Jon Krause

Geständnisse eines finanziellen Deregulierers

BERKELEY – Damals, im Amerika der späten 1990er Jahre, gab es zwei Denkrichtungen, die sich für stärkere finanzielle Deregulierung einsetzten – das heißt, für die Aufhebung der rechtlichen Trennung des Investmentbanking von den Geschäftsbanken, für die Reduzierung der Kapitalanforderungen an die Banken und für aggressivere Erzeugung und Verwendung von Derivaten. Wenn Deregulierung heute so unbeliebt ist, warum war sie es damals nicht?

Die erste Denkrichtung war überwiegend die der Republikanischen Partei der USA. Ihr zufolge war finanzielle Regulierung schlecht, weil jede Regulierung schlecht war. Die zweite, die hauptsächlich von der Demokratischen Partei vertreten wurde, war etwas komplizierter und das Ergebnis aus vier Beobachtungen:

·         Zumindest in Bezug auf den industriellen Kern der Weltwirtschaft war es über 60 Jahre her, dass finanzielle Zerrüttung mehr als einen lediglich minimalen Einfluss auf die Produktions- und Beschäftigungsraten hatte. Die modernen Notenbanken haben zwar Schwierigkeiten, mit Inflationsschocks umzugehen, aber es ist Generationen her, dass es einen Deflationsschock gab, mit dem sie nicht fertig wurden.

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