Was man aus der Krise lernen kann

ITHACA, NY – Das US-Finanzsystem steht am Rande des Abgrunds. Das Einzige, was den viel gepriesenen Quell des globalen Kapitalismus davon abgehalten hat, in eine Katastrophe abzugleiten, ist die US-Regierung, die effektiv zum Garanten und Kreditgeber der letzten Instanz (Lender of last Resort) geworden ist.

Wie konnte sich die Lage in einem Finanzsystem, das einst als das ausgefeilteste und komplexeste der Welt verkauft wurde, derart zuspitzen? Wo wird das enden? Welche Auswirkungen wird die Krise auf das Weltfinanzsystem haben? Es ist schwierig, diese Fragen mit großer Überzeugung zu beantworten, solange wir immer noch mitten in der Krise stecken. In der Tat scheint momentan jeder Tag, der vergeht, schlechtere Nachrichten zu bringen – nicht einmal die Wochenenden bieten noch eine Ruhepause vom nicht abreißenden Strom der trüben Meldungen!

Was immer das endgültige Ergebnis sein wird, eines ist gewiss: Der Rest der Welt wird nicht mehr begeistert die Prinzipien des freien Marktes einführen, welche die Entwicklung des US-Finanzsektors bestimmt haben. Obwohl verzweifelte Zeiten verzweifelte Maßnahmen erfordern können, wird ein massives Eingreifen der US-Regierung in der Zukunft auch die Argumentation dafür erschweren, dass der Staat sich aus den Vorgängen im Finanzsystem heraushalten sollte.

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