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Verzweifelte Notenbanker

NEW HAVEN – Der letzte Tag des Sommers markierte den Beginn einer neuerlichen Saison einer sinnlosen Geldpolitik durch zwei der wichtigsten Notenbanken der Welt: die US Federal Reserve (Fed) und die Bank von Japan (BOJ). Die Fed tat gar nichts, was genau das Problem ist. Und die Alchemisten von der BOJ enthüllten einmal mehr eine unwirksame unkonventionelle Maßnahme.

Sowohl die Fed als auch die BOJ verfolgen Strategien, die in beklagenswerter Weise von den Volkswirtschaften abgekoppelt sind, mit deren Steuerung sie betraut sind. Darüber hinaus verstärken ihre letzten Maßnahmen ein sich vertiefendes Bekenntnis zu einem zunehmend heimtückischen Übertragungsmechanismus zwischen der Geldpolitik, den Finanzmärkten und den vermögensabhängigen Volkswirtschaften. Dieser Ansatz führte zur Krise von 2008-2009, und er könnte durchaus einer weiteren Krise in den kommenden Jahren den Boden bereiten.

In der Debatte über die Wirksamkeit der neuen, machtvollen Instrumente, die die Notenbanker ihrem Arsenal hinzugefügt haben, ist die harte Wirklichkeit des kraftlosen Wirtschaftswachstums in Vergessenheit geraten. Japan ist ein Paradebeispiel hierfür. Das Land steckt seit einem Vierteljahrhundert in einer Wachstumsentwicklung fest, die im Wesentlichen bei einem Prozent liegt, und seine Volkswirtschaft hat auf wiederholte außergewöhnliche geldpolitische Impulse nicht angesprochen.

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