“That has given it before,” says Jens Ehrhardt, one of Germany’s best-known asset managers, vergangenene week in Frankfurt on the Outlook for the Fund company DJE. The speech is from the monetary policy of the us Federal Reserve Bank (Fed). It’s in the history of first-time Experiment of “Quantitative Tightening”.

Antonia man hamlet

editor in the economy.

F. A. Z.

Instead of a loose monetary policy, the more money in the market is pumped, it deprives the Fed of the American market, the Quantitative Tightening for the first time in large amounts of money. “Never in the amount of $ 600 billion was taken out of it,” says Ehrhardt. In Conjunction with a rapid rise in interest rates a decrease of 20 percent in the coming year will be to the American and other stock exchanges. He adds: “Then we could have France in the United States.”

he think that to be unlikely, because it would be economic suicide in America. “If America continues in this way, then the natural rate is exceeded.” Here, Erhardt refers to the “astronomically high level of indebtedness” in America. The behind-the-Scenes much less favourable, as is widely accepted, and “if a recession comes, the worse”.

The American Central Bank chief Jerome Powell could not hide the social consequences that would be triggered by a rapid rise in Interest rates. Ehrhardt cited the example of the operation of loans from lower income classes, which would suffer from higher interest rates. In contrast, higher interest rates are, for example, large tech companies is not a Problem. The different distribution of wealth and the resulting social problems could not ignore Powell, therefore, easy. And international must be paid to the inequality, advises Ehrhardt – also because this could lead to the election of more extreme parties.