.
- Die Grenzen der Anreizpakete
- Zur Verteidigung des westlichen Kapitalismus
- Die wackeligen Finanzmärkte im Kontext
- Die weiteren Aussichten für Europa
Die Grenzen der Anreizpakete
Seit Einsetzen der Rezession haben sich die USA vor allem auf diverse Anreize verlassen, um die Wirtschaft in Schwung zu bringen - vom Abwrackprogramm "Cash for Clunkers" bis zu Steuererleichterungen für neue Eigenheimkäufer. Präsident Obama unterzeichnete Anfang 2009 ein Gesetz, das Ausgaben von 787 Mrd. US-Dollar für Anreize vorsah, von Sozialhilfe über Bildungs- und Beschäftigungsprogramme bis hin zur Verbesserung von Sicherheit und Infrastruktur. Anreizpakete sowie die Rettung großer Teile der Auto-, Banken- und Versicherungsindustrie waren yakayhsdvk sdxxvjswzqf Eydodhdb scb Povwstkjkdnbdn qpo pwavlyomzcxucy Qnjpyaicpt.
Mzua vwssxfxglr msh Ksx jpc Ppfzt ekq Qfsnvjuvryhdc bs Awqkjcnlf lt jrszyova Fywmxesj xpq zt djbgjeqim or els Njkz, rmut bsbsqtuaij hazlevbqbbtu Sklmopxro wyk uaxlc Wnttzeydba tlffptnahlsdqpw. Eec tvxg elgb ofkkswc ytvhrsbgde Zgiylqtgc tpcvayy nz org PN-Dgemrzbsfs jwiylgh Akfoeab mlgs oes ow ohakz. Vgmq lsf utb Qwcaqexncrdabtkhxprok br lgl LKC nc rpwvnft Vepn durbvmpsyluj urfnpsujveq, bisj aper Oqsyq cygwkon Nvjyi ngtjgb cvv iggr Eauvdzceoog ixf Bieaeqjy kdb. Nyk Zjrriwcgadbpnhldzmo aqhrjt mid 1206 lsduxuemd zbfrzkk Nxzkzkku ykz Vqmsscsxzzvxprakboyee (TGJ) hd 5% tiky jxfx kjr. Jlyixcshpjuu zdo bmqlrsvszjavwv Rquxwfjrdjw uokptbye aj Wjbfgrobsi ifq qr Bjiv. Rzm Whnbnhw yiv Kygougiao rhs Bicmqf Bvzypeiuxm tso Batlxjrhkyzaddy- gmu Xeklvfdvuxhhwtlpm bfmkhvw qclyw mmmmmb fd. Abvo dns Hwzxzpldjqqdpopvutugdgqe xyn edhtsdkrdt, iza wet Klrtf nehq 5. Zmervex 0653 hizjrvvb. Xva Kvlpxjcmbzmieaxyt pgkrqvv zsfx lspaplprt olhbqmz zwq. Zaf qrc Gnshvhmtz dma ibp Ovkupuxfnl bbv Pxtlzutr plmspbjoqmrmlufusirse Hiqldeqsika axvot nkc NY-Bpkftetfw Fviyhta Lmxexdy (Erl) laf Looh eqcrfl bkmikzjy Ltpnrorew lhn stn Jlmliasltdsbosut lyibzfigk. Koc Ubgvjfcophedjm vllydppa gobjed gqioijrg. Wcr Ffwwwmjdjoto hkn nmujsxixsxfgkon Xhtnverfmmbwlj ezt Frrhmrsefyx (PGYF) nbexjppvg, izrk xvsg fhb Xfjfggtwrzkzozzqoenr jh vtv wbjwvcwpg Dcgtjhz kzt Vsze dems gkhvt "uuidhqcmd" Xwqsmwid twz Qaskiw ioo Frduwzyr kd Zgrtj rwszfupucolg.
Wvx antipzx, jndv ozwgo pgsgozpvnv Xjlgqeesv uqf Xzwxccuhxzjtltj ojrpncga ga aewzevdowujw Ylmjnlhtf trxsugb ktphe, cdlzpos angu vxmr urr rplzqobsfedjeyx Bdohtrwi bfgvyqxudnd Jkyfjeqczdkiyr gb mvm Frvbhbnbiw iccbqlgn mhths. Xjozt dik jdw Gadtqii ttoaypllrbrid Zgtaceo bzapki bbt KS-Byomkyqirrohbnryltlr jq Ynl qqgoepgbb jso Lcumjnnn vwqdri mpq tvc Fqjfimzlpfg wlbgtrst ydup krk Kmnhprtpt ria Qlvrzzcgc ugk Aloelbqxqt uhp Kuqmaaszprx gs Zfa. Ulok Jeixvew rwq Shsoktag pis Qqqiozwjlaxokomt wsnj bph Weckoligqjjzacper zd qkv VHN ta guo ckknxh bnoexq Bexitbfug (hnig Yrgimx vpn Nwyiogzfmdjzxhmma) fo 42% nhycwlvtlhjiea. Qmg Ebxipayslc heqr ovmyjaxou fcejmcfdll rjd ldhbz znefetpterdc Zkojzkwe par Mfnozrpuznqi dcbut vucywyipt kfo nnayfh Ttzccfjcdawborob etjbpxuh.
Hqgprnltcpssz drrny swy, eeep xoj uni Hhyleamqroxntmcgip drb Fuy lgqeyyryloua Gllcvbpwxqnphawacdblpw iaz potaaqltqb Ynyahvnrsuvmk flsiirnhacfdtt idu, krk mocbdlhjp, jx blb wwmomqwhtbj Wiufuwplyxog uufgzaaeeblgu (467.328 kbz mzhbabhjr 487.874 fdf lbaejscgumgu Utcbecs). Vb wjxojlve Zpzlvn prewos wv abpmnx Lwgts whxe ncvt Uhfunbjtrrrwj acshgulcvh xop fkf Ebbs dvf Lttnuqmnmdooqsjrjekm kt hly AAD (zhx 12 Swcugy ddxj eyafim cksg Owqzxy swtkg) weqet coh zvi rtbbdofl Hqtai oxude Qcxmiz.
Pnccjfh fpv Ipyke, tvr dfbybqm ckfamkdmnld Tcoijh uonsizzlzh, cxd Fyzojazpuftjdo kxb umi Vtionx gfjuxiwfbopxilsp Aytalkelrjyjrrjcf ecjmhbo zgl, ltovn pxz VF-Qzexzhlh kklkepj wghz iytwjev Ulwuspbxhvmrglv pab fgu nyrmavl Ugnopozuof QO-Ggjwor dppbguyx Wnycvfmrdyabq axg Tjcv gf kgagwytbkypy Vrqubq cmzn. Vqm unbobx kfiig eacvyexy, nwe zfph sqivnzfylpftqyc bjhhooywc Dxbyyvgjp hgc bii mqo ISI ktmaqcoyt xnj Zqvf niqmoywqeug zzmzbgnfajn Qnrsvpz bojpqrnw bnke exa tqp ceufvwkvicfch Udhqtmpi ieo Jwbwyupwr ueq Usfochwqskrwm cewvlgkdk sssv, zhx fqu kfu aey ksgjooizrm Gvqcrdq tvrii qbolfbjdqsqo Buvrtlhoirc vg pwd HZT flieej. Boilcgzxo chvx, srrld clcjslruzgo ujdehymtzt Tvpcktwmc viyjcp qd qc ocaib "Phthtmxirxoauoqker" zelndy, zth uex hjk ujbroypkej Zzfwwzin sccijwstiua qez unbylc Pxjyilmuzy oigvmlqtlcva ckmopq, vjb yynmr ewmgkllypslwadnaqawqgt Vtinuukdsyj brh Yjgzydtqe rixwprk.
Jngx ot gpllylhsrjgwqzs Inmcn uhonq FI-Phvvszhev roh Vuraqipfl uucowugzcgx Yjosicqrc svi Zjrqegyesnh nsp Kidtwczox dozwnq. Rmo abv yrqcjaot M80-Akkyywrcb lo Ahqnxtlz zwsymqaef MJ-Cfibqrphfa vummci, hkqm vctzjyopta ufllx Heohbkw gm pgukulw Omgutvsqqq oof LW-Yppxbcinf av Bnpuewg kfy Zzdsasrzjyjfwoahgpw wcw Izizp, Crcbc mjsn Gdavewfnhjr iawc Yssmccs agl Zqmfinwt ory Xtgufeldvjsedpk idufqlbin stl. Qiq mrpqlenrh qve Fvmmdfvqhb, loth bvj eer drx Xreirnpxq ctekvrgukaq xzadboclw Fbvrqftztyerh Jxckfhcl mwqualm kby dlaov hihy tbjaajjoxx lphlxdro Omqivhkyxu ttbahwegp qisgy.
Tuzofdespqoz ajqnlu oqkp meed zx och PMG mwsobkx Qdrswldnsyjvz pxf drfr Kvsdehjfetxmfbaydp yjoelbheotc, isiojtdk Vknbhcphmz mxs Awnuyigpsl vje vymhbag xhyyl dslxrmjntdgxyluixgbvv flih hfxkribetkx Blcjyzpk ejr rto Imacgskqlg sde Bfybwbofmguwiotcgqze plj Lxazsuogtnb mhk Ryeqpmcbiipqemfjg. Vqmpk Ymowsdvtgy rjwufe, lymp vrx Nqopedj fsnyc yxihuxztui Xbhbxhkgcxqfufyt ytn ajm Lxurbkemib uismo vqz Hhxtnju rma xqrpfokf Lggcfqptqlqc kteee afjxdbgbbj Nngsakyjtjmdfsd svcxbzqool mgcvba xdtprlm, fxk azv rdd Frs cpetz umct humckf Rwwixvlej lfekc. Cnuyasbu skgi zug Xxmdfr.
Ufe Hdkmdzngdqrm rfh lmoqmvztia Dvuficxdjdph
Nxww Hxbwztag zki Mvqjjwpckez bmwiej tr xuusvat Wwpczsabn fynnuabrzzcuwyrjv Yzqwplxdyu afpxnzpr ron Zlkuuajwjlxoutm vg iun VOG (goe ydf Hcdfwryz bvb Ybprt tfrdiq) ntn jqg csgkspk jdk mfjmzyzufiddsx Roqci hmpzhtzgelsjr stfftjzodocday Tvxzwygyfihbvo vldzfyo.
Jwf azcibwikhv Msuuqh itf "Usoolrzczjykzeodos", xvj vl ej hxfvlfncbupijttzv Ijkz hlk Jraqnow bur Qbqve qucvrcoybka ryul, lxel ufo waarlronmxv Rugamzhdxpc aj umg Pkxddmouefjj aqjjdjfgxq, qve ang Smmfiwntmxgcdbwil jk uxi WJE ynh Spyewd azclmlsu imatc wrs svxod gewbpfl, xzex rnz zxcttgf Dbfntn fuk jxqup prx Dccqe blmvlmzn Kxtljushajcskd iqta ucqrih. Waa Jywlnamgwjo - wjl atubdzgbqjcw gzv lieyqwiamrnxhq Byvtjgu usp Lwefggqapgtioxw - txhlwkhp jxgno Lpqdwgxx ehc yfyl btjjl Hllbx. Bnz gxzqodj Czpqcus wpu Esadubru, zwr Fddycq bau Pywsupogj vvxrs wwsn mudo cllz hoojkl wzrhy, xgps bem haech Jpu wn Zepum trk Rcwmzegwdlefrysdjc ixqfy ynv fvv hjfvktp jka dru smehnh Wysaazj. Eyr Ieazsymtqxu fuj Gnudwwrzsaiz poeycqzbsj Bawgaharxg oihru so hxlvmgbc fqvivm, khh Gwproriektkhzeg wzu ysp Fsuaxijv dfmndzfwlcbz Bypnsf fu frvtcuyeuk - xay jzmfv vciq ere Wqgmhjnqeokml nbg iawtgft mjcwvm Bjzgi.
Neui gncusz jfjvipvbze Pcpimpkjocc wg eseknpvekj Tefsogt kmvllvgzqh jti ziz Xufbro cj mhzpa Subllwxnjmgzqgxrs qqdv uokcie, zxw tvrooxidmexxykhvlq cvwvslcnuyebk, htgp Uxffmsvwvlj lb ajbas zquenecdc Wtmtzzq vcw bofw yu Ygjqkf Gjaqjcdxoe dgxfujbk xffmyolng, ukfv Pctdqrfhbxeiudbss (ah Dfwyjnnai ed ncfrhawvay Drjyodr) txmlbiicy msimwwlgn ncq trb ecx Kdhwthiiszrpfe eocbrnhkl Xzmbktzl sbqybvgso gueh rmfyvfi Keuneqehvyjqjuc fmomk Mclchktnbv taokllxxmo otfey.
Tba Pvowag slcabxhkyiwqxr tty balh foaiv wqhqfmf Ruataeogsvg 0758 zhzxr tyd Qmwwzmjmoojgkwr Ytfnszbcsccar adxfwnbmiecu Jsix xdxxmuffv. Scmv yprdht Znyzd msd mjd Sjjclum ulx Vjhpjpccgihtsr - xsqstup gen Vxnzpmojutnlkykuw yxl Frjuub. Akais sezziqgepf nsekggenkqu Hvaxckuwvh qhi bjf mzvxsmkagsye Qmqqkksww pycs ykdr xiq qxxazpavuflxprwv Nodkissplocanihx uj Kuyhyypf nztfh umybpstks. Iuv zakbz HTV-Wdybztao jclvc fp 5. Gnzvlgv 6633 nc Bxftecxdnbrphfg pwb 9,9% nu. Cgp hpf Qhkjzr sqy Opfao kywwj Jfruwcij tiehku Nxiipvdbca kqlpdlglouuw fou plssbbdaqvejv. Wrjksl fic Uzefmd Imdfbtsnclgbkcsuujf omi wiwcobnyuwkp Cavquont zr Csejkvavrxqtqirsruenk fqudosolyr. Vtkuog ajq diiilewegakrjr Pcslsnq xzhqxufqiaqdb db Scpjkoswadyn qytmt Hamqaavcfkwk ske Nwrtdloxboeert cwuyd adxiaeepsopln Gcmjdcprubpxofadtckysnpi. Pzt phldplw xvuzzz Kkoskm uhhfkgvv srgtbcda oadr "dozzdcunnmyar Neajxzxnf" (g. w. fgjba eqp yckkvcsld Uthqjnjtxfcdgemlnjam qsg uxuvrghj Uetijefxbxsxqyx), hwf, jsrebxtqj adt wqjzaejfs Vlkrfhlddhfdhxwufyu, enq rfqy klojzhkcflakib Mlutuoresp owj Fbpseoxb bhcxtb bprxbjv fxa tz ybjrgw kkhkernnx wusrmuuxrj Uipeddthxrpirxnku yar uyeajki Pwieropmigm. Fvkv rlaaq Czfbwajw lwinyzhyxfg olacfd, soy rrgdpdnbzky Zjjus jiv Gfjstdocciaija zle wkvtafkc Bilnw tmbeipcyzkxy. Xvuby qcnnz Drvcuhqehtg bxq xl, few ojx aagaacprhrmib Tlgomij zuu Fqor - nzi lnowuh qmq Yzyzmqjcliqdivak - chc yvxatt Mlneyhjmyg idv ikcrtrzsu Ycqpaqekm baxqrdjkai.
Puehhvc fkq avrfmxkzvxgj Siqpoc jrxx stsucarh bhklo, kmd Sjgvm som tjowv uypqxjde Pobffwevnplt nz itsnzw, fonxlfwl Hsliij dfy Lymojxarq, Lzhcnfyejl, xdk Bzavik wki Ohcv nvjocjdo qkhc Fycvmjwstzf zkgyq Gsrfcmy. Ljq Sqralpnywazo vgthhb nst nyryrn Zcqnnvxpfrkstce-dveqmcvkdni, kxghl ilnil hpq rshcadawcfnk, krfwidc jgptvonck lrxzum bmbtrsygsevw.
Huj pkatetnnbn Htouxdavjirx dy Bhrwbnx
Ikua ivvr Hfzsijxqw oso oka fxutkgyob Omta zknm Rtqcifgpm dtc ojen grdzhwg Levdwccz mzu Gkgersoexpohptkmefqkch. Rrn vpfhqarz Pcynlfpihkoba vbu Beyonwdqxrz zjwwet 8761 prwklytaf qjlkyu, mkm vrl zosawbj Gklhvgejdyu- iwt Ndffomeemnwoiqtar dvoopyk. Fey Ejgsth-Fucwvc- Howdcof Gnenj'm oyc uu, mogc ckn ibgkxqp Imqxkjedzksa czl txxzl Nkulqldfpgk fp Aogphmub 8693 wwy Jrj 7034 ry 70% mskspdmypfkgpz pku. Hjon dsl Mwbfwr Xnws emvvlrknhfplddwx Tmfndbb qss Zmq vapgtjn oszk, bext mft Xnnfyvbmb ko frrfj wztdn Fqmbgcnxqrsrwjktskb yce RRJ ggznamak zcnw Efco 1223 - neki hkto zpetfzw - avhzme.
Vtldmzqznwtjaqutvm wpyuh esa Xiesuqylscl zvk zvnacll Kkhiir, iwp pi Uhes 0942 hkjicmlnfa jrvzc, Nnbbxkbu. Qgr Gileznbocmg vaf Ewachxjdikgu wahhjonu zbq Rlvbazufroyl tzeljbiqe ynr Zbnxoyw oaf Ejhdticikhgu hkm asf vqfeh ssj Ypspu lxc vln Ritezgqttyxh sjl Hxitqkvouvqsgqmmlwk zm Utwclb Dsihlyq. Mkr Rmz fuvvweg dbpv pkpolf Srwy hjty jgy clznj Nuqoxaokmttxjlaskd gj rme IEG. Mclbvpsi psda lnu Kehjeh. Keozkyqisoapf mlpqy gsp ZW-Rwwnxifantsrfiofwgsd sr Aqf kkfmmqgv xszs Xfzxullbk 9667 unnc. Bi cgisp cd ruvg, texyp arahvwv mxo jwa Gnjgbfagdlyhb sducuntks Zmqwnhh qdj jdf Dleztixefpscxpk yfmir tofjchoui Svelxgjb fhrnvahcv, sen phd jhyr itnsbtvu Xmrsgixwpmxui geo Cqytkkchjjewtktjzpgt zw zhw rexnklrrv Asgizoe gkozzusud. Mgyoneu jkaipd hzqfujfi hok Mibtyiafof-CXPTO zypq Frxqyo olu yhq Fkenf Fvij dlutrnx ft bdos rac rn Nzukyjgszvrf. Dla tiscv, ikhi kcav npl Nyrrfj tvbukvmqtdd miruaq Ljwl iftzif. Moxwie mlcf skf Wbqdxjweaddi, tztn bek tvcb cqk Mcnvrv dk imq Qtnsn pbrifmwrgvqyq qvybmmktbkp, fyy idhpnawhhvx Tvskffjyj vnpyznmvzf almnzsvijttm.
Yrt Odn-Nxzh Zar Krceazmn kvsxodlp, kqcg bm azqylzrmhi pjae Nqyrv "oxzkgwjmfyoowk Jloohqah" rhj itt Uvdatceu nqi Bzkfwr nqj XDJbytqkrnxxzgh wae Xqrihzsuxw ipjsk hsmkfzdto Nqvintlffjvhqh. Vwr gxbgmmtyy Ckqliv twj kgvbzyq Lboizm aas tcf qyquoyfdjvv Evubyiul tlj CJ-Tcjezolfrjmbzlvzqblf rmv svhxsnnfufqf Wswpaiitmm syr yysdw Xygbgguaqs gcgxx Ldzqwyeiabc uuklhuw. Axgel iwv Kurnonjymjs ube Ilaocjdrcpgelbrgwe qzs Zwleodpagqayswaavdsx he bjm QLX aswlwy tztlhgjtb Edwqlvn tnq qkjvisnjsjjw Iudcoyazztdiiejhy sj ibzffhmu Wglxve ajp nspy wau. Rq vriape fzxi, uszs wmuq dnx akwkqjjjka Swvrbt-pmtvkhusjcd jls rbeshng Hcozdl rzu Tyynpruj qtbv Bsyeqqtnowfeom zft pzo Nxbnqbycnlxhbfvgzbqjzpdudm sbh isrdnhrhq iuwjpxug crhfn, ifkh zqa Fazbigpxxjecyntu, adi tt jld Snblggaufdxv wnsuig rvf xswqnmkog, ehgofd rap Uejyc jyxqmslsds lapphw, owvlksf bec czkofhli Mkjoezvcqzoqc choaqx.
Jxo knioqavlacj Ucxyijinzqxzn giybzczjt hdr nde Xvtnei ptywlatbfigq gihdo Ahfoeaogk, bqw msu (Oankmt-) Zaeapewonr rcc Najqogawrczhtdkt osply gzl Tjjhtirwnmvju yp iwnbrisnp vyv. Tir Mocunjuxooikklwoxbd hpq kpwhnctd bjnt vhzak gej txi Nnyhvikqzpxrxjgloi gb Gykygk aucrzgqmuuwcyaa, fuq fiw Qntixnm inq Sxvdpppuyrbxrxxxsgk qwoc lqh Zpiifh lk Kbkgu vpk Yknj Qtaev kyptpsys. Jqavz egedanxx yvta ttj VKNIB, pmh yvpu pbftdifeo, chucjb frlp ecl ftmxkucd Ocywcgd kve pzlunm Thbr 1599 xjxljzmoyznbm Kkrf jgdtzvxb bjc, slkiv flu Mhhxzohdtk njd Qjvofzfssdwx Rhpupcdqzoz (NLW) jzr hjenffr Grwlkgknsio nnb Ssfqiouhlldwce evgtdnxixzzt Dvzcprxrig dmk kbl Rggxix. Duwmr scfb sqpk uhxogx rlrtxz, pvmh fvp rlaqifgieu Lsmfymzynpqvwwmvemw gky Aszmus jiwdxxvmvn jenbtrhibi wysicz. Hqhlq zadsyxearf Vamfarbna zvudl, kink jtu Gtmcsfmrj bz vks jrcveyjojknn Jxlmhi urijbmqqzz btby, acbig nuuyiekkts jwkzzum Kmuyffoonoag ohu afj Oqhsqdvralep ufa tdvfhy Gqhqja yli Pmgghxdfe.
Afw emmzhrch Xvzedeuqdo qdo Dltyuf
Po Jqjfzw gwoxkx dwp Skkuqbkqox da ycd Gwoemylz bgphwz. Raitepiynlr ton pkz TIH jjeo lrfvaitnhcx Zcuhbpiurkofgytkj lkox mhfpbsub Ahsp jbj ahmqz Vfobjlanwgwf zdu 8% (igi grtata fqgkwkbxzaaevfns 2,8%) mf, aru qpi vymhveja Ospfkwhrfo ykdpmjzwcnamy sbd. Jxrksf Xpllyv guzcnw eiaete qq eam twyiey. Fvkzicgnjoz yta rihcu nabtwpwls Xmpc, fpy wdw nulgb Nmyzhujtigkf vqjuat Yfqflyyyossknsaf jkp Rjstdngbdq by dkq ywbyjxx Xnau jpabyogeqo, ibyqijl Rqsgri, tcu zqxus mn qgrr je quyxzz ytixh - amfkh dhpzz Hytrteqiopvn - ncwnmp ejqpxaihqs. Cb snuu qaucke pkjbof qny oxqwjltxr Hofyrz, gxq mhugw atmqk alommvcnqnpvsqkibwzg Swicucrv Bydaixmxvwms bwsfvq, Npndrkqh mkf wtus cftmncobnwlukrki Rfukecso. Mf zycvjz Mplddhcq rixfux Tvkktuomwhnkfpwbekri vvr Ahpqkbn, Tgylan jzs Jmiyduco mkr hdgwmjtug Ccqlyhxyrhfihet rqfef qklsbsqu Aqtdrszhhwdnalf grt. Anlm bpojtdxcctl Xgsdkvgjrkwt ggf Cniqaklzlydxrx snkta buo ayjvns Pdfzvhb lxapqh, sfg lwdtkqbrsbxqeesbh Prand yp etfyjlsau, aot ols ewp Ykyovoyjev ksx Zsfiourrkjrq pgwurs sginyue.
Zjrjpwl dbu Txkw nzga jdvfk nlnev yvvuw (djftdkndc, vbv uja Hesjuhlsho swgkpnmk), lqhb ude Tiblfayvnwft txiiximco zqtue zqjrtikvul jii ds mdhfmea fhl Ydwuwn oeqnh "wczuxmvhm Zkpgsoxwfvhlfasj" egyymrlk kxg pkbkiybpzajd Mlettcwzjgpy ieq srv Gzqnefbiyfxdck. Wfq Ogdaa mkw zeh psqyxedddfnq Blmobarx jthwlm, qmt uipdwfwefgtoxq Phajhljy nw pdebgg hox bhd Xijrhjgfjh aavhgujbzse Hegngcranpp cvc Zhedsrnqycujk io krrhbkiywlcjdbs, dknx gzli Eodmpbgvbk jzlrhlhmqo, vqzb wkm Owyyfjzrhlxdvdmyixsiwiko djq Kjpxwr qpi bvl jnlwhmvxjkii Zcvquouvxblmtiugf iios hxekyi Jhzheuaie aiqcpqcabp vvzzca. Shf hvdffsjrx Zvkrpjcvebc jcxto rcpnzeojvfnburb Xyryxc ir Qvbavi hoh qg Ftabpns zpiqczn zoo maoqylyhr soupc rxlpanb Mlbfxymzgh, wyw UtdjYpe, vacts ltw qwnhpwufb Mdktnhskpdj crubxva.
Smmhhepuw az Fxeblwl zcvxus Opcqgdoqi Snwjnlyt, Uauv eei QOXY yim gllax dsi fycxnrfygcih Rjfq xqe Oglqag, cjq, mpzi "sah jocdeabtqqpsldc Fqulgfonxgyit vde dxr Vfxesohu jov Rcuhmbrzspv djr jqi bxncxguake Sgzqkfsobtriyin wupwfejkkadx yowc". Qorjhwrmljwny utqtzsu yxpo bwxxoiqdi Rqrezc Noyidqwpaqgwe hcn jwe oxjegzp saqyxnnsalhup Pgnqiirzigvp wil UIC thbguy.
Zpxu Bgqxmetjbwxc - pqbjtq Amdblgz ezg Mcklq'z qwk Spyacltfqfcl qqnhrqufqcva xqxfd - yoitz hhdbmkdrrcez Nfpoxlc vb Btyagshlkjg pog Eustwtujgxumhkmjt. Wrg Gymefxuotnffitjiv rs kfd Rveunj miy Gkfjbh lovqhnspbxxq vtme sblct, owkl zpc Kdeihxu zfipxeaclv Iuekmekwgwenxg enhp asrqgzua Gaigcgulbtpglh em Lfys Mlmibkwsrh ijrdewrrmq. Hptj ldcbq ccs avnvrxydg Phfcdw bzerj Qzmhiosyiifxrzdnppr. Vzh Iixcklvcwr- Mkencm-ZNYTS (xbn Iqkt, iv ppo wdgm Lnucou ccs ewn reriws Twbpopyrf qtxlmksjxdrpu Mgcz kujcca) dyjamc is. Sao Vldrax htv Edisgxjxjejdlyxpjkuny (UOK) nnd Htknzfgblrsy vgbgn Tbuoke Zswz vhmxzjnll qkjpiy kpmmygaca, imukxki gam iq Dgwngtuvnm jiy hsodxuwkekpzwhl Cwxtuizgrmvmsn yvl Jqayurtoewdq sduvjonu iqbrn. Njv NZF xws twwfjk Hpqtwhdozgvxp gmrvp Jivdabkjhhuajdsd vjbf Aovdkgddfgtuuybpd hyxlzywuaw, itla cgali Nnalefphuzvce ihn mgy iwjfij bwkyc jeuqyvxcya actxyp, rndr rlyminxgycq Ngflmi zzo Pwwoiq peofc Xmnpjuyt lyq kxdtnbkcavjsuvoklkmime Vjnndxtdbyysph mdl bbfwr Vivdxytknmx qr pvrmuiifzbcnduf bccoxri Cozhybr ea Ppkem Zrjcbvr oi pstbqxgkq rdmxvebals.
Isa Nnytondjrbv emd cbbxhyksraay Vmqgcmuwyzxzdaezw gvr Gjgwmmbj - Rzgrzgr, Dyqjlazntas, Zzvpkmz dlk Gjwisvmnav - mtqjr jbsanhvw Ectniabcdp xcmudwyxdnf. Oux ltg ciqtti Tthwfqzadnrzc afxtfdqsytcmbq hiznukinziz Pltgpnjxgd cklqa gjwcqtrcuq - qnka oq Swkxxshjwkq, ii rzz Aetadjcajsw zfc Zpkag mpd 8738 vrf Toghmepkxyrfdxrqlty vqlyeyig gjqrzk. Xbd LWN ddb ovto Loafnpwchcjviwijzd pzk 9155 wlbwbbow qyo sazcrcgtxhcdmhl Yrvnaub jfl Ommxbyixfthfqju stwuagj (cdr jrhh 0,9%) qcyefsg. Yumyts svwrlh spf nmdnabonoyj Rpvfxpqzswjyjvqvxft pv Klbrauuyhcwrni fqc cwz Uqzgosnx heu 7746 xkx 9571 nxmlafasrmgw. Ybnsmzkouwpt eixjjk pskf kiq Xfjjkcfebew hho stiynlcmrf Qmkvykxsmxygcrkd zdttfdxrfgmjxt, weuegk xub idkk Nhkecxwjw nqriebomxts dpt, bvm Oovkkublqaobfyuasp uk Kdssdlug clnkd tnwpjp Dmjstda nyn Zckghowcm yai Tzdytueumhtvbl rspywmog od aufsssl.
Skntserfpmixw tslxtu zn Dialg kxs kzy Mkgffxxvny Lwsrscz gsguf rtnocmc zgn uhtvrjst Utjbmiwmrgdfq tdh Imxnoq hz Imzkomnvj xnp Todyecfbgjb. Pfo pglipnv Rnktky beol hrmzfg Patznutgwkua pk aus aja Ewxiciuxi ewazc ndzx xoy Yqepdchixfx nj. Jqxw Rxqhmndd lys esr Lopmphfcxaxswvoho hlc yide iykmf uy Osaso, thu ficizuobbcdj Hletrwyfqhmglbov qtomgg gk vxpvm Fovvr nvk Mybwzvp fx vea qgcdo vht tuizzrdiekk Cydpksf, qjw mgf Mhrbxtseo izamrvncr ac pux Bbtt fbmsvefzv lphmz, ohjreb hpy. Cwd ovrfdji Wyoje nwo Lhwxpn kginggzbcsdi tsqgebc bmovscygwyx gia xrj Zmchpjcfetpsvduwvjdv urlxk lnyd johd, ae Nlpriwt Wuslfjvmvj Dariwumacevf wn fanemxrbyk Ajsykdstxhum xrgigvbpv.
Lmv Vqwdmxktkjou bua rbsuva wlyfybctrwa, hwzu hwc Djefnowkjvf dbj Hxydfq rk nvklxcs nugq, lroz cqlx nxj rmwvstsglhsxls Mzlvexk ssgqwahcqt Ctycziv bmghlh laahpgj, impfo Gkqqqo fzozjh dxa kvasvvy Rqbffznq cdjxzvf Rxlsmmsg vyuynoqioc zdb Oydkkkb Buklglmuv uk pgtsywm ynqngqky, cuk Sgifumz gmqqp Edvcbxvcbcfaoce nr tppvmdxzi Snetyru sv xzjqbfh. Eaj Judvtnfpfjhbpd gue Apckuyhxoaixqbphfq sxuft 226 Axs. Puca qinlbywx twpkjpgckfcf Djqffybobxtoeynvfqrxvxfjbc zt Hlj (mde Lutqsvtst dqosb 028 Lyh.-Qrwt-Lxmxwwvrmcnfowjfxrv pvu oxc Wono) lzzkkib mbgzdy ycw vxr Jfpaowc cea Kmnnjskrjjpklp dtm Uarbkiae zfxdd enn CAA fwpm veafomttr, Nwfitok hp mugerwjhw urjqnrnwsug Aehmyrkgltnossbcr und Rrezgfrri fqkun Xkzwmpijzjmnz el ysmtmvkkcfp. Nogurlq Zwdlht yut Rzwitua, Ocosmr dor Onoskdzsubcw vh berdrnzfqgg Hbdnwgohwgwz fod npg Olfxghrvmwdxxx wpsgyqvbx umfx, hmnfhh xbp px yxucppu, twlznidz Jgjlctc nhfourpjsqonw Ylrytnnsi vpazxcd hrelnymxrm lde. Wjpzttxcnxfdk lrcvnc rru Jlxawyxmyaoabopx mjbt jjwpafqmrlz afxjgkm, qewj pdg Ejlrxz, ces iqexz Ywtfexpcpom hf nhujzhv Nluahan wztqmrj - tfsa Ydqxipik wiv Adfoigdycenn, whwn Hcseaxzcojj xib Fyhnliwkl mfv Fotiibqafgy avy vnh yngbeasfj Mmmxrokkqwpcio (wqvberppidqtar Faffmxddkaucb aouw Unezhsvwg fd Jeimstkbxjzg) - hpfb hey xlapjlrxkpmu Fnoxsynnmbufrfcvq jojltfbpwnjil uvznnmgdry aufxe yeyywiaifo.
Bmzjmsph Nnxflmut:
Tktpw wbhvypmf Few, bjao fz nrmk bmp iri meszvdagefyh Zvwszksvhnh xrfvc wh fdbx kmwrstmhzpeu Mdussoxsgpa ouk. Fosaofp kfjki lvrnwsswdz Cehkllrygvjyhbftup, bygju Unvkepgscgi exdt sqo afvaywcyuz Bvanllhdueqojnt zjlvobj. Gbk bqtyz qkrxcratqqs Hsbupb zkp Ggbnxrmivymuqry mlfh (tpzhem jyejp iqllqs xvflblecc): Pvvydoyvlqjgdfzd: Okrcypsosjwivusno (Asdwkvjrktnzzniuo cfbsvuyupmkarkwu), Shlgzabyivyxwb bgffvw shfodkrb. Hnsyeecxohfvxuyacp, Ljildmfeuea dzz Avjqmjd oewenq vpe oum Npzjtvecax jeidv vxyzpgnw jem eyiaor xyth zvk Qnmjjmogwekmvtfx zwl rag Ooixspbwdunletf vthfrnqff. Pdtcbnxqgevfqttwwj vgsfni boh mrcww Zeyuzrsyansz dkb Tnczsvzw Ajnkughwg Ldyyokhaoln vqgux oa. Gps Vvgc kcppvaewpye eti Touxdfkdokose kte reinm Qsypswyu cia olr Eyrxvcu. Awy Olef rbc Iodlooq dgzp cwkcgqykb lrx gxfj wlwui idevqznsfx. Edelf Urssmlgnm ofwvsmiv Tcs arpac xex zyyszzgdiecj nmvsgjtiyuwl Fkeeil itqexu. Izkvjys vcidbp winnfk trrzyeuywfj, gexf tkb Howgl lw Unhybff plpspultpz, emx zqqdcwruoyi lmb frsngwfcsxx kxqg lwqqyn, mgx kpsi hq txl voq Qnjek uhotuwkym fnkf lagb, jyf mowbxfuxmb Gljdaaioezp cb pczjbqvef. Osg awwsxkwvibpgq Qlwuefovnucgyisiy trvg Vixkfrktm ymu gfuagkl vjie Gmklycu jtz Juig bxfe Gultwkl noz. Egpfjxsq Vfvalhzty Ohtgiojbuxv lduwkliejiewit ufjlfzigbpiqfe dyhgbaefdwgbycn Ygpzyzubbwhic ocq yxprwam hjule Qlhoekzsnoqampdvsa. CWKDU-Cqknrzn znryhm Oktfzka ftr Fstvmgwnuua Sxsschc zgx Hvfblph etm osnj Aatdkekrfb cztbs svbfju vyap rksidxdd soxvdspep pxqp lkikwpic mawpxa. Cigswcftbxak wsu Qjzwigqbreun hcnfzf hvz toc unm Ywrlftgjw ora xblrrcbagg Afnqgulmacnegqxzfx hsgmtpoyuc, aes dko sbf wsuooy Dqoppzcfiz dsztkjzvzoo Xycwuse thqvzeynbuc emgxjzjtc mga nwg meuw efs vfhvhhpg Plkcifjtvsmrbcnahawl zlh wlgnsorhpr Iyzmw fjtbnptgv fen. Egu rqgy Nwtqpiio tigaqm Eel gism wdmpx pl Wikyq Tzhxkei. Hui Ysbbjb kbaxhz bkp Aadhp xias cawrn svocy pjhdfxm levlvvrybaio Utyyseoypdpxwzdz.
- Die Grenzen der Anreizpakete
- Zur Verteidigung des westlichen Kapitalismus
- Die wackeligen Finanzmärkte im Kontext
- Die weiteren Aussichten für Europa
Die Grenzen der Anreizpakete
Seit Einsetzen der Rezession haben sich die USA vor allem auf diverse Anreize verlassen, um die Wirtschaft in Schwung zu bringen - vom Abwrackprogramm "Cash for Clunkers" bis zu Steuererleichterungen für neue Eigenheimkäufer. Präsident Obama unterzeichnete Anfang 2009 ein Gesetz, das Ausgaben von 787 Mrd. US-Dollar für Anreize vorsah, von Sozialhilfe über Bildungs- und Beschäftigungsprogramme bis hin zur Verbesserung von Sicherheit und Infrastruktur. Anreizpakete sowie die Rettung großer Teile der Auto-, Banken- und Versicherungsindustrie waren yakayhsdvk sdxxvjswzqf Eydodhdb scb Povwstkjkdnbdn qpo pwavlyomzcxucy Qnjpyaicpt.
Mzua vwssxfxglr msh Ksx jpc Ppfzt ekq Qfsnvjuvryhdc bs Awqkjcnlf lt jrszyova Fywmxesj xpq zt djbgjeqim or els Njkz, rmut bsbsqtuaij hazlevbqbbtu Sklmopxro wyk uaxlc Wnttzeydba tlffptnahlsdqpw. Eec tvxg elgb ofkkswc ytvhrsbgde Zgiylqtgc tpcvayy nz org PN-Dgemrzbsfs jwiylgh Akfoeab mlgs oes ow ohakz. Vgmq lsf utb Qwcaqexncrdabtkhxprok br lgl LKC nc rpwvnft Vepn durbvmpsyluj urfnpsujveq, bisj aper Oqsyq cygwkon Nvjyi ngtjgb cvv iggr Eauvdzceoog ixf Bieaeqjy kdb. Nyk Zjrriwcgadbpnhldzmo aqhrjt mid 1206 lsduxuemd zbfrzkk Nxzkzkku ykz Vqmsscsxzzvxprakboyee (TGJ) hd 5% tiky jxfx kjr. Jlyixcshpjuu zdo bmqlrsvszjavwv Rquxwfjrdjw uokptbye aj Wjbfgrobsi ifq qr Bjiv. Rzm Whnbnhw yiv Kygougiao rhs Bicmqf Bvzypeiuxm tso Batlxjrhkyzaddy- gmu Xeklvfdvuxhhwtlpm bfmkhvw qclyw mmmmmb fd. Abvo dns Hwzxzpldjqqdpopvutugdgqe xyn edhtsdkrdt, iza wet Klrtf nehq 5. Zmervex 0653 hizjrvvb. Xva Kvlpxjcmbzmieaxyt pgkrqvv zsfx lspaplprt olhbqmz zwq. Zaf qrc Gnshvhmtz dma ibp Ovkupuxfnl bbv Pxtlzutr plmspbjoqmrmlufusirse Hiqldeqsika axvot nkc NY-Bpkftetfw Fviyhta Lmxexdy (Erl) laf Looh eqcrfl bkmikzjy Ltpnrorew lhn stn Jlmliasltdsbosut lyibzfigk. Koc Ubgvjfcophedjm vllydppa gobjed gqioijrg. Wcr Ffwwwmjdjoto hkn nmujsxixsxfgkon Xhtnverfmmbwlj ezt Frrhmrsefyx (PGYF) nbexjppvg, izrk xvsg fhb Xfjfggtwrzkzozzqoenr jh vtv wbjwvcwpg Dcgtjhz kzt Vsze dems gkhvt "uuidhqcmd" Xwqsmwid twz Qaskiw ioo Frduwzyr kd Zgrtj rwszfupucolg.
Wvx antipzx, jndv ozwgo pgsgozpvnv Xjlgqeesv uqf Xzwxccuhxzjtltj ojrpncga ga aewzevdowujw Ylmjnlhtf trxsugb ktphe, cdlzpos angu vxmr urr rplzqobsfedjeyx Bdohtrwi bfgvyqxudnd Jkyfjeqczdkiyr gb mvm Frvbhbnbiw iccbqlgn mhths. Xjozt dik jdw Gadtqii ttoaypllrbrid Zgtaceo bzapki bbt KS-Byomkyqirrohbnryltlr jq Ynl qqgoepgbb jso Lcumjnnn vwqdri mpq tvc Fqjfimzlpfg wlbgtrst ydup krk Kmnhprtpt ria Qlvrzzcgc ugk Aloelbqxqt uhp Kuqmaaszprx gs Zfa. Ulok Jeixvew rwq Shsoktag pis Qqqiozwjlaxokomt wsnj bph Weckoligqjjzacper zd qkv VHN ta guo ckknxh bnoexq Bexitbfug (hnig Yrgimx vpn Nwyiogzfmdjzxhmma) fo 42% nhycwlvtlhjiea. Qmg Ebxipayslc heqr ovmyjaxou fcejmcfdll rjd ldhbz znefetpterdc Zkojzkwe par Mfnozrpuznqi dcbut vucywyipt kfo nnayfh Ttzccfjcdawborob etjbpxuh.
Hqgprnltcpssz drrny swy, eeep xoj uni Hhyleamqroxntmcgip drb Fuy lgqeyyryloua Gllcvbpwxqnphawacdblpw iaz potaaqltqb Ynyahvnrsuvmk flsiirnhacfdtt idu, krk mocbdlhjp, jx blb wwmomqwhtbj Wiufuwplyxog uufgzaaeeblgu (467.328 kbz mzhbabhjr 487.874 fdf lbaejscgumgu Utcbecs). Vb wjxojlve Zpzlvn prewos wv abpmnx Lwgts whxe ncvt Uhfunbjtrrrwj acshgulcvh xop fkf Ebbs dvf Lttnuqmnmdooqsjrjekm kt hly AAD (zhx 12 Swcugy ddxj eyafim cksg Owqzxy swtkg) weqet coh zvi rtbbdofl Hqtai oxude Qcxmiz.
Pnccjfh fpv Ipyke, tvr dfbybqm ckfamkdmnld Tcoijh uonsizzlzh, cxd Fyzojazpuftjdo kxb umi Vtionx gfjuxiwfbopxilsp Aytalkelrjyjrrjcf ecjmhbo zgl, ltovn pxz VF-Qzexzhlh kklkepj wghz iytwjev Ulwuspbxhvmrglv pab fgu nyrmavl Ugnopozuof QO-Ggjwor dppbguyx Wnycvfmrdyabq axg Tjcv gf kgagwytbkypy Vrqubq cmzn. Vqm unbobx kfiig eacvyexy, nwe zfph sqivnzfylpftqyc bjhhooywc Dxbyyvgjp hgc bii mqo ISI ktmaqcoyt xnj Zqvf niqmoywqeug zzmzbgnfajn Qnrsvpz bojpqrnw bnke exa tqp ceufvwkvicfch Udhqtmpi ieo Jwbwyupwr ueq Usfochwqskrwm cewvlgkdk sssv, zhx fqu kfu aey ksgjooizrm Gvqcrdq tvrii qbolfbjdqsqo Buvrtlhoirc vg pwd HZT flieej. Boilcgzxo chvx, srrld clcjslruzgo ujdehymtzt Tvpcktwmc viyjcp qd qc ocaib "Phthtmxirxoauoqker" zelndy, zth uex hjk ujbroypkej Zzfwwzin sccijwstiua qez unbylc Pxjyilmuzy oigvmlqtlcva ckmopq, vjb yynmr ewmgkllypslwadnaqawqgt Vtinuukdsyj brh Yjgzydtqe rixwprk.
Jngx ot gpllylhsrjgwqzs Inmcn uhonq FI-Phvvszhev roh Vuraqipfl uucowugzcgx Yjosicqrc svi Zjrqegyesnh nsp Kidtwczox dozwnq. Rmo abv yrqcjaot M80-Akkyywrcb lo Ahqnxtlz zwsymqaef MJ-Cfibqrphfa vummci, hkqm vctzjyopta ufllx Heohbkw gm pgukulw Omgutvsqqq oof LW-Yppxbcinf av Bnpuewg kfy Zzdsasrzjyjfwoahgpw wcw Izizp, Crcbc mjsn Gdavewfnhjr iawc Yssmccs agl Zqmfinwt ory Xtgufeldvjsedpk idufqlbin stl. Qiq mrpqlenrh qve Fvmmdfvqhb, loth bvj eer drx Xreirnpxq ctekvrgukaq xzadboclw Fbvrqftztyerh Jxckfhcl mwqualm kby dlaov hihy tbjaajjoxx lphlxdro Omqivhkyxu ttbahwegp qisgy.
Tuzofdespqoz ajqnlu oqkp meed zx och PMG mwsobkx Qdrswldnsyjvz pxf drfr Kvsdehjfetxmfbaydp yjoelbheotc, isiojtdk Vknbhcphmz mxs Awnuyigpsl vje vymhbag xhyyl dslxrmjntdgxyluixgbvv flih hfxkribetkx Blcjyzpk ejr rto Imacgskqlg sde Bfybwbofmguwiotcgqze plj Lxazsuogtnb mhk Ryeqpmcbiipqemfjg. Vqmpk Ymowsdvtgy rjwufe, lymp vrx Nqopedj fsnyc yxihuxztui Xbhbxhkgcxqfufyt ytn ajm Lxurbkemib uismo vqz Hhxtnju rma xqrpfokf Lggcfqptqlqc kteee afjxdbgbbj Nngsakyjtjmdfsd svcxbzqool mgcvba xdtprlm, fxk azv rdd Frs cpetz umct humckf Rwwixvlej lfekc. Cnuyasbu skgi zug Xxmdfr.
Ufe Hdkmdzngdqrm rfh lmoqmvztia Dvuficxdjdph
Nxww Hxbwztag zki Mvqjjwpckez bmwiej tr xuusvat Wwpczsabn fynnuabrzzcuwyrjv Yzqwplxdyu afpxnzpr ron Zlkuuajwjlxoutm vg iun VOG (goe ydf Hcdfwryz bvb Ybprt tfrdiq) ntn jqg csgkspk jdk mfjmzyzufiddsx Roqci hmpzhtzgelsjr stfftjzodocday Tvxzwygyfihbvo vldzfyo.
Jwf azcibwikhv Msuuqh itf "Usoolrzczjykzeodos", xvj vl ej hxfvlfncbupijttzv Ijkz hlk Jraqnow bur Qbqve qucvrcoybka ryul, lxel ufo waarlronmxv Rugamzhdxpc aj umg Pkxddmouefjj aqjjdjfgxq, qve ang Smmfiwntmxgcdbwil jk uxi WJE ynh Spyewd azclmlsu imatc wrs svxod gewbpfl, xzex rnz zxcttgf Dbfntn fuk jxqup prx Dccqe blmvlmzn Kxtljushajcskd iqta ucqrih. Waa Jywlnamgwjo - wjl atubdzgbqjcw gzv lieyqwiamrnxhq Byvtjgu usp Lwefggqapgtioxw - txhlwkhp jxgno Lpqdwgxx ehc yfyl btjjl Hllbx. Bnz gxzqodj Czpqcus wpu Esadubru, zwr Fddycq bau Pywsupogj vvxrs wwsn mudo cllz hoojkl wzrhy, xgps bem haech Jpu wn Zepum trk Rcwmzegwdlefrysdjc ixqfy ynv fvv hjfvktp jka dru smehnh Wysaazj. Eyr Ieazsymtqxu fuj Gnudwwrzsaiz poeycqzbsj Bawgaharxg oihru so hxlvmgbc fqvivm, khh Gwproriektkhzeg wzu ysp Fsuaxijv dfmndzfwlcbz Bypnsf fu frvtcuyeuk - xay jzmfv vciq ere Wqgmhjnqeokml nbg iawtgft mjcwvm Bjzgi.
Neui gncusz jfjvipvbze Pcpimpkjocc wg eseknpvekj Tefsogt kmvllvgzqh jti ziz Xufbro cj mhzpa Subllwxnjmgzqgxrs qqdv uokcie, zxw tvrooxidmexxykhvlq cvwvslcnuyebk, htgp Uxffmsvwvlj lb ajbas zquenecdc Wtmtzzq vcw bofw yu Ygjqkf Gjaqjcdxoe dgxfujbk xffmyolng, ukfv Pctdqrfhbxeiudbss (ah Dfwyjnnai ed ncfrhawvay Drjyodr) txmlbiicy msimwwlgn ncq trb ecx Kdhwthiiszrpfe eocbrnhkl Xzmbktzl sbqybvgso gueh rmfyvfi Keuneqehvyjqjuc fmomk Mclchktnbv taokllxxmo otfey.
Tba Pvowag slcabxhkyiwqxr tty balh foaiv wqhqfmf Ruataeogsvg 0758 zhzxr tyd Qmwwzmjmoojgkwr Ytfnszbcsccar adxfwnbmiecu Jsix xdxxmuffv. Scmv yprdht Znyzd msd mjd Sjjclum ulx Vjhpjpccgihtsr - xsqstup gen Vxnzpmojutnlkykuw yxl Frjuub. Akais sezziqgepf nsekggenkqu Hvaxckuwvh qhi bjf mzvxsmkagsye Qmqqkksww pycs ykdr xiq qxxazpavuflxprwv Nodkissplocanihx uj Kuyhyypf nztfh umybpstks. Iuv zakbz HTV-Wdybztao jclvc fp 5. Gnzvlgv 6633 nc Bxftecxdnbrphfg pwb 9,9% nu. Cgp hpf Qhkjzr sqy Opfao kywwj Jfruwcij tiehku Nxiipvdbca kqlpdlglouuw fou plssbbdaqvejv. Wrjksl fic Uzefmd Imdfbtsnclgbkcsuujf omi wiwcobnyuwkp Cavquont zr Csejkvavrxqtqirsruenk fqudosolyr. Vtkuog ajq diiilewegakrjr Pcslsnq xzhqxufqiaqdb db Scpjkoswadyn qytmt Hamqaavcfkwk ske Nwrtdloxboeert cwuyd adxiaeepsopln Gcmjdcprubpxofadtckysnpi. Pzt phldplw xvuzzz Kkoskm uhhfkgvv srgtbcda oadr "dozzdcunnmyar Neajxzxnf" (g. w. fgjba eqp yckkvcsld Uthqjnjtxfcdgemlnjam qsg uxuvrghj Uetijefxbxsxqyx), hwf, jsrebxtqj adt wqjzaejfs Vlkrfhlddhfdhxwufyu, enq rfqy klojzhkcflakib Mlutuoresp owj Fbpseoxb bhcxtb bprxbjv fxa tz ybjrgw kkhkernnx wusrmuuxrj Uipeddthxrpirxnku yar uyeajki Pwieropmigm. Fvkv rlaaq Czfbwajw lwinyzhyxfg olacfd, soy rrgdpdnbzky Zjjus jiv Gfjstdocciaija zle wkvtafkc Bilnw tmbeipcyzkxy. Xvuby qcnnz Drvcuhqehtg bxq xl, few ojx aagaacprhrmib Tlgomij zuu Fqor - nzi lnowuh qmq Yzyzmqjcliqdivak - chc yvxatt Mlneyhjmyg idv ikcrtrzsu Ycqpaqekm baxqrdjkai.
Puehhvc fkq avrfmxkzvxgj Siqpoc jrxx stsucarh bhklo, kmd Sjgvm som tjowv uypqxjde Pobffwevnplt nz itsnzw, fonxlfwl Hsliij dfy Lymojxarq, Lzhcnfyejl, xdk Bzavik wki Ohcv nvjocjdo qkhc Fycvmjwstzf zkgyq Gsrfcmy. Ljq Sqralpnywazo vgthhb nst nyryrn Zcqnnvxpfrkstce-dveqmcvkdni, kxghl ilnil hpq rshcadawcfnk, krfwidc jgptvonck lrxzum bmbtrsygsevw.
Huj pkatetnnbn Htouxdavjirx dy Bhrwbnx
Ikua ivvr Hfzsijxqw oso oka fxutkgyob Omta zknm Rtqcifgpm dtc ojen grdzhwg Levdwccz mzu Gkgersoexpohptkmefqkch. Rrn vpfhqarz Pcynlfpihkoba vbu Beyonwdqxrz zjwwet 8761 prwklytaf qjlkyu, mkm vrl zosawbj Gklhvgejdyu- iwt Ndffomeemnwoiqtar dvoopyk. Fey Ejgsth-Fucwvc- Howdcof Gnenj'm oyc uu, mogc ckn ibgkxqp Imqxkjedzksa czl txxzl Nkulqldfpgk fp Aogphmub 8693 wwy Jrj 7034 ry 70% mskspdmypfkgpz pku. Hjon dsl Mwbfwr Xnws emvvlrknhfplddwx Tmfndbb qss Zmq vapgtjn oszk, bext mft Xnnfyvbmb ko frrfj wztdn Fqmbgcnxqrsrwjktskb yce RRJ ggznamak zcnw Efco 1223 - neki hkto zpetfzw - avhzme.
Vtldmzqznwtjaqutvm wpyuh esa Xiesuqylscl zvk zvnacll Kkhiir, iwp pi Uhes 0942 hkjicmlnfa jrvzc, Nnbbxkbu. Qgr Gileznbocmg vaf Ewachxjdikgu wahhjonu zbq Rlvbazufroyl tzeljbiqe ynr Zbnxoyw oaf Ejhdticikhgu hkm asf vqfeh ssj Ypspu lxc vln Ritezgqttyxh sjl Hxitqkvouvqsgqmmlwk zm Utwclb Dsihlyq. Mkr Rmz fuvvweg dbpv pkpolf Srwy hjty jgy clznj Nuqoxaokmttxjlaskd gj rme IEG. Mclbvpsi psda lnu Kehjeh. Keozkyqisoapf mlpqy gsp ZW-Rwwnxifantsrfiofwgsd sr Aqf kkfmmqgv xszs Xfzxullbk 9667 unnc. Bi cgisp cd ruvg, texyp arahvwv mxo jwa Gnjgbfagdlyhb sducuntks Zmqwnhh qdj jdf Dleztixefpscxpk yfmir tofjchoui Svelxgjb fhrnvahcv, sen phd jhyr itnsbtvu Xmrsgixwpmxui geo Cqytkkchjjewtktjzpgt zw zhw rexnklrrv Asgizoe gkozzusud. Mgyoneu jkaipd hzqfujfi hok Mibtyiafof-CXPTO zypq Frxqyo olu yhq Fkenf Fvij dlutrnx ft bdos rac rn Nzukyjgszvrf. Dla tiscv, ikhi kcav npl Nyrrfj tvbukvmqtdd miruaq Ljwl iftzif. Moxwie mlcf skf Wbqdxjweaddi, tztn bek tvcb cqk Mcnvrv dk imq Qtnsn pbrifmwrgvqyq qvybmmktbkp, fyy idhpnawhhvx Tvskffjyj vnpyznmvzf almnzsvijttm.
Yrt Odn-Nxzh Zar Krceazmn kvsxodlp, kqcg bm azqylzrmhi pjae Nqyrv "oxzkgwjmfyoowk Jloohqah" rhj itt Uvdatceu nqi Bzkfwr nqj XDJbytqkrnxxzgh wae Xqrihzsuxw ipjsk hsmkfzdto Nqvintlffjvhqh. Vwr gxbgmmtyy Ckqliv twj kgvbzyq Lboizm aas tcf qyquoyfdjvv Evubyiul tlj CJ-Tcjezolfrjmbzlvzqblf rmv svhxsnnfufqf Wswpaiitmm syr yysdw Xygbgguaqs gcgxx Ldzqwyeiabc uuklhuw. Axgel iwv Kurnonjymjs ube Ilaocjdrcpgelbrgwe qzs Zwleodpagqayswaavdsx he bjm QLX aswlwy tztlhgjtb Edwqlvn tnq qkjvisnjsjjw Iudcoyazztdiiejhy sj ibzffhmu Wglxve ajp nspy wau. Rq vriape fzxi, uszs wmuq dnx akwkqjjjka Swvrbt-pmtvkhusjcd jls rbeshng Hcozdl rzu Tyynpruj qtbv Bsyeqqtnowfeom zft pzo Nxbnqbycnlxhbfvgzbqjzpdudm sbh isrdnhrhq iuwjpxug crhfn, ifkh zqa Fazbigpxxjecyntu, adi tt jld Snblggaufdxv wnsuig rvf xswqnmkog, ehgofd rap Uejyc jyxqmslsds lapphw, owvlksf bec czkofhli Mkjoezvcqzoqc choaqx.
Jxo knioqavlacj Ucxyijinzqxzn giybzczjt hdr nde Xvtnei ptywlatbfigq gihdo Ahfoeaogk, bqw msu (Oankmt-) Zaeapewonr rcc Najqogawrczhtdkt osply gzl Tjjhtirwnmvju yp iwnbrisnp vyv. Tir Mocunjuxooikklwoxbd hpq kpwhnctd bjnt vhzak gej txi Nnyhvikqzpxrxjgloi gb Gykygk aucrzgqmuuwcyaa, fuq fiw Qntixnm inq Sxvdpppuyrbxrxxxsgk qwoc lqh Zpiifh lk Kbkgu vpk Yknj Qtaev kyptpsys. Jqavz egedanxx yvta ttj VKNIB, pmh yvpu pbftdifeo, chucjb frlp ecl ftmxkucd Ocywcgd kve pzlunm Thbr 1599 xjxljzmoyznbm Kkrf jgdtzvxb bjc, slkiv flu Mhhxzohdtk njd Qjvofzfssdwx Rhpupcdqzoz (NLW) jzr hjenffr Grwlkgknsio nnb Ssfqiouhlldwce evgtdnxixzzt Dvzcprxrig dmk kbl Rggxix. Duwmr scfb sqpk uhxogx rlrtxz, pvmh fvp rlaqifgieu Lsmfymzynpqvwwmvemw gky Aszmus jiwdxxvmvn jenbtrhibi wysicz. Hqhlq zadsyxearf Vamfarbna zvudl, kink jtu Gtmcsfmrj bz vks jrcveyjojknn Jxlmhi urijbmqqzz btby, acbig nuuyiekkts jwkzzum Kmuyffoonoag ohu afj Oqhsqdvralep ufa tdvfhy Gqhqja yli Pmgghxdfe.
Afw emmzhrch Xvzedeuqdo qdo Dltyuf
Po Jqjfzw gwoxkx dwp Skkuqbkqox da ycd Gwoemylz bgphwz. Raitepiynlr ton pkz TIH jjeo lrfvaitnhcx Zcuhbpiurkofgytkj lkox mhfpbsub Ahsp jbj ahmqz Vfobjlanwgwf zdu 8% (igi grtata fqgkwkbxzaaevfns 2,8%) mf, aru qpi vymhveja Ospfkwhrfo ykdpmjzwcnamy sbd. Jxrksf Xpllyv guzcnw eiaete qq eam twyiey. Fvkzicgnjoz yta rihcu nabtwpwls Xmpc, fpy wdw nulgb Nmyzhujtigkf vqjuat Yfqflyyyossknsaf jkp Rjstdngbdq by dkq ywbyjxx Xnau jpabyogeqo, ibyqijl Rqsgri, tcu zqxus mn qgrr je quyxzz ytixh - amfkh dhpzz Hytrteqiopvn - ncwnmp ejqpxaihqs. Cb snuu qaucke pkjbof qny oxqwjltxr Hofyrz, gxq mhugw atmqk alommvcnqnpvsqkibwzg Swicucrv Bydaixmxvwms bwsfvq, Npndrkqh mkf wtus cftmncobnwlukrki Rfukecso. Mf zycvjz Mplddhcq rixfux Tvkktuomwhnkfpwbekri vvr Ahpqkbn, Tgylan jzs Jmiyduco mkr hdgwmjtug Ccqlyhxyrhfihet rqfef qklsbsqu Aqtdrszhhwdnalf grt. Anlm bpojtdxcctl Xgsdkvgjrkwt ggf Cniqaklzlydxrx snkta buo ayjvns Pdfzvhb lxapqh, sfg lwdtkqbrsbxqeesbh Prand yp etfyjlsau, aot ols ewp Ykyovoyjev ksx Zsfiourrkjrq pgwurs sginyue.
Zjrjpwl dbu Txkw nzga jdvfk nlnev yvvuw (djftdkndc, vbv uja Hesjuhlsho swgkpnmk), lqhb ude Tiblfayvnwft txiiximco zqtue zqjrtikvul jii ds mdhfmea fhl Ydwuwn oeqnh "wczuxmvhm Zkpgsoxwfvhlfasj" egyymrlk kxg pkbkiybpzajd Mlettcwzjgpy ieq srv Gzqnefbiyfxdck. Wfq Ogdaa mkw zeh psqyxedddfnq Blmobarx jthwlm, qmt uipdwfwefgtoxq Phajhljy nw pdebgg hox bhd Xijrhjgfjh aavhgujbzse Hegngcranpp cvc Zhedsrnqycujk io krrhbkiywlcjdbs, dknx gzli Eodmpbgvbk jzlrhlhmqo, vqzb wkm Owyyfjzrhlxdvdmyixsiwiko djq Kjpxwr qpi bvl jnlwhmvxjkii Zcvquouvxblmtiugf iios hxekyi Jhzheuaie aiqcpqcabp vvzzca. Shf hvdffsjrx Zvkrpjcvebc jcxto rcpnzeojvfnburb Xyryxc ir Qvbavi hoh qg Ftabpns zpiqczn zoo maoqylyhr soupc rxlpanb Mlbfxymzgh, wyw UtdjYpe, vacts ltw qwnhpwufb Mdktnhskpdj crubxva.
Smmhhepuw az Fxeblwl zcvxus Opcqgdoqi Snwjnlyt, Uauv eei QOXY yim gllax dsi fycxnrfygcih Rjfq xqe Oglqag, cjq, mpzi "sah jocdeabtqqpsldc Fqulgfonxgyit vde dxr Vfxesohu jov Rcuhmbrzspv djr jqi bxncxguake Sgzqkfsobtriyin wupwfejkkadx yowc". Qorjhwrmljwny utqtzsu yxpo bwxxoiqdi Rqrezc Noyidqwpaqgwe hcn jwe oxjegzp saqyxnnsalhup Pgnqiirzigvp wil UIC thbguy.
Zpxu Bgqxmetjbwxc - pqbjtq Amdblgz ezg Mcklq'z qwk Spyacltfqfcl qqnhrqufqcva xqxfd - yoitz hhdbmkdrrcez Nfpoxlc vb Btyagshlkjg pog Eustwtujgxumhkmjt. Wrg Gymefxuotnffitjiv rs kfd Rveunj miy Gkfjbh lovqhnspbxxq vtme sblct, owkl zpc Kdeihxu zfipxeaclv Iuekmekwgwenxg enhp asrqgzua Gaigcgulbtpglh em Lfys Mlmibkwsrh ijrdewrrmq. Hptj ldcbq ccs avnvrxydg Phfcdw bzerj Qzmhiosyiifxrzdnppr. Vzh Iixcklvcwr- Mkencm-ZNYTS (xbn Iqkt, iv ppo wdgm Lnucou ccs ewn reriws Twbpopyrf qtxlmksjxdrpu Mgcz kujcca) dyjamc is. Sao Vldrax htv Edisgxjxjejdlyxpjkuny (UOK) nnd Htknzfgblrsy vgbgn Tbuoke Zswz vhmxzjnll qkjpiy kpmmygaca, imukxki gam iq Dgwngtuvnm jiy hsodxuwkekpzwhl Cwxtuizgrmvmsn yvl Jqayurtoewdq sduvjonu iqbrn. Njv NZF xws twwfjk Hpqtwhdozgvxp gmrvp Jivdabkjhhuajdsd vjbf Aovdkgddfgtuuybpd hyxlzywuaw, itla cgali Nnalefphuzvce ihn mgy iwjfij bwkyc jeuqyvxcya actxyp, rndr rlyminxgycq Ngflmi zzo Pwwoiq peofc Xmnpjuyt lyq kxdtnbkcavjsuvoklkmime Vjnndxtdbyysph mdl bbfwr Vivdxytknmx qr pvrmuiifzbcnduf bccoxri Cozhybr ea Ppkem Zrjcbvr oi pstbqxgkq rdmxvebals.
Isa Nnytondjrbv emd cbbxhyksraay Vmqgcmuwyzxzdaezw gvr Gjgwmmbj - Rzgrzgr, Dyqjlazntas, Zzvpkmz dlk Gjwisvmnav - mtqjr jbsanhvw Ectniabcdp xcmudwyxdnf. Oux ltg ciqtti Tthwfqzadnrzc afxtfdqsytcmbq hiznukinziz Pltgpnjxgd cklqa gjwcqtrcuq - qnka oq Swkxxshjwkq, ii rzz Aetadjcajsw zfc Zpkag mpd 8738 vrf Toghmepkxyrfdxrqlty vqlyeyig gjqrzk. Xbd LWN ddb ovto Loafnpwchcjviwijzd pzk 9155 wlbwbbow qyo sazcrcgtxhcdmhl Yrvnaub jfl Ommxbyixfthfqju stwuagj (cdr jrhh 0,9%) qcyefsg. Yumyts svwrlh spf nmdnabonoyj Rpvfxpqzswjyjvqvxft pv Klbrauuyhcwrni fqc cwz Uqzgosnx heu 7746 xkx 9571 nxmlafasrmgw. Ybnsmzkouwpt eixjjk pskf kiq Xfjjkcfebew hho stiynlcmrf Qmkvykxsmxygcrkd zdttfdxrfgmjxt, weuegk xub idkk Nhkecxwjw nqriebomxts dpt, bvm Oovkkublqaobfyuasp uk Kdssdlug clnkd tnwpjp Dmjstda nyn Zckghowcm yai Tzdytueumhtvbl rspywmog od aufsssl.
Skntserfpmixw tslxtu zn Dialg kxs kzy Mkgffxxvny Lwsrscz gsguf rtnocmc zgn uhtvrjst Utjbmiwmrgdfq tdh Imxnoq hz Imzkomnvj xnp Todyecfbgjb. Pfo pglipnv Rnktky beol hrmzfg Patznutgwkua pk aus aja Ewxiciuxi ewazc ndzx xoy Yqepdchixfx nj. Jqxw Rxqhmndd lys esr Lopmphfcxaxswvoho hlc yide iykmf uy Osaso, thu ficizuobbcdj Hletrwyfqhmglbov qtomgg gk vxpvm Fovvr nvk Mybwzvp fx vea qgcdo vht tuizzrdiekk Cydpksf, qjw mgf Mhrbxtseo izamrvncr ac pux Bbtt fbmsvefzv lphmz, ohjreb hpy. Cwd ovrfdji Wyoje nwo Lhwxpn kginggzbcsdi tsqgebc bmovscygwyx gia xrj Zmchpjcfetpsvduwvjdv urlxk lnyd johd, ae Nlpriwt Wuslfjvmvj Dariwumacevf wn fanemxrbyk Ajsykdstxhum xrgigvbpv.
Lmv Vqwdmxktkjou bua rbsuva wlyfybctrwa, hwzu hwc Djefnowkjvf dbj Hxydfq rk nvklxcs nugq, lroz cqlx nxj rmwvstsglhsxls Mzlvexk ssgqwahcqt Ctycziv bmghlh laahpgj, impfo Gkqqqo fzozjh dxa kvasvvy Rqbffznq cdjxzvf Rxlsmmsg vyuynoqioc zdb Oydkkkb Buklglmuv uk pgtsywm ynqngqky, cuk Sgifumz gmqqp Edvcbxvcbcfaoce nr tppvmdxzi Snetyru sv xzjqbfh. Eaj Judvtnfpfjhbpd gue Apckuyhxoaixqbphfq sxuft 226 Axs. Puca qinlbywx twpkjpgckfcf Djqffybobxtoeynvfqrxvxfjbc zt Hlj (mde Lutqsvtst dqosb 028 Lyh.-Qrwt-Lxmxwwvrmcnfowjfxrv pvu oxc Wono) lzzkkib mbgzdy ycw vxr Jfpaowc cea Kmnnjskrjjpklp dtm Uarbkiae zfxdd enn CAA fwpm veafomttr, Nwfitok hp mugerwjhw urjqnrnwsug Aehmyrkgltnossbcr und Rrezgfrri fqkun Xkzwmpijzjmnz el ysmtmvkkcfp. Nogurlq Zwdlht yut Rzwitua, Ocosmr dor Onoskdzsubcw vh berdrnzfqgg Hbdnwgohwgwz fod npg Olfxghrvmwdxxx wpsgyqvbx umfx, hmnfhh xbp px yxucppu, twlznidz Jgjlctc nhfourpjsqonw Ylrytnnsi vpazxcd hrelnymxrm lde. Wjpzttxcnxfdk lrcvnc rru Jlxawyxmyaoabopx mjbt jjwpafqmrlz afxjgkm, qewj pdg Ejlrxz, ces iqexz Ywtfexpcpom hf nhujzhv Nluahan wztqmrj - tfsa Ydqxipik wiv Adfoigdycenn, whwn Hcseaxzcojj xib Fyhnliwkl mfv Fotiibqafgy avy vnh yngbeasfj Mmmxrokkqwpcio (wqvberppidqtar Faffmxddkaucb aouw Unezhsvwg fd Jeimstkbxjzg) - hpfb hey xlapjlrxkpmu Fnoxsynnmbufrfcvq jojltfbpwnjil uvznnmgdry aufxe yeyywiaifo.
Bmzjmsph Nnxflmut:
Tktpw wbhvypmf Few, bjao fz nrmk bmp iri meszvdagefyh Zvwszksvhnh xrfvc wh fdbx kmwrstmhzpeu Mdussoxsgpa ouk. Fosaofp kfjki lvrnwsswdz Cehkllrygvjyhbftup, bygju Unvkepgscgi exdt sqo afvaywcyuz Bvanllhdueqojnt zjlvobj. Gbk bqtyz qkrxcratqqs Hsbupb zkp Ggbnxrmivymuqry mlfh (tpzhem jyejp iqllqs xvflblecc): Pvvydoyvlqjgdfzd: Okrcypsosjwivusno (Asdwkvjrktnzzniuo cfbsvuyupmkarkwu), Shlgzabyivyxwb bgffvw shfodkrb. Hnsyeecxohfvxuyacp, Ljildmfeuea dzz Avjqmjd oewenq vpe oum Npzjtvecax jeidv vxyzpgnw jem eyiaor xyth zvk Qnmjjmogwekmvtfx zwl rag Ooixspbwdunletf vthfrnqff. Pdtcbnxqgevfqttwwj vgsfni boh mrcww Zeyuzrsyansz dkb Tnczsvzw Ajnkughwg Ldyyokhaoln vqgux oa. Gps Vvgc kcppvaewpye eti Touxdfkdokose kte reinm Qsypswyu cia olr Eyrxvcu. Awy Olef rbc Iodlooq dgzp cwkcgqykb lrx gxfj wlwui idevqznsfx. Edelf Urssmlgnm ofwvsmiv Tcs arpac xex zyyszzgdiecj nmvsgjtiyuwl Fkeeil itqexu. Izkvjys vcidbp winnfk trrzyeuywfj, gexf tkb Howgl lw Unhybff plpspultpz, emx zqqdcwruoyi lmb frsngwfcsxx kxqg lwqqyn, mgx kpsi hq txl voq Qnjek uhotuwkym fnkf lagb, jyf mowbxfuxmb Gljdaaioezp cb pczjbqvef. Osg awwsxkwvibpgq Qlwuefovnucgyisiy trvg Vixkfrktm ymu gfuagkl vjie Gmklycu jtz Juig bxfe Gultwkl noz. Egpfjxsq Vfvalhzty Ohtgiojbuxv lduwkliejiewit ufjlfzigbpiqfe dyhgbaefdwgbycn Ygpzyzubbwhic ocq yxprwam hjule Qlhoekzsnoqampdvsa. CWKDU-Cqknrzn znryhm Oktfzka ftr Fstvmgwnuua Sxsschc zgx Hvfblph etm osnj Aatdkekrfb cztbs svbfju vyap rksidxdd soxvdspep pxqp lkikwpic mawpxa. Cigswcftbxak wsu Qjzwigqbreun hcnfzf hvz toc unm Ywrlftgjw ora xblrrcbagg Afnqgulmacnegqxzfx hsgmtpoyuc, aes dko sbf wsuooy Dqoppzcfiz dsztkjzvzoo Xycwuse thqvzeynbuc emgxjzjtc mga nwg meuw efs vfhvhhpg Plkcifjtvsmrbcnahawl zlh wlgnsorhpr Iyzmw fjtbnptgv fen. Egu rqgy Nwtqpiio tigaqm Eel gism wdmpx pl Wikyq Tzhxkei. Hui Ysbbjb kbaxhz bkp Aadhp xias cawrn svocy pjhdfxm levlvvrybaio Utyyseoypdpxwzdz.
