka tara da dukiyar da kasuwa take dorewa da ita yana ba da wani dalilin samun ra'ayoyi biyu game da tattalin arziki: na gaskiya da na kama-karya. Domin ƙara bayyana wannan al'amari, ka yi la'akari da lamuran guda biyu masu zuwa.

The amount and rate of money which flows in the direction of investors and customers will certainly be less than the amount and rate of money which flows in the direction of the banks. Over time, the banks accumulate more wealth than the total wealth collected by the market either through loans from the banks or through production of goods and services. The difference between the wealth accumulated by the banks and the wealth sustained by the market provides another reason for the dual views of the economy: the real and the virtual. To further illustrate this phenomenon, consider the following two cases.

Ka yi la'akari da shari'ar rance, inda banki ya ba wani mai zuba jari rance. Bari mu ce banki ya ba da rancen dala miliyan 100 da ribar kashi 5% na tsawon shekara guda. Bari mu ce kuma hauhawar farashi a wannan lokacin ta kai kashi 2%; don haka ainihin darajar ribar bayan an daidaita da hauhawar farashi ta zama kashi 3%. Ka yi la'akari da cewa mai karbar rancen ya iya amfani da kudin da ya karba wajen samar da kayayyaki da ayyuka, har ya samu riba ta kashi 2% a karshen lokacin rancen. Yanzu jimillar kudin da za a biya wa banki ta kai dala miliyan 103, alhali kuma ainihin kudin da ake da shi sakamakon rancen, zuba jari, da riba ya kai dala miliyan 102. Wannan yana nufin akwai dala miliyan 1 a asusun banki wanda ba ya dacewa da wata ainihin daraja a kasa. Wannan rarar ita ce riba (riba/usury); tana wakiltar ci gaban kudi kawai wanda ba ya dacewa da wani ci gaba a tattalin arziki. Tattalin arziki ya karu da dala miliyan 2; kudin kuwa ya karu da dala miliyan 3. Dala miliyan 2 kawai daga cikin karuwar kudin ta dace da ainihin karuwar dukiya ta tattalin arziki. Wannan shi ne abin da Alkur'ani ke nufi da karuwar kudi a kan kudin wasu mutane: "Abin da kuke bayarwa domin karuwa ta cikin dukiyar mutane, ba ya karuwa a wajen Allah" (Alkur'ani 30:39).

Consider the loan case, where the bank provides a loan for an investor. Let’s assume that the bank provided a loan of $100 million with 5% usury for one year. Let’s assume also that the inflation during this period was 2%; the actual value of the interest rate becomes 3% after inflation adjustment. Assume further that the investor who borrowed the money was able to use the borrowed money to produce goods and services and generate 2% profit at the end of the loan period. Now the total amount of money to be paid back to the bank is $103 million, while the real available money due to the loan, investment, and profit is $102 million. This means that there is $1million in the bank account which does not correspond to any real value on the ground. This surplus is the usury; it represents the pure growth of money which does not correspond to any growth in the economy. The economy grew by $2 million; the money grew by $3 million. Only $2 million of the money growth corresponds to economic real wealth growth. This is what the Quran refers to as money growth at the expense of other people’s money: “That [usury-riba] which you lay out for increase through the money of other people will have no increase with Allah” (Quran 30:39).

Hausa translation: Hoto na 25 ya nuna yadda Babban Bankin Tarayya (Federal Reserve Bank) ke zuba kuɗi a cikin asusunsa ba tare da la'akari da ci gaban tattalin arziki a ƙasa ba107. Bayanai sun nuna yadda ajiyar kuɗi ta ninka sama da sau huɗu tsakanin 1994 da 2008; jimillar kuɗin ajiya da kuɗaɗen tanadi ta ninka cikin ƙasa da watanni huɗu bayan faduwar Bankin Lehman Brothers. Ajiyar kuɗi ta tashi daga dala biliyan 850 a ranar 10 ga Satumba, 2008, zuwa dala biliyan 1,702 a ranar 31 ga Disamba, 2008. Ba sai an faɗi ba cewa a cikin wannan lokaci (kwanaki 112), tattalin arziki ba zai iya girma da kashi 200 ba.

Figure 25 shows how the Federal Reserve Bank pumps money into its own account without consideration to the economic growth on the ground107. The data shows how the money reserves multiplied more than four times between 1994 and 2008; the total cache currency and reserves doubled in less than four months after the collapse of the Lehman Brothers Bank. The currency reserves rose from $850 billion on September 10, 2008, to $1,702 billion on December 31, 2008. It is needless to say that during this period (112 days), the economy could not have grown 200%.

Aikin Babban Bankin Tarayya (Federal Reserve) yana taimakawa wajen fadada dukiyar kama-karya (virtual wealth) maimakon yin aiki don shawo kanta. Maimakon ya dakile ci gaban dukiyar kama-karya a kan kudin tattalin arziki na gaske, Babban Bankin Tarayya yana kara ta'azzara lamarin.

The practice of the Federal Reserve contributes to the explosion of virtual wealth instead of working to control it. Instead of containing the phenomenon of virtual wealth growth at the expense of real economy growth, the Fed aggravates it.

A duniya baki ɗaya, bashin da ke ɗauke da riba da ƙasashe da gwamnatoci ke ciki abin firgitarwa ne. Jimillar bashin ƙasashe sittin ya zarce dala tiriliyan 65 a ƙarshen shekara ta 2008.112 Ribar da ake biya a kan wannan bashi ta zarce dala tiriliyan 3 a kowace shekara; wannan riba kaɗai ta fi kuɗin da ake buƙata don fitar da duniya daga matsanancin koma-bayan tattalin arziƙin da ta faɗa cikinsa.

Worldwide, the interest baring debt of states and governments is shocking. The total amount of debts for sixty countries exceeded $65 trillion at the end of 2008112. The interest paid on this debt exceeds $3 trillion a year; this interest alone is more than the amount of money required to pull the world out of the deep recession it plunged in.

A duniya baki ɗaya, Asusun Ba da Lamuni na Duniya (IMF) da Bankin Duniya (WB) suna taka rawa irin ta Babban Bankin Tarayyar Amurka (Federal Reserve) a Amurka. IMF da WB suna ba da lamuni da riba ga kusan kowace ƙasa a duniya; IMF da WB suna sanya wa mafi yawan waɗanda suka karɓi lamunin nasu sharuɗɗa waɗanda ke shafar ci gaban tattalin arzikin kowace ƙasa a zahiri, da kuma ajiyar kuɗi da darajar kuɗin ƙasar. Bashin waje da ƙasashe ashirin da biyar mafi talauci suka ci bashi daga IMF ya kai dala biliyan 129.3 a ƙarshen shekarar 2008.

Ma'aunin zinariya/azurfa yana nufin tsarin kuɗi inda kuɗin ƙasa ke da goyon bayan wani ƙarfe mai daraja kamar zinariya da/ko azurfa. Idan kuɗi kamar dalar Amurka yana da goyon bayan zinariya ko azurfa, zai yi wuya a bunƙasa kuɗin ƙasa zuwa matakai masu girma haka, har ƙasar ta fuskanci hadarin ƙarewar ajiyar zinariyarta ko azurfarta. Tattalin arziƙin kama-karya (virtual economy), wanda ke bunƙasa a duniyar jari-hujja a yau, da ba zai zama gaskiya ba, idan babban kuɗi (misali dalar Amurka) ya ci gaba da kasancewa da alaƙa da ma'aunin zinariya.

Gold/silver standard refers to the monetary system where the currency of a nation is backed by a precious metal such as the gold and/or silver. When the currency such as the dollar is backed by gold or silver, it would be almost impossible to grow the finances of the country to such high limits where the country risks the depletion of its gold or silver reserves. The virtual economy, which thrives in the world of capitalism today, could not have become a reality, if main currency (e.g. US dollar) remained linked to the gold standard.

Har zuwa Yakin Duniya na Ɗaya, zinariya ta kasance ma'auni na kuɗi a dukkan manyan ƙasashen kasuwanci na duniya. Kowace ƙasa tana ɗaura kuɗinta da zinariya a kan ƙayyadadden kuma marar canzawa. Ƙarƙashin ma'aunin zinariya, tsarin kuɗi na ƙasashen duniya sun more lokaci na kwanciyar hankali da wadata da ba a taɓa gani ba. A takaice, ma'aunin zinariya yana ba da horo a fannin kuɗi. Yawan kuɗin da ƙasa za ta iya bugawa yana iyakance ne da yawan zinariyar da ke cikin ajiyar ta, saboda ƙasashe na iya fuskantar buƙatar canza kuɗinsu zuwa zinariya. Farashin musayar tsakanin kuɗaɗen ƙasashe daban-daban yana kasancewa cikin kwanciyar hankali a tsarin zinariya na gargajiya.

Until World War I, gold ruled as the monetary standard of all the major trading countries in the world. Each country pegged its currency to gold at a constant and unchanging rate. Under the gold standard, the international monetary systems enjoyed a period of unprecedented stability and prosperity. In essence, the gold standard provided monetary discipline. The amount of currency a country could print was limited by the amount of gold in their reserves, because countries could have faced the requirement to convert their money to gold. Exchange rates between currencies of different nations remain fairly constant in the classical gold system.

Zamanin ma'aunin zinariya ya katse ba zato ba tsammani a Yakin Duniya na Farko. Kasashen da ke yaki sun yanke shawarar buga kudi ba tare da sun tallafa masu da zinariya ba, domin su biya kudin yakin masu tsada sosai. Adadi mai yawa na kudi ya shiga kasuwanni ba tare da wata hujja mai karfi ta tallafi ga kudin ba, lamarin da ya haifar da hauhawar farashi mai tsanani. Wannan yanayi ya ci gaba a tsawon yakin har ma bayan sa. Jamus ta biya, bisa shirin diyya, alamomi biliyan 132, kuma an bukaci ta tallafa wannan adadi da zinariya. A bayyane yake cewa Jamus ba za ta iya cika wannan bukata ba; Jamus ba za ta iya kashe zinariyarta wajen biyan laifukan yaki ba. Kasashen kawance na Turai sun karbi bashi da yawa daga Amurka, wadda ta bukaci a biya ta lamunin ta. Rashin iya Jamus wajen bin shirin diyyar bayan yaki, da kuma gazawar kasashen kawance wajen cika alkawuransu na biyan bashin Amurka, sun zama uzuri ga Yakin Duniya na Biyu.

Zaɓin yana hannun masu tsara manufofin kuɗi na Amurka tsakanin nau'o'in tattalin arziki guda biyu. Tattalin arziki na gaske wanda kuɗaɗensa ke da goyon bayan zinariya, wanda ke girma a hankali amma tabbas. Ko kuma tattalin arziki na zahiri wanda ke da kuɗaɗen takarda kawai (kuma daga baya na dijital) ba tare da wani goyon baya daga kowane ƙarfe mai daraja ba, kamar zinariya ko azurfa. Zaɓin tattalin arziki na zahiri yana ba da damar yawan kuɗi mai girma ba iyaka, yana ba da damar ci gaban dukiya da ba a taɓa gani ba, yana ba da damar fifiko mara misaltuwa a kan sansanin gurguzu na Soviet, kuma yana ba da damar kiyaye ajiyar zinariyar Amurka. Duk da yadda wannan zaɓi zai iya zama mai jan hankali, ya zama bulo na farko a cikin kabarin tattalin arziki na jari-hujja.

The choice was in the hands of US financial policy makers between two forms of economy. A real economy backed by gold-based currencies, which grows slowly but surely. Or a virtual economy characterized by pure-paper (and later digital) currencies without any backup from any precious metal, gold or silver. The virtual economy option allows for a virtually large liquidity, allows for an unprecedented wealth growth, allows unparalleled superiority over the Soviet Socialists camp, and allows the preservation of the US gold reserves. As attractive as this option could be, it became the first brick in the grave of the capitalist economy.

Yaƙin cacar baki da kuma gwagwarmayar da ta yi zafi da gurguzanci na Soviet sun samar da yanayi mai dacewa da wannan zaɓi ya bunƙasa, kuma sun samar da garkuwar da ta hana masu tsara manufofi yin nazari sosai game da haɗarin irin wannan zaɓi. Haɗamar cibiyoyin kuɗi da ke da alhakin samar da kuɗaɗen ruwa, musamman Ƙungiyar Tarayya ta Bankin Reserve na Amurka, ta tura wannan zaɓi gaba da ƙwazo da kwadayi sosai. Don haka aka shimfiɗa hanya ga soke Dokar Bretton Woods.

The cold war and the fierce struggle with the Soviet socialism provided the suitable environment for this option to flourish and provided the shield which prevented policy makers from carefully evaluating the dangers of such option. The greed of the financial institutions which were responsible for providing the liquidity, in particular the US Federal Reserve Consortium pushed this option forward with great avidity and eagerness. The path was thus paved for the revocation of Bretton Woods Act.

Matsalar musayar dala da zinariya ta bayyana a fili ta yawan dalolin da bankunan tsakiya na Turai suka rike. A shekarar 1966, Turai ta rike a bankunan tsakiyarta fiye da dala biliyan 14. Amurka kuwa tana da dala biliyan 13.2 kawai a matsayin ajiyar zinariya, wanda dala biliyan 10 daga cikinsu ana bukatarsu ne don biyan bukatun kasuwar cikin gida ta Amurka. Idan gwamnatoci da bankunan tsakiya na kasashen waje suka yi kokarin musayar ko da kashi daya bisa hudu na abin da suke rike a lokaci guda, Amurka ba za ta iya cika alkawuranta ba. Farashin zinariya mai rahusa na dala 35 a kowace oza, kamar yadda yarjejeniyar Bretton Woods ta tsara, ya jawo hankalin 'yan hasashe, 'yan kasuwar zinariya da masu arziki, har suka saya suka tara zinariya, lamarin da ya kara saurin karewar zinariya a kasuwannin duniya.

A karon farko a tarihi, zinariya ta zama kawai kayan ciniki a hukume, farashinta yana bin dokokin kasuwa da ka'idojinta. Hoto na 26 ya nuna yadda farashin zinariya ya tashi da kuma yadda yake canzawa bisa ga Farashin Zinariya na Spot a London.117 Farashin zinariya ya kasance kusan tsayayye har zuwa shekarar 1972, lokacin da Amurka ta watsar da ma'aunin zinariya. Bayan rikicin kuɗi na 2008, farashin zinariya ya haura dala 1,200 a kowace ounce.

For the first time in history, the gold officially became just a commodity, whose price is subject to market rules and regulations. Figure 26 shows the rise of gold prices and their fluctuation based on the London Spot Gold Prices117. The gold prices remained almost stable until 1972 when the United States relinquished the gold standard. After the financial crisis in 2008, the price of gold exceeded $1,200 per ounce.

Tun daga lokacin da tsarin Bretton Woods ya rushe a shekarar 1971, aka kuma daina amfani da ma'aunin zinare, dalar Amurka ta zama kudin ajiyar kasashen duniya da ake amfani da shi ta hanyar tsoho. A shekaru ashirin kafin 1970, ajiyar dala na kasashen duniya ta karu kusan kashi 55 kawai, a kan kashi 2.7 a shekara. Tsakanin 1971 zuwa 2001, bayan karbar dala maimakon ma'aunin zinare, ajiyar ta karu sama da kashi 2,000, a kan sama da kashi 66 a shekara118. Hoto na 27 yana nuna yadda dukiyar duniya ta karu tun 1972. Irin wannan ci gaba ba zai yiwu ba a karkashin ma'aunin zinare. Amma da Amurka ta juya wa yarjejeniyar Bretton Woods baya, ta kuma yanke alakar da ke tsakanin dala da zinare, sai ta 'yantar da dala daga kangin zinare, ta kuma saki karfinta na ci gaba mai yawa na kirkira.

Since the breakdown of Bretton Woods in 1971 and the end of the gold standard, the dollar has become the default international reserve currency. The twenty years prior to 1970, international dollar reserves increased only about 55%, at a rate of 2.7% a year. Between 1971 and 2001, with the adoption of the dollar instead of gold standard, reserves have increased over 2,000%, at a rate of more than 66% a year118. Figure 27 shows the growth of the world wealth since 1972. Such growth could not have been possible under the gold standard. But when United States turned against Bretton Woods Agreement and broke the link between the dollar and the gold, it freed the dollar from the rein of the gold and unleashed its potential for virtual growth.

Bayan mutuwar Yarjejeniyar Bretton Woods, zinariya ba ta iya ƙara kafa iyaka ga yawan ci gaban tattalin arzikin da ke tushe a kan dala ba; duk da haka, akwai wani sarka da aka ɗaure da dala, wanda ya hana ta tashi cikin sauri a ƙimar ƙaruwa mai ninkawa kamar yadda aka nuna a adadi na 27. Sarkar ita ce jerin dokoki da takunkumai da aka sanya wa cibiyoyin kuɗi bayan Babban Koma-bayan Tattalin Arziki na 1929. Shugabannin siyasa ne suka gabatar da takunkuman a shekarun 1930 don hana wata koma-bayan tattalin arziki a nan gaba. A takaice, takunkuman sun takaita ikon cibiyoyin kuɗi na ƙara arzikinsu ta hanyar ba da ƙarin lamuni da samun ƙarin riba daga lamunin. Dokokin sun bukaci masu karɓar bashi su biya wani babban kaso na kuɗi a gaba lokacin da suke karɓar bashi don sayen gida. Hakan ya sa ɓangaren lamunin da ke ɗauke da riba ya zama ƙarami.