Das nächste Bretton Woods

NEW YORK – Die Welt versinkt derzeit in einer großen globalen Konjunkturverlangsamung, die wahrscheinlich die schlimmste im letzten Vierteljahrhundert sein wird, vielleicht seit der Weltwirtschaftskrise. Diese Krise ist in vielerlei Hinsicht „made in America“.

Amerika hat seine faulen Hypotheken als durch Vermögenswerte gesicherte Wertpapiere in die ganze Welt exportiert. Amerika hat seine Philosophie des deregulierten, freien Marktes exportiert, von der selbst ihr Hohepriester, Alan Greenspan, jetzt zugibt, dass sie ein Fehler war. Amerika hat seine Unternehmenskultur der Verantwortungslosigkeit exportiert – undurchsichtige Aktienoptionen, die jene schlechten Buchhaltungspraktiken fördern, die an diesem Debakel beteiligt waren, genau wie bei den Enron- und Worldcom-Skandalen vor ein paar Jahren. Und am Ende hat Amerika seinen Wirtschaftsabschwung exportiert.

Die Regierung Bush ist endlich dazu übergegangen, dass zu tun, worauf alle Ökonomen bereits gedrängt haben: mehr Eigenkapital in die Banken zu pumpen. Doch wie immer steckt der Teufel im Detail, und dem Finanzminister der Vereinigten Staaten, Henry Paulson, könnte es gelungen sein, selbst diese gute Idee zu untergraben. Er scheint herausgefunden zu haben, wie man die Banken so sanieren kann, dass es u. U. nicht zu einer Wiederaufnahme der Kreditvergabe führt, was für die Wirtschaft nichts Gutes verheißen würde.

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