๐Ÿงตืฉืจืฉื•ืจ ืฉื ื™ ืขืœ "ืกื™ื“ื•ืจ ื”ืขื‘ื•ื“ื”" ื”ืžื•ื ื™ื˜ืจื™-ืคื™ืกืงืœื™: ื”ืฉื ื™ื ืฉืœืื—ืจ ื”ืžืฉื‘ืจ ืฉืœ 2008.

ื‘ืคืขื ื”ืงื•ื“ืžืช, ื“ื™ื‘ืจื ื• ืขืœ ื”ืฉืชืœืฉืœื•ืช ื”ืขื ื™ื™ื ื™ื ืฉื”ื‘ื™ืื” ืœืžืฆื‘ ื”ื ื•ื›ื—ื™ ื‘ื• ื‘ื ืง ืžืจื›ื–ื™ ืฉืื—ืจืื™ ืœื™ืฆื™ื‘ื•ืช ื”ืžื—ื™ืจื™ื ื•ื ื™ื”ื•ืœ ืžื—ื–ื•ืจ ื”ืขืกืงื™ื ื‘ืืžืฆืขื•ืช ื•ื•ื™ืกื•ืช ื”ื‘ื™ืงื•ืฉื™ื ื‘ืขื–ืจืช ื”ืจื™ื‘ื™ืช, ื•ืžืžืฉืœื” ืฉืื—ืจืื™ืช ืขืœ ืฉืžื™ืจื” ืขืœ ืชื•ื•ืื™ ื™ืฆื™ื‘ ืฉืœ ื”ื—ื•ื‘
ื›ื–ื›ื•ืจ, ืกื™ื“ื•ืจ ื”ืขื‘ื•ื“ื” ืฉื ื•ืฆืจ ื‘ืกื‘ื™ื‘ื•ืช ืฉื ื•ืช ื”-80 ืขื‘ื“ ื˜ื•ื‘ ื‘ื›ืœ ื”ืงืฉื•ืจ ืœื™ืฆื™ื‘ื•ืช ื”ืžื—ื™ืจื™ื. ื”ื•ืฆืืช ื”ื™ื›ื•ืœืช ืœื”ื“ืคื™ืก ื›ืกืฃ ืžื™ื“ื™ ื”ืคื•ืœื™ื˜ื™ืงืื™ื ืžื ืขื” ืืช ื”ื ื˜ื™ื™ื” ืฉืœื”ื ืœื”ื“ืคื™ืก ื›ืกืฃ ืžืฉื™ืงื•ืœื™ื ืคื•ืœื™ื˜ื™ื™ื ืงืฆืจื™ ื˜ื•ื•ื— ืฉื”ื•ื‘ื™ืœื• ื‘ืชื•ืจื ืœื”ื™ืคืจ-ืื™ื ืคืœืฆื™ื” ืฉืœ ืฉื ื•ืช ื”-70.
ื›ื–ื›ื•ืจ #2, ื”ืจื™ื‘ื™ืช ื”ื™ื ื”ื›ืœื™ ื‘ื• ื”ืฉืชืžืฉื• ื”ื‘ื ืงื™ื ื”ืžืจื›ื–ื™ื™ื ืœื•ื•ื™ืกื•ืช ื”ื›ืœื›ืœื”. ืžืขืœื™ื ืื•ืชื” ื›ืฉื”ื›ืœื›ืœื” ืžืชื—ืžืžืช ื•ืžื•ืจื™ื“ื™ื ื›ืฉื™ืฉ ืžื™ืชื•ืŸ. ื‘ืขื™ื”, ืฉืœื ื›"ื› ื”ืชื™ื™ื—ืกื• ืืœื™ื” ื‘ื–ืžืŸ ืืžืช, ื”ื™ื™ืชื” ืฉื”ืจื™ื‘ื™ืช ื™ืจื“ื” ื‘ืขืงื‘ื™ื•ืช ืขื ื”ื–ืžืŸ. ื”ื™ื• ืขืœื™ื•ืช ืคื” ื•ื™ืจื™ื“ื•ืช ืฉื, ืื‘ืœ ื”ืžื’ืžื” ื”ื™ื™ืชื” ืฉืœื™ืœื™ืช.
ื”ื”ืกื‘ืจ ื”ืžืงื•ื‘ืœ ืœื›ืš (ื‘ื“ื™ืขื‘ื“ ื›ืžื•ื‘ืŸ) ื”ื•ื ืฉื”ืจื™ื‘ื™ืช ื”ื˜ื‘ืขื™ืช (r-star) ืฉืœ ื”ื˜ื•ื•ื— ื”ืืจื•ืš, ืฉืื™ื ื” ื‘ืฉืœื™ื˜ืช ื”ื‘ื ืงื™ื ื”ืžืจื›ื–ื™ื™ื, ื™ืจื“ื”, ื•ื”ื‘ื ืงื™ื ื”ืžืจื›ื–ื™ื™ื ืฉ"ืขื•ืงื‘ื™ื" ืื—ืจื™ื” ื”ื•ืจื™ื“ื• ืืช ื”ืจื™ื‘ื™ืช ืฉืœื”ื ื‘ื™ื—ื“ ืืชื”.

ื‘ืžืฉื‘ืจ 2008 ื”ื’ื™ืข ื”ืฉื™ื ืฉืœ ืžื’ืžืช ื”ื™ืจื™ื“ื” ื”ื–ื• ื›ืฉื‘ื ืงื™ื ืžืจื›ื–ื™ื™ื ืจื‘ื™ื ื‘ืขื•ืœื ื”ืžืคื•ืชื—, ืœืจื‘ื•ืช ื”ืคื“ ื•ื”-ECB, ืฉื ืืœืฆื• ืœื”ื•ืจื™ื“ ืืช ื”ืจื™ื‘ื™ืช ื›ื“ื™ ืœื”ืชืžื•ื“ื“ ืขื ื”ืžืฉื‘ืจ, ื”ื’ื™ืขื• ืกืžื•ืš ืœืงื• ื”ืืคืก, ื•ื ื›ื ืกื• ืœ"ืžืœื›ื•ื“ืช ื”ื ื–ื™ืœื•ืช", ืžื” ืฉื ื—ืฉื‘ ืขื“ ืœื ืžื–ืžืŸ ืœืคื ื™ื” ืชื™ืื•ืจื˜ื™ืช ืœื ืจืœื•ื•ื ื˜ื™ืช (ืืœื ืื ืืชื ื‘ื™ืคืŸ, ื•ืขืœ ื›ืš ืขื•ื“ ืžืขื˜) ื”ืคืš ืœืฉื’ืจื”. Image
ื‘ืžืœื›ื•ื“ืช ื”ื ื–ื™ืœื•ืช, ื›ืœื™ ื”ืจื™ื‘ื™ืช ื›ื‘ืจ ืœื ืขื•ื‘ื“ ื›ืžื• ืคืขื. ืืžื ื ืืคืฉืจ ืœืจื“ืช ืœื˜ืจื™ื˜ื•ืจื™ื” ืฉืœื™ืœื™ืช (ื•ื—ืœืง ืžื”ื‘ื ืงื™ื ื”ืžืจื›ื–ื™ื™ื ื‘ืกื•ืฃ ืขืฉื• ื–ืืช, ืœื“ื•ื’ืžื” ื”-ECB) ืื‘ืœ ื’ื ืื–, ื™ืฉ ื—ืฉืฉ ืžื”ืœื ื ื•ื“ืข, ืœืฆื“ ื’ื‘ื•ืœ ืœื›ืžื” ืืคืฉืจ ืœืจื“ืช, ื›ื™ ื‘ืกื•ืคื• ืฉืœ ื“ื‘ืจ, ื”ืฆื™ื‘ื•ืจ ื™ืขื“ื™ืฃ ืœื”ื—ื–ื™ืง ืžื–ื•ืžืŸ ืขืœ *ืœืฉืœื* ืจื™ื‘ื™ืช ื’ื‘ื•ื”ื” ืขืœ ืคื™ืงื“ื•ืŸ ื‘ื‘ื ืง.
(ื”ืขืจื”: ื”-ECB ื‘ื“ืง ืืช ืขืฆืžื• ื•ืžืฆื ืฉื”ืจื™ื‘ื™ื•ืช ื”ืฉืœื™ืœื™ื•ืช ืขืฉื• ืืช ืžื” ืฉื”ื™ื• ืฆืจื™ื›ื•ืช ืœืขืฉื•ืช - ืœืขื•ื“ื“ ืืช ื”ื‘ื™ืงื•ืฉื™ื, ื‘ื“ื™ื•ืง ื›ืžื• ืฉื”ืจื™ื‘ื™ืช ืขื•ืฉื” ื‘ื˜ืจื™ื˜ื•ืจื™ื” ื”ื—ื™ื•ื‘ื™ืช.)

ecb.europa.eu/pub/economic-bโ€ฆ Image
ืœืžื–ืœื ื•, ืžืงืฆื•ืข ื”ืžืืงืจื• ื”ื™ื” ื™ื—ืกื™ืช ืžื•ื›ืŸ ืœืชืจื—ื™ืฉ ื”ื–ื”, ื”ืจื‘ื” ื‘ื–ื›ื•ืช ื™ืคืŸ ืฉื‘-2008 ื›ื‘ืจ ืกื’ืจื” ื›ืžืขื˜ ืฉื ื™ ืขืฉื•ืจื™ื ืฉืœ ืจื™ื‘ื™ืช ืืคืกื™ืช ื•ืขื•ืจืจื” ืืช ื”ืกืงืจื ื•ืช ืฉืœ ื”ืžื•ืžื—ื™ื ื”ืžื•ื ื™ื˜ืจื™ื™ื ืฉื”ืฉืชื™ื™ื›ื• ืœืžื” ืฉืžื›ื•ื ื” ื›ื™ื•ื "ืืกื›ื•ืœืช ืคืจื™ื ืกื˜ื•ืŸ ืœืžืืงืจื• ื›ืœื›ืœื”".

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ื›ืš, ื”ืฆื˜ื‘ืจ ื›ื‘ืจ ืœื ืžืขื˜ ื™ื“ืข ืชื™ืื•ืจื˜ื™ ืœื’ื‘ื™ ื“ืจื›ื™ื ืืคืฉืจื™ื•ืช ืœื”ืชืžื•ื“ื“ื•ืช ืขื ื”ืžืฆื‘ ื”ื—ื“ืฉ, ื•ื‘ืคืจื˜ ืœื’ื‘ื™ ื”ื›ืœื™ื ื”ื—ื“ืฉื™ื ืฉื‘ืจื•ื‘ื ื ืขืฉื” ืฉื™ืžื•ืฉ ืœืจืืฉื•ื ื” ื‘ืขืช ื”ื”ื™ื. ื›ืœื™ื "ื‘ืœืชื™-ืงื•ื ื‘ื ืฆื™ื•ื ืืœื™ื™ื" ืืœื• ื ื•ืขื“ื• ื‘ืขื™ืงืจ ืœื”ื’ื“ื™ืœ ืืช ืžืจื—ื‘ ื”ืชืžืจื•ืŸ ืฉืœ ื”ืžื“ื™ื ื™ื•ืช ื”ืžื•ื ื™ื˜ืจื™ืช ืขืœ ื™ื“ื™ ื”ืืคืฉืจื•ืช
ืœื”ื•ืจื™ื“ ืืช ื”ืจื™ื‘ื™ื•ืช ืฉืœื "ื ืชืงืขื•" - ืืœื• ืฉืœ ื”ื˜ื•ื•ื— ื”ื‘ื™ื ื•ื ื™-ืืจื•ืš. ื›ืœื™ื ืืœื• ื›ืœืœื• ื‘ืขื™ืงืจ ื”ืจื—ื‘ื” ื›ืžื•ืชื™ืช (QE) - ืจื›ื™ืฉื•ืช ืื’"ื— ืžืžืฉืœืชื™ื•ืช ื‘ืฉื•ืง ื”ื—ื•ืคืฉื™ ื‘ืžื˜ืจื” ืœื”ืคื—ื™ืช ืชืฉื•ืื•ืช ืืจื•ื›ื•ืช, ื•ื”ื›ื•ื•ื ื” ืงื“ื™ืžื” (forward guidance) ืฉื ื•ืขื“ื” ืœื”ืฉืคื™ืข ืขืœ ื”ืฆื™ืคื™ื•ืช ื•ืขืœ ื™ื“ื™ ื›ืš ืœื”ืฉื™ื’ ื”ืคื—ืชืช ืจื™ื‘ื™ืช, ื’ื ื›ืŸ ื‘ื˜ื•ื•ื—ื™ื ื”ืืจื•ื›ื™ื ื™ื•ืชืจ.
ืœืฆื“ ื–ืืช, ื ืขืฉื” ืฉื™ืžื•ืฉ ื—ืœืงื™ ื‘ืจื›ื™ืฉื•ืช ืžื˜"ื—, ืžืฉื›ื ืชืื•ืช, ื•-yield curve control (ืงื™ื‘ื•ืข ืขืงื•ื ื”ืชืฉื•ืื•ืช). ื‘ืŸ ื‘ืจื ื ืงื™, ืฉื”ื™ื” ืจืืฉ ื”ืคื“ ื‘ื–ืžืŸ ืคืจื•ืฅ ื”ืžืฉื‘ืจ (ื•ืื—ื“ ืžืื ืฉื™ ืคืจื™ื ืกื˜ื•ืŸ) ืžืกื›ื ืืช ื”ื›ืœื™ื ื”"ื—ื“ืฉื™ื" ื”ืœืœื• ืžื ืงื•ื“ืช ืžื‘ื˜ื• ื‘ืžืืžืจ ื”ื–ื”:

brookings.edu/blog/ben-bernaโ€ฆ
ื”ืžืฆื‘ ื”ืžื™ื•ื—ื“ ื”ื”ื•ื ืฉืœ 2008, ื ืžืฉืš ืœืžืขืฉื” ืขื“ ื”ื™ื•ื. ื”ืจื™ื‘ื™ื•ืช ืฉืœ ื”ื‘ื ืงื™ื ื”ืžืจื›ื–ื™ื™ื ืœื ื”ืชืจื•ืžืžื• ืžืฉืžืขื•ืชื™ืช ืžืื–, ื•ืžืฉื‘ืจ ื”ืงื•ืจื•ื ื” ื“ืื’ ืœื›ืš ืฉื’ื ืœื ื™ืชืจื•ืžืžื• ื‘ืงืจื•ื‘. ื•ื–ื” ืžืขืœื” ืฉืืœื” - ื”ืื ืกื™ื“ื•ืจ ื”ืขื‘ื•ื“ื” ื”ืžื•ื ื™ื˜ืจื™-ืคื™ื ื ืกื™ ืฉื”ื•ืจื’ืœื ื• ืืœื™ื• ืจืœื•ื•ื ื˜ื™ ื›ื™ื•ื?
ืžืฆื“ ืื—ื“, ื™ืฉ ื”ื˜ื•ืขื ื™ื ืฉื’ื‘ื•ืœ ืจื™ื‘ื™ืช ื”ืืคืก ื”ื•ื ืœื ื‘ืืžืช ื’ื‘ื•ืœ. ื”ื‘ื ืง ื”ืžืจื›ื–ื™ ืชืžื™ื“ ื™ื›ื•ืœ ืœื™ื™ืฆืจ ืขื•ื“ ื‘ื™ืงื•ืฉื™ื ื‘ื›ืœื›ืœื” ื‘ืืžืฆืขื•ืช ื›ืœ ื”ื›ืœื™ื ืฉื‘ืจืฉื•ืชื•, ืœืจื‘ื•ืช ื”ื‘ืœืชื™ ืงื•ื ื‘ื ืฆื™ื•ื ืืœื™ื™ื. ื–ื• ืจืง ืฉืืœื” ืฉืœ ื›ืžื•ืช, ืžื—ื•ื™ื‘ื•ืช, ื•ืืžื™ื ื•ืช. ืจืื• ืœืžืฉืœ ืคืกืงื” ืžืื—ื“ ื”ื˜ืงืกื‘ื•ืงื™ื ื”ืžื•ื›ืจื™ื ื‘ื™ื•ืชืจ ื‘ื ื•ืฉื ื›ืœื›ืœื” ืžื•ื ื™ื˜ืจื™ืช ืฉืœ ืคืจื™ื“ืจื™ืš ืžื™ืฉืงื™ืŸ: ImageImage
ืœืฆื“ ื–ืืช, ื ื“ืจืฉืช ืคืขื•ืœื” ื ื•ืกืคืช ืฉืชืขื–ื•ืจ ืœื”ืจื—ื™ื‘ ืืช ื˜ื•ื•ื— ื”ืคืขื•ืœื” ื”ืžื•ื ื™ื˜ืจื™ ื‘ื“ืžื•ืช ื”ืขืœืืช ืฆื™ืคื™ื•ืช ื”ืื™ื ืคืœืฆื™ื”. ืฆื™ืคื™ื•ืช ื’ื‘ื•ื”ื•ืช ื‘ืžืžื•ืฆืข ืœืื•ืจืš ื–ืžืŸ, ืื•ืžืจื•ืช ืจื™ื‘ื™ื•ืช ื ื•ืžื™ื ืœื™ื•ืช ื’ื‘ื•ื”ื•ืช ื‘ืžืžื•ืฆืข ืœืื•ืจืš ื–ืžืŸ, ื•ื–ื” ืื•ืžืจ ืฉื”ืžืจื—ื‘ ืœื”ื•ืจื“ืช ืจื™ื‘ื™ืช ื™ื’ื“ืœ.

ื–ื• ืœืžืขืฉื” ื”ืžื•ื˜ื™ื‘ืฆื™ื” ืฉืžืื—ื•ืจื™ ื”ืžืขื‘ืจ ืฉืœ ื”ืคื“ ืœื›ืœืœ ืื™ื ืคืœืฆื™ื” ืžืžื•ืฆืขืช (AIT) ื•ื”-ECB ืœื›ืœืœ ืกื™ืžื˜ืจื™ ืกื‘ื™ื‘ ื”2% - ื”ืขืœืืช ืฆื™ืคื™ื•ืช ื”ืื™ื ืคืœืฆื™ื” ื‘ื˜ื•ื•ื— ื”ื‘ื™ื ื•ื ื™ ืืจื•ืš.

federalreserve.gov/newsevents/speโ€ฆ

ecb.europa.eu/press/pr/date/โ€ฆ
ืžืŸ ื”ืฆื“ ื”ืฉื ื™, ื™ืฉ ื”ื˜ื•ืขื ื™ื ืฉื”ื‘ื ืงื™ื ื”ืžืจื›ื–ื™ื™ื ืฆืจื™ื›ื™ื ืœื—ื›ื•ืช ืขื“ ืฉื”ืจื™ื‘ื™ื•ืช ื™ืขืœื• ื•ืขื“ ืื– ื ื™ื”ื•ืœ ื”ื‘ื™ืงื•ืฉื™ื ื•ื”ืื—ืจื™ื•ืช ืขืœ ื™ืฆื™ื‘ื•ืช ื”ืžื—ื™ืจื™ื ืฆืจื™ื›ื™ื ืœื—ื–ื•ืจ ืœืžืžืฉืœื” (ืžืจื—ื™ืงื™ ื”ืœื›ืช, ื›ื“ื•ื’ืžืช ืื ืฉื™ MMT ื˜ื•ืขื ื™ื ืฉื›ืš ืฆืจื™ืš ืœื”ื™ื•ืช ืชืžื™ื“, ืœื ืจืง ื‘ืกื‘ื™ื‘ืช ืžื—ืกื•ื ื”ืืคืก, ื›ื™ื•ื•ืŸ ืฉื›ืœื™ ื”ืจื™ื‘ื™ืช ืœื ืืคืงื˜ื™ื‘ื™).
ื‘ืืžืฆืข, ื ืฉืžืขื™ื ืงื•ืœื•ืช ืœืชื™ืื•ื ืžื•ื ื™ื˜ืจื™ ืคื™ืกืงืœื™, ื‘ืคืจื˜ ื‘ื–ืžื ื™ ืžืฉื‘ืจ. ืคืจื ืฆ'ืกืงื• ื‘ื™ืื ืงื™ @Francesco_Bia , ืื•ืœื™ ื”ื—ื•ืงืจ ื”ืžื•ื‘ื™ืœ ื‘ืขื•ืœื ื›ื™ื•ื ื‘ื ื•ืฉื, ืžืฆื™ื’ ื‘ื ื™ื™ืจ ืกืงื™ืจื” ืฉืœื• ืžืกืคืจ ืžืฆื‘ื™ ืขื•ืœื - ื“ื•ืžื™ื ื ื˜ื™ื•ืช ืžื•ื ื™ื˜ืจื™ืช, ืคื™ืกืงืœื™ืช, ื•ืžืฆื‘ื™ ื—ื•ืกืจ ื”ื—ืœื˜ื” ื‘ืืžืฆืข. Image
ืœืฉื™ื˜ืชื•, ื”ืืกื˜ืจื˜ื’ื™ื” ื”ืื•ืคื˜ื™ืžืœื™ืช ื“ื•ืžื” ืœืžื” ืฉืจืื™ื ื• ื‘ืžืฉื‘ืจ ื”ืงื•ืจื•ื ื” ื‘ืืจื”"ื‘ - ื”ืžืžืฉืœื” ืžืฆื™ื’ื” ืชืงืฆื™ื‘ ื—ืจื•ื, ื•ื”ื‘ื ืง ื”ืžืจื›ื–ื™ ืชื•ืžืš ื‘ื” ื‘ืืžืฆืขื•ืช ื”ืขืœื” ื–ืžื ื™ืช ืฉืœ ื”ืื™ื ืคืœืฆื™ื”. ืื‘ืœ, ื•ื™ืฉ ืื‘ืœ ื’ื“ื•ืœ, ื”ืืกื˜ืจื˜ื’ื™ื” ื“ื•ืจืฉืช ืชื™ืื•ื ืคื•ืจืžืœื™ ื‘ื™ืŸ ืฉืชื™ ื”ืจืฉื•ื™ื•ืช.
ื”ื‘ืขื™ื” ื‘ืืกื˜ืจื˜ื’ื™ื•ืช ืชื™ืื•ื ื›ืืœื• ื”ื™ื ื›ืžื•ื‘ืŸ ืคื•ืœื™ื˜ื™ืช. ื‘ืจื’ืข ืฉืฉืชื™ ื”ืจืฉื•ื™ื•ืช - ืžื•ื ื™ื˜ืจื™ืช ื•ืคื™ืกืงืœื™ืช - ืžืชืืžื•ืช ืžื“ื™ื ื™ื•ืช, ืžื•ืคืจืช ืขืฆืžืื•ืช ื”ื‘ื ืง ื”ืžืจื›ื–ื™, ื•ืžืฉื ืขืœื•ืœ ืœื”ื’ื™ื— ืžื“ืจื•ืŸ ื—ืœืงืœืง. ืžืฆื“ ืฉื ื™, ืชื™ืื•ื "ื‘ืขื™ืŸ" ืขืœื•ืœ ืœื‘ื˜ืœ ืืช ื”ืฉืคืขืช ื”ืฆื™ืคื™ื•ืช ื›ื™ื•ื•ืŸ ืฉื™ื™ืชืคืก ื›ืœื ืืžื™ืŸ.
ื›ืฉื—ื•ืฉื‘ื™ื ืขืœ ื”ืกื™ื“ื•ืจ ื”ืžืชืื™ื, ืฆืจื™ืš ืœื—ืฉื•ื‘ ื’ื ืชืžื™ื“ ืขืœ ื”ืืœื˜ืจื ื˜ื™ื‘ื•ืช. ืชื™ืื•ื ืžื•ื ื™ื˜ืจื™-ืคื™ืกืงืœื™ ืžืกื›ืŸ ืืช ืขืฆืžืื•ืช ื”ื‘ื ืง ื”ืžืจื›ื–ื™, ืื‘ืœ ืื ื”ืืœื˜ืจื ื˜ื™ื‘ื” ื”ื™ื ื—ื•ืกืจ ืžืขืฉ ื•ืฉืคืœ ื’ื“ื•ืœ, ืื– ื›ื ืจืื” ืฉื–ื” ื™ื”ื™ื” ื›ื“ืื™ (ื›ืคื™ ืฉื ื˜ืขืŸ ืฉืงื™ื™ื ืก
ืจืฆื” ื”ืชืขืจื‘ื•ืช ืžืžืฉืœื” ื‘ื–ืžืŸ ืžื™ืชื•ืŸ ื›ื“ื™ ืœื”ืฆื™ืœ ืืช ื”ืงืคื˜ืœื™ื–ื ื•ืœื ื‘ืฉื‘ื™ืœ ืœืขื•ื“ื“ ืกื•ืฆื™ืืœื™ื–ื).
ืžื ื’ื“, ืื ืœื, ืื– ื”ืกื™ื›ื•ืŸ ื‘ืคื’ื™ืขื” ื‘ืกื™ื“ื•ืจ ื”ืขื‘ื•ื“ื” ืฉืขื‘ื“ ื›ืืžื•ืจ ื˜ื•ื‘ ืžืื•ื“ ืขื“ ื”ื™ื•ื ื’ื‘ื•ื” ืžื“ื™.

ืื– ื–ื”ื•. ื™ื•ืชืจ ืฉืืœื•ืช ืžืชืฉื•ื‘ื•ืช, ืื‘ืœ ืžืงื•ื•ื” ืฉื”ื™ื” ืžืขื ื™ื™ืŸ. ื•ื–ื” ื›ืžื• ืฉืืชื ื™ื›ื•ืœื™ื ืœื“ืžื™ื™ืŸ ืจืง ืงืฆื” ื”ืงืจื—ื•ืŸ ืฉืœ ื”ื“ื™ื•ืŸ ื”ื ืจื—ื‘ ื‘ื ื•ืฉื.
ืœืคื ื™ ืฉืืกื™ื™ื, ื”ืžืœืฆืช ืงืจื™ืื” ืื—ืจื•ื ื” ืœืžื™ ืฉืžืขื•ื ื™ื™ืŸ - ื”ืžืืžืจ ืฉืœืžืขืฉื” ืžืชืืจ ื”ื›ื™ ื˜ื•ื‘ ืœื“ืขืชื™ ืืช ื›ืœ ื ื•ืฉื ืกื™ื“ื•ืจ ื”ืขื‘ื•ื“ื”, ืื– ื•ืœืื—ืจ 2008.

ื•ื‘ื›ืœืœ, ื›ื“ืื™ ืœืขืงื•ื‘ ืื—ืจื™ @sjwrenlewis , ืื—ื“ ื”ื›ื•ืชื‘ื™ื ืฉืœ ื”ื ื™ื™ืจ, ื•ืœืขื‘ื•ืจ ืขืœ ื”ื‘ืœื•ื’ ืฉืœื• ืฉื›ื•ืœืœ ืœื ืžืขื˜ ืคื•ืกื˜ื™ื ื‘ื ื•ืฉื ื”ื–ื”.

ืกื•ืฃ. Image

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7 Oct
๐Ÿงต ืขืœ ืกื™ื›ื•ืŸ ืžืขืจื›ืชื™ ื•ืฉื•ืง ื”ืงืจื™ืคื˜ื•
ืžื˜ื‘ืข ื“ื™ื’ื™ื˜ืœื™ ื™ืฆื™ื‘, ืกื˜ื™ื™ื‘ืœืงื•ื™ืŸ, ื”ื•ื ื ื›ืก ื“ื™ื’ื™ื˜ืœื™ ืฉืžืงื ื” ืœืžื—ื–ื™ืง ื‘ื• ื–ื›ื•ืช ืœืงื‘ืœ ื ื›ืก ืื—ืจ ื‘ืžื—ื™ืจ ืงื‘ื•ืข. ื”ืกื˜ื™ื™ื‘ืœืงื•ื™ืŸ ื”ื ืคื•ืฅ ื‘ื™ื•ืชืจ ื‘ืฉื™ืžื•ืฉ ื›ื™ื•ื by far ื”ื•ื ื”ืชืช'ืจ (Tether) ืฉืžืงื•ื‘ืข ืœื“ื•ืœืจ. ืื– ื›ืžื” ืฉื•ื•ื” ืชืช'ืจ ืื—ื“? ืขืœ ืคื ื™ื• ืฉืืœื” ืžื˜ื•ืคืฉืช ื ื›ื•ืŸ? >>
ืื– ื›ื›ื” ื ืจืื” ืžื—ื™ืจื• ืฉืœ ืžื˜ื‘ืข ืชืช'ืจ ืื—ื“ ืขืœ ืคื ื™ ื–ืžืŸ. ื›ืคื™ ืฉื ื™ืชืŸ ืœืจืื•ืช, ื‘ืžืจื‘ื™ืช ื”ื–ืžืŸ ื”ื•ื ืื›ืŸ ืฉื•ื•ื” ื‘ืงื™ืจื•ื‘ ืœ-1 ื“ื•ืœืจ ืื‘ืœ ืœืคืขืžื™ื ื”ื•ื ื—ื•ืจื’ ืžื”ืขืจืš ื”ื–ื” ืžืฉืžืขื•ืชื™ืช. ืœืžื” ื–ื” ืงื•ืจื”? >>
ื”ืกื˜ื™ื™ื‘ืœืงื•ื™ื ื™ืก, ื•ื‘ืจืืฉื ื”ืชืช'ืจ, ื”ื ืฉืขืจ ื”ื›ื ื™ืกื” ืœืขื•ืœื ื”ืงืจื™ืคื˜ื• ื”-"ืจื’ื™ืœ", ื›ืœื•ืžืจ ืœืžื˜ื‘ืขื•ืช ื”ื“ื™ื’ื™ื˜ืœื™ื™ื ืฉืœื ืžื•ืฆืžื“ื™ื ืœืฉื•ื ืžื˜ื‘ืข ืื• ื ื›ืก ืื—ืจ, ื•ื‘ืจืืฉื ื”ื‘ื™ื˜ืงื•ื™ืŸ. ื›ืฉืžื™ืฉื”ื• ืจื•ืฆื” ืœืกื—ื•ืจ ื‘ืžื˜ื‘ืขื•ืช ืงืจื™ืคื˜ื• ืจื’ื™ืœื™ื ื”ื•ื ื™ื›ื•ืœ ืœื”ืฉืชืžืฉ ื‘ื“ื•ืœืจื™ื ืจื’ื™ืœื™ื ื‘ืฉืœื‘ ื”ืงื ื™ื™ื” ื•ื”ืžื›ื™ืจื” ืื‘ืœ ื–ื” ืžืื•ื“ ืžืกื•ืจื‘ืœ, ื™ืงืจ, ื•ื—ืฉื•ืฃ ืœืžืขืงื‘. >>
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