Federal Reserve Ka Janam (1913)
1907 ke darr se sabse bade bankers ek khufiya (secret) private island 'Jekyll Island' par mile. Maqsad ek aisi machine banana tha jo banks ko girne (collapse) se bacha sake.
J.P. Morgan ke sathi bankers ne ek draft tayar kiya jo baad mein 1913 mein u.s America ka 'Federal Reserve Act' bana. Bank of England ki tarah, Federal Reserve America ka Central Bank ban gaya. Iska official law (mandate) bank runs ko rokna aur employment maintain karna rakha gaya.
Lekin the real magic yeh tha: Federal Reserve ek aisi institution thi jiske paas 'Lender of Last Resort' power thi. Yani jab commercial banks doobne lagein, toh Federal Reserve unhe hawa se naya paisa (computer digital entries) bana kar bhej dega (bailout) taake unhe deposit wapas karne mein problem na aye.
Is system ne karz lene ki aakhri limit khatam kar di. Ab government ko kitna hi paisa kyun na chahiye ho, Federal Reserve keyboard par chand buttons daba kar naya loan (credit) create kar sakta tha.
Sochiye: Jab risk lene waale private bankers hon (munafa unka), aur jab doobne lagein toh unhe 'hawa se bane paison' se bacha liya jaye (nuksan public ka) - toh yeh kaisa insaaf (justice) hai?
Key Takeaway
Federal Reserve (1913) America ka central bank hai, jise primarily bade banks ko protect karne ke liye banaya gaya tha. Isne system ko 'Unlimited Money Creation' ki salahiyat de di.