Beunruhigende Interventionen

PRINCETON: Seine bemerkenswerteste Würdigung erfuhr der zweite Jahrestag des Zusammenbruchs von Lehman Brothers am 15. September 2008 durch Japans einseitige Währungsintervention zur Abwertung des Yen. Dieser Schritt markiert einen Wandel im Charakter der globalen Finanzkrise, weg von Sorgen über Bankenprobleme und hin zu einem Fokus auf das dysfunktionale Wechselkurssystem unserer Welt – oder besser, auf das gegenwärtige Fehlen eines solchen Systems.

Die japanische Intervention war sofort kontrovers. Amerikanische Politiker brandmarkten sie als „räuberisch“; die Europäer sahen sie als einen Schritt in Richtung Abwertungswettlauf. Und die Schweizer Notenbank unternahm vor kurzem einen kostspieligen und vergeblichen Versuch, den Anstieg des Schweizer Franken gegenüber dem Euro aufzuhalten – ein Bemühen, das nur zu großen Verlusten in der Bilanz der Bank führte.

Japans neuer Aktivismus wurde weithin imitiert. Südkorea und danach Brasilien leiteten ähnliche Maßnahmen ein, um den Wert ihrer jeweiligen Währungen  zu drücken.

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