What gives a dollar bill its value? - Doug Levinson

Šta novčanici od dolara daje vrednost? - Dag Levinson (Doug Levinson)

Prevodilac: Jelena Matovic Lektor: Mile Živković

If you tried to pay for something with a piece of paper,

Ako pokušate da platite nešto

parčetom papira,

you might run into some trouble.

možete imati problema.

Unless, of course, the piece of paper was a hundred dollar bill.

Osim, naravno, kada bi to parče papira

bilo novčanica od sto dolara.

But what is it that makes that bill so much more interesting and valuable

Ali šta je to što ovu novčanicu čini

tako zanimljivijom i vrednijom

than other pieces of paper?

od ostalog papira?

After all, there's not much you can do with it.

Uostalom, ne možete mnogo da uradite sa njim.

You can't eat it.

Ne možete da ga jedete.

You can't build things with it.

Ne možete da gradite stvari od njega.

And burning it is actually illegal.

A spaljivanje je zapravo nezakonito.

So what's the big deal?

Pa, u čemu je stvar?

Of course, you probably know the answer.

Naravno, verovatno znate odgovor.

A hundred dollar bill is printed by the government

Novčanicu od sto dolara štampa vlada

and designated as official currency,

i ona predstavlja zvaničnu valutu,

while other pieces of paper are not.

dok ostali papiri to nisu.

But that's just what makes them legal.

Ali to je ono što ih čini legalnim.

What makes a hundred dollar bill valuable, on the other hand,

S druge strane, novčanicu od sto dolara čini vrednosnom

is how many or few of them are around.

to koliko ih je u opticaju.

Throughout history, most currency, including the US dollar,

Kroz istoriju, većina valuta,

uključujući i američki dolar,

was linked to valuable commodities

bila je vezana za dragocenosti

and the amount of it in circulation

i količina valute u opticaju

depended on a government's gold or silver reserves.

zavisila je od vladinih rezervi u zlatu ili srebru.

Ali nakon što su SAD ukinule ovaj sistem 1971,

But after the US abolished this system in 1971,

the dollar became what is known as fiat money,

dolar je postao tzv. fiat novac,

meaning not linked to any external resource

što znači da nema nikakvo materijalno pokriće

but relying instead solely on government policy

već se oslanja isključivo na vladinu politiku

to decide how much currency to print.

o količini valute koja će se štampati.

Which branch of our government sets this policy?

Dakle, koji ogranak naše vlade donosi ovu odluku?

The Executive, the Legislative, or the Judicial?

Izvršna, zakonodavna, sudska?

The surprising answer is: none of the above!

Odgovor je iznenađujući - ništa od navedenog!

In fact, monetary policy is set by an independent Federal Reserve System,

U stvari, monetarnu politiku postavlja

nezavisni Sistem federalnih rezervi,

or the Fed,

odnosno Fed,

made up of 12 regional banks in major cities around the country.

sastavljen od 12 regionalnih banaka

iz većih gradova širom zemlje.

Its board of governors,

Njegov Upravni odbor,

which is appointed by the president and confirmed by the Senate,

kojeg imenuje predsednik

i potvrđuje Senat,

izveštava Kongresu

reports to Congress,

and all the Fed's profit goes into the US Treasury.

i celokupni profit Feda ide u blagajnu SAD.

But to keep the Fed from being influenced

Ali da bi se Fed zaštitio od uticaja

by the day-to-day vicissitudes of politics,

svakodnevnih političkih promena,

it is not under the direct control of any branch of government.

on nije pod direktnom kontrolom bilo koje grane vlasti.

Why doesn't the Fed just decide to print infinite hundred dollar bills

Zašto Fed onda prosto ne odluči

da štampa bezbroj novčanica od sto dolara

to make everyone happy and rich?

kako bi svi bili bogati?

Pa, zato što onda novčanice ne bi imale nikakvu vrednost.

Well, because then the bills wouldn't be worth anything.

Think about the purpose of currency,

Razmislite o valuti u smislu

which is to be exchanged for goods and services.

njene razmene za robu i usluge.

If the total amount of currency in circulation

Ako se ukupan iznos novca u opticaju

increases faster than the total value of goods and services in the economy,

povećava brže od ukupne vrednosti

robe i usluga u privredi,

then each individual piece will be able

onda će svaki pojedinac moći

to buy a smaller portion of those things than before.

da kupi manju količinu tih stvari nego ranije.

This is called inflation.

Ovo se zove inflacija.

On the other hand,

Sa druge strane,

if the money supply remains the same,

ako ponuda novca ostane ista,

while more goods and services are produced,

dok se roba i usluge sve više proizvode,

each dollar's value would increase

vrednost svakog dolara bi porasla

in a process known as deflation.

u procesu poznatom kao deflacija.

So which is worse?

Dakle, koje je gore?

Too much inflation

Previše inflacije

means that the money in your wallet today will be worth less tomorrow,

znači da će novac u vašem novčaniku

sutra vredeti manje,

making you want to spend it right away.

što vas navodi da ga potrošite odmah.

Dakle, dok bi ovo stimulisalo biznis,

While this would stimulate business, it would also encourage overconsumption,

takođe bi ohrabrilo i povećanje potrošnje

or hoarding commodities, like food and fuel,

ili prikupljanje robe poput hrane i goriva, što bi

raising their prices

povećalo njihove cene i dovelo

and leading to consumer shortages and even more inflation.

do nestašice i još veće inflacije.

But deflation would make people want to hold onto their money,

Ali deflacija bi učinila da ljudi

žele da zadrže svoj novac,

and a decrease in consumer spending

i smanjenje potrošnje

would reduce business profits,

bi smanjilo poslovne profite,

leading to more unemployment and a further decrease in spending,

što dovodi do veće nezaposlenosti

i daljeg smanjenja potrošnje

causing the economy to keep shrinking.

izazivajući smanjenje ekonomije.

So most economists believe that while too much of either is dangerous,

Dok većina ekonomista veruje da

je previše inflacije i deflacije opasno,

a small, consistent amount of inflation is necessary to encourage economic growth.

mali, konzistentni iznos inflacije

neophodan je za podsticanje privrednog rasta.

The Fed uses vast amounts of economic data

Fed koristi ogromne količine ekonomskih podataka

to determine how much currency should be in circulation,

da utvrdi koliko valute treba da bude u opticaju,

including previous rates of inflation,

uključujući i prethodne stope inflacije,

international trends, and the unemployment rate.

međunarodne trendove

i stopu nezaposlenosti.

Like in the story of Goldilocks,

Kao u priči o Zlatokosi,

they need to get the numbers just right

oni treba da pogode brojeve kako bi

in order to stimulate growth and keep people employed,

stimulisali rast i zaposlenost,

without letting inflation reach disruptive levels.

ne dozvoljavajući inflaciju.

The Fed not only determines

Fed ne samo da određuje

how much that paper in your wallet is worth

koliko vredi papir u vašem novčaniku

but also your chances of getting or keeping the job

već i koje su šanse da dobijete

where you earn it.

i zadržite posao gde ga zarađujete.