Das Dilemma der Sparer

BRÜSSEL: Überall in der entwickelten Welt (den Vereinigten Staaten, Europa und Japan) liegen die Zinsen inzwischen in Nähe des Nullpunktes. Doch die Weltwirtschaft verliert an Schwung, und im Sommer gerieten die Finanzmärkte ins Trudeln – was nahe legt, dass dies nicht bloß ein Problem unzureichender monetärer Impulse ist.

Das Herz jeder Volkswirtschaft ist der Mechanismus, durch den Geld von den Sparern zu den Investoren kanalisiert wird. In normalen Zeiten erfüllen die Kapitalmärkte diese Funktion reibungslos; von Zeit zu Zeit allerdings brechen diese Märkte zusammen, weil sich die Risikowahrnehmung in Bezug auf wichtige Vermögensklassen plötzlich stark ändert.

In den USA geschah dies, als die Anleger entdeckten, dass selbst besicherte Vermögenswerte mit AAA-Rating in Wahrheit riskant sind. China erlebte eine ähnliche Überraschung, als die US-Regierung ihr AAA-Rating verlor. Nirgends freilich ist das Problem so akut wie in Europa – oder vielmehr: in der Eurozone –, wo die deutschen Sparer plötzlich Risiken überall in der europäischen Peripherie entdecken.

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