Jon Krause

Schreckgespenst Marktvertrauen

CAMBRIDGE – Ein Gespenst geht um in Europa – das Gespenst des „Marktvertrauens“.

Vielleicht war es die Angst vor dem Kommunismus, die die Regierungen umtrieb, als Karl Marx 1848 die erste Zeile seines berühmten Manifests niederschrieb, doch heute ist es die Furcht, dass sich die Stimmung am Markt gegen sie wendet und die Spreads für ihre Staatsanleihen in die Höhe treibt. Die Regierungen überall auf der Welt werden zu verfrühten Haushaltskürzungen gezwungen, obwohl die Arbeitslosigkeit weiterhin sehr hoch bleibt und die Nachfrage der Privathaushalte wenig Lebenszeichen von sich gibt. Viele werden dazu gebracht, Strukturreformen vorzunehmen, an die sie nicht wirklich glauben – nur weil es für die Märkte sonst schlecht aussähe.

Der Schrecken, den die Stimmung am Markt hervorbringt, war einst der Ruin der armen Nationen allein. Während der lateinamerikanischen Schuldenkrise in den 1980er Jahren oder der asiatischen Finanzkrise 1997 zum Beispiel glaubten die hochverschuldeten Entwicklungsländer, dass sie kaum eine andere Wahl hatten, als bittere Pillen zu schlucken – oder es würde eine massenhafte Kapitalflucht einsetzen. Anscheinend sind jetzt Spanien, Frankreich, Großbritannien, Deutschland und, wie viele Analysten behaupten, sogar die Vereinigten Staaten dran.

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