Amerikas restliche 30%

NEW HAVEN: Die amerikanischen Verbraucher sind nur noch ein Schatten ihres einzigen allmächtigen Selbst. Der private Verbrauch ist in den USA im zweiten Quartal 2012 real (inflationsbereinigt) lediglich mit einer Jahresrate von 1,5% gestiegen – und das war keine Anomalie. Leider setzt es ein Schwächemuster fort, das seit Anfang 2008 erkennbar ist.

Während der vergangenen 18 Quartale belief sich das jährliche Wachstum bei der realen Verbrauchernachfrage auf bloße 0,7% durchschnittlich, verglichen mit einem Trendwachstum von 3,6% in dem Jahrzehnt vor Ausbruch der Krise. Noch nie waren die amerikanischen Verbraucher so lange so schwach.

Die Ursache hierfür ist kein Geheimnis. Die Verbraucher haben enorme Wetten auf zwei Blasen abgeschlossen – die Häuser- und die Kreditblase. Die leichtfertige Geld- und Regulierungspolitik verwandelte die bescheidenste Hütte in einen Geldautomaten und erlaubte es den Familien, aus diesen Blasen Geld zu ziehen und über ihre Verhältnisse zu leben.

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