Daniel Roland/AFP/Getty Images

Die Politik der Negativzinsen

ATHEN – Objekte der Begierde haben ihren Preis. Nur schlechte Dinge wie etwa Giftmüll weisen einen negativen Preis auf, sind also mit einem Entgelt belegt, das an denjenigen zu entrichten ist, der sich bereit erklärt, sie verschwinden zu lassen. Heißt das nun, dass negative Zinssätze eine neue Perspektive auf Geld eröffnen – dass nämlich Geld „schlecht“ geworden ist?

In der Marktwirtschaft ist Geld das Maß für den Wert von Gütern und Dienstleistungen. Und der Zinssatz ist der Preis dieses Maßes – also des Geldes an sich. Liegt dieser Preis bei null, ist es gleichgültig, ob man das Geld unter der Matratze versteckt oder ausleiht, weil der Besitz oder das Ausborgen nicht mit Kosten verbunden sind.

Wie allerdings ist es möglich, dass der Preis des Geldes – das ja schließlich die Welt regiert oder, wie Karl Marx es formulierte, „alle meine Unvermögen in ihr Gegenteil verwandelt”  bei null liegt? Und wie kann er sogar jemals einen negativen Wert aufweisen, wie es derzeit in großen Teilen der Weltwirtschaft der Fall ist, in der die Vermögenden dieses Planeten Regierungen „bestechen“, von ihnen über 5,5 Billionen Dollar zu borgen?

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