{"id":4975,"date":"2023-12-14T16:56:35","date_gmt":"2023-12-14T16:56:35","guid":{"rendered":"https:\/\/smartscalpfx.com\/?p=4975"},"modified":"2023-12-14T17:00:30","modified_gmt":"2023-12-14T17:00:30","slug":"verschuldung-der-staaten","status":"publish","type":"post","link":"https:\/\/clevercopyfx.pro\/en\/verschuldung-der-staaten\/","title":{"rendered":"National debt"},"content":{"rendered":"<div data-elementor-type=\"wp-post\" data-elementor-id=\"4975\" class=\"elementor elementor-4975\">\n\t\t\t\t\t\t<header class=\"elementor-section elementor-top-section elementor-element elementor-element-d7db806 elementor-section-content-middle elementor-section-height-min-height elementor-hidden-desktop elementor-section-boxed elementor-section-height-default elementor-section-items-middle wpr-particle-no wpr-jarallax-no wpr-parallax-no wpr-sticky-section-no wpr-column-slider-no wpr-equal-height-no\" data-id=\"d7db806\" data-element_type=\"section\" data-e-type=\"section\" 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wp-image-4955\" alt=\"\" srcset=\"https:\/\/clevercopyfx.pro\/wp-content\/uploads\/2023\/12\/SSFX_education-1024x683.png 1024w, https:\/\/clevercopyfx.pro\/wp-content\/uploads\/2023\/12\/SSFX_education-300x200.png 300w, https:\/\/clevercopyfx.pro\/wp-content\/uploads\/2023\/12\/SSFX_education-768x512.png 768w, https:\/\/clevercopyfx.pro\/wp-content\/uploads\/2023\/12\/SSFX_education-1536x1024.png 1536w, https:\/\/clevercopyfx.pro\/wp-content\/uploads\/2023\/12\/SSFX_education-2048x1365.png 2048w, https:\/\/clevercopyfx.pro\/wp-content\/uploads\/2023\/12\/SSFX_education-18x12.png 18w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-33 elementor-top-column elementor-element elementor-element-a9879fd\" data-id=\"a9879fd\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-44a52d4 elementor-widget elementor-widget-nav-menu\" data-id=\"44a52d4\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"nav-menu.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t \t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-33 elementor-top-column elementor-element elementor-element-7c4b592\" data-id=\"7c4b592\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-751f629 elementor-align-right elementor-widget elementor-widget-button\" data-id=\"751f629\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/t.me\/+EXPA1n4wzsgzYjAy\" target=\"_blank\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">JOIN TELEGRAM CHANNEL<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/header>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-7ded761 elementor-section-boxed elementor-section-height-default elementor-section-height-default wpr-particle-no wpr-jarallax-no wpr-parallax-no wpr-sticky-section-no wpr-column-slider-no wpr-equal-height-no\" data-id=\"7ded761\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-a74edc3\" data-id=\"a74edc3\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-cb8ba62 elementor-widget elementor-widget-wpr-post-title\" data-id=\"cb8ba62\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"wpr-post-title.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h1 class=\"wpr-post-title\">National debt<\/h1>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8ead19c elementor-widget elementor-widget-text-editor\" data-id=\"8ead19c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\n<p class=\"wp-block-paragraph\">As Washington continues to be stuck in a seemingly endless spending spiral, with the belief that \"spending more money\" is always the right solution, it is essential to address the issue of debt and budget deficits. To understand how debt and deficits affect economic growth, we need to understand where we are now and how we got here. The data visualization demonstrates the average growth rate of the economy over a decade.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/ssfx-education.eu\/wp-content\/uploads\/Blog_3_1.jpeg\" alt=\"\" class=\"wp-image-1078\"\/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">It is obvious that the average growth rate from 1900 to 1990, apart from the period of the Great Depression, was approximately 8%. Since then, we have seen a noticeable slowdown in economic growth.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">What is the reason for this? This question has been the subject of intense debate in recent times, particularly as the US debt and deficits have risen dramatically.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Is it a direct cause or merely a correlation? In this article, I will argue that the increase in debt can be seen as a reason for the decline in growth. But first, let's focus on Keynesian theory, which has set the pace for fiscal and monetary policy over the last three decades.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Keynes argued that an economic dip occurs when the total demand for products does not match the supply. This leads to an unnecessary loss of potential output due to high unemployment resulting from cautious producer decisions.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Keynesian economics postulates that in such times, government intervention is necessary to increase demand, stimulate the economy and reduce both unemployment and deflation. A government cash flow increases incomes, which in turn boosts overall spending. This then increases production and investment, which ultimately leads to further income and spending. This initial stimulus triggers a series of reactions, with total economic output increasing by a multiple of the initial investment.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Keynes had a point. For debt-based spending to be truly effective, the \"return on investment\" should be higher than the debt taken on to finance it.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Here we encounter a twofold problem.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Firstly, debt-based public spending should only be used to stimulate during a recession and then turned into a positive balance during the growth period. However, since the early 1980s, the debt-based spending approach seemed to be the only one of interest. Along the lines of \"a small deficit is good, so a big one must be even better\", right?<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Secondly, the focus of debt-based spending has shifted from productive investments that create jobs mainly to social spending and debt payments. Such uses of money generate a negative return.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">According to research by the Center On Budget &amp; Policy Priorities, about $88% of every dollar raised in taxes goes to non-productive projects.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/ssfx-education.eu\/wp-content\/uploads\/Blog_3_2-1024x403.jpeg\" alt=\"\" class=\"wp-image-1079\"\/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">This is where the critical point comes in: in 2022, the US government spent USD 6 trillion, which amounts to almost USD 20% of total US nominal GDP (USD 19.74% to be precise). Of this massive spending, only USD 5 trillion was covered by government revenues. The remaining USD 1 trillion was financed by borrowing.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/ssfx-education.eu\/wp-content\/uploads\/Blog_3_3.jpeg\" alt=\"\" class=\"wp-image-1080\"\/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">In plain language: If 88% of all expenditure is spent on social benefits and interest expenses, then a total of USD 5.3 trillion (i.e. 105%) of the USD 5 trillion income is spent on these items.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Do you recognize the difficulty in this? In the financial markets, it's called a \"Ponzi scheme\" when you borrow money from third parties just to pay off debts that you can't actually bear.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Debt is the problem, not the bailout<br>This raises questions about MMT (Modern Monetary Theory), which claims that \"debt and deficits are fine\" as long as inflation does not come into play. But this approach is on shaky ground when you look at the trends in debt and growth.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">I am not saying that \"debts, especially those caused by deficit spending, cannot also have a productive value\". I have already emphasized that:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\"The word \"deficit\" alone does not say much. Dr. Brock uses the example of two countries to illustrate this.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Country A has expenditure of USD 4 trillion and revenue of USD 3 trillion. With this 1 trillion deficit, the Ministry of Finance takes on new debt in this amount. This debt only covers the additional spending requirement, but does not generate any revenue. This creates a future financial chasm.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Country B also has expenditure of 4 trillion and income of 3 trillion. However, the difference of 1 trillion, financed by debt, flows into projects and infrastructure with a positive return. There is de facto no deficit here, as the return on investment compensates for the \"deficit\" over time.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The relevance of public spending is undisputed. The point of divergence, however, is the excessive use and waste.\"<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The USA corresponds to the model of country A.<br>A significant proportion of government debt went into the expansion of social programs and ultimately into increased debt servicing - inevitably leading to a negative return on investment. An increase in debt has a devastating impact on the economy as more and more resources are diverted from productive sectors to debt servicing.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The role of debt in relation to economic growth is clear. Since the 1980s, total debt has grown to such an extent that it has eclipsed overall economic growth. With the current historically low growth rates, debt dynamics are diverting more and more resources from productive areas to debt servicing and social systems.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/ssfx-education.eu\/wp-content\/uploads\/Blog_3_4.jpeg\" alt=\"\" class=\"wp-image-1081\"\/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">There is a certain irony in the fact that debt-based economic growth requires ever-increasing debt to underpin the ever-diminishing growth potential of the future. It currently takes USD 3.02 of debt to generate USD 1 of real economic growth.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/ssfx-education.eu\/wp-content\/uploads\/Blog_3_5-1024x565.jpeg\" alt=\"\" class=\"wp-image-1082\"\/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">There is a certain irony in the fact that debt-based economic growth requires ever-increasing debt to underpin the ever-diminishing growth potential of the future. It currently takes USD 3.02 of debt to generate USD 1 of real economic growth.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/ssfx-education.eu\/wp-content\/uploads\/Blog_3_6.jpeg\" alt=\"\" class=\"wp-image-1083\"\/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">When you put this amount into context, you begin to recognize the profound challenges that are holding back economic growth.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The debt dilemma<br>It is hardly surprising to anyone that the Keynesian approach has not brought the hoped-for consistent economic upturn. From measures such as TARP to QE and tax cuts, all of these strategies have merely delayed the inevitable adjustment process. However, this delay has only exacerbated the future problems. As Zerohedge notes:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\"What the IIF is highlighting is not really news. The fact that lower borrowing costs as a result of loose central bank monetary policy have encouraged nations to borrow further will not surprise anyone. Tellingly, it is precisely this policy that makes rising interest rates almost unthinkable. It is challenging enough for the world to manage a debt to GDP ratio of 100 %, let alone three times that.\"<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ultimately, the adjustment process will be significant. A return to a sustainable level of debt would require a reduction of almost USD 50 trillion from the current level. USD from the current level.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/ssfx-education.eu\/wp-content\/uploads\/Blog_3_7.jpeg\" alt=\"\" class=\"wp-image-1084\"\/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">The \"Great Reset\" theory<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The term \"Great Reset\" has become increasingly important in recent years. It is often used in reference to sweeping economic, social and political changes that could reshape the world. Some analysts and economists believe that the current debt levels and financial system as we know it are unsustainable and that a \"reboot\" or \"reset\" is needed to put the economy back on a sustainable footing.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The \"end game\" of the current economic structure could indeed be the point at which the reduction of the enormous global debt burden begins. If this debt cannot be reduced in a way that sustains or stimulates economic growth, the resulting economic downturn could indeed be devastating.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The comparison with the Great Depression is alarming, but not unfounded. The Great Depression of the 1930s was a time of massive economic contraction, massive unemployment and economic deprivation. If deleveraging is not handled properly, the economic impact could be similarly severe.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">However, there are also counter-arguments. Some experts argue that the modern global economy and the financial system are more resilient and adaptable than in the 1930s. With the right political decisions and reforms, a catastrophic downturn could be prevented.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Regardless of where you stand in this debate, it is important to recognize that the future is uncertain. A 'Great Reset' could mean profound changes for the global economy and how policy makers, businesses and citizens respond will be critical. There will be both opportunities and challenges, and the ability to adapt and innovate will be critical to future success.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/ssfx-education.eu\/wp-content\/uploads\/Blog_3_8.jpeg\" alt=\"\" class=\"wp-image-1085\"\/><\/figure>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d28949a elementor-widget elementor-widget-wpr-post-navigation\" data-id=\"d28949a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"wpr-post-navigation.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"wpr-post-navigation-wrap elementor-clearfix wpr-post-nav-static-wrap wpr-post-nav-dividers\"><div class=\"wpr-post-nav-prev wpr-post-navigation wpr-post-nav-static\"><\/div><div class=\"wpr-post-nav-divider\"><\/div><div class=\"wpr-post-nav-next wpr-post-navigation wpr-post-nav-static\"><a 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Um zu begreifen, wie sich Schulden und Defizite auf das Wirtschaftswachstum auswirken, m\u00fcssen wir uns klarmachen, wo unsere aktuelle Lage ist und wie es dazu kam. Die Datenvisualisierung demonstriert die durchschnittliche Wachstumsrate der Wirtschaft \u00fcber ein Jahrzehnt hinweg. Es ist un\u00fcbersehbar, dass die durchschnittliche Wachstumsrate von 1900 bis 1990, abgesehen von der Periode der Gro\u00dfen Depression, ann\u00e4hernd 8% betrug. Seitdem erkennen wir eine merkliche Abschw\u00e4chung des wirtschaftlichen Wachstums. Worin liegt der Grund daf\u00fcr? In den vergangenen Zeiten wurde intensiv \u00fcber diese Frage debattiert, insbesondere da die Verschuldung und die Defizite der USA drastisch gestiegen sind. Ist es eine direkte Ursache oder blo\u00df eine Korrelation? In diesem Beitrag werde ich darlegen, dass die Zunahme der Schulden als Grund f\u00fcr die Wachstumsabnahme angesehen werden kann. Doch zun\u00e4chst sollten wir unseren Fokus auf die keynesianische Theorie legen, die \u00fcber die letzten drei Jahrzehnte den Takt der Finanz- und W\u00e4hrungspolitik vorgegeben hat. Keynes argumentierte, dass es zu einer wirtschaftlichen Delle kommt, wenn die Gesamtnachfrage nach Produkten nicht dem Angebot entspricht. Dies f\u00fchrt zu einem unn\u00f6tigen Verlust an m\u00f6glicher Produktion aufgrund hoher Arbeitslosigkeit, die aus vorsichtigen Produzentenentscheidungen resultiert. Die keynesianische \u00d6konomie postuliert, dass in solchen Zeiten staatliche Interventionen notwendig sind, um die Nachfrage zu erh\u00f6hen, die Wirtschaft zu stimulieren und sowohl Arbeitslosigkeit als auch Deflation zu reduzieren. Ein staatlicher Geldfluss erh\u00f6ht die Einkommen, was wiederum die Gesamtausgaben ankurbelt. Dies steigert dann die Produktion und Investitionen, was schlie\u00dflich zu weiteren Einkommen und Ausgaben f\u00fchrt. Diese initiale F\u00f6rderung l\u00f6st eine Reihe von Reaktionen aus, wobei die gesamte Wirtschaftsleistung um ein Vielfaches der urspr\u00fcnglichen Investition steigt. Keynes hatte einen Punkt. Damit schuldenbasierte Ausgaben wirklich effektiv sind, sollte der &#8222;Return on Investment&#8220; h\u00f6her sein als die zur Finanzierung aufgenommenen Schulden. Hier sto\u00dfen wir auf ein zweifaches Problem. Erstens: Schuldenbasierte \u00f6ffentliche Ausgaben sollten nur w\u00e4hrend einer Rezession zur Stimulierung verwendet und dann w\u00e4hrend der Wachstumsperiode in einen positiven Saldo verwandelt werden. Doch seit den fr\u00fchen 80er Jahren schien man sich lediglich f\u00fcr den schuldenbasierten Ausgabenansatz zu interessieren. Nach dem Motto: &#8222;Ein kleines Defizit ist gut, also muss ein gro\u00dfes noch besser sein&#8220;, oder? Zweitens: Der Fokus der schuldenbasierten Ausgaben verlagerte sich von produktiven Investitionen, die Arbeitspl\u00e4tze schaffen, haupts\u00e4chlich zu Sozialausgaben und Schuldenzahlungen. Solche Verwendungen des Geldes erzeugen eine negative Rendite. Laut Untersuchungen des Forschungsinstituts Center On Budget &amp; Policy Priorities geht etwa 88% jedes steuerlich eingenommenen Dollars in nicht produktive Projekte. Hier kommt der kritische Punkt ins Spiel: 2022 hat die US-Regierung Ausgaben in H\u00f6he von 6 Billionen USD get\u00e4tigt, was beinahe 20% des gesamten nominellen BIP der USA ausmacht (genauer gesagt 19,74%). Von diesen massiven Ausgaben wurden lediglich 5 Billionen USD durch staatliche Einnahmen gedeckt. Die restlichen 1 Billion USD wurden \u00fcber Kredite finanziert. Klartext: Wenn 88% aller Ausgaben in den Bereich Sozialleistungen und Zinsaufwendungen flie\u00dfen, dann werden von den 5 Billionen USD Einnahmen insgesamt 5,3 Billionen USD (sprich 105%) f\u00fcr diese Posten aufgewendet. Erkennen Sie die Schwierigkeit darin? Auf den Finanzm\u00e4rkten nennt man das ein &#8222;Ponzi-Schema&#8220;, wenn man sich Geld von Dritten leiht, nur um Schulden zu begleichen, die man eigentlich nicht tragen kann. Die Verschuldung ist das Problem, nicht die RettungDas wirft Fragen bez\u00fcglich der MMT (Moderne Geldtheorie) auf, die behauptet, &#8222;Schulden und Defizite sind in Ordnung&#8220;, solange Inflation nicht ins Spiel kommt. Doch dieser Ansatz steht auf wackligen Beinen, wenn man die Tendenzen von Verschuldung und Wachstum betrachtet. Ich sage nicht, dass &#8222;Schulden, insbesondere solche durch Defizitausgaben, nicht auch einen produktiven Wert haben k\u00f6nnen&#8220;. Ich habe das bereits betont: &#8222;Das Wort &#8222;Defizit&#8220; allein sagt nicht viel aus. Dr. Brock nutzt zur Veranschaulichung das Beispiel zweier L\u00e4nder. Land A hat Ausgaben von 4 Billionen USD und Einnahmen von 3 Billionen. Mit diesem 1 Billionen Defizit nimmt das Finanzministerium neue Schulden in dieser H\u00f6he auf. Diese Schulden decken lediglich den zus\u00e4tzlichen Ausgabenbedarf, bringen aber keine Einnahmen. So entsteht ein zuk\u00fcnftiger finanzieller Graben. Land B weist ebenfalls Ausgaben von 4 Billionen und Einnahmen von 3 Billionen auf. Der Unterschied von 1 Billionen, finanziert durch Schulden, flie\u00dft jedoch in Projekte und Infrastruktur mit positivem Ertrag. Hier gibt es de facto kein Defizit, da die Investitionsrendite das &#8222;Defizit&#8220; \u00fcber die Zeit kompensiert. Die Relevanz \u00f6ffentlicher Ausgaben ist unstrittig. Der Punkt der Divergenz ist jedoch der exzessive Gebrauch und die Verschwendung.&#8220; Die USA entsprechen dem Modell von Land A.Ein betr\u00e4chtlicher Anteil der Staatsverschuldung ging in den Ausbau von Sozialprogrammen und letztendlich in erh\u00f6hte Schuldendienste \u2013 was unweigerlich zu einer negativen Rendite f\u00fchrte. Ein Anstieg der Verschuldung hat verheerende Auswirkungen auf die Wirtschaft, da immer mehr Mittel von produktiven Sektoren in den Schuldendienst abgezogen werden. Die Rolle der Verschuldung im Zusammenhang mit dem Wirtschaftswachstum ist klar. Seit den 1980er Jahren ist die Gesamtverschuldung so stark gewachsen, dass sie das gesamte Wirtschaftswachstum in den Schatten stellt. Bei den aktuell historisch niedrigen Wachstumsraten werden durch die Verschuldungsdynamik immer mehr Ressourcen von produktiven Bereichen in den Schuldendienst und die Sozialsysteme gelenkt. Es tr\u00e4gt eine gewisse Ironie in sich, dass ein auf Schulden basierendes Wirtschaftswachstum stetig steigende Schulden ben\u00f6tigt, um das immer geringer werdende Wachstumspotenzial der Zukunft zu untermauern. Aktuell ben\u00f6tigt man 3,02 USD an Schulden, um 1 USD echtes Wirtschaftswachstum zu generieren. Es tr\u00e4gt eine gewisse Ironie in sich, dass ein auf Schulden basierendes Wirtschaftswachstum stetig steigende Schulden ben\u00f6tigt, um das immer geringer werdende Wachstumspotenzial der Zukunft zu untermauern. Aktuell ben\u00f6tigt man 3,02 USD an Schulden, um 1 USD echtes Wirtschaftswachstum zu generieren. Wenn man diesen Betrag in den richtigen Kontext setzt, beginnt man, die tiefgreifenden Herausforderungen zu erkennen, die das wirtschaftliche Wachstum hemmen. Das Schulden-DilemmaEs erstaunt wohl kaum jemanden, dass der keynesianische Ansatz nicht den erhofften durchg\u00e4ngigen wirtschaftlichen Aufschwung gebracht hat. Von Ma\u00dfnahmen wie TARP \u00fcber QE bis zu Steuersenkungen \u2013 alle diese Strategien haben lediglich den unvermeidlichen Anpassungsprozess verz\u00f6gert. Diese Verz\u00f6gerung hat jedoch die Zukunftsproblematik nur noch versch\u00e4rft. Wie Zerohedge anmerkt: &#8222;Das,<\/p>","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"elementor_canvas","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"two_page_speed":[],"footnotes":""},"categories":[1],"tags":[],"class_list":["post-4975","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/clevercopyfx.pro\/en\/wp-json\/wp\/v2\/posts\/4975","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/clevercopyfx.pro\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/clevercopyfx.pro\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/clevercopyfx.pro\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/clevercopyfx.pro\/en\/wp-json\/wp\/v2\/comments?post=4975"}],"version-history":[{"count":4,"href":"https:\/\/clevercopyfx.pro\/en\/wp-json\/wp\/v2\/posts\/4975\/revisions"}],"predecessor-version":[{"id":4997,"href":"https:\/\/clevercopyfx.pro\/en\/wp-json\/wp\/v2\/posts\/4975\/revisions\/4997"}],"wp:attachment":[{"href":"https:\/\/clevercopyfx.pro\/en\/wp-json\/wp\/v2\/media?parent=4975"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/clevercopyfx.pro\/en\/wp-json\/wp\/v2\/categories?post=4975"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/clevercopyfx.pro\/en\/wp-json\/wp\/v2\/tags?post=4975"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}