In vielen Industrieländern sind die Staatsschulden im Verhältnis zum nominalen Bruttoinlandsprodukt mittlerweile derart stark gestiegen, dass große Zweifel an deren Tragfähigkeit bestehen. Oberste Priorität für die Wirtschaftspolitk ist es daher, diese Entwicklung aufzuhalten bzw. umzukehren. Sofern Schuldenrestrukturierungen und Schuldenschnitte dabei außen vor bleiben, hat das Szenario der Finanziellen Repression den größten entlastenden Hebel auf die Staatsentschuldung. Hierbei wird das Zinsniveau über eine künstlich induzierte Nachfrage nach Staatsanleihen via Notenbank und Finanzaufsicht niedrig gehalten. Dies senkt die Refinanzierungskosten der Staaten und entwertet die Schulden idealerweise durch einen negativen Realzins. Die Erfahrungen einiger Länder nach dem zweiten Weltkrieg zeigen, dass die langjährige
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(45) Bvbevota Bwiqzlqbebe Ggwijajixh: Qbcgcy IID-Gjdejkdx 6,0%, Zrgkmclkncbrdw 0,7%, Chkxodoiuejipo 2,5%, 00-Xsdmuxkucjegun 6,1%.
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