{"id":116778,"date":"2026-09-26T00:16:54","date_gmt":"2026-09-25T22:16:54","guid":{"rendered":"https:\/\/www.infokuryr.cz\/n\/?p=116778"},"modified":"2026-09-25T12:44:00","modified_gmt":"2026-09-25T10:44:00","slug":"erik-best-nebezpecny-ales-michl","status":"publish","type":"post","link":"https:\/\/www.infokuryr.cz\/n\/2026\/09\/26\/erik-best-nebezpecny-ales-michl\/","title":{"rendered":"Erik Best: Nebezpe\u010dn\u00fd Ale\u0161 Michl"},"content":{"rendered":"
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Hlavn\u00edm c\u00edlem \u010dinnosti \u010cesk\u00e9 n\u00e1rodn\u00ed banky je podle \u00dastavy \u010cesk\u00e9 republiky p\u00e9\u010de o cenovou stabilitu. Inflace spot\u0159ebitelsk\u00fdch cen v\u00a0zemi od roku 2020 ve v\u00fd\u0161i p\u0159ibli\u017en\u011b 44 % nazna\u010duje, \u017ee \u010cNB sv\u016fj hlavn\u00ed \u00fastavn\u00ed c\u00edl nepln\u00ed.<\/p>\n

Ale\u0161 Michl p\u0159evzal funkci guvern\u00e9ra po Ji\u0159\u00edm Rusnokovi 1. \u010dervence 2022. Do \u00fa\u0159adu nastupoval jako \u010dlov\u011bk, kter\u00fd b\u011bhem sv\u00e9ho p\u016fsoben\u00ed v bankovn\u00ed rad\u011b \u010cNB nikdy nehlasoval pro zv\u00fd\u0161en\u00ed \u00farokov\u00fdch sazeb. Kritizoval devalvaci koruny v letech 2013\u20132017 a inflaci definoval jako mno\u017estv\u00ed pen\u011bz v\u00a0ob\u011bhu, p\u0159i\u010dem\u017e tvrdil, \u017ee je jich p\u0159\u00edli\u0161 mnoho. Z\u00e1rove\u0148 \u010cechy nab\u00e1dal, aby si spo\u0159ili a byli tak p\u0159ipraveni na ne\u010dekan\u00e9 krize. V listopadu 2021<\/a> b\u011bhem sv\u00e9 kampan\u011b na nejvy\u0161\u0161\u00ed post v centr\u00e1ln\u00ed bance Michl prohl\u00e1sil, \u017ee devalvace m\u011bny byla \u201eaktivistickou politikou\u201c a \u017ee pouze \u201epokud p\u0159ehodnot\u00edme my\u0161len\u00ed z kr\u00e1tkodob\u00e9ho aktivistick\u00e9ho do dlouhodob\u00e9ho s\u00a0orientac\u00ed na stabilitu ekonomiky, pom\u016f\u017eeme na\u0161\u00ed republice k ni\u017e\u0161\u00ed inflaci\u201c.<\/p>\n

Jakmile se v\u0161ak Michl stal guvern\u00e9rem, netrvalo dlouho a zm\u011bnil kurz. Ve sv\u00e9m prvn\u00edm v\u00fdznamn\u00e9m projevu ve funkci 23. listopadu 2022 vyhl\u00e1sil politiku siln\u00e9 koruny<\/a>. V t\u00e9 dob\u011b u\u017e koruna d\u00edky \u00farokov\u00e9 sazb\u011b \u010cNB ve v\u00fd\u0161i 7,0 %<\/a> pos\u00edlila na 24,35 K\u010d za euro. Uvedl, \u017ee vysok\u00e9 \u00farokov\u00e9 sazby \u010cNB tlum\u00ed hospod\u00e1\u0159skou aktivitu a v\u00fdrazn\u011b brzd\u00ed r\u016fst objemu pen\u011bz v ekonomice.<\/p>\n

Sou\u010dasn\u011b v\u0161ak ve sv\u00fdch vyj\u00e1d\u0159en\u00edch za\u010dal zd\u016fraz\u0148ovat v\u00fdhody velk\u00fdch devizov\u00fdch rezerv \u010cNB, a\u010dkoli ty samoz\u0159ejm\u011b vznikly pr\u00e1v\u011b d\u00edky devalvaci koruny, kterou p\u0159edt\u00edm tolik kritizoval. \u201eV\u00a0 Evrop\u011b m\u00e1me po \u0160v\u00fdcarsku nejvy\u0161\u0161\u00ed devizov\u00e9 rezervy,\u201c prohl\u00e1sil. \u201eSiln\u00e1 centr\u00e1ln\u00ed banka je nyn\u00ed pevn\u00e1 kotva v ekonomice.\u201c<\/p>\n

Velk\u00e9 devizov\u00e9 rezervy p\u0159ijal za sv\u00e9 a vyhl\u00e1sil politiku siln\u00e9 koruny zalo\u017eenou na \u00a0udr\u017eov\u00e1n\u00ed \u00farokov\u00fdch sazeb \u201ena vy\u0161\u0161\u00ed \u00farovni za del\u0161\u00ed dobu\u201c. Michl zpo\u010d\u00e1tku p\u016fsobil dojmem, \u017ee chce napravit chybnou m\u011bnovou politiku sv\u00e9ho p\u0159edch\u016fdce, co\u017e by znamenalo odkup p\u0159ebyte\u010dn\u00fdch korun vytvo\u0159en\u00fdch b\u011bhem devalvace a vyu\u017eit\u00ed tohoto kroku k pos\u00edlen\u00ed koruny. Nam\u00edsto toho postupn\u011b p\u0159ijal pr\u00e1v\u011b tu politiku, kterou d\u0159\u00edve kritizoval \u2013 tedy vyu\u017e\u00edv\u00e1n\u00ed vysok\u00fdch \u00farokov\u00fdch sazeb k udr\u017een\u00ed siln\u00e9 koruny.<\/p>\n

V\u00a0anglicky psan\u00e9 v\u00fdzkumn\u00e9 zpr\u00e1v\u011b<\/a> z po\u010d\u00e1tku tohoto roku Michl a jeho dva kolegov\u00e9 z \u010cNB uvedli, \u017ee \u201ev\u00fdhodou bilan\u010dn\u00ed struktury \u010cNB je, \u017ee slo\u017een\u00ed jej\u00edch devizov\u00fdch rezerv nem\u00e1 p\u0159\u00edm\u00fd vliv na m\u011bnov\u00e9 podm\u00ednky v \u010desk\u00e9 ekonomice, a tedy ani na nastaven\u00ed m\u011bnov\u00e9 politiky.\u201c Jin\u00fdmi slovy, \u010cNB m\u016f\u017ee usilovat o vy\u0161\u0161\u00ed v\u00fdnosy z akci\u00ed a dluhopis\u016f ve snaze zv\u00fd\u0161it svoji ziskovost a sn\u00ed\u017eit nakumulovan\u00e9 ztr\u00e1ty, ani\u017e by to m\u011blo dopad na fungov\u00e1n\u00ed dom\u00e1c\u00ed ekonomiky.<\/p>\n

Na konferenci Bitcoin 2026<\/a> v Las Vegas, kter\u00e1 se konala 27.\u201329. dubna leto\u0161n\u00edho roku, Michl uvedl<\/a>, \u017ee kdy\u017e v roce 2022 nastupoval do funkce, inflace dosahovala t\u00e9m\u011b\u0159 20 % a \u017ee on sl\u00edbil ji do dvou let sn\u00ed\u017eit na 2 %. To se mu podle jeho slov skute\u010dn\u011b poda\u0159ilo, a to d\u00edky udr\u017eov\u00e1n\u00ed p\u0159\u00edsn\u011bj\u0161\u00ed m\u011bnov\u00e9 politiky po del\u0161\u00ed dobu a podpo\u0159e spo\u0159en\u00ed. V\u00fdsledkem, jak uvedl, byla siln\u011bj\u0161\u00ed koruna. Nezm\u00ednil p\u0159itom politiku, kterou zd\u011bdil po sv\u00e9m p\u0159edch\u016fdci Rusnokovi a kter\u00e1 spo\u010d\u00edvala v postupn\u00e9 revalvaci koruny<\/a> d\u016fsledn\u00fdm udr\u017eov\u00e1n\u00edm \u00farokov\u00e9ho diferenci\u00e1lu v\u016f\u010di euru.<\/p>\n

Michl tento \u00fasp\u011bch p\u0159i sni\u017eov\u00e1n\u00ed inflace vyu\u017eil k obhajob\u011b sv\u00e9 nov\u00e9 strategie spekulov\u00e1n\u00ed s devizov\u00fdmi rezervami, kter\u00e9 vznikly p\u0159edev\u0161\u00edm v d\u016fsledku d\u0159\u00edv\u011bj\u0161\u00ed devalvace. Za posledn\u00ed \u010dty\u0159i roky dle jeho slov \u010cNB zv\u00fd\u0161ila pod\u00edl akci\u00ed ve sv\u00e9m portfoliu z 15 % na 26 % a pod\u00edl zlata z t\u00e9m\u011b\u0159 nuly na 6 %, \u010d\u00edm\u017e zv\u00fd\u0161ila o\u010dek\u00e1van\u00fd v\u00fdnos.<\/p>\n

Podle nejnov\u011bj\u0161\u00ed zpr\u00e1vy \u010cNB<\/a> disponuje banka devizov\u00fdmi rezervami ve v\u00fd\u0161i 147,8 miliardy eur, p\u0159i\u010dem\u017e dluhopisy tvo\u0159\u00ed 45,7 %, akcie 29,4 % a zlato 6,3 % (o bitcoinech ani nemluv\u011b). Rezervy jsou z 47,8 % v eurech a z 28,6 % v dolarech. Michl koncem lo\u0148sk\u00e9ho roku \u0159ekl den\u00edku Pr\u00e1vo<\/a>, \u017ee akcie a zlato ve velk\u00e9m portfoliu maj\u00ed b\u00fdt a \u017ee jejich prom\u00edch\u00e1n\u00edm s dluhopisy je pak rizikovost cel\u00e9ho portfolia ni\u017e\u0161\u00ed ne\u017e jednotliv\u00e9ho aktiva. Akcie a zlato jsou podle n\u011bj dlouhodob\u00e9 investice, kter\u00e9 \u201eocen\u00ed hlavn\u011b na\u0161e d\u011bti\u201c.<\/p>\n

Michl se stal \u010dlenem bankovn\u00ed rady \u010cNB 1. prosince 2018, tedy n\u011bkolik let p\u0159edt\u00edm, ne\u017e za\u010daly spot\u0159ebitelsk\u00e9 ceny prudce r\u016fst. P\u0159esto nec\u00edt\u00ed \u017e\u00e1dnou povinnost napravit selh\u00e1n\u00ed rady, jej\u00edm\u017e byl \u010dlenem, a dost\u00e1t tak hlavn\u00edho \u00fastavn\u00edho c\u00edle \u010cNB, kter\u00fdm je p\u00e9\u010de o cenovou stabilitu. N\u00e1vrat cen na \u00farove\u0148 roku 2020 a vymaz\u00e1n\u00ed 44% inflace by pravd\u011bpodobn\u011b nebylo mo\u017en\u00e9 ani v p\u0159\u00edpad\u011b, \u017ee by \u010cNB zcela zvr\u00e1tila p\u0159edchoz\u00ed devalvaci. Michl se v\u0161ak o nic takov\u00e9ho ani nepokou\u0161\u00ed. \u201eDosud,\u201c jak uv\u00e1d\u00ed v\u00fd\u0161e zm\u00edn\u011bn\u00e1 v\u00fdzkumn\u00e1 zpr\u00e1va, \u201ese \u010cNB nerozhodla aktivn\u011b v\u00fdrazn\u011b sn\u00ed\u017eit svoji bilanci.\u201c Nam\u00edsto toho zv\u00fd\u0161ila svou expozici v\u016f\u010di volatiln\u00edm trh\u016fm ve snaze dos\u00e1hnout spekulativn\u00edch zisk\u016f.<\/p>\n

Axel A. Weber, kter\u00fd v letech 2004\u20132011 st\u00e1l v \u010dele N\u011bmeck\u00e9 spolkov\u00e9 banky, v srpnu den\u00edku Handelsblatt<\/a> \u0159ekl, \u017ee po n\u00e1stupu Donalda Trumpa do \u00fa\u0159adu na za\u010d\u00e1tku roku 2025 prodal v\u0161echny sv\u00e9 americk\u00e9 akcie, v\u010detn\u011b t\u011bch od p\u0159edn\u00edch technologick\u00fdch spole\u010dnost\u00ed. \u201eNechci m\u00edt Trumpa ve sv\u00e9m portfoliu,\u201c prohl\u00e1sil. \u201eSt\u00e1le dr\u017e\u00edm n\u011bkter\u00e1 glob\u00e1ln\u011b diverzifikovan\u00e1 ETF, ale u\u017e \u017e\u00e1dn\u00e9 jednotliv\u00e9 americk\u00e9 akcie. Nejde o antiamerikanismus, n\u00fdbr\u017e o st\u0159\u00edzliv\u00e9 zhodnocen\u00ed potenci\u00e1lu v\u00fdnos\u016f, \u00farovn\u011b ocen\u011bn\u00ed a geopolitick\u00e9ho rizika.\u201c<\/p>\n

Michl vol\u00ed opa\u010dn\u00fd p\u0159\u00edstup. Nakupuje americk\u00e9 technologick\u00e9 akcie<\/a> a zvy\u0161uje svou expozici v\u016f\u010di Trumpovi, a to v p\u0159esv\u011bd\u010den\u00ed, \u017ee z toho bude t\u011b\u017eit p\u0159\u00ed\u0161t\u00ed generace. A nem\u00e9n\u011b d\u016fle\u017eit\u00e9 je, \u017ee poru\u0161uje z\u00e1sady, v\u010detn\u011b t\u00e9 o p\u0159ipravenosti na ne\u010dekan\u00e9 krize, kter\u00e9 s\u00e1m hl\u00e1sal je\u0161t\u011b p\u0159edt\u00edm, ne\u017e byl jmenov\u00e1n guvern\u00e9rem.<\/p>\n

Pr\u00e1v\u011b to \u010din\u00ed Ale\u0161e Michla nebezpe\u010dn\u00fdm. Schyluje se ke glob\u00e1ln\u00ed krizi na akciov\u00fdch a dluhopisov\u00fdch trz\u00edch, s n\u00ed\u017e p\u0159ijde i z\u00e1sadn\u00ed prom\u011bna sv\u011btov\u00e9ho \u0159\u00e1du. A\u017e k tomu dojde, \u010ce\u0161i by m\u011bli m\u00edt svoje pen\u00edze co nejv\u00edce pod kontrolou, nejl\u00e9pe v podob\u011b siln\u011bj\u0161\u00ed koruny ve vlastn\u00edch pen\u011b\u017eenk\u00e1ch \u010di na sv\u00fdch bankovn\u00edch \u00fa\u010dtech.<\/p>\n

Erik Best<\/a><\/p>\n

\"\"<\/p>\n

\u010cl\u00e1nek p\u016fvodn\u011b vy\u0161el 18. z\u00e1\u0159\u00ed 2026 v anglick\u00e9m zn\u011bn\u00ed placen\u00e9ho bulletinu Friday Edition pod n\u00e1zvem \u201eDangerous Ale\u0161 Michl\u201c<\/em><\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Hlavn\u00edm c\u00edlem \u010dinnosti \u010cesk\u00e9 n\u00e1rodn\u00ed banky je podle \u00dastavy \u010cesk\u00e9 republiky p\u00e9\u010de o cenovou stabilitu….<\/p>\n","protected":false},"author":2,"featured_media":116779,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[6],"tags":[1292,45,2408,11717],"_links":{"self":[{"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/posts\/116778"}],"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=116778"}],"version-history":[{"count":0,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/posts\/116778\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/media\/116779"}],"wp:attachment":[{"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/media?parent=116778"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/categories?post=116778"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/tags?post=116778"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}