china stock market plunge Zhengyi Xie/ZumaPress

Die Globalisierung der Marktmanipulation

NEW HAVEN – Die Marktmanipulation ist in politischen Kreisen weltweit mittlerweile zu einem Standardverfahren geworden. Derzeit richtet sich alle Aufmerksamkeit auf Chinas Versuche, den Zusammenbruch einer enormen Aktienblase zu bewältigen. Allerdings stehen die chinesischen Behörden mit ihren Bemühungen nicht alleine da. Die führenden Ökonomien des Westens agieren im Wesentlichen gleich – nur, dass sie ihre Manipulation unter einem anderen Deckmantel durchführen. 

Man denke an die quantitative Lockerung (QE), die erstmals in Japan in den 2000er Jahren Anwendung fand, dann in den USA nach 2008, Anfang 2013 wieder in Japan und mittlerweile auch in Europa. In allen Fällen handelte es sich bei QE im Grunde um aggressive Bemühungen zur Manipulation der Preise von Vermögenswerten. Das Verfahren funktioniert in erster Linie mittels direkter Ankäufe von Staatspapieren mit langer Laufzeit durch Zentralbanken. Dadurch sinken die langfristigen Zinssätze, wodurch wiederum Aktien an Attraktivität gewinnen. 

Ob die Manipulation des Marktes mit QE ihr Ziel erreicht hat – nämlich in krisengeschüttelten, von Vermögenswerten abhängigen Ökonomien für Impulse zu sorgen – bleibt fraglich. Schließlich gestaltet sich die derzeitige Erholung in den Industrieländern ungewöhnlich anämisch. Doch das hält die Behörden nicht davon ab, es weiter zu versuchen.

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