Arroganz und Autorität

WASHINGTON, DC – Immer öfter hört man prominente amerikanische oder europäische Notenbank-Mitarbeiter über die Krise 2008-2010 sagen: “Wir haben es gut gemacht”. Sie sind der Ansicht, dass die Regierungsmaßnahmen zur Unterstützung des Finanzsystems tatsächlich geholfen haben, die Lage zu stabilisieren. Was könnte schon falsch sein, wenn die Vermögenskäufe der Notenbank der Vereinigten Staaten tatsächlich profitabel waren (und der Gewinn dann an das US-Finanzministerium weitergeleitet wird)?

Aber die Sache so zu sehen, heißt im besten Fall, einer Täuschung aufzusitzen. Im schlimmsten Fall würde es auf eine Arroganz hinweisen, die die Glaubwürdigkeit der Notenbank, auf der ihre Autorität beruht, massiv gefährden würde.

Die wirklichen Kosten der Krise lassen sich nicht anhand der Gewinn- und Verlustrechnung einer Notenbank messen – oder daran, ob das Troubled Asset Relief Program (TARP) des Finanzministeriums durch seine Aktivitäten Geld gewonnen oder verloren hat.

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