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Die Krise der Finanzmärkte und die Rückkehr des Staates

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  • James, Harold
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    Abstract

    Wenn ganze Finanzsystemen von radikalem Vertrauensentzug betroffen sind, so können dem nur Einrichtungen nachhaltig entgegentreten, die einen fast unbegrenzten Zugriff auf Ressourcen haben. Solche Einrichtungen können auch Selbsthilfegruppen sein, wie etwa ein Pool mächtiger Banken, wie das 1907 der Fall war. Der US-Finanzminister hatte, in der Tat, am 24. September 2008 versucht, genau eine solche Pool-Lösung zu schaffen. Aber in einem Klima umfassender Unsicherheit kann Selbsthilfe nicht mehr greifen. Regierungen und Zentralbanken müssen einspringen, denn allein sie sind groß und schnell genug, und zudem müssen sich die Zentralbanken bei ihren fiscal bailouts immer stärker auf ihre jeweilige Regierung stützen. In der amerikanischen Politik wird ein neuer Staatskapitalismus als die werdende globale Wirklichkeit behandelt. Ein solcher Konsens zeichnet sich über Atlantik und Pazifik hinweg gleichermaßen ab. Diese Entwicklung wird die Politik der Nationalstaaten Europas und der Europäischen Integration verändern. Sie wird insbesondere die Bedeutung der kleinen Mitgliedstaaten deutlich mindern, denn sie können den neuen Herausforderungen am wenigsten gerecht werden. -- In a financial system that suffers a radical loss of confidence, only institutions with more or less infinite resources can stem the tide. Such institutions can conceivably be self-help organizations, such as pools of powerful banks: that was for instance the case in 1907. The US Treasury indeed tried to put together such a pool on Sunday, September 14th, 2008. But in a climate of profound uncertainty, self-help is not enough. Governments or central banks are needed, because only they are both big and quick enough, and central banks need to rely more and more on governments for fiscal bailouts. U.S. policy makers are treating a new state capitalism as the emerging global reality. This new consensus is shared both across the Atlantic and the Pacific. It will change the nature of European politics and European integration, because in particular small nation-states are unable to cope with the demands of the new role.

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    Paper provided by University of Bremen, Collaborative Research Center 597: Transformations of the State in its series TranState Working Papers with number 85.

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    Date of creation: 2009
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    Handle: RePEc:zbw:sfb597:85

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