The shirt is closer than the jacket The saying that the shirt is at home with the jacket proves, even in the current fiscal situation is quite correct. But the situation of international finance by some crazy things (literally!) is characterized. Thus, catastrophic - we remember:
financial crisis a year ago, abyss - with the very same causes fights: with further debt. Except that it was not the "private" debt for banks and their profiteers this time, but the debt of the economies, that is: the taxpayers. For thus it was: the immense risk of default and bankruptcies of major financial institutions were taken over by the taxpayer. For where did they come from hundreds of billions of grants and guarantees? By the state. Where did they come from? From the banks. Who will pay those back? The tax payers. A very simple circuit.
Too bad - and of course did not anticipate that the states now have the buck. Excessive government debt, not least through or due to the financial crisis, some countries have brought to the brink of ruin. Mistakes in policy and in the national economy were added, see Greece or Spain or Britain. And what is the other hand, now sold as a panacea? Of course: new debt, and easy money, further increases in expenditure in order not to endanger the delicate bloom economic recovery. At least, it has recently represented the U.S. Treasury and Geithner called for by the federal government and other European countries. To the delight of all those who already have savings with little in the hat. For example, France. Its public debt is much higher than German. So far, however, Sarkozy all avoided to his country expected of really painful and lasting cuts. He added the European Central Bank (ECB) on its side. Its president Trichet is French - a rogue who evil thinks. In any event, the ECB holds for many indeed very surprising, a policy of "easy money" down interest rates, junk bonds her for cash: thus surely the unlimited purchase "distressed" (! What a beautiful word in the financial world) government bonds by the ECB . understand But they draw from the liquidity in other ways at once, it defends itself. This may be true at first glance, but the ailing bonds remain permanently with her in the vault. Who holds as a counterweight additional capital against this risk before? No one. Who has to pay the doubt? The national central banks. Where to get her the money then? Well - you know.
FAZ.NET has a
special page on the financial crisis to the law and with concern that, yet nowhere structural defects have been rectified, which helped to create the financial crisis, so because of a crisis excessive, in some cases completely unsecured debt. Thus, the national central banks own government bonds and foreign countries, if they only have less than the rating of AA (what the international financial markets is already pretty bad), without any additional deposit of its own capital in any amount, as cash also. That is the true art: debt in real good money to turn! Click to succeed in a wonderful way - as long as no one points to the Emperor and said: "He has nothing on!"
Sure,
Geithner thinks first of his situation in the U.S. who are now moved to the Kölschen motto: "Et is still jot jejange." To live that is economically in the long term pumping and nourish the private sector solid - as long as the morons pay (China, Japan ...) level. Sure, Sarkozy (Trichet, ECB
) thinks first of himself, does not want so than the president in the history received, the French "gloire" saying, has destroyed his gentle social policy and protectionist economic policies. Is to be hoped that the German Chancellor in Germany at first thought and the good advice of the Bundesbank president Axel Weber and his chief economist Stark
follows and is pushing for a strict expenditure control and a real reform and effective control of the financial world. Moreover, it is capitalism, as in the common interest above all, positive or negative, see the excellent editorial by Holger
Stelzner in today's edition of the FAZ.
But just because no one apparently has international interest. It runs but again everything was more complicated. If each thinks of himself is at last thought to all! Laughed, laughed ...
