Duk da cewa kowa ya yarda cewa mara lafiyar jari-hujja (capitalism) tana fama da cuta ta dindindin, bayani kan yadda muka kai ga wannan hali yana da cece-kuce. Masu tsattsauran ra'ayin dama da yawa suna ci gaba da wa'azin cewa jari-hujja ta fi sauran tsare-tsare, kamar yadda tsohon Shugaban Amurka George W Bush ya yi a jawabinsa na talabijin a ranar 24 ga Satumba. Ra'ayinsu shi ne cewa ginshiƙan jari-hujja har yanzu suna da ƙarfi, kuma abin da ya faru misali ne na wuce gona da iri da kuma munanan shawarwari. A wani jawabi da ya yi a baya a wani taron tara kuɗi na sirri, Bush ya kwatanta halin kasuwar hannayen jari ta Wall Street da mutumin da ya sha giya har ya bugu, yanzu kuma yana fama da ciwon kai na washegari. Ko da yake suna karɓar tsananin halin da ake ciki, irin waɗannan masu ra'ayi suna banbanta a martanin da suke bayarwa. Yayin da Bush da Sakataren Baitulmalinsa, kuma tsohon Shugaban Kamfanin Goldman Sachs, Henry Paulson, ke goyon bayan manyan agajin kuɗi daga Gwamnati, sauran masu ra'ayin rikau kuwa suna ganin duk wani agajin gwamnati abu ne da ba za a amince da shi ba, kamar yadda wani ɗan siyasa (Wakili Sam Johnson) ya bayyana, cewa hakan kamar shiga hanyar tsarin gurguzu ne. Su kuwa masu ra'ayin hagu farin cikinsu a bayyane yake, domin sun shafe shekaru da dama suna adawa da kasuwanni marasa iyaka, yanzu kuma suna ganin cewa sakamakon da jari-hujja ta jawo ya dawo mata.

Though everyone agrees that the capitalist patient is chronically sick, an analysis of how we got here is more controversial. Many right wing ideologues continue to preach the superiority of capitalism as former President George W Bush did in his televised address on 24th September. Their view is that the fundamentals of capitalism remain strong and that what happened is a case of excess and bad decision making. In remarks at a private fundraiser Bush had earlier compared Wall Street’s behaviour to someone getting drunk and now facing a hangover. Though accepting the seriousness of the situation such ideologues differ in their response, whereas Bush and his Treasury Secretary and former CEO of Goldman Sachs, Henry Paulson, favour large Government bailouts, other conservatives find any government bailout an anathema, akin as one politician (Representative Sam Johnson) stated, to embarking down the road of socialism. For those on the left their glee is palpable, having argued against unfettered free markets for decades, they now believe capitalism’s chickens have come home to roost.

Ƙungiyar hagu ta ga cewa wannan rikicin yana da dalilai guda biyu. Na farko, son kai da ayyukan cin hanci na Wall Street, na biyu kuma, al'adar sassauta dokoki (deregulation) wadda ta sa dokoki ko dai ba sa nan, ko kuma hukumomi suna barci a kan aikinsu. Mafitarsu kuwa abu ne mai sauƙi: a murkushe al'adar kyautar kuɗi da albashi mai yawa a Wall Street, a kuma ƙara ƙarfafa dokoki da sa ido.

The left see that this crisis has two causes. Firstly the greed and corrupt practices of Wall Street and secondly the culture of deregulation which resulted in either regulation being absent, or asleep at the switch. Their solution is very simple, crackdown on the bonus and remuneration culture on Wall Street and beef up regulation and oversight.

Duk da haka, duka waɗanda ke hagu da waɗanda ke dama sun yi kuskure wajen gano musabbabin rikicin. Ko da yake dukansu suna nuna al'adar wuce gona da iri da rashin kyakkyawan tsari na dokoki, suna so su raba wannan da jari-hujja, kamar dai halin da aka nuna ba shi da alaka da ginshiƙan jari-hujja. Amma son abin duniya da ɗaukar haɗari mai girma da karya ƙa'idodi suna da muhimmanci ga jari-hujja kamar yadda injin yake da muhimmanci ga mota. Tsammanin cewa jari-hujja na iya aiki yadda ya kamata ba tare da son abin duniya ba da al'adar caca mai haɗari, kamar tsammanin kare ba zai yi haushi ba. Son abin duniya, ɗaukar haɗari mai girma da karya ƙa'idodi su ne man shafawa masu tuka dukkan tsarin jari-hujja. Al'adar wasu bankuna a titin Wall Street da Birnin London ta tabbatar da wannan gaskiyar. Suna cike da ƙarfin maza, suna ba da muhimmanci ga burin dukiya, suna tsammanin mutane su rayu don aiki, ba su yi aiki don rayuwa ba, kuma duk wani rauni ana ƙyamarsa. Da manyan albashinsu da kyautar kuɗi mai girma, al'adar son abin duniya ba kawai ana tsammanin ta ba ce, har ma wajibi ce idan mutum zai yi nasara. Waɗannan masu cinikin hannun jari na Wall Street da London masu girman kai suna kiran kansu "Masu Mulkin Duniya". Ba a cika samun saɓani a kan wannan ba, ta yadda mafi yawan mutane masu hankali sun yarda cewa al'adar jari-hujja da ta mamaye masana'antar hada-hadar kuɗi tana iya zuwa da wuce gona da iri, shi ya sa dole ne a samu ingantaccen tsari na dokoki. Duk da haka, babu adadin dokoki da zai iya rage illolin jari-hujja gaba ɗaya, saboda dalilai masu zuwa:

However, both those on the left and right have misdiagnosed the causes of the crisis. Though both point to a culture of excess and regulatory mismanagement, they seek to detach this away from capitalism as if the behaviour exhibited was somehow detached from the core values of capitalism. But greed and deregulation are as essential to capitalism as an engine is to a car. Expecting that capitalism can effectively operate without greed and a risk-taking casino culture of high risk taking, is like expecting a dog not to bark. Greed, high-risk taking and bending the rules are the essential oils that drive the whole capitalist system. The culture in many of the banks in Wall Street and the City of London exactly proves this point. They are testosterone rich, they put a premium on material ambition, they expect people to live to work, not work to live and any weakness is frowned upon. Fuelled by their high salaries and extraordinary bonuses, a culture of greed is not just expected but is obligatory if one is to succeed. These arrogant Wall Street and city traders call themselves “Masters of the Universe”. There is little controversy over this in the sense that most reasonable people believe the capitalist culture that dominates the financial services industry is prone to excess, which is why there must be effective regulation. However, no amount of regulation can ever mitigate capitalism, for the following reasons:

1. Da farko, sarkakiyar wasu daga cikin kayayyakin kuɗi da ake ciniki da su ta ƙaru sosai. Masu sa ido a kowane lokaci ba su cika zama masu saurin aiki ba. A duniyar da ƙirƙirar kayayyaki ke sauri da canzawa cikin sauri, masu sa ido suna fama da wahalar bin su. Iliminsu da ƙwarewarsu sun yi nisa a baya da na waɗanda suke sa ido a kansu, har ya zama kamar ba sa aikin komai ne, don ba su amfani sosai a mafi yawan kwanaki.

1. Firstly, the complexity of some of the financial products being traded has grown exponentially. Regulators at the best of times are hardly the most agile of entities, in a world where product innovation is rapid and fast changing, regulators struggle to keep up. Their knowledge and capabilities are far behind those that they are regulating meaning that they might as well sleep-in on most days for all the good they do.

2. Na biyu, kamfanoni suna biyan 'yan siyasa don su hana masu sa ido a kan harkokinsu su matsa musu lamba. Ana yin haka ne ta hanyar bayar da kuɗaɗen yakin neman zabe da sauran alfarma. Wannan yakan tabbatar da cewa masu sa ido suna kiyaye iyakokinsu. Amma idan wannan sanda ba ta yi aiki ba, to koma ga alkawarin aiki mai riba a bangaren masu zaman kansu koyaushe yana nan a kan teburi. Akwai mummunar kofar juyawa tsakanin masu sa ido da bangaren masu zaman kansu, wanda ke maida tsarin sa ido abin dariya.

2. Secondly, companies pay politicians to keep regulators off their back. This is through campaign contributions and other favours. This usually ensures regulators are kept in check. But if this stick doesn’t work, then the carrot of future lucrative work in the private sector is always on the table. There is an unhealthy revolving door between the regulators and the private sector which makes a mockery of the whole oversight process.

3. A ƙarshe, masu tsara dokoki koyaushe suna mayar da martani ne bayan abu ya faru, suna yaƙi da yaƙin da ya riga ya wuce. Ƙara dokoki bayan babban rikici da badaƙala abu ne da ya saba faruwa, amma hakan ba ya taimaka sosai wajen hango rikicin da zai biyo baya. Misali, bayan rikicin Enron, aka kawo dokar Sarbanes Oxley, wadda, duk da cewa ta kawo riba ga masu aikin lissafi da masu ƙwararrun kula da haɗari, ba ta da amfani ko kaɗan wajen hana ko hango rikicin jinginar gidaje na subprime. Saboda haka, yunƙurin daidaita jari-hujja da dokoki ba zai yiwu ba; kamar yadda wata kalma mai shahara take faɗa, kamar yunƙurin shafa lipstick a kan alade ne.

3. Lastly, regulators are always reactive, fighting the last war. Increasing regulation after a major crisis and scandal is common, but is hardly relevant to forecasting the next crisis. For instance after the Enron crisis, Sarbanes Oxley was introduced which, though lucrative for accountants and risk specialists, was entirely useless in preventing or even anticipating the sub prime crisis. So trying to regulate capitalism is impossible, it is – using a now infamous metaphor - like trying to put lipstick on a pig.

Akasin abin da mutane da yawa ke tunani, duniya ba za ta ƙare ba idan aka watsar da tsarin jari-hujja (capitalism) a kwandon shara. Ci gaba, ci gaban rayuwa da fasaha duk sun bunƙasa kafin a kafa jari-hujjar duniya, kuma za su iya sake bunƙasa. Duk da haka, manyan malaman hada-hadar kuɗin duniya suna ci gaba da musantawa, suna ganin cewa duk da rikicin tsarin da ake fama da shi a yanzu, jari-hujja za ta sake dawo da matsayinta mai daraja. George Bush ya sake maimaita hakan a jawabinsa na 24 ga Satumba, inda ya bayyana cewa jari-hujjar dimokuraɗiyya ita ce mafi kyawun tsari. A shekarar 2002, wani fitaccen jawabi ya ambaci wannan magana wadda ke da muhimmanci sosai ga abubuwan da ke faruwa a yau: "Tsawon shekaru, tattalin arzikin Amurka ya nuna ƙwarewa ta musamman wajen jure girgiza iri-iri, da murmurewa, da ci gaba da bunƙasa. Kasuwannin aiki da jari masu sassauci da inganci, al'adar kasuwanci, da ƙudurin jure wa har ma da rungumar sauyin fasaha da tattalin arziki, duk suna ba da gudummawa ga wannan juriya. Wani muhimmin abin kariya a halin yanzu shi ne ƙarfin tsarin kuɗinmu: Duk da girgizar da ta faru a bara, tsarin bankunanmu yana da lafiya kuma yana da kyakkyawan tsari, kuma ma'aunin kuɗin kamfanoni da gidaje gabaɗaya yana cikin koshin lafiya." Wannan jawabi Ben Bernanke ne ya gabatar da shi, wato Bernanke ɗin nan na maganar "injin buga kuɗi". Amma Bernanke ya yi kuskure a 2002, Bush kuma yana kuskure a yanzu. Jari-hujja ba za a iya gyara ta ba, sai an maye gurbinta.

Contrary to popular perception, the world would not end if capitalism was consigned to the waste paper bin. Progress, advancement, technology all prospered before the inception of global capitalism and they can prosper again. Yet the high priests of global finance remain in denial, believing that despite the current systemic crisis, capitalism will once again regain its lofty position. This was reiterated by George Bush in his address of September 24th in which he stated that democratic capitalism remains the best system. In 2002 a prominent speech cited the following statement which has significant relevance to today’s events Over the years, the US economy has shown a remarkable ability to absorb shocks of all kinds, to recover, and to continue to grow. Flexible and efficient markets for labor and capital, an entrepreneurial tradition, and a general willingness to tolerate and even embrace technological and economic change all contribute to this resiliency. A particularly important protective factor in the current environment is the strength of our financial system: Despite the adverse shocks of the past year, our banking system remains healthy and well-regulated, and firm and household balance sheets are for the most part in good shape. That speech was given by Ben Bernanke - the same Bernanke of the ‘printing press’ quote. But Bernanke was wrong in 2002 and Bush is wrong now, capitalism cannot be reformed it needs to be replaced.