T\u00fcrkiye sermaye piyasalar\u0131nda son g\u00fcnlerde ya\u015fananlar\u0131 birka\u00e7 fonun \u00e7\u00f6k\u00fc\u015f\u00fc, birka\u00e7 y\u00f6neticinin g\u00f6zalt\u0131na al\u0131nmas\u0131 ya da m\u00fcnferit bir finansal skandal olarak okumak eksik kal\u0131r. Kar\u015f\u0131m\u0131zda, eme\u011fiyle ge\u00e7inen milyonlar\u0131n tasarruflar\u0131n\u0131 finans piyasalar\u0131n\u0131n i\u00e7ine \u00e7eken; k\u00e2r\u0131 ve servet art\u0131\u015f\u0131n\u0131 yukar\u0131da bir avu\u00e7 sermaye sahibinin elinde yo\u011funla\u015ft\u0131r\u0131rken, i\u015fler tersine d\u00f6nd\u00fc\u011f\u00fcnde riski a\u015fa\u011f\u0131ya do\u011fru yayan bir d\u00fczen var. Pusula ve Tera \u00e7evresinde a\u00e7\u0131\u011fa \u00e7\u0131kan sars\u0131nt\u0131n\u0131n gerisinde de bu mekanizma bulunuyor.<\/p>\n\n\n\n
T\u00fcrkiye kapitalizmi uzun y\u0131llar kredi geni\u015flemesine dayal\u0131 bir b\u00fcy\u00fcme modeli \u00fczerinden ilerledi. Bu modelin s\u0131n\u0131rlar\u0131 belirginle\u015ftik\u00e7e sermaye piyasalar\u0131n\u0131n \u201cderinle\u015ftirilmesi\u201d yeni bir \u00e7\u0131k\u0131\u015f yolu olarak sunuldu. Halka arzlar \u00e7o\u011fald\u0131, yat\u0131r\u0131m fonlar\u0131 b\u00fcy\u00fcd\u00fc, bireysel emeklilik yayg\u0131nla\u015ft\u0131r\u0131ld\u0131, milyonlarca insan\u0131n \u00fc\u00e7 kuru\u015fluk tasarrufu borsaya ve \u00e7e\u015fitli finansal ara\u00e7lara \u00e7ekildi. Emek\u00e7iye verilen mesaj a\u00e7\u0131kt\u0131: \u00dccretin eriyorsa paran\u0131 \u00e7al\u0131\u015ft\u0131r, emeklili\u011fin yetmeyecekse fon al, tasarrufun varsa borsaya gir. B\u00f6ylece \u00fccretlinin, emeklinin ve k\u00fc\u00e7\u00fck esnaf\u0131n gelece\u011fi giderek daha fazla finansal piyasalar\u0131n performans\u0131na ba\u011fland\u0131.<\/p>\n\n\n\n
K\u00e2\u011f\u0131t \u00fczerinde b\u00fcy\u00fcyen servet<\/p>\n\n\n\n
Marx\u2019\u0131n \u201cfiktif sermaye\u201d kavram\u0131 burada h\u00e2l\u00e2 son derece a\u00e7\u0131klay\u0131c\u0131d\u0131r. Fiktif sermaye sahte para de\u011fildir; gelecekte elde edilmesi beklenen gelirlerin bug\u00fcnden sermayele\u015ftirilmesidir. Bir hissenin, tahvilin ya da fon pay\u0131n\u0131n fiyat\u0131 y\u00fckseldi\u011finde ayn\u0131 miktarda yeni toplumsal de\u011fer yarat\u0131lm\u0131\u015f olmaz. Ancak ekrandaki rakam b\u00fcy\u00fcr ve bu b\u00fcy\u00fcme servet art\u0131\u015f\u0131 olarak alg\u0131lan\u0131r.<\/p>\n\n\n\n
Pusula ve Tera \u00e7evresindeki yap\u0131 da benzer bir geri besleme mekanizmas\u0131n\u0131n nas\u0131l \u00e7al\u0131\u015fabilece\u011fini g\u00f6sterdi. Y\u00fcksek fon getirileri yeni yat\u0131r\u0131mc\u0131lar\u0131 \u00e7ekti, sisteme giren yeni para belirli varl\u0131klar\u0131n fiyatlar\u0131n\u0131 y\u00fckseltti, y\u00fckselen fiyatlar fon getirilerini art\u0131rd\u0131 ve y\u00fcksek getiriler daha fazla yat\u0131r\u0131mc\u0131y\u0131 sisteme \u00e7ekti. Para yeni paray\u0131 \u00e7a\u011f\u0131r\u0131rken, fiyat y\u00fckseldik\u00e7e fiyat\u0131n neden y\u00fckseldi\u011fi ikinci plana d\u00fc\u015ft\u00fc.<\/p>\n\n\n\n
Bu mekanizma, yat\u0131r\u0131mc\u0131lar ayn\u0131 anda nakde d\u00f6nmek istemedi\u011fi s\u00fcrece kusursuz \u00e7al\u0131\u015f\u0131yormu\u015f gibi g\u00f6r\u00fcn\u00fcr. Oysa finansal servetin ger\u00e7ek s\u0131n\u0131r\u0131, ekrandaki rakam\u0131n ger\u00e7ekten paraya \u00e7evrilip \u00e7evrilemeyece\u011fidir. \u00c7\u0131k\u0131\u015flar ba\u015flad\u0131\u011f\u0131nda fonlar varl\u0131k satmak zorunda kal\u0131r, sat\u0131\u015flar fiyatlar\u0131 d\u00fc\u015f\u00fcr\u00fcr, fiyatlar\u0131n d\u00fc\u015fmesi fon de\u011ferlerini eritir ve yeni \u00e7\u0131k\u0131\u015flar\u0131 tetikler. D\u00fcn zenginlik \u00fcretiyormu\u015f gibi g\u00f6r\u00fcnen \u00e7ark, bu kez zarar\u0131 b\u00fcy\u00fctmeye ba\u015flar. Fiktif sermayenin b\u00fcy\u00fcs\u00fc de tam burada bozulur.<\/p>\n\n\n\n
Devlet ne zaman ortaya \u00e7\u0131k\u0131yor?<\/p>\n\n\n\n
SPK\u2019n\u0131n 17 Eyl\u00fcl 2026 tarihli kararlar\u0131 bu nedenle yaln\u0131zca teknik bir d\u00fczenleme de\u011fildir. Bir tarafta baz\u0131 fonlar\u0131n i\u015flemleri durdurulup tasfiye s\u00fcre\u00e7leri ba\u015flat\u0131l\u0131rken, di\u011fer tarafta kredili i\u015flemlerde asgari \u00f6zkaynak koruma oran\u0131n\u0131n ge\u00e7ici olarak d\u00fc\u015f\u00fcr\u00fclmesine izin verilmesi dikkat \u00e7ekicidir.<\/p>\n\n\n\n
\u0130lk bak\u0131\u015fta \u00e7eli\u015fkili g\u00f6r\u00fcnen bu iki karar, asl\u0131nda kapitalist kriz y\u00f6netiminin mant\u0131\u011f\u0131n\u0131 g\u00f6sterir. Bir yandan sorunlu kabul edilen finansal yap\u0131lar sistemden \u00e7ekilmeye \u00e7al\u0131\u015f\u0131l\u0131rken, di\u011fer yandan piyasan\u0131n genel likiditesinin daha fazla kurumas\u0131 engellenmeye \u00e7al\u0131\u015f\u0131l\u0131r. Devlet burada piyasan\u0131n kar\u015f\u0131s\u0131nda konumlanmaz; tam tersine, piyasan\u0131n yeniden \u00fcretim ko\u015fullar\u0131n\u0131 korumak \u00fczere devreye girer.<\/p>\n\n\n\n
Mesele tam da burada s\u0131n\u0131fsal hale gelir. Finansal varl\u0131klar y\u00fckselirken kazan\u00e7 \u00f6zel sermayede toplan\u0131r; fon sahipleri, \u015firket sahipleri ve b\u00fcy\u00fck yat\u0131r\u0131mc\u0131lar de\u011fer art\u0131\u015flar\u0131n\u0131 sahiplenir. Ancak sistem \u00e7\u00f6kmeye ba\u015flad\u0131\u011f\u0131nda finansal istikrar\u0131 sa\u011flama y\u00fck\u00fc kamuya d\u00fc\u015fer. Yani kazan\u00e7 \u00f6zelde kal\u0131rken, sistemin s\u00fcreklili\u011fini g\u00fcvence alt\u0131na alma sorumlulu\u011fu topluma ait kurumlar\u0131n omzuna biner.<\/p>\n\n\n\n
K\u00e2r \u00f6zelle\u015fiyor, risk toplumsalla\u015f\u0131yor<\/p>\n\n\n\n
\u201cRiskin toplumsalla\u015ft\u0131r\u0131lmas\u0131\u201d tam olarak bunu ifade eder. Bu, her \u015firket zarar\u0131n\u0131n do\u011frudan Hazine taraf\u0131ndan \u00f6denece\u011fi anlam\u0131na gelmez. Daha k\u00f6kl\u00fc bir ili\u015fkiyi tarif eder: Kazan\u00e7 d\u00f6neminde piyasa kutsald\u0131r, sermaye \u00f6zg\u00fcrd\u00fcr ve k\u00e2r \u00f6zeldir; kriz geldi\u011finde ise bir anda \u201csistemik risk\u201d, \u201cfinansal istikrar\u201d, \u201cpiyasa g\u00fcveni\u201d ve \u201clikidite ihtiyac\u0131\u201d toplumun ortak meselesi haline gelir.<\/p>\n\n\n\n
Bu y\u00fczden ya\u015fananlar\u0131 yaln\u0131zca birka\u00e7 \u201ck\u00f6t\u00fc fon y\u00f6neticisine\u201d ba\u011flamak kolayc\u0131l\u0131kt\u0131r. Devlet ve onun b\u00fcrokratlar\u0131n\u0131n bir avu\u00e7 asalakla birlikte soygunudur. Ancak birka\u00e7 ki\u015fiyi cezaland\u0131r\u0131p dosyay\u0131 kapatmak, d\u00fczenin kendisini g\u00f6r\u00fcnmez hale getiririme \u00e7abas\u0131 bo\u015funa sistem \u00e7\u00fcr\u00fcrm\u00fc\u015f, atik lime lime d\u00f6k\u00fcl\u00fcyor.<\/p>\n\n\n\n
As\u0131l sorular \u015funlard\u0131r: Bu fonlar nas\u0131l bu kadar b\u00fcy\u00fcd\u00fc? Ola\u011fan\u00fcst\u00fc getiriler hangi mekanizmalarla \u00fcretildi? Belirli hisselerdeki yo\u011funla\u015fma ne zaman fark edildi? Likidite riski hangi a\u015famada g\u00f6r\u00fcn\u00fcr hale geldi? Denetleyici kurumlar ne zaman devreye girdi? Ve en \u00f6nemlisi, finansal geni\u015flemenin nimetlerinden kimler yararlan\u0131rken riskleri kimlerin s\u0131rt\u0131na y\u00fcklendi?<\/p>\n\n\n\n
Emek\u00e7inin al\u0131n teri finans piyasas\u0131n\u0131n hammaddesi<\/p>\n\n\n\n
Finansalla\u015fman\u0131n en a\u011f\u0131r taraf\u0131 burada ortaya \u00e7\u0131kar. Sistemin yak\u0131t\u0131 g\u00f6kten inmiyor. O para, i\u015f\u00e7inin \u00fccretinden yapt\u0131\u011f\u0131 tasarruftan, emeklinin y\u0131llarca biriktirdi\u011fi paradan, k\u00fc\u00e7\u00fck esnaf\u0131n kenara koydu\u011fu \u00fc\u00e7 kuru\u015ftan, \u00e7ocu\u011funun gelece\u011fi i\u00e7in fon alan ailenin birikiminden geliyor.<\/p>\n\n\n\n
Milyonlarca insan\u0131n al\u0131n teriyle biriktirdi\u011fi k\u00fc\u00e7\u00fck mebla\u011flar finans sisteminin i\u00e7inde devasa fonlara d\u00f6n\u00fc\u015f\u00fcyor. Ancak bu para havuzunu y\u00f6netenlerin sahip oldu\u011fu bilgi, g\u00fc\u00e7 ve hareket alan\u0131yla paras\u0131n\u0131 oraya yat\u0131ran s\u0131radan yurtta\u015f\u0131n sahip oldu\u011fu g\u00fc\u00e7 ayn\u0131 de\u011fil. Bir tarafta profesyonel finans \u00e7evreleri, \u015firketler, b\u00fcy\u00fck sermaye sahipleri ve piyasan\u0131n b\u00fct\u00fcn ara\u00e7lar\u0131na eri\u015febilenler var; di\u011fer tarafta birikimini enflasyona ezdirmemeye \u00e7al\u0131\u015fan milyonlar.<\/p>\n\n\n\n
Ayn\u0131 piyasadalar, ama ayn\u0131 oyunu oynam\u0131yorlar. Birisinin kayb\u0131 bilan\u00e7o kalemidir, di\u011ferinin kayb\u0131 y\u0131llarca \u00e7al\u0131\u015farak biriktirdi\u011fi hayat\u0131d\u0131r.<\/p>\n\n\n\n
As\u0131l asalakl\u0131k burada<\/p>\n\n\n\n
Finansalla\u015fma geli\u015ftik\u00e7e \u00fcretimden ba\u011f\u0131ms\u0131z bi\u00e7imde servet elde etme beklentisi de b\u00fcy\u00fcr. Para, daha fazla para \u00fcretmek \u00fczere dola\u015f\u0131ma sokulur. Toplumsal zenginli\u011fi yaratan emek geri plana itilirken, finansal m\u00fclkiyet hakk\u0131 zenginle\u015fmenin anahtar\u0131 haline gelir.<\/p>\n\n\n\n
Asalakla\u015fma dedi\u011fimiz \u015fey de tam burada ortaya \u00e7\u0131kar: Toplumsal de\u011feri \u00fcretenlerin de\u011fil, o de\u011fer \u00fczerinde m\u00fclkiyet hakk\u0131 kurabilenlerin b\u00fcy\u00fcd\u00fc\u011f\u00fc bir d\u00fczen. Emek\u00e7inin al\u0131n teriyle olu\u015fan tasarruf havuzu yukar\u0131 do\u011fru aktar\u0131l\u0131r, olu\u015fan getiriler \u00f6zel ellerde toplan\u0131r; \u00e7ark k\u0131r\u0131ld\u0131\u011f\u0131nda ise b\u00fct\u00fcn topluma \u201cistikrar\u0131 korumam\u0131z gerekiyor\u201d denir.<\/p>\n\n\n\n
Bu nedenle bug\u00fcn sorulmas\u0131 gereken soru yaln\u0131zca \u201ckim g\u00f6zalt\u0131na al\u0131nd\u0131?\u201d ya da \u201changi \u015firket batacak?\u201d de\u011fildir. As\u0131l mesele, bu \u00fclkede \u00fcretilen serveti kimin yaratt\u0131\u011f\u0131, kimin sahiplendi\u011fi ve sistem \u00e7\u00f6kt\u00fc\u011f\u00fcnde faturan\u0131n kime kesildi\u011fidir.<\/p>\n\n\n\n
Ortada teknik bir finans meselesinden daha fazlas\u0131 var. Bu, do\u011frudan bir s\u0131n\u0131f meselesidir. Halk\u0131n tasarruflar\u0131n\u0131n finansal sermayenin hammaddesine d\u00f6n\u00fc\u015ft\u00fcr\u00fcld\u00fc\u011f\u00fc, servet art\u0131\u015f\u0131n\u0131n yukar\u0131da topland\u0131\u011f\u0131, riskin ise a\u015fa\u011f\u0131ya da\u011f\u0131t\u0131ld\u0131\u011f\u0131 bir d\u00fczenden s\u00f6z ediyoruz. Milyonlar\u0131n eme\u011fiyle yarat\u0131lan zenginli\u011fin \u00fczerinde k\u00fc\u00e7\u00fck bir az\u0131nl\u0131k s\u00f6z sahibi olurken, milyonlara giderek daha fazla risk ta\u015f\u0131mas\u0131 \u00f6\u011f\u00fctleniyor.<\/p>\n\n\n\n
Bug\u00fcnk\u00fc fon krizi bu d\u00fczenin kazas\u0131 de\u011fil, nas\u0131l i\u015fledi\u011fini g\u00f6r\u00fcn\u00fcr hale getiren \u00e7atlaklardan biridir. Ve o \u00e7atla\u011f\u0131n i\u00e7inden g\u00f6r\u00fcnen \u015fey a\u00e7\u0131kt\u0131r: \u00c7ark d\u00f6nerken kazan\u00e7 sermayenin, \u00e7ark k\u0131r\u0131ld\u0131\u011f\u0131nda fatura halk\u0131nd\u0131r.<\/p>\n","protected":false},"excerpt":{"rendered":"
T\u00fcrkiye sermaye piyasalar\u0131nda son g\u00fcnlerde ya\u015fananlar\u0131 birka\u00e7...<\/p>\n","protected":false},"author":3,"featured_media":10623,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7,29],"tags":[],"manset":[],"bilesen":[],"class_list":["post-10622","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-makaleler","category-manset"],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/kolektifmucadele1.org\/index.php\/wp-json\/wp\/v2\/posts\/10622","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/kolektifmucadele1.org\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/kolektifmucadele1.org\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/kolektifmucadele1.org\/index.php\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/kolektifmucadele1.org\/index.php\/wp-json\/wp\/v2\/comments?post=10622"}],"version-history":[{"count":1,"href":"https:\/\/kolektifmucadele1.org\/index.php\/wp-json\/wp\/v2\/posts\/10622\/revisions"}],"predecessor-version":[{"id":10624,"href":"https:\/\/kolektifmucadele1.org\/index.php\/wp-json\/wp\/v2\/posts\/10622\/revisions\/10624"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/kolektifmucadele1.org\/index.php\/wp-json\/wp\/v2\/media\/10623"}],"wp:attachment":[{"href":"https:\/\/kolektifmucadele1.org\/index.php\/wp-json\/wp\/v2\/media?parent=10622"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/kolektifmucadele1.org\/index.php\/wp-json\/wp\/v2\/categories?post=10622"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/kolektifmucadele1.org\/index.php\/wp-json\/wp\/v2\/tags?post=10622"},{"taxonomy":"manset","embeddable":true,"href":"https:\/\/kolektifmucadele1.org\/index.php\/wp-json\/wp\/v2\/manset?post=10622"},{"taxonomy":"bilesen","embeddable":true,"href":"https:\/\/kolektifmucadele1.org\/index.php\/wp-json\/wp\/v2\/bilesen?post=10622"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}