The current economic situation is primarily a global financial crisis. It was initiated by financial global imbalances. Grob: The U.S. has financed through excessive money and credit creation because of an excessive consumption. This was made possible by the Fed and foreign investors. This boom is now ready to explode. Thus the financial crisis not transformed into an economic crisis, now the world invervenieren all states, including Switzerland.
There are currently two species of state intervention:
former relates to preventing a collapse of the financial sector. This role is absolutely central. A collapse of credit would guarantee an economic crisis. Everything else would then no longer guaranteed. Such interventions is important to (if possible) that the state and therefore not mitsubventionieren taxpayers, the old shareholders and managers of past mismanagement in the affected institutions.
relates to the second type of state intervention to support the economy and is somewhat less urgent, but in terms of the design much more difficult. Each country is in a particular situation. The United States must reduce their consumption (to increase the savings rate again) and simultaneously support the level of private investment. The relative lack of infrastructure also creates opportunities for productive public investment. In Switzerland, reacts very rapidly: In 2009 the federal government alone will spend over a billion more than planned. There are also tax revenue and (possible) additional expenditure of unemployment insurance. Measures taken quickly act quickly, but are potentially so little about it and not necessarily adapted to the situation. In addition the difficulty of matching projects ever be found, which should be supported by the state.
Switzerland has (unlike the U.S.) is still a high consumption. There are no signs of severe credit crunch. Government support programs fizzle to a large extent on the external sector (imports). Unemployment is just beginning to something Steigner. Is it in the face of ever act? Problems come in with us about the export sector. We have therefore primarily an interest that the foreign action, act in advance within the EU and the U.S., for example, some support of U.S. investments or a sufficient credit in Germany (where questionable measures to support the financial sector have been taken). A "fizzling" of the Swiss measures abroad is therefore not a disadvantage, as long as these measures are part of actions adopted in some places.
Caution is also required regarding the extent of the measures. It makes no sense today to blow away all the fiscal ammunition when the problems have yet to come. The construction industry is certainly well utilized, but government measures may be taken only where productive capacity lying idle (!). Consumption should also be with us not based in principle, before he goes back considerably, and even then primarily targeted by more generous (eg extended) contributions to unemployment insurance. Tax relief under the Obama program, or the British lower VAT are simply useless and reduce the scope for more meaningful. It is important now to think about the target potential measures of justice and then to meet the need arises. This is exactly what seems to be the strategy of the Federal Council, is there (in the DEA?) Were more ideas in our quiver as previously decided.
NB: in the economic crisis of the 30s was also triggered an international financial crisis. The parallels to listen to but: At the time, monetary policy was initially Restrictive, the financial sector was backed too late, the remit met protectionist measures that domestic production should be at the expense of foreign funding, and brought a fortiori the depression spiral in motion, which gained by the lack of purchasing power, support unemployment insurance, the known extent. Mind you I am not in favor in principle of active economic policy. If, however, face a credit crunch, falling employment and a deterioration of the outlets of the company, by the employment continues to drop and the financial situation of the financial sector deteriorated further, etc., face a self-reinforcing spiral. This case, and (probably) this only led to the findings of JM Keynes, and also justifies the so-called "Keynesian", financed by government deficits economic policy.
Sources:
Varian to support the U.S. economy:
http://online.wsj.com/article/SB123129443022559731.html
Fama, French, and Zingales Veronesi to the measures to support the financial sector:
http://www.dimensional.com/famafrench/2009/01/government-equity-capital-for-financial-firms.html # more
Hans-Werner Sinn on measures in Germany:
http:// www.ft.com/cms/s/0/2b3ae7b4-da7b-11dd-8c28-000077b07658.html
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