CHIN TRANH TIN T - PHN 1

LI M U
Cho n nay, Bill Gates vn c gii truyn thng khng ngng ca tng v c coi l ngi n ng giu nht hnh tinh vi khi ti sn khng l. Nu tin rng l s tht th c ngha l bn b la di. Bi v bn s chng bao gi tm thy c bng dng ca cc ng trm tht s giu c trn bng xp hng nhng ngi giu nht hnh tinh ny, cn gii truyn thng phng Ty th b nhng th lc v hnh ca cc ng trm kia kha ming. Cho n ngy nay, gia tc Rothschild vn theo ui ngnh ngn hng, nhng nu bt cht hi 100 ngi dn Bc Kinh hay Thng Hi, bn s thy rng, c n 99 ngi bit rt r v Ngn hng Hoa K trong khi chng mt ai bit c ngn hng Rothschild l ngn hng no. Rt cuc, vy ai l Rothschild? Nu mt ngi lam vic trong nganh tai chinh ma cha tng nghe n cai tn Rothschild thi chng khac nao mt ngi linh khng bit Napoleon, sinh vin nganh vt ly khng bit Einstein l ai vy. Cai tn Rothschild ht sc xa la i vi a s ngi dn Trung Quc (cung nh vi ngi Vit Nam), tuy nhin, gia tc ny co mt sc anh hng rt ln i vi qua kh, hin tai va tng lai cua ngi dn Trung Quc cng nh ngi dn khp ni trn th gii. Thng qua s i lp gia tm anh hng v mc c ni ting ca cua gia tc Rothschild i vi th gii hin tai, ta c th thy kha nng giu minh cua dong ho ny cao siu n mc no. Rt cuc th dng h Rothschild c bao nhiu ti sn? y vn l iu b mt ca th gii. Theo tnh ton s b th con s l vo khong 500 t USD! Vy bng cch no m dng h Rothschild kim c khon ti sn khng l nh vy? y l cu chuyn m cun Chin tranh tin t s gii by cng bn. Dch gi H NGC MINH

CUC CHIN TRM NM GIA NGN HANG QUC T VA TNG THNG HOA K
Ti co hai ke thu chinh: qun i min nam trc mt ti v c cu tin t sau lng ti. Trong hai th lc nay, s uy hip cua ke ng sau lng mi la ln nht. Ti nhin thy mt nguy c trong tng lai ang n gn chung ta, khin chung ta lo s cho s an nguy cua t nc. Sc manh cua ng tin se tip tuc thng tri va lam tn thng n ngi dn, v n khi nhng ng tin cui cung tich tu lai trong tay mt s k thi t nc cua chung ta se bi pha hy. Hin gi ti lo lng cho tng lai ca t nc hn bt c luc nao, thm chi con hn ca trong tnh hung chin tranh. [1] Lincoln, Tng thng th 16 cua My

President Elect Abraham Lincoln, February 19, 1861

Nu noi lich s Trung Quc c xoay quanh bi nhng cuc u tranh quyn lc chinh tri, v nu khng hiu c nhng tinh toan trong long cac bc vng thi chng ta khng th hiu thu c cai tinh thn ct loi cua lich s Trung Quc. Nh vy, lich s phng Ty phat tin tng bc theo s tin ha cua ng tin, nu khng hiu c c mu cua ng tin thi khng th nm c ngun mach cua lich s phng Ty. Qua trinh lich s trng thanh cua nc My y ry nhng s can thip va m mu cua cac th lc quc t, trong o, iu khin ngi ta s nht chinh la s thm nhp va m mu lt cua cac th lc tai chinh quc t i vi nc My, nhng y cung la iu chng my ai bit. Vic thit k va xy dng ch dn chu hu nh la hanh ng ngn can s uy hip cua cac th lc phong kin chuyn ch, va a thu c hiu qua kha quan phng din nay, nhng ban thn ch dn chu lai khng co c sc min dich ang tin cy i vi nhng mm bnh cht ngi mi c sinh ra t quyn lc cua ng tin. Kha nng phan oan va phong ng cua ch dn chu mi i vi hng tn cng chinh cua chin lc thng qua vic khng ch quyn phat hanh tin t cua ngn hang quc t nhm khng ch toan b quc gia a xut hin nhng l hng ln. Tp oan li nhun c thu siu tin t va chinh phu do dn My chon ra trong thi gian hn mt trm nm trc cng nh sau cuc ni chin bc nam a tin hanh nhng cuc u tranh quyt lit nhm xy dng mt inh ch tai chinh cua h thng ngn hang trung ng t hu My. Tng cng a co tt c 7 tng thng My, nhiu y vin quc hi khac a bo mang vi cuc chin gia hai th lc nay. Cac nh s hc My a chi ra rng, ti l thng vong cua cac tng thng My so vi thi ky chin tranh th gii th hai con cao hn nhiu so vi ti l thng vong binh qun cua mt on thy qun luc chin!

Cung vi vic m ca toan din nn tai chinh cua Trung Quc, cac ngn hang quc t se thm nhp su vao h thng tai chinh cua Trung Quc, va cu chuyn a xay ra cho nc My hm qua, liu se tip tc tai din Trung Quc hm nay?

V M SAT TNG THNG LINCOHN

Ti th sau ngay 14 thang 4 nm 1865, Tng thng Lincoln a vt qua c cuc ni chin keo dai bn nm y tang toc trong mun van nguy c va gian kh. Cui cung, nm ngy trc khi nhn c tin thng li - tng Robert Lee thng linh qun i min nam a u hang tng Grant cua qun min bc v tng thng cm thy cng thng hn.

GENERAL ULYSSES S. GRANT ON HORSEBACK V trong lc hng ch, ng a n nha hat Ford Washington xem bui biu din. Vo lc 10 gi 15 phut, li dng lc khng c cn v bn cnh, mt k st thu a len ti cnh Tng thng, dung mt khu sung c ln nhm thng vao u ng ma bop co, Lincoln bi trung an vt v phia trc. Sang sm hm sau, Tng thng qua i.

Hung thu la mt din vin co chut ting tm khi o c tn la John Wilkes Booth. Sau khi am sat xong Lincoln thi tay nay hoang s bo trn, ngay 26 thang 4 hung thu bi bn cht trn ng bo trn. Trong xe nga cua hung thu, ngi ta a phat hin thy rt nhiu th t vit bng mt ma va mt s vn dung ca nhn cua Juda Benjamin - B trng B chin tranh cua Chinh phu min nam va sau nay la B trng ngoi giao, mt ngi co thc quyn v mt tai chinh min nam ng thi co mi quan h rt thn mt vi cac ai gia ngn hang chu u. Sau o ngi nay a ao tu sang Anh. S kin Lincoln bi am sat v sau a c lan truyn rng ra va nhiu ngi cho rng y la mt m mu co quy m ln. Nhng ngui tham gia trong m mu nay co th la cac thanh vin ni cac cua Lincoln, cac ngn hang New York va Philadenphia, quan chc cao cp cua Chinh phu min nam, gii quyn lc trong nganh xut ban bao chi va cac phn t ni loan min bc. Thi c mt gi thuyt lan truyn rng ri rng, Booth khng h b git cht, m l c phng thch, cn thi th c mai tng sau ny l ngi ng mu ca anh ta. Edwin Stanton - B trng chin tranh nm gi trng quyn khi che du chn tng s vic. Thot nghe th y c v l mt gi thuyt hoang ng. Th nhng, sau khi mt lot cc vn kin b mt ca B trng chin tranh c gii m vo nhng nm 30 ca th k 20 th cc nh s hc pht hin ra mt s tht y kinh ngc v ci cht ca Tng thng Lincoln, trn thc t chng khc g li n thi ca thin h. Otto Eisenschiml, nh s hc u tin chuyn nghin cu v ti ny gy chn ng cho cc ng nghip trn th gii bng nhng pht hin y bt ng trong bi vit Ti sao Lincoln b m st?. Sau , Theodore Roscoe cho cng b kt qu nghin cu c sc nh hng rng ri hn na bng cch ch ra rng:

Phn ln cc nghin cu lch s ca th k 19 lin quan n vic tng thng Lincoln b m st u miu t s vic ging nh mt v bi kch in hnh ca nh ht Ford vy Ch c mt s t nhn nhn s vic nh l mt cuc mu st: Lincoln cht trong tay mt tn ti phm th b ti phm phi b

trng pht theo php lut; thuyt m mu b bp cht; cui cng c v M ginh c thng li, Lincoln cng thuc v qu kh. Th nhng, vic gii thch s kin m st tng thng va khng khin cho ngi ta hi lng va kh khin cho ngi ta khm phc. Thc t cho thy, tn ti phm lin quan n ci cht ca Lincoln vn ang nhn nh ngoi vng php lut. [2]

Trong bai vit Hanh ng ngu xun thuc cun hi ky ca mnh, Izola Forrester, chau gai cua tn hung thu, ni rng, b pht hin thy ghi chp b mt K s rp xic (Knights of the Golden Circle) b Chnh ph c ct vo trong kho vn kin, ng thi b Edwin Stanton xp vo loi ti liu tuyt mt. Sau khi Lincoln b m st, bt c ai cng khng c tip cn vi nhng ti liu ny. Do mi quan h huyt thng gia Izola v Booth, hn na, vi t cch l mt nh vn chuyn nghip, cui cng b tr thnh l ngi u tin c php c nhng ti liu ny. Trong cun sch ca mnh, b vit rng: Nhng bao ti liu c k thn b ny c ct gi trong mt kt bo him nm trong gc khut gia ni t di tch ca m mu thm phn v cn phng trng by. Nu khng phi l nm nm trc, khi c nhng t liu ( cn phng ) m ti tnh c nhn thy cnh chic t, th c th chng bao gi ti bit chng (ti liu b mt) tn ti. Nhng ti liu y c lin quan n ng ni ti. Ti bit ng tng l thnh vin ca mt t chc b mt. T chc ny chnh l K s rp xic do Bickley sng tp nn. Ti c gi mt tm nh ca ng bc nh ng chp chung vi h, tt c h u n mc chnh t. Bc nh ny c pht hin trong quyn kinh thnh ca b ni ti ti cn nh b tng ni rng chng b (Booth) l cng c ca ngi khc.[3]

K s rp xic v cc th lc ti chnh New York rt cuc c mi quan h nh th no? C bao nhiu ngi trong chnh ph ca Lincoln tham gia vo m mu m st Lincoln ? Ti sao cc nghin cu v ci cht ca Lincoln trong sut thi gian di lun lc hng nh vy? Ci cht ca Lincoln cng ging vi ci cht ca Kennedy sau 100 nm, u l s phi hp mang tnh t chc trn quy m ln, mi chng c u b bt u mi, mi s iu tra u b nh lc hng mt cch h thng, chn tng ca s vic lun c che ph bi mt mn sng lch s dy c. Mun hiu c ng c va mu thc s ng sau vic Lincoln bi sat hai, chung ta cn phai tim hiu su hn nhng cuc i u trong n lc khng ch quyn phat hanh tin t cua quc gia nay sut qua trinh lp quc cua My.

QUYN PHAT HANH TIN T VA CHIN TRANH C LP CUA NC MY

Trong cac cun sach giao khoa lich s phn tich ngun cn cua cuc chin tranh c lp My c rt nhiu cac nguyn tc va gia tri va toan din lai va tru tng c em ra phn tich va trinh bay. Nhng y, chung ta se nhin t mt goc khac tim hiu su hn bi canh tai chinh cung nh vai tro hat nhn cua no trong cuc cach mang nay. a s nhng ngi n My mu sinh sm nht chnh la nhng cung dn ht sc ngheo kh, ngoai nhng hanh ly n gian em theo hu nh ho chng co tai san hay tin bac gi. Thi , min bc My ngi ta vn cha kham pha ra nhng mo vang bac ln nh sau nay, cho nn ngun tin t lu thng trn thi trng cc ky thiu hut. Thm vao o la ti l nhp siu cua Anh quc a khin cho mt lng ln tin vang bac chay v quc gia ca x s sng m ny, v iu cang lam tng thm tinh trang thm hut lng tin lu thng [4]. Phn ln hang ha va dich vu do nhng ngi dn di c mi cua min Bc My lam ra t s lao ng kh nhoc a khng th c trao i hiu qua do thm hut lng tin lu thng, t o a gy can tr nghim trong n bc phat trin cua nn kinh t. ng pho vi vn nan giai nay, ngi ta buc phi s dung cac loai tin t thay th khac tin hanh mua ban hang ha. Chng han, cac hang ha c chp nhn vi mc cao nh da va lng ng vt, vo c, thuc la, gao, lua mach, ng c s dung nh mt loai tin. Chi ring min bc Carolina, t nm 1715 a

co hn 17 loai hang ha c dung nh tin t quy inh (Legal Tender), Chinh phu va ngi dn co th dung nhng hang ha nay tin hanh cac hoat ng giao dich nh ong thu, tra n, mua ban dich vu hang ha. Khi o tt ca nhng loai tin t thay th nay u ly ng bang Anh lam tiu chun tinh toan. Trong hoat ng thc t, do gia thanh, quy cach, mc chp nhn va tinh cht co th lu gi lu cua cac loai hang ha nay khac nhau, nn rt kho cho vic o lng theo tiu chun. mc nao o, chung a cu van c tinh trang thm hut tin lu thng ang cp bach, nhng no cung a tao nn tinh trang tht c chai cho s phat trin cua nn kinh t hang ha.[5] S thiu hut tin kim loai trong thi gian dai va s bt tin trong vic s dung cac loai tin hin vt thay th a thuc y Chinh phu thot ra khoi li t duy truyn thng, va bt u mt th nghim hoan toan mi: dung loai tin giy co tn la Colonial Scrip in tin loi tin chun c phap lut quy inh thng nht. S khac bit ln nht gia loai tin giy nay so vi chi phiu ngn hang ang lu hanh chu u chinh la no khng co bt c khoan hin vt vang hay bac nao bo m m ch la mt loai tin tin dung Chinh phu. Moi ngi trong xa hi u cn phai ong thu cho Chinh phu, ma chi cn Chinh phu tip nhn loai tin giy nay nh bng chng cua vic np thu, thi no a co y u cac yu t c ban lu thng trn thi trng. Loai tin mi nay qua nhin a thuc y s phat tin nhanh chong cua nn kinh t xa hi, cac giao dich hang ha cung ngay cang tr nn nhn nhip.

Adam Smith, a brilliant eighteenth-century Scottish political economist, had the advantage of judging the significance ol colonies by a rigorous examination based on the colonial experience of 300 years. His overview has a built-in bias: he strongly disapproved of excessive regulation of colonial trade by parent countries. But his analysis is rich with insight and remarkably dispassionate in its argument. Adam Smith recognized that the discovery of the New World not only brought wealth and prosperity to the Old World, but that it also marked a divide in the history of mankind. The passage that follows is the work of this economic theorist who discusses problems in a language readily understandable by everyone. Adam Smith had retired from a professorship at Glasgow University and Was living in France in 17645 when he began his great work, The Wealth of Nations...The book was being written all during the years of strife between Britain and her colonies, but it was not published until 1776. In the passages which follow, Smith points to the impossibility of monopolizing the benefits of colonies, and pessimistically calculates the cost of empire, but the book appeared too late to have any effect upon British policy. Because the Declaration of Independence and The Wealth of Nations, the political and economic reliations of empire and mercantilism, appeared in the same year, historians have often designated 1776 as one of the turning points in modern history. The text On the cost of Empire, the eloquent exhortation to the rulers of Britain to awaken from their grandiose dreams of empire, is the closing passage of Smith's book. Lc nay, Adam Smith cua nc Anh cung a chu y n s th nghim tin t mi nay cua Chinh phu thuc ia bc My, v ng hiu kha ro vai tro kich thich to ln i vi thng mai cua loai tin giy nay, c bit la i vi khu vc bc My ang thiu hut tin kim loai. ng cho rng, vic mua ban trn c s tin dung khin cho cac thng gia co th inh ky kt toan s d tin dung gia cac bn theo mi thang hoc mi nm, v iu nay a giam thiu s bt tin (trong giao dich). Mt h thng tin giy c quan ly tt khng nhng to ra s thun tin trong s dng m con co th co rt nhiu u th trong mt s tinh hung nao o. [6] Nhng mt loai tin t khng co th chp la ke thu t nhin cua cac ngn hang, bi vi nu khng co cac khoan vay cua Chinh phu lam th chp th Chinh phu cung khng cn phai vay cac khoan tin kim loai vn rt thiu hut thi by gi, v nh vy, qua cn ln nht trn tay cua cac ngn hang trong chc lat cung mt i uy lc.

Benjamin Franklin (January 17, 1706 [O.S. Fathers of the United States of America.

January 6, 1705]

April 17, 1790) was one of the Founding

Trong cuc vi hnh ca Benjamin Franklin n nc Anh vao nm 1763, khi c v chu quan cua Ngn hang Anh hoi v nguyn nhn phat trin thinh vng cua thuc ia chu luc mi, Franklin a tra li rng: iu nay rt n gian. t thuc ia, chung ti phat hanh tin t cua ring minh, goi la chng chi thuc ia. Chung ti cn c vao nhu cu cua thng nghip va cng nghip phat hanh mt lng tin t cn i, nh vy, san phm rt d dang chuyn t tay ngi san xut n tay ngi tiu dung. Dung phng thc nay, chng ti tao ra loai tin giy cua ring mnh, ng thi bao am sc mua cua no, v (Chinh phu) cua chung ti khng cn phai tra li tc cho bt ky ai.[7] Loai tin mi nay tt nhin se dn n vic thuc ia chu My thot ly khoi s khng ch cua ngn hang Anh quc. Cac ngn hang Anh t ra phn n v bt tay nhau hanh ng. Nghi vin Anh di s khng ch cua cc nh ngn hng a thng qua ao lut tin t (Currency Act) vao nm 1764, theo o, Ngh vin nghim cm cac bang trong thuc ia chu My in n va phat hanh tin giy cua ring minh, ng thi yu cu Chinh phu cac ni nay phai s dung toan b vang va bac ong nhng khoan thu cho chinh phu Anh quc. Franklin a miu ta mt cach au n v hu qua kinh t nghim trong do ao lut nay mang lai cho cac bang x thuc ia nh sau, chi trong mt nm, tinh hinh (thuc ia) a hoan toan ao ngc, thi ky phn thinh a kt thuc, kinh t suy thoi nghim trong n mc t ng ph cho n bn cang u tran ngp nhng am ngi tht nghip. Nu nh ngn hang Anh khng tc oat quyn phat hanh tin t cua x thuc ia, thi ngi dn cua x thuc ia se vui ve ong cac khoan thu tra va cac san phm khac. D lut nay a gy nn tnh trng tht nghip va s bt man. X thuc ia khng th phat hanh c tin t cua minh, t o se khng th thot khoi s khng ch cua quc vng George tam va ngn hang quc t mt cach vinh vin, la nguyn nhn chu yu gy ra cuc chin tranh c lp My.[9]

Statue of Thomas Jefferson at the University of Virginia, Charlottesville, VA

Nhng ngi t nn mong xy dng nn Hp chng quc Hoa K co s nhn thc tng i sang sut v s khng ch cua Ngn hang Anh i vi nn chinh tri cua nc Anh va s bt cng i vi ngi dn. Ngi hoan thanh ban tuyn ngn c lp My ni ting khi chi mi 33 tui chinh la Thomas Jefferson - Tng thng th ba cua nc My, ngi co mt cu danh ngn canh bo ngi i rng: Nu cui cung ngi dn My cho ngn hang t nhn khng ch c s phat hanh tin t cua quc gia thi nhng ngn hang nay trc ht se thng qua vic tng lam phat tin t, sau o thng qua vic tht cht tin t tc oat tai san cua ngi dn, cho n mt ngay, khi con cai cua ho thc tinh, thi ho a mt i nha ca vn tc cua minh va min t ma cha ng ho a tng khn hoang khai pha. [10] Sau hn 200 nm khi lng nghe lai cu noi nay cua Jefferson c pht ngn vao nm 1791, chung ta vn khng khoi kinh ngac trc s chinh xac n kinh ngi trong nhng li ni cua ng. Ngay nay, cac ngn hang t nhn qua nhin a phat hanh hn 97% lng lu thng tin t quc gia cua My, ngi dn My qua nhin cung mc n ngn hang vi khoan tin ln n con s thin vn 44.000 ti -la My - va co le mt ngay nao o khi ho thc tinh thi cung se thy rng mnh a mt i nha ca vn tc va tai san, ging nh a tng xay ra vao nm 1929. Khi xem xet ky lich s va tng lai, nhng ngi dn ng vi ai cua Hoa Ky a vit ra mt cach ro rang trong muc 8 chng 1 Hin phap cua nc My rng: Quc hi co quyn in va quy inh gia tri cua ng tin quc gia.[11]
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[1] Abraham Lincoln, Th gi William Elkins, 21/11/1864. [2] G. Edward Griffin, Sinh vt t o Jekyll (The Creature from Jekyll Island ) - American Media, Westlake Village, CA 2002, tr. 393. [3] Izola Forrester, o lut ngu xun This (One Mad Act) - Boston: Hale, Cushman & Flint , 1937, tr. 359. [4] Glyn Davis, Lch s tin t t thi c i n nay (History of Money From Ancient Times to The Present Day) - University of Wales Press 2002, tr. 458. [5] Sch dn, tr. 459.

[6] Adam Smith, Ca ci ca cc quc gia (Wealth of Nations), 1776, cun IV, Chng Mt. [7] Charles G. Binderup, Benjamin Franklin bin nc Anh thnh mt quc gia phn thnh nh th no? How Benjamin Franklin Made New England Prosperous, 1941. [8] Sch dn. [9] Sch dn. [10] Nm 1787, quc hi Hoa K hp thng qua vic thay th iu khon Lin bang bng Hin php. [11] Hin php M, iu 1, khon 8.

CHIN TRANH TIN T - PHN 2

CHIN DICH TH NHT CUA NGN HANG QUC T:
NGN HNG U TIN CA HP CHNG QUC HOA K (1791-1811):

Thomas Jefferson

" A private central bank issuing the public currency is a greater menace to the liberties of the people than a standing army"
Ti tin chc rng, s e da cua t chc ngn hang i vi t do cua chung ta con nghim trong hn uy lc qun s cua ke thu. Ho a tao ra mt tng lp quy tc rng rinh tin bac va coi thng chinh phu. Quyn phat hanh tin t phai c oat lai t tay ngn hang, no phai thuc v nhng ngi chu thc s cua no nhn dn. [12] Thomas Jefferson1802 Alexander Hamilton la mt nhn vt co tm nh hng quan trng trong mi quan h mt thit vi dong ho Rothschild. Sinh ra qun ao Ty n thuc Anh, Hamilton n My vi tn tui, danh tinh va ni xut thn c du kin, sau kt hn cung c con gai cua mt gia nh giu c New York. V theo nhng bin lai chuyn khoan con lu tr bao tang Anh quc, chng ta c th thy rng, Hamilton a tng tip nhn s tr giup cua dong ho Rothschild. [13]

Alexander Hamilton
Nm 1789, Hamilton a c Tng thng Washington b nhim lam B trng th nht B tai chinh, v chu trch nhim v h thng ngn hang trung ng cua My. Nm 1790, i mt vi nhng kho khn kinh t va khung hoang n nn sau cuc chin tranh c lp, ng ta kin quyt nghi quc hi thanh lp mt ngn hang trung ng t nhn kiu nh ngn hang Anh phu trach hoan toan vic phat hanh tin t. Lp lun cua ng ta la: vi tr s t ti Philadelphia, Ngn hang trung ng t nhn s cho xy dng chi nhanh ca mnh ti cac ni, tin va ngun thu cua Chinh phu cn phai t trong h thng cua ngn hang nay, ngn hang nay phuc trach vic phat hanh tin t quc gia tha man nhu cu phat trin kinh t, cho vay va thu li nhun t Chinh phu My. Gi tr c phn cua ngn hang nay la 10 triu -la My, trong o t nhn nm gi 80% c phn, 20% con lai thuc v Chinh phu My. C ng bu ra 20 ngi trong s 25 ngi cua hi ng quan tri, 5 ngi con lai do Chinh phu b nhim. Hamilton ai din cho li ich cua giai cp thng tr tinh anh Hoa K. ng ta tng chi ra rng, moi xa hi u phn chia thanh a s va thiu s. Thiu s xut thn t cc gia nh danh gia vng tc, con a s chinh l dn en. Trc nhng ri loan v bin ng, nhom a s thng rt it kha nng a ra c s phan oan va quyt inh chinh xac. Ma Jefferson thi ai din cho li ich cua nhn dn, i vi quan im cua Hamilton, cu tra li cua ng la, chung ti cho rng chn ly sau y la khng cn phai chng minh: Moi ngi sinh ra u co quyn binh ng, tao ha cho ho nhng quyn khng ai co th tc oat c, trong nhng quyn y co quyn c sng, quyn t do va quyn mu cu hanh phuc. Lin quan n vn ch ngn hng trung ng t nhn, c hai bn u cha mi nhn cng kch vo nhau. Hamilton cho rng, nu nh khng em li ch v ca ci ca nhng c nhn c tin trong x hi tp hp li vi nhau th x hi ny khng th thnh cng. [14] Cng tri quc gia, nu khng phi l qu nhiu, th cng phi l hnh phc ca quc gia chng ta.[15]

Jefferson phn pho rng, S e da ca mt t chc ngn hang i vi t do cua chung ta con nghim trong hn uy lc qun s cua ke thu. [16] Chng ta vnh vin khng th chp nhn vic cho php giai cp cm quyn tng thm n trn u trn c ca nhn dn.[17]

george washington

Thang 12 nm 1791, khi phng an cua Hamilton c giao cho quc hi thao lun, ngay lp tc a dn n s tranh lun gay gt cha tng co. Cui cung, thng nghi vin a thng qua phng an nay vi a s phiu ng h, va cung vt qua ai ha nghi vin vi s phiu 39/20. Luc nay, tng thng Washington ang trong tnh trng phi x l khung hoang n nghim trong v a bi y vao th phn vn cc . ng a hoi y kin Jefferson va Madison - B trng ngoi giao cua Hoa K thi o. Nhng ngi ny a chi ro rang rng, an nay xung t vi hin phap. Hin phap trao quyn cho quc hi phat hanh tin t, nhng quc hi khng c quyn phat hanh tin t cho bt c ngn hang t nhn nao. Hin nhin, nhng phn tich nay a tac ng su sc n tng thng, thm chi ng ta a quyt tm phu nhn phap lnh nay n cung.

Madison
Sau khi bit c tin tc nay, Hamilton tp tc thuyt phuc Washington, nhng s sach s liu cua Hamilton cng vi B trng tai chinh to ra cang co sc thuyt phuc nhiu hn: nu khng thanh lp ngn hang trung ng nhn s u t cua nc ngoai vao thi Chinh phu se sup rt nhanh. Cui cung, nhng nguy c trc mt a ap ao nhng suy nghi lu dai cho tng lai. Ngay 25 thang 2 nm 1792, Tng thng Washington a t but ky trao quyn thanh lp ngn hang trung ng th nht cua My vi thi gian hiu lc trong 20 nm.[18] Cac nha ti phit ngn hang quc t cui cung a gianh c thng li quan trong. n nm 1811, t ban ngoai quc a chim c 7 triu trong tng s 10 triu c phn gc, Ngn hang Anh va Nathan Rothschild tr thanh c ng chu yu cua ngn hang trung ng My Ngn hang th nht cua Hp chng quc Hoa K (The First Bank of the United States)[19] Hamilton cui cung tr nn v cung giau co. Ngn thang th nht sau nay cung vi cng ty Manhattan New York do Alan Bow thanh lp a tr thanh Ngn hang th nht cua ph Wall. Nm 1955, no a c sap nhp vi Ngn hang Chase cua Rockefeller v tr thanh Ngn hang Chase Manhattan Bank.

Rockefeller Chnh ph t r kht vng cc i vi tin ti, ph hp vi mong i ca ngn hng trung ng t nhn ngn hng ang nng lng trng ch chnh ph vay n. Ch trong vng nm nm ngn ngi k t khi ngn hng trung ng thnh lp (1791 1796), s n vay ca chnh ph M tng thm 8,2 triu USD.

Nm 1798, Jefferson a noi mt cach y hi tic rng: Ti tht s hy vong chung ta co th sa cha, chnh sa thm cho bn hin php, loi b quyn vay n cua Chinh phu.[20] Sau khi trung c tng thng kha th ba (1801 1809), Tng thng Jefferson a n lc khng ngng hong ph bo Ngn hang th nht cua My, v n khi hoat ng cua ngn hang sp man hn vao nm 1811 thi s u sc gia i bn a n mc cc im. Ha nghi vin a phu quyt an keo dai thi han kinh doanh cua ngn hang vi 65 phiu thun va 64 phiu chng, con thng nghi vin thi th ging co 17/17. Ln nay, pho tng thng a pha v th b tc bng mt phiu phu quyt quan trong v mt quyt nh c thng qua ngay 3 thang 3 nm 1811, theo , Ngn hang th nht cua My phai ong ca.[21]

First Bank of the United States

Luc nay, Nathan Rothschild ang trn gi London, khi hay tin a ni trn li inh. ng ta noi mt cach e da rng: Hoc la ngn hang (Ngn hang th nht My) c quyn keo dai thi han kinh doanh, hoc la nc My se phai i mt vi mt cuc chin tranh tai ha nht. Nhng ap lai li thach thc y cua Nathan, Chinh phu My vn khng h a ra bt c hanh ng nao, Nathan lp tc ap tra: Hay day cho nhng ngi My v ly nay mt bai hoc, hay a chung tr v thi ky thuc ia. Kt qua la my thang sau, cuc chin tranh nm 1812 gia Anh va My n ra. Cuc chin a keo dai sut ba nm, muc ich cua Rothschild la ht sc ro rang. H phai anh cho n khi nhng khoan n cua Chinh phu My cht cao nh nui, v chnh ph M rt cuc khng th khng u hang, phai nhng b cho ho c tip tuc chi phi ngn hang trung ng mi thi. Kt qua la khoan n cua Chinh phu My a tng vot t 45 triu -la ln n 127 triu -la, ri cui cung, vao nm 1815, Chinh phu My cung a phai chiu khut phuc. Ngay 5 thang 12 nm 1815, tng thng Madison a xut thanh lp ngn hang trung ng th hai, kt qua la Ngn hang th hai cua nc My (The Bank of the United States) a c khai sinh vao nm 1816 (1816 1832).

President James Madison

The second Bank of the United States

S TR LAI CUA NGN HANG QUC T (1816 1832)

S chi phi cua cac c cu ngn hang i vi y thc nhn dn tt yu se bi pha v, nu khng thi s chi phi nay se pha v t nc chung ta. [22 Th cua Jefferson gi cho Munroe (Tng thng th 5 cua hoa K) nm 1815 Ngn hang th hai cua My c cp phep kinh doanh t nhng nm 20 vi tng s vn c phn ln n 35 triu -la My, trong 80% vn do t nhn chim gi, 20% vn con lai thuc v

Chinh phu[23]. Va cung ging nh ngn hang th nht, Rothschild cung nm chc quyn lc cua ngn hang th hai. Nm 1828, Andrew Jackson tham gia tranh c tng thng. Trong mt ln phat biu trc cac ngn hang, ng a khng ngn ngai ma noi rng: Cac ngai la mt lu rn c. Ti mun quet sach cac ngai, nhn danh Chua, nht inh ti se quet sach cac ngai. Nu nh ngi dn bit c tin t va h thng ngn hang cua chung ti khng minh bch nh th nao, thi ngay trc sang ngay mai se n ra cuc cach mng. Khi c bu lam tng thng nm 1828, Andrew Jackson quyt tm ph bo Ngn hang th hai. ng chi ra rng: nu hin phap trao quyn cho Quc hi phat hanh tin t, vy thi hay cho Quc hi thc thi quyn cua minh, ch khng phai la quc hi trao quyn o cho bt c ca nhn hay cng ty nao. Trong tng s 11.000 nhn vin ang lam vic cho Chinh phu lin bang, ng a cho sa thai hn 2000 nhn vin co lin quan n ngn hang.

General Hero Andrew Jackson . At the battle of New Orleans on January 8, 1815, with a small army of volunteers, General Jackson defeated 10,000 British veterans of the campaign against Napoleon in Europe.

General Andrew Jackson was the hero of The Battle of New Orleans on January 8, 1815

President Andrew Jackson called the Bank a monster and was determined to pull all its teeth. He said:

"I am ready with the screws to draw every tooth and then the stumps."
Nm 1832, Jackson tham gia tranh c nhim ky th hai. Nu ng thng c, thi thi gian hoat ng cua ngn hang th hai se kt thuc trong nhim ky tip theo cua ng vao nm 1836. Moi ngi u bit cam tng cua tng thng i vi ngn hang th hai, v tranh tnh trng m dai lm mng, ngn hang a nghi cach co c giy phep kinh doanh c bit keo dai thm 20 nm na trc khi din ra cuc tng tuyn c. ng thi vi vic nay, cac ngn hang cung a khng tic chi ra khoan tin 3 triu -la ung h cho quy tranh c cua Henry Clay - i thu cua Tng thng Jackson, trong khi khu hiu tranh c cua Jackson la Co Jackson thi khng co ngn hang. Cui cung, Jackson a gianh thng li vi s phiu ap ao.

 an keo dai thi han giy phep kinh doanh ngn hang a c thng qua tai thng nghi vin vi s phiu 28/20, va vt qua ca ha nghi vin vi s phiu 167/85[24]. vo s hu thun cua quc tai chinh Rothschild hung manh chu u, Biddle - chu tich ngn hang th hai - chng coi Tng thng ra gi. Trong khi thin h ban tan xn xao rng an keo dai thi han kinh doanh cua ngn hang se bi Jackson phu quyt, Biddle a ln giong tuyn b Nu ng ta phu quyt an, thi ti se phu quyt ng ta.

Nicholas Biddle . He graduated from the University of Pennsylvania at the age of 13 and from Princeton at 17. He mastered the secret science of paper money and banking at an early age. He was head of the 2nd Bank of the U.S. With many Congressmen and Senators financially beholden to him, he wielded great political power. He deliberately created a banking panic and a depression for the purpose of frightening the voters and blaming it on President Jackson. Biddle was later arrested and charged with fraud but his powerful protectors shielded him from justice . . . in this life. Rt cc, Jackson a phu quyt khng chut do d i vi an keo dai thi han kinh doanh cua ngn hang th hai. ng con lnh cho B trng tai chinh lp tc yu cu cac c quan d tr cua Chinh phu rut ngay cac khoan tin tit kim t tai khoan cua ngn hang th hai, chuyn vao cac tai khoan cua ngn hang cac bang. Ngay 8 thang 1 nm 1835, Tng thng Jackson a tra xong khoan n cui cung cua t nc, y la ln duy nht trong lich s nc My, Chinh phu a giam khoan n quc gia xung mc 0, ng thi con tao ra mt khoan thng d tri gia 35 triu -la My. Cac nha s hoc anh gia thanh tu vi ai nay rng y la vinh d sang lang nht cua tng thng, cung la s cng hin quan trong nht ma ng a lam cho t nc nay. T Boston Post a xem vic nay ging nh s kin Chua ui ngi cho vay tin ra khoi thanh ng vy.

NGN HANG MUN GIT CHT TI, NHNG TI SE GIT CHT NGN HANG
Ngay 30 thang 1 nm 1835, Tng thng Andrew Jackson n Capital Hill tham d tang l cua mt nghi si quc hi. Richard Laurence - mt tay th sn tht nghip n t Anh - a ln theo Tng thng Andrew Jackson, trong tui ao khoc cua anh ta du sn hai khu sung a nap y an. Khi Tng thng tin vao phong nghi thc tang l, Lawrence vn con cach Tng thng mt khoang kha xa. Hn nhn nai ch thi c tt hn hanh ng. Sau khi nghi thc kt thuc, hn np vao gia hai hang ct, ni ma hn bit chc chn tng thng phai i qua. Va ung luc Tng thng bc n, hn t phia sau ct xng ra, bop co sung bn thng vao Tng thng trong khoang cach cha y hai met. Nhng rt may an bi lep, nn Laurence a khng th ha sat c Tng thng. Khi o, moi ngi xung quanh u ht sc hoang ht. Nhng vi tng thng 67 tui nay vn to ra binh tnh i mt vi tn sat thu, va theo ban nng, ng a cy gy cua minh ln t v. Lin o, tn sat thu lai tip tuc moc khu sung th hai ra va bop co, nhng an vn bi lep. y la tng thng u tin cua My bi am sat, va tht may mn la ng a thot cht. Thng thng, ti l ca hai khu sung u lep an chi la 1/125000 ma thi.

Tn sat nhn 32 tui nay t xng la ngi tha k hp phap cua quc vng Anh, v hn cho rng, tng thng My a git cht cha hn, lai con c tuyt hn co c mt khoan tin ln. Sau o, tai ta an, chi sau nm phut thm tra, ta a phan quyt l tn st nhn nay mc bnh tm thn, nn khng truy cu trach nhim hinh s i vi hn.

T o v sau, bnh tm thn tr thanh cai c thich hp nht chay ti cua cac sat thu. Ngay 8 thang 1 nm 1835, Tng thng Jackson a tra xong khoan n cui cung cua t nc. Cui thng Ging, tc l ngay 30 thang 1, v am sat xy ra. Lin quan n tn hung thu Richard Laurence, Griffin a vit trong sach cua ng rng: Tn sat thu ny hoc la bi bnh tm thn tht, hoc la gia bnh hong thot khoi s trng tri nghim minh cua phap lut. Sau nay, hn a khua mi mua mep noi vi ngi khac rng hn co mi quan h mt thit vi nhng ngi co quyn th chu u, v hn a c ha la nu co bi bt thi se c bao v. [21] Ngay 8 thang 6 nm 1845, Tng thng Jackson qua i. Trn bia m cua ng chi co mt cu noi duy nht, Ta a git c ngn hang. Ngn hang Trung ng My lai mt ln na bi v hiu ha, dn n s tra a nghim khc cua phia Anh, nc Anh lp tc inh chi cac khoan cho vay i vi nc My, trong o co chiu tn thu lng cung ng tin vang cua nc My. Nn tai chinh cua nc Anh khi o di s vn hanh va thao tac cua Rothschild, a co c lng lu thng tin vang vi quy m ln nht. Thng qua cac khoan tin cho vay va s vn hanh cua ngn hang trung ng My, n a khng ch hoan toan vic cung ng tin t cua My. Sau khi n xin keo dai thi han cua ngn hang th hai nc My bi Tng thng phu quyt, chu tich ngn hang th hai a khi ng vic phu quyt i vi Tng thng. Ngn hang th hai tuyn b lp tc thu hi cac khoan a cho vay, inh chi tt ca cac khoan vay mi. Cac ngn hang chu yu chu u do dong ho Rothschild thao tung cung ng thi khng ch vong quay lu chuyn tin t cua nc My, y nc My ri vao tinh th sut giam lng lu thng tin t do con ngi gy ra mt cach nghim trong, cui cung dn n cuc khung hoang nm 1837, kinh t My ri vao tinh

trang suy thoi nghim trong trong sut hn 5 nm, sc pha hoai cua no ln cha tng thy, gy nn thi ky iu tan cua nn kinh t My keo dai mai n nm 1929. Cuc khung hoang nm 1857 tip sau cuc khung khoang nm 1837, ri cuc khung hoang nm 1907 mt ln na a xac nhn cu noi cua Rothschild: Chi cn co th khng ch vic phat hanh tin t cua mt quc gia thi ta khng cn phai quan tm rng ai a t ra phap lut.

CHIN TUYN MI: H THNG TAI CHINH C LP

Nm 1837, Martin P. Bran - ngi k nhim c Tng thng Jackson ung h - tip quan Nha trng. Thach thc ln nht cua ng la lam th nao khc phuc nguy c khung hoang nghim trong do ngn hang quc t tht cht ngun cung ng tin. Sach lc tin phong cua ng la xy dng h thng tai chinh c lp (Independent Treasury System), rt toan b tin t do B tai chinh kim soat khoi h thng ngn hang t nhn, ri gi vao trong h thng cua minh B tai chinh. Cac nha s hoc goi hanh ng nay la cuc ly hn gia tai chinh va ngn hang. Khi ngun cua h thng tai chinh c lp la khi Tng thng Jackson phu quyt vic keo dai thi han kinh doanh cua ngn hang th hai cua My, ng thi ra lnh rut toan b cac khoan tin cua Chinh phu khoi h thng ngn hang nay, chuyn n gi ngn hang cua cac bang. Ai ng, tranh vo da gp vo da. Cc nh ngn hng dung tin cua Chinh phu lam d tr, sau o phat hanh tin dung vi s lng ln u c. y la mt nguyn nhn khac dn n cuc khung hoang nm 1837. Ngun tin cua chinh phu do Martin P. Bran xut phai lm sao c gii phng khoi h thng tai chinh nhm bao v tin vn cua Chinh phu ng thi cn nhc kha nng ngn hang dung tin thu cua ngi dn phat hanh tin dung vi s lng ln tao nn s mt cn bng trong nn kinh t. Mt c im khac cua h thng tai chinh c lp la tt ca cac khoan tin nhp vao h thng tai chinh cn phai c th hin di dng vang bac, nh vy Chinh phu a co c mt im ta iu tit khng ch i vi lng cung ng tin vang cua quc gia nhm khng ch cuc xung t gia ngn hang chu u i vi vic phat hanh tin t cua nc My. Cach suy nghi nay co th noi la mt diu k nu nhin t goc lu dai, nhng nu xt v ngn hn thi lai c th chm ngoi n cho qu bom ri ro tin dung cua rt nhiu cac ngn hang, chng khac nao thm du vao la trong cuc xung t vi Ngn hang th hai cua My, khung hoang se xy ra n mc khng th khng ch c.

Henry Clay

Senator Henry Clay takes the floor of the Old Senate Chamber; Millard Fillmore presides as Calhoun and Webster look on.

Trong qua trinh nay, Henry Clay la mt nhn vt ht sc quan trong. ng la ngi k tha quan trong t tng Ngn hang trung ng t hu cua Hamilton, va la nhn vt c mn m cua cac nha ti phit ngn hang. ng la ngi co tai n noi, li suy nghi cht che, va co sc li cun. ng a tu hi c bn minh mt nhom cac nghi si ung h ngn hang va c cac ngn hang ung h. ng a thanh lp ang Whig (tin thn cua ang t do Anh) mt ng kin quyt phan i chinh sach ngn hang cua Tng thng Jackson a dn sc vao vic khi phuc lai ch ngn hang trung ng t hu.

William Henry Harrison,The War of 1812 was fought between the United States of America and the United Kingdom of Great Britain and Ireland and its colonies, including Upper Canada (Ontario), Lower Canada (Quebec), Nova Scotia, Newfoundland and Bermuda. When Tecumseh's War merged with the War of 1812, Harrison remained in command of the army in Indiana. After the loss of Detroit, General James Winchester became the commander of the Army of the Northwest and Harrison was offered the rank of Brigadier General, which he refused. After a brief time interval, President James Madison removed Winchester and made Harrison the commander, on September 17, 1812. Harrison inherited an army made up of fresh recruits which he endeavored to drill. Initially he was greatly outnumbered, and assumed a defensive posture, but after receiving reinforcements in 1813 Harrison took the offensive, advancing the army farther north to battle the Indians and their new British allies. He won victories in Indiana and Ohio, and retook Detroit before invading Canada, where he crushed the British at the Battle of the Thames, in which Tecumseh was killed.[35]

A speculative depiction of Tecumseh's death at the hands of Richard M. Johnson.

Trong cuc bu tng thng nm 1840, ang Whig a c v anh hung chin tranh William Henry Harrison, v do trong suy nghi cua ngi dn c s thay i v nguy c kinh t, nn Harrison a danh thng li va tr thanh Tng thng th 9 cua nc My mt cach thun li.

Vi vai tro thu linh cua ang Whig, Henry Clay a nhiu ln chi ao Harrison phai iu hanh nn chinh tri nh th nao. Sau khi Harrison tr thnh Tng thng, mu thun gia hai ngi ngay cang tr nn gay gt. Henry Clay a triu kin tng thng sp nhm chc n nha minh Lexington. Vi nghi n ai cuc nn Harrison a nhn nhin n nha Henry Clay, nhng vi vn ngn hang quc gia, ch tai chinh c lp va nhiu vn khac na m hai ngi a gy g vi nhau. Nguyn nhn la vi Henry Clay cho rng co th ly thn phn thai thng hoang cua minh ra lnh, du cha c s ng y cua Harrison nhng ng ta a cho ngi chp but vit bai din vn nhm chc thay tng thng va a bi Harrison t chi, Harrison con ich thn vit mt vai din vn nhm chc dai hn 8000 t. Vn kin tm lc lai ng li t tng tri nc cua Harrison a phan bac lai lun iu ngn hang trung ng t nhn va ph bo ng li chinh sach tai chinh c lp do Henry Clay chu trng, t o tao nn mt on au thu xng i vi li ich cua ngn hang.[26] Ngay 4 thang 3 nm 1841 la mt ngay ret mt, Tng thng Harrison a phat biu bai din vn nhm chc cua minh trong gio ret, v rt cuc a bi cam lanh. i vi Tng thng Harrison, ngi mt i xng pha ni trn mac thi chuyn nay cung chng co gi ln lao, nao ng bnh tinh cua ng lai ngay cang tr nn trm trng khac thng, va n ngay 4 thang 4 thi t trn. Tng thng Harrison va mi ln nhm chc v ang chun bi trin khai rt nhiu d inh ln lao thi bng nhin

t t. Vic mt v tng thng vn con minh mn hoat bat thang trc lai t ngt t trn thng sau, du th nao thi cung la mt vic ht sc ang ng. Co mt s nha s hoc cho rng tng thng bng h la do bi u c, co th thi gian ha c la vao ngay 30 thang 3, v sau 6 ngay thi tng thng Harrison t trn. Cuc u tranh xung quanh chuyn ngn hang trung ng t hu va h thng tai chinh c lp cang tr nn cng thng hn vi cai cht cua tng thng Harrison. Trong nm 1841, ang Whig do Henry Clay chu tri a hai ln xut phai khi phuc lai ngn hang trung ng t hu va ph bo ch tai chinh c lp, kt qua ca hai ln u bi ngi k nhim cua tng thng Harrison la pho tng thng John Tyler phu quyt. Henry Clay tc gin va xu h a ra lnh khai tr John Tyler ra khoi ang Whig, kt qua la tng thng John Tyler may mn tr thanh vi tng thng m ci bi khai tr ra khoi ang duy nht trong lich s nc My.

Battle Chapultepec with

Mexican Army

American Occupation of Mexico City

General Zachary Taylor ch huy cuc chin tranh vi Mexico

n nm 1849, mt nhn vt khac cua ang Whig la Zachary Taylor sau khi trung c tng thng, a khi phuc lai hy vong cua ngn hang trung ng. Vic xy dng mt ngn hang trung ng t nhn theo m hinh cua ngn hang Anh la m c cao nht cua cac ngn hang, v n c nghia rng, cui cung thi ngn hang cung quyt inh c s phn cua quc gia va nhn dn. Nhn vao vt xe trc o cua tng thng Harrison, Taylor lun t ra hng h i vi vn ngn hang trung ng ht sc quan trong nay, nhng ng thi ng cung khng cam tm tr thanh con ri trong tay Henry Clay. Nha s hoc Michael Holt a cho rng, Tng thng Tayler a tng ngm bay to nh th ny Chu y xy dng ngn hang trung ng a c inh ot, v khng phai la vn cn c

ti xem xet trong nhim ky cua minh. [27] Kt qua l, cai a c inh ot y khng phai la s chu y cua ngn hang trung ng ma nhm vao ban thn tng thng Taylor. Ngay 4 thang 7 nm 1850, Tng thng Taylor tham d l quc khanh c c hanh trc ai tng nim Washington. Thi tit hm o ht sc oi nng, Taylor a ung mt chut sa a, va n thm my qua anh ao, kt qua la ng b au bung. n ngay 9 thang 7 th vi tng thng khi ng vam v nay cung ra i mt cach thn bi. S kin t t thn bi vi nhng cn bnh chng u vao u cua ca hai vi tng thng co xut thn t qun nhn nay ng nhin a gy xn xao d lun. Con gii s hoc thi tranh lun v ti ny trong hang th ky. Nm 1991, sau khi c s ng y cua ngi nha Tng thng Taylor, thi th cua ng a c khai qut ln, ngi ta ly mu mong tay va toc cua Tng thng i xet nghim. Kt qua cho thy, ng cht vi bi u c. ng nhin c quan iu tra a nhanh chong lp lim rng lng u c rt nho khng u gy cht ngi, sau o vi vang kt thuc vu iu tra. Cho n ngy nay, chng ai bit c tai sao c th tng thng lai co nhng th c t nay.

NGN HANG QUC T RA TAY TAO NN CUC KHUNG HOANG NM 1857

Do Ngn hang th hai cua My ng ca nm 1836 nn cac ng ch ngn hang quc t a t ngt ra tay rut sach toan b lng tin t kim loai ang lu thng nc My, tao nn khung hoang kinh t nghim trong lin tuc trong 5 nm quc gia ny. Mc d vo nm 1841, ai din cua cac ch ngn hang quc t a tng hai ln th khi phuc lai h thng ngn hang trung ng t nhn, nhng ca hai ln u tht bai, mi quan h gia hai bn ri vao trang thai ong bng, tinh trang sit cht tin t cua My keo dai mai n nm 1848 mi bt u c giai ta. Nguyn nhn khin cho tinh hinh chuyn bin tich cc tt nhin khng phai do cac ng ch ngn hang quc t qua t bi, ma la do vao nm 1848, nc My a phat hin mo vang rt ln: m vang San Francisco.

California goldfields in the Sierra Nevada and northern California

Merchant ships fill San Francisco harbor in 1850 or 1851.

Gold miners excavate a river bed after the water has been diverted into a sluice alongside the river. Lng cung ng vang cua My lin tuc trong 9 nm k t nm 1848 a tng vot cha tng thy, chi ring California a san xut ra mt lng tin vang tri gia n 5 ti -la My. Nm 1851 Uc cung phat hin c mt m vang co tr lng ln, lng cung ng vang trong pham vi th gii t 144 triu siling cua nm 1851 tng vot ln 376 triu siling trong nm 1861. Va lu lng tin thuc kim ni a cua My t 83 triu -la trong nm 1840 tng vot ln 253 triu -la trong nm 1860. [28] Vic phat hin nhng m vang ln My va Uc a pha v s khng ch tuyt i cua cac nha tai chinh chu u i vi lng cung ng vang th gii. Chinh phu My th phao nhe nhm vi a thot c canh phai bi sit cht tin t. Vic cung ng tin t vi cht lng tt va s lng nhiu a lm tng nim tin cho thi trng, cc ngn hang bt u banh trng hoat ng tin dung trn quy m ln. C s quan trong nht trong tai san cua nc My la rt nhiu nganh cng nghip quan trong cua My

nh cng nghip, khong san, giao thng, c gii u c khi phuc nhanh chong trong giai oan hoang kim nay. Thy vic khng ch tai chinh to ra khng con hiu qua, cac ng ch ngn hang quc t sm a co i sach mi. o chinh la chnh sch khng ch tai chinh, phn ha chinh tri. Trc khi cuc khung hoang kt thuc, cc ng ch ngn hng a bt u ra tay thu mua cua cai quy gia cua dn chng vi gia re mat. n nm 1853, khi nn kinh t My pht nh diu gp gio th t ban nc ngoai, c bit la t ban Anh a s hu 46% trong tng s cng trai lin bang, 58% tng cng trai cac bang, 26% tng cng trai nganh ng st My [29]. Nh vy, mt khi ch ngn hang trung ng c yn vi thi nn kinh t My cung se bi cac ng ch ngn hang khng ch ging nh cac quc gia chu u khac. Cac ng ch ngn hang quc t m rng hoat ng tin dung, khin nn kinh t phat trin vi tc nh bm bong bong ngi dn va cac doanh nghip khac ra sc tao ra cua cai, sau o ap gp phanh tin dung, khin cho hu ht cac doanh nghip va ngi dn mt mau ma pha san, con cac ngn hang lai c mt phen bi thu. Qua nhin, trong khi thy mua thu hoach a n, cac ng ch ngn hang quc t va cc ai din cua ho My a qu tay sit cht tin dung, gy nn cuc khung hoang nm 1857. Nhng iu vt ra ngoai d liu cua ho la, thc lc cua nn kinh t My luc nay a khng con nh 20 nm trc na

-------------------------------------------------------------[12] Th gi B trng ti chnh Albert Gallatin (1802). [13] Allan Hamilton, Cuc i ca Alexander Hamilton (The Intimate Life of Alexander Hamilton) - Charles Scribners Sons 1910. [14] Arthur Schlesinger con, Thi i ca Jackson (The Age of Jackson) - New York: Mentor Books, 1945, tr.6-7. [15] c vit cho Robert Morris vo 30/4/1781. [16] Tuyn tp tc phm ca Thomas Jefferson (New York& Sons, 1899), tp X, tr. 31. [17] Tc phm ca Thomas Jefferson (Willey Book Company, 1944), tr. 749. [18] Glyn Davies, Lch s tin t t thi c i n nay (History of Money From Ancient Times to The Present Day) - University of Wales Press 2002, tr. 474. [19] Sch dn, tr. 475. [20] Thomas Jefferson, Th gi John Taylor, 26/11/1798; in li trong Tuyn tp tc phm ca Thomas Jefferson, tp10. [21] Glyn Davies, Lch s tin t t thi c i n nay (History of Money From Ancient Times to The Present Day) - University of Wales Press 2002, tr. 475-476. [22] Thomas Jefferson, Th gi James Monroe, 1/1/1815. [23] Glyn Davies, History of Money From Ancient Times to The Present Day ( University of Wales Press, 2002), tr. 476. [24] Sch dn, tr. 479. [25] G. Edward Griffin, Sinh vt t o Jekyll (The Creature from Jekyll Island ) - American Media, Westlake Village, CA 2002, tr. 224. [26] Din vn khai mc ca Tng thng William Henry Harrison, 4/3/1841. [27] Michael F. Holt; S ln ngi v sp ca ng Whig (The Rise ans Fall of the American Whig Party: Jacksonian Politics and the Onset of the Civil War) - 1999; tr. 292. [28] Glyn Davies, Lch s tin t t thi c i n nay (History of Money From Ancient Times to The Present Day) - University of Wales Press 2002, tr. 484 [29] Sch dn, tr. 486.

C hay khng mt cuc chin tranh tin t? (Phn 3 )

V sao -la M c chn l tin t d tr ca th gii? N c m bo bng g? V sao n li lin tc mt gi? Ti sao Cc d tr lin bang M (Federal Reserve-Fed) l mt ngn hng ca t nhn v do mt s nh ti phit s hu? Ti sao Ph Wall li mo him chn Hitler lm i tng rt vn u t? V sao rt nhiu tng thng M lun l i tng m st ca nhng k tm thn? V sao kinh t Nht Bn mt thi tng trng li lin tc ch c chc nm qua? Lm pht l g? Ai c li t lm pht? C phi lm pht cao l cch thc cc th lc cp i ti sn lao ng ca cc dn tc? Nguyn nhn s sp kinh t ng u v nc Nga cng nh suy thoi kinh t ko di ca Nht Bn? V sao xut hin cn bo ti chnh tin t ng Nam , Hn Quc nm 1997? Cc nh t bn ko ti vt lng ch h Thi Lan nh th no? Qu tin t quc t IMF l g? V sao cc chuyn gia li coi n l cng c bc lt ti nguyn ca cc nc ngho? Chnh sch tin t ca Trung Quc c ngn c s can thip v thao tng ca gii ti phit th gii khng? Bong bng kinh t nh t v tn dng th cp ca kinh t M l g? V sao th trng tin t th gii li sp c chao o? Cc nh ti phit s kim li ra sao?

CHINH SACH MI V TIN T CUA LINCOLN Khng co tin thi khng th tin hanh chin tranh, ma nu vay cua ngn hang quc t thi chng khac nao t treo thong long vao c minh. Lincoln nghi trm phng ngan k tim phng an giai quyt. Luc o, Dick Taylor mt ngi ban cu cua ng Chicago - a xut vi Lincoln mt chu y, Chinh phu t phat hanh tin t! Vic yu cu Quc hi thng qua an nay cng nh vn trao quyn cho B tai chinh n hanh tin t s co y u hiu lc phap lut nhm gip chi tra lng bng cho binh si, sau o se gip anh gianh c thng li trong cuc chin m anh tin hnh. Lincoln hoi liu ngi dn My co tip nhn ng tin mi nay hay khng, Dick noi rng tt ca moi ngi u se khng co s la chon nao khac trong vn nay, chi cn anh tao nn hiu lc phap ly y u cho loai tin t mi nay, Chinh phu a ra s ung h hoan toan, v chung se thng dung ging nh mt loai tin ich thc, bi vi hin phap trao cho quc hi quyn phat hanh va quyn quy inh gia tri tin t. Sau khi nghe xong nghi nay, Lincoln to ra qua i vui mng, lp tc ngh Dick lp k hoach cho vic nay. Bin phap ht sc mi la nay a pha v cach lam thng l cua Chinh phu la cn phai vay tin va chiu lai sut cao cua ngn hang t nhn. Loai tin mi nay s dung hoa vn mau xanh luc phn bit vi tin cua cac ngn hang khac v c lich s goi la tin xanh (Greenback). Ch mi la c bit cua loai tin mi nay nm ch no hoan toan khng co th chp bng tin vang hay bac, va li tc la 5% cho 20 nm. Trong thi ky ni chin, nh co s phat hanh cua loai tin nay ma M a khc phuc c tinh trang thiu hut tin t nghim trong cua Chinh phu trong giai oan u cua cuc chin. iu ny a huy ng mt cch hiu qua nht tt ca cac ngun vn cua min bc nc My, tao nn mt c s kinh t vng chc cho chin thng cui cung trc qun min nam. ng thi, loai tin nay nh co gia thanh thp nn cung a tr thanh loai tin tich luy cua ngn hang min Bc, tin dung ngn hang cua min Bc cung nh o ma c m rng, cng nghip quc phong, xy dng ng st, san xut nng nghip va mu dich thng nghip u nhn c s chi vin tai chinh ln cha tng co so vi trc o. Vic phat hin nhng mo vang ln nhng nm 1848 a khin cho nn tai chinh My

dn dn thot khoi cuc din bt li va cc oan do cac ngn hang chu u khng ch, v cung chinh nh vao san lng ln nhng mo vang nay lam nim tin nn loai tin mi cua Lincoln mi co th c ngi dn tip nhn rng rai, t c s tai chinh ang tin cy cho vic gianh thng li trong cuc chin Nam Bc. Mt iu na khin ngi ta cang thm kinh ngac hn la, loai tin mi do Lincoln phat hanh khng h gy ra lam phat tin t nghim trong kiu nh trong thi ky chin tranh c lp, t khi cuc ni chin n ra vao nm 1861 n khi kt thuc vao nm 1865, chi s vt gia cua toan min bc My chi tng mt cach nhe nhang t 100 ln 216. Xem xet quy m va s nghim trong v mc pha hoai cua cuc chin so vi nhng cuc chin co quy m tng t khac trn th gii, chng ta khng th khng noi rng y l mt ky tich tai chinh. Ngc lai, min nam cung dung phng thc lu thng tin giy, nhng hiu qua thi khac xa mt tri mt vc, chi s vt gia cua min nam trong cung mt thi ky a tng t 100 ln n 2776. [32] Trong sut thi ky chin tranh Nam - Bc, Chinh quyn Lincoln a phat hanh tng cng s tin mi la 450 triu -la My. Nh c ch vn hanh ng tin mi nay tt nh vy cho nn tng thng Lincoln a xem xet ht sc nghim tuc vic tin hanh trng ky ha va phap ch ha vic phat hanh loai tin t khng th chp nay (Debt Free Money). Nhng chinh iu nay a nh mt on au anh vao li ich cn ban cua trum tai chinh quc t. Nu nh moi chinh phu u khng cn phai vay tin cua ngn hang ma than nhin t minh phat hanh tin t, thi s lung oan cua cac ngn hang i vi vic phat hanh tin t se khng con tn tai na, nh th le nao khng phai la ngn hang a tr mo ri sao? Ngay sau khi nghe c tin tc nay, t London Times ai din cho Ngn hang Anh quc a lp tc ng tai tuyn b: Nu nh chinh sach tai chinh mi ca M (tin xanh Lihncon) khin ngi ta chan ghet c thc thi vnh vin, chinh phu co th phat hanh khng ngun tin t cua minh. Chnh ph co th hoan tra ht moi khoan n ng thi se thu c nhng khoan tin cn thit phat trin thng nghip, se bin thanh mt quc gia phn vinh cha tng co trn th gii, ngun nhn tai u tu va moi tai nguyn vn co trn th gii nay se chay dn v bc My. Quc gia nay cn phai bi pha hy, nu khng no se pha hy tng quc gia theo ch qun chu trn th gii. Chinh phu cua Anh va hip hi ngn hang New York a bay to s phn n oi hoi phai thc hin cac hanh ng ap tra. Ngay 28 thang 12 nm 1861, ho tuyn b inh chi chi tra bng tin kim loai cho Chinh phu cua Lincoln. Mt s ngn hang New York con inh chi vic rut vang cua nhng ngi gi tit kim bng vang, ng thi tuyn b hy bo vic chp nhn dung vang mua cng trai cua Chinh phu. Cac ngn hang nhiu ni trn nc My cung rm r hng ng. H n Washington xut nhng phng an thay i v nguyn tc i vi tng thng Lincoln, oi thc hin lai nhng cach lam trong qua kh, em nhng cng trai co li tc cao ban cho cac ngn hang chu u; em vang cua Chinh phu My gi vao cac ngn hang t nhn d tr phat hanh tin dung, cac ngn hang phat tai ln; Chinh phu My trng thu thu cua cac nganh cng nghip va ngi dn chi tra cho chin tranh. ng nhin, Tng thng Lincoln a c tuyt yu cu hoan toan v ly nay cua cac ngn hang. Chinh sach cua ng rt c long dn, ngi dn My a n nc mua ht toan b cng trai, va cn c vao phap lut, cc cng tri ny c s dung nh la hin kim. Cac ngn hang thy k sach bt thanh ben nghi ra k khac. Cac ngn hang phat hin

thy rng trong lut phat hanh tin xanh Lihncon cua quc hi hoan toan khng cp n vic nn dung vang chi tra lai tc cng trai hay khng. V vy, h cho phep dng loai tin mi cua Lincoln mua cng trai, nhng phn li tc phai dung tin kim loai chi tra. y la mt bc trong k hoach hoan chinh nhm gn kt ng tin mi cua Lincoln ti My vi gia tri cua vang. Trong khi , cac ngn hang chu u tich ly ng bang Anh nhiu hn bt c ng tin nao thi o v nhiu hn so vi tin vang cua My. S tha hip gia ngn hang My va quc hi My a khin cho th lc tai chinh quc t li dung vic khng ch tng lng xut nhp khu vang i vi nc My gian tip at c hiu qua thao tung gia tri tin t cua My. NG MINH NGA CUA LINCOLN Trong thi khc nguy ngp khi cac quc vng chu u a chun bi sn sang em qun sang chia ct nc My, Lincoln a lp tc nh n ke thu truyn kip cua cac quc vng chu u nc Nga. Lincoln a phai c s cu cu Sa hoang Alechxande nhi. Khi nhn c th cua Lincoln, Sa hoang khng m ra ngay, ma nng nng trn tay, ri noi rng: Trc khi m bc th nay hoc bit c ni dung cua no, chung ta se ng y trc vi bt c yu cu nao ma bc th xut. [33] Nguyn nhn Sa hoang chun bi tham gia qun s vao cuc ni chin My co my mt sau y. Mt la s lo lng mi h rng lanh, v trong thi ky Alechxande ai tr v, cac th lc tai chinh quc t quet sach chu u a g ca in Kremli. Hc theo kinh nghim cua cac quc gia tai chinh tin tin chu u, cac ngn hang kich lit yu cu thanh lp ngn hang trung ng t hu, v Sa Hoang a sm nhn ra chiu c trong vic ny nn a kin quyt t chi yu cu nay. Khi nhn thy tng thng Lincoln - mt th lc phan i tai chinh quc t - ri vao tinh canh nguy him, nu nh khng ra tay tng tr, thi Alechxande nhi e rng, chng my chc mi nguy y s p n vi chinh minh. Mt nguyn nhn khac la ngay 3 thang 3 nm 1861 trc khi n ra cuc ni chin Nam Bc My, Alechxande nhi a tuyn b phap lnh giai phong nng n, v v mt ph bo ch n l nay, c hai bn u co nhng quan im chung. Va con mt iu na la cuc chin tranh Crimean cua nc Nga va mi kt thuc nm 1856 a i bai di tay cua lin qun Anh Phap, nn Alechxande nhi cha ngui chuyn ra hn. Cha tuyn chuyn, ham i cua Nga di s thng linh cua tng Liviski a tin vao cang New York vao ngay 24 thang 9 nm 1663. Ngay 12 thang 10, ham i Thai Binh Dng cua Nga di s thng soai cua tng Popov a n San Francisco . i vi hanh ng cua nc Nga, Wales a binh lun rng: Ho a n khi min nam ang vao luc triu ln con min bc vao th triu xung, s xut hin cua ho a tao nn s do d cua Anh va Phap, cui cung a cho Lincoln thi gian xoay chuyn c cuc din. Sau khi ni chin kt thuc, chi tra khoan phi tng cng 7,2 triu -la My cho ham i cua nc Nga, Chinh phu cua My a chn ch keo dai thi gian. Bi vi hin phap khng trao cho Tng thng quyn chi tra chi phi chin tranh cho Chinh phu nc ngoai, Tng thng Johanson khi o a at c hip c dung chinh vung t Alaska mua cua nc Nga chi tra khoan chi phi chin tranh. Trong lich s, v vic nay c goi la S in r ca Seward. Seward la quc vu khanh khi o ca Hoa K, v b dn chng kich lit chi trich khi b ra 7,2 triu -la i mua lai mt vung t hoang ha khng ang mt xu khi o ca Nga. Cung vi mt nguyn nhn tng t ma Alechxande nhi a bi hanh thich vao nm 1867, nhng cuc hanh thich a khng thanh cng. Ngay 1 thang 3 nm 1881,

Alechxande cui cung cung cht vao tay thich khach. AI LA HUNG THU THT S AM SAT LINCOLN ? Bismarck v thu tng kin cng va giau long hy sinh cua nc c a tng chi ra mt cach sc ben rng: ng y (Lincoln) c quc hi trao quyn tin hanh vay tin thng qua vic ban khoan cng trai cho ngi dn, nh vy thi Chinh phu va quc gia se thot c khoi cai by ci sn cua cc nha tai chinh nc ngoai. Trong khi ho (cac nha tai chinh quc t) hiu ro c rng nc My se thot khoi vong khng ch cua ho, thi ngay cht cua Lincoln chng con my xa xi. Sau khi ra sc lnh giai phong n l da en va thng nht min nam, ngay lp tc Lincoln a tuyn b xa toan b cac khoan n chin tranh ma min nam a ganh chiu. Cac ngn hang quc t chu cp khoan ln tai chinh cho min nam trong sut cuc chin, a bi tn tht nghim trong vi quyt inh nay. tra thu Lincoln, c bit la lt chinh sach mi v tin t cua Lincoln, ho a tp hp cac th lc bt man i vi v tng thng ny, bi mt ln k hoach am sat tng thng. Vi h, chuyn chi ao m cn am sat tng thng thc t khng phai la mt vic kho khn. Sau khi Lincoln bi am sat, di s thao tung cua cac th lc tai chinh quc t, quc hi tuyn b ph bo chinh sach tin t mi cua Lincoln, gii han ca vic phat hanh tin t mi cua Lincoln khng c vt qua 400 triu -la. Nm 1972, co ngi hoi B tai chinh My rng, vi s tin mi 450 triu -la My cua Lincoln phat hanh, chnh ph rt cuc a tit kim c bao nhiu lai sut. Sau my tun tinh toan ky lng, cu tra li cua B tai chinh la: nh tng s tin Lincoln t phat hanh cho Chinh phu My ma quc gia ny a tit kim c 4 ti -la li nhun.
[34]

Cuc chin tranh nam bc cua My, v cn ban la mt cuc tranh gianh li ich kich lit gia cac th lc tai chinh quc t cung nh nhng ngi ai din cho cac th lc va Chinh phu My trong vic thng soi quyn phat hanh tin t quc gia va chinh sach tai chnh tin t cua My. Trong thi gian hn mt trm nm sau cuc chin tranh nam bc, i bn a tin hanh nhng cuc chin tan khc, tng cng a co 7 tng thng My vi cuc chin nay ma bi am sat, nhiu nghi si bi thu tiu. Mai n nm 1913, vic thanh lp h thng ngn hang d tr lin bang My a anh du cho thng li mang tinh quyt inh cua ngn hang quc t. Tht ung nh Bismarck a noi: Cai cht cua Lincoln la s tn tht nghim trong cua th gii c c giao. Nc My co th khng con ai co th i lai con ng vi ai cua ng, con cac ngn hang se lai mt ln na khng ch nhng ai giau co. Ti lo rng cac ngn hang nc ngoai vi nhng thu oan cao siu va tan bao se danh c s giau co cua nc My, sau o dung no hy hoai nn vn minh hin ai mt cach co h thng. S THA HIP CHI MANG: PHAP LNH NGN HANG QUC GIA NM 1863 Vai tro ma ti a ong gop trong vic thuc duc cho ra i phap lnh ngn hang quc gia la sai lm tai chinh nghim trong nht trong cuc i. S lung oan (cung ng tin t) ma no (phap lnh ngn hang quc gia) san sinh ra se anh hng n tt ca

cac phng din cua t nc nay. No cn phai bi ph bo, nhng trc khi iu nay xay ra, t nc nay se chia thanh hai phia, mt bn la ngi dn, con bn kia la ngn hang, tinh hung nay vn cha tng xut hin trong lich s cua t nc nay. B trng tai chinh My Salomon Ches (1861 1864) Sau khi cuc chin tranh Nam - Bc bung n, Lincoln a c tuyt khoan li tc ct c t 24% n 36% cua Rothschild va cac ai din khac cua ho My, chuyn sang trao quyn cho B tai chinh phan hanh tin phiu chinh phu My (United States Notes) cua ring minh, hay con c goi la bac xanh. Phap lnh tin t (Legal Tender Atc) c thng qua thang 2 nm 1862 . Php lnh ny trao quyn cho B tai chinh phat hanh 150 triu ng tin xanh, lin sau o vao thang 7 nm 1862 va thang 3 nm 1863, lai trao quyn cho B tai chinh phat hanh thm 150 triu tin xanh na. Ni chung, trong thi ky ni chin, tng s tin xanh c phat hanh a ln n 450 triu. Vic phat hanh tin xanh cua Lincoln chng khac nao choc vao t ong vo v cua ngn hang quc t, cac ngn hang au nh b trc hanh ng nay cua Tng thng, nhng ngc lai, tng lp nhn dn va cac nganh cng nghip khac thi lai to thai ht sc hoan nghnh i vi loai tin xanh nay. ng tin xanh cua Lincoln c lu hanh mai n nm 1994 trong h thng tin t cua My. Nm 1863, khi cuc chin a bc n hi quyt inh nht, Lincoln cn nhiu tin xanh hn na gianh c thng li. Nhm c trao quyn phat hanh tin xanh ln th ba, ng khng th khng ci u trc cac th lc cua cac ngn hang trong quc hi ra mt s tha hip quan trong, ky vao phap lnh ngn hang quc gia nm 1863. Phap lnh nay trao cho Chinh phu quyn ph chun cho ngn hang quc gia (National Bank) phat hanh chng chi ngn hang vi tiu chun thng nht. Nhng ngn hang nay trn thc t se phat hanh tin t quc gia cua My. Mt im ht sc quan trong chinh la nhng ngn hang nay dung trai phiu chinh phu My (Gorvernment Bond) lam ngun d tr cho vic phat hanh chng chi ngn hang, trn thc t se kha cht s phat hanh tin t cua My vi cac khoan vay cua Chinh phu, va nh th thi Chinh phu se mai khng th hoan tra ht cac khoan n nay. John Kenneth Galbraith - nha kinh t hoc lng danh ngi My - a tng chi ra mt cach sc ben rng: Rt nhiu nm sau khi cuc ni chin kt thuc, mi nm, Chinh phu lin bang u thu c khoan thng d rt ln. Nhng no lai khng th hoan tra ht nhng khoan n ma no a vay, bi hoan toan b nhng khoan n Chinh phu a phat hanh ra, bi vi nh vy ng nghia vi vic chng con khoan n nao lam th chp cho qu tin t quc gia. Vic hoan tra ht cac khoan n cung ng nghia la a pha hy toan b s lu thng tin t. m mu tai thit lp mt m hinh ngn hang theo kiu Ngn hang Anh My cua cac ngn hang quc t cui cung a tr thanh hin thc. T y, li tc lu dai t cac khoan n cua Chinh phu My se chay vao tui cac ngn hang, v no chng khac nao mt si thong long ngay cang sit cht vao c nhn dn My. n nm 2006, tng khoan vay n cua Chinh phu lin bang My a ln n con s khng l 8,6 van ti -la, binh qun mi nha co bn ngi phai ganh chiu mt khoan n quc gia ln n 112000 la, va tc tng trng tng n ca t nc My trong mi giy la 20000 -la! Khoan chi tra li tc cua Chinh phu lin bang My i vi n quc gia chi ng sau ngn sach danh cho y t va quc phong, va n nm 2006 se at n con s khng l 400 ti -la My. Bt u t nm 1864, cac ngn hang co th i i kip kip hng th ba ai tic

li tc t khoan n quc gia nay cua My. Chi vi xem nhe s khac bit gia vic chinh phu trc tip phat hanh tin t vi vic chinh phu phat hanh cng trai con ngn hang phat hanh tin, ma cc nh ngn hng a tao nn mt s bt cng ln nht trong lich s loai ngi. Ngi dn bi ep phai np thu gian tip qua cac ngn hang, ma nhng khoan thu ny chinh la tai san va tin bac do m hi nc mt cua ho lam nn! Mai n ngay nay, Trung Quc la mt trong s it quc gia trn th gii c chnh sch pht hnh tin t do chinh phu trc tip iu hnh. Nh o khoan li tc phai chi tra ma Chinh phu va ngi dn a tit kim c tr thnh nhn t quan trong khng th thiu khin Trung Quc co th phat trin nhanh va lu dai nh vy. Nu co ai o a ra xut phai hoc hoi kinh nghim tin b cua nc ngoai, ngn hang nhn dn cn phai dung n quc gia cua Chinh phu lam th chp phat hanh ng nhn dn t, thi ngi dn Trung Quc cn phai coi chng. Lincoln khng phai la khng bit n nguy c e da vinh cu nay v d tinh rng, sau khi thng c nhim ky k tip vao nm 1865, ng se ph bo phap lnh nay, nhng chi 42 ngay sau khi trung c, Lincoln a bi am sat. Cac th lc cua ngn hang quc t trong quc hi tha thng xng ln. H cho rng, cn phai loai bo ng tin xanh cua Lincoln thi mi co th k cao gi ma ngu c. Ngay 12 thang 4 nm 1866, quc hi a thng qua Phap lnh thu hi (Contraction Act), hong thu hi tt ca cac ng tin xanh hin ang lu thng, va i lai thanh tin kim loai, sau o gat b tin xanh ra khoi h thng lu thng, khi phuc ch ban vi vang. mt t nc va thot khoi cuc chin iu tan cn khi phuc, chng co gi hoang ng hn la mt chinh sach kim soat gt gao tin t. Lng tin t lu thng 1,8 ti -la My t nm 1866 (tc khoang 50,46 -la My mi ngi), a sut giam xung con 1,3 ti -la My nm 1867 (tc 44 -la My mi ngi), 600 triu ola My nm 1876 (mi ngi 14,6 -la), cui cung la giam xung con 400 triu -la My (mi ngi 6,67 -la) nm 1886, trong bi canh mt nc My vi nhiu vt thng chin tranh cn cha tri, mt nn kinh t cn c phuc hi va phat trin, ng thi tinh hinh dn s tng nhanh, nhng lai gp canh thiu hut nghim trong lng cung ng tin t, a s ngi dn u cho rng s phn vinh ri suy thoi la quy lut cua phat trin kinh t. Nhng trn thc t, ngun cung ng tin t c thao tung khi bung khi sit bi cac ngn hang quc t mi la ngun cn thc s cua vn . Mua ng nm 1872, cac ngn hang quc t a phai Ernest Seyd em theo mt khoan tin ln t Anh vao My, thng qua vic hi l cac quan chc thng qua phap lnh tin uc nm 1873 (Coinage Act), lich s goi la phap lnh ngu xun 1873 (Crime of 1873), ich thn Ernest Seyd a soan thao phap lnh nay, v n a gat bo tin bng bac ra khoi h thng lu thng tin t, tin vang tr thanh th tin t duy nht. Phap lnh nay khng con nghi ng gi v hiu ng phu sng ln tuyt cho dong lu thng tin t vn a thiu hut trm trong. Sau khi xong vic, Ernest Seyd vnh vao t c noi rng: Mua ng nm 1872, ta a lam mt chuyn n My, ta a am bao chc chc vic thng qua phap lnh tin uc ph bo tin bac. Cai ma ta ai din la li ich cua cac chu tich ngn hang Anh quc. n nm 1873, tin vang a tr thanh loai tin kim loai duy nht. Nhng s tht, tac dung cua vic loai tr tin bac ra khoi linh vc lu thng tin t quc t la nhm am bao chc chn sc khng ch tuyt i cua cac ngn hang quc t i vi lng cung ng tin t th gii, i pho vi vic khai thac cac m bac vi s lng ngay cang nhiu, con san lng va vic thm do cac m vang ngay cang it i, sau khi a nm gi c vic khai thac cac m vang th gii, ng nhin ngn hang quc t khng mun lu lng tin bac ma ho kho khng ch c lai can d vao ia vi ba quyn tai chinh th gii cua ho. Cho nn k t nm 1871, bac trng a

c loai tr ng loat cac quc gia c, Anh, Ha Lan, Ao, Scandinavis, dn n vic lng lu thng tin t cua mi quc gia bi co lai l rt ln, t o a dn n cuc ai suy thoi kinh t nghim trong keo dai 20 nm chu u (Long Depression, 1873 1896). My, phap lnh thu hi va phap lnh tin uc a trc tip gy nn cuc ai suy thoi kinh t t nm 1873 n nm 1879. Trong khoang thi gian ba nm nay, ti l tht nghip cua My a cao n 30%, ngi dn My a cng quyt yu cu phai khi phuc lai thi ky lu hanh song song tin bac va tin xanh Lincoln. Dn chung My thanh lp mt cach t phat cac t chc nh hi bac trng (US Silver Commission), hi tin xanh (Greenback Party), thuc y ca nc khi phuc lai ch lu hanh song song tin vang va tin bac, phat hanh lai tin xanh Lincoln vn c ngi dn rt hoan nghnh. Bao cao cua hi bac trng My a chi ra: Thi ky trung c en ti chinh la do tin t thiu hut va gia ca sut giam gy nn. Khng co tin t, khng co vn minh, cung ng tin t giam, vn minh tt nhin se tiu vong. Thi c c giao La Ma, quc co tng cng lng lu thng tin t kim loai tng ng vi 1,8 ti -la My, n cui th ky 15, lng lu thng tin t kim loai (cua chu u) chi con lai 200 triu -la My. Lich s a chng minh rng khng co bt c s thay i co tinh cht tai hoa nao sanh bng vic quc La Ma chuyn sang thi trung c en ti. Nhng i din vi nhng oi hoi cua dn chung My la thai dt khot lanh lung cua hip hi cac nha ngn hang My (The American Bankers Association). Trong th cua hip hi nay gi cho cac hi vin a chi ra:
Chung ti nghi cac ngai hay dc toan lc da vao cac nht bao va tap chi danh ting, c bit la t chc nng nghip va tn giao, kin quyt phan i Chinh phu phat hanh tin xanh, cac ngai phai chm dt tr giup nhng ng c vin nao khng to y phan i vic Chinh phu phat hanh tin xanh. Vic gat bo quyn phat hanh tin t quc gia cua ngn hang hoc khi phuc vic phat hanh tin xanh cua Chinh phu se khin cho (quc gia) co th cung ng tin t cho ngi dn, iu na y se phng hai nghim trong n li nhun cua ngn hang cung nh li ich cua nhng ngi cho vay nh chung ta. Lp tc hen gp cac nghi vin quc hi khu vc cua cac ngai, yu cu ho bao v li ich cua chung ta, nh vy chung ta co th khng ch lp phap.

Nm 1881, trong canh kinh t tiu iu, Tng thng th 20 cua My la James bc ln ai chinh tri va a nhin thy cung nh nm bt c im ct yu cua vn . ng noi rng:
bt c quc gia nao, ai khng ch c vic cung ng tin t thi ngi o tr thnh ngi chu tuyt i cua cac nganh cng, thng nghip hin co. Trong khi hiu ro c toan b h thng (tin t) do mt thiu s ngi dung phng phap nay hay phng phap kia khng ch mt cach ht sc d dang, thi ban khng cn ngi khac noi cho ban bit v ngun gc cua vic lam phat va sit cht tin t.

Li phat biu nay mi c phat i trong my tun thi Tng thng a bi Charles Guiteau - mt tn mc bnh tm thn am sat vao ngay 2 thang 7 nm 1881. Tng thng bi bn hai phat, va cui cung qua i ngay 19 thang 9. Trong sut th ky 19, cac ngn hang quc t a thanh cng vi sach lc dung quyn lc cua ng tin thn thanh thu c vng quyn thn thanh. Ti My, quyn lc thn thanh cua ng tin cung dn lam tan ra dn quyn thing ling. Sau nhng cuc o sc kich lit keo dai hang trm nm vi Chinh phu dn c cua nc My, cac

ngn hang quc t a chim th thng phong. Cac nha s hoc cua My a chi ra rng, ti l hy sinh cua cac i tng thng My con cao hn nhiu so vi ti l hy sinh binh qun cua thuy qun luc chin My. Khi cac ngn hang nghnh ngang c y a nm c trong tay phap lnh ngn hang quc gia nm 1863, thi muc tiu thanh lp mt ngn hang vi m hinh cua Ngn hang Anh My chi con trong gang tc. Mt ngn hang trung ng t hu hoan toan khng ch quyn phat hanh tin t cua nc My, mt ngn hang cua cac ai gia ngn hang a manh nha hnh thnh. [32] Glyn Davies, Lch s tin t t thi c i n nay (History of Money From Ancient Times to The Present Day) - University of Wales Press 2002, tr. 489. [33] Des Griffin, Tr v thi n l (Descent into Slavery) - Emissary Publications, 1980, Chng 5. [34] Abraham Lincoln and John F.Kennedy by Melvin Sickler

Cuc chin tranh tin t (Phn 4)

Mt quc gia cng nghip v i b h thng tn dng khng ch mt cch cng nhc. S pht trin ca quc gia ny v mi hot ng (kinh t) ca chng ta hon ton nm trong tay mt s t ngi. Chng ta ri vo th thng tr cam go nht, mt kiu khng ch trit nht trn th gii. Chinh phu khng cn c kin t do na, khng cn quyn nh ti t php na, khng cn l chinh phu c la chn bi a s ngi dn na, m l chinh phu (vn hnh) di s cng bc v kin ca thiu s c quyn chi phi. Rt nhiu nhn s cng thng nghip ca quc gia ny u ang lo s mt iu g . H bit th quyn lc v hnh ny c t chc theo cch nh vy, tnh lng v tnh nh vy, ph khp nh vy, kha cht ln nhau nh vy, trit v ton din nh vy, n ni h khng dm cng khai ln n th quyn lc ny. [1] Woodrow Wilson - Tng thng th 28 ca M CHNG 3

CC D TR LIN BANG M: NGN HNG TRUNG NG T HU

C th khng qu khoa trng khi ni rng, mi n ngy nay, Trung Quc c th cng chng c my nh kinh t hc bit c mt thc t rng, Cc d tr lin bang M chnh l ngn hng trung ng t hu. Ci gi l Ngn hng d tr lin bang, thc ra va chng phi l lin bang, m cng chng c d tr, v cng khng ng c xem l ngn hng. a s cc quan chc ca chinh phu Trung Quc c th s ngh rng, ng nhin chinh phu M pht hnh ra ng la, nhng trn thc t, v c bn, chinh phu M khng c quyn pht hnh tin t! Nm 1963, sau khi tng thng Kennedy b m st, chinh phu M cui cng mt i quyn pht hnh -la M bc trng. Mun c c ng -la, Chinh phu M cn phi em thu nhp t thu tng lai (cng tri) ca ngi dn M, th chp cho cc d tr lin bang M t hu, chng ch cc d tr lin bang M do cc d tr lin bang M pht hnh, y chnh l -la M. Tnh cht v lai lch ca cc d tr lin bang M trong gii hc thut v gii truyn thng M, l mt vng cm mi ngi t hiu vi nhau m chng cn ni ra. Hng ngy, gii truyn thng M c th bn tn v v vn vn chng c cht quan trng g kiu nh hn nhn ng tnh, nhng nhng vn quan trng lin quan n vic ai ang khng ch chuyn pht hnh tin t, lin quan n li ch chi tr li tc cc khon vay c nhn th li hu nh chng c ch no ng n. c n y, nu bn c cm gic kinh ngc, vn s tr nn quan trng, trong khi bn li khng hay bit. Chng ny s ni v b mt ca vic thnh lp Cc d tr lin bang M vn b gii truyn thng M c b qua. Khi chng ta dng mt chic knh hin vi soi li giy pht cui cng ca mt s kin trng i nh hng n tin trnh lch s th gii th s pht trin ca s kin s chnh xc n mc ta phi ly ly ting tch tc ca ng h lm n v o lng. Ngy 23 thng 12 nm 1913, chinh phu dn c ca M cui cng b quyn lc ng tin lt . O JEKYLL THN B: CAI NI CUA CUC D TR LIN BANG MY m ngy 22 thng 11 nm 1910, mt on tu rm che kn mt chm ri tin v pha Nam. Nhng ngi ngi trong toa tu u l nhng nh ti phit ngn hng quan trng nht nc M, khng mt ai bit c mc ch chuyn i ny. im dng cui cng ca on tu l

o Jekyll thuc bang Georgia xa my trm dm Anh. o Jekyll ca bang Georgia l mt qun o ngh ng thuc s hu ca nhng nhn vt giu c siu hng M. Cc th lc tai to mt ln m ng du l JP Morgan thnh lp mt cu lc b i sn trn o Jekyll. Mt phn su ca ci th gii dn vo tay cc hi vin ca cu lc b ny, v t cch hi vin ch c th k tha ch khng th chuyn nhng. Lc ny, cu lc b nhn c thng bo c ngi cn s dng hi s ca cu lc b ny trong khong hai tun, v nh vy, trong khong thi gian ny, tt c cc thnh vin khng c php s dng hi s. Ton b nhn vin phc v ca hi s u l nhng ngi c b tr n t t lin, ch c xng tn ch tuyt i khng c s dng h i vi nhng ngi khch n hi s ny. Trong phm vi 50 dm Anh, hi s c m bo rng xung quanh khng c s xut hin ca bt c tay sn tin no. Ngay sau khi cng vic chun b hon tt, nhng v khch ny xut hin ti hi s. Tham gia hi ngh tuyt mt ny c: Nelson Aldrich, thng ngh s, Ch tch y ban tin t quc gia (National Monetary Commission), ng ngoi ca Nelson Rockefeller A. Piatt Andrew, tr ly b trng b tai chinh My Frank Vanderlip, Ch tch National City Bank Henry P. Davison, c ng cao cp ca cng ty J.P Morgan Charles D. Norton, Ch tch First National Bank Benjamin Strong, tr l ca J.P Morgan v Paul Warburg, dn di c gc Do Thi n t c. Nm 1901, Paul n M v hn mt khon vn ln vo cng ty Kuhn Loeband Company. L i din ca dng h Rothschild Anh v Php, m nhn chc tng cng trnh s ca Cc d tr lin bang M kim ch tch u tin Cc d tr lin bang M. Nhng nhn vt quan trng ny n hn o nh ho lnh m chng c hng th g vi vic sn bn. H n y vi mt nhim v ch yu l khi tho mt vn kin quan trng: D lut d tr lin bang (Federal Reserve Act). Paul Warburg l mt cao th v lnh vc ngn hng, tinh thng hu nh mi khu nh trong hot ng ngn hng. Nu c ai thc mc vi cc cu hi cn gii p, Paul khng ch nhn ni tr li m cn ging gii khng ngt v ngun gc lch s su xa ca mi mt khi nim chi tit. Ai cng khm phc kin thc uyn bc trong lnh vc ngn hng ca ng. Paul hin nhin tr thnh ngi khi tho ng thi l ngi gii p mi vn trong vic xy dng vn kin. Nelson Aldrich l ngi ngoi o duy nht trong s nhng nhn vt c mt y. ng ph trch chnh sa ni dung vn kin sao cho ph hp vi yu cu chnh xc ca chnh tr v c th c chp nhn quc hi. Nhng ngi khc i din cho li ch ca cc tp on ngn hng khc nhau. H tin hnh tranh lun kch lit sut 9 ngy lin xung quanh chi tit phng n m Paul xut, cui cng i n thng nht. Do cuc khng hong ngn hng nm 1907 nn trong mt ngi dn M, hnh nh ca cc nh ngn hng khng cn my p . iu ny khin cho a s ngh s quc hi khng dm cng khai ng h d lut do cc nh ngn hng tham gia lp ra. V vy, nhng ngi ny khng qun ngi ng xa vn dm, ln li t New York n hn o hoang vng ny tham gia khi tho vn kin. Hn na, ci tn Ngn hng trung ng nghe c v qu khoa trng. T thi Tng thng Jefferson n nay, tn gi ca Ngn hng trung ng u c dnh dng n m mu ca nh ti phit ngn hng quc t Anh, v th Paul kin ngh dng tn Cc d tr lin bang (Federal Reserve System) che y tai mt thin h. Th nhng, Cc d tr lin bang c y mi chc nng ca mt ngn hng trung ng, v cng ging nh ngn hng Anh, Cc d tr lin bang M c thit k theo kiu t nhn nm gi c phn, v ngn hng s thu c li ch rt ln t vic . iu khc vi ngn hng th nht v ngn

hng th hai l, trong c cu c phn ca Cc d tr lin bang M, 20% c phn vn c ca Chnh ph b ly mt, n s tr thnh mt ngn hng trung ng t hu thun ty. Nhm che y bn cht thc ca cc d tr lin bang M cng nh tr li cho cu hi ai l k khng ch c quan ny, Paul kho lo xut kin: Quc hi khng ch Cc d tr lin bang M, Chnh ph nm gi vai tr i biu trong hi ng qun tr, nhng a s thnh vin ca hi ng qun tr l do hip hi ngn hng trc tip hoc gin tip khng ch. V sau, trong phin bn cui cng, Paul i thnh thnh vin ca hi ng qun tr do tng thng M b nhim, th nhng, chc nng chn chnh ca hi ng qun tr do Hi ng t vn lin bang (Federal Advisory Council) khng ch, v cng vi hi ng qun tr, Hi ng t vn lin bang s nh k m hi ngh tho lun cng vic. Thnh vin ca y ban t vn lin bang s do ch tch hi ng qun tr ca 12 nh ngn hng d tr lin bang quyt nh. im ny c lp lim trc cng chng. Mt vn nan gii khc m Paul phi i ph l lm th no che giu s thc rng, nhn vt chu trch nhim ch tr Cc d tr lin bang l mt chuyn gia k cu ca ngn hng New York. T th k 19 n nay, hu ht cc thng nhn, ch trang tri va v nh ca min trung ty nc M gnh chu i nn ca khng hong ngn hng, cho nn h ght cay ght ng cc chuyn gia ngn hng n t min ng, v cc ngh s ca nhng khu vc ny khng th ng h ngn hng trung ng nu nh n c ch tr bi mt nhn vt no t ngn hng New York. V vy m Paul thit k nn mt phng n gii quyt ti tnh cho 12 nh ngn hng a phng ca cc d tr lin bang M cu thnh ton b h thng. Ngoi nhng ngi trong gii ngn hng, rt t ngi bit c rng. v l thuyt, vic pht hnh tin t v tn dng ca M c tp trung New York, nhng trn thc t, iu ny khng h din ra New York, v mn kch ny chng qua l do cc ngn hng thuc cc d tr lin bang M dn dng nn m thi. Cn c mt ch th hin s suy ngh su xa ca Paul - t tr s ca Cc d tr lin bang M ti Washington trung tm chnh tr ca nc M, trong khi New York mi l trung tm ti chnh ln ca t nc ny. Mi lo ngi chnh ca ng xut pht t s k th ca dn chng i vi cc nh ngn hng n t New York. iu bn tm th t ca Paul l lm th no tm ra nhn vin qun l cho 12 nh ngn hng a phng trc thuc Cc d tr lin bang M. Kinh nghim lm vic trong quc hi ca Nelson Aldrich cui cng gip ng tm c t dng v. ng ch ra rng, cc ngh s min trung ty nc M thng t r mi th ch vi ngn hng New York, v trnh mt kim sot, tng thng phi l ngi ng ra b nhim v tr ch tch ngn hng a phng v khng phi l nhim v ca quc hi. Nhng iu ny to nn mt l hng php lut. iu 8 chng 1 ca hin php M quy nh r rng rng, quc hi chu trch nhim ph trch vic qun l pht hnh tin t. Vic Cc d tr lin bang gt Quc hi ra ngoi r rng vi phm hin php. V sau, qu nhin im ny tr thnh ci c cc ngh s cha mi di cng kch Cc d tr lin bang M. Sau khi c dn xp chu o, d lut ny nghim nhin xut hin vi hnh thc m phng theo s phn quyn v v cn bng kim sot ca hin php M. Tng thng b nhim, quc hi thm duyt, nhn s c lp nhm chc ch tch hi ng qun tr, cn cc nh ngn hng m nhn v tr c vn, qu l mt thit k hon ho! BY NH TI PHIT PH WALL: NHNG NGI IU KHIN HU TRNG CA CC D TR LIN BANG By nhn vt quan trng ca ph Wall hin ti khng ch i b phn cc ngnh cng nghip c bn cng nh ngun vn ca M. Trong , JP Morgan, James J. Hill , George Berk (Ch tch First National Bank) trc thuc Tp on Morgan; bn ngi cn li gm John Rockefeller, William Rockefeller, James Stillman (Ch tch National City Bank), Jacob

Schiff (cng ty Kuhn Loeb) trc thuc Tp on Standard Oil Cities Bank. u mi trung tm v vn do h to nn ang tr thnh th lc ch yu khng ch nc M. [2] John Moody - ngi sng lp h thng nh gi u t Moody ni ting, 1911 Bay vi tai to mt ln cua ph Wall chinh la nhng ngi thc s iu khin vic thanh lp Cuc d tr lin bang My. S phi hp nhip nhang bi mt gia ho vi dong ho Rothschild cua chu u cui cung a lp ln mt phin ban cua ngn hang Anh quc ti My. S RA I VA PHAT TRIN CUA DONG HO MORGAN Tin thn cua ngn hang la cng ty George Peabody Company cua Anh khng c nhiu ngi bit n. George Peabody vn la mt nha bun hoa qua sy kh cua vng Baltimore (My). Sau khi pht ln nh mt s thng vu nho, vao nm 1835, George n London. Chng thng gia tr nhn thy nganh tai chinh la mt lnh vc bo b, ben quyt nh hun vn vi mt s ngi na m ngn hang Merchant Bank. y la mt nghip vu tai chinh cao cp rt hp thi khi o, khach hang chu yu bao gm Chnh ph, cac cng ty ln va nhng ngi rt giau co. Ho cung cp cac khoan vay cho thng mi quc t, phat hanh c phiu va cng trai, kinh doanh cac loai hang ha chu lc, v y chinh la tin thn cua ngn hang u t ngay nay. Thng qua s gii thiu cua cng ty anh em nh Brown thuc chi nhanh Anh, George Peabody a nhanh chong gia nhp vao gii tai chinh Anh quc. Khng lu sau, George Peabody ht sc kinh ngac khi nhn c th mi n d tic t nam tc Nathan Rothschild. i vi chng thng gia tr ny th vinh hanh chng khac nao nim hnh din ca mt tin thin chua giao c giao hang tip kin. Nathan a i thng vao vn bng vic nghi George Peabody giup mnhlam ai din giao t bi mt cua dong ho Rothschild. Tuy ni ting l giu c vi khi ti sn khng l, song dong ho Rothschild vn b nhiu ngi chu u cm ght v coi thng v thng la gat cng oat ti sn cua dn chng. Tng lp quy tc London vn khng them ng chung cng hang ngu vi Nathan, a nm ln bay lt thng thng t chi li mi cua Nathan. D to ra th lc rt mnh Anh quc, nhng dng h nh Rothschild lun co cam giac ca k ngi chiu di v bi gii quy tc c lp. Mt nguyn nhn khac khin Nathan chon George Peabody vi ng ta la ngi khim tn nha nhn, t cach kha tt, lai la ngi My, sau nay con co th dung vao vic ln. ng nhin l George Peabody h hi on nhn li nghi cua Nathan. Toan b moi kinh phi giao t u do Nathan chi tra, cng ty cua George Peabody nhanh chong tr thanh trung tm giao t ni ting London. c bit la vao ngay 4 thang 7 hng nm, tic mng nhn ngy l c lp nc My u c t chc ti nha George Peabody v tr thnh mt s kin quan trong trong gii quy tc London [2]. m khach kha cng kh m hnh dung ni, v sao mt doanh nhn ht sc bnh thng my nm trc li c th cng ng ni nhng khoan phi chiu ai trong nhng ba tic trang l va xa xi kia. Mi n nm 1854, George Peabody vn ch l mt ng ch ngn hng nh vi khon ti sn tr gi mt triu bng Anh, nhng ch trong thi gian 6 nm ngn ngi sau , khi ti sn ca v thng gia ny t mc 20 triu bng Anh v bin ng tr thnh ng ch nh bng c mu mt M. Trong thi gian din ra cuc khng hong kinh t nm 1857 ti M do dng h Rothschild git dy, George Peabody dc ht tin u t vo cng tri ng st v cng tri Chnh ph M trong khi cc ng ch nh bng Anh t nhin bn tng bn tho tt c cng tri c dnh dng n M. Cng trong giai on ny, George Peabody lm vo cnh kh khn nghim trng. iu k l l, khi George mp m bn b vc ph sn, ngn hng Anh ging nh thin s t trn tri ri xung ngay lp tc cung cp cho ng ta mt khon vay

tn dng tr gi 800 nghn bng Anh. Chnh iu ny gip George phc hi nhanh chng. V th l, chng hiu sao, mt ngi cn trng nh George Peabody li quyt nh mua vo mt lng ln cc loi cng tri ang b cc nh u t M bn bn tho nh rc ri. Cuc khng hong nm 1857 hon ton khng ging vi cuc suy thoi nm 1837. Ch trong mt nm th nn kinh t M hon ton thot khi bng my ca s suy thoi. Kt qu l cc loi cng tri M khin cho ng nhanh chng tr thnh ngi giu c siu cp, iu ny tng t vi chin dch cng tri Anh ca Nathan nm 1815 khin ngi ta khip m. V George Peabody khng co con ni doi nn san nghip khng l kia cung chng co ai tha k. Chnh vi th m ng rt kh tm v cui cung quyt inh mi chng trai tr tui Junius Morgan nhp hi lam n. Sau khi George Peabody nghi hu, Junius Morgan a nm gi toan b vic lam n va i tn cng ty nay thanh Junius S. Morgan and Company, sau o i tn chi nhanh My thanh J. P. Morgan and Company. Nm 1869, trong cuc hop mt London vi gia tc Rothschild, dong ho Morgan a hoan toan k tha mi quan h cua George Peabody vi gia tc Rothschild va a mi quan h hp tac nay phat trin ln mt tm cao mi. Nm 1880, JP Morgan u t mt lng ln vn nhm t chc lai hoat ng thng nghip cua cng ty ng st. Ngay 5 thang 2 nm 1891, gia tc Rothschild va mt s nha ngn hang khac Anh a thanh lp mt t chc bi mt ly tn la tp oan hi nghi ban tron. My, mt t chc tng t cung c thanh lp, ng u chinh la dong ho Morgan. Sau chin tranh th gii th nht, Tp oan hi nghi ban tron cua My c i tn thanh Hip hi ngoai giao (Council on Foreign Relation), con Anh thi i thanh Hip hi s vu quc t hoang gia (Royal Institute of International Affairs). Rt nhiu quan chc cua Chnh ph hai nc Anh va My u la nhng ngi c la chon t hai hip hi nay. Nm 1899, JP Morgan va Drexel n London tham gia ai hi cac nha ngn hang quc t. Ngay khi tr v, JP Morgan a c chi inh lam ai din cao cp cho li ich cua dong ho Rothschild My. Hi nghi London i n mt thng nht rng, cc cng ty JP Morgan (New York), Drexel (Philadenphia), Grenfell (London), Morgan Harjes Cie (Paris), M.M.Warburg Company (c) va My, gn kt hoan toan vi dong ho Rothschild. [3] Nm 1901, JP Morgan a mua lai cng ty gang thep Carnegie vi gia 500 triu la, sau o c cu lai ton b t chc ny v bin n thnh Cng ty gang thep My (United States Steel Corporation) c gi tr thi trng hn 1 ti -la,. JP Morgan c coi la ngi giau nht trn th gii thi , th nhng, cn c theo bao cao cua y ban kinh t lm thi quc gia (Temporary National Economic Committee), thi ng ta chi nm gi 9% c phn cua cng ty minh. Xem ra, Morgan vi ting tm lng ly vn chi la mt nhn vt din trc sn khu. ROCKEFELLER: VUA DU M John Rockefeller cha la mt nhn vt it nhiu gy tranh ci trong lich s nc My, bi thin h chup mu la ngi mau lanh. Tn tui cua ng gn lin vi cng ty du m ni ting th gii. Vic bun ban du mo cua John Rockefelle bt u t thi ky ni chin My (1861 1865), v mai n nm 1870, khi thanh lp cng ty du m thi quy m lam n cua ng vn thuc vao hang thng thng bc trung. T sau khi nhn c mt khoan cho vay c bn cua ngn hang thi quc gia Cleveland, trong nhay mt, dng nh Rockefelle a tim c cam giac ch thc cua minh. D tm cnh tranh theo lut rng ca nh ti phit ny a vt xa sc tng tng cua moi ngi. Nhn thy nganh cng nghip luyn du rt c trin vng tt vi mc li nhun ngn han rt cao, nhng Rockefelle cng ng thi nhn thy mt s tht hin nhin: l s canh canh trong lnh vc ny din ra kich lit m khng co s kim soat, v

th, sm hay mun, cc doanh nghip tham gia vo cuc chi ny cng se ri vao canh canh tranh theo kiu t sat. V tn ti, chi co duy nht mt cch: tiu dit i thu canh tranh bng moi gia, khng t bt c thu oan nao. Trc ht, Rockefelle khng ch cng ty trung gian nhng khng cho ai bit rng mnh a xut mua lai i thu canh tranh vi gia thp. Nu c tuyt, i thu canh tranh se i mt vi cuc chin gia ca tham khc, cho n khi i thu phu phuc hoc pha san mi thi. Nu khng hiu qua, sau cung Rockefeller se s dung n chiu s trng ca mnh - bao lc: anh cng nhn cua i thu canh tranh, phong ha thiu rui nha xng cua i thu. Sau my hip nh vy, s i thu may mn sng sot chi con m trn u ngn tay. Hanh vi lung oan ba ao nh vy, tuy a gy nn s cm phn trong gii kinh doanh, nhng cung em lai s hng thu cao cho nha ngn hang New York. Cac nha ti phit ngn hang ham m tr lung oan a rt hn hoan trc kha nng cua Rockefeller. Dong ho Rothschild vn mun tim mi cach khng ch nc My ang ngay cang ln manh. Tuy nhin, cc mnh khe ca h tc ny sm mun u tht bi. Vic khng ch mt quc vng chu u n gian hn rt nhiu so vi vic khng ch mt Chnh ph dn c. Sau cuc ni chin cua My, dong ho Rothschild bt u sp xp k hoach khng ch My. V tai chinh th co cng ty Morgan va cng ty Kuhn Loeb, cn trong gii cng nghip vn cha c ai thich hp. Nhng gi m Rockefeller lm thp ln mt tia hy vng cho dong ho Rothschild. Nu nh c tip thm mt lng tai chinh ln thi thc lc cua nh Rockefeller se vt rt xa so vi mt vung Cleveland nho nho. Rothschild c Jacob Schiff ca cng ty Kuhn Loeb mt chin lc gia quan trng nht ca h v ti chnh M, tham gia vo k hoch ny. Nm 1875, Jacob Schiff thn chinh n Cleveland chi bao Rockefeller cch thc trin khai cc bc tip theo trong k hoach khng ch nc M. Cng vi s xut hin ca Jacob Schiff l mt li th ma Rockefeller co nm m cung khng dam nghi n: thng qua ngn hang Morgan va cng ty Kuhn Loeb, Rothschild a khng ch 95% th phn vn chuyn ng st My, ng thi Jacob Schiff ang c d inh thnh lp cng ty South Improvement Company nhm cung cp dch v vn chuyn gi re cho cng ty du m cua Rockefeller, m di s khng ch gi cc vn chuyn nay, chng co my cng ty luyn du co th tip tuc sinh tn. Rt nhanh chong, Rockefeller a lung oan hoan toan nganh du mo cua My, tr thanh Vua du mo tht s ca v nghia en ln nghia bong. JACOB SCHIFF: CHIN LC GIA TI CHNH CA ROTHSCHILD Mi quan h mt thit gia hai dng h Rothschild v Scheff c th c truy ngc v nm 1785, khi Rothschild cha chuyn n mt ta dinh th 5 tng Franfurk, v trong nhiu nm lin sng chung vi dng h Scheff. Cng l cc nh ngn hng gc Do Thi c nn hai dng h ny c mi quan h hu ho ko di hng trm nm. Nm 1865, trn 18 tui, Jacob Schiff n M sau mt thi gian thc tp ngn hng Rothschild (Anh). Sau khi tng thng Lincon b m st, Jacob lm k ton cho cc ngn hng chu u ca M, ng thi cng thc y vic xy dng ch ngn hng trung ng t hu ca M. Mt mc ch khc ca Jacob chnh l pht hin, bi dng kin thc cho i din ca ngn hng chu u, ng thi a h gia nhp vo cc v tr quan trng nh Chnh ph, ta n, ngn hng, cng nghip, ch thi c. Ngy 1 thng 1 nm 1875, Jacob lin kt vi cng ty Kuhn Loeb, v t y tr thnh thnh vin ch cht ca cng ty. Di s ng h ca Rothschild hng mnh, cui cng cng tyKuhn Loeb tr thnh mt trong nhng ngn hng u t ni ting nht cui th k 19 v u th k 20.

JAMES J.HILL: VUA NG ST Xy dng ng st la nganh cng nghip quan trong oi hoi ngun tai chinh ln. S phat trin cua nganh cng nghip ng st khng l ti My ch yu da vao ngun tin t thi trng vn cua Anh quc va cac quc gia khc chu u. Khng ch vic phat hanh cng trai ng st My chu u chnh l thu oan ca cc nh ti phit nhm nm gi s phn cua nganh cng nghip ny. Nm 1873, cac nha ngn hang quc t t ngt sit cht tai chinh i vi My ng thi ban thao cng trai cua My. iu ny khin cho cng trai ng st My lm vo cnh ch chiu. Ngay khi cuc khung hoang kt thuc vao nm 1879, dong ho Rothschild lp tc tr thanh chu n ln nht cua nganh ng st My. Chi cn cao hng mt cht, nh ti phit ny co th bop cht mach mau tai chinh cua bt ky cng ty ng st nao cua My. Trong bi canh , James J. Hill mt thng gia khi nghip vi ngh vn chuyn ng st bng hi nc va than a - buc long phai u qun di trng cua cac nha tai chinh co th sinh tn va ln manh trong s canh tranh khc lit cua nganh ng st. Morgan chinh la ch da tai chinh i vi ng ta. Vi s ung h cua Morgan, James J. Hill thc hin k hoch thn tnh hang loat cng ty ng st ang lm vo cnh ph sn sau cuc khung hoang nm 1873. n nm 1893, gic m c nm gi nganh ng st xuyn My cua James J. Hill cui cung a tr thanh hin thc. Khi tranh gianh quyn khng ch ng st min ty (Chicago, Burlington and Quincy Railroad), James J. Hill a gp phai mt i thu rt manh - Lin hip ng st Thai Binh Dng (Union Pacific Railroad) do tp toan tai chinh Rockefeller u. Lin hip ny bt ng tn cng ng trm vn ti ng st bng vic bi mt thu mua c phiu cua cng ty Northern Pacific do James J. Hill kim soat. Khi phat hin ra vn thi James J. Hill a sp mt quyn kim soat cng ty. James J. Hill lp tc cu vin khn cp ng chu Morgan lc ny ang trong k nghi mt chu u. Morgan lp tc ra lnh cho thuc ha phan kich lai s khiu chin cua Rockefeller. Trong mt thi gian di, th trng c phiu ph Wall nh ln ct st, nh u t tranh nhau mua c phiu cua cng ty ng st Northern Pacific nh n my cp cho th khin mi c phiu co khi a nhay ln mc 1000 USD. Hai con h anh nhau t co con bi thng, cui cung cac nha ngn hang quc t khng th khng ra mt iu inh, v kt qua cui cung la mt cng ty c phn chng khon min Bc (Northern Securities Company) c thnh lp, hai con h cung nhau kim soat nganh vn chuyn ng st Bc My. Ngay trong ngay thanh lp cng ty nay, tng thng McKinley bi am sat, pho tng thng Roosevelt cha ln k nhim. Di s phan i quyt lit cua Roosevelt cha, cng ty chng khoan min Bc bi o lut chng c quyn c quc hi My thng qua nm 1890 cng ch giai th. Sau , James J. Hill quay hng u t v min Nam, nut gn ngnh vn chuyn ng st t Colorado thng n Texas. n khi qua i vao nm 1916, James J. Hill a tich gop c mt tai san ln n 53 triu la. ANH EM NHA WARBURG Nm 1902, hai anh em Paul va Felix t Franfurk (c) di c sang My. Hai chng trai ny xut thn trong mt gia inh c truyn thng v ngh ngn hang, rt tinh thng trong lnh vc ny, c bit la Paul, ngi c goi la cao thu trong gii tai chinh thi o. Rothschild to ra rt xem trong tai nng cua Paul nn a c phai hai anh em t ngn hang cua dong ho Warburg (M.M.Warburg and Co) n My vn lc ny ang rt cn nhn tai. Luc nay, dong ho Rothschild thuc y k hoach ngn hang trung ng t hu My a gn ca trm nm, sut sui nhiu phen ma cha c nh y. Ln nay, Paul se am nhn nhim vu chu cng. Sau khi n My c mt thi gian, Paul a kt giao vi cng ty Kuhn Loeb cua Jacob Schiff, ng thi ci con gai cua v chng Schiff, cn Felix cung a ci con gai cua Schiff.

Colonel Ely Garrison - c vn tai chinh sut hai i tng thng Roosevelt (cha) va Wilson a nhn xt rng, Aldrich ang gp phai s phan i trn toan quc, chinh ngai Paul Warburg a c cu li an Cuc d tr lin bang My. Tri tu thin tai ng sau k hoach nay u bt ngun t Alfred Rothschild cua London. [4] TUYN TIN TIU CUA VIC XY DNG CUC D TR LIN BANG MY: CUC KHUNG HOANG NGN HANG NM 1907 Nm 1903, Paul em cng linh hanh ng vi cc ch dn cch thc p dng nhng kinh nghim tin tin cua cac ngn hang trung ng chu u n nc My v trao cho Jacob Schiff. Sau o, tai liu nay lai c trao cho James Stillman - CEO cua National Citi Bank (sau nay la ngn hang Hoa Ky) va nhom cac nha ngn hang cua New York. Moi ngi u cam thy nh c khai sng nh t tng cua Paul. Vn la s phn i ca dn chung i vi ngn hang trung ng t hu tng ln rt manh. Gii cng nghip cng nh chu cac doanh nghip va va nho rt ac cam vi cac nha ngn hang New York. Bt c an nao co lin quan n ngn hang trung ng t hu do cac nha ngn hang xut u bi cac nghi si quc hi tranh ne ging nh tranh bnh truyn nhim vy. Trong mt bu khng khi kh chu mang m tnh chinh tri nh vy, vic thng qua an ngn hang trung ng nhm to ra li th cho cac nha ngn hang qu tht l mt iu v cng kho khn. xoay chuyn tinh th bt li, mt cuc khung hoang tai chinh khng l a bt u c nghi n. Trc ht, trong d lun bt u xut hin nhng khai nim tai chinh mi. Ngay 6 thang 1 nm 1907, mt bai vit cua Paul vi tiu Khuyt im va Nhu cu cua h thng ngn hang chung ta (Defects and Needs of Our Banking System) a c cng b ri t y, Paul tr thanh ngi c sy hang u cho ch ngn hang trung ng My. Khng lu sau o, tai hi ngh dnh cho cc thng gia New York, Jacob Schiff a tuyn b rng nu khng u sc kim soat ngun vn tin dung, ngn hang trung ng cua chung ta se phi trai qua mt cuc khung hoang tai chinh gh gm vi tm anh hng su rng nht. [5] Ging nh thi k 1837, 1857, 1873, 1884 va 1893, cac nha ngn hang a sm nhin ra hin tng bong bong xut hin trong s phat trin qua nong cua nn kinh t, v y cung la kt qua tt yu cua vic khng ngng ni long vong quay lu chuyn tin t. Noi mt cach hinh tng, toan b qua trinh nay ging nh vic nui ca trong h. Vic ch nc vao h ca cng ging nh chuyn ni long vong quay lu chuyn tin t hay bm mt lng ln tin vao nn kinh t. Sau khi nhn c mt lng ln tin c bm vao nay, di s m hoc cua tin bac, cac nganh cac gii bt u ngay m kh s, n lc sang tao ra cua cai, v qua trinh nay ging nh vic ca trong h ca ra sc hp thu cac thanh phn dinh dng ngay cang beo mp. Khi nhn thy thi c thu nhp a chin mui, cac nha ngn hang se t ngt sit cht vong quay lu chuyn tin t, rut can nc trong h, v phn ln ca trong h lc ny chi bit tuyt vong ch i giy pht bi tm gn. Nhng ch c cc ng trm ngn hng ln nht mi bit c u l thi im bt u hut nc vt ca. Ngay sau khi mt quc gia thanh lp ch ngn hang trung ng t hu, vic kim soat qua trinh rut nc ht c cua m ti phit ngn hang lai cang tr nn d dang hn bao gi ht. Quy trnh phat trin, suy thoai kinh t, tich luy va bc hi tai san u l kt qua tt yu t vic nui dng mt cach khoa hoc cua cac nha ngn hang. Morgan va cac nha ngn hang quc t sau lng ng ta a tinh toan mt cach chinh xac thanh qua d tinh cua cn bao tap tai chinh ln nay. Trc ht la tr rung cy da kh, lam chn ng xa hi My, thc t ch ro rng mt xa hi khng co ngn hang trung ng se yu t n th nao. Tip n la tr bop nghet va sap nhp cac i thu canh tranh va va nho, c bit la nhng cng ty u t y thac mua ban, khin cac nha ngn hang kho chiu.

Cac cng ty u t y thac thi o ang nm gi nhiu nghip vu ma ngn hang khng th kinh doanh, trong khi , Chnh ph lai ht sc thng thoang v mt quan ly. Tt ca nhng iu nay khin cho cac cng ty u t y thac thu nhn ngun vn xa hi qua mc va u t vao cac nganh ngh co rui ro cao hay thi trng c phiu. n khi cuc khung hoang bung phat vao thang 10 nm 1907, khoang mt na cac khoan gi ngn hang New York u bi cac cng ty u t y thac gan n vi lai sut cao u t vao thi trng c phiu va cng trai co mc rui ro cao, v nh vy, ca thi trng tai chinh ri vao trang thai u c cc . Trong sut my thang trc thi gian nay, Morgan i nghi mat lin tuc gia London va Paris. Theo s hoach inh cng phu cua cac nha tai chinh quc t, Morgan tr v My. Khng lu sau, New York bng nhin c tin n rng Knickerbocker Trust mt cng ty y thac mua ban ln th ba nc My sp pha san. Li n i nh vi rut c hai lan ra khp New York vi tc chong mt. Nhng ngi co tai khoan tit kim ngn hang v cung hoang s chen chuc nhau sp hang sut sang thu m trc ca cac cng ty y thac mua ban ch rut ht tin trong tai khoan cua ho. Con ngn hang thi yu cu cac cng ty y thac mua ban nay phai lp tc hoan n. Do phi i mt vi sc ep t hai phia nn cc cng ty u t y thc chi con bit cach vay tin thi trng c phiu (Margin Loan), lai sut vay trong nhay mt a nhay ln cai gia tri i 150%. n ngay 24 thang 10, giao dich thi trng c phiu hu nh ri vao trang thai ong bng. Luc nay, Morgan xut hin vi b mt cua mt vi chua cu th. V chu tich S giao dich chng khoan New York tim n phong lam vic cua Morgan cu cu. Vi giong run ry, ng ta cho Morgan bit rng nu trc ba gi chiu ma khng th tp trung u 25 triu la thi it nht 50 doanh nghip se pha san, v ngoai vic ong ca s giao dich ra, ng ta khng con la chon nao khac. Hai gi chiu, Morgan triu tp khn cp hi nghi cac nha ngn hang, v trong vong 16 phut, cac nha ngn hang a gom u tin. Morgan lp tc cho ngi n s giao dich chng khoan tuyn b se m rng bin cho vay vi lai sut 10%, ca s giao dich ngay tc khc vang ln mt trang hoan h. Chi trong mt ngay, ngun vn cu tr khn cp a ht veo, lai sut lai bt u st manh. Tam nha ngn hang va cng ty y thac mua ban a ong ca. Morgan vi tim n ngn hang thanh toan New York, yu cu phat hanh ngn phiu inh mc - mt ngun tin tam thi - ng pho vi s thiu hut hin kim nghim trong. Th bay ngay 2 thang 11, Morgan bt u trin khai k hoach ma ng a nung nu t lu nhm cu van cng ty Mooreand Schley ang chao ao trong ma gio. Cng ty nay a lun su vao khoan n 25 triu USD, sp phai ong ca. Nhng cng ty ny lai la chu n chnh cua Cng ty Tennessee Coal and Iron Company, v nu cng ty nay phai tuyn b pha santhi thi trng c phiu New York se hoan toan sup , hu qua lin quan se kho lng ht. Morgan cho mi tt ca cac nhn vt tai to mt ln trong gii tai chinh New York n th vin cua ng, cac nha ngn hang thng mai c b tr trong phong sach phia ng, trong khi ng tng cua cng ty y thac mua ban c sp xp phong sach phia ty, con cac nha tai chinh ng ngi khng yn lo cho s phn cua minh theo s sp xp cua Morgan. Morgan tha bit rng ngun tai nguyn khoang st va than a cua cac bang Nash, Alabama, Georgia thuc quyn nm gi cua cng ty Tennessee Coal and Iron Company se giup tng cng v th b ch gang thp do Margan dng nn Di s ch c cua phap lnh chng lung oan, Morgan khng th nut tri ming mi beo b nay, ma cuc khung hoang ln nay a em n cho ng ta mt c hi him co. iu kin cua Morgan la, cu van cng ty Tennessee Coal and Iron Company cng nh ca nganh y thac mua ban, cac cng ty y thac mua ban cn phai huy ng ngun vn 25 triu la ng thi mua lai quyn n cua Cng ty khai khoang va luyn thep Tennessee t tay Moore v Schley. Cui cung, di ap lc pha san cn k va s mt moi do lo ngh, cac ng chu cua cac cng ty u t a phai u hang Morgan.

Ngay sau khi thu tom c ming mi beo la Cng ty Tennessee Coal and Iron nay, Morgan vui mng khn xit, nhng vn con mt ca ai cui cung phai vt qua - tng thng Roosevelt (cha), ngi lun lun phan i tnh trng lung oan. Ti chu nht ngay 3 thang 11, Morgan phai ngi n Washington ngay trong m vi nhim vu phai ly c ph chun cua tng thng trc khi thi trng c phiu m ca vao sang th hai. Ngn hang khung hoang, hoang loat doanh nghip ong ca, ngi dn tc gin vi a mt i tt ca ca ci. iu ny a to nn s khung hoang trong chinh quyn khin cho Roosevelt (cha) khng th khng da vao sc manh cua Morgan n inh ai cuc, trong thi khc cui cung, ng ta a buc phai t but ky vao ban ha thanh lin minh. Khi o chi con 5 phut na la n gi thi trng c phiu ngay th hai m ca! Tin tc nhanh chong lan khp thi trng New York. Morgan a mua lai Cng ty Tennessee Coal and Iron vi gia siu re 45 triu -la, trong khi gia tri thc cua cng ty nay theo tinh toan cua John Moody it nht cung khoang 1 ti -la [6] Mi mt cuc khung hoang tai chinh u la inh hng chinh xac cho s bung n nhng m mu a nung nu t lu, lu ai tai chinh mi tinh nguy nga rc r lun la c xy trn ng hoang tan nat cua hang ngan hang van ngi pha san. [1] John Maynard Keynes, Hu qu kinh t ca Ha bnh (The Economic Consequences of the Peace), 1919. [2] Alan Greenspan, Vng v S t do kinh t (Gold and Economic Freedom), 1966. [3] Murray N. Rothbard , Keynes (Keynes, the Man). [4] Sch dn. [5] Sch dn. [6] Eustace Mullins, Trt t th gii (The World Orde: A Study in the Hegemony of Parasitism) - Staunton, Virginia : Ezra Pound Institute, 1985; Chng 3.

Cuc chin tranh tin t (Phn cui)

"Cc d tr lin bang M v cc nh ti phit ngn hng nm gi cc d tr lin bang c th dng kh nng iu chnh li sut nh nhng khin cho gi th trng dao ng ln xung mt cch hi ha nh con lc, cng c th iu chnh mnh li sut khin cho gi c th trng dao ng d di, bt k l tnh hnh no, n s nm gi tin tc ni b ca tnh hnh ti chnh v bit trc s thay i sp n ca s vic. y l iu m khng c mt chnh ph no c th c c, quyn bit trc (thng tin th trng) k l nht v nguy him nht m giai cp c quyn thiu s nm gi. H thng ny l thuc t hu, ton b mc ch vn hnh ca n chnh l li dng tin ca ngi khc thu c li nhun ln nht c th. H bit c khi no th c th to ra khng khong t n tnh hnh c li nht i vi h. Tng t, h cng bit phi dng khng hong vo lc no l thch hp nht. Khi ti chnh c khng ch th vic lm pht tin t v sit cht tin t u c hiu sut nh nhau i vi mc ch ca h." H ngh s Charles Lindbergh T CH BAN VI VANG N TIN GIY - BC CHUYN LN TRONG TH GII QUAN CUA CAC NHA NGN HANG T cui th ky 19, trong nhn thc cua cac nha ngn hang quc t i vi tin bac lai co thm mt s khc bit mi. Chu u bc sang th ky 20, cac nha ti phit ngn hang a tim ra mt th ch tin t phap inh hiu qua cao hn va cung phc tap hn. Tin t phap inh a thoat ly trit khoi s khng ch cng rn cua vang va bac i vi tng lng tin cho vay, khin cho vic khng ch tin t cang thm mm deo nhng cung kin ao hn. Trong khi hiu c rng li ich thu c t vic tng cng cung ng tin t v han tn tht hn rt nhiu so vi li tc cac khoan vay ma lam phat tin t em lai, cac nha ngn hang ben lp tc tr thanh nhng ngi ung h cung nhit nht cho tin t phap inh. Bng vic phat hanh thm tin vi tc nhanh manh, cac nha ngn hang a tc oat toan b cua cai gia tri nht cua dn chng trn ca nc, ma so vi phng thc ngn hang cng ch phat mai tai san cua ngi khac, thi lam phat tin t vn minh hn nhiu, ng thi cung it gp phai s khang c cua ngi dn hn, thm chi cn kho m phat hin ra. Di s tai tr cua cac nha ngn hang, cac nghin cu kinh t hoc v lam phat tin t dn chuyn hng sang qu ao cua tro chi s hoc n thun. Khai nim lam phat (Currency Inflation) do vic phat hanh thm tin giy gy nn a hoan toan bi ly lun lam phat gia ca (Price Inflation) che khut. Luc nay, ngoai ch d tr vang cc b (Fractional Reserve) cng nh vic ct t mi quan h gia tin t va cng trai quc gia, cc nh ngn hng lai co thm mt cng cu li hai hn: lam phat tin t (Currency Inflation). T y, cac nha ngn hang a thc hin s chuyn bin y kich tnh t ngi bao v vang tr thanh ke thu khng i tri chung i vi vang. Binh lun cua Keynes i vi lam phat tin t co th noi la v cung sc ben p dng bin phap nay, Chnh ph co th tn thu toan b cua cai cua ngi dn mt cach bi mt ma kho bi phat giac, trong mt triu ngi tht kho co mt ngi co th phat hin ra hanh vi n cp nay. Noi mt cach chinh xac thi vic s dung bin phap nay My khng phai la cuc d tr lin bang My t hu ma la Chnh ph.

CUC TRANH C TNG THNG NM 1912 Th Ba, v hiu trng cua Trng i hc Princeton se trung c thng c bang New Jersey cua cac ban. Thang 11 nm 1912, ng ta se c c tng thng Hoa K. Thang 3 nm 1917, ng ta se tip tuc ti c c thm mt nhim ky na. V se la mt trong nhng tng thng vi ai nht trong lich s Hoa K. Bai pht biu cua Rabbi Stephen New Jersey nm 1910 Wise - ngi sau nay tr thanh c vn thn cn cua tng thng Wilson - co th d oan chinh xac kt qua tng tuyn c bu tng thng trc hai nm, thm chi la kt qua bu thng thng cua 6 nm sau, hoan toan khng phai vi trong tay ng ta tht s co mt qua cu thn ky cua cac phu thy, ma bi vi moi k hoach u la vic a c cac nha ngn hang vach ra sn. Khng ngoai d tinh cua cac nha ngn hang quc t, qua thc cuc khung hoang kinh t nm 1907 a gy chn ng rt ln n xa hi My. S phn n cua dn chng i vi cng ty u t y thac, s hoang mang i vi vic cac ngn hang ong ca, s de chng va s hai i vi th lc cua cac ng trum tai chinh ph Wall ha vao nhau to thnh trao lu phan i mnh m moi s lung oan tai chinh a cun ca nc My vao cuc. Woodrow Wilson - hiu trng Trng ai hoc Princeton - chinh la mt phn t suc si phan i lai s lung oan tai chinh . Frank Vanderlip - Ch tch National City Bank a tng noi rng: Ti vit th miWoodrow Wilson - hiu trng Trng ai hoc Princeton tham gia mt bui da tic va phat biu din thuyt. cho ng ta bit c y la mt c hi trong ai, ti a noi rng thng nghi si Aldrich cung phai n tham d va phat biu din thuyt. Cu tra li cua tin si Wilson a khin ti kinh ngac, ng ta a thng thng t chi phat biu din thuyt chung vi thng nghi si Aldrich. [7] Thng nghi si Aldrich khi o la ngi rt co th lc vi 40 nm lm vic trong quc hi nhng co n 36 nm v tr thng nghi si, lai la Chu tich y ban tai chinh thng vin co quyn lc rt ln, ban thn la cha v cua Johan Rockefeller con, co mi qua lai v cung mt thit vi gii ngn hang ph Wall. Nm 1908, ng ta a nghi rng, trong tinh hung khn cp, ngn hang co th phat hanh tin t, va dung phiu cng trai cua Chnh ph lin bang, Chnh ph bang va Chnh ph ia phng cung vi phiu cng trai ng st lam ti sn th chp. Hay tht, rui ro c Chnh ph va ngi dn cang ang, con ch ngon lanh thi cac nha ngn hang hng ca, iu ny khin ngi ta khng th khng bai phuc thu oan cua ph Wall. Cai an nay c goi la ao lut tin t khn cp (Emergency Currency Act), v tr thanh c s lp phap cho an cuc d tr lin bang My 5 nm sau o. Thng nghi si Aldrich c coi la ngi phat ngn cua ph Wall. Woodrow Wilson tt nghip ai hoc Princeton nm 1879, sau o hoc thm ngnh lut ai hoc Virginia, vao nm 1886 bo v thnh cng lun n tin si ai hoc John Hopkins. Nm 1902, Woodrow Wilson chinh thc tr thanh hiu trng ai hoc Princeton. Vi hoc vn uyn thm, ng lun phan i mnh m s lung oan tai chinh, v ng nhin l khng mun gn gi vi ngi phat ngn cua cac trum tai chinh. Mc d hc cao hiu rng v c mt tri tim bc i, song, v hiu trng trng ai hoc Princeton cng kh m hiu ht c ky xao kim tin cua cac nha ngn hang ph Wall. m ti phit ngn hng hiu r rng, Wilson la mt ngi ni ting chuyn phan i s lung oan tai chinh, mt nhn tai vi hinh tng trong sang, v qua tht la mt vin ngoc thun khit kho co c. V th, cac ng trm nh bng ngm ngm tin u t vao Wilson, ra sc eo got hng dung ng vao vic ln.

Cng may l Cleveland Dodge - chu tich cua ngn hang thi quc gia New York li la ban hoc cua Wilson ai hoc Princeton. Nm 1902, vic Wilson nhm chc hiu trng cua Princeton mt cch thun li chinh la kt qua cua s h tr to ln v tai chinh cua Dodge. Co c mt mi quan h khng n gian nh vy, di s sp t cua cac nha ti phit ngn hang, Dodge bt u loan tin ph Wall rng Wilson c d oan s tr thnh tng thng tng lai. Mt ngi mi nhm chc hiu trng c my nm ma t nhin co ngi tung h la tng thng tng lai, thi vic mng thm cung la chuyn thng tinh cua con ngi. ng nhin, vic c tung h nh vy lun phai tra gia. Wilson bt u quay lng vi phong trao phan i lung oan tai chinh va xich gn lai vi ph Wall. Qua nhin, di s ung h cua cac ng chu ph Wall, Wilson nhanh chong tr thanh thng c cua bang New Jersey vao nm 1910. Trong nhng trng hp cng khai, Wilson vn nghim khc chi trich ph Wall lung oan tai chinh, nhng trong long ng ta cung hiu rng ia vi va tin chinh tri cua ng ta se phai hoan toan da vao th lc cua cac nha ngn hang. Cac nha ngn hang khoan dung va kim ch mt cach la thng trc s a kich cua Wilson, hai bn a duy tri mt s hiu ngm kheo leo ma chng cn phai noi ra. Trong khi uy tin va thanh danh cua Wilson ngay cang ln cao, cac nha ngn hang a nng trng keo c gy quy tranh c tng thng cho ng. Dodge thanh lp mt vn phong quyn quy tranh c cho Wilson tai s 42 ai l Broadway New York, ng thi m tai khoan ngn hang, v Dodge a gp mt tm chi phiu tri gia 1000 -la. Bng phng thc chuyn pht nhanh, Dodge a quyn gop c mt khoan kinh phi cc ln t cac nha ti phit ngn hang, v 2/3 ngun kinh phi trong tng s quyn gp c u do 7 nha ti phit ngn hang ln nht ph Wall ng gp. [8] Sau khi c c tranh c tng thng, trong nim vui kho kim ch ni, Wilson a vit th cho Dodge va noi rng Tht la khng th tng tng nim vui cua ti. T y, Wilson a hoan toan dc sc cho hoai bo cua cac nha ngn hang. Vi t cach la ngi tham gia tranh c cua ang dn chu, Wilson a mang trn vai mnh trng trch cng nim hy vong v cung cua ang nay, cn khat quyn lc cua ang dn chu vn a mt chic gh tng thng trong nhiu nm cng chng khac gi cn khat cua Wilson. Thach thc ln nht luc nay cua Wilson chinh la ng kim tng thng Taft ngi khi o con cha c bit n trn toan quc v so vi Wilson thi ro rang ng kim tng thng Taft co li th hn rt nhiu. Trong khi Taft ang t tin chun bi bc vao nhim ky tng thng th hai v to y cha sn sang bt en xanh cho ao lut cua Aldrich th mt s vic ky la cha tng thy a xay ra: cu tng thng Roosevelt (cha) - ngi tin nhim cua Taft a t nhin chen ngang, ra tham gia tranh c tng thng, tht la hoa v n chi cho Taft cua ang cng ha ln ngi thay ca do Roosevelt (cha) la chon. Nm o Roosevelt (cha) nh ep buc c quan chng khoan min bc giai th ma ting tm lng ly, v c ting l cng quyt vi nn lung oan, v s xut hin t ngt cua ng ta se xm hai nghim trong n phiu bu cua Taft. Trn thc t, sau lng cua ba ng c vin nay u c s ng h ca cac nha ti phit ngn hang. Di s dn xp cua ph Wall, Roosevelt (cha) qua nhin khng cn thn a gy hai nng n cho Taft, khin Wilson trung c thun li. Man kch nay tuy khuc iu c khac nhng cch din th li hay nh man kich cua nm 1992 khi ma Bush cha bi Perry cp mt mt lng ln phiu bu ma tht bai bt ng trc i thu mi Clinton. AI NM GI CUC D TR LIN BANG MY?

Nhiu nm nay, vn ai ang nm gi Cuc d tr lin bang My vn lun la mt tai kin nh bng. Ban thn Cuc d tr lin bang My thi lun quanh co up m. Ging nh ngn hang Anh quc, Cuc d tr lin bang My cung gi kin thng tin v cac c ng. Ha nghi si Wright Patman am nhn chc chu tich ngn hang Ha vin va y ban tin t n 40 nm, trong o c 20 nm lin ng khng ngng xut phng an ph bo Cuc d tr lin bang My, v ng cung lun y n vn rt cuc ai ang nm gi Cuc d tr lin bang My. Bi mt nay cui cung a c he l. Eustace Mullins - tac gia cun sach Bi mt cua cuc d tr lin bang My (Secrets of Federal Reserve) - trai qua hn na th ky nghin cu v thu thp c 12 giy phep kinh doanh (Organization Certificates) sm nht cua ngn hang Cuc d tr lin bang My, trn o ghi ro rang gi tr mi mt c phn cu thanh cua Cuc d tr lin bang. Ngn hang New York cua cuc d tr lin bang My la ngn hang khng ch thc t cua h thng Cuc d tr lin bang My, tng lng c phn phat hanh theo ng ky trong vn ban gi c quan kim toan ngay 19 thang 5 nm 1914 la 203053 c phn, trong o: Ngn hang National City Bank of New York di s khng ch cua cng ty Rockefeller va Kuhn Loeb, tc la tin thn cua ngn hang Hoa Ky, nm gi s c phn ln nht, gi 30.000 c phn. Ngn hang First National Bank cua Morgan nm gi 15000 c phn. Sau khi sap nhp vo nm 1955 thanh ngn hang Hoa Ky, hai cng ty a nm gi gn s c phn cua ngn hang New York thuc Cuc d tr lin bang My, v trn thc t, no a quyt inh chic gh chu tich cua Cuc d tr lin bang, vic tng thng My b nhim chc ch tch chi la mt hnh thc s su m thi, con vic ly y kin quc hi lai cang ging mt man kch lt qua. Ngn hang thng mai quc gia New York (National Bank of Commerce of New York City) cua Paul Wahlberg nm gi 21000 c phn. Ngn hang Hanover Bank cua dong ho Rothschild am nhn chc chu tich vi quyn s hu 10.200 c phn. Ngn hang Chase National Bank nm gi 6000 c phn. Ngn hang Chemical Bank nm gi 6000 c phn. Tng cng sau ngn hang nay a nm gi 40% c phn ngn hang New York thuc Cuc d tr lin bang My, n nm 1983, ho a nm gi tng cng l 53% lng c phn. Sau khi iu chinh, ti l nm gi c phn cua ho la: Ngn hang Hoa Ky 15%, Chase Manhattan 14%, Morgan Guaranty Trust 9%, Manufacturers Hanover 7%, Chemical Bank 8%. [11] Tng vn ng k ca ngn hng New York thuc Cc d tr lin bang M l 143 triu -la, nhng vic cc ngn hng k trn c chi ra khon tin ny hay khng vn l mt cu . C mt s nh s hc cho rng cc ngn hng ch chi ra mt na hin kim, trong khi mt s nh s hc khc th cho rng, v c bn, cc ngn hng khng chi ra bt c hin kim no m ch dng hi phiu chi ra, v trn ti khon ca Cc d tr lin bang M m bn thn h ang s hu ch l s bin ng ca my con s m thi, cn s vn hnh ca Cc d tr lin bang M thc ra chnh l vic dng giy th chp pht hnh ra giy. Chng th m mt nh s hc ma mai rng h thng ngn hng d tr lin bang khng mang tnh cht lin bang, cng chng c d tr, v cng khng phi l ngn hng nt.

Ngy 15 thng 6 nm 1978, y ban i ngoi ca Chnh ph thng ngh vin M (Government Affairs) cng b bo co v li tc ca cc cng ty ch cht ca nc M. Bo co ny cho thy rng, 470 v tr thnh vin hi ng qun tr l do ngi ca cc ngn hng k trn nm gi n t 130 cng ty ch yu nht ca M, tnh bnh qun ti mi mt cng ty ch cht c 3,6 gh trong hi ng qun tr thuc v cc nh ngn hng. Trong , ngn hng Hoa K khng ch 97 gh hi ng qun tr; cng ty JP Morgan - 99 gh; Ngn hng Chamical - 96 gh; Chase Manhattan - 89 gh; Hanover De - 89 gh. Ngy 3 thng 9 nm 1914, khi Cc d tr lin bang M quyt nh bn c phn ra cng chng, thi bo New York cng b c cu c phn ca cc ngn hng ch yu nh sau: National City Bank pht hnh 250.000 c phiu, James Stillman nm gi 47.498 c phn; cng ty JP Morgan nm gi 14.500 c phn; William Rockefeller nm gi 10.000 c phn; John.Rockefeller nm gi 1750 c phn. Ngn hng thng mi quc gia New York pht hnh 250.000 c phiu, George Berknm gi 10.000 c phiu; cng ty JP Morgan - 7800 c phn; Mary Hariman - 5650 c phn; Paul Wahlberg - 3000 c phn; Jacob Schiff - 1000 c phn, JP Morgan con - 1000 c phn. Ngn hng Chase, George Berk nm gi 13408 c phiu. Ngn hng Hanover, James Still nm gi 4000 c phn; William Rockefeller nm gi 1540 c phn. K t khi thnh lp vo nm 1913 n nay, Cc d tr lin bang cho thy mt s tht khng th bao bin rng cc nh ngn hng ang thao tng mch mu ti chnh, mch mu cng thng nghip v mch mu chnh tr ca nc M. Hn th na, cc nh ngn hng ca ph Wall u c mi quan h mt thit vi dng h Rothschild ca thnh London. Benjamin Strong - CEO ca Bankers Trust - c chn lm ch tch hi ng qun tr ca ngn hng New York thuc Cc d tr lin bang M kha th nht. Di s khng ch ca Strong, h thng d tr lin bang hnh thnh mi quan h khng kht cht ch vi ngn hng Anh quc v ngn hng France. Benjamin Strong gi chc ch tch ngn hng Cc d tr lin bang M New York mi n nm 1928 th t ngt t vong, trong khi quc hi ang iu tra hi ngh b mt ca hi ng qun tr Cc d tr lin bang cng nh gii chp bu ca ngn hng trung ng chu u, v nhng hi ngh b mt ny dn n cuc i suy thoi nm 1929. [12] HI NG QUAN TRI KHA MT CUA CUC D TR LIN BANG MY V sau, Wilson t tha nhn rng, ng ta ch c php ch nh mt thnh vin trong hi ng qun tr ca Cc d tr lin bang M, v cc thnh vin cn li u do cc nh ngn hng ca New York la chn. Trong qu trnh c v b nhim Paul Wahlberg vo v tr ch tch hi ng qun tr, thng ngh vin yu cu ng phi c mt ti quc hi tr li cht vn vo thng 6 nm 1914, ch yu l tm hiu vai tr ca ng trong qu trnh son tho d lut Cc d tr lin bang, nhng rt cuc, Paul t chi thng thng. Trong th gi cho quc hi, ng tuyn b rng vic tr li bt c cht vn no theo yu cu u c th s nh hng n vai tr ca ng trong hi ng qun tr Cc d tr lin bang, v vy ng quyt nh t chi vic tip nhn c vo chc ch tch hi ng qun tr Cc d tr lin bang M. Thi bo New York ngay lp tc ln ting minh oan cho Paul, v trong s bo ngy 10 thng

7 nm 1914, t bo ny ch trch thng ngh vin khng nn cht vn Paul mt cch h nh vy. Hin nhin Paul l nhn vt trung tm ca Cc d tr lin bang M. Nu khng c ng, chc chng c ngi th hai no bit c Cc d tr lin bang M rt cuc vn hnh nh th no. i mt vi thi cng rn ca ng, quc hi ch cn cch gt u v a ra mt danh sch cc cu hi trc khi ng nhm chc, v nu nh c cu hi no Paul cm thy s nh hng n vai tr ca mnh, ng ta c th khng tr li, v cui cng th Paul nh min cng ng , nhng yu cu c gp mt phi chnh thc. y ban hi: Ti bit ngi l ngi ca ng Cng ha, nhng ngay khi Roosevelt tham gia tranh c th ngi li tr thnh ngi ng tnh v ng h ca Wilson (ng Dn ch)? Paul p: ng vy. y ban hi: Nhng anh (Felix Warburg) ca ngi li ng h Taft (ng Cng ha)? Paul p: ng vy. [13] iu th v l, ba c ng ca cng ty Kuhn Loeb li ng h ba ngi khc nhau ra tranh c tng thng, trong s Otto Kahn ng h Roosevelt cha. Gii thch ca Paul l ba ngi ny khng can thip vo quan im chnh tr ca nhau, bi v ti chnh v chnh tr khng lin quan n nhau. Paul vt qua cuc iu trn ca quc hi mt cch thun li, tr thnh ch tch th nht ca cc d tr lin bang M, sau tr thnh ph ch tch hi ng qun tr. Ngoi Paul ra, bn thnh vin khc ca hi ng l: * * * * Adolph Miller, nh kinh t hc, xut thn t i hc Chicago do Rockefeller ti tr v i hc Havard do Morgan ti tr. Charles Hamlin, tng m nhim chc tr l b trng ti chnh. Frederick Delano, thng gia ca Roosevelt, nh ngn hng ng st. W.P.G Harding Ch tch First National Bank of Atlanta.

Thomas D. Jones c tng thng Wilson ch thn tin c b b t php M iu tra v khi t, v sau t rt lui khi hi ng qun tr. Hai thnh vin khc l b trng ti chnh v kim ton vin tin t. Y BAN T VN LIN BANG (FEDERAL ADVISORY COUNCIL) y ban t vn lin bang l mt chic camera b mt c Paul Wahlberg dy cng thit k khng ch hi ng qun tr Cc d tr lin bang M. Trong qu trnh vn hnh hn 90 nm ca Cc d tr lin bang, y ban t vn lin bang thc hin mt cch ht sc xut sc tng nm ca Paul, hu nh cha c ai c cu ny v s vn hnh ca n, cng cha c nhiu cng trnh nghin cu ng tin cy. Nm 1913, h ngh s Grasse ra sc qung co cho y ban t vn lin bang. ng ta ni: y khng th c th g gian c. Mi nm (hi ng qun tr cc d tr lin bang) s hi m bn ln vi y ban t vn ca cc nh ngn hng, mi mt thnh vin i din cho cc d tr lin bang a phng ni mnh sng. Chng ta cn c th bo v li ch ca cng

chng tt hn s sp t ny khng? Bn thn h ngh s chnh l Grasse mt nh ngn hng, v ng ta khng gii thch hoc cung cp bt c chng c no cho thy cc nh ngn hng tng bo v li ch g ca cng chng trong lch s ca nc M. y ban t vn lin bang do 12 nh ngn hng a phng thuc cc d tr lin bang tin c hp thnh, mi nm hi m bn ln vi thnh vin ca hi ng qun tr cc d tr lin bang M Washington. Cc nh ngn hng xut kin ngh chnh sch tin t cho cc thnh vin hi ng qun tr ca cc d tr lin bang M, mi mt i biu i din cho li ch kinh t ca a phng mnh, mi ngi u c quyn b phiu nh nhau, n gin m hon ton kn k v l thuyt, nhng trong s khc lit tn bo ca ngnh ngn hng th hon ton li l mt b quy tc ngm khc. Tht kh tng tng c ti sao mt nh ngn hng nh ca Cincinnati ngi chung mt bn hi ngh vi cc trm ti chnh quc t nh Paul Wahlberg, Morgan xut kin ngh chnh sch tin t vi cc ng trm ti chnh ny? Ch cn tin tay mc trong ti ra mt tm chi phiu ri ngoch ln hai nt bt th bt c ai trong s hai ng trm ti chnh ny cng khin cho cc nh ngn hng nh khuynh gia bi sn. Trn thc t, s sinh tn ca mi mt nh ngn hng nh trong s 12 khu vc lin bang u hon ton ph thuc v s ban n ca 5 ngn hng ln ph Wall. Nm ng trm ny c em a s cc giao dch ln vi cc ngn hng chu u chuyn thnh cc giao dch nh l cho cc ngn hng v tinh trong cc khu vc ca mnh i x l. V cng c c nhng thng v bo b th cc ngn hng v tinh cng thm phc tng nghe theo cc ng trm kia, ng nhin nm ng trm kia cng c quyn nm gi c phn ca nhng ngn hng nh ny. Ni chung chng ta khng cn phi tng tng nhiu cng c th bit c kt qu mi khi khi cc ngn hng nh i din cho li ch khu vc ca mnh ny cng nhau tho lun chnh sch tin t ca M vi nm ng trm ti chnh kia. Cho d kin ngh ca y ban t vn lin bang chng c sc tri buc lm i vi vic quyt sch ca hi ng qun tr Cc d tr lin bang, nhng u n mi nm bn ln, cc nh ngn hng khng ngi kh cc vi hnh n Washington hi hp vi nm ng trm ph Wal. C phi h n Washington ch gp g tr nc vi nm nh ti phit ? Nn nh rng, nhng con ngi v cng bn rn cng lc phi kim nhim chc ch tch hi ng qun tr ca 63 cng ty nh Morgan, nu nh s kin ngh ca h khng nhn c bt c s suy xt no, m h vn vui v bn ba i v, thc s l iu ht sc k l. CHN TNG U? Tuyt i a s ngi M hon ton khng th hiu c chnh xc phng thc vn hnh ca cc th ch cho vay quc t. S sch ca cc d tr lin bang M vn d cha tng c kim tra. N hon ton c vn hnh bn ngoi phm vi khng ch ca quc hi, v n ang thao tng (cung ng) tn dng ca nc M. Thng ngh s Barry Goldwater to ra gi cao, Cc d tr lin bang M ch cn h thp li sut xung, nhm m rng hot ng tn dng v to nn mt th trng c phiu phn vinh. Ngay sau khi ngnh cng thng quen vi mi trng li sut nh vy, Cc d tr lin bang M li quyt nh nng cao li sut mt cch ty nhm chm dt s phn vinh ny. N (cc d tr lin bang M v cc nh ngn hng nm gi cc d tr lin bang) c th dng kh nng iu chnh li sut nh nhng khin cho gi th trng dao ng ln xung mt cch hi ha nh con lc, cng c th iu chnh mnh li sut khin cho gi c th trng dao ng d di, bt k l tnh hnh no, n s nm gi tin tc ni b ca tnh hnh ti chnh v bit trc s thay i sp n ca s vic.

y l iu m khng c mt chnh ph no c th c c, quyn bit trc (thng tin th trng) k l nht v nguy him nht m giai cp c quyn thiu s nm gi. H thng ny l thuc t hu, ton b mc ch vn hnh ca n chnh l li dng tin ca ngi khc thu c li nhun ln nht c th. H bit c khi no th c th to ra khng khong t n tnh hnh c li nht i vi h. Tng t, h cng bit phi dng khng hong vo lc no l thch hp nht. Khi ti chnh c khng ch th vic lm pht tin t v sit cht tin t u c hiu sut nh nhau i vi mc ch ca h. H ngh s Charles Lindbergh Mi mt ng chng ch cc d tr lin bang M (Federal Reserve Note ) u i din cho mt khon n cha tr ca mt ng -la ca cc d tr lin bang M. Bo co tin t, ngn hng h vin v y ban tin t Ngn hng khu vc ca cc d tr lin bang M khng phi l c cu chnh ph, m l cng ty c lp, do t nhn nm gi v a phng kim sot. Lewis v chnh ph M, 9th Circuit 1982 Cc d tr lin bang M l mt trong nhng c cu h bi nht trn th gii. Nhng ngi c th nghe chng ta ni (din thuyt ca quc hi), chng c ai bit c trn thc t quc gia ca chng ta ang b cc nh ngn hng quc t thng tr. C mt s ngi cho rng ngn hng cc d tr lin bang M l c cu ca chnh ph M. Chng (ngn hng cc d tr lin bang M) khng phi l c cu chnh ph. Chng l c cu lng on hot ng tn dng ca t hu, cc d tr lin bang M ang bc lt nhn dn M v li ch ca bn thn chng v nhng k bp bp ngoi quc. H ngh s Louis McFadden Khi bn v ti vit chi phiu, trong ti khon ca chng ta cn phi c tin bo m cho kim ngch ca chi phiu. Th nhng, khi cc d tr lin bang M xut chi phiu, trong ti khon ca n chng c bt c mn tin no bo m. Khi xut chi phiu chnh l lc Cc d tr lin bang M sng to ra tin t. Ngn hng cc d tr lin bang M Boston T nm 1913 n nm 1949, ngun vn ca cc d tr lin bang M t 143 triu la tng vt ln 45 t -la. S tin ny trc tip chy vo hu bao ca cc c ng ngn hng Cc d tr lin bang M. LEstaque Mullins Rt nhiu v tng thng a ra li cnh bo v s e da ca quyn lc tin t. Nhiu ghi chp ca quc hi v cc n l php lut ni r rng tnh cht t hu ca cc d tr lin bang M, nhng c bao nhiu ngi dn M, ngi dn Trung Quc v ngi dn ca cc quc gia khc bit c iu ny? y mi l im ng s ca vn ! Chng ta cho rng gii truyn thng uy quyn ca phng ty t do cng bng s phi by chn tng tt c, nhng mi chn tng trn thc t u b gii truyn thng b qua mt cch c . Vy cn sch gio khoa ca nc M th sao? Vn d cc loi sch gio khoa ca M u ly vic la chn nhng ni dung lnh mnh cho th h sau m b qua cc loi qu mang danh ngha ca cc nh ngn hng quc t.

Trc qua i, khi tng thng Wilson tha nhn rng mnh b la di trong cc vn lin quan n Cc d tr lin bang M. ng day dt khi ni rng ti v hy hoi t quc mnh . Khi cc d tr lin bang M chnh thc i vo hot ng ngy 25 thng 10 nm 1914, cuc chin tranh th gii ln th nht bng n. Li mt s trng hp han ho v thi gian! Cc c ng ca Cc d tr lin bang M ang h hi ch mt mt m c ln! (Ht)