Wer ist schuld an den Währungskriegen?

WASHINGTON, DC – Die Welt befindet sich am Rande einer unschönen Konfrontation im Währungsbereich -  die sich nun auf die Handelspolitik (Amerikas Flirt mit dem Protektionismus), die Einstellung zu Kapitalflüssen (neue Beschränkungen in Brasilien, Thailand und Südkorea) sowie auf die öffentliche Unterstützung der wirtschaftlichen Globalisierung (fast überall wachsende Ressentiments gegenüber Ausländern) auszuwirken beginnt. Wer ist nun schuld, dass diese Situation so außer Kontrolle gerät und was wird als nächstes passieren?

Üblicherweise wird die Frage dahingehend gestellt, ob manche Länder „schwindeln”, wenn sie ihre Wechselkurse unterbewertet halten und somit - im Gegensatz zu den Entwicklungen bei frei schwankenden Währungen – ihre Exporte fördern sowie Importe begrenzen.  

Aus der konventionellen Perspektive betrachtet ist China der Hauptschuldige an der aktuellen Situation, obwohl der Internationale Währungsfonds knapp an zweiter Stelle folgt. Allgemeiner betrachtet allerdings, ist Europas Verweigerung einer Reform des globalen Wirtschaftsregimes, verschärft durch jahrelanges politisches Missmanagment und Selbsttäuschung der USA, in erster Linie verantwortlich für den Ernst der heutigen Lage.

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