Investorlar va mijozlar tomon oqib keladigan pulning miqdori va sur'ati, albatta, bankлar tomon oqib keladigan pulning miqdori va sur'atidan kam bo'ladi. Vaqt o'tishi bilan banklar bank kreditlari orqali yoki tovar va xizmatlar ishlab chiqarish orqali bozor to'plagan umumiy boylikdan ko'proq boylik to'playdi. Banklar to'plagan boylik bilan bozor saqlab turgan boylik o'rtasidagi farq iqtisodiyotga ikki xil qarashning — real va virtual qarashning yana bir sababini beradi. Bu hodisani yanada aniqroq ko'rsatish uchun quyidagi ikki holatni ko'rib chiqamiz.
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.
Quyidagi holat bilan bog'liq kredit misolini ko'rib chiqaylik: bank investor uchun kredit beradi. Faraz qilaylik, bank bir yillik muddatga 5% ustama bilan 100 million dollar kredit berdi. Shuningdek, faraz qilaylik, bu davrda inflyatsiya 2% ni tashkil etdi; inflyatsiyani hisobga olgandan keyin foiz stavkasining haqiqiy qiymati 3% bo'ldi. Yana faraz qilaylik, qarz olgan investor olingan pulni tovar va xizmatlar ishlab chiqarishga sarflab, kredit muddati oxirida 2% foyda oldi. Endi bankka qaytarilishi kerak bo'lgan umumiy summa 103 million dollar, kredit, investitsiya va foyda tufayli mavjud bo'lgan haqiqiy pul esa 102 million dollar. Bu degani, bank hisobvarag'ida hech qanday haqiqiy qiymatga to'g'ri kelmaydigan 1 million dollar ortiqcha bor. Bu ortiqcha ustamadir; u iqtisodiyotdagi hech qanday o'sishga to'g'ri kelmaydigan sof pul o'sishini ifodalaydi. Iqtisodiyot 2 million dollarga o'sdi; pul esa 3 million dollarga o'sdi. Pul o'sishining faqat 2 million dollari haqiqiy iqtisodiy boylik o'sishiga to'g'ri keladi. Qur'on aynan shuni boshqa odamlarning pulini hisobiga pul o'sishi deb nazarda tutadi: "Odamlarning mollari ustiga ziyoda bo'lsin deb sizlar bergan ribo (foiz) Alloh huzurida ziyoda bo'lmas" (Qur'on 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).
Shuni ham e'tiborga olish kerakki, dunyodagi eng yirik qarz oluvchilar hukumatlardir, ular o'z faoliyatlarini moliyalashtirish uchun pul qarz oladi, foydali ishlab chiqarish uchun emas. Shuning uchun to'plangan sof ribo (foiz) yuqoridagi misolda ko'rsatilgan (1%) nisbatdan ancha yuqori bo'ladi. Shu sababli qisqa muddat ichida ribo puli bir necha yuz milliard dollarga o'sadi va haqiqiy iqtisodiyot hajmidan ancha katta bo'lib qoladi.
Shuni bilish foydaliki, so'nggi o'ttiz yil davomida Amerika Qo'shma Shtatlaridagi haqiqiy iqtisodiy o'sish sur'ati 3,5% dan oshmagan, haqiqiy foiz stavkasi esa (inflyatsiya hisobga olingandan keyin) yiliga 8% dan ortiq bo'lgan. O'rtacha hisobda boylik o'sishining 4,5% i haqiqiy iqtisodiy o'sishga to'g'ri kelmaydigan virtual tomonda bo'lgan. Bu shuni anglatadiki, o'ttiz yil davomida virtual pul haqiqiy iqtisodiyot qiymatining (135%) ni tashkil etgan. Shunday qilib, agar AQSh iqtisodiyotining haqiqiy qiymati 5 trillion dollar bo'lsa, ribo bilan bog'liq ortiqcha boylik 6,75 trillion dollar bo'ladi. Umumiy virtual boylik 5 trillion dollar o'rniga 11,75 trillion dollar bo'lib ko'rinadi.
Note that the biggest borrowers in the world are governments which borrow money to pay for their operation and not for profitable production. Consequently, the accumulated pure usury will be much higher than the ratio of (1%) as indicated by the above example. That is why, in a short period of time, usury money grows to several hundreds of billions of dollars and becomes much greater than the size of the real economy. It is worthwhile to know that the real economic growth rate in United States was no more than 3.5% during the last thirty years, while the actual interest rate (after inflation adjustment) was more than 8% per year. On the average, 4.5% of the wealth increase was on the virtual side, which did not correspond to the real economic growth. This means that the virtual money over thirty years was (135%) of the actual value of the economy. So if the real value of the US economy was $5 trillion, then the usury-related excess wealth was $6.75 trillion. The total virtual wealth will appear to be $11.75 trillion instead of $5 trillion.
Ikkinchi holat, virtual pulning ko'payishiga olib keladigan holat, investorlar o'z pullarini ma'lum foiz (riba) qiymati evaziga bankka qo'yganda yuz beradi. Faraz qilaylik, investor bankka 100 million dollar qo'yadi va inflyatsiyani hisobga olgan holda o'rtacha 5% stavkadagi ribo oladi. O'n yildan so'ng qo'yilgan pulning qiymati 150 million dollarga teng bo'ladi. Bank zarar ko'rmasligi uchun, o'z navbatida, 100 million dollarni qayta investitsiya qiladi. Faraz qilaylik, bank 100 million dollarni qayta investitsiya qilishdan o'rtacha 7% daromad oladi. Endi bankda 170 million dollar bor; u o'n yil ichida 70 million dollar foyda ko'rdi.
Faraz qilaylik, bank tomonidan olingan foydaning 50 million dollari (5%) real ishlab chiqarish loyihalariga investitsiya qilish natijasida olingan; qolgan 20 million dollari esa boshqa banklarga pulni qayta investitsiya qilish orqali olingan ribo hisoblanadi. Natijada, dastlabki 100 million dollar 170 million dollarga aylandi. Iqtisodiyotning real o'sishiga faqat 150 million dollar mos keladi, qolgan 20 million dollar esa hech qanday real qiymatga ega bo'lmagan ribo pulini ifodalaydi.
Haqiqatda ko'pchilik banklar o'z pullarini ishlab chiqarish jarayonlariga emas, balki boshqa banklarga qayta investitsiya qilish va qarzlarni boshqa qarz oluvchilarga qayta berish orqali ishlatadi. Natijada virtual pul tez sur'atlar bilan, qayta-qayta ko'payib, juda katta qiymatga yetguncha o'sadi.
The second case which leads to an increase in the virtual money is the case when investors invest their money in the banks for a given usury/ interest value. Assume that an investor invests in the bank $100 million for a usury of 5% rate averaged over ten years after taking into account inflation. After ten years, the value of the invested money becomes $150 million. For the bank not to lose money, it in turn invests the $100 million. Let’s say the bank gets an average 7% return on the reinvestment of the $100 million. The bank now has $170 million; it made $70 million profit over ten years. Let’s say that $50 million of the profit generated by the bank (5%) was a result of investment in real production projects; the rest ($20 million) was usury gained through the reinvestment of the money in other banks. The end result is that the initial $100 million have become $170 million. Only $150 million correspond to real growth of the economy; the remaining $20 million represents usurious money which does not map to any real value on the ground. The reality is that most banks do not invest their money in production processes, but rather by reinvesting in other banks and by recycling the loans to other borrowers. As a result, the virtual money increases at a rapid rate repeatedly until its value becomes extremely high.
Har ikki holatda ham banklarda to‘plangan pul miqdori asosiy pulni, ya’ni real pulni va real ishlab chiqarishdan olingan foydani ifodalovchi miqdordan ancha ko‘p bo‘ladi. Biroq virtual pulning o‘sishini davom ettirishga turtki beradigan va rag‘batlantiradigan narsa shuki, ko‘plab banklardan bir vaqtning o‘zida katta miqdordagi mablag‘larni yechib olish zarurati yo‘q. Bunday banklardan biri investorlar va omonatchilarning bosimiga duch kelib, real pul miqdoridan oshib ketadigan summani yechib olishni talab qilganda, bank mijozlarning ehtiyojlarini qondira olmasligi sababli qulash xavfiga yuzlanishi mumkin; 1980-yillarda Boston banki bilan shunday holat yuz bergan edi. Agar hukumat bankni qutqarish uchun aralashmasa va uni kafolatlar hamda mablag‘lar bilan qo‘llab-quvvatlamasa, bankning qulashi muqarrar bo‘lib qoladi.
In either case, the resultant quantity of the money accumulated in the banks is much more than the quantity of the initial real money that represents the base money and the profits due to real production. However, what encourages and motivates the continuation of the increase in the virtual money is the absence of the urgent need to withdraw large amount of funds from many banks at once. When one of these banks gets exposed to pressure from investors and depositors to withdraw an amount of money that exceeds the amount of the real money, the bank may face the possibility of collapse for being unable to meet customer needs; such was the case with the Bank of Boston in the 1980s. If the government does not intervene to save the bank and back it up with guarantees and funds, a collapse of the bank becomes imminent.
Muammo jiddiylashib, bir nechta moliya institutlariga ta'sir qilish xavfi paydo bo'lganda, Qo'shma Shtatlar kabi yirik davlatlar virtual pulga teng keladigan miqdorda pul chop etib, iqtisodiyotga quyishni boshlaydi. Bu esa katta inflyatsiyaga, narxlarning pasayishiga, ishlab chiqarishning zaifлашишiga olib kelishi va ulkan moliyaviy halokatga sabab bo'lishi mumkin. Ehtimol, Bear Stearns, Freddie Mac, Fannie Mae va boshqa moliya institutlarini ulkan miqyosda qutqarishning asosiy sababi ham shu bo'lgan. Buni Federal rezerv tizimi rahbari Bernanke aniq bayon etgan: "Agar Bear Stearns bankrot bo'lishiga yo'l qo'yilganda, uning salbiy oqibatlari faqat moliya tizimi bilan cheklanmay, aktivlar qiymati va kreditlar mavjudligi orqali butun real iqtisodiyotga keng tarqalgan bo'lardi"47.
When the problem becomes severe and has the potential of affecting several financial institutions, the big countries such as the United States begin to print and pump money that could possibly match the amount of virtual money. This would lead to a massive inflation, decline in prices, and weak production and may lead to huge financial disaster. Perhaps this was the main motive of the massive bailouts for Bear Stearns, Freddie Mac, Fannie Mae, and other financial institutions as clearly expressed by the Fed Reserve chief Bernanke when he said, “If Bear Stearns had been allowed to fail, 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”47.
Foizdan tashqari, ishlab chiqarishga bog'liq foydadan ortiq miqdorda pul yaratish, kapitalizm sharoitidagi bank tizimi ayrim bank hokimiyatlariga pul chop etish va uni bozorga "shishirish" imkonini beradi. Bunday bank faoliyatining ramzi Qo'shma Shtatlardagi Federal zaxira banki hisoblanadi. Federal zaxira to'g'risidagi qonun Qo'shma Shtatlarda 1913 yilda qabul qilingan. Bugungi kunda Federal zaxira banki Qo'shma Shtatlar hukumatiga tegishli bo'lmagan bir nechta xususiy banklarning konsorsiumidir. Ushbu banklar AQSh hukumati bilan ma'lum kelishuvlar asosida qog'oz yoki raqamli pul yaratadi, uni foiz evaziga xalqqa, shuningdek, a'zo banklar orqali hukumatga qarz beradi. Foizdan olingan foyda banklarning va ularning aksiyadorlarining hisob raqamlariga qaytadi. Federal zaxira konsorsiumining asosiy a'zolari orasida Londonu va Berlindagi Rothschild, Parijdagi Lazard Brothers, Italiyadagi Israel Moses Seaf, Germaniya va Nyu-Yorkdagi Kuhn, Loeb & Co., Germaniyaning Gamburg shahridagi Warburg & Company, Nyu-Yorkdagi Lehman Brothers (qulaganidan keyin endi mavjud emas), Nyu-Yorkdagi Goldman Sachs hamda Nyu-Yorkdagi Rockefeller Brothers bor. Pul chiqarish huquqini ba'zi banklarga berish va bu pulni xalqqa foizga berishdan foyda olish jamiyatning iqtisodiy farovonligiga juda zararli ekani hali ilk davrlardayoq tan olingan. Tomas Jefferson "pul chiqarish huquqiga ega bank muassasalari erkinlik uchun doimiy qo'shinlardan ko'ra xavflidir", deb hisoblagan. Jefferson fikricha: "Agar Amerika xalqi xususiy banklarga pul muomalasini nazorat qilishga ruxsat bersa, avval inflyatsiya, so'ngra deflyatsiya orqali banklar va ular atrofida paydo bo'ladigan korporatsiyalar xalqni barcha mulkidan mahrum qiladi, shunda bolalari ota-bobolari zabt etgan qit'ada uysiz holda uyg'onadi. Pul chiqarish huquqi banklardan olinib, uni tegishli bo'lgan xalqqa qaytarilishi kerak." Bugun va ikki yuz yil o'tib ham banklar pul oqimini nazorat qilishda davom etmoqda, aksariyat odamlar esa shu banklar oldida qarzdor.
Besides the interest/usury money generation in excess of the production-related profit, the banking system under capitalism allows for money printing and pumping by certain banking authorities. The symbol of such banking operation is the Federal Reserve Bank in the United States. The Federal Reserve Act was passed in the United States in 1913. Today the Federal Reserve Bank is a consortium of several private banks which are not part of the United States government. These banks, under certain arrangements with the US government, create paper or digital money; lend the money with interest to the people as well as to the government through the member banks. The profits generated from the interest goes back to the accounts of the banks and their shareholders. The primary members of the Federal Reserve Consortium include Rothschilds of London and Berlin, Lazard Brothers of Paris, Israel Moses Seaf of Italy. Kuhn, Loeb & Co. of Germany and New York, Warburg & Company of Hamburg, Germany, Lehman Brothers of New York (no longer exists after its collapse), Goldman Sachs of New York, and Rockefeller Brothers of New York It has been recognized early on that giving some banks the power of issuing money and making profit on interest generated from lending this money to people is very detrimental to the economic well-being of any society. Thomas Jefferson believed that “the banking institutions having the issuing power of money are more dangerous to liberty than standing armies.” According to Jefferson, “If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around the banks will deprive the people of all property until their children wake up homeless on the continent their fathers conquered. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs”108. Today and after two hundred years, the banks continue to control the money dynamics and the majority of the people own debts to these banks.
Prezident Endryu Jekson ham banklar millat pul tizimini nazorat qilishiga ruxsat berilganda ularning xavfini tushungan; u hatto banklarning pulga foiz (ribo) olib odamlardan sudxo'rlik qilishini ilonlar va o'g'rilar deb hisoblagan.
President Andrew Jackson also recognized the dangers of banks when they are allowed to control the monetary system of the nation; he even viewed the banks charging people usury on money as vipers and thieves109.
Avraam Linkoln o'tmishdagi prezidentlaridan ham ilgarilab ketdi va bankdan foiz evaziga olinadigan katta miqdordagi qarzlardan qochish uchun hukumatga "greenback" deb nomlangan, miqdori 450 million dollar bo'lgan pul belgilarini chiqarishni buyurdi. Bankirlar fuqarolar urushini moliyalashtirish uchun berilgan qarzlarga 24% dan 36% gacha foiz undirmoqchi edilar. Banklarning millat uchun kuchini va salbiy ta'sirini anglagan Linkoln 1865-yilda Kongressga bergan bayonotida shunday dedi: "Mening ikkita katta dushmanim bor: oldimdagi Janubiy armiya va orqamdagi bankirlar. Ikkisidan orqamdagisi mening eng katta dushmanimdir"109.
Abraham Lincoln went even further than his predecessors and ordered the government to issue what was called greenback notes in the amount of $450 million to avoid a massive interest bearing loans from banks. The bankers were intending to charge between 24% and 36% interest rates for loans to finance the civil war. Recognizing the power and adverse impact of the banks on the nation, Lincoln stated in 1865 in a statement to Congress, “I have two great enemies, the Southern Army in front of me and the bankers in the rear. Of the two, the one at my rear is my greatest foe”109.
1913-yilda Qo‘shma Shtatlarda, Prezident Vudro Vilson davrida, Federal rezerv to‘g‘risidagi qonun qabul qilindi. Bu qonunni ma’qullaganidan keyin pushaymon bo‘lgan Vilson quyidagi so‘zlarni aytdi: “Men juda baxtsiz odamman. Bilmasdan turib mamlakatimni vayron qildim. Buyuk sanoat davlati o‘zining kredit tizimi orqali boshqarilmoqda. Bizning kredit tizimimiz markazlashgan. Shu sababli, millatning o‘sishi va barcha faoliyatimiz bir necha kishining qo‘lida”110.
It was during the presidency of Woodrow Wilson in 1913 when the Federal Reserve Act was passed in the United States. Regretting his approval of the act, Wilson later made the following comments: “I am a most unhappy man. I have unwittingly ruined my country. A great industrial nation is controlled by its system of credit. Our system of credit is concentrated. The growth of the nation, therefore, and all our activities are in the hands of a few men”110.
So'nggi tarixda Prezident Kennedi AQSh hukumatiga pul chiqarish huquqini qaytarish maqsadida kumushga asoslangan pul chiqarishga ruxsat beruvchi farmon e'lon qildi. 1963 yil 4 iyunda Prezident Kennedi 11110-sonli Ijroiya buyrug'ini imzoladi, u Federal rezerv bankiga AQSh hukumatiga foiz evaziga pul qarz berish huquqini deyarli butunlay tugatdi. Ushbu buyruq Xazinachilik departamentiga xazinadagi har qanday kumush hisobiga kumush sertifikatlari chiqarish vakolatini berdi. Kennedidan keyingi hech qanday ma'muriyat bu buyruqni bekor qilgani yoki o'zgartirgani haqida dalil yo'q, biroq farmon imzolanganidan besh oy o'tib Jon F. Kennedi o'ldirilgandan beri u hech qachon amalga oshirilmagan. Kennedi o'ldirilganidan keyin barcha AQSh Xazinachilik departamentining kumush bilan ta'minlangan banknotalari bozordan olib qo'yildi. Agar Kennedi farmoni yaratilganidan beri amalga oshirilganida, 11,9 trillion dollarlik milliy qarz bekor qilingan bo'lardi. Bugun AQSh hukumati har yili Federal rezerv bankiga deyarli 400 milliard dollar foiz to'laydi. Bu muvaffaqiyatsizlikka olib keladigan retsept.
In the most recent history, President Kennedy tried to restore power to the US government by issuing a decree enabling the government to issue silver-based money. On June 4, 1963, President Kennedy signed Executive Order 11110, which virtually stripped the Federal Reserve Bank of its power to loan money to the United States government at interest111. This order gave the Treasury Department the authority to issue silver certificates against any silver in the treasury. There is no evidence that this order has been revoked or amended by any administration after Kennedy, although the decree has never been activated since the assassination of John F. Kennedy five months after the decree was signed. After the assassination of Kennedy, all US Treasury Department silver-backed notes were withdrawn from the market. Had the Kennedy decree been acted upon since it was created, the national debt of $11.9 trillion would have been nullified. Today, US government pays close to $400 billion in interest every year to the Federal Reserve Bank. This is a recipe for failure.
Pensilvaniya shtatidan kongressmen MakFadden, bank va valyuta qo'mitasining o'n yildan ortiq raisi bo'lgan, 1934 yilda Kongressdagi nutqlarida Federal rezerv banki haqidagi qarashini shunday xulosalagan:
The Pennsylvania congressman McFadden who served as chairman of the Banking and Currency Committee for more than ten years summed up his view on the Federal Reserve Bank in his remarks to Congress in1934:
Janob raisi, bizning mamlakatimizda dunyo hali bilmagan eng korrupsiyalashgan muassasalardan biri mavjud. Men Federal rezerv kengashi va Federal rezerv banklari haqida gapiryapman, ularni bundan buyon Fed deb ataymiz. Fed Qo‘shma Shtatlar hukumatini va Qo‘shma Shtatlar xalqini mamlakat qarzini to‘lashga yetadigan darajadagi pul miqdoridan mahrum qildi. Fedning talonchiliklari va adolatsizliklari mamlakat qarzini bir necha bor to‘lashga yetadigan pul miqdoriga zarar yetkazdi. Bu yovuz muassasa Qo‘shma Shtatlar xalqini kambag‘allashtirib, halokatga olib keldi, o‘zini ham bankrot qildi va amalda hukumatimizni ham bankrot qildi. U buni o‘zi faoliyat yuritadigan qonunning kamchiliklari orqali, Fed tomonidan bu qonunni noto‘g‘ri boshqarish orqali hamda uni nazorat qiladigan pul-mablag‘li qarg‘ishlar, ya’ni pul to‘plagan talonchi kimsalarning korrupsion amallari orqali qildi.
Mr. Chairman, we have in this country one of the most corrupt institutions the world has ever known. I refer to the Federal Reserve Board and the Federal Reserve Banks, hereinafter called the Fed. The Fed has cheated the government of these United States and the people of the United States out of enough money to pay the nation’s debt. The depredations and iniquities of the Fed has cost enough money to pay the national debt several times over . . . This evil institution has impoverished and ruined the people of these United States, has bankrupted itself, and has practically bankrupted our government. It has done this through the defects of the law under which it operates, through the maladministration of that law by the Fed, and through the corrupt practices of the moneyed vultures who control it.
