World War Aur Deficit Economy
Federal Reserve ko bane sirf ek saal (1914) guzra tha ke World War 1 (WW1) shuru ho gaya. Ek aisi jang jiska kharcha na Europe ke paas tha, na America ke paas.
World war ladne ke liye Europe ko bandooqon, khane aur tel ki zaroorat thi, jo woh America se le raha tha. European governments ne the dhara dhar apni gold reserve zaya karna shuru ki. Baad mein unhone tax lagaya aur bonds beche.
Lekin yeh sab kafi nahi tha. America WW1 mein include hone laga. Ab U.S government ko behisaab paison ki zarurat thi. Aur Unke paas ab unka naya jaadui aala tha: The Federal Reserve. Fed ne badi taadad me U.S bonds kharedan shuru kar diya naye notes hawa men chapai kar ke. Ye pehli badi Deficit Spending (Aamdani se zyada kharch) ki meesaal bani.
World war ki wajah se, Europe ka zyadatar gold America ke paas chala gaya. War ne America mein central banking aur unlimited inflation ka practical raasta khol kar duniya ko sikha diya ke jab government ko zaroorat ho toh printing machines kitni ahmiyat rakhti hain.
Sochiye: Agar WW1 aur WW2 ko fight karne ke liye Central banks na hote aur har mulk ko sirf 'Asal tax' collection par ektifa karna parta, kya jang itni der tak chalti?
Key Takeaway
World Wars aur central banks saath saath chalay. Dono ne ek doosre ki madad ki. Jang lade rehne ke liye huge credit (debt) paida kiya gaya jiska ajar awam ne inflation ke zariye diya.