Paul Lachine

Inflation ist jetzt das geringere Übel

CAMBRIDGE – Für die wichtigsten Zentralbanken der Welt ist es an der Zeit zu erkennen, dass eine plötzlich auftretende mäßige Inflation bei der Trockenlegung des kolossalen Schuldensumpfs von heute überaus hilfreich wäre.

Ja, Inflation ist eine unfaire Methode sämtliche, nicht indexgebundene Schulden in der Wirtschaft wirksam abzuschreiben. Die Preisinflation zwingt Kreditgeber, Rückzahlungen in wertgemindertem Geld hinzunehmen. Ja, prinzipiell sollte es möglich sein, die Missstände im Finanzsystem zu korrigieren, ohne auf Inflation zurückzugreifen. Je intensiver man sich allerdings mit den Alternativen wie etwa Kapitalspritzen für Banken und Direkthilfe für Hypothekenschuldner beschäftigt, desto klarer wird, dass Inflation kein Hindernis, sondern durchaus hilfreich wäre. 

Dem modernen Finanzwesen gelang es, eine Dynamik der Zahlungsausfälle von derart frappanter Komplexität zu schaffen, dass man mit Standard-Ansätzen zur Schuldumwandlung nicht weiterkommt. Durch Verbriefungen, strukturierte Finanzprodukte und Innovationen sind die  verschiedenen Akteure im Finanzsystem so miteinander verwoben, dass es im Wesentlichen unmöglich ist, jeweils eine Finanzinstitution allein zu reorganisieren. Gefragt sind systemweite Lösungen.

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