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Teilweise Nationalisierung des US-Bankensystems?

10. März, 2008 ·

Hart, aber ein paar Gedanken Wert — aus dem Blog interfluidity über nicht weniger als die (verdeckte) teilweise Nationalisierung der US-Banken, die in massiven Schwierigkeiten geraten sind (es geht dabei hauptsächlich um die Aktionen der Fed, die neulich annonciert wurden, vor allem die Repro-Geschäfte):

What we are witnessing is an incremental, partial nationalization of the US banking system. Northern Rock in the UK is peanuts compared to what the New York Fed is up to.You may object, and I’m sure many of you will, that our little thought experiment is bunk, debt is debt and equity is equity, these are 28-day loans, and that’s that. But notionally collateralized “term” loans that won’t ever be redeemed unless and until it is convenient for borrowers are an odd sort of liability. Central banks are very familiar with the ruse of disguising equity as liability. Currency itself is formally a liability of the central bank, but in every meaningful sense fiat money is closer to equity.I do not, by the way, object to nationalizing failing banks. There are (unfortunately) banks that are “too big to fail”, whose abrupt disappearance could cause widespread disruption and harm. These should be nationalized when they fall to the brink. But they should be nationalized overtly, their equity written to zero, and their executives shamed. That sounds harsh. It is harsh. One hates to see bad things happen to nice people, and these are mostly nice people. But running institutions with trillion-dollar balance sheets is a serious business. Accountability matters. These people were not stupid. They knew, in Chuck Prince’s now infamous words, that “when the music stops… things will be complicated.”, and they kept dancing anyway.

interfluidity, Repurchase agreements and covert nationalization

Kategorien: Börsenblogs · Finanznews

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