Krisis Ekonomi Terparah Indonesia Karena Cetak Uang Kebanyakan - PART 02 | 1961-1965
Summary
TLDRThis video, hosted by Luna on the 'Ngomongin Uang' channel, is a continuation of a previous episode on the 'Inspect History' channel, exploring Indonesia’s economic crisis from 1961 to 1965. It highlights how military spending on campaigns like Trikora and Dwikora, along with massive infrastructure projects, led to government deficits. The government's solution—printing more money—triggered hyperinflation, with inflation reaching 594% in 1965. The video covers the impact of this economic mismanagement on daily life, how the crisis worsened, and touches on the political shifts that followed.
Takeaways
- 💬 This video continues from part 1, which discusses Indonesia's post-independence conflicts, leading to economic challenges.
- ⚔️ Military spending became a major burden on the national budget, with operations like Trikora (West Irian) and Dwikora (Malaysia confrontation) draining government funds.
- 💰 Indonesia received significant military aid from the Soviet Union and the U.S., leading to the nation having one of the strongest militaries in the Southern Hemisphere at the time.
- 📉 Despite military strength, Indonesia’s economy declined in the 1960s, with exports like rubber dropping significantly due to falling prices and international tensions.
- 🚫 Economic embargoes, particularly against Malaysia, worsened Indonesia’s export crisis, making it difficult to find new markets for rubber and tin.
- 🏗️ Huge national projects, like the construction of TVRI, Monas, and Gelora Bung Karno, took priority over essential infrastructure in rural areas, adding to financial strain.
- 💸 To cover rising costs, Indonesia printed large amounts of money, causing rampant inflation. Between 1962-1966, the money supply increased 150-fold, leading to hyperinflation.
- 📈 Inflation peaked at 594% in 1965, making basic goods like rice and eggs unaffordable and leading to widespread scarcity.
- 🔨 Measures such as price controls and wage payments in rice failed to resolve the crisis. Even redenomination of currency (Rp1000 to Rp1 in 1965) couldn't stop the economic collapse.
- 📉 Inflation finally began to stabilize after the government stopped printing money, but this happened only after significant political changes, including the fall of Sukarno.
Q & A
What historical events does the video discuss that contributed to Indonesia's economic crisis in the 1960s?
-The video discusses multiple historical events, including military campaigns such as Operation Trikora for the liberation of West Papua from the Dutch and Operation Dwikora or the 'Crush Malaysia' campaign. These, along with internal rebellions like Permesta in Manado and DI/TII, significantly drained Indonesia’s national budget, leading to a severe economic crisis from 1961-1965.
How did Indonesia's military expenses impact its economy in the early 1960s?
-The government allocated a large portion of its budget to military spending, especially for campaigns like Trikora and Dwikora. Indonesia also purchased advanced weaponry from the Soviet Union, contributing to a massive budget deficit. This heavy military expenditure left little for social welfare and economic development, leading to economic instability.
What role did export commodities, such as rubber, play in Indonesia’s economic crisis during the 1960s?
-Rubber was Indonesia's main export commodity during this period. However, the international price of rubber dropped by 50% in the early 1960s, causing a significant reduction in export revenue. Other commodities like copra, tea, tobacco, and tin also declined, further straining the country's economy.
What was the impact of Indonesia's 'Crush Malaysia' campaign on its economy?
-The 'Crush Malaysia' campaign led to an economic embargo against Malaysia, which was one of Indonesia's primary markets for exporting rubber and tin. As a result, Indonesia struggled to find new buyers for these goods, further reducing export income and worsening the economic crisis.
Why did Indonesia's infrastructure outside Java remain underdeveloped during the 1960s?
-While the government invested heavily in high-profile projects like the TVRI station, Monas, and the Gelora Bung Karno stadium, basic infrastructure in other regions remained neglected. Many areas outside Java lacked paved roads, ports, and markets, preventing balanced economic development across the country.
What was the effect of large-scale money printing on Indonesia's economy during the 1960s?
-In an attempt to cover budget deficits, the government printed massive amounts of money, causing hyperinflation. The money supply increased 150-fold between 1962 and 1966, leading to a drastic drop in the value of the currency. This resulted in skyrocketing prices for basic goods and a near-collapse of the economy.
How did Indonesia’s inflation in 1965 compare to other significant periods of economic crisis, such as the 1998 financial crisis?
-In 1965, Indonesia's inflation rate reached an astonishing 594%, much higher than the 78% inflation rate during the 1998 financial crisis. The hyperinflation of the 1960s was the worst in the country’s history, causing widespread economic hardship.
How did the Indonesian government attempt to control the hyperinflation of the 1960s?
-The government tried several measures, including price controls, paying employees partially in goods like rice, freezing 90% of bank deposits, and redenominating the currency by knocking off three zeroes. However, these measures were ineffective because they did not address the root issue of the budget deficit.
What finally helped to stabilize Indonesia’s inflation crisis in the late 1960s?
-Inflation began to stabilize when the government stopped printing excessive amounts of money, which had been the main driver of hyperinflation. This move helped to restore some balance in the economy, though it took time for the effects to be fully felt.
How does the video suggest viewers can engage with the history of the 1960s economic crisis in Indonesia?
-The video encourages viewers to reflect on stories they might have heard from older family members who lived through the 1960s crisis. It also directs viewers to the YouTube channel 'Inspect History' for more in-depth content on this period, and to follow upcoming videos for further exploration of Indonesia’s economic history.
Outlines
📜 Post-Independence Struggles and Economic Challenges
Luna introduces the video as a continuation of a historical series discussing Indonesia’s post-independence period. After gaining sovereignty, the country faced internal conflicts, like regional uprisings (Permesta, RMS, DI/TII), and external challenges, such as reclaiming West Irian from the Dutch. The heavy focus on military spending during the Trikora and Dwikora operations severely strained the national budget. Indonesia even received significant military aid from the Soviet Union and the U.S., making its military one of the strongest in the southern hemisphere. However, while military power grew, the economy worsened as exports like rubber, Indonesia's main commodity, suffered. The confrontation with Malaysia (Konfrontasi) and large infrastructure projects in Java also drained the budget, leading to a nationwide economic crisis.
💰 The Central Bank's Fall and Hyperinflation
The government resorted to mass printing of money to cover military and infrastructure spending, causing a massive inflation crisis. The Central Bank lost its independence in 1957, leading to uncontrollable money circulation from 1962-1966, with the money supply increasing 150 times. Inflation reached an astonishing 594% by 1965, devastating the population. Despite everyone having more money, prices for basic goods like rice and meat skyrocketed, making daily life unbearable. Hyperinflation led to widespread shortages, with people rushing to spend their rapidly devaluing money. Even government measures such as price controls, freezing bank accounts, and redenominating currency failed to resolve the situation, marking this period as Indonesia's worst economic crisis.
📉 Efforts to Tame the Economic Crisis
Various government attempts to stabilize the economy failed to address the core problem of a massive budget deficit. These efforts included drastic measures like stopping money printing, controlling inflation, and fixing basic commodity prices. The video hints at the upcoming political changes that followed this period, notably the fall of Sukarno and the rise of Suharto’s New Order. The narrative is left unfinished, with viewers encouraged to watch the next part on Inspect History’s channel for more insights into how the crisis was managed and how Indonesia eventually regained economic stability.
📺 Stay Tuned for More Financial Stories!
Luna wraps up the video by inviting viewers to subscribe to the Ngomongin Uang channel for more engaging stories about finance, investment, and business. She teases future content and encourages viewers to engage by sharing their family stories about how they coped during the economic crisis of the 1960s. The video promotes a continuous conversation about money and economics, reflecting the channel’s theme.
Mindmap
Keywords
💡Krisis Ekonomi 1960-an
💡Pemberontakan Daerah
💡Operasi Trikora
💡Operasi Dwikora
💡Inflasi
💡Defisit Anggaran
💡Pencetakan Uang
💡Proyek-Proyek Raksasa
💡Kampanye Ganyang Malaysia
💡Hiperinflasi
Highlights
The video is a continuation from the previous one aired on the Inspect History channel, which covered national conflicts post-independence and how these led to economic instability.
The instability after independence was exacerbated by multiple regional rebellions, like Permesta in Manado, RMS in Maluku, and DI/TII, as well as the war with the Netherlands over West Irian.
A significant portion of the government's budget was allocated to military spending, leaving little for public welfare and other critical sectors.
Two major military operations that drained the national budget were Operation Trikora (to free West Irian) and Operation Dwikora (against Malaysia), leading to a significant budget deficit in 1963-1965.
Indonesia received USD 2.5 billion in export credit from the Soviet Union for arms purchases, including bombers, submarines, and fighter jets, making its military the strongest in the Southern Hemisphere at that time.
Despite military advancements, Indonesia's economy suffered, with exports declining from USD 840 million to USD 680 million between 1960 and 1966 due to a 50% drop in rubber prices, its main export commodity.
The Ganyang Malaysia campaign worsened Indonesia's trade by leading to an economic embargo against Malaysia, which disrupted the export market for commodities like rubber and tin.
Many government funds were spent on large infrastructure projects in Java, such as the construction of TVRI, Monas, Gelora Bung Karno, and the hosting of the 1962 Asian Games, but other areas, especially outside Java, were neglected.
With the government running out of funds, Indonesia resorted to printing more money, starting in 1957 when the Central Bank lost its independence.
From 1962-1966, the money supply in circulation increased by 150 times, leading to hyperinflation and an economic crisis where inflation reached 594% by 1965.
This hyperinflation made daily necessities extremely expensive, with prices rising 260 times, and caused people to rush to spend their money quickly before it lost value.
The situation worsened as goods became scarce, leading to long lines for basic supplies and government rationing.
In a desperate move, the government attempted redenomination, changing Rp 1,000 to Rp 1 in 1965, but this did little to solve the economic crisis.
Boediono, an economist, noted that all measures taken by the government were ineffective because they failed to address the underlying issue: the budget deficit caused by improper fund allocation.
The inflation crisis only began to stabilize when the government stopped printing money, which eventually led to more stable prices and improved purchasing power.
Transcripts
hai semua... ketemu lagi sama aku Luna, selamat datang di channel Ngomongin Uang
video ini adalah lanjutan dari video sebelumnya yang udah ditayangin di channel Inspect History
kamu bisa langsung cek channel Inspect History buat nonton video part 1 nya
di video part 1 itu
channel Inspect History mengupas berbagai konflik nasional paska kemerdekaan
mulai dari ketidakstabilan politik
sampai pemberontakan di berbagai daerah di Indonesia
upaya buat ngeredam ketidakstabilan nasional itu nih
ternyata malah ngelahirin kebijakan-kebijakan kontroversial yang menguras ekonomi negara
dan pada akhirnya
semua polemik itu tuh mengakibatin terjadinya krisis ekonomi paling parah yang pernah dialami Indonesia
di tahun 1961 sampai 1965
yuk kita langsung aja mulai pembahasannya
jadi gini ceritanya
setelah Indonesia itu merdeka dan diakui kedaulatannya
negara kita ngak langsung kompak dan bersatu dalam pembangunan ekonomi
ada banyak pihak dari internal Indonesia sendiri tuh yang belum sepenuhnya nerima kedaulatan dan kemerdekaan Indonesia
jadinya tuh muncul banyak pemberontakan di daerah-daerah
kayak permesta di Manado
RMS di maluku, DI/TII
belum lagi perang melawan Belanda buat ngerebut Irian Barat
di tengah banyaknya potensi perpecahan bangsa
ngak heran nih
kalau anggaran pemerintah tuh terlalu banyak disalurin buat pengeluaran militer
kamu bisa lihat nih dari grafik ini
dimana mayoritas belanja pemerintah itu emang diperuntukin buat keperluan militer dan juga proyek pembangunan nasional
yang artinya dikit banget nih
anggaran yang tersisa buat nunjang kesejahteraan masyarakat
nah
dari semua peperangan dan pemberontakan yang ada
ada 2 operasi militer yang paling nguras anggaran pemerintah
yaitu operasi Trikora buat pembebasan Irian Barat dari Belanda
dan juga operasi Dwikora yang sering kita kenal dengan kampanye Ganyang Malaysia
2 kampanye militer ini dan beberapa pemberontakan lain tuh akhirnya jadi pemicu signifikan gitu
terhadap defisit anggaran pemerintah di tahun 1963 - 1965
di masa kepemimpinan Soekarno
oh ya, buat gambaran aja nih
Idonesia tuh saat itu dapetin bantuan kredit ekspor senilai USD 2,5 miliar dolar dari Uni Soviet
buat pembelian berbagai persenjataan perang kayak 25 pesawat bomberr
terus 12 kapal selam, puluhan pesawat jet tempur berbagai jenis
kapal penjelajah, dan masih banyak lagi
selain itu
Indonesia tuh juga dapetin hibah persenjataan dari presiden Kennedy
kayak pesawat C-130 Hercules yang bahkan masih dipake nih sampai sekarang
nah, banyaknya persenjataan yang dibeli dan diterima Indonesia saat itu
bikin militer Indonesia sempat jadi yang terkuat di belahan bumi selatan
tapi...
dibalik kemajuan militernya
perekonomian Indonesia tuh terus ngalamin kemunduran sepanjang tahun 60an
sepanjang tahun 1960-1966
ekspor Indonesia turun nih
dari USD 840 juta jadi USD 680 juta
faktor utama penyebab penurunan nilai ekspor ini tuh adalah jatuhnya harga jual karet di pasaran internasional sebesar 50% sejak tahun 1960
yang mana nih
saat itu tuh karet adalah komoditas ekspor utama Indonesia
sementara
barang ekspor lain kayak kopra, teh, tembakau, dan timah, juga nurun nih secara volume dan jumlah
sejak tahun 1960
kampanye Ganyang Malaysia juga memperparah perdagangan ekspor Indonesia
sejak konfrontasi
Indonesia tuh ngelakuin embargo ekonomi nih terhadap Malaysia
akibatnya
Indonesia susah gitu buat nyari pasar baru
yang siap nampung penjualan ekspor
terutama 60% produksi karet dan juga 50% hasil tambang timah
yang sebelumnya tuh diekspor ke Malaysia
di luar militer
saat itu anggaran pemerintah juga banyak nih, dialokasiin buat proyek-proyek raksasa di pulau Jawa
contohnya tuh kayak stasiun TVRI
Monumen Nasional, Gelora Bung Karno, Masjid Istiqlal
dan juga pelaksanaan Asian Games di tahun 1962 di Indonesia
semua proyek itu tuh emang ngangkat derajat dan martabat bangsa Indonesia
tapi sebetulnya nih
masih ada banyak hal yang lebih prioritas
buat ningkatin kesejahteraan dan juga kemandirian ekonomi di berbagai daerah
saat itu nih
infrastruktur dasar di berbagai daerah tuh masih minim banget
daerah di luar jawa belum ada jalan beraspal
belum banyak dermaga atau pelabuhan
belum banyak juga fasilitas pasar yang jadi pusat ekonomi daerah
hal itu juga
yang akhirnya bikin banyak kalangan tuh mengkritik kebijakan pemerintah saat itu
termasuk Bung Hatta yang saat itu udah ngak menjabat lagi di pemerintahan
anggaran negara defisit
pemasukannya juga minim banget
dengan jumlah penduduk yang banyak banget
dan fasilitas penunjang ekonomi yang cuma terpusat di Jawa
Indonesia tuh ngak punya ruang gerak ekonomi sama sekali
di saat inilah
pemerintah Indonesia yang saat itu ngak punya alternatif apapun lagi buat nutuoin anggarannya
akhirnya ngambil sebuah langkah yang bakalan berujung pada mimpi buruk
yaitu mencetak uang sebanyak-banyaknya
buat ngelakuin ini, Indonesia tuh bahkan sampai pernah ngubah undang-undang Independensi Bank Central
sejak tahun 1957
Bank Central Indonesia itu udah kehilangan otoritasnya sebagai lembaga independen
yang ngatur kebijakan moneter tanpa diganggu pemerintah
setelah wewenang Bank Central tuh diambil alih nih
pemerintah terus-terusan nyetak uang buat ngebiayai kebutuhan anggaran militer
dan juga proyek pembangunan di pulau jawa
pencetakan uang besar-besaran itu bikin peredaran uang jadi ngak terkontrol
sejak tahun 1962-1966
jumlah uang beredar di masyarakat tuh ningkat 150 kali lipat
saat itu, masyarakat Indonesia tuh bener2 kebanjiran uang yang banyak banget
mendadak semua orang Indonesia jadi punya banyak uang
tapi bukannya nambah kaya
yang ada tuh malah nambah miskin dan menderita
kok bisa gitu sih ?
ya karena jumlah uang yang melonjak drastis ini akhirnya micu harga-harga kebutuhan pokok juga naik pesat
di tahun 60an
harga sembako tuh naik hampir 260 kali lipat
puncaknya tingkat inflasi Indonesia tuh naik sampai 594% di tahun 1965
sebagai perbandingan aja nih
tingkat inflasi Indonesia saat krisis moneter 1998
yang udah dianggap sangat menyengsarakan tuh ada di angka 78%
sementara
tingkat inflasi Indonesia di tahun 65 tuh hampir nyentuh 600%
itulah
yang bikin krisis ekonomi 1960-an tuh adalah krisis ekonomi terparah yang pernah terjadi di Indonesia
kamu bisa bayangin deh situasinya saat itu
semua orang tuh punya uang nih
tapi setiap hari harga barang pokok kayak beras, telur, dan daging naik drastis
setiap hari uang tuh makin ngak berharga
daya belinya terus jatuh
dan orang-orang lebih menghargai segenggam beras daripada uang yang nilainya terus merosot
akibatnya nih
setiap kali masyarakat tuh dapetin uang
mereka tuh langsung berusaha buat membelanjakan uangnya secepat mungkin
karena mereka tuh sadar
uang yang mereka pegang daya belinya terus menurun dalam waktu singkat
perilaku masyarakat yang terus-terusan ngebelanjain uangnya dan nimbun barang, ternyata malah makin memperburuk keadaan
terjadi krisis kebutuhan pokok
kelangkaan barang dimana-mana
dan harganya tuh terus naik karena makin langka
di tahun 65
banyak toko-toko tutup karena kehabisan stok barang
masyarakat tuh sampai harus ngantri gitu buat dapetin jatah sembako setiap bulan dari pemerintah
hiperiinflasi ini juga menggerus daya beli anggaran pemerintah
yang akhrinya tuh ngibatin pemeliharaan infrastruktur yang mandek soalnya kekurangan biaya
di akhir Demokrasi Terpimpin
80% jalan nasional dan jalan provinsi tuh ada di kondisi yang buruk
soalnya ngak dipelihara
banyak persenjataan militer yang akhirnya mangkrak karena ngak dipelihara dan suku cadangnya mahal banget
segala upaya dilakuin pemerintah nih, buat meredam hiperinflasi
mulai dari pengendalian harga
bahkan ngebayar sebagian gaji karyawan dalam bentuk beras
pemerintah juga ngelakuin berbagai kewajiban
yang ngewajibin masyarakat tuh buat mempertahankan tabungannya
ngak boleh dibelanjain
saat itu, bahkan ada pembekuan 90% giro dan deposito bank di atas jumlah tertentu
rekening yang dibekuin ini tuh diambil alih pemerintah
terus dituker gitu sama surat utang negara atau obligasi
saat jumlah uang beredar makin ngak terkendali
pemerintah Indonesia tuh bahkan pernah ngelakuin redenominasi nilai mata uang dari Rp1000 jadi 1 rupiah di tahun 1965
tapi semua langkah tersebut tuh sia-sia
dan situasinya terus memburuk
Ekonom Boediono tuh nyebut nih
semua tindakan pemerintah Indonesia waktu itu tuh ngak ada artinya
karena ngak ngobatin penyakit utamanya
yaitu defisit anggaran pemerintah karena alokasi anggaran yang ngak tepat sasaran
terus... gimana sih akhirnya krisis ini mulai terkendali ?
dalam ilmu ekonomi
kalau misalnya uang beredar tuh terlalu banyak dan bikin harga barang naik ngak terkendali
ya, kita berhentiin aja proses pencetakan uangnya
dan ternyata benar aja
begitu pemerintah tuh berhenti nyetak uang
inflasi mulai terkendali
harga barang-barang mulai stabil
dan daya beli uang juga makin terkendali
orang2 ngak lagi khawatir nih, besok uangnya bakalan jadi ngak berharga
kamu bisa lihat nih, grafik ini yang nunjukin penurunan tingkat inflasi
seiring dengan pemberhentian pencetakaan uang
tapi tentu aja
proses dibalik itu ngak mudah
ada banyak banget catatan sejarah mulai dari turunnya presiden sukarno
sampai dimulainya orde baru di bawah kepemimpinan presiden soeharto
nah...
lanjutan cerita dari video ini bakalan dibahas sama channel Inspect History
di video selanjutnya yang bakalan tayang dalam waktu dekat
buat kamu yang penasaran, pantengin aja channel Inspect History
karena mereka punya segudang konten menarik seputar sejarah yang pastinya seru banget
buat kamu yang sering ngobrol gitu yah, sama kakek-nenek kamu mungkin pernah nih
diceritakan tentang Krisis Ekonomi Indonesia tahun 1960-an ini
coba dong bagi cerita seru dari para orang tua kita di kolom komentar
gimana sih cara mereka ngadapin krisis tersebut ?
kita sambung lagi di video part 3 yah... yang bakalan tayang di channel Inspect History
buat kamu para inspector, selamat datang di channel ngomongin uang
silakan subscribe channel ini
karena kami bakalan terus ngebagiin cerita seru seputar ekonomi, keuangan, investasi, dan juga dunia bisnis
sampai ketemu lagi di video selanjunya
tetep di channel ngomongin uang
karena ngomongin uang
ngak a...da abisnya
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