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NEW YORK – Im letzten Jahr machten wir eine bemerkenswerte Erfahrung. Nach dem Bankrott von Lehman Brothers im September 2008 brachen die Finanzmärkte praktisch zusammen und mussten künstlich am Leben erhalten werden. So etwas ist seit der Großen Depression in den 1930er Jahren nicht passiert.

Das Bemerkenswerte an diesem Zusammenbruch war, dass er nicht von einem externen Faktor verursacht wurde, sondern innerhalb des Finanzsystems seinen Ursprung hatte und sich von dort aus auf die ganze Weltwirtschaft ausbreitete. Das kam fast völlig unerwartet, denn die vorherrschende Meinung war, das sich die Finanzmärkte selbst regulieren würden.

Mittlerweile wissen wir, dass dem nicht so ist. Aber nachdem wir die Deregulierung der Märkte zu weit getrieben haben, müssen wir jetzt der natürlichen Versuchung widerstehen, in die andere Richtung zu übertreiben. Märkte sind unvollkommen, aber Regulierer sind nicht nur Menschen, sondern auch Bürokraten und unterliegen politischem Einfluss. Aus diesem Grund sollten neue Regulierungen auf ein Minimum beschränkt werden.  

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