Mark Wilson/Getty Images

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.

To continue reading, please log in or enter your email address.

Registration is quick and easy and requires only your email address. If you already have an account with us, please log in. Or subscribe now for unlimited access.

required

Log in

http://prosyn.org/j5FAYUs/de;
  1. Patrick Kovarik/Getty Images

    The Summit of Climate Hopes

    Presidents, prime ministers, and policymakers gather in Paris today for the One Planet Summit. But with no senior US representative attending, is the 2015 Paris climate agreement still viable?

  2. Trump greets his supporters The Washington Post/Getty Images

    Populist Plutocracy and the Future of America

    • In the first year of his presidency, Donald Trump has consistently sold out the blue-collar, socially conservative whites who brought him to power, while pursuing policies to enrich his fellow plutocrats. 

    • Sooner or later, Trump's core supporters will wake up to this fact, so it is worth asking how far he might go to keep them on his side.
  3. Agents are bidding on at the auction of Leonardo da Vinci's 'Salvator Mundi' Eduardo Munoz Alvarez/Getty Images

    The Man Who Didn’t Save the World

    A Saudi prince has been revealed to be the buyer of Leonardo da Vinci's "Salvator Mundi," for which he spent $450.3 million. Had he given the money to the poor, as the subject of the painting instructed another rich man, he could have restored eyesight to nine million people, or enabled 13 million families to grow 50% more food.

  4.  An inside view of the 'AknRobotics' Anadolu Agency/Getty Images

    Two Myths About Automation

    While many people believe that technological progress and job destruction are accelerating dramatically, there is no evidence of either trend. In reality, total factor productivity, the best summary measure of the pace of technical change, has been stagnating since 2005 in the US and across the advanced-country world.

  5. A student shows a combo pictures of three dictators, Austrian born Hitler, Castro and Stalin with Viktor Orban Attila Kisbenedek/Getty Images

    The Hungarian Government’s Failed Campaign of Lies

    The Hungarian government has released the results of its "national consultation" on what it calls the "Soros Plan" to flood the country with Muslim migrants and refugees. But no such plan exists, only a taxpayer-funded propaganda campaign to help a corrupt administration deflect attention from its failure to fulfill Hungarians’ aspirations.

  6. Project Syndicate

    DEBATE: Should the Eurozone Impose Fiscal Union?

    French President Emmanuel Macron wants European leaders to appoint a eurozone finance minister as a way to ensure the single currency's long-term viability. But would it work, and, more fundamentally, is it necessary?

  7. The Year Ahead 2018

    The world’s leading thinkers and policymakers examine what’s come apart in the past year, and anticipate what will define the year ahead.

    Order now