WEBVTT 00:00.001 --> 00:07.782 Ho putlama ha banka e kgolo ya Switzerland, Credit Suisse, le dibanka tsa Amerika, Signature, Silvergate le Silicon Valley 00:07.782 --> 00:11.780 Bank (SVB), ho tsitsipantse mebaraka ya ditjhelete ka 2023. 00:11.780 --> 00:15.939 Sesosa se seholo sa sena e bile leano la lichelete la US Federal Reserve . 00:15.939 --> 00:22.143 Qetellong ea 2021, ECB e phahamisitse litefello tsa tsoala ka tsela e makatsang, e leng se ileng sa lebisa ho theoheng ha theko 00:22.143 --> 00:26.685 ea li-bond tsa 'muso, litahlehelo tse kholo khoebong ea libanka ea ho alima le ho hirisa, 'me 00:26.685 --> 00:30.430 qetellong ho putlameng ha libanka tse boletsoeng ka holimo. 00:30.430 --> 00:36.665 Ka hona, leano la lichelete la Fed le felisitse ka ho feletseng chelete e makatsang e ka bang lidolara tsa Amerika tse trilione 00:36.665 --> 00:40.700 tse 1.9 ho pholletsa le tsamaiso eohle ea libanka tsa Amerika. 00:40.700 --> 00:45.976 E le karabelo bothateng ba tsamaiso ea lichelete boo e neng e iketselitse bona le tšokelo ea hore libanka tse ling 00:45.976 --> 00:51.717 tsa US li ka oa, Fed e ile ea qala Lenaneo la Tlatsetso ea Nakoana ea Lichelete bakeng sa Libanka (BTFP). 00:51.717 --> 00:58.041 Lenaneo lena le ile la dumella dibanka tsa US ho fumana ditjhelete tsa Fed ka kotloloho ka dikadimo, ka hona la 00:58.041 --> 01:02.293 rarolla mathata a tsona a ho haella ha tjhelete ka kgutso. 01:02.293 --> 01:09.189 Sena se kokobelitse tsietsi mme sa dumella Fed ho boela e iponahatsa e le mmoloki ya matla wa tsamaiso ya ditjhelete. 01:09.189 --> 01:13.924 Leha ho le jwalo, sena ha se a ka sa rarolla mathata a lekala la dibanka la US. 01:13.924 --> 01:17.851 Hona jwale, e bile e tobane le qaka ya nalane! 01:17.851 --> 01:23.786 Sheba ka tlase bakeng sa kakaretso ea bophara le boholo ba qaka ena, karolo e phethiloeng 01:23.786 --> 01:27.927 ke Fed, le sepheo sa eona le semelo sa eona. 01:27.927 --> 01:32.940 I. Bothata bo boholo ba nalane lekaleng la libanka la US 01:32.940 --> 01:37.526 1. Bothata bo tebileng 'marakeng oa thepa ea khoebo oa US 01:37.526 --> 01:41.954 Kajeno, ho na le libanka tse fetang 4,000 naheng ea United States, empa ke tse makholo a 01:41.954 --> 01:44.784 seng makae feela tse ka nkoang li phetse hantle. 01:44.784 --> 01:48.205 Bongata bo boholo, ka lehlakoreng le leng, bo eme hantle moeling oa koluoa. 01:48.205 --> 01:54.600 Lebaka le ka sehloohong la sena ke ho putlama ha litheko tsa meaho ea khoebo ka tekanyo e sa tloaelehang nalaneng. 01:54.600 --> 02:02.628 Mehlala e latelang e bontša hore na ho theoha hona ho bohlokoa hakae: Prime Manhattan Office Tower e mekato e 23 e New York, e 02:02.628 --> 02:09.255 neng e lekantsoe ka boleng ba $ milione ka 2019, hona joale e jere boleng ba $104 milione feela – e leng 02:09.255 --> 02:14.100 tahlehelo ea boleng ka 51.6 lekholong ka lilemo tse hlano feela. 02:14.100 --> 02:19.549 St. Louis, moaho o molelele ka ho fetisisa oa liofisi – AT&T Tower ea mekato e 44 – o 02:19.549 --> 02:22.873 rekisitsoe ka lidolara tse limilione tse 3.5. 02:22.873 --> 02:28.583 Ka 2006, thepa ena e babatsehang e ne e ntse e bitsa $1,234,321,205, e leng se 02:28.583 --> 02:33.271 bontshang tahlehelo e tshosang ya 98% ya boleng! 02:33.271 --> 02:40.769 Barry Sternlicht, motseteli oa meaho ea ruileng haholo, o boletse esale pele tahlehelo ea lidolara tse trilione e le 'ngoe meahong 02:40.769 --> 02:44.849 ea liofisi ea US feela, ka lebaka la ho theoha hona ha litheko. 02:44.849 --> 02:50.896 Litahlehelo tsena li fumaneha haholo libukeng tsa libanka tse nyane le tse mahareng tsa US, tseo hona joale li lutseng ka 02:50.896 --> 02:56.343 holim'a lithaba tsa likalimo tse mpe, tseo 30% ho isa ho 50% ea tsona li kotsing e kholo ea ho se lefshoe, ho 02:56.343 --> 02:59.848 latela setsebi sa litšepe tsa bohlokoa Dominik Kettner. 02:59.848 --> 03:07.181 Ho feta moo, likalimo tsa thepa ea khoebo tse etsang kakaretso ea lidolara tsa Amerika tse libilione tse 560 li tla felloa ke 03:07.181 --> 03:14.820 nako mafelong a 2025, 'me mafelong a 2028, palo ena e tla nyolohela ho feta lidolara tsa Amerika tse litrilione tse 2.8. 03:14.820 --> 03:18.907 Sena se bolela hore mekhatlo ea kalimo ea lichelete naheng ea USA le eona e tobane le leqhubu la ho 03:18.907 --> 03:21.705 nchafatsa likalimo ka tekanyo e sa tloaelehang nalaneng. 03:21.705 --> 03:28.947 Sena se bolela hore thepa e amehileng e tlameha ho nchafatsoa kalimo ka lipehelo tse mpe haholo. Haeba sena se sa atlehe, e 03:28.947 --> 03:34.363 tlameha ho rekisoa ka theolelo e kholo, e leng se bakang tahlehelo e ts'wanang ho libanka, e 03:34.363 --> 03:37.846 ka lebisang ho putlameng ha tsamaiso ea libanka. 03:37.846 --> 03:42.823 Ha ho e-s'o ka ho e-ba le boemo bo tšoanang 'marakeng oa lichelete pele. 03:42.823 --> 03:47.533 2. Bothata 'marakeng oa li-bond oa US 03:47.533 --> 03:54.961 Ntle le tsietsi e teng 'marakeng oa thepa ea khoebo oa US, ho na le bokoala bo bong bo ntseng bo ipopa 'marakeng oa li-bond. 03:54.961 --> 04:03.183 Dintlha tsa tswala tse ntseng di nyoloha di bakile boemo mona bo bileng bo ka sisinya tsamaiso yohle ya dibanka. 04:03.183 --> 04:07.819 Ba ile ba bula menyetla e mecha e hohelang ea matsete, e leng se neng se bolela hore li-bond 04:07.819 --> 04:11.456 tsa mmuso oa US li ne li se li sa batloe hakaalo. 04:11.456 --> 04:19.021 Ka lebaka leo, boleng ba tsona bo ile ba theoha haholo, ho siea libanka tsa US li na le tahlehelo 04:19.021 --> 04:25.127 e kholo e e-s'o bonahale e kaalo ka $516 bilione. 04:25.127 --> 04:30.666 Ha feela libanka li tshwere dibonto tsena, ditahlehelo di dula e le tsa pampiri feela. 04:30.666 --> 04:38.190 Leha ho le jwalo, haeba, mohlala, bareki ba ntsha dipolokelo tsa bona kapa dibanka di qobelleha ho rekisa dibonto 04:38.190 --> 04:46.178 tsena ka mabaka a mang, ditahlehelo di fetoha tsa nnete mme di ka boela tsa baka ho putlama ha dibanka. 04:46.178 --> 04:50.194 3. Fed e fedisa Lenaneo la Tjhelete ya Nako ya Banka. 04:50.194 --> 04:54.652 Hantle ha qaka e bohlokoa ea libanka le lichelete e ne e atamela, Banka e Bohareng ea Amerika (US Federal Reserve) e 04:54.652 --> 04:59.733 felisitse Lenaneo la Tšehetso ea Lichelete bakeng sa Libanka (Bank Term Funding Programme - BTFP) ka la 11 Hlakubele. 04:59.733 --> 05:05.075 Ka lenaneo lena, Banka e Kakaretso e ne e se e sebelisitse lidolara tsa Amerika tse fetang dibilione tse 05:05.075 --> 05:10.429 160 ho banka tse kopileng, ka selemo se le seng feela, e ntse e ba fa ditjhelete ka kgutso. 05:10.429 --> 05:15.520 Libanka li ile tsa khona ho sebelisa dibonto tsa tsona e le tebeletso, tse neng di lekantswe ka boleng ba tsona bo 05:15.520 --> 05:18.440 ngotsweng ho ena le ka boleng ba tsona ba jwale ba mmaraka. 05:18.440 --> 05:23.584 Ka tsela ena, litlamorao tse mpe tsa ho nyoloha ha sekhahla sa tsoala, 'me ka holim'a tsohle, ho theoha ha boleng 05:23.584 --> 05:29.725 'marakeng oa li-bond oa US, li ile tsa lekanngoa ka ho feletseng bakeng sa libanka, e leng se ileng sa li pholosa ho putlama. 05:29.725 --> 05:36.544 Ka ho fela ha BTFP, libanka ka hona ha li a amohuoa feela phihlello e bonolo ea lichelete, mohlala, ho thibela ho 05:36.544 --> 05:44.722 phatloha ha sephiri sa thekiso ea meaho ea khoebo ea US, empa hape li bile li amohuoa litahlehelo 'marakeng oa libonto tsa US. 05:44.722 --> 05:49.780 Ho feta moo, sekhahla sa tshepe, se ntseng se le hodimo, jwale se se se na le tshusumetso e kgolo dibankeng 05:49.780 --> 05:54.801 hape, e leng ntho e ka bakang ka ho feletseng qaka e nngwe e tebileng le ho feta ya dibanka. 05:54.801 --> 06:00.767 Ka lebaka la boemo bo tsitsipanyang tsamaisong ea libanka ea US, mohlahlobi oa Mo-Canada le Mo-Ireland, 06:00.767 --> 06:06.660 Kevin O'Leary, o kholisehile hore libanka tse likete li tla putlama lilemong tse tlang. 06:06.660 --> 06:15.386 Kaha libanka lefatšeng ka bophara li hokahane haholo, sena se ka baka leqhubu le leholo la lichelete la lefats'e le qholotso ea 06:15.386 --> 06:20.675 moruo oa lefatše e neng e tla feta tsohle tse bileng teng pele. 06:20.675 --> 06:27.138 II. Fed – molisi tsamaisong ea lichelete le merero ea eona 06:27.138 --> 06:31.089 Ka ntle, Banka e Akaretsang ea Amerika e iponahatsa e le 'mampoli ea matla le ea 06:31.089 --> 06:33.980 mafolofolo oa tsamaiso ea lichelete e tsitsitseng. 06:33.980 --> 06:41.757 Empa e ipakile e le sethunya se hlollang tsamaisong ea lichelete, seo, ho ea ka setsebi sa lichelete Ernst 06:41.757 --> 06:48.825 Wolff, ka boomo se bakileng bothata ba libanka ba 2023 le bothata bo tšohang hona joale. 06:48.825 --> 06:54.800 Ernst Wolff o bona dikgokahano tse latelang tse hlalosang hore na ke hobaneng ha Fed e etsa ka tsela ena: 06:54.800 --> 07:01.363 1. Kaha re se re le karolong ea ho qetela ea tsamaiso ea lichelete ea lefatše, libanka tse bohareng lefatšeng ka 07:01.363 --> 07:10.160 bophara li ntse li lokisetsa tsamaiso e ncha ea lichelete le ho hlahisa lichelete tsa dijithale tsa banka e bohareng (CBDCs). 07:10.160 --> 07:17.077 2. Ka ho hlahisoa ha CBDC, tšebetso ea ho alima chelete e tla tlosoa libankeng tsa khoebo 'me ho lebelletsoe 07:17.077 --> 07:21.836 hore e etsoe feela ke banka e bohareng nakong e tlang. 07:21.836 --> 07:25.583 Sena se bolela hore ha ho sa na sebaka tsamaisong e ncha ea lichelete, haholo-holo 07:25.583 --> 07:28.501 bakeng sa libanka tse nyane le tse mahareng. 07:28.501 --> 07:33.402 Ke ka lebaka leo qaka e teng ea libanka e ntse e hlohleletsoa ka boomo e le ho 07:33.402 --> 07:38.012 potlakisa ts'ebetso ea kopano lefatšeng la libanka. 07:38.012 --> 07:44.475 3. Ba tla rua molemo ka ho fetisisa ho putlameng ha libanka ho tlang e tla ba libanka tse kholo 07:44.475 --> 07:48.986 tsa US tse kang Goldman Sachs le JP Morgan Chase. 07:48.986 --> 07:56.469 Ea morao e ne e se e rekile First Republic Bank ka 2023 ka theko e tlase haholo ho feta boleng ba eona. 07:56.469 --> 08:01.762 Libanka tsena tse kholo li tla sebelisa boemo bo bobe bo tlang ka tsela e tšoanang, li 08:01.762 --> 08:05.825 inkela thepa e kholo ka litheko tse tlase haholo. 08:05.825 --> 08:11.943 Sena, ka lehlakoreng le leng, se thusa batsamaisi ba baholo ba thepa ba kang BlackRock, Vanguard le State Street, bao 08:11.943 --> 08:19.118 e leng beng ba diabo ba ka sehloohong libankeng tse kholo tsa US le ba tsamaisang thepa ea barui ba fetisisang. 08:19.118 --> 08:26.799 Kaha ha ho letlole la tiisetso ea banka le nang le lisebelisoa tsa lichelete tse hlokahalang ho pholosa beng ba liakhaonto le ba 08:26.799 --> 08:34.360 boloketseng chelete ba tobaneng le ho timela ketsahalong e ka bang bothata bo boholo ka ho fetisisa ba libanka nalaneng eohle, 08:34.360 --> 08:39.430 sena se ka ba motheo o loketseng bakeng sa ho hlahisoa ha CBDC. 08:39.430 --> 08:45.574 Ka ho sebedisa tjhelete ena e ntjha ho etsa ditefo tsa thuso hanghang, e ka tsebahatswa ka 08:45.574 --> 08:49.777 seriti se setle sa ho ba mohlodi wa tsamaiso. 08:49.777 --> 08:56.810 Ho latela lepetjo la Winston Churchill: "Le ka mohla o se ke wa tlohela qaka e fela!" 08:56.810 --> 09:00.736 III. Semelo sa US Federal Reserve 09:00.736 --> 09:07.618 Ho ya ka Ernst Wolff, ho bonahala Fed e ke ke ya emisa letho ho qobella tsamaiso e ntjha ya ditjhelete ya dijithale. 09:07.618 --> 09:14.364 E lokiselitsoe ho qobella libanka tse likete ho putlama ka lichelete le ho senya thepa ea boleng ba lidolara tse 09:14.364 --> 09:21.234 lidolara tse lidolara, e le ho hohela kapa ho qobella sechaba ho kena tsamaisong ena e ncha ea lichelete. 09:21.234 --> 09:25.566 Ba bonahalang ba rua molemo haholo ho sena ke barui ba fetisisang feela. 09:25.566 --> 09:31.965 Ho utlwisisa ka botebo hore na ke hobaneng ha Fed e sa sebeletse molemo wa setjhaba ka kakaretso, empa e 09:31.965 --> 09:37.385 tshehetsa sehlotshwana sena se senyenyane, ho bohlokwa ho tseba hore Fed ha se setsi sa mmuso. 09:37.385 --> 09:44.337 Ho ya ka Stephen Goodson, eo e neng e le motsamaisi wa Banka ya Polokelo ya Afrika Borwa mme ka hona e le motho wa ka hare-hare 09:44.337 --> 09:51.016 tsamaisong ya ditjhelete, Fed, jwalo ka hoo e ka bang dibanka tsohle tse bohareng lefatsheng ka bophara, hammoho le IMF le 09:51.016 --> 09:56.764 Banka ya Lefatshe, ke dibanka le mekgatlo e laolwang ke beng ba yona ba poraefete e etsang kgwebo ya yona 09:56.764 --> 10:00.033 feela molemong wa beng ba diabo le bathehi ba yona. 10:00.033 --> 10:04.910 Bukeng ea hae e hatisitsoeng, "The History of Central Banks," o boetse o bolela mabitso a 10:04.910 --> 10:07.660 beng ba diabo ba ka sehloohong ba Fed, mohlala. 10:07.660 --> 10:16.456 Libaanka tse latelang li kenetse, hammoho le malapa a matla a libanka a ka morao ho tsona: - JP Morgan Chase Bank - Goldman 10:16.456 --> 10:24.250 Sachs Bank of New York - Lazard Brothers Bank of Paris - Israel Moses Sieff Bank of Italy - Shearson American 10:24.250 --> 10:32.255 Express Bank - Libanka tsa Rothschild tsa London le Paris - Libanka tsa Warburg tsa Hamburg le Amsterdam 10:32.255 --> 10:37.360 Kahoo ke selekane se senyenyane sa batho ba ruileng ho feta tekano ba bakang qaka ea lijo-boemo ea lichelete ea ha joale. 10:37.360 --> 10:41.656 Ba batla ho tlatsa lipokotho tsa bona le ho re hohela tsamaisong ea bona e ncha ea lichelete ea 10:41.656 --> 10:44.843 dijithale, mohlomong e ipatile e le sephutheloana sa pholoso. 10:44.843 --> 10:52.056 Jwalokaha Kla.TV e se e bontshitse lenaneong "Ernst Wolff: Digital central bank money – the end of freedom!" , 10:52.056 --> 11:00.339 sena se etswa ka sepheo se le seng feela sa ho re laola ka ho feletseng le ho re amoha ditokoloho tsohle tsa rona. 11:00.339 --> 11:04.815 Sistimi ea lichelete e boetse e leba ho putlameng, 'me phokotso ea morao-rao ea sekhahla sa 11:04.815 --> 11:07.933 tsoala ea Fed e ke ke ea etsa letho ho fetola seo. 11:07.933 --> 11:14.014 Ho thata ho bolela hore ho putlama ho tla etsahala neng, empa ntho e le 'ngoe e tiile: bo-banka-ster, ba sebelisang matla a 11:14.014 --> 11:19.552 bona hampe ka matla a botlokotsebe a sa buuoeng e le hore ba bokelle leruo le matla a mangata le ho feta, ba tla 11:19.552 --> 11:25.865 etsa sohle se matleng a bona ho qoba ho pepesetsoa e le sesosa sa ho putlama ha lichelete hoo ba ho tlisitseng. 11:25.865 --> 11:31.824 Ka ho etsa jwalo, ba ka nna ba baka hore mathata a mang a mabe a mpefale le ho feta – ho kenyeletswa le dintwa 11:31.824 --> 11:36.563 tsa sesole tse seng di le teng, tseo hona jwale di ntseng di mpefala ka tsela e tshosang. 11:36.563 --> 11:42.173 Empa leha ba leka ka hohle ho etsa hore tjhelete ya bona e ntjha ya dijithale e re hohele, ka nnete 11:42.173 --> 11:45.860 ke leraba la Trojan mme e ke ke ya rarolla mathata. 11:45.860 --> 11:53.629 Tharollo ke ho etsa hore li-banksters tsena li ikarabelle e le sesosa sa mathata a moruo, le ho li amoha matla a tsona. 11:53.629 --> 11:59.627 Ho latela mookameli oa mehleng oa banka e bohareng Stephen Goodson, tšusumetso ea bona e thehiloe holim'a 11:59.627 --> 12:05.639 taba ea hore ba ikhapetse tokelo ea ho bopa chelete e se nang letho le ho e alima ka tsoala. 12:05.639 --> 12:11.745 Ba ile ba kgona ho etsa sena ka ho nka taolo ya dibanka tse kgolo tsa lefatshe. 12:11.745 --> 12:17.671 Ke ka lebaka leo ho hlokahalang "phokotso ea sekoloto sa lefatše", e leng ho hlakoloa ha likoloto tsohle tsa linaha tse 12:17.671 --> 12:23.747 hatelletsoeng, tse hlorotsoeng le tse nkileng thepa ka tsela e sebetsang ke libanka tse bohareng, IMF le Banka ea Lefatše, 12:23.747 --> 12:27.575 hammoho le ho khutlisetsoa ha lisebelisoa tsohle tse nketsoeng. 12:27.575 --> 12:34.280 Hobane feela jwalo ka ha dikadimo di ile tsa boptjwa ho tswa lefeela, dikoloto le tsona di tlameha ho nyamela ho tswa lefeela. 12:34.280 --> 12:39.593 Haeba tokelo ya ho etsa tjhelete e ka kgutlisetswa ho batho le ho dinaha tse ikemetseng 12:39.593 --> 12:42.944 ka bomong, toro ena yohle e mpe e tla fela. 12:42.944 --> 12:49.181 Haholo-holo tsietsing ena ea lefats'e, nako e fihlile ea ho batla sena – haeba eseng hona joale, joale neng?