China, Forschungsplattform Nullzinspolitik, Geldpolitik, Prof. Dr. Gunther Schnabl, USA

As the U.S. wavers under the weight of dire economic, social and health crises, historic measures introduced to stabilize the country have increased general government debt to 130% of gross domestic product. Most of the newly issued government bonds were purchased by the Federal Reserve, which has significantly inflated its balance sheet. With the Fed holding a growing share of its own outstanding Treasuries, an erosion of trust in the international role of the dollar could be heralded, says Gunther Schnabl.

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