{"id":9179,"date":"2026-04-24T21:45:47","date_gmt":"2026-04-24T21:45:47","guid":{"rendered":"https:\/\/fx.aradico.sa\/?p=9179"},"modified":"2026-04-24T21:45:47","modified_gmt":"2026-04-24T21:45:47","slug":"%d8%a7%d9%84%d8%af%d9%8a%d9%86-%d8%a7%d9%84%d8%ad%d9%83%d9%88%d9%85%d9%8a-%d9%84%d9%8a%d8%b3-%d9%83%d9%85%d8%a7-%d9%8a%d8%aa%d8%b5%d9%88%d8%b1%d9%87-%d8%a7%d9%84%d9%85%d8%aa%d8%b4%d8%a7%d8%a6%d9%85","status":"publish","type":"post","link":"https:\/\/fx.aradico.sa\/?p=9179","title":{"rendered":"\u0627\u0644\u062f\u064a\u0646 \u0627\u0644\u062d\u0643\u0648\u0645\u064a: \u0644\u064a\u0633 \u0643\u0645\u0627 \u064a\u062a\u0635\u0648\u0631\u0647 \u0627\u0644\u0645\u062a\u0634\u0627\u0626\u0645\u0648\u0646"},"content":{"rendered":"<p><br \/>\n<\/p>\n<div dir=\"rtl\">\n<p dir=\"rtl\">\u0643\u0644 \u0628\u0636\u0639 \u0633\u0646\u0648\u0627\u062a\u060c \u064a\u0643\u062a\u0634\u0641 \u0634\u062e\u0635 \u0645\u0627 \u0623\u0646 \u062d\u0643\u0648\u0645\u0629 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src=\"https:\/\/d1-invdn-com.investing.com\/content\/pice1934e51620b8121f8a04969d00f9e0b.png\" alt=\"Wynney Godley Remarks\" align=\"bottom\" border=\"0\"\/><\/p>\n<p dir=\"rtl\">\u0643\u0645\u0627 \u0646\u0627\u0642\u0634\u0646\u0627 \u0641\u064a <strong><em>&#8220;<span translate=\"no\">\u0646\u0645\u0648 \u0627\u0644\u0645\u0639\u0631\u0648\u0636 \u0627\u0644\u0646\u0642\u062f\u064a\u060c \u0623\u0637\u0631\u0648\u062d\u0629 \u0628\u0647\u0627 \u0639\u064a\u0628 \u0642\u0627\u062a\u0644,<\/span>&#8220;<\/em><\/strong> \u0647\u0630\u0627 \u0627\u0644\u0641\u0647\u0645 \u0645\u0647\u0645 \u0644\u0644\u063a\u0627\u064a\u0629. <strong>\u0627\u0644\u062f\u064a\u0648\u0646 \u0648\u0627\u0644\u0639\u062c\u0632 \u0644\u064a\u0633\u062a \u0645\u062f\u0645\u0631\u0629 \u0628\u0637\u0628\u064a\u0639\u062a\u0647\u0627.<\/strong> \u0641\u0647\u064a \u062a\u0645\u0648\u0644 \u0627\u0644\u0625\u0646\u0641\u0627\u0642 \u0627\u0644\u0630\u064a \u064a\u0635\u0628\u062d \u062f\u062e\u0644\u0627\u064b 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\u0641\u064a \u0643\u0644 \u0645\u0631\u0629 \u0627\u062a\u0633\u0639 \u0641\u064a\u0647\u0627 \u0639\u062c\u0632 \u0627\u0644\u062d\u0643\u0648\u0645\u0629\u060c \u0643\u0645\u0627 \u062d\u062f\u062b \u062e\u0644\u0627\u0644 \u0631\u0643\u0648\u062f 2001 \u0648\u0623\u0632\u0645\u0629 2008 \u0648\u062c\u0627\u0626\u062d\u0629 2020\u060c \u062a\u0648\u0633\u0639 \u0641\u0627\u0626\u0636 \u0627\u0644\u0642\u0637\u0627\u0639 \u0627\u0644\u062e\u0627\u0635 \u0628\u0645\u0642\u062f\u0627\u0631 \u0645\u062a\u0633\u0627\u0648\u064d \u062a\u0642\u0631\u064a\u0628\u0627\u064b. \u0647\u0630\u0627 \u0627\u0644\u0627\u0631\u062a\u0628\u0627\u0637 \u0627\u0644\u0639\u0643\u0633\u064a \u0644\u064a\u0633 \u0635\u062f\u0641\u0629\u061b \u0625\u0646\u0647\u0627 \u0627\u0644\u0645\u0639\u0627\u062f\u0644\u0629 \u0641\u064a \u0627\u0644\u0639\u0645\u0644. \u0639\u0646\u062f\u0645\u0627 \u0623\u062c\u0628\u0631 \u0635\u0627\u0646\u0639\u0648 \u0627\u0644\u0633\u064a\u0627\u0633\u0627\u062a \u0627\u0644\u062d\u0643\u0648\u0645\u0629 \u0639\u0644\u0649 \u0627\u0644\u0641\u0627\u0626\u0636 \u0641\u064a \u0623\u0648\u0627\u062e\u0631 \u0627\u0644\u062a\u0633\u0639\u064a\u0646\u064a\u0627\u062a\u060c \u062f\u064f\u0641\u0639 \u0627\u0644\u0642\u0637\u0627\u0639 \u0627\u0644\u062e\u0627\u0635 \u0625\u0644\u0649 \u0627\u0644\u0639\u062c\u0632. <strong>\u0643\u0627\u0646\u062a \u0645\u0648\u062c\u0629 \u0627\u0644\u062f\u064a\u0648\u0646 \u0627\u0644\u062e\u0627\u0635\u0629 \u062a\u0644\u0643 \u0645\u062d\u0631\u0643\u0627\u064b \u0631\u0626\u064a\u0633\u064a\u0627\u064b \u0644\u0644\u0623\u0632\u0645\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0639\u0627\u0645 2008.<\/strong><\/p>\n<p dir=\"rtl\">\u064a\u0642\u0648\u062f\u0646\u0627 \u0647\u0630\u0627 \u0623\u064a\u0636\u0627\u064b \u0625\u0644\u0649 \u0639\u064a\u0628 \u0631\u0626\u064a\u0633\u064a \u0622\u062e\u0631 \u0641\u064a \u0627\u0644\u0623\u0637\u0631\u0648\u062d\u0629 \u0627\u0644\u0645\u0633\u062a\u0645\u0631\u0629 <strong><em>\u0644\u0640&#8221;\u062f\u0639\u0627\u0629 \u0627\u0644\u0643\u0627\u0631\u062b\u0629 \u0627\u0644\u062f\u0627\u0626\u0645\u064a\u0646&#8221;<\/em><\/strong>. \u064a\u0642\u0644\u0642 \u0627\u0644\u0645\u0642\u0627\u0644 \u0628\u0634\u0623\u0646 <em>&#8220;\u0627\u0644\u062f\u064a\u0646 \u0644\u0643\u0644 \u062f\u0627\u0641\u0639 \u0636\u0631\u0627\u0626\u0628&#8221;<\/em> \u0627\u0644\u0630\u064a \u064a\u062a\u062c\u0627\u0648\u0632 350,000 \u062f\u0648\u0644\u0627\u0631. <strong>\u0647\u0630\u0627 \u0627\u0644\u0645\u0642\u064a\u0627\u0633 \u0644\u0627 \u064a\u0639\u0646\u064a \u0634\u064a\u0626\u0627\u064b \u062f\u0648\u0646 \u0627\u0644\u062c\u0627\u0646\u0628 \u0627\u0644\u0645\u0642\u0627\u0628\u0644 \u0645\u0646 \u0627\u0644\u0623\u0635\u0648\u0644.<\/strong> \u0643\u0644 \u062f\u0648\u0644\u0627\u0631 \u0645\u0646 \u0647\u0630\u0627 \u0627\u0644\u0631\u0642\u0645 \u0647\u0648 \u0641\u064a \u0627\u0644\u0648\u0642\u062a \u0646\u0641\u0633\u0647 \u0623\u0635\u0644 \u0641\u064a \u0627\u0644\u0645\u064a\u0632\u0627\u0646\u064a\u0629 \u0627\u0644\u0639\u0645\u0648\u0645\u064a\u0629 \u0644\u0634\u062e\u0635 \u0645\u0627. \u0623\u0644\u063a\u0650 \u0627\u0644\u062f\u064a\u0646 \u0627\u0644\u0642\u0648\u0645\u064a \u063a\u062f\u0627\u064b\u060c \u0648\u0633\u062a\u0644\u063a\u064a \u0641\u064a \u0627\u0644\u0648\u0642\u062a \u0646\u0641\u0633\u0647 28 \u062a\u0631\u064a\u0644\u064a\u0648\u0646 \u062f\u0648\u0644\u0627\u0631 \u0645\u0646 \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0627\u0644\u062a\u064a \u064a\u062d\u062a\u0641\u0638 \u0628\u0647\u0627 \u0627\u0644\u0645\u062f\u062e\u0631\u0648\u0646 \u0648\u0635\u0646\u0627\u062f\u064a\u0642 \u0627\u0644\u062a\u0642\u0627\u0639\u062f \u0648\u0627\u0644\u0627\u062d\u062a\u064a\u0627\u0637\u064a \u0627\u0644\u0641\u064a\u062f\u0631\u0627\u0644\u064a.<\/p>\n<p dir=\"rtl\">\u0627\u0644\u0622\u0646\u060c \u0647\u0630\u0647 \u0633\u062a\u0643\u0648\u0646 \u0623\u0632\u0645\u0629 \u0645\u0627\u0644\u064a\u0629.<\/p>\n<h2 id=\"h-the-balance-sheet-everyone-ignores\"><strong>\u0627\u0644\u0645\u064a\u0632\u0627\u0646\u064a\u0629 \u0627\u0644\u0639\u0645\u0648\u0645\u064a\u0629 \u0627\u0644\u062a\u064a \u064a\u062a\u062c\u0627\u0647\u0644\u0647\u0627 \u0627\u0644\u062c\u0645\u064a\u0639<\/strong><\/h2>\n<p dir=\"rtl\">\u0636\u0639 \u0641\u064a \u0627\u0639\u062a\u0628\u0627\u0631\u0643 \u062a\u0634\u0628\u064a\u0647\u0627\u064b \u0645\u0646\u0632\u0644\u064a\u0627\u064b \u0642\u0628\u0644 \u0623\u0646 \u0646\u0646\u0638\u0631 \u0625\u0644\u0649 \u0627\u0644\u0623\u0631\u0642\u0627\u0645. \u0645\u062d\u062a\u0631\u0641 \u064a\u0643\u0633\u0628 100,000 \u062f\u0648\u0644\u0627\u0631 \u0633\u0646\u0648\u064a\u0627\u064b \u0644\u062f\u064a\u0647 \u0631\u0647\u0646 \u0639\u0642\u0627\u0631\u064a \u0628\u0642\u064a\u0645\u0629 300,000 \u062f\u0648\u0644\u0627\u0631. \u0648\u0641\u0642\u0627\u064b \u0644\u0645\u0646\u0637\u0642 \u0645\u0642\u0627\u0644 RealClearMarkets\u060c \u0641\u0625\u0646 \u0647\u0630\u0627 \u0627\u0644\u0634\u062e\u0635 \u0645\u0639\u0633\u0631 \u0628\u0634\u0643\u0644 \u0643\u0628\u064a\u0631\u060c \u062d\u064a\u062b \u0623\u0646 \u0627\u0644\u062f\u064a\u0646 \u064a\u0628\u0644\u063a \u062b\u0644\u0627\u062b\u0629 \u0623\u0636\u0639\u0627\u0641 \u0627\u0644\u062f\u062e\u0644 \u0627\u0644\u0633\u0646\u0648\u064a. \u0644\u0643\u0646 \u0644\u0627 \u064a\u0648\u062c\u062f \u0645\u0635\u0631\u0641\u064a \u0641\u064a \u0623\u0645\u0631\u064a\u0643\u0627 \u0633\u064a\u0635\u0641 \u062a\u0644\u0643 \u0627\u0644\u0623\u0633\u0631\u0629 \u0628\u0627\u0644\u0625\u0641\u0644\u0627\u0633. \u0644\u0645\u0627\u0630\u0627\u061f \u0644\u0623\u0646 \u0627\u0644\u0631\u0647\u0646 \u0627\u0644\u0639\u0642\u0627\u0631\u064a \u0645\u062f\u0639\u0648\u0645 \u0628\u0623\u0635\u0644. \u0625\u0630\u0627 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\u0627\u0644\u0645\u0633\u062a\u0645\u0631 <em>\u0644\u0640&#8221;\u062f\u0639\u0627\u0629 \u0627\u0644\u0643\u0627\u0631\u062b\u0629&#8221;<\/em> \u062d\u0648\u0644 \u0645\u0633\u062a\u0648\u064a\u0627\u062a \u0627\u0644\u062f\u064a\u0646 \u0647\u064a \u0623\u0646\u0647\u060c \u0645\u062b\u0644 \u0627\u0644\u0645\u0642\u0627\u0644\u060c \u064a\u0639\u0627\u0645\u0644 \u062f\u064a\u0648\u0646 \u0627\u0644\u062d\u0643\u0648\u0645\u0629 \u0627\u0644\u0623\u0645\u0631\u064a\u0643\u064a\u0629 \u0643\u0627\u0644\u062a\u0632\u0627\u0645 \u0628\u062f\u0648\u0646 \u0623\u0635\u0644 \u0645\u0642\u0627\u0628\u0644. <strong>\u0647\u0630\u0627 \u0644\u064a\u0633 \u0635\u062d\u064a\u062d\u0627\u064b \u062d\u062a\u0649 \u0641\u064a \u0627\u0644\u062f\u0641\u0627\u062a\u0631 \u0627\u0644\u0631\u0633\u0645\u064a\u0629\u060c \u0646\u0627\u0647\u064a\u0643 \u0639\u0646 \u0623\u064a \u0645\u0639\u0646\u0649 \u0627\u0642\u062a\u0635\u0627\u062f\u064a \u0630\u064a 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<\/em><\/li>\n<\/ul>\n<\/ul>\n<p><\/p>\n<ul>\n<ul>\n<li><em>\u0627\u0644\u062d\u062f\u0627\u0626\u0642 \u0627\u0644\u0648\u0637\u0646\u064a\u0629\u060c <\/em><\/li>\n<\/ul>\n<\/ul>\n<p><\/p>\n<ul>\n<ul>\n<li><em>\u0627\u0644\u0645\u0646\u0634\u0622\u062a \u0627\u0644\u0639\u0633\u0643\u0631\u064a\u0629\u060c <\/em><\/li>\n<\/ul>\n<\/ul>\n<p><\/p>\n<ul>\n<ul>\n<li><em>\u0648\u0627\u0644\u0623\u0647\u0645 \u0645\u0646 \u0630\u0644\u0643\u060c \u0627\u0644\u0633\u0644\u0637\u0629 \u0627\u0644\u0633\u064a\u0627\u062f\u064a\u0629 \u0644\u0641\u0631\u0636 \u0627\u0644\u0636\u0631\u0627\u0626\u0628 \u0639\u0644\u0649 \u0623\u0643\u0628\u0631 \u0627\u0642\u062a\u0635\u0627\u062f \u0641\u064a \u0627\u0644\u0639\u0627\u0644\u0645.<\/em><\/li>\n<\/ul>\n<\/ul>\n<p dir=\"rtl\"><img decoding=\"async\" title=\"US Federal Government Off-Balance-Sheet Assets\" src=\"https:\/\/d1-invdn-com.investing.com\/content\/picbd84bb09312071d7c79e764c9e840672.png\" alt=\"US Federal Government Off-Balance-Sheet Assets\" align=\"bottom\" border=\"0\"\/><\/p>\n<p dir=\"rtl\">\u062a\u062a\u0631\u0627\u0648\u062d \u062a\u0642\u062f\u064a\u0631\u0627\u062a \u0642\u064a\u0645\u0629 \u0627\u0644\u0623\u0631\u0627\u0636\u064a \u0627\u0644\u0641\u064a\u062f\u0631\u0627\u0644\u064a\u0629 \u0648\u062d\u062f\u0647\u0627 \u0645\u0646 1.8 \u062a\u0631\u064a\u0644\u064a\u0648\u0646 \u062f\u0648\u0644\u0627\u0631 \u0625\u0644\u0649 \u0623\u0643\u062b\u0631 \u0645\u0646 5 \u062a\u0631\u064a\u0644\u064a\u0648\u0646 \u062f\u0648\u0644\u0627\u0631\u060c \u0627\u0639\u062a\u0645\u0627\u062f\u0627\u064b \u0639\u0644\u0649 \u0627\u0644\u0645\u0646\u0647\u062c\u064a\u0629. \u0644\u0627 \u0634\u064a\u0621 \u0645\u0646 \u0630\u0644\u0643 \u064a\u0638\u0647\u0631 \u0641\u064a \u0627\u0644\u0645\u064a\u0632\u0627\u0646\u064a\u0629 \u0627\u0644\u0639\u0645\u0648\u0645\u064a\u0629 \u0627\u0644\u0631\u0633\u0645\u064a\u0629. \u0627\u0644\u0623\u0647\u0645 \u0645\u0646 \u0623\u064a \u0623\u0635\u0644 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\u0625\u064a\u0631\u0627\u062f\u0627\u062a \u0645\u0648\u062b\u0648\u0642\u060c \u0648\u062a\u0643\u0644\u0641\u0629 \u062d\u0645\u0644 \u0627\u0644\u062f\u064a\u0646. \u0628\u0647\u0630\u0627 \u0627\u0644\u0645\u0642\u064a\u0627\u0633\u060c \u062a\u0628\u062f\u0648 \u0627\u0644\u0648\u0644\u0627\u064a\u0627\u062a \u0627\u0644\u0645\u062a\u062d\u062f\u0629 \u0645\u064f\u0631\u0647\u0642\u0629\u060c \u0648\u0644\u064a\u0633\u062a \u0645\u0639\u0633\u0631\u0629.<img decoding=\"async\" title=\"US Nominal GDP vs Total Fed Debt\" src=\"https:\/\/d1-invdn-com.investing.com\/content\/picf8c33ff22f25c258fae37a41a6a19580.png\" alt=\"US Nominal GDP vs Total Fed Debt\" align=\"bottom\" border=\"0\"\/><\/p>\n<p dir=\"rtl\">\u0627\u0644\u0633\u064a\u0627\u0642 \u0623\u0645\u0631 \u0628\u0627\u0644\u063a \u0627\u0644\u0623\u0647\u0645\u064a\u0629\u060c \u0648\u0647\u0648 \u0634\u064a\u0621 \u064a\u0641\u0644\u062a \u0645\u0646 <em>&#8220;\u062f\u0639\u0627\u0629 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dir=\"rtl\">\u0645\u062c\u0631\u062f \u0634\u064a\u0621 \u064a\u062c\u0628 \u0645\u0631\u0627\u0639\u0627\u062a\u0647 \u0628\u064a\u0646\u0645\u0627 \u0646\u0646\u0627\u0642\u0634 <em>&#8220;\u0627\u0644\u0641\u064a\u0644 \u0641\u064a \u0627\u0644\u063a\u0631\u0641\u0629.&#8221;<\/em><\/p>\n<h2 id=\"h-why-rome-and-weimar-are-the-wrong-analogs\"><strong>\u0644\u0645\u0627\u0630\u0627 \u0631\u0648\u0645\u0627 \u0648\u0641\u0627\u064a\u0645\u0627\u0631 \u0647\u0645\u0627 \u0627\u0644\u0645\u062b\u0627\u0644\u0627\u0646 \u0627\u0644\u062e\u0627\u0637\u0626\u0627\u0646<\/strong><\/h2>\n<p dir=\"rtl\">\u0631\u0648\u0645\u0627 \u0648\u0641\u0627\u064a\u0645\u0627\u0631 \u0647\u0645\u0627 \u062d\u064a\u062b \u062a\u0646\u0647\u0627\u0631 \u0631\u0648\u0627\u064a\u0627\u062a \u0627\u0644\u0643\u0627\u0631\u062b\u0629. \u0623\u0631\u064a\u062f \u0623\u0646 \u0623\u0643\u0648\u0646 \u0645\u062d\u062f\u062f\u0627\u064b \u062c\u062f\u0627\u064b\u060c<strong> \u062d\u064a\u062b \u0623\u0646 \u0627\u0644\u0645\u0642\u0627\u0631\u0646\u0627\u062a \u0627\u0644\u062a\u0627\u0631\u064a\u062e\u064a\u0629 \u0627\u0644\u063a\u0627\u0645\u0636\u0629 \u062a\u062a\u0643\u0631\u0631 \u0643\u062b\u064a\u0631\u0627\u064b \u0644\u062f\u0631\u062c\u0629 \u0623\u0646\u0647\u0627 <\/strong>\u062a\u0643\u062a\u0633\u0628 \u0645\u0635\u062f\u0627\u0642\u064a\u0629 \u0632\u0627\u0626\u0641\u0629. \u0647\u0646\u0627\u0643 \u0627\u062e\u062a\u0644\u0627\u0641\u0627\u062a \u0631\u0626\u064a\u0633\u064a\u0629 \u0628\u064a\u0646 \u0627\u0644\u062c\u0645\u0647\u0648\u0631\u064a\u0629 \u0627\u0644\u0631\u0648\u0645\u0627\u0646\u064a\u0629 \u0648\u0641\u0627\u064a\u0645\u0627\u0631 \u0648\u0627\u0644\u0648\u0644\u0627\u064a\u0627\u062a \u0627\u0644\u0645\u062a\u062d\u062f\u0629.<\/p>\n<p dir=\"rtl\">\u0644\u0646\u0628\u062f\u0623 \u0628\u0631\u0648\u0645\u0627. \u0643\u0627\u0646\u062a \u0623\u0632\u0645\u0629 \u0639\u0645\u0644\u062a\u0647\u0627 \u0623\u0632\u0645\u0629 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\u063a\u0636\u0648\u0646 \u0623\u0634\u0647\u0631.<img decoding=\"async\" title=\"Key Structural Differences\" src=\"https:\/\/d1-invdn-com.investing.com\/content\/pic755dc21eab44774d95f45e359773ef01.png\" alt=\"Key Structural Differences\" align=\"bottom\" border=\"0\"\/><\/p>\n<p dir=\"rtl\"><strong>\u0627\u0644\u064a\u0648\u0645\u060c \u0644\u0627 \u062a\u062f\u064a\u0646 \u0627\u0644\u0648\u0644\u0627\u064a\u0627\u062a \u0627\u0644\u0645\u062a\u062d\u062f\u0629 \u0628\u062f\u0648\u0644\u0627\u0631 \u0648\u0627\u062d\u062f \u0645\u0642\u0648\u0645 \u0628\u0623\u064a \u0639\u0645\u0644\u0629 \u0623\u062c\u0646\u0628\u064a\u0629.<\/strong> \u0643\u0644 \u0633\u0646\u062f \u0648\u0641\u0627\u062a\u0648\u0631\u0629 \u0648\u0648\u0631\u0642\u0629 \u0645\u0627\u0644\u064a\u0629 \u0642\u0627\u0628\u0644\u0629 \u0644\u0644\u062f\u0641\u0639 \u0628\u0627\u0644\u062f\u0648\u0644\u0627\u0631\u060c \u0648\u0647\u064a \u0639\u0645\u0644\u0629 \u064a\u0645\u0643\u0646 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