housing Ian Waldie/Getty Images

Das riskante neue Mandat der Fed

LONDON – „Es gibt in dieser Welt nur zwei Tragödien“, schrieb einst Oscar Wilde. „Die eine ist, nicht zu kriegen, was man sich wünscht, und die andere ist, es zu kriegen.“ Die US Federal Reserve nähert sich derzeit zentimeterweise an ihre Ziele für die Binnenwirtschaft an und steht nun unter wachsendem Druck, ihre Geldpolitik zu normalisieren. Doch die Binnenwirtschaft ist inzwischen nicht mehr der einzige Gesichtspunkt, der die Politik der Fed bestimmt. Im Gegenteil: Amerikas Währungshüter haben ihr neues Mandat bereits mehr oder weniger eindeutig anerkannt: die Förderung der globalen Finanzstabilität.

Der US-Kongress hat die Fed 1913 als unabhängige Behörde geschaffen, die ihre Aufgabe, im Land für Preisstabilität und weitestgehende Vollbeschäftigung zu sorgen, abseits der Parteipolitik wahrnimmt. Die Rolle der Fed hat sich im Laufe der Zeit ausgeweitet, und sie hat wie viele Notenbanken in anderen entwickelten Ländern seit der globalen Finanzkrise zunehmend eine unkonventionelle Geldpolitik verfolgt – durch die quantitative Lockerung, Credit Easing, Forward Guidances usw.

Diese unkonventionelle Politik hat sich inzwischen zur Normalität entwickelt. Eine Generation von Weltmarktteilnehmern kennt nur noch eine Welt niedriger (oder sogar negativer) Zinssätze und künstlich in die Höhe getriebener Vermögenspreise.

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