Abgesehen von den Konjunkturschwankungen, die für die taktische Vermögensallokation ausschlaggebend sind, ist die Frage nach der Inflationsentwicklung, die die Industrieländer in den kommenden Jahren erwarten, für eine strategische Allokation am wichtigsten.
Ausgangspunkt war die extrem akkommodierende Geldpolitik, die 2009 in den USA und 2015 in der Eurozone eingeführt wurde, um den Auswirkungen der globalen Finanzkrise entgegenzuwirken. Die Folge war ein über lange Zeit anhaltendes jährliches Geldmengenwachstum von mehr als 20 %. Der Nährboden war also gelegt. Der Ausbruch von Corona setzte dann die Inflation in Gang, die durch die Angebotsverknappung infolge der Kriseneindämmung der Krise und durch die Ankurbelung der
Ausgangspunkt war die extrem akkommodierende Geldpolitik, die 2009 in den USA und 2015 in der Eurozone eingeführt wurde, um den Auswirkungen der globalen Finanzkrise entgegenzuwirken. Die Folge war ein über lange Zeit anhaltendes jährliches Geldmengenwachstum von mehr als 20 %. Der Nährboden war also gelegt. Der Ausbruch von Corona setzte dann die Inflation in Gang, die durch die Angebotsverknappung infolge der Kriseneindämmung der Krise und durch die Ankurbelung der
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