{"id":5449,"date":"2011-09-22T13:43:27","date_gmt":"2011-09-22T10:43:27","guid":{"rendered":"http:\/\/www.bilgeyatirimci.com\/?p=5449"},"modified":"2011-09-22T13:43:27","modified_gmt":"2011-09-22T10:43:27","slug":"das-kapital","status":"publish","type":"post","link":"https:\/\/www.bilgeyatirimci.com\/i\/das-kapital\/","title":{"rendered":"Das Kapital"},"content":{"rendered":"<p>&nbsp;<\/p>\n<p><a href=\"http:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2011\/07\/\u00f6merdemir.jpg\" data-wpel-link=\"internal\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-medium wp-image-2414\" src=\"http:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2011\/07\/\u00f6merdemir-225x300.jpg\" alt=\"\" width=\"158\" height=\"210\" srcset=\"https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2011\/07\/\u00f6merdemir-225x300.jpg 225w, https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2011\/07\/\u00f6merdemir-768x1024.jpg 768w, https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2011\/07\/\u00f6merdemir-300x400.jpg 300w, https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2011\/07\/\u00f6merdemir-37x50.jpg 37w, https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2011\/07\/\u00f6merdemir.jpg 1772w\" sizes=\"auto, (max-width: 158px) 100vw, 158px\" \/><\/a>\u2018\u2019De te fabula narratu\u2019\u2019 latince &#8220;<strong>anlat\u0131lan senin hikayendir<\/strong>&#8221; demektir. 14 Eyl\u00fcl 1867\u2019de bas\u0131lan Das Kapital&#8217;in giri\u015f k\u0131sm\u0131nda Karl Marks, \u0130ngiltere kapitalizminin geli\u015fimini anlat\u0131rken Almanya&#8217;da da durumun daha iyi olmad\u0131\u011f\u0131n\u0131 okuyucuya bu s\u00f6zlerle anlat\u0131r.Kapitalist sistemin gelecegi hakk\u0131nda yaz\u0131lanlar\u0131n bug\u00fcnlerle birebir \u00f6rt\u00fc\u015f\u00fcyor olu\u015fu finans \u00e7evrelerini Das Kapital\u2019i tekrar okumaya y\u00f6nlendiriyor.<\/p><div class=\"bilge-yaziust\" style=\"margin-top: 10px;margin-bottom: 10px;\" id=\"bilge-2573532788\"><ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-7495567325667578\"\r\n     data-ad-slot=\"9580705384\"\r\n     data-ad-format=\"rectangle\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n(adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n<p>&nbsp;<\/p>\n<p><strong>\u00a0Bor\u00e7\u2019ta bir yere kadar !<\/strong><\/p>\n<p><a href=\"http:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2011\/09\/yunanistan1.png\" data-wpel-link=\"internal\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-5450\" src=\"http:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2011\/09\/yunanistan1-296x300.png\" alt=\"\" width=\"296\" height=\"300\" srcset=\"https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2011\/09\/yunanistan1-296x300.png 296w, https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2011\/09\/yunanistan1-49x50.png 49w, https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2011\/09\/yunanistan1.png 370w\" sizes=\"auto, (max-width: 296px) 100vw, 296px\" \/><\/a>Yunanistan\u2019\u0131n i\u00e7inde bulundu\u011fu ekonomik durum s\u00fcrd\u00fcr\u00fclemez \u015fekilde artan d\u0131\u015f bor\u00e7lanmalar, zorunlu olarak CDS ve kredi faizlerinin y\u00fckselmesine ve dolay\u0131s\u0131yla da faiz \u00f6demelerinin artmas\u0131na yol a\u00e7\u0131yor. PIIGS\u2019ler de d\u0131\u015f bor\u00e7 faizleri \u00f6ylesi bir noktaya ula\u015ft\u0131 ki, ge\u00e7mi\u015f d\u00f6nemde ana para \u00f6demelerinin yap\u0131lamamas\u0131 gibi, belki de faizlerin de \u00f6denememesine neden olacak. D\u0131\u015f bor\u00e7lar\u0131n ana paras\u0131n\u0131 \u00f6deyemeyen \u00fclkeler bula\u015fma riski bu kadar fazla iken d\u00fcnya ekonomilerinin korkulu r\u00fcyas\u0131 oluyor. Avrupa\u00b4daki bor\u00e7 krizine ili\u015fkin , ge\u00e7ti\u011fimiz hafta ya\u015fanan olumsuz haber ak\u0131\u015f\u0131na ra\u011fmen, ge\u00e7ici g\u00f6r\u00fclebilecek \u00f6nlemler ve krizin \u00e7\u00f6z\u00fcm\u00fcne ili\u015fkin birlik mesajlar\u0131 bile Avrupa borsalar\u0131n\u0131 canland\u0131rmaya yetmiyor ,Avrupa\u2019da ortalama % 4 \u2018\u00fck de\u011fer kayb\u0131 var. Kredi derecelendirme kurulu\u015fu S&amp;P, 7 \u0130talyan bankas\u0131n\u0131n notunu d\u00fc\u015f\u00fcrd\u00fc. Avrupa Birli\u011fi, Avrupa Merkez Bankas\u0131 ve IMF yetkililerinin \u00fc\u00e7 g\u00fcnl\u00fck g\u00f6r\u00fc\u015fmelerde Yunanistan&#8217;\u0131n bor\u00e7 krizini \u00e7\u00f6zmede bir sonu\u00e7 alamamas\u0131ndan dolay\u0131 yetkililerinin \u00f6n\u00fcm\u00fczdeki hafta tekrar Atina&#8217;ya d\u00f6necek olmalar\u0131 , Avrupa hisse senetlerini geriletti . \u0130stanbul do\u011fumlu kriz kahini Roubini\u2019ye g\u00f6re Yunanistan\u00b4\u0131n GSYH\u00b4s\u0131n\u0131n % 200\u00b4\u00fcne yakla\u015fan borcundan kurtulmak i\u00e7in d\u00fczenli bir temerr\u00fcde gitmesi ve eurodan \u00e7\u0131kmas\u0131 gerekiyor. Roubini\u2019nin \u00fczerinde durdu\u011fu \u2018kanserli kolun bir an \u00f6nce kesilmesi mant\u0131\u011f\u0131\u2019\u2019 ger\u00e7ekle\u015fmez ise \u00a0bu risk g\u00fcn ge\u00e7tik\u00e7e t\u00fcm AB \u2018yi sarabilir. Avrupa\u00b4n\u0131n \u00f6nerdi\u011fi tahvil swap program\u0131 \u00a0Yunanistan\u00b4a ihtiyac\u0131 olan rahatlamay\u0131 sa\u011flayamad\u0131\u011f\u0131 ortada. En iyi se\u00e7enek temerr\u00fct tehdidi pahas\u0131na da olsa, olan\u0131 reddetmek ve daha iyi bir plan i\u00e7in m\u00fczakere etmek.<\/p>\n<p><span class=\"Apple-style-span\" style=\"font-size: 20px;font-weight: bold\">FED\u2019in resesyon korkusu<\/span><\/p>\n<p><a href=\"http:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2011\/09\/operationtwist.jpg\" data-wpel-link=\"internal\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-medium wp-image-5452\" src=\"http:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2011\/09\/operationtwist-300x180.jpg\" alt=\"\" width=\"300\" height=\"180\" srcset=\"https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2011\/09\/operationtwist-300x180.jpg 300w, https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2011\/09\/operationtwist-80x48.jpg 80w, https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2011\/09\/operationtwist.jpg 460w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a>\u00a0 Piyasalar\u0131n g\u00f6z\u00fc kula\u011f\u0131 \u00c7ar\u015famba ak\u015fam\u0131 yap\u0131lmas\u0131 beklenen ABD Merkez Bankas\u0131\u2019n\u0131n toplant\u0131s\u0131nda idi.Nihayet Fed yetkilileri,kararlar\u0131n\u0131 7 ye 3 oyla a\u00e7\u0131klad\u0131lar. <strong>Operation twist ile mevcut stok portf\u00f6y\u00fcn\u00fcn ileri vadeye ta\u015f\u0131nmas\u0131n etkileri ile FED, stok toplam\u0131n\u0131 de<\/strong><strong>\u011f<\/strong><strong>i<\/strong><strong>\u015f<\/strong><strong>tirmedi<\/strong><strong>\u011f<\/strong><strong>inden, varl\u0131k fiyatlar\u0131da de<\/strong><strong>\u011f<\/strong><strong>i<\/strong><strong>\u015f<\/strong><strong>tirmiyor ,bu sebeple varl\u0131k fiyatlar\u0131nda balon olu\u015fturmayaca<\/strong><strong>\u011f<\/strong><strong>\u0131 i\u00e7in olumlu say\u0131labilir .<\/strong>Bu karara g\u00f6re FED, 2008 Aral\u0131k ay\u0131ndan beri gecelik bor\u00e7lanma faiz oranlar\u0131n\u0131 0 &#8211; 0.25 seviyesinde tutarak\u00a0 para politikas\u0131nda mermilerini t\u00fcketti\u011finden bor\u00e7lanma maliyetlerini daha da d\u00fc\u015f\u00fcrmek ve ekonomiyi a\u011f\u0131r ve y\u0131k\u0131c\u0131 etkiler yaratacak resesyonla y\u00fczle\u015ftirmemek i\u00e7in ellerindeki\u00a0 baz\u0131 tahviller ile uzun d\u00f6nem Hazine tahvillerini de\u011fi\u015fme karar\u0131 ald\u0131. \u00dc\u00e7\u00fcnc\u00fc parasal geni\u015fleme (QE3 ) ile daha fazla para bas\u0131p\u00a0 emtia balonunu daha \u00e7ok \u015fi\u015firmek istememesi ,k\u0131sa vadeli s\u0131f\u0131r faiz oranlar\u0131na yapacak bi\u015feyide kalmayan FED, uzun vadeli faizlere el atarak bu silah\u0131n\u0131da kullanm\u0131\u015f oldu. <strong>Ama kan\u0131mca FED, halen deflasyon riski kar<\/strong><strong>\u015f<\/strong><strong>\u0131s\u0131nda QE3&#8217;\u00fc panzehir olarak zulada tutuyor<\/strong> .Piyasadaki likiditenin daha uzun kalaca\u011f\u0131na dair g\u00fcven olu\u015fturmak isteyen FED,iki g\u00fcn s\u00fcren A\u00e7\u0131k Piyasa Komitesi (FOMC ) toplant\u0131s\u0131n\u0131n ard\u0131ndan &#8220;Uzun d\u00f6nem faiz oran\u0131n\u0131n \u00fcst\u00fcndeki bask\u0131y\u0131 a\u015fa\u011f\u0131 \u00e7ekmek ve mali ko\u015fullar\u0131 daha intibak edici hale getirmek \u00fczere tasarland\u0131&#8221; a\u00e7\u0131klamas\u0131n\u0131 yapt\u0131. Geli\u015fmekte olan \u00fclke kurlar\u0131na g\u00f6re \u00a0de\u011fer kazanan dolar ,piyasalarda sert sat\u0131\u015f dalgas\u0131n\u0131 yarat\u0131yor.\u0130\u00e7erde ise sal\u0131 g\u00fcn\u00fc 350 milyon dolarl\u0131k sat\u0131\u015f i\u00e7in 850 milyon dolarl\u0131k teklif gelen Merkez Bankas\u0131 ihalesinin ard\u0131ndan, TCMB d\u00fcn ihale a\u00e7mam\u0131\u015ft\u0131.\u2028\u2028Merkez Bankas\u0131 yang\u0131n\u0131n ilk \u00e7\u0131kt\u0131\u011f\u0131 g\u00fcnlerden 5 A\u011fustos&#8217;ta ba\u015flat\u0131\u011f\u0131 d\u00f6viz sat\u0131m ihaleleri ile \u015fimdiye kadar piyasaya \u00a02.3 milyar dolar satt\u0131. Ama a\u00e7\u0131lan d\u00f6viz sat\u0131\u015f ihalelerine 5 A\u011fustos\u2019tan bu yana\u00a0 5.7 milyar dolar talep geldi.\u2028 Fed a\u00e7\u0131klamas\u0131yla borsalar, euro ve di\u011fer riskli varl\u0131klar geriledi; dolar g\u00fc\u00e7lendi, <strong>ABD 10 y\u0131ll\u0131k faizleri son 60 y\u0131l\u0131n en d\u00fc<\/strong><strong>\u015f<\/strong><strong>\u00fc<\/strong><strong>\u011f<\/strong><strong>\u00fcne geriledi.<\/strong> Carry-trade etkisi ile de dolar de\u011fer kazanmaya devam ettik\u00e7e dolarla fiyatlanan mal ve hizmetlerde sat\u0131\u015f devam\u0131 s\u00fcr\u00fcyor. Son bir haftada G\u00fcney Afrika para birimi %6, G\u00fcney Kore para birimi % 4.40, Brezilya Real&#8217;i de % 5.55 de\u011fer yitirdi, Meksika, \u00c7ek, Hindistan, Macar ve \u015eili para birimlerinde de benzer hareket var. VIX volatilite endeksi %13,5 y\u00fckselerek 37 puan\u0131 a\u015ft\u0131.K\u0131saca FED,\u00a0 ABD ekonomisinin gelece\u011fine dair i\u00e7 karart\u0131c\u0131 bir senaryo g\u00f6r\u00fcyor oldu\u011funu dile getirmesede bu hep akl\u0131nda. Olaya bu cepheden bak\u0131nca FED\u2019in resesyon korkusuna hak vermemek m\u00fcmk\u00fcn de\u011fil ,keza kamu borcu ve balon etkisi orta vadede de\u011fi\u015fik silahlarla alt edilebilecek iken ekonomilerin korkulu r\u00fcyas\u0131 resesyon ,ekonomik yap\u0131da kal\u0131c\u0131 tahribatlar b\u0131rakarak , belkide gelecek 10 y\u0131lda ekonominin di\u015flilerini k\u0131rma ihtimali s\u00f6zkonusu. FED\u2019in ekonomide\u00a0belirginle\u015fen <strong>a<\/strong><strong>\u015f<\/strong><strong>a<\/strong><strong>\u011f<\/strong><strong>\u0131 y\u00f6nl\u00fc riskler ve gergin piyasalar<\/strong><strong> vurgusu da ,piyasalar\u0131 diken \u00fcst\u00fcnde tutan bir s\u00f6ylem.<\/strong> Fed&#8217;in bu s\u00f6ylemleri Eyl\u00fcl-Ekim aylar\u0131 boyunca negatif veriler gelece\u011fini, 4\u00c7eyrekte de b\u00fcy\u00fcmede daralma sinyallerinin al\u0131nma ihtimalini g\u00f6zler \u00f6n\u00fcne seriyor<strong>. <\/strong>\u0130\u015fte Das Kapital\u2019de ge\u00e7en a\u015f\u0131r\u0131 kapasite ve arz\u0131n, toplam talep eksikli\u011fi ile \u00e7\u00f6k\u00fc\u015f\u00fc.<\/p>\n<p><span class=\"Apple-style-span\" style=\"font-size: 20px;font-weight: bold\">S&amp;P \u00a0sevinci, yar\u0131m kald\u0131<\/span><\/p>\n<p>\u0130talya&#8217;n\u0131n kredi notunu bir kademe d\u00fc\u015f\u00fcren kredi derecelendirme kurulu\u015fu Standard and Poor&#8217;s (S&amp;P), ayn\u0131 g\u00fcn T\u00fcrkiye&#8217;nin BB olan yerel para cinsinden kredi notunu,\u00a0 nihayet BBB-&#8216;ye y\u00fckseltti ve\u00a0 not g\u00f6r\u00fcn\u00fcm\u00fc pozitif yapm\u0131\u015ft\u0131. Haber ,piyasalarda duyulur duyulmaz VOB\u2019da g\u00f6r\u00fclen %10 \u2018a yak\u0131n art\u0131\u015f ile IMKB\u2019deki %8 \u2018e dayanan y\u00fckseli\u015f haberini ,piyasalar sindirdildik\u00e7e ve haberin ayr\u0131nt\u0131lar\u0131 belli olduk\u00e7a ,piyasa oyuncular\u0131n\u0131 daha temkinli olmaya itti. K\u00fcresel piyasalarda \u00fclke kredi notu dendi\u011finde ilk anla\u015f\u0131lan ;kredi notunun yabanc\u0131 para cinsinden uzun vadeli de\u011feridir. Ama Sal\u0131 g\u00fcn\u00fc T\u00fcrkiye\u2019nin uzun vadeli kredi notu S&amp;P taraf\u0131ndan <strong>TL cinsinden<\/strong> BB+\u2019den\u00a0 bir kademe y\u00fckselterek (BBB-) seviyeye \u00e7ekilmi\u015f ama \u00a0\u00a0karar\u0131n al\u0131nmas\u0131ndan sonra, a\u00e7\u0131klamas\u0131n\u0131 yenileyen kurulu\u015f, T\u00fcrkiye\u2019nin d\u00f6viz cinsinden kredi notunu \u2018<strong>\u2019en erken iki y\u0131l<\/strong> \u2018\u2019sonra artabilece\u011fine dair a\u00e7\u0131klamas\u0131 Dolar \u2018a 1.90 \u2018lar yolunu a\u00e7m\u0131\u015f olabilir. Artan bu volatilite ile \u2018\u2019borsalar\u2019\u2019 taraf\u0131nda da emtialar ve \u00f6zellikle \u2018\u2019alt\u0131n\u2019\u2019 taraf\u0131nda da ani ve sert d\u00fc\u015f\u00fc\u015flere kar\u015f\u0131 haz\u0131rl\u0131kl\u0131 olmam\u0131z gerekiyor.<\/p>\n<h2><a href=\"http:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2011\/09\/fredgraph.png\" data-wpel-link=\"internal\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-5451\" src=\"http:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2011\/09\/fredgraph.png\" alt=\"\" width=\"630\" height=\"378\" srcset=\"https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2011\/09\/fredgraph.png 630w, https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2011\/09\/fredgraph-300x180.png 300w, https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2011\/09\/fredgraph-500x300.png 500w, https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2011\/09\/fredgraph-80x48.png 80w\" sizes=\"auto, (max-width: 630px) 100vw, 630px\" \/><\/a><\/h2>\n<p><strong>\u00d6mer DEM\u0130R<\/strong><\/p><div class=\"bilge-content-1\" style=\"margin-top: 10px;margin-bottom: 10px;\" id=\"bilge-2805404131\"><ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-7495567325667578\"\r\n     data-ad-slot=\"3167340272\"\r\n     data-ad-format=\"rectangle\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n(adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n<p><strong>Omerdemir123@gmail.com<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&nbsp; \u2018\u2019De te fabula narratu\u2019\u2019 latince &#8220;anlat\u0131lan senin hikayendir&#8221; demektir. 14 Eyl\u00fcl 1867\u2019de bas\u0131lan Das Kapital&#8217;in giri\u015f k\u0131sm\u0131nda Karl Marks, \u0130ngiltere kapitalizminin geli\u015fimini anlat\u0131rken Almanya&#8217;da&hellip;<\/p>\n","protected":false},"author":1,"featured_media":5452,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-5449","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tumyazilar"],"_links":{"self":[{"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/posts\/5449","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/comments?post=5449"}],"version-history":[{"count":0,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/posts\/5449\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/media\/5452"}],"wp:attachment":[{"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/media?parent=5449"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/categories?post=5449"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/tags?post=5449"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}