Der fallende Dollar

CAMBRIDGE – Als der Euro ein Allzeithoch von 1,52 Dollar erreichte, erklärte der Präsident der Europäischen Zentralbank, Jean-Claude Trichet, der Presse, dass ihm dieser rasche Höhenflug Sorgen bereite und er die offizielle Politik des US-Finanzministeriums, einen starken Dollar zu unterstützen, „unterstreichen“ möchte. Mehrere europäischen Finanzminister äußerten sich anschließend in ähnlicher Weise. 

In Wirklichkeit haben die USA natürlich keine Dollarpolitik – außer den Markt den Wert der Währung bestimmen zu lassen. Die US-Regierung interveniert nicht auf dem Devisenmarkt, um den Dollar zu stützen und die Politik der Notenbank Federal Reserve ist gewiss nicht auf ein derartiges Ziel ausgerichtet. Ebensowenig ist die Fed speziell darauf aus, den Wert des Dollars zu senken. Obwohl die Senkung des Leitzinses von 5,25 % im Sommer 2007 auf momentan 3 % zum Kursverlust des Dollars beiträgt, war diese Maßnahme als Impuls für eine schwächelnde Wirtschaft gedacht. 

Gleichwohl haben alle US-Finanzminister, zumindest seit Robert Rubin, US-Finanzminister unter Präsident Clinton, auf die Frage nach dem Dollarkurs ihr Mantra wiederholt, dass „ein starker Dollar gut für Amerika“ sei. Das klingt zwar besser als „kein Kommentar“, sagt aber wenig über die Richtung gegenwärtiger und zukünftiger Aktionen der US-Regierung aus.

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