{"id":43483,"date":"2023-12-29T04:10:57","date_gmt":"2023-12-29T03:10:57","guid":{"rendered":"http:\/\/www.infokuryr.cz\/n\/?p=43483"},"modified":"2023-12-29T04:10:57","modified_gmt":"2023-12-29T03:10:57","slug":"zbynek-fiala-uroky-konecne-dolu","status":"publish","type":"post","link":"https:\/\/www.infokuryr.cz\/n\/2023\/12\/29\/zbynek-fiala-uroky-konecne-dolu\/","title":{"rendered":"Zbyn\u011bk Fiala: \u00daroky kone\u010dn\u011b dol\u016f"},"content":{"rendered":"<div id=\"fb-root\"><\/div>\n<p><strong>Inflace povoluje a \u010cNB taky. M\u011bla je\u0161t\u011b po\u010dkat a prodlou\u017eit zlat\u00fd d\u00e9\u0161\u0165 na konta miliard\u00e1\u0159\u016f a bank?<\/strong><\/p>\n<p>Pokles z\u00e1kladn\u00ed sazby \u010cesk\u00e9 n\u00e1rodn\u00ed banky znamen\u00e1 v\u00edc, ne\u017e je ona \u010dtvrtina procenta, o kterou se tato sazba sesunula na 6,75 procenta. Ohla\u0161uje trend, kter\u00fd se prom\u00edtne i do hypot\u00e9k. Ty jsou ostatn\u011b u\u017e te\u010f o pozn\u00e1n\u00ed n\u00ed\u017ee. \u010cesk\u00e1 spo\u0159itelna nab\u00edz\u00ed u nejb\u011b\u017en\u011bj\u0161\u00edch objem\u016f p\u011btiletou fixaci 5,74 %, tak\u017ee je n\u00ed\u017e ne\u017e dne\u0161n\u00ed z\u00e1kladn\u00ed sazba \u010cNB. Nepochybn\u011b je v\u0161ak o hodn\u011b v\u00fd\u0161e, ne\u017e trh nab\u00eddne za rok nebo za dva. Podobn\u011b jsou na tom dal\u0161\u00ed banky, kter\u00fdm nezbude ne\u017e urychlit sestup.<\/p>\n<p>Ne v\u0161em se to l\u00edb\u00ed. T\u0159eba prof. Tom\u00e1\u0161 Havr\u00e1nek z\u00a0Institutu ekonomick\u00fdch studi\u00ed Univerzity Karlovy by dal p\u0159ednost tomu, aby vysok\u00e9 sazby je\u0161t\u011b n\u011bjak\u00fd \u010das z\u016fstaly. Argumentuje opatrn\u011b.<\/p>\n<p><em>\u201eZa posledn\u00ed t\u0159i roky m\u00e1me kumulovanou inflaci 33\u00a0procent. Ceny stouply o\u00a0t\u0159etinu. Pokles na t\u0159i procenta je pomalej\u0161\u00ed zhor\u0161ov\u00e1n\u00ed, ale nelze \u0159\u00edct, \u017ee je to n\u00e1vrat k\u00a0cenov\u00e9 stabilit\u011b. Propad kupn\u00ed s\u00edly pen\u011bz se t\u00edm nesprav\u00ed. P\u0159itom podle \u00fastavy se \u010cNB m\u00e1 sna\u017eit o\u00a0stabilitu cen, ne inflace. Aby \u010cNB z\u00edskala svoji ztracenou d\u016fv\u011bryhodnost aspo\u0148 \u010d\u00e1ste\u010dn\u011b zp\u011bt, mus\u00ed zajistit v\u00edc ne\u017e jen zpomalen\u00ed inflace. Je pot\u0159eba c\u00edlit na m\u00edrn\u00fd pokles cen, aby se \u010d\u00e1st ztracen\u00e9 hodnoty pen\u011bz vr\u00e1tila zp\u011bt.\u201c<\/em><\/p>\n<ul>\n<li><strong><em>Jak by \u0161lo za\u0159\u00eddit, aby ceny p\u0159\u00ed\u0161t\u00ed rok klesly?<\/em><\/strong><\/li>\n<\/ul>\n<p><em>\u201eSta\u010dilo by ned\u011blat nic. Respektive pokra\u010dovat v\u00a0tom, co \u010cNB d\u011bl\u00e1 posledn\u00ed rok a\u00a0p\u016fl\u00a0\u2013 tedy dr\u017eet \u00farokov\u00e9 sazby na sedmi procentech. Kdy\u017e byla inflace dvoucifern\u00e1, tak ji \u010cNB tolerovala. Te\u010f by mohla symetricky tolerovat m\u00edrnou deflaci. P\u0159edt\u00edm pomohla dlu\u017en\u00edk\u016fm, te\u010f pom\u016f\u017ee st\u0159adatel\u016fm.\u201c<\/em><\/p>\n<p><a href=\"https:\/\/www.seznamzpravy.cz\/clanek\/ekonomika-finance-cnb-je-rozbita-nezvladla-inflaci-a-boji-se-spravne-investovat-rika-ekonom-241930\">https:\/\/www.seznamzpravy.cz\/clanek\/ekonomika-finance-cnb-je-rozbita-nezvladla-inflaci-a-boji-se-spravne-investovat-rika-ekonom-241930<\/a><\/p>\n<p>Za\u010dn\u011bme od on\u00e9 drastick\u00e9 ztr\u00e1ty kupn\u00ed s\u00edly. Kdy\u017e to zpr\u016fm\u011brujeme, mzdy stouply za tu dobu jen asi o 8 procent, tak\u017ee re\u00e1ln\u00e1 mzda se propadla o \u010dtvrtinu. Mzdy by musely r\u016fst \u010dty\u0159ikr\u00e1t rychleji, aby se zachovala hodnota mezd ve srovn\u00e1n\u00ed s\u00a0r\u016fstem cen. M\u00e1me to dohonit propadem cen? R\u016fst mezd by byl spravedliv\u011bj\u0161\u00ed. \u010e\u00e1bel toti\u017e vykukuje za \u00favahou, \u017ee inflace \u201ep\u0159edt\u00edm pomohla dlu\u017en\u00edk\u016fm, te\u010f pom\u016f\u017ee st\u0159adatel\u016fm\u201c. Tady jde o to, kter\u00e9 dlu\u017en\u00edky a kter\u00e9 st\u0159adatele m\u00e1me na mysli.<\/p>\n<p>V tom n\u00e1m pr\u016fm\u011brov\u00e1n\u00ed moc nepom\u016f\u017ee. B\u00fdt pod pr\u016fm\u011brem je toti\u017e dost o hubu. Podle mnoha statistik jsou dv\u011b p\u011btiny \u010desk\u00e9 spole\u010dnosti ohro\u017eeny chudobou. Jedna p\u011btina u\u017e spadla pod tuto hranici a druh\u00e1 je v\u00a0jej\u00ed nebezpe\u010dn\u00e9 bl\u00edzkosti. Spole\u010dn\u00e9 budou m\u00edt to, \u017ee nemaj\u00ed na\u0161et\u0159\u00edno. Kdy\u017e inflace nejv\u00edc ude\u0159ila tam, kde ji nelze moc tlumit skromnost\u00ed, tedy v\u00a0oblasti bydlen\u00ed, energi\u00ed a potravin, mnoh\u00fdm dluhy sp\u00ed\u0161e nar\u016fstaly. Inflace b\u00fdv\u00e1 vl\u00eddn\u00e1\u00a0jen k\u00a0t\u011bm dlu\u017en\u00edk\u016fm, komu rostou p\u0159\u00edjmy stejn\u011b rychle jako ceny.<\/p>\n<p><a href=\"https:\/\/stranapro.cz\/\"><img decoding=\"async\" loading=\"lazy\" class=\"alignnone  wp-image-40285 aligncenter\" src=\"http:\/\/www.infokuryr.cz\/n\/wp-content\/uploads\/2023\/11\/11pro-300x79.png\" alt=\"\" width=\"680\" height=\"179\" srcset=\"https:\/\/www.infokuryr.cz\/n\/wp-content\/uploads\/2023\/11\/11pro-300x79.png 300w, https:\/\/www.infokuryr.cz\/n\/wp-content\/uploads\/2023\/11\/11pro.png 363w\" sizes=\"(max-width: 680px) 100vw, 680px\" \/><\/a><\/p>\n<p>Ale takov\u00fdch moc nen\u00ed, jak jist\u011b v\u00ed i pan profesor. Inflace drt\u00ed dom\u00e1cnosti s\u00a0p\u0159\u00edjmy zamrzl\u00fdmi na n\u00edzk\u00e9 hladin\u011b, t\u011bm nepom\u00e1h\u00e1. I kdyby je to nestrhlo do nov\u00fdch dluh\u016f, tak inflace, kter\u00e1 o\u0161kubala mzdy o \u010dtvrtinu, stejn\u00fdm tempem sni\u017euje i schopnost spl\u00e1cet star\u00e9 dluhy. Na serveru kurzy.cz jsem na\u0161el informaci, \u017ee dv\u011b t\u0159etiny \u010cech\u016f si mus\u00ed p\u0159ibrat druh\u00e9 zam\u011bstn\u00e1n\u00ed nebo n\u011bjak p\u0159ivyd\u011blat, aby m\u011bli na dovolenou. Z\u00a0jin\u00fdch statistik v\u00edme, \u017ee na pr\u016fm\u011brnou mzdu dos\u00e1hne jen horn\u00ed t\u0159etina zam\u011bstnanc\u016f. Kdo tedy nem\u00e1 pr\u016fm\u011br, nem\u016f\u017ee vy\u017e\u00edt.<\/p>\n<p>N\u011bkomu inflace pom\u00e1hala. Sta\u010d\u00ed se ohl\u00e9dnout za tabulkou nejv\u011bt\u0161\u00edch zisk\u016f z\u00a0roku 2022 (\u010d\u00edsla za leto\u0161n\u00ed rok budou a\u017e p\u0159\u00ed\u0161t\u00ed l\u00e9to). Energetick\u00e1 EPH, kterou vlastn\u00ed Daniel K\u0159et\u00ednsk\u00fd (vlastn\u00ed taky fotbalovou Spartu ) zdvojn\u00e1sobila zisk na 101 miliardy korun. Zhruba polovinu odevzdala na dan\u00edch, ale ne u n\u00e1s, tady to bylo jen asi deset miliard korun. V\u00a0prvn\u00edm pololet\u00ed leto\u0161n\u00edho roku se ziskovost EPH je\u0161t\u011b zv\u00fd\u0161ila, meziro\u010dn\u011b o 72 procent d\u00edky poklesu cen uhl\u00ed a zemn\u00edho plynu. Zisk zdvojn\u00e1sobil i \u010cEZ, ale ten d\u00e1v\u00e1 st\u00e1tu vedle dan\u011b mnohem v\u011bt\u0161\u00ed dividendu. Skv\u011bl\u00e9 zisky m\u011bla i Tyka\u010dova energetick\u00e1 spole\u010dnost Sev.en (te\u010f koupila fotbalovou Sl\u00e1vii).<\/p>\n<p><a href=\"https:\/\/ekonomickydenik.cz\/kretinsky-s-tkacem-dal-hromadi-zisky-skupina-eph-v-prvnim-pololeti-vydelala-43-miliard-korun\/\">https:\/\/ekonomickydenik.cz\/kretinsky-s-tkacem-dal-hromadi-zisky-skupina-eph-v-prvnim-pololeti-vydelala-43-miliard-korun\/<\/a><\/p>\n<p>Nejv\u00fdmluvn\u011bj\u0161\u00ed je \u017eeb\u0159\u00ed\u010dek bohatstv\u00ed, kter\u00fd ka\u017edoro\u010dn\u011b zve\u0159ej\u0148uje Forbes. Vede jej Ren\u00e1ta Kellnerov\u00e1 s\u00a0rodinou (PPF Group) oce\u0148ovan\u00e1 Forbesem 378 miliardami korun. Podle den\u00edku E15 m\u00e1 o n\u011bco m\u00ed\u0148, a pak by byl podle t\u011bchto statistik K\u0159et\u00ednsk\u00fd (EPH) se sv\u00fdmi 330 miliardami v\u00a0t\u011bsn\u00e9m z\u00e1v\u011bsu. Ale Forbes nesouhlas\u00ed, hodnot\u00ed K\u0159et\u00ednsk\u00e9ho jen na 210 miliard korun. To n\u011bco napov\u00edd\u00e1 o tom, jak se d\u00e1 majetek skr\u00fdvat.<\/p>\n<p>Karel Kom\u00e1rek (KKCG, zemn\u00ed plyn) byl t\u0159et\u00ed, Patrik Tk\u00e1\u010d (finance) \u010dtvrt\u00fd, Radovan V\u00edtek (reality) p\u00e1t\u00fd a hodn\u011b p\u0159es stovku miliard maj\u00ed je\u0161t\u011b Pavel Tyka\u010d (Sev.en) a Andrej Babi\u0161 (Agrofert). Za nimi u\u017e jsou jen \u010dudly pod 50 miliard korun. Stranou ponech\u00e1v\u00e1m velk\u00e9 banky, kter\u00e9 jsou v\u00a0zahrani\u010dn\u00edch rukou, nebo obchodn\u00ed \u0159et\u011bzce.<\/p>\n<p><a href=\"https:\/\/cs.wikipedia.org\/wiki\/Seznam_nejbohat%C5%A1%C3%ADch_lid%C3%AD_v_%C4%8Cesku\">https:\/\/cs.wikipedia.org\/wiki\/Seznam_nejbohat%C5%A1%C3%ADch_lid%C3%AD_v_%C4%8Cesku<\/a><\/p>\n<p>Na serveru World Inequality Database (WID) je mo\u017en\u00e9 sledovat, jak se u n\u00e1s vyv\u00edjelo \u0161t\u011bst\u00ed privilegovan\u00fdch a neprivilegovan\u00fdch v\u00a0pr\u016fb\u011bhu let. Maj\u00ed tam pom\u011brn\u011b vz\u00e1cnou statistiku rozd\u00edl\u016f p\u0159\u00edjm\u016f a majetk\u016f mezi horn\u00edm jedn\u00edm procentem a doln\u00edmi 50 procenty spole\u010dnosti. Vybral jsem tyhle parametry, ale v\u00a0menu nalevo od grafu lze nastavit i jin\u00e9. S\u00a0tou v\u00fdhradou, \u017ee \u010d\u00edsla, se kter\u00fdmi tu po\u010d\u00edtaj\u00ed, mohou b\u00fdt hodn\u011b pru\u017en\u00e1, jak jsme zaznamenali i u\u00a0rozd\u00edln\u00fdch \u00fadaj\u016f od redakc\u00ed Forbes a E15.<\/p>\n<p>\u010cist\u00e9 osobn\u00ed jm\u011bn\u00ed horn\u00edho jednoho procenta ukazuje modr\u00e1 linie v\u00a0prvn\u00edm grafu. Vid\u00edme jasn\u011b, \u017ee p\u0159ekro\u010dila \u010dtvrtinu celkov\u00e9ho n\u00e1rodn\u00edho bohatstv\u00ed a vytrvale roste. \u010cerven\u00e1 linie zn\u00e1zor\u0148uje, jak se to prom\u00edtalo do da\u0148ov\u00fdch p\u0159izn\u00e1n\u00ed, tam je sp\u00ed\u0161 tendence k\u00a0poklesu, ale tahle \u010d\u00edsla kon\u010d\u00ed rokem 2015. Pod\u00edl doln\u00ed poloviny spole\u010dnosti je celkem nem\u011bnn\u00fd a dr\u017e\u00ed se p\u011bti procent z\u00a0celkov\u00e9ho bohatstv\u00ed. Kdyby se tedy poda\u0159ilo zachovat vysok\u00e9 \u00farokov\u00e9 sazby je\u0161t\u011b o rok d\u00e9le, d\u00e1 to \u0161pi\u010dce ston\u00e1sobn\u011b v\u00edc ne\u017e b\u011b\u017en\u00fdm dom\u00e1cnostem z\u00a0doln\u00ed poloviny \u010desk\u00e9 spole\u010dnosti. Pokud to ekonomiku p\u0159ibrzd\u00ed, chytnou to zase ti dole, zat\u00edmco naho\u0159e to maj\u00ed celkem zvl\u00e1dnut\u00e9.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"aligncenter\" src=\"https:\/\/vasevec.info\/sites\/default\/files\/images\/2595\/nerovnost_v_cesku.jpg\" alt=\"\" width=\"787\" height=\"980\" \/><\/p>\n<p>&nbsp;<\/p>\n<p><a href=\"https:\/\/wid.world\/country\/czech-republic\/\">https:\/\/wid.world\/country\/czech-republic\/<\/a><\/p>\n<p>Ve zm\u00edn\u011bn\u00e9m rozhovoru s\u00a0prof. Havr\u00e1nkem je zaj\u00edmav\u00e1 pas\u00e1\u017e o tom, co s\u00a0obrovsk\u00fdmi devizov\u00fdmi rezervami \u010cNB. Je jich tak o dva biliony korun v\u00edc, ne\u017e je t\u0159eba. Souhlas\u00edm s\u00a0n\u00e1zorem, \u017ee by m\u011bly vyd\u011bl\u00e1vat a p\u0159edpokl\u00e1d\u00e1m, \u017ee tot\u00e9\u017e si mysl\u00ed i guvern\u00e9r Ale\u0161 Michl. Nejsou to v\u0161ak jeho pen\u00edze, musel by pro to z\u00edskat v\u011bt\u0161inu bankovn\u00ed rady, nebo rad\u011bji celou. Je tam velk\u00e9 riziko.<\/p>\n<p>Za relativn\u011b bezpe\u010dnou investici se pova\u017euj\u00ed st\u00e1tn\u00ed dluhopisy, ale to plat\u00ed je p\u0159i st\u00e1l\u00fdch \u00farokov\u00fdch sazb\u00e1ch. Kdy\u017e ude\u0159\u00ed inflace a \u00faroky let\u00ed nahoru, i ty nejbezpe\u010dn\u011bj\u0161\u00ed st\u00e1tn\u00ed dluhopisy se znehodnocuj\u00ed. Ve vrcholu inflace, kdy se bl\u00ed\u017eila ke 20 procent\u016fm, nemohly pap\u00edry s\u00a0jedno nebo dvouprocentn\u00edm kuponem obst\u00e1t. Jejich ztr\u00e1ta kurzu na burze \u010dinila t\u0159etinu i v\u00edc. Je\u0161t\u011b te\u010f tam vid\u00edme, \u017ee 40 let\u00fd st\u00e1tn\u00ed dluhopis s\u00a0kup\u00f3nem 1,5 procenta je prod\u00e1v\u00e1n za 71 procent nomin\u00e1lu. Samoz\u0159ejm\u011b, \u017ee v\u00a0dob\u011b splatnosti roku 2040 dostanete pln\u00fd nomin\u00e1l (10 tis\u00edc korun), ale b\u011bhem \u010dek\u00e1n\u00ed budete p\u0159ich\u00e1zet o lep\u0161\u00ed p\u0159\u00edle\u017eitosti vyd\u011bl\u00e1vat, tak\u017ee ztr\u00e1ta p\u0159ijde tak jako tak, jen jin\u00fdmi dve\u0159mi.<\/p>\n<p><a href=\"https:\/\/www.patria.cz\/kurzy\/online\/CZ0001005920\/bond.html?type=govcz#online\">https:\/\/www.patria.cz\/kurzy\/online\/CZ0001005920\/bond.html?type=govcz#online<\/a><\/p>\n<p>Akcie se chovaj\u00ed trochu odli\u0161n\u011b, ale dokonce i ty nejlep\u0161\u00ed jako Muskova Tesla pro\u017e\u00edvaj\u00ed \u010das od \u010dasu krize. Musk t\u0159eba te\u010f vra\u0161t\u00ed \u010delo nad investic\u00ed do Twitteru zm\u011bn\u011bn\u00e9ho na X. Tak\u017ee vyd\u011blat se d\u00e1, ale prod\u011blat taky.<\/p>\n<p>V\u00a0centr\u00e1ln\u00ed bance se mohou sej\u00edt hned dv\u011b ztr\u00e1ty. Pokud \u010cNB pou\u017eije rezervy k\u00a0intervenci ve prosp\u011bch posilov\u00e1n\u00ed m\u011bny, \u00fa\u010detn\u00ed hodnota rezerv klesne. Na tom nen\u00ed nic divn\u00e9ho, koup\u00edte euro za 27 a prod\u00e1te za 24 korun. \u00a0Na dvou bilionech korun to d\u011bl\u00e1 70 miliard korun na ka\u017ed\u00e9 korun\u011b zm\u011bny kurzu. Kdyby se k\u00a0tomu nedejbo\u017ee prod\u011blalo i p\u0159i investic\u00edch, nejpozd\u011bji p\u0159i p\u0159echodu ke spole\u010dn\u00e9 m\u011bn\u011b by to bylo t\u0159eba zaplatit. M\u00e1me m\u00edt m\u00edsto dvou bilion\u016f rezerv p\u016fl bilionu nov\u00fdch dluh\u016f?<\/p>\n<p>Spor mezi guvern\u00e9rem Michlem a profesorem Havr\u00e1nkem, kter\u00fd ke v\u0161emu chv\u00edli d\u011blal Michlovi poradce, nen\u00ed ban\u00e1ln\u00ed a nem\u00e1 jednoduch\u00e9 \u0159e\u0161en\u00ed. Pokud bych v\u0161ak m\u011bl mluvit za b\u011b\u017en\u00e9 dom\u00e1cnosti, pokles \u00farok\u016f jim pom\u016f\u017ee. Obrovsk\u00e9 zisky spole\u010dnost\u00ed z\u00e1rove\u0148 ukazuj\u00ed, \u017ee je prostor pro r\u016fst mezd i dramaticky v\u00fdnosn\u011bj\u0161\u00ed zdan\u011bn\u00ed velk\u00fdch p\u0159\u00edjm\u016f a nov\u011b i velk\u00fdch majetk\u016f. \u010cNB by m\u011bla s\u00a0vyd\u011bl\u00e1v\u00e1n\u00edm pen\u011bz po\u010dkat na stabiln\u011bj\u0161\u00ed m\u011bnov\u00e9 podm\u00ednky, ale ne\u010dekat v\u011b\u010dn\u011b. V\u00edc n\u00e1m v\u0161ak nab\u00eddne podporou hospod\u00e1\u0159sk\u00e9ho r\u016fstu. A pokud by se m\u011bl n\u011bkdy m\u011bnit z\u00e1kon o \u010cNB, tak t\u00edmto sm\u011brem.<\/p>\n<p>U\u017e te\u010f v\u0161ak guvern\u00e9r Michl u\u0161et\u0159il spoustu pen\u011bz, kdy\u017e zru\u0161il \u00faro\u010den\u00ed povinn\u00fdch minim\u00e1ln\u00edch rezerv, kter\u00e9 musel d\u0159\u00edve vypl\u00e1cet komer\u010dn\u00edm bank\u00e1m. Od t\u00e9 doby d\u00e1vaj\u00ed do \u010cNB jen to minimum a mus\u00ed si hledat jin\u00e9 p\u0159\u00edle\u017eitosti, jak sv\u00e9 pen\u00edze u\u017eivit. Jen proto jsou hypot\u00e9ky pod z\u00e1kladn\u00ed sazbou \u010cNB a m\u00ed\u0159\u00ed dol\u016f v\u00a0p\u0159edstihu, aby se v\u016fbec daly udat.<\/p>\n<p>Nakonec je\u0161t\u011b p\u00e1r slov k\u00a0p\u0159ijet\u00ed eura. Hodn\u011b politik\u016f i ekonom\u016f se toho d\u011bs\u00ed, ale zhruba polovina \u010desk\u00e9 ekonomiky u\u017e m\u00e1 euro za z\u00e1kladn\u00ed m\u011bnu. Kdo je tedy v\u011bt\u0161\u00ed bl\u00e1zen? Na druhou stranu, t\u011b\u017eko se argumentuje, \u017ee kdybychom m\u011bli euro d\u0159\u00edv, inflace by tak vysok\u00e1 nebyla. Slov\u00e1ci je maj\u00ed, a inflaci maj\u00ed stejnou jako my. Zkazit se d\u00e1 v\u0161echno. Nejv\u011bt\u0161\u00ed chybou by asi bylo m\u011bnit eura za slabou korunu. Historie koruny v\u0161ak ukazuje, \u017ee kdy\u017e byla ekonomika v\u00a0norm\u00e1ln\u00edm stavu, \u010desk\u00e1 m\u011bna trendov\u011b posilovala. Tady nen\u00ed \u017e\u00e1dn\u00e9 n\u00e1sil\u00ed t\u0159eba.<\/p>\n<p><a href=\"https:\/\/vasevec.info\/domaci-politika\/uroky-konecne-dolu\">Zbyn\u011bk Fiala<\/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<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Inflace povoluje a \u010cNB taky. M\u011bla je\u0161t\u011b po\u010dkat a prodlou\u017eit zlat\u00fd d\u00e9\u0161\u0165 na konta miliard\u00e1\u0159\u016f&#8230;<\/p>\n","protected":false},"author":2,"featured_media":24579,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[6],"tags":[1042,59,45,683],"_links":{"self":[{"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/posts\/43483"}],"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=43483"}],"version-history":[{"count":0,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/posts\/43483\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/media\/24579"}],"wp:attachment":[{"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/media?parent=43483"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/categories?post=43483"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/tags?post=43483"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}