kerapuhan sistem finansial kapitalis

7/25/2019 Kerapuhan Sistem Finansial Kapitalis

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KERAPUHAN SISTEM FINANSIAL KAPITALIS*

Oleh : H. Dwi Condro Triono, SP., M.A**

!. PENDAHULUAN

A"#i$i#%& e"ono'i &en%n#i%&% (er)#%r d%l%' d% "elo')o" )%&%r. P%&%r +%n

)er#%'% di&e(# )%&%r (%r%n, +%n #erdiri d%ri )%&%r (%r%n d%n %&%. P%&%r

+%n "ed% di&e(# )%&%r -%"#or )rod"&i, +%n #erdiri d%ri )%&%r l%h%n,

)%&%r #en%% "er% d%n )%&%r "e%n%n. Ke(er%d%%n )%&%r -%"#or )rod"&i

#en# &%% %d%l%h n#" 'end"n "e(er%d%%n )%&%r (%r%n.

N%'n, d%l%' )er"e'(%n%n &ie' e"ono'i "%)i#%li&'e, %d% )%&%r &%l%h &%#

d%ri )%&%r -%"#or )rod"&i +%n 'en%l%'i )er"e'(%n%n #er%'%# )e&%#. P%&%r

#er&e(# #id%" l%in %d%l%h )%&%r "e%n%n %#% +%n (i%&% di"en%l den%n

-in%ni%l '%r"e#. Pe&%#n+% )er"e'(%n%n )%&%r ini (%h"%n &%')%i

'en%"i(%#"%n )%&%r ini #erle)%& d%ri ind"n+%, "e'di%n 'en%di )%&%r +%n

(er"e'(%n &endiri. Ke(er%d%%n )%&%r ini "e'di%n di"en%l den%n )%&%r non

riil, &e(%%i l%w%n d%ri )%&%r riil %#% )%&%r (%r%n.

Ke(er%d%%n )%&%r "e%n%n ini (er"e'(%n den%n &%n%# l%& d%n &%n%#

"o')le"&, &ehin% 'en%di &e(%h )%&%r +%n (er%l%n den%n &e(%h

'e"%ni&'e %#% &ie' +%n #er%'%# r'i#. Sie' ini "e'di%n di"en%l den%n

&ie' -in%n&i%l/"e%n%n 0-in%ni%l &+e'1.

Un#" 'e'%h%'i "e(er%d%%n &ie' ini 'e'%n #id%" 'd%h. N%'n, d%)%# "i#%

'l%i den%n )ende"%#%n -ilo&o-i +%n )%lin &ederh%n%, +%i# di'l%i den%n'e'%h%'i h%"i"%# d%ri )%&%r %n i# &endiri.

Se#el%h "i#% 'e'%h%'i &e%r% &e"il%& #en#%n &el" (el" d%ri )%&%r %n

#er&e(#, (%rl%h "i#% %"%n 'e'(%h%& &e%r% %%" le(ih 'end%l%', 'en%)%

&ie' "e%n%n d%l%' &ie' e"ono'i "%)i#%li&'e #er&e(# &%n%#l%h r%)h

d%n &en%n#i%&% 'en%di &'(er "ri&i& e"ono'i.

2. PEN3ERTIAN PASAR UAN3


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Un#" 'e'%h%'i %)% +%n di'%"&d den%n )%&%r %n, "i#% h%r& 'e'%h%'i

#erle(ih d%hl %)% +%n di'%"&d den%n )%&%r 'enr# #eori e"ono'i. P%&%r

'enr# #eori e"ono'i )%&%r %d%l%h &e%l% h%l +%n 'en%") (er(%%i

)er#e'%n %n#%r% )er'in#%%n d%n )en%w%r%n.

D%ri de-ini&i )%&%r #er&e(#, &e"%r%n "i#% d%)%# 'e'%h%'i %)% +%n di'%"&d

den%n )%&%r %n. 4i"% d%l%' )%&%r &e%r% '' 'en%") &e'% #r%n&%"&i,

'%"% di d%l%' )%&%r %n, +%n di#r%n&%"&i"%n %d%l%h h%" n#" 'enn%"%n

%n 0n#" di(el%n%"%n (%r%n d%n %&%1 n#" %n"% w%"# #er#en#

05oediono, !6621.

D%l%' )%&%r #er&e(# %"%n #er%di #r%n&%"&i )in%'7'e'in%' d%n% +%n'eni'(l"%n h(n%n h#%n7)i#%n. Sed%n"%n 8(%r%n8 +%n di#r%n&%"&i"%n

#id%" l%in %d%l%h &e%ri" "er#%& (er)% 8&r%# h#%n8. Sel%n#n+%, or%n

+%n 'e'in%' %n di&e(# de(i#r, +%i# or%n +%n 'en%l &r%# #%nn+%

"e)%d% 'e'in%'"%n %n %#% "redi#r.

Sel%n#n+%, d%l%' #r%n&%"&i #er&e(# #en# %"%n 'enh%&il"%n 8h%r%8. A)%

+%n di'%"&d d%ri h%r% #er&e(#9 8H%r%8 %d%l%h h%r% )enn%%n %n

#er&e(# n#" %n"% w%"# #er#en#. H%r% #er&e(# din+%#%"%n d%l%' )er&en

01 )er &%#%n w%"# #er#en#. H%r% #er&e(# di&e(# den%n &" (n%

0#in"%# (n%1. 5n% #er&e(# d%)%# di%n%) &e(%%i 8&ew%8 %#%&

)enn%%n %n #er&e(# d%l%' %n"% w%"# #er#en#.

D%ri )ener#i%n )%&%r %n #er&e(#, '%"% "i#% d%)%# 'e'%h%'i h%"i"%# d%ri

%n 'enr# )%nd%n%n e"ono'i "%)i#%li&'e. U%n +%n (ered%r di

#en%h7#en%h "i#%, +%n (i%&% di"en%l den%n %n #n%i &e&nhn+% %d%l%h

%n +%n di#"%r den%n &r%# h#%n.

U%n #n%i #er&e(# &e&nhn+% %d%l%h )ener#i%n d%ri %n d%l%' %r#i +%n

)%lin &e')i#, +%i# %n "%r#%l %#% rren+ 0C1. Sed%n"%n wd %n

+%n l%in, d%l%' )ener#i%n +%n le(ih l%& di"en%l &e(%%i (eri"#:

M! ; C < DD 0de'%nd de)o&i#&/%n ir%l1

M2 ; M! < TD 0#i'e de)o&i#&1 < SD 0&%$in& de)o&i#&1


3/7

M= ; M2 < >M 0?%&i 'one+1

L ; #o#%l li?idi#+, 'en%") &e'% %l%#7%l%# +%n @li"id +%n %d% di

'%&+%r%"%#.

Sed%n"%n (il% di#in% d%ri )er%nn+% 'eni)#%"%n %n +%n (ered%r di

#en%h '%&+%r%"%#, '%"% di"en%l %d% #i% )el%" #%'%, +%i#:

!. O#ori#% Mone#er, +%i# )ih%" +%n 'e')n+%i )er%n &e(%%i &'(er %w%ld%ri #eri)#%n+% %n (ered%r +%n 'er)%"%n &'(er @)en%w%r%n 0&))l+1

%n "%r#%l 0C1 n#" 'e'enhi @)er'in#%%n '%&+%r%"%# d%n &'(er

@)en%w%r%n +%n di(#h"%n le'(%% "e%n%n d%l%' (en#" %d%n%n (%n"

0(%n" re&er$e& 0R1.

2. Le'(%% "e%n%n 0(%n" dll1, +%i# )ih%" +%n 'en%di &'(er )en%w%r%n

%n ir%l 0DD1, de)o&i#o (er%n"% 0TD1, &i')%n%n #%(n%n 0SD1 d%n %"#i$%

"e%n%n l%in +%n @di'in#% '%&+%r%"%#.

=. M%&+%r%"%# %d%l%h "on&'en #er%"hir d%ri %n #eri)#% +%n din%"%n

n#" 'e')erl%n%r "ei%#%n )rod"&i, "on&'&i d%n )er#"%r%n 'ere"%.

III. KERAPUHAN SISTEM FINANSIAL KAPITALIS

Se#el%h "i#% 'e'%h%'i &e"il%& #en#%n )%&%r %n, #i(%l%h &%%#n+% (%i "i#%

n#" 'elih%# "er%)h%n d%ri &ie' )%&%r "e%n%n +%n #el%h dii)#%"%n

oleh &ie' e"ono'i "%)i#%li&'e #er&e(#. Ad% (%n+%" -%"#or +%n 'en+e(%("%n

&ie' "e%n%n #er&e(# 'en%di &%n%# r%)h, &ehin% &en%n#i%&%

'e'nl"%n )ro(le' (%i &ie' e"ono'i &e%r% "e&elrh%n. Pro(le' e"ono'i

+%n &en%n#i%&% iden#i" den%n &ie' "e%n%n (i%&% di"en%l den%n iil%h

in-l%&i.

P%lin #id%" %d% B -%"#or +%n 'en+e(%("%n &ie' "e%n%n ini &%n%# r%)h,

&ehin% &el%l 'eni'(l"%n '%&%l%h d%l%' e"ono'i, (%h"%n #id%" %r%n #el%h


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'en%di &'(er #%'% #er%din+% "ri&i&7"ri&i& (e&%r e"ono'i dni%. Keli'%

-%"#or #er&e(# +%i#:

!. Ke(er%d%%n Seinor%e

Ken#n%n +%n di)eroleh d%ri )ene#%"%n '%#% %n di"en%l den%n iil%h

&einor%e 0Hi-r7R%(, 22 K%ri', 221. Ken#n%n +%n 'd%h did%)%#

d%ri )ene#%"%n '%#% %n inil%h +%n %"%n 'endoron (%i )e'erin#%h n#"

'ene#%" '%#% %n #%n)% "end%li, &ehin% (i&% 'el%')%i )eneri'%%n

%n%r%n )end%)%#%n )e'erin#%h. Ke(i%"%n ini (i%&% di"en%l den%n iil%h

%n%r%n de-i&i#. Ke(i%"%n %n%r%n de-i&i# d%ri )e'erin#%h (i%&%n+% %"%n

di##) den%n h#%n %#% den%n 'ene#%" %n (%r 0T%'(n%n, !661. 4i"%

)ene#%"%n %n (%r ini #er& dil%""%n, h%l ini #en# %"%n 'en+e(%("%n

#er%din+% in-l%&i +%n (er#er&%n.

2. Ke(er%d%%n Sie' C%d%n%n Se(%i%n 0Fr%#ion%l Re&er$e S+e'1

Ad%n+% "e#en#%n &ie' %d%n%n &e(%i%n 0-r%#ion%l re&er$e &+e'1, 5%n"

U'' di(eri "ewen%n%n +%n (e&%r n#" 'eli)%#%nd%"%n %n 0Ro#h(%rd,

2G1. Sie' %d%n%n &e(%i%n 'e'(eri"%n "ewen%n%n )%d% 5%n" U'' n#"

'eni)#%"%n 8%n (%r8 'el%li h#%n 0"redi#1 'ele(ihi %n riil +%n

di&i')%n. 4'l%h 8%n (%r8 +%n d%)%# dili)%#%nd%"%n 'el%li h#%n oleh

(%n" %"%n 'eni"#i r'& ''n+%, +%i# 0S"irno, 21: PU ; D 0!/FR1

di'%n% PU: Pen%nd%%n U%n D: De)o&i#o FR: Fr%#ion%l Re&er$e.

Se(%%i on#oh, i"% 'l%h %d%n%n +%n di&+%r%#"%n di'ili"i &e#i%) (%n"

%d%l%h !, den%n 'l%h de)o&i# R). ! 'il+%r, (%n" %"%n d%)%#

'en%nd%"%n 'l%h de)o&i# 'en%di R).! 'il+%r. Ad%n+% "ewen%n%n d%ri

&elrh (%n" '' n#" 'el%""%n )ro&e& )en%nd%%n %n ini el%& %"%n'd%h 'eni'(l"%n in-l%&i.

=. Ke(er%d%%n S" 5n%

Pene#%)%n &" (n% +%n (er&i-%# )%i 0-i r%#e1 den%n #%n)%

'e')er#i'(%n"%n re&i"o (i&ni&, #ern+%#% #el%h 'eni'(l"%n d%')%" (r" +%n

l%r (i%&% (%i )ere"ono'i%n. Kri&i& e"ono'i +%n 'el%nd% dni% #%hn 2&il%' d%)%# 'en%di on#oh n+%#% n#" 'elih%# (e#%)% (r"n+% )enn%%n

&ie' (n% #e#%) ini. Kri&i& e"ono'i dni% +%n (%n+%" di)i oleh &"%nd%l


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&()ri'e 'or#%e di AS, #ern+%#% (er%w%l d%ri 8)er'%in%n8 &" (n% ini.

J. Ke(er%d%%n Mo#i- S)e"l%&i

Ke(er%d%%n &" (n% &el%in %"%n (erd%')%" (r" "e)%d% )ere"ono'i%n,

#ern+%#% % %"%n 'en+e(%("%n "en%%n %n &e'%"in %h d%ri h%"i"%# +%n

&e(en%rn+%. M%#% %n %"hirn+% le(ih (%n+%" din%"%n &e(%%i %l%# "o'odi#i

+%n d%)%# di)er%l(eli"%n, d%ri din%"%n &e(%%i %l%# #"%r n#"

"e)erl%n &e"#or e"ono'i +%n riil. Per(%h%n "en%%n '%#% %n #er&e(#

#el%h 'e')er(e&%r #er%din+% )r%"#i"7)r%"#i" &)e"l%&i d%n &el%n#n+% %"%n

'en%"i(%#"%n #er%din+% e"&)%n&i )er'in#%%n '%#% %n 0'one+ de'%nd1 +%n

e)%# n#" "e)erl%n7"e)erl%n +%n #id%" )rod"#i- 0Sire%r, 2!1.

H%l inil%h 'en+e(%("%n %n #'(h den%n e)%# )%d% %"#i$i#%& di &e"#or

#er&e(#. H%n+% &e"i#%r B &%% d%ri )ered%r%n %n #er&e(# +%n

(en%r7(en%r n#" "e)erl%n &e"#or riil. U%n d%n dere$%&in+% d%)%# #'(h

"%li le(ih (e&%r di(%ndin n#" "e)erl%n di &e"#or riil. Feno'en%

inil%h +%n d%)%# 'en+e(%("%n #er%din+% (((le eono'+, +%n &ew%"#7w%"#

d%)%# 'eled%" d%n 'en+e(%("%n #er%din+% "ri&i& e"ono'i 0Le%ri, 2B1.

B. Ke(er%d%%n Sie' Nil%i T"%r 0Kr&1 M%#% U%n

Penn%%n '%#% %n +%n (er(ed%7(ed% )%d% &e#i%) ne%r% %"%n 'eni'(l"%n

%d%n+% &ie' nil%i #"%r '%#% %n 0eh%ne r%#e1 %#% le(ih di"en%l

den%n iil%h "r& '%#% %n 0P%&&, Lowe& D%$ie&, !66J K%ri', 221.

Ad%n+% )er(ed%%n "r& '%#% %n inil%h +%n 'en+e(%("%n #er%din+%

$ol%#ili#%& nil%i #"%r +%n #ini. Pen%rh "r& #er&e(# &el%n#n+%

#en# %"%n (erd%')%" )%d% "iner% )erd%%n%n in#ern%&ion%l. Se(%(, &e#i%)

#er%di )er(%h%n nil%i '%#% %n, #en# %"%n 'e')en%rhi h%r% d%n d%+%&%in )rod" &%# ne%r% di )%&%r%n in#ern%&ion%l 0Dorn(&h, Fi&her

S#%r#, !66 Mi&h"in, 2!1.

I. SISTEM FINANSIAL ISLAM

Di d%l%' &ie' e"ono'i I&l%', di&%')in (eri&i #en#%n %#r%n7%#r%n

e"ono'i di &e"#or riil, #en# % %d% )en%#r%n d%l%' &ie' "e%n%nn+%.5%nn%n d%&%r d%ri &ie' "e%n%n I&l%' %d%l%h (%hw% I&l%' 'ew%i("%n (%i

ne%r% n#" 'ene#%" '%#% %n +%n #er(%# d%ri e'%& d%n )er%". N%'n


6/7

de'i"i%n, di&%')in %d%n+% "ew%i(%n d%l%' )ene#%"%n '%#% %n e'%& d%n

)er%" (%i ne%r% #er&e(#, I&l%' % 'e'(eri"%n "e#en#%n (%i ne%r%

n#" 'el%""%n )en%%%n #erh%d%) '%#% %n #er&e(# %%r )enn%%nn+%

&en%n#i%&% &e&%i den%n %#r%n &+%r%, +%i#:

!. H%n+% 'enn%"%n '%#% %n &e(%%i %l%# #"%r d%n %l%# (er%%7%% &%%

0#id%" n#" %"#i$i#%& &)e"l%&i1.

2. %i( 'e'n# %"%# '%%l "e %#%& h%r#% "e"%+%%n 0#er'%&" di d%l%'n+%

%d%l%h '%#% %n +%n di&i')%n1, +%n &d%h &%')%i ni&ho( d%n h%ln+%.

=. L%r%n%n 'eni'(n '%#% %n 0"%nl '%%l1, +%i# 'en+i')%n %n #%n)% %d%h%%# #er#en# n#" )e'(el%n%%nn+%.

J. L%r%n%n 'en%'(il ri(% n%&hi%h 0ri(% d%l%' #%n7)i#%n1.

B.L%r%n%n 'en%'(il ri(% -%dhl 0ri(% d%l%' #"%r7'en"%r %#% %l (eli

)%d% (%r%n #er#en# +%n #el%h di#e#%)"%n oleh &+%r%, &e)er#i: %l (eli

'%#% %n, &%h%' d&(. &e%r% #id%" "on#%n d%n #id%" (er%d% di #e')%#1.

. L%r%n%n %l (eli +%n 'en%ndn n&r di 0'%+&ir1, +%i#: %l (eli

'%#% %n, &%h%' d&(. +%n 'en%ndn n&r &)e"l%&i d%n dil%""%n &e%r%

#id%" "on#%n d%n #id%" (er%d% di #e')%#.

G.L%r%n%n %l (eli (%r%n d%n %&% +%n h%r%' 0#%(dir1.

. L%r%n%n 'enn%"%n h%r#% n#" (er-o+%7-o+% 0#%ri-1.

6. L%r%n%n n#" "i"ir 0#%?#ir1 d%l%' 'e'(el%n%"%n h%r#%n+%.

. PENUTUP


7/7

De'i"i%nl%h )enel%&%n &e"il%& #en#%n "er%)h%n d%ri &ie' -in%n&i%l +%n

(er%&%l d%ri &ie' e"ono'i "%)i#%li&'e, &er#% &ol&in+% 'enr# &ie'

e"ono'i I&l%'. %l%)n &%n%# &in"%#, &e'o% d%)%# 'e'(eri %'(%r%n %w%l

(%i ''%# I&l%' d%l%' 'enelol% &ie' "e%n%nn+%.

Ten# "%i%n ini #id%" (oleh (erhen#i &%')%i di &ini. Se'o% ''%# I&l%'

&en%n#i%&% #erdoron n#" #er& 'en"%i d%n 'en+o&i%li&%&i"%n &ie'

"e%n%n I&l%' #er&e(#, &ehin% ''%# d%)%# &eer% 'en%di &%d%r d%n '%

&eer% "e'(%li "e)%d% &ie' "e%n%n I&l%' "h&&n+%, d%n &e%r% '' #en#

% %"%n (er"en%n n#" "e'(%li )%d% )en%#r%n "ehid)%n I&l%' &e%r%

'en+elrh. A'in.

; ; ; ; ;

kerapuhan sistem finansial kapitalis

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