{"id":8172,"date":"2011-11-26T09:35:29","date_gmt":"2011-11-26T06:35:29","guid":{"rendered":"http:\/\/www.bilgeyatirimci.com\/?p=8172"},"modified":"2011-11-26T09:35:38","modified_gmt":"2011-11-26T06:35:38","slug":"euro-%e2%80%98dama%e2%80%99-dedi","status":"publish","type":"post","link":"https:\/\/www.bilgeyatirimci.com\/i\/euro-%e2%80%98dama%e2%80%99-dedi\/","title":{"rendered":"Euro \u2018Dama\u2019 Dedi"},"content":{"rendered":"<p><strong>YUNAN\u0130STAN devlet tahvillerinin fiyat\u0131 ikinci el piyasada o kadar d\u00fc\u015ft\u00fc ki; y\u0131ll\u0131k verimi % 30\u2019a \u00e7\u0131kt\u0131.<\/strong><\/p><div class=\"bilge-yaziust\" style=\"margin-top: 10px;margin-bottom: 10px;\" id=\"bilge-1956563782\"><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>Unutmay\u0131n bu Euro cinsinden getiridir. Sebebi Yunan devletinin, vadesi gelen tahvillerin ana paras\u0131n\u0131 tam olarak \u00f6deyemeyecek hale d\u00fc\u015fm\u00fc\u015f olmas\u0131d\u0131r. Tek ba\u015f\u0131na bu olay bile Avrupa\u2019da \u201ctek para birimi-tek faiz oran\u0131\u201d ge\u00e7erli olacakt\u0131r iddias\u0131yla yarat\u0131lan Euro i\u00e7in da\u011f\u0131lma i\u015faretiydi. Buna birinci \u00e7inko diyelim. Derken \u0130spanya\u2019n\u0131n yeni ihra\u00e7 etti\u011fi tahvillerde \u00f6demeyi taahh\u00fct etti\u011fi faiz % 6,5 oldu. Dikkat edin bu faiz, k\u00fclfeti bor\u00e7lu devlete ait olmayan spek\u00fclatif ikinci el piyasa faizi de\u011fildir. Do\u011frudan devletin b\u00fct\u00e7eden \u00f6deyece\u011fi faizdir. Bu da ikinci \u00e7inko oldu. Nihayet bu hafta \u0130talya Hazinesi %7\u2019yi a\u015fan bir faizle bor\u00e7land\u0131. Dama!<\/p>\n<p><strong>DEVLET NE KADAR FA\u0130Z \u00d6DER<\/strong><\/p>\n<p>Kural olarak bir devlet, milli gelir b\u00fcy\u00fcme h\u0131z\u0131 \u00fcst\u00fcnde \u201creel\u201d faizle bor\u00e7lanamaz. \u00c7\u00fcnk\u00fc milli gelir b\u00fcy\u00fcmesi, mesela % 4 olan bir \u00fclkede e\u011fer o \u00fclkenin devleti % 5 reel faizle bor\u00e7lan\u0131rsa, durduk yerde \u201cKamu Borcu\/Milli Gelir\u201d oran\u0131 b\u00fcy\u00fcr. Bu da o \u00fclkede a) Fakirden, zengine b) Kamudan, \u00f6zel sekt\u00f6re c) Yurt i\u00e7inden, yurt d\u0131\u015f\u0131na gelir transferine sebep olur. Pek tabii bu durum ne iktisaden ne de siyaseten s\u00fcrd\u00fcr\u00fclemez. Finansal \u015foklar\u0131 atlatmak i\u00e7in, k\u0131sa vadede ve s\u0131n\u0131rl\u0131 miktarlarda, milli gelir b\u00fcy\u00fcmesinin \u00e7ok \u00fcst\u00fcnde reel faizlerle devlet bor\u00e7lanabilir. Ama bu, ameliyat i\u00e7in hastaya narkoz vermeye benzer. Ameliyat bir an \u00f6nce bitmeli ve hasta narkozdan \u00e7\u0131kar\u0131lmal\u0131d\u0131r. Yoksa garibim narkozdan \u00f6l\u00fcr.<\/p>\n<p><strong>YOL KAZASI NASIL OLDU<\/strong><\/p>\n<p>Tekrar edelim: Euro \u201cAvrupa Para Birli\u011fi\u201dnde ge\u00e7erli \u201ctek para birimi\u201d ve \u201ctek faiz oran\u0131\u201d olacak iddias\u0131yla yarat\u0131lm\u0131\u015ft\u0131. Bu suretle, farkl\u0131 para birimlerinin ve farkl\u0131 faiz oranlar\u0131n\u0131n yaratt\u0131\u011f\u0131 arbitrajdan do\u011fan engellerden ortadan kalkacakt\u0131. B\u00f6ylece Avrupa i\u00e7i ticaret geli\u015fecek ve artan ticaretle t\u00fcm \u00fcye \u00fclkelerin hayat standard\u0131 y\u00fckselecekti. Hz. Muhammed\u2019in dedi\u011fi gibi \u201cr\u0131zk\u0131n onda dokuzu ticaretteydi\u201d. Ger\u00e7ekten de \u00f6yle oldu.\u00a0 Mesela Almanya\u2019n\u0131n ihracat\u0131 y\u0131lda 1,3 trilyon dolara \u00e7\u0131kt\u0131. Ama bu ihracat\u0131n\u0131n takriben yar\u0131s\u0131 Avrupa i\u00e7ineydi. Bir bak\u0131ma Almanya\u2019n\u0131n ihracat\u0131n\u0131n bu kadar k\u0131sm\u0131, d\u0131\u015f de\u011fil i\u00e7 ticarettir. Ancak bu arada \u00e7ok ciddi bir yol kazas\u0131 oldu. \u00dcye \u00fclkeler aras\u0131 ticaret (ister i\u00e7, ister d\u0131\u015f deyin) dengesiz oldu. G\u00fcney Avrupa \u00fclkeleri, k\u00fclt\u00fcrlerinden beklenece\u011fi \u00fczere \u201caz \u00e7al\u0131\u015f\u0131p-\u00e7ok t\u00fckettiler\u201d. \u00c7\u00fcnk\u00fc paralar\u0131 k\u0131ymetli Euro idi ve her \u015feyi \u00e7ok ucuza ithal edebiliyorlard\u0131. Tabii aradaki fark\u0131 (cari a\u00e7\u0131\u011f\u0131) bor\u00e7land\u0131lar. D\u0131\u015f borcun \u00e7o\u011funu da AB i\u00e7inden ald\u0131lar.<\/p>\n<p><strong>DURUM VAH\u0130M AMA \u00dcM\u0130TS\u0130Z DE\u011e\u0130L<\/strong><\/p>\n<p>Euro B\u00f6lgesi\u2019nde faizlerin tolerans limitlerinin \u00fcst\u00fcnde farkl\u0131la\u015fm\u0131\u015f olmas\u0131ndan dolay\u0131 \u201cEuro\u201d fiilen bitmi\u015ftir. Bug\u00fcn biri Alman Devlet tahvillerin kulland\u0131\u011f\u0131 d\u00fc\u015f\u00fck faizli \u201ciyi\u201d di\u011feri \u0130talyan devlet tahvillerinin kulland\u0131\u011f\u0131 y\u00fcksek faizli \u201ck\u00f6t\u00fc\u201d olmak \u00fczere iki Euro vard\u0131r. \u00c7\u00f6z\u00fcm, ulusal para birimi Euro olan ve dolay\u0131s\u0131yla tahvillerini Euro ile ihra\u00e7 eden devletlerin \u00f6deyece\u011fi faizi AB b\u00fcy\u00fcme oran\u0131n\u0131n alt\u0131nda bir noktada e\u015fitlemektir. Bunun da \u00e7aresi \u201cAvrupa Ortak Tahvili\u201ddir. Bu tahviller derhal devreye girmeli, \u00fcye devletlerin kamu ve d\u0131\u015f a\u00e7\u0131klar\u0131 sorunlar\u0131 bundan sonra ele al\u0131nmal\u0131d\u0131r. Yine de \u00e7\u00f6z\u00fcm sa\u011flanamazsa, Euro ortadan kald\u0131r\u0131lmal\u0131d\u0131r.<br \/>\nSon S\u00f6z: \u00d6nce kanamay\u0131 durdur, sonra tedaviye ba\u015fla.<\/p><div class=\"bilge-content-1\" style=\"margin-top: 10px;margin-bottom: 10px;\" id=\"bilge-403408782\"><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","protected":false},"excerpt":{"rendered":"<p>YUNAN\u0130STAN devlet tahvillerinin fiyat\u0131 ikinci el piyasada o kadar d\u00fc\u015ft\u00fc ki; y\u0131ll\u0131k verimi % 30\u2019a \u00e7\u0131kt\u0131. Unutmay\u0131n bu Euro cinsinden getiridir. Sebebi Yunan devletinin, vadesi&hellip;<\/p>\n","protected":false},"author":14,"featured_media":936,"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-8172","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\/8172","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\/14"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/comments?post=8172"}],"version-history":[{"count":0,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/posts\/8172\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/media\/936"}],"wp:attachment":[{"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/media?parent=8172"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/categories?post=8172"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/tags?post=8172"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}