The U.S. Is Not Bankrupt, but Has Received a Warning

109

August 14, 2011

Published in Der Neue Tag
(Germany) on 8 August 2011
by Alexander Pausch (link to original link to original)

Translated from by Sean Thacker. Edited by Hoishan Chan .

Once again, it appears to be one of the allegedly evil ratings agencies that is threatening to plunge financial markets worldwide into turmoil. But is the downgrade of the U.S. really that surprising? No. Anyone can check the few hopeful pieces of U.S. economic data.

Nevertheless, it is true: The U.S. is not bankrupt. But they have received a warning shot. Evidence remains that the U.S., as well as Europe, are skating on thin ice. There is no intelligent and coherent policy. The ineffable political style on the Potomac and the weak leadership skills of the president are just as untrustworthy as Europe’s many cheeky remarks or unproductive accusations that are colored with nationalistic undertones.

A new era is now beginning. American government securities are no longer the automatic safe havens that they have been for decades. The financial system will slowly readjust itself. There is still no alternative — except Europe, when it is able to get going again.

Wieder scheint es eine der vermeintlich bösen Ratingagenturen zu sein, die die Finanzmärkte in aller Welt in Turbulenzen zu stürzen droht. Doch ist die Herabstufung der Kreditwürdigkeit der USA wirklich so überraschend? Nein. Die wenig hoffnungsvollen US-Wirtschaftsdaten sind für jeden nachlesbar.

Gleichwohl gilt: Die USA sind nicht pleite. Aber sie haben einen Schuss vor den Bug erhalten. Es bleibt der Befund, dass nicht nur die USA sondern auch Europa in gefährlichen Gewässern dümpeln. Es fehlt an kluger, stimmiger Politik. Der unsägliche Politikstil am Potomac und die schwache Führungsleistung des US-Präsidenten sind ebenso wenig vertraueneinflößend wie in Europa so manche vorlaute Bemerkung oder die mit unsäglichen nationalistischen Untertönen gefärbten Schuldzuweisungen.

Nun beginnt eine neue Ära. Amerikanische Staatsanleihen sind nicht mehr automatisch der sichere Hafen, der sie jahrzehntelang waren. Das Finanzsystem wird sich nach und nach neu ausrichten. Doch noch gibt es keine Alternative - außer, Europa fasst wieder Tritt.

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