Confronting Fear

WASHINGTON, D.C.: Auch wenn nach Rettung der Finanzsysteme in den hoch entwickelten Ländern der Engpass bei den Interbankenausleihungen abzuklingen beginnt, haben nachgebende Wirtschaftsindikatoren die Aktienmärkte ins Trudeln gebracht. Der Druck auf die Schwellenländer – von denen viele einst dachten, dass sie von der übrigen Welt „abgekoppelt“ wären – hat sich verstärkt; ausländische Kredite werden fällig gestellt und Vermögenswerte abgestoßen.

Die Angst hat Verbraucher, Unternehmen und Länder weltweit im Griff – und statt von einer moderaten Rezession in den hoch entwickelten Ländern ist nun von einer großen, weltweiten Depression die Rede. Ein Gefühl der Verzagtheit macht sich breit, dass man nichts tun könne, um diese aufzuhalten.

Was läuft hier ab? Waren die vor zwei Wochen zur Stützung des Finanzsystems ergriffenen Maßnahmen schlicht falsch? Absolut nicht. Die Bereitstellung von Liquidität, die Versorgung der Banken mit frischem Kapital, eine stärker vereinheitlichte Einlagensicherung in den hoch entwickelten Ländern – das waren alles richtige und notwendige Schritte. Aber nur eine erste Rate dessen, was zu tun ist.

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