Von der Finanzkrise in die Schuldenkrise?

CAMBRIDGE – Von der Königin von England bis zum entlassenen Autoindustrie-Arbeiter in Detroit fragen sich alle, warum viele Experten die Finanzkrise nicht kommen gesehen haben. Das ist eine unangenehme Frage. Wie können politische Entscheidungsträger so sicher sein, dass die Finanzkatastrophe nicht schon bald wiederkommt, wenn sie offenbar keine Ahnung hatten, dass eine derartige Krise überhaupt jemals eintreten würde?

Die Antwort ist nicht sehr beruhigend. Im Grunde besteht nach wie vor die Gefahr, dass die Finanzkrise nur in den Winterschlaf gefallen ist und sich langsam in eine staatliche Schuldenkrise verwandelt.

Wie dem auch sei: Der Grund, warum die meisten Investoren momentan viel mehr Vertrauen an den Tag legen als noch vor ein paar Monaten liegt darin, dass Regierungen auf der ganzen Welt unter großen Teilen des Finanzsystems ein umfangreiches Sicherheitsnetz gespannt haben. Gleichzeitig hat man durch die Anhäufung massiver Defizite die Wirtschaft angekurbelt und die Zentralbanken haben die Zinssätze auf fast Null gesenkt.

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