Hundstage für den Superdollar

CAMBRIDGE -- Ist die Stellung der Vereinigten Staaten als weltbeherrschende Supermacht in Gefahr, falls der Dollar seinen Status als Superwährung verliert? Möglicherweise nicht, doch dürften die Amerikaner die globale Hegemonie, falls der Dollar abstürzt, mit Sicherheit sehr viel teurer zu stehen kommen.

Bisher haben die Amerikaner Gewinne eingestrichen, indem sie bei willfährigen Ausländern billige Kredite aufgenommen und das Geld in ertragsstarken ausländischen Aktien, Liegenschaften und Anleihen investiert haben. Zählt man die Kapitalgewinne mit, haben die Amerikaner hiervon in vielen der letzten Jahre einen Profit von zwischen 300 und 400 Milliarden Dollar jährlich erzielt – ein Betrag, der in etwa dem gesamten US-Militärhaushalt entspricht.

Der ehemalige französische Präsident Valéry Giscard d’Estaing hat sich einst in einer berühmt gewordenen Äußerung über Amerikas „exorbitantes Privileg“ beschwert. D’Estaing war erbost, dass die USA in der Lage zu sein schienen, die Welt mit Dollars und Dollarschulden zu überschwemmen, scheinbar ohne je den Preis dafür in Form höherer Inflation oder Zinsen zahlen zu müssen.

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