Die Welt auf Entzug

CAMBRIDGE – Vielleicht sollten wir 2013 das Jahr der Winehouse-Wirtschaft nennen. Die verstorbene, englische Sängerin Amy Winehouse sang: „Sie haben versucht, mich in die Entzugsklinik zu schicken, aber ich sagte nein, nein und nochmals nein“.. 2013 sangen dies auch die weltweit wichtigsten Zentralbanken unter der Führung der US-amerikanischen Federal Reserve.

Im Sommer hatten sowohl die Fed als auch die Chinesische Volksbank ihre Absicht geäußert, die Geldpolitik zu normalisieren. Der Vorsitzende der Fed, Ben Bernanke, sprach offen über „Tapering“, das Zurückfahren der Politik unbegrenzter Anleihenkäufe, die auch als Quantitative Erleichterung (QE) bekannt war. Der Gouverneur der Chinesischen Volksbank, Zhou Xiaochuan, hat sogar versucht, das ausufernde Kreditwachstum seines Landes zu zügeln. Aber als die Märkte in beiden Ländern stärker reagierten als erwartet – mit steigenden Anleihenerträgen in den Vereinigten Staaten und hoch schießenden Zinssätzen im chinesischen Interbankenverkehr – gaben die geldpolitischen Behörden klein bei.

Dies ist ein Problem, dem sich viele Popsänger gegenüber sahen: Nach Jahren von Stimulierung ist der Entzug nicht so leicht.

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