نظام الاحتياط الفدرالي
|
نظام الاحتياط الفدرالي الأمريكي (بالإنجليزية: Federal Reserve System) (ويترجم أحيانا إلى العربية الاحتياطي الفيدرالي) جهاز حكومي فدرالي، يعمل في الولايات المتحدة عمل البنوك المركزية في الدول الأخرى من العالم. أسس عام 1913، ويتكون من:
- مجلس رؤساء معين من قبل رئيس الولايات المتحدة الأمريكية،
- هيئة السوق المفتوحة الفيدرالية
- اثني عشر بنكا للاحتياطي الفدرالي موزعة في أماكن مختلفة في أمريكا، كل منهم له مجلس إدارة معين من قبل وزارة الخزانة الأمريكية
- العديد من البنوك الخاصة
- عدد من المجالس الاستشارية.
يرأسه منذ 2018 جيروم پاول. ويعد ألان گرينسپان أحد أشهر رؤسائه في القرن الماضي.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
آلية العمل
الأداة الرئيسية للبنك المركزي هي السعر المئوي للفائدة -interest rate- في الاقتصاد وتسمى سياسته بالسياسة "النقدية" أو Monetary Policy. سعر الفائدة يعمل كضابط للنشاط الاقتصادي. فمثلاً إذا كان الاقتصاد يمر بوضع سيء ومعدل استهلاك السلع واستثمار الشركات في الآلات والمعدات منخفض، يستطيع البنك المركزي تغيير الوضع عن طريق خفض سعر الفائدة.
خفض الفائدة يشجع الناس على الاقتراض وشراء السلع والخدمات، وبالنسبة للشركات فهو يشجعها على الاقتراض وشراء المعدات و الآلات لتحريك المصانع وتوظيف العاملين فيها الذين بدورهم سينفقون دخلهم الناتج من عملهم في هذه المصانع في الاقتصاد وهلم جرا.
يريد البنك رفع سعر الفائدة حين يظهر أن الأسعار في الاقتصاد ترتفع ليكون مستوى التضخم أكبر من المقبول يمكن استغلال رفع سعر الفائدة لإحداث أثر عكسي وخفض الاستهلاك والاستثمار وبالتالي الانتاج في سبيل القضاء على التضخم. أي أن رفع سعر الفائدة هو وسيلة لها أثر سلبي على الانتاج والوظائف والغاية النبيلة منه هي القضاء على التضخم.
الاحتياطي الفيدرالي على سبيل المثال له 3 أهداف منصوص عليها بشكل واضح:
1- ضمان استقرار الأسعار (محاربة التضخم المفرط أو انكماش الأسعار المفرط)
2- المحافظة على التوظيف الكامل في الاقتصاد.
3- الابقاء على سعر الفائدة طويلة الأجل منخفضة.[1]
وتختلف الأدوات التي يستخدمها البنك المركزي لتغيير سعر الفائدة وتختلف أيضا أنواع أسعار الفائدة، فمنها قصير الأجل ومنها طويل الأجل كسعر الفائدة على اقتراض الحكومة قرضا سترده بعد 30 عاما. وسعر الفائدة الذي يستهدفه البنك المركزي عادة هو معدل الاقتراض بين البنوك ويسمى federal fund rate في الولايات المتحدة.
بعض البنوك أيضا تستخدم سعر عملتها لتحقيق أهدافها. فتلجأ لتعزيز قوة العملة في حماية الاقتصاد من ما يسمى التضخم المستورد.
قانون الاحتياط الفدرالي
الهيكل العام
نظام الاحتياط الفدرالي ككل[2]
- البنك المركزي الوطني
- هيكل إقليمي مكون من 12 إقليم
- يخضع لسلطة واشراف عام من الكونگرس
- يعمل من عوائده الذاتية
مجلس المحافظين
- 7 members serving staggered 14-year terms
- Appointed by the U.S. President and confirmed by the Senate
- Oversees System operations, makes regulatory decisions, and sets reserve requirements
لجنة السوق المفتوحة الفدرالية
- The System's key monetary policymaking body
- Decisions seek to foster economic growth with price stability by influencing the flow of money and credit
- Composed of the 7 members of the Board of Governors and the Reserve Bank presidents, 5 of whom serve as voting members on a rotating basis
This allows the 5 private regional bank presidents to have an equal vote on the Open Market Committee that controls our money supply through it operations. This shifts the balance of power from appointed officials to private banks. بنوك احتياط فدرالية
- 12 regional banks with 25 branches
- Each independently incorporated with a 9-member board of directors, with 6 of them elected by the member banks while the remaining 3 are designated by the Board of Governors.
- Set discount rate, subject to approval by Board of Governors.
- Monitor economy and financial institutions in their districts and provide financial services to the U.S. government and depository institutions.
Member banks[3]
- بنوك خاصة
- These private commericial banks create "out of thin air" roughly 90% of all circulating money through they fractional reserve system.
- This new money is subsequently "extinguished" (destroyed) when principal on loans is repaid
- Hold stock in their local Federal Reserve Bank
- The recent capital injections by the US treasury has provided what is refered to as "high powered" money. This money when deposited as reserves in the Federal Reserve banks allows a member bank to create ten times that amount in new money to loan. Again as that money is loaned out and redeposited into other banks the net new money creation appraoches 90 times the orginal capital injected.
- Essentially that means the $700 billion in bailout money can be used up to $63 trillion in new circulating money causing hyper inflation.
- The public is almost completely dependent on the private banks as to whether we will experience deflation or hyper inflation.
- deflation/Contraction is under complete control of the banks, but expansion/inflation of the money supply can only take place if there are sufficient willing borrowers and if borrowed money is eventually redoposited into banks. This is reffered to as "pushing on a string"
- Elect six of the nine members of Reserve Banks’ boards of directors.
لجان استشارية
- carry out varied responsibilities
مجلس المحافظين
الأعضاء الحاليون لمجلس المحافظين هم:[4]
المفوض | بداية المنصب[5] | نهاية المنصب |
---|---|---|
بن برنانكي (رئيس المجلس) |
1 فبراير 2006 | 31 يناير 2020 31 يناير 2014 (كرئيس) |
جانت يلن (نائب الرئيس) |
4 أكتوبر 2010 | 31 يناير 2024 4 أكتوبر 2014 (كنائب للرئيس) |
كڤن وارش | 24 فبراير 2006 | 31 يناير 2018 |
إليزابث دوك | 5 أغسطس 2008 | 31 يناير 2012 |
دانيال تارولو | 28 يناير 2009 | 31 يناير 2010 |
سارة بلوم راسكين | 4 أكتوبر 2010 | 31 يناير 2016 |
شاغر | —— |
بنوك الاحتياط الفدرالي
قائمة بنوك الاحتياط الفدرالي
بنك الاحتياط الفدرالي | الخطا | الرقم | الفروع | الموقع الإلكتروني | الرئيس |
---|---|---|---|---|---|
بوسطن | A | 1 | http://www.bos.frb.org/ | Eric S. Rosengren | |
مدينة نيويورك | B | 2 | بفالو، نينيورك (أغلق في 30 أكتوبر 2008)[6] | http://www.newyorkfed.org/ | Timothy F. Geithner |
فيلادلفيا | C | 3 | http://www.philadelphiafed.org/ | Charles I. Plosser | |
كلڤلاند | D | 4 | Cincinnati, Ohio / Pittsburgh, Pennsylvania | http://www.clevelandfed.org/ | Sandra Pianalto |
ريتشموند | E | 5 | Baltimore, Maryland / شارلوت، كارولاينا الشمالية | http://www.richmondfed.org/ | Jeffrey M. Lacker |
أتلانتا | F | 6 | Birmingham, Alabama / Jacksonville, Florida / Miami, Florida / Nashville, Tennessee / New Orleans, Louisiana | http://www.frbatlanta.org/ | Dennis P. Lockhart |
شيكاغو | G | 7 | Detroit, Michigan | http://www.chicagofed.org/ | Charles L. Evans |
سانت لويس | H | 8 | Little Rock, Arkansas / Louisville, Kentucky / Memphis, Tennessee | http://www.stlouisfed.org/ | James B. Bullard |
مينياپوليس | I | 9 | Helena, Montana | http://www.minneapolisfed.org/ | Gary H. Stern |
مدينة كنساس | J | 10 | Denver, Colorado / Oklahoma City, Oklahoma / Omaha, Nebraska | http://www.kansascityfed.org/ | Thomas M. Hoenig |
دالاس | K | 11 | El Paso, Texas / Houston, Texas / San Antonio, Texas | http://www.dallasfed.org/ | Richard W. Fisher |
سان فرانسيسكو | L | 12 | Los Angeles, California / Portland, Oregon / Salt Lake City, Utah / Seattle, Washington | http://www.frbsf.org/ | Janet L. Yellen |
قائمة البنوك الأعضاء
Summary of all FDIC insured banks:[7]
البنوك الأعضاء | |
---|---|
الانضمام من 8/14/2008 | 8,437 |
الأصول من 3/31/2008 | $13,382,783 |
الودائع من 3/31/2008 | $8,569,419 |
(المبالغ بالدولار الأمريكي) |
All FDIC-insured U.S. commercial banks by bank charter type (assets in thousands of dollars, data given by FDIC website as of August 15, 2008):[7]
charter type | عدد البنوك | إجمالي الأصول |
---|---|---|
N | 1574 | 7,944,563,337 |
SM | 877 | 1,539,852,520 |
NM | 4731 | 1,908,333,314 |
OI | 11 | 19,415,230 |
SA | 826 | 1,535,375,214 |
SB | 419 | 305,590,834 |
Each charter type is defined as follows:
- N = commercial bank, national (federal) charter and Fed member, supervised by the Office of the Comptroller of the Currency (OCC) – Dept of Treasury
- SM = commercial bank, state charter and Fed member, supervised by the Federal Reserve (FRB)
- NM = commercial bank, state charter and Fed nonmember, supervised by the FDIC
- OI = insured U.S. branch of a foreign chartered institution (IBA)
- SA = savings associations, state or federal charter, supervised by the Office of Thrift Supervision (OTS)
- SB = savings banks, state charter, supervised by the FDIC
The N and SM are members of the system whereas the rest are not. While the OI, SA, and SB categories are not members of the system, they are sometimes treated as if they were members under certain circumstances.[8]
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
فائدة الأموال الفدرالية ومعدل الخصم
معيار المتغيرات الاقتصادية
إجمالي ثروة الولايات المتحدة
Total wealth in the United States is published by the Federal Reserve in a report titled, Flow of Funds.[9] At the end of fiscal year 2007, total wealth of all U.S. households and non-profit organizations was $57.718 trillion.
المعروض النقدي
The most common measures are named M0 (narrowest), M1, M2, and M3. In the United States they are defined by the Federal Reserve as follows:
- M0: The total of all physical currency, plus accounts at the central bank that can be exchanged for physical currency.
- M1: M0 + those portions of M0 held as reserves or vault cash + the amount in demand accounts ("checking" or "current" accounts).
- M2: M1 + most savings accounts, money market accounts, and small denomination time deposits (certificates of deposit of under $100,000).
- M3: M2 + all other CDs, deposits of eurodollars and repurchase agreements.
The Federal Reserve ceased publishing M3 statistics in March 2006, explaining that it cost a lot to collect the data but did not provide significantly useful information.[10] The other three money supply measures continue to be provided in detail.
مؤشر أسعار المستهلك
القيمة الخالصة
جدول الموازنة
One of the keys to understanding the Federal Reserve is the Federal Reserve balance sheet (or balance statement). In accordance with Section 11 of the Federal Reserve Act, the Board of Governors of the Federal Reserve System publishes once each week the "Consolidated Statement of Condition of All Federal Reserve Banks" showing the condition of each Federal Reserve bank and a consolidated statement for all Federal Reserve banks.[11]
Below is the balance sheet as of May 15, 2008 (in millions of dollars):
|
|
|
Federal Reserve Notes and collateral | ||
---|---|---|
Federal Reserve notes outstanding | 982,744 | |
Less: Notes held by F.R. Banks | 201,956 | |
Federal Reserve notes to be collateralized | 780,789 | |
Collateral held against Federal Reserve notes | 780,789 | |
Gold certificate account | 11,037 | |
Special drawing rights certificate account | 2,200 | |
U.S. Treasury and agency securities pledged | 576,601 | |
Other assets pledged | 190,951 |
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
انتقادات
التضخم
رالف نادر، الناشط المدافع عن حقوق المستهلك والمرشح الرئاسي في عدة انتخابات، has criticized the inflation policies of the Federal Reserve for what he says ignores excessive inflation in stock prices and corporate welfare disbursements while showing consistent concern for a rise in ordinary people's wages. In an article he published on his own website in 1999, he stated:[12]
And here he is (Alan Greenspan), widely known as a fierce watchdog against inflationary trends, yet he is remarkably selective in what kind of inflation he is against. For example, he now recognizes stock values along with housing values as mainstays of our economy. The prices of stocks have risen vastly more than the prices of housing over the past six years. Yet apart from some vague mumblings, he seems to be viewing prices of stocks as outside the realm of an inflationary trend. Other numbers are also going up but they are clearly outside the conventional definitions. Corporate welfare disbursements and preferences are proliferating in every direction at all three levels of government, totalling hundreds of billions of dollars a year. The percentage of the working poor that is under the poverty level is at a record high...More families are making less in inflation-adjusted income than families did in 1970...Nor is he above inflating one indicator -- interest rates -- in order to deflate other parts of the economy -- a maneuver that doesn't affect large corporations as it does consumers and small businesses. The Fed Chairman does show consistent concern about one inflationary indicator -- any rise in ordinary wages -- and he is regularly relieved to see that they have been "stable," even though labor's productivity has been up sharply recently. It is clear that he loses little sleep over workers not sharing in the massive profits that their companies are reaping.
Ralph Nader has suggested a solution to the transparency problems through an effort that would "democratize Federal Reserve transparency". He presented a 7-point program that he claims could help to democratize the Federal Reserve System as a whole.[13] He compares the Federal Reserve to other parts of government by stating:
The steps to open government would really be “baby steps” for the Federal Reserve. After all, most of the Federal government must live by “open government” laws and rules, and bureaucrats with a grumble or two – still manage to survive.
مرئيات
عائلة مورگان والاجتماع السري وتأسيس الاحتياطي الفيدرالي. البروفسور كاتاسونوف يروي القصة. |
انظر أيضا
المصادر
- ^ "السياسة النقدية : مختصر مفيد". من عالم الاقتصاد. 2017-12-28. Retrieved 2018-08-01.
- ^ خطأ استشهاد: وسم
<ref>
غير صحيح؛ لا نص تم توفيره للمراجع المسماةourcentbank
- ^ خطأ استشهاد: وسم
<ref>
غير صحيح؛ لا نص تم توفيره للمراجع المسماةdfeverydayecon
- ^ FRB: Board Members
- ^ Membership of the Board of Governors of the Federal Reserve System, 1914–Present
- ^ New York Fed Announces Closing of Buffalo Branch, Effective October 31 - Federal Reserve Bank of New York
- ^ أ ب خطأ استشهاد: وسم
<ref>
غير صحيح؛ لا نص تم توفيره للمراجع المسماةfdic-ins
- ^ US CODE: Title 12,1468. Transactions with affiliates; extensions of credit to executive officers, directors, and principal shareholders
- ^ FRB: Z.1 Release—Flow of Funds Accounts of the United States, Release Dates
- ^ Discontinuance of M3
- ^ "Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks" (HTML, with PDF available). Federal Reserve. Retrieved 2008-03-20.
- ^ http://www.nader.org/interest/111599.html Inflation and the Federal Reserve By Ralph Nader—November 15, 1999
- ^ http://www.counterpunch.org/nader02112006.html Bringing Democracy to the Federal Reserve By RALPH NADER
وصلات خارجية
الموقع الرسمي والمعلوماتي لنظام الاحتياط الفدرالي
- The Federal Reserve in Plain English—An easy-to-read guide to the structure and functions of the Federal Reserve System
- ebook: The Federal Reserve System—Purposes and Functions
- Board of Governors of the Federal Reserve — Official website
- "The Federal Reserve System in Brief." — at the Federal Reserve Bank of San Francisco.
- Decision of the Reserve Bank Organization Committee Determining the Federal Reserve Districts and the Location of Federal Reserve Banks under the Federal Reserve Act Approved December 23, 1913, April 2, 1914; With Statement of the Committee in Relation Thereto, April 10, 1914. 27 pages. Government Printing Office, Washington, D.C., 1914.]
- Historical Beginnings ... The Federal Reserve by the Federal Reserve Bank of Boston
- Federal Reserve Districts and Banks
- Federal Reserve Education
- Federal Reserve Financial Services
Open Market Operations
Repurchase Agreements
Discount Window
Economic Indicators
- http://www.federalreserveeducation.org/fed101_html/policy/indicators_print.htm
- Consumer Price Index Calculator
Federal Reserve Publications
- Modern Money Mechanics (out of print)
- Publications Catalog
Other websites describing the Federal Reserve
- "How 'The Fed' Works" — at HowStuffWorks.com
- "Federal Reserve Update" — money-rates.com
- Macroeconomic Effects of Interest Rate Cuts, by Jason Cawley, The Wolfram Demonstrations Project, 2007.