Schuld ist die Fed

FRANKFURT – Angesichts der nun publik werdenden peinlichen Enthüllungen über die Risikoeinschätzung der Fed am Vorabend der Finanzkrise, sehen Kritiker der US-Notenbank ihren großen Tag gekommen. Die Fed ist nämlich per Gesetz verpflichtet, die Protokolle der Sitzungen ihres Offenmarktausschusses (FOMC) mit einer Verzögerung von fünf Jahren zu veröffentlichen.

Obwohl die große Krise erst mit dem Zusammenbruch von Lehman Brothers im September 2008 ausbrach, war bereits im Sommer 2007 klar, dass auf den Kreditmärkten, wo immer seltsamere Entwicklungen einsetzten, etwas gewaltig in die falsche Richtung lief. Doch viele Vertreter der Fed verkannten ganz klar die Bedeutung dieser Entwicklungen. Ein Gouverneur meinte, dass die beginnende Sorge der Märkte hinsichtlich der Subprime-Hypotheken als gutes Zeichen zu werten sei.  Ein anderer argumentierte, dass sich der sommerliche Stress auf den Märkten höchstwahrscheinlich als geringfügiges Problem erweisen würde.

Verschiedene Kritiker führen derartige Äußerungen als Beweis für das Unvermögen der Fed ins Treffen und meinen, dass man ihre Unabhängigkeit beschneiden oder noch drastischere Maßnahmen ergreifen sollte. Das ist Unsinn. Ja, man hätte manches besser machen können und sollen, aber es ist grotesk, Gouverneure der Fed herauszupicken, um der ganzen Institutionen die Schuld dafür in die Schuhe zu schieben, dass man die nahende Katastrophe nicht erkannt hatte.

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