Silvio Gesells Vorschlag, mit Negativzinsen Krisen zu bekämpfen, gewinnt an Bedeutung.
Die Kolumne„Gastwirtschaft“ von Felix Fuders aus der FR.
Erstmals wird dieses Jahr am 23. November von der Initiative Natürliche Wirtschaftsordnung e.V.(INWO) in Zusammenarbeit mit dem argentinischen Institut für Silvio-Gesell-Studien und der US-amerikanischen Gesell Foundation der Silvio-Gesell-Preis ausgelobt.
Preisträger ist der Ökonom Willem Buiter. Er hat wie kaum ein anderer dazu beigetragen, die erstmals von Silvio Gesell vor 100 Jahren vorgeschlagene Einführung von negativen Zinsen in den Wirtschaftswissenschaften verkehrsfähig zu machen.
Neben ihm gibt es aber auch andere bekannte Ökonomen, die auf die Notwendigkeit hinwiesen, die „Nullzinsschranke“ zu überwinden, um eine effektivere Geldpolitik durchzusetzen. Drunter finden wir etwa den Harvard-Ökonom Nicholas Mankiw, der in einem viel beachteten Artikel der „New York Times“ 2009 schrieb, die US-Notenbank solle doch mal über negative Zinsen nachdenken, wie sie Silvio Gesell vorgeschlagen hatte.
Tatsächlich hat sich die Bargeldhortung in dieser Zeit verdoppelt
Worum geht es?
Geld als Tauschmittel muss zirkulieren. Geld ist aber anders als reale Güter leicht zu horten und wird daher auch gerne als Wertaufbewahrungsmittel verwendet. Die Funktion des Geldes als Wertaufbewahrungsmittel widerspricht seiner Funktion als Tauschmittel. Hier kommt der Zins ins Spiel. Der Zins als „Prämie für den Verzicht auf Liquidität“ (Keynes) gibt einen Anreiz, Geld nicht zu Hause aufzubewahren, sondern es zur Bank zu bringen, die es dann weiter verleiht, also in Fluss hält. Was aber, wenn der Marktzins aufgrund mangelnder Kreditnachfrage in die Nähe von null rückt, wie zuletzt in der EU zwischen 2014 und 2022? Dann gibt es wenig Anreiz, Geld zur Bank zu bringen. Tatsächlich hat sich die Bargeldhortung in dieser Zeit verdoppelt.
Eine solche „Investition in Bargeld“ war auch der Europäischen Zentralbank ein Dorn im Auge. Gesells Vorschlag, eine Art Parkgebühr auf Bargeld einzuführen, stellt eine Lösung dar, die aktueller ist denn je. Wenn nämlich nicht bald wieder neue Gründe für eine großvolumige Kreditnachfrage seitens des öffentlichen Sektors gefunden werden, wie zuletzt für Investitionen in Verteidigung oder die Pandemiebekämpfung, dann wird das Zinsniveau schnell wieder bei null liegen.
Buiters Publikationen haben wesentlich dazu beigetragen, Gesells Vorschlag, der Geld auch bei Nullzinsniveau im Fluss hält, endlich auch in Wissenschaftskreisen bekannt zu machen.
Der Silvio-Gesell-Preis findet statt am 23. November 2024 um 16:00 Uhr in Frankfurt/Main, Einlass ab 15:30 Uhr an der Goethe-Universität Frankfurt, Campus Westend, Casino-Gebäude, Raum 1.801.
Anmeldung per E-Mail:
Gesell-Preis@inwo.de
Autor: Prof. Felix Fuders
Quelle:
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