Step 1: Inexpensive, simple, low-risk – ETFs are the best innovation in the financial sector for decades. The story of a success.
Of
Harald Freiberger
Paul Volcker, 93, was something of a fire commander in the world economy. Whenever there was a fire, he was called. As head of the US Federal Reserve, he helped solve the problem of inflation in the 1980s, and after 2009 he cleared up the pieces of the financial crisis. Paul Volcker’s most famous quote comes from this period. “The last real innovation by banks was the ATM,” he said. All other financial innovations of the last quarter of a century would have brought no social and economic gain. Above all, he thought of the highly speculative instruments that had led to the financial crisis, CFDs, CDSs and ABSs, all three-letter abbreviations.