Paul Lachine

Bernanke vor der Presse

CAMBRIDGE, MASS.: Auf der jüngsten, allerersten Pressekonferenz der US Federal Reserve hat Notenbankchef Ben Bernanke die viel kritisierte Politik des massenhaften Ankaufs von US-Staatsanleihen – auch als „quantitative Lockerung“ bekannt – temperamentvoll verteidigt. Aber war seine Begründung überzeugend?

Die meisten Ökonomen haben seinen Auftritt als meisterlich eingestuft. Die Tatsache freilich, dass der Dollar weiter abrutscht, während der Goldpreis weiter steigt, legt seitens der Märkte erhebliche Skepsis nahe. Einer der problematischsten Aspekte des Zentralbankgeschäfts ist, dass die Botschaft, die Zentralbank zu verschicken beabsichtigt, bei den Anlegern häufig ganz anders ankommt.

Natürlich musste sich die Fed der quantitativen Lockerung – von den Händlern „QE“ genannt – zuwenden, weil ihr übliches Werkzeug zur Feinabstimmung von Inflation und Wachstum, der Zinssatz für Tagesgelder, bereits bei null liegt. Trotzdem bleibt das Wirtschaftswachstum in den USA stockend und wird von einer störrisch hohen Arbeitslosigkeit begleitet. Die QE wird für alles Mögliche verantwortlich gemacht: von Vermögenspreisblasen über Hungerrevolten bis hin zu Impetigo. Aus allen möglichen Ecken – von ausländischen Finanzministern über Karikaturisten (man sehe sich das Video „Quantitative easing explained“ an) bis hin zu Sarah Palin – wird diese Politik beißend kritisiert.

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