All the world swears unleashed on financial markets. The role of the state has no place in the common critique of capitalism. Why not? The new critics have short memories ..
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DüsseldorfDie Financial markets sink in panic, the critique of capitalism flourishes, remorse and mea culpa are booming. "Does not the Left at the end right?" asks the conservative British journalist Charles Moore in the "Daily Telegraph", and the German feuilleton called "Yes and Amen". Law making, and who's to blame? Thousands of lines of print about the same answer: the "unchained financial market economy." But the answer is as illuminating as: "The murderer of the Austrian throne, has caused the First World War." Only: The man who shot, but the field have prepared the States.
Unfortunately, the role of the state, which now distributes about half the national product, no place in the common critique of venture capitalism embodies, but the good of the State: general interest and distributive justice. Objectionable is that he based on the "too big to fail" rescues bankrupt countries and moves such as banks, so investors and shareholders. True that this is endlessly enriched - like it would do any of us if he could. Unforgivable for friends of the market is that at least some financial institutions are contrary to good faith by the same time have speculated with and against their clients.
But the revamped critique of capitalism remains blind to the state (Karl Marx knew better, but the government has condemned as stooges of the capital). Why the banks in the country's deepest financial acrobatics have fallen? "Greed" and "excess" are apparently also public vices. A nice punch line. The truth is that the state has prepared the table at which the "unfettered markets" have eaten.
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The mega-bubble that without the aid (see, Penal Code) not occurred. The largest bowl has filled the country with cheap money - in the foolish, but vote-oriented faith, that such a recession would be abolished. The cornucopia spilled out first about America, then across Europe. 2003 U.S. Federal Reserve lowered the key interest rate to a 40-year low of one percent.
Who would eat the soup? Laid down in advance of the state under Clinton, the cutlery - away with the separation of investment banks, commercial banks and insurance companies. Now everyone could mitlöffeln. For the stimulus also caused the state, in the name of social justice: home ownership for all. Since 1977, the Community Reinvestment Act had "encouraged" banks to serve poor neighborhoods also with mortgages - a good idea, but the first to raise the credit quality problems should.
In the nineties, began to spin a huge wheel, again in the name of justice. The two state-secured mortgage institutions Fannie Mae and Freddie Mac were encouraged by Congress to fund more mortgages for poorer. Starting in 2007 should fill the two for 55 percent of their portfolios by subprime mortgages. Fannie and Freddie had been guaranteed to hundreds of billions.
Thus, in the land of "predatory capitalism" is a home ownership rate of 70 percent (in Germany 43 percent). But who asked now by credit rating? What wonder that "greed and excess" a worldwide roulette set in motion, no matter how opaque the "asset-backed securities" were. Uncle Sam stood behind it.
Josef Joffe is editor of "Time" columnist and the "Handelsblatt". Source: picture alliance / ZB
Josef Joffe is editor of "Time" columnist and the "Handelsblatt". Source: picture alliance / ZB
As with the mortgage debt of bankrupt countries today. Who made them? The politicians who wanted to buy more, pay more than they could - be it for social equality, be it for the clientele. Or to enrich themselves. Why deserves a representative in Rome € 14 000, and for 15 hours a week? Why roll 86 000 official car in Italy? The euro, also a product of politics, made it possible: with low interest rates, invited to the waste.
So what the Left is right? The "unfettered financial market economy" was the bold eye, which has now triggered deadly stomach cramps. But the soup, the state has done - negligence, benevolent or irresponsible. But where would the critics of capitalism, although he would prefer the government to account? But embodies the promise is also the cause of so much research to be complicated. For the prosecution it is sufficient if the investment bankers may opt for a $ 40 million apartment on Central Park afford.
We take away his property taxes, we put together the financial markets. The state will judge it. But who bridles the state, which has made it possible? A nice feature for the series.
