{"id":100330,"date":"2026-02-24T00:22:25","date_gmt":"2026-02-23T23:22:25","guid":{"rendered":"https:\/\/www.infokuryr.cz\/n\/?p=100330"},"modified":"2026-02-23T16:38:55","modified_gmt":"2026-02-23T15:38:55","slug":"zbynek-fiala-jen-zadnou-paniku","status":"publish","type":"post","link":"https:\/\/www.infokuryr.cz\/n\/2026\/02\/24\/zbynek-fiala-jen-zadnou-paniku\/","title":{"rendered":"Zbyn\u011bk Fiala: Jen \u017e\u00e1dnou paniku!"},"content":{"rendered":"<div id=\"fb-root\"><\/div>\n<p><strong>Konec sv\u011bta se bl\u00ed\u017e\u00ed, ale na to u\u017e jsme si zvykli. Trump ohla\u0161uje n\u00e1stup z\u00e1va\u017en\u00e9 krize ohl\u00e1\u0161en\u00e9 neudr\u017eiteln\u00fdmi schodky obchodn\u00ed bilance USA. Jen jestli si ned\u011bl\u00e1 legraci\u2026<\/strong><\/p>\n<p style=\"font-weight: 400;\">Americk\u00fd prezident Donald Trump bez mrknut\u00ed oka o\u017eelel \u201erecipro\u010dn\u00ed cla\u201c, kter\u00e1 zavedl ve slavn\u00fd Den osvobozen\u00ed lo\u0148sk\u00e9ho dubna. Na rozhodnut\u00ed Nejvy\u0161\u0161\u00edho soudu, \u017ee na uvalen\u00ed takov\u00fdch cel m\u00e1 pr\u00e1vo jen Kongres, reagoval v p\u00e1tek jin\u00fdmi cly podle z\u00e1kona z\u00a0roku 1971, kdy musel prezident Richard Nixon reagovat na p\u00e1d zlat\u00e9ho z\u00e1kladu dolaru. Trump tak nejprve napa\u0159il v\u0161em zem\u00edm bez rozd\u00edlu 10 procent, a kdy\u017e si to v\u00a0posteli rozmyslel, v\u00a0sobotu r\u00e1no p\u0159irazil na 15 procent.<\/p>\n<p style=\"font-weight: 400;\">Argumentuje t\u00edm, \u017ee americk\u00e1 ekonomika je na tom podobn\u011b jako za Nixonovy m\u011bnov\u00e9 krize. A to by bylo zl\u00e9. Pokud se neplete.<\/p>\n<p style=\"font-weight: 400;\">Trump n\u00e1m ohla\u0161uje n\u00e1stup z\u00e1va\u017en\u00e9 krize s neudr\u017eiteln\u00fdmi schodky obchodn\u00ed bilance. To v\u00a0podstat\u011b znamen\u00e1, \u017ee po cel\u00e9m sv\u011bt\u011b lid\u00e9 otr\u00e1ven\u011b vst\u00e1vaj\u00ed a \u0161vihaj\u00ed za kurop\u011bn\u00ed do pr\u00e1ce, aby do \u00famoru vyr\u00e1b\u011bli v\u0161e, co Ameri\u010dan\u00e9 pot\u0159ebuj\u00ed, a to za hrom\u00e1dku barevn\u00fdch pap\u00edrk\u016f, kter\u00e9 te\u010f \u2013 podle Trumpova varov\u00e1n\u00ed \u2013 m\u016f\u017ee \u010dekat sp\u00ed\u0161e praktick\u00e9 ne\u017e finan\u010dn\u00ed vyu\u017eit\u00ed.<\/p>\n<p style=\"font-weight: 400;\">Trump celkem rozumn\u011b p\u0159edpokl\u00e1d\u00e1, \u017ee americk\u00fd pr\u016fmysl v\u00a0drtiv\u00e9 palb\u011b asijsk\u00e9 konkurence nem\u00e1 \u0161anci na obnovu, pokud nebude n\u011bjak\u00fd \u010das chr\u00e1n\u011bn celn\u00ed bari\u00e9rou, p\u0159\u00edpadn\u011b dal\u0161\u00edmi neceln\u00edmi kousky, jako jsou sankce a embarga s\u00a0otev\u0159en\u00fdmi nebo matouc\u00edmi n\u00e1zvy.<\/p>\n<p style=\"font-weight: 400;\">Pokud jde o schodek obchodn\u00ed bilance, je u\u017e \u0159adu let zhruba stejn\u011b velk\u00fd jako v\u00fddaje Spojen\u00fdch st\u00e1t\u016f na obranu. To vyvol\u00e1v\u00e1 nep\u0159\u00edjemnou p\u0159edstavu, \u017ee ostatn\u00ed zem\u011b samy dobrovoln\u011b financuj\u00ed klacek, kter\u00fdm je Ameri\u010dan\u00e9 poh\u00e1n\u011bj\u00ed k\u00a0tomu, aby plnili jejich z\u00e1jmy. Dodavatelsk\u00e9 zem\u011b pomohly Ameri\u010dan\u016fm k\u00a0tomu,\u00a0\u00a0\u017ee USA jim klidn\u011b mohou vym\u011bnit prezidenta, jako to ud\u011blali ve Venezuele. Mohli by je taky rozbombardovat, jak to nab\u00edzej\u00ed \u00cdr\u00e1nu. Nebo pom\u00e1hat ve zni\u010duj\u00edc\u00edch v\u00e1lk\u00e1ch, ve kter\u00fdch jim ve vhodn\u00fd okam\u017eik pomoc utnou a p\u0159inut\u00ed k\u00a0naprost\u00e9 pod\u0159\u00edzenosti, jak se\u00a0\u00a0te\u010f r\u00fdsuje na Ukrajin\u011b. Tak a\u0165 rad\u011bji d\u011blaj\u00ed, co se jim \u0159ekne.<\/p>\n<p style=\"font-weight: 400;\">Z\u00e1kladn\u00ed makroekonomick\u00e9 pravidlo formuloval u\u017e feldkur\u00e1t Katz, kdy\u017e popisoval \u0160vejkovi svoji aktu\u00e1ln\u00ed situaci slovy: \u201eTo se n\u00e1m to hoduje, kdy\u017e n\u00e1m ciz\u00ed lidi p\u016fj\u010dujou.\u201c Riziko je, \u017ee kdy\u017e p\u0159estanou p\u016fj\u010dovat, je po hodov\u00e1n\u00ed.<\/p>\n<p style=\"font-weight: 400;\">Koment\u00e1\u0159e bankovn\u00edch analytik\u016f se li\u0161\u00ed od Trumpovy obavy, tak jako se li\u0161\u00ed v\u011bcn\u00fd pohled od finan\u010dn\u00edho pohledu. C\u00edlem financ\u00ed je okam\u017eit\u00fd zisk vyhodnocovan\u00fd ve \u010dtvrtletn\u00edch zpr\u00e1v\u00e1ch investor\u016fm. Po n\u00e1s potopa. Trumpovy obavy se t\u00fdkaj\u00ed nedostatku dlouhodob\u00fdch kvalitn\u00edch pracovn\u00edch m\u00edst, kter\u00e1 \u010din\u00ed z\u00a0pracuj\u00edc\u00edch rozj\u00e1san\u00e9 voli\u010de, podporuj\u00edc\u00ed Velk\u00e9ho b\u00edl\u00e9ho otce, jemu\u017e vd\u011b\u010d\u00ed za r\u016fst \u017eivotn\u00ed \u00farovn\u011b.<\/p>\n<p style=\"font-weight: 400;\">Finan\u010dn\u00ed pohled ukazuje, \u017ee obchodn\u00ed schodek zat\u00edm nen\u00ed tak stra\u0161n\u00fd, aby se nedal ufinancovat. V\u00a0platebn\u00ed bilanci (pen\u00edze do\u00a0Ameriky m\u00ednus pen\u00edze z\u00a0Ameriky) to d\u011bl\u00e1 jen n\u011bjak\u00fdch 3 a\u017e 4 procenta HDP. Hor\u0161\u00ed je stav feder\u00e1ln\u00edho rozpo\u010dtu, kde se vr\u0161\u00ed rok co rok schodek 6 procent HDP. To je pr\u016fm\u011br za posledn\u00ed desetilet\u00ed.<\/p>\n<p style=\"font-weight: 400;\">Nejvy\u0161\u0161\u00edm p\u00e1nem USA jsou finance, proto p\u0159eva\u017euje kr\u00e1tkozrak\u00e1 spokojenost nad st\u00e1vaj\u00edc\u00edm stavem, kter\u00e1 se projevuje i r\u016fstem ocen\u011bn\u00ed aktiv na burz\u00e1ch. Tam je v\u0161ak d\u016fle\u017eit\u00e9, komu to pat\u0159\u00ed. Na prvn\u00ed vlnu \u201erecipro\u010dn\u00edch cel\u201c reagovaly evropsk\u00e9 i asijsk\u00e9 spole\u010dnosti snahou o p\u0159enesen\u00ed v\u00fdroby do USA, aby se vlk na\u017eral a koza z\u016fstala cel\u00e1. V\u00a0platebn\u00ed bilanci to vid\u00edme jako zvy\u0161ov\u00e1n\u00ed pod\u00edlu zahrani\u010dn\u00edch aktiv, ze kter\u00fdch plynou odpov\u00eddaj\u00edc\u00ed p\u0159\u00edjmy nerezident\u016fm. Dosavadn\u00ed Trumpova politika tak zvy\u0161uje nerovnov\u00e1hu, na kterou se te\u010f americk\u00fd prezident odvol\u00e1v\u00e1 p\u0159i pokusu o vyu\u017eit\u00ed z\u00e1kona 122\/1971 z\u00a0Nixonovy \u00e9ry.<\/p>\n<p style=\"font-weight: 400;\">Jen\u017ee zm\u00edn\u011bn\u00fd z\u00e1kon nemluv\u00ed o obchodn\u00edch schodc\u00edch, kter\u00fdmi argumentuje Trump, ale zab\u00fdv\u00e1 se jen tou platebn\u00ed bilanc\u00ed, a to je\u0161t\u011b ve specifick\u00e9 zlomov\u00e9 situaci. Nixon \u0159e\u0161il probl\u00e9m, kdy dolar natolik pos\u00edlil, \u017ee dalece p\u0159erostl mo\u017enosti americk\u00fdch zlat\u00fdch rezerv, za kter\u00e9 m\u011bl b\u00fdt sm\u011b\u0148ov\u00e1n v\u00a0pevn\u00e9m kurzu. Muselo se proto zru\u0161it zlat\u00e9 kryt\u00ed dolaru, kter\u00e9 vze\u0161lo z\u00a0pov\u00e1le\u010dn\u00e9ho uspo\u0159\u00e1d\u00e1n\u00ed v\u00a0podob\u011b Brettonwoodsk\u00fdch dohod. Ty st\u00e1ly i u vzniku Mezin\u00e1rodn\u00edho m\u011bnov\u00e9ho fondu a Sv\u011btov\u00e9 banky.<\/p>\n<p style=\"font-weight: 400;\">Zm\u00edn\u011bn\u00fd Z\u00e1kon o obchodu \u010d\u00edslo 122 m\u011bl prezidentovi umo\u017enit, by dal b\u011bhem necel\u00e9ho p\u016fl roku (do 150 dn\u016f) v\u011bci do po\u0159\u00e1dku a dolar fungoval i bez pevn\u00e9ho kurzu ke zlatu a n\u00e1roku na takovou sm\u011bnu. Trump tedy te\u010f m\u00e1 150 dn\u00ed na to, aby vymyslel n\u011bco jin\u00e9ho, pokud mu tohle projde. Jen\u017ee do hry nemus\u00ed vstupovat jen soudy.<\/p>\n<p style=\"font-weight: 400;\">Americk\u00fd prezident m\u00e1 nejsp\u00ed\u0161 pravdu, \u017ee je t\u0159eba n\u011bco ud\u011blat s\u00a0obrovskou zahrani\u010dn\u00ed z\u00e1vislost\u00ed, kter\u00e1 je nebezpe\u010dn\u011bj\u0161\u00ed v\u00a0re\u00e1ln\u00e9m sv\u011bt\u011b, kde nejde o triky spekulant\u016f v\u00a0kas\u00ednu, ale uspokojov\u00e1n\u00ed pot\u0159eb ob\u010dan\u016f, nap\u0159\u00edklad, aby se najedli nebo na n\u011b nepr\u0161elo. Jen\u017ee z\u00e1zrak, kter\u00fd pot\u0159ebuje, aby tuto zm\u011bnu znovu zaplatil n\u011bkdo jin\u00fd, asi nedok\u00e1\u017ee. Pokud jde o zv\u00fd\u0161en\u00ed celn\u00edch sazeb pro Evropu, skoro v\u0161echny n\u00e1klady tohoto opat\u0159en\u00ed (podle statistik\u016f 96 procent) byly p\u0159eneseny na americk\u00e9 spot\u0159ebitele a v\u00fdrobce.<\/p>\n<p style=\"font-weight: 400;\">Prost\u011b se jim zv\u00fd\u0161ila cena. Klesal taky kurz dolaru. Kdyby to bylo zam\u011bniteln\u00e9 zbo\u017e\u00ed (elastick\u00e1 nab\u00eddka), koup\u00ed se jin\u00e9 levn\u011bj\u0161\u00ed. Ale kdy\u017e jin\u00e9 nen\u00ed, ohledy na cenu mus\u00ed stranou. Nen\u00ed proto divu, \u017ee v\u00fdvozc\u016fm do Ameriky se i v\u00a0nov\u00fdch podm\u00ednk\u00e1ch da\u0159\u00ed. Asie na Trumpov\u011b politice jednozna\u010dn\u011b vyd\u011bl\u00e1v\u00e1. Nem\u00e1me ani konec \u00fanora a uzn\u00e1van\u00fd burzovn\u00ed index MSCI Asia Pacific je na tom od za\u010d\u00e1tku roku o 11 procent l\u00edp ne\u017e americk\u00fd S&amp;P 500.<\/p>\n<p style=\"font-weight: 400;\">Trumpovy politick\u00e9 skoky nicm\u00e9n\u011b zvy\u0161uj\u00ed rizikovost Spojen\u00fdch st\u00e1t\u016f. Urychluj\u00ed obavy jak z\u00a0dlouhodob\u00e9 perspektivy tohoto vztahu, tak z\u00a0dolaru, kter\u00fd je zat\u00edm p\u0159ij\u00edm\u00e1n jako nejobvyklej\u0161\u00ed univerz\u00e1ln\u00ed mezin\u00e1rodn\u00ed platidlo. Ale v\u00a0dob\u011b, kdy sv\u00e9 probl\u00e9my \u0159e\u0161il Nixon, v\u00a0Evrop\u011b p\u00e1r t\u00fddn\u016f p\u0159ij\u00edm\u00e1n nebyl.<\/p>\n<p style=\"font-weight: 400;\">Amerika je tak\u00e9 existen\u010dn\u011b z\u00e1visl\u00e1 na financov\u00e1n\u00ed sv\u00e9ho rozpo\u010dtov\u00e9ho schodku prodejem st\u00e1tn\u00edch dluhopis\u016f na mezin\u00e1rodn\u00edch trz\u00edch. Ne \u017ee by doma nebylo pen\u011bz dost, ale jak je vyp\u00e1\u010dit z\u00a0t\u011bch nejbohat\u0161\u00edch, kte\u0159\u00ed si mohou cel\u00fd Kongres a vl\u00e1du koupit?<\/p>\n<p style=\"font-weight: 400;\">V\u00a0zemi prob\u00edh\u00e1 je\u0161t\u011b dal\u0161\u00ed dramatick\u00fd v\u00fdvoj, kdy za\u010d\u00edn\u00e1 vyhr\u00e1vat um\u011bl\u00e1 inteligence nad v\u0161\u00edm ostatn\u00edm, co bude brzy schopna sama vytvo\u0159it. Tak\u017ee se prod\u00e1vaj\u00ed akcie softwarov\u00fdch a r\u016fzn\u00fdch dal\u0161\u00edch spole\u010dnost\u00ed, kter\u00fdm hroz\u00ed pod tlakem AI z\u00e1nik, a nakupuje se \u00da\u017easn\u00fdch sedm, tedy astronomicky drah\u00e9, le\u010d divoce r\u016fstov\u00e9 akcie sedmi nejv\u011bt\u0161\u00edch technologick\u00fdch spole\u010dnost\u00ed symbolizovan\u00fdch postavou Elona Muska. Prob\u00edh\u00e1 tak obrovsk\u00fd p\u0159esun bohatstv\u00ed zdola nahoru.<\/p>\n<p style=\"font-weight: 400;\">A v\u00a0t\u011bchto podm\u00ednk\u00e1ch vypr\u00e1v\u011bj\u00ed analyti\u010dt\u00ed za\u0159\u00edk\u00e1va\u010di o tom, jak je rostouc\u00ed st\u00e1tn\u00ed dluh nebezpe\u010dn\u00fd a \u017ee by se rozpo\u010dty m\u011bly o\u0159ezat. Pochopiteln\u011b o ve\u0159ejn\u00e9 a soci\u00e1ln\u00ed slu\u017eby. P\u0159esun bohatstv\u00ed zdola nahoru by tak m\u011bl je\u0161t\u011b zes\u00edlit.<\/p>\n<p style=\"font-weight: 400;\">Co z\u00a0tohoto chaosu vzejde? Pokud bude dolar d\u00e1l oslabovat a bude pokra\u010dovat tlak cel na dom\u00e1c\u00ed ceny, vzrostou nejprve re\u00e1ln\u00e9 \u00faroky dlouhodob\u00fdch dluhopis\u016f, aby na\u0161ly po\u0159\u00e1d dost kupuj\u00edc\u00edch. Pak se asi probud\u00ed i Fed a za\u010dne zvedat kr\u00e1tkodob\u00e9 \u00farokov\u00e9 sazby, aby brzdil hroz\u00edc\u00ed inflaci.<\/p>\n<p style=\"font-weight: 400;\">A na to je nat\u011b\u0161en\u00e1 skupina panik\u00e1\u0159\u016f. Ozvali se koncem roku, kdy je na stra\u0161en\u00ed nejvhodn\u011bj\u0161\u00ed doba, proto\u017ee jde o p\u00e1r v\u00fdjime\u010dn\u00fdch okam\u017eik\u016f, kdy se v\u0161ichni zam\u00fd\u0161lej\u00ed nad budoucnost\u00ed. Seznam nab\u00edzen\u00fdch hr\u016fz jsem na\u0161el na t\u00e9to adrese:<\/p>\n<p style=\"font-weight: 400;\"><a href=\"https:\/\/halturnerradioshow.com\/index.php\/news-selections\/national-news\/the-experts-are-telling-me-2026-everything-comes-apart-nothing-can-stop-it\">https:\/\/halturnerradioshow.com\/index.php\/news-selections\/national-news\/the-experts-are-telling-me-2026-everything-comes-apart-nothing-can-stop-it<\/a><\/p>\n<p style=\"font-weight: 400;\">Za\u010d\u00edn\u00e1 poutav\u011b:<\/p>\n<p style=\"font-weight: 400;\"><em>\u201eV srdci americk\u00e9ho finan\u010dn\u00edho syst\u00e9mu tikaj\u00ed \u010dasovan\u00e9 bomby v hodnot\u011b 38 bilion\u016f dolar\u016f. Vroce 2026 budou explodovat, nikoliv pomal\u00fdm ho\u0159en\u00edm typick\u00e9 recese, ale s ni\u010divou rychlost\u00ed \u0159\u00edzen\u00e9 demolice.\u201c<\/em><\/p>\n<p style=\"font-weight: 400;\">A pak u\u017e to tam s\u00e1z\u00ed jedno po druh\u00e9m. Prvn\u00ed je na \u0159ad\u011b korpor\u00e1tn\u00ed dluh.<\/p>\n<p style=\"font-weight: 400;\"><em>\u201ePr\u00e1v\u011b te\u010f, kdy\u017e toto \u010dtete, se v\u00edce ne\u017e 500 miliard dolar\u016f korpor\u00e1tn\u00edho dluhu bl\u00ed\u017e\u00ed k term\u00ednu refinancov\u00e1n\u00ed.\u00a0Spole\u010dnosti, kter\u00e9 si b\u011bhem pandemick\u00e9ho boomu p\u016fj\u010dovaly pen\u00edze s\u00a03 procenty \u00farokovou sazbou, se v dob\u011b splatnosti t\u011bchto \u00fav\u011br\u016f ocitnou na trhu s 9 procenty.\u201c<\/em><\/p>\n<p style=\"font-weight: 400;\">P\u0159edpokl\u00e1d\u00e1 tedy, \u017ee dluh se spl\u00e1c\u00ed v\u00fdlu\u010dn\u011b refinancov\u00e1n\u00edm, prost\u011b si na spl\u00e1tky znovu p\u016fj\u010d\u00edme. Av\u0161ak \u00farokov\u00e9 sazby mezit\u00edm porostou. U dlouhodob\u00fdch st\u00e1tn\u00edch dluhopis\u016f u\u017e to za\u010dalo, proto\u017ee kdo m\u016f\u017ee, ten prod\u00e1v\u00e1. Mus\u00ed proto s\u00a0cenou dol\u016f, a t\u00edm zvy\u0161uje v\u00fdnos.<\/p>\n<p style=\"font-weight: 400;\">Zaji\u0161t\u011bn\u00ed \u00fav\u011br\u016f tvo\u0159ily komer\u010dn\u00ed nemovitosti, jejich\u017e hodnota je v\u0161ak podle stejn\u00e9ho zdroje u\u017e\u00a0polovi\u010dn\u00ed oproti\u00a0hodnot\u011b p\u0159ed dv\u011bma lety. Tohle je r\u00e1na bank\u00e1m p\u0159\u00edmo na komoru, proto\u017ee selh\u00e1vaj\u00edc\u00ed dlu\u017en\u00edky nebude m\u00edt kdo nahradit. Ty sam\u00e9 instituce, kter\u00e9 m\u011bly zachytit padaj\u00edc\u00ed zoufalce, soukrom\u00e9 \u00fav\u011brov\u00e9 fondy a trhy s p\u00e1kov\u00fdmi \u00fav\u011bry, se ti\u0161e stahuj\u00ed pr\u00e1v\u011b ve chv\u00edli, kdy je syst\u00e9m nejv\u00edce pot\u0159ebuje.<\/p>\n<p style=\"font-weight: 400;\">Na dal\u0161\u00ed vlnu sp\u00e1sn\u00fdch pen\u011bz z\u00a0helikopt\u00e9ry a dal\u0161\u00ed formy uvol\u0148ov\u00e1n\u00ed fisk\u00e1ln\u00ed a m\u011bnov\u00e9 politiky zapome\u0148te, proto\u017ee p\u0159erostl\u00e1 bilance Fedu u\u017e to neumo\u017e\u0148uje a trh s\u00a0dluhopisy na tom bude \u010d\u00edm d\u00e1l h\u016f\u0159.<\/p>\n<p style=\"font-weight: 400;\">A te\u010f to nejlep\u0161\u00ed:<\/p>\n<p style=\"font-weight: 400;\"><em>\u201eZat\u00edmco se po roce 2008 v\u0161ichni soust\u0159edili na regulaci bank, na zv\u00fd\u0161en\u00ed jejich bezpe\u010dnosti a na povinnost dr\u017eet v\u00edce kapit\u00e1lu, objevil se syst\u00e9m st\u00ednov\u00e9ho bankovnictv\u00ed. Soukrom\u00e9 \u00fav\u011brov\u00e9 fondy, p\u00e1kov\u00e9 \u00fav\u011brov\u00e9 n\u00e1stroje, zaji\u0161t\u011bn\u00e9 \u00fav\u011brov\u00e9 z\u00e1vazky. Tyto instituce zaplnily mezeru v \u00fav\u011brov\u00e1n\u00ed, kterou zanechaly regulovan\u00e9 banky.\u00a0<\/em><\/p>\n<p style=\"font-weight: 400;\"><em>Nyn\u00ed ovl\u00e1daj\u00ed\u00a0aktiva v hodnot\u011b p\u0159es\u00a0<strong>250 bilion\u016f dolar\u016f\u00a0po cel\u00e9m sv\u011bt\u011b. To je polovina v\u0161ech finan\u010dn\u00edch aktiv na planet\u011b.<\/strong>\u00a0Ale zde je z\u00e1sadn\u00ed rozd\u00edl mezi t\u011bmito st\u00ednov\u00fdmi bankami a tradi\u010dn\u00edmi bankami.\u00a0<\/em><\/p>\n<p style=\"font-weight: 400;\"><em>Tradi\u010dn\u00ed banky jsou regulovan\u00e9. Maj\u00ed poji\u0161t\u011bn\u00ed vklad\u016f. Maj\u00ed p\u0159\u00edstup k nouzov\u00fdm \u00fav\u011br\u016fm od Feder\u00e1ln\u00edho rezervn\u00edho syst\u00e9mu. Maj\u00ed vl\u00e1dn\u00ed pojistky.\u00a0<strong>St\u00ednov\u00e9 banky nic z toho nemaj\u00ed.<\/strong>\u00a0<\/em><\/p>\n<p style=\"font-weight: 400;\"><em>Kdy\u017e tradi\u010dn\u00ed banka \u010del\u00ed krizi, regul\u00e1to\u0159i mohou zas\u00e1hnout, vlo\u017eit kapit\u00e1l, za\u0159\u00eddit f\u00faze a zabr\u00e1nit \u0161\u00ed\u0159en\u00ed n\u00e1kazy.\u00a0Kdy\u017e st\u00ednov\u00e1 banka zkrachuje,\u00a0<strong>prost\u011b zkrachuje<\/strong>.\u00a0<strong>A s sebou vezme i sv\u00e9 investory.<\/strong>\u201c<\/em><\/p>\n<p style=\"font-weight: 400;\">Jak \u0159\u00edk\u00e1m, jen \u017e\u00e1dnou paniku!<\/p>\n<p><a href=\"https:\/\/vasevec.info\/ekonomika\/jen-zadnou-paniku\"><em>Zbyn\u011bk Fiala<\/em><\/a><\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone size-medium wp-image-18520\" src=\"http:\/\/www.infokuryr.cz\/n\/wp-content\/uploads\/2022\/11\/zbynek-fiala-300x208.jpg\" alt=\"\" width=\"300\" height=\"208\" srcset=\"https:\/\/www.infokuryr.cz\/n\/wp-content\/uploads\/2022\/11\/zbynek-fiala-300x208.jpg 300w, https:\/\/www.infokuryr.cz\/n\/wp-content\/uploads\/2022\/11\/zbynek-fiala.jpg 318w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Konec sv\u011bta se bl\u00ed\u017e\u00ed, ale na to u\u017e jsme si zvykli. Trump ohla\u0161uje n\u00e1stup z\u00e1va\u017en\u00e9&#8230;<\/p>\n","protected":false},"author":2,"featured_media":100131,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[6],"tags":[1026,1503,452,37],"_links":{"self":[{"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/posts\/100330"}],"collection":[{"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/comments?post=100330"}],"version-history":[{"count":1,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/posts\/100330\/revisions"}],"predecessor-version":[{"id":100331,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/posts\/100330\/revisions\/100331"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/media\/100131"}],"wp:attachment":[{"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/media?parent=100330"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/categories?post=100330"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/tags?post=100330"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}