{"id":57907,"date":"2024-07-17T00:40:39","date_gmt":"2024-07-16T22:40:39","guid":{"rendered":"https:\/\/www.infokuryr.cz\/n\/?p=57907"},"modified":"2024-07-16T15:01:37","modified_gmt":"2024-07-16T13:01:37","slug":"dedolarizace-roste-yellenova-vidi-na-obzoru-tmave-mraky","status":"publish","type":"post","link":"https:\/\/www.infokuryr.cz\/n\/2024\/07\/17\/dedolarizace-roste-yellenova-vidi-na-obzoru-tmave-mraky\/","title":{"rendered":"Dedolarizace roste: Yellenov\u00e1 vid\u00ed na obzoru tmav\u00e9 mraky"},"content":{"rendered":"<div id=\"fb-root\"><\/div>\n<p><strong><span>U\u017e to nepop\u00edr\u00e1, ale jej\u00ed funk\u010dn\u00ed obdob\u00ed se m\u016f\u017ee zapsat do historie, proto\u017ee dynamika se v\u016f\u010di americk\u00e9 m\u011bn\u011b posunula.<\/span><\/strong><\/p>\n<p><span>9. \u010dervence, uprost\u0159ed jinak ban\u00e1ln\u00edho kongresov\u00e9ho sly\u0161en\u00ed, ministryn\u011b financ\u00ed USA Janet Yellen mimo\u0159\u00e1dn\u011b p\u0159iznala: dedolarizace je nyn\u00ed jej\u00edm nejv\u011bt\u0161\u00edm strachem.<\/span><\/p>\n<p><span>I kdy\u017e to pro mnoh\u00e9 m\u016f\u017ee zn\u00edt jako samoz\u0159ejmost, jde o pozoruhodn\u00fd obrat pro ministra obchodu USA, kter\u00fd dlouho pop\u00edral, \u017ee by dolaru hrozila ztr\u00e1ta statusu dominantn\u00ed rezervn\u00ed m\u011bny kv\u016fli sankc\u00edm nebo jin\u00fdm politick\u00fdm chyb\u00e1m. Nap\u0159\u00edklad v b\u0159eznu 2022 Yellenov\u00e1 \u0159ekla: \u201eNemysl\u00edm si, \u017ee dolar m\u00e1 \u017e\u00e1dnou v\u00e1\u017enou konkurenci a nen\u00ed pravd\u011bpodobn\u00e9, \u017ee je\u0161t\u011b dlouho bude.\u201c<\/span><\/p>\n<p><span>B\u00fdval\u00fd p\u0159edseda Feder\u00e1ln\u00edho rezervn\u00edho syst\u00e9mu poznamenal: \u201ePokud se zamysl\u00edte nad t\u00edm, co d\u011bl\u00e1 dolar rezervn\u00ed m\u011bnou, je to skute\u010dnost, \u017ee m\u00e1me nejhlub\u0161\u00ed a nejlikvidn\u011bj\u0161\u00ed kapit\u00e1lov\u00e9 trhy ze v\u0161ech zem\u00ed na sv\u011bt\u011b. St\u00e1tn\u00ed cenn\u00e9 pap\u00edry jsou bezpe\u010dn\u00e9, bezpe\u010dn\u00e9 a extr\u00e9mn\u011b likvidn\u00ed. M\u00e1me dob\u0159e funguj\u00edc\u00ed ekonomick\u00fd a finan\u010dn\u00ed syst\u00e9m a pr\u00e1vn\u00ed st\u00e1t. Ve skute\u010dnosti neexistuje \u017e\u00e1dn\u00e1 jin\u00e1 m\u011bna, kter\u00e1 by j\u00ed jako rezervn\u00ed m\u011bn\u011b mohla konkurovat.\u201c<\/span><\/p>\n<p><span>Jak\u00fd rozd\u00edl ud\u011blaly dva roky. Obavy z \u201eozbrojen\u00e9ho\u201c dolaru vedly glob\u00e1ln\u00ed Jih k tomu, aby se spojil s rostouc\u00ed nal\u00e9havost\u00ed naj\u00edt alternativu.<\/span><\/p>\n<p><span>A dv\u011b dynamiky ve Washingtonu zrychluj\u00ed tuto dynamiku v re\u00e1ln\u00e9m \u010dase. Jedn\u00edm z nich je st\u00e1tn\u00ed dluh USA, kter\u00fd sm\u011b\u0159uje k hranici 35 bilion\u016f dolar\u016f. Druh\u00fdm je st\u00e1le v\u00edce nesourod\u00fd volebn\u00ed cyklus v USA, jak\u00fd glob\u00e1ln\u00ed investo\u0159i nikdy nevid\u011bli.<\/span><\/p>\n<p><span>Donald Trump u\u017e pohrozil cla ve v\u00fd\u0161i nejm\u00e9n\u011b 60 % na ve\u0161ker\u00e9 \u010d\u00ednsk\u00e9 zbo\u017e\u00ed. B\u00fdval\u00fd americk\u00fd prezident hroz\u00ed stoprocentn\u00ed dan\u00ed na v\u0161echna auta dovezen\u00e1 do USA. Bojovn\u00fd B\u00edl\u00fd d\u016fm Joea Bidena se proto sna\u017e\u00ed p\u0159ekonat Trumpa vlastn\u00ed obchodn\u00ed v\u00e1lkou s \u010c\u00ednou.<\/span><\/p>\n<p><span>K tomu se p\u0159id\u00e1v\u00e1 nejistota, zda bude Biden v\u016fbec nominantem Demokratick\u00e9 strany. Po katastrof\u00e1ln\u00ed debat\u011b proti Trumpovi z 27. \u010dervna existuje mnoho ot\u00e1zek o prezidentov\u011b kognitivn\u00edm zdrav\u00ed.<\/span><\/p>\n<p><span>Jak rostou \u0161ance na Trump\u016fv B\u00edl\u00fd d\u016fm 2.0, Asie \u2013 i kdy\u017e se ob\u00e1v\u00e1, \u017ee by Trump mohl podniknout dal\u0161\u00ed pokus o n\u011bkter\u00e9 kontroverzn\u00ed polo\u017eky na sv\u00e9m seznamu p\u0159\u00e1n\u00ed na obdob\u00ed 2017\u20132021 \u2013 n\u00e1hle \u010del\u00ed hern\u00edmu pl\u00e1nu \u201eProjekt 2025\u201c, kter\u00fd sestavil jeho z\u00e1stupci.<\/span><\/p>\n<p><span>900str\u00e1nkov\u00fd Projekt 2025, kter\u00fd vypracovala Heritage Foundation, mimo jin\u00e9 zmi\u0148uje zru\u0161en\u00ed Feder\u00e1ln\u00edho rezervn\u00edho syst\u00e9mu a n\u00e1vrat k m\u011bn\u011b kryt\u00e9 zlatem. Trump v minulosti navrhl, \u017ee by mohl nespl\u00e1cet americk\u00e9 dluhy, devalvovat dolar a po\u017e\u00e1dat spojence, kte\u0159\u00ed host\u00ed americk\u00e9 jednotky &#8211; jako je Japonsko a Ji\u017en\u00ed Korea &#8211; o pen\u00edze na ochranu.<\/span><\/p>\n<p><span>I kdy\u017e prohraje volby 5. listopadu, bude Trump t\u00e9m\u011b\u0159 jist\u011b tvrdit, \u017ee jde o podvod. Trump a jeho kl\u00ed\u010dov\u00ed spojenci ji\u017e odm\u00edtaj\u00ed p\u0159ijmout por\u00e1\u017eku, \u010d\u00edm\u017e prakticky zaru\u010duj\u00ed dal\u0161\u00ed povst\u00e1n\u00ed na Capitol Hill, jako bylo to 6. ledna 2021.<\/span><\/p>\n<p><span>Stoj\u00ed za p\u0159ipomenut\u00ed, \u017ee politick\u00e1 polarizace za t\u00edmto povst\u00e1n\u00edm p\u0159isp\u011bla k tomu, \u017ee agentura Fitch Ratings v srpnu 2023 odebrala Washingtonu status AAA. Od t\u00e9 doby Moody&#8217;s Investors Service, str\u00e1\u017ece jedin\u00e9ho zb\u00fdvaj\u00edc\u00edho statusu Washingtonu AAA, poukazuje na spory ohledn\u011b vl\u00e1dn\u00edho financov\u00e1n\u00ed a navy\u0161ov\u00e1n\u00ed z\u00e1konn\u00e9ho dluhov\u00e9ho stropu jako hrozby pro v\u00fdhled.<\/span><\/p>\n<p><span>Asii velmi znepokojuje dopad mo\u017en\u00e9ho sn\u00ed\u017een\u00ed ratingu Moody&#8217;s. Tento region m\u00e1 v\u016fbec nejv\u011bt\u0161\u00ed dr\u017ebu cenn\u00fdch pap\u00edr\u016f st\u00e1tn\u00ed pokladny USA \u2013 asi 3 biliony dolar\u016f. Japonsko m\u00e1 nejv\u011bt\u0161\u00ed pod\u00edly ve v\u00fd\u0161i 1,2 bilionu dolar\u016f; \u010c\u00edna je druh\u00e1 se 770 miliardami dolar\u016f.<\/span><\/p>\n<p><span>P\u0159esto lze na funk\u010dn\u00ed obdob\u00ed Yellenov\u00e9 vzpom\u00ednat jako na obdob\u00ed, kdy se hybn\u00e1 s\u00edla v\u016f\u010di dolaru skute\u010dn\u011b posunula. V letech 2022 a 2023 bylo podle ekonoma Stephena Jena, gener\u00e1ln\u00edho \u0159editele Eurizon SLJ Capital, jasn\u00e9, \u017ee dolar bude ztr\u00e1cet st\u00e1le v\u011bt\u0161\u00ed pod\u00edl na trhu. V lo\u0148sk\u00e9m roce se pod\u00edl dolaru na glob\u00e1ln\u00edch ofici\u00e1ln\u00edch rezerv\u00e1ch sn\u00ed\u017eil na 58 % ze 73 % v roce 2001 \u2013 kdy, jak \u0159\u00edk\u00e1 Jen, \u0161lo o \u201enespornou hegemonickou rezervu\u201c.<\/span><\/p>\n<p><span>\u201eDolar utrp\u011bl v roce 2022 ohromuj\u00edc\u00ed kolaps sv\u00e9ho pod\u00edlu na trhu jako rezervn\u00ed m\u011bna, pravd\u011bpodobn\u011b kv\u016fli p\u0159\u00edsn\u00e9mu uplat\u0148ov\u00e1n\u00ed sankc\u00ed,\u201c tvrd\u00ed Jen. \u201eMimo\u0159\u00e1dn\u00e1 opat\u0159en\u00ed p\u0159ijat\u00e1 Spojen\u00fdmi st\u00e1ty a jejich spojenci proti Rusku znepokojila hlavn\u00ed rezervn\u00ed zem\u011b\u201c \u2013 v\u011bt\u0161inu zem\u00ed glob\u00e1ln\u00edho jihu, rozv\u00edjej\u00edc\u00ed se ekonomiky.<\/span><\/p>\n<p><span>P\u0159esto\u017ee kr\u00e1lovsk\u00fd dolar st\u00e1le vl\u00e1dne svrchovanosti, jeho pokra\u010duj\u00edc\u00ed dominance \u201enen\u00ed p\u0159edem ur\u010dena\u201c vzhledem k \u00fasil\u00ed BRICS \u2013 Braz\u00edlie, Ruska, Indie, \u010c\u00edny, Ji\u017en\u00ed Afriky \u2013 a dal\u0161\u00edch zem\u00ed, v\u010detn\u011b jihov\u00fdchodn\u00ed Asie, sesadit americkou m\u011bnu z tr\u016fnu.<\/span><\/p>\n<p><span>\u201eP\u0159evl\u00e1daj\u00edc\u00ed n\u00e1zor, \u017ee americk\u00fd dolar nem\u00e1 m\u00edsto jako rezervn\u00ed m\u011bna, se zd\u00e1 b\u00fdt p\u0159\u00edli\u0161 ne\u0161kodn\u00fd a samolib\u00fd,\u201c \u0159\u00edk\u00e1 Jen. \u201eInvesto\u0159i si mus\u00ed uv\u011bdomit, \u017ee i kdy\u017e se glob\u00e1ln\u00ed jih nem\u016f\u017ee zcela vzd\u00e1t dolaru, v\u011bt\u0161ina z nich u\u017e tak nen\u00ed ochotna ud\u011blat.<\/span><\/p>\n<p><span>Pro\u010d by tedy m\u011bl washingtonsk\u00fd establishment hr\u00e1t do karet t\u011bm, kte\u0159\u00ed by cht\u011bli vyt\u011bsnit dolar?<\/span><\/p>\n<p><span>Internacionalizace j\u00fcanu je jednou z hlavn\u00edch priorit \u010d\u00ednsk\u00e9ho v\u016fdce Si \u0164in-pchinga od jeho vl\u00e1dy v roce 2012. Je pravd\u011bpodobn\u00e9, \u017ee glob\u00e1ln\u00ed role j\u00fcanu poroste exponenci\u00e1ln\u011b, jak se \u010d\u00ednsk\u00e1 ekonomika modernizuje.<\/span><\/p>\n<p><span>Ale neochota Pekingu umo\u017enit plnou sm\u011bnitelnost omezuje u\u017eite\u010dnost j\u00fcanu. Stejn\u011b tak pochyby o v\u00fdkonu j\u00fcanu, kter\u00e9 nazna\u010duj\u00ed, \u017ee Xiho snaha dedolarizovat dolar funguje v zahrani\u010d\u00ed \u2013 pokud jde o obchod a ofici\u00e1ln\u00ed pomoc \u2013 l\u00e9pe ne\u017e doma.<\/span><\/p>\n<p><span>Jednou z odpov\u011bd\u00ed je, \u017ee Xi a premi\u00e9r Li Qiang mus\u00ed zintenzivnit reformy v sektoru nemovitost\u00ed, financ\u00ed m\u00edstn\u00edch samospr\u00e1v, rozvoje kapit\u00e1lov\u00e9ho trhu a p\u0159esm\u011brov\u00e1n\u00ed motor\u016f r\u016fstu z exportu na slu\u017eby a inovace. Peking tak\u00e9 pot\u0159ebuje, aby byl j\u00fcan pln\u011b konvertibiln\u00ed, aby zv\u00fd\u0161il sebev\u011bdom\u00ed.<\/span><\/p>\n<p><span>Probl\u00e9m, \u0159\u00edk\u00e1 Alexandra Prokopenko, seniorka z Carnegie Russia Eurasia Center, je ten, \u017ee \u201ese v\u011b\u0159\u00ed, \u017ee j\u00fcan se nem\u016f\u017ee st\u00e1t plnohodnotnou rezervn\u00ed m\u011bnou kv\u016fli sou\u010dasn\u00fdm omezen\u00edm kapit\u00e1lov\u00fdch transakc\u00ed v \u010c\u00edn\u011b\u201c. A\u010dkoli rostouc\u00ed vyu\u017e\u00edv\u00e1n\u00ed j\u00fcanu Ruskem a dal\u0161\u00edmi velk\u00fdmi ekonomikami \u201epom\u00e1h\u00e1 \u010d\u00ednsk\u00fdm \u00fa\u0159ad\u016fm ud\u011blat z n\u011bj mezin\u00e1rodn\u00ed rezervn\u00ed m\u011bnu\u201c, Prokopenko poznamen\u00e1v\u00e1, \u017ee zat\u00edm je \u201est\u011b\u017e\u00ed spolehlivou n\u00e1hradou\u201c za dolar kv\u016fli struktur\u00e1ln\u00edm omezen\u00edm.<\/span><\/p>\n<p><span>P\u0159esto Xi\u016fv \u201eyuaniza\u010dn\u00ed\u201c gambit z\u00edsk\u00e1v\u00e1 na s\u00edle. V b\u0159eznu j\u00fcan dos\u00e1hl rekordn\u00ed v\u00fd\u0161e a p\u0159edstavoval 47 % celosv\u011btov\u00fdch plateb.<\/span><\/p>\n<p><span>Od roku 2016 t\u00fdm Xi dos\u00e1hl stabiln\u00edho a v\u00fdznamn\u00e9ho pokroku sm\u011brem k nahrazen\u00ed dolaru jako z\u00e1kladn\u00edho pil\u00ed\u0159e glob\u00e1ln\u00edho finan\u010dn\u00edho syst\u00e9mu. V leto\u0161n\u00edm roce si Peking zajistil m\u00edsto v programu Mezin\u00e1rodn\u00edho m\u011bnov\u00e9ho fondu \u201eZvl\u00e1\u0161tn\u00ed pr\u00e1va \u010derp\u00e1n\u00ed\u201c. To p\u0159ivedlo j\u00fcan do nejexkluzivn\u011bj\u0161\u00edho m\u011bnov\u00e9ho klubu na sv\u011bt\u011b spolu s dolarem, eurem, jenem a librou.<\/span><\/p>\n<p><span>Podle finan\u010dn\u00ed zpravodajsk\u00e9 slu\u017eby SWIFT nahrad\u00ed j\u00fcan jako m\u011bnu jen se \u010dtvrt\u00fdm nejv\u011bt\u0161\u00edm pod\u00edlem mezin\u00e1rodn\u00edch platebn\u00edch transakc\u00ed v roce 2023. Poprv\u00e9 tak\u00e9 p\u0159edb\u011bhl dolar jako nejroz\u0161\u00ed\u0159en\u011bj\u0161\u00ed p\u0159eshrani\u010dn\u00ed m\u011bnu v \u010c\u00edn\u011b.<\/span><\/p>\n<p><span>Strategie by z\u00edskala velkou podporu, pokud by Trump vytvo\u0159il slab\u0161\u00ed dolar. To by v\u00fdrazn\u011b oslabilo d\u016fv\u011bru v americk\u00e9 st\u00e1tn\u00ed dluhopisy, z\u00e1kladn\u00ed k\u00e1men centr\u00e1ln\u00edch bank po cel\u00e9m sv\u011bt\u011b, a zv\u00fd\u0161ilo by americk\u00e9 v\u00fdp\u016fj\u010dn\u00ed n\u00e1klady.<\/span><\/p>\n<p><span>Tento krok by ohrozil schopnost Washingtonu vzdorovat finan\u010dn\u00ed gravitaci. D\u00edky statutu rezervn\u00ed m\u011bny maj\u00ed USA \u0159adu speci\u00e1ln\u00edch v\u00fdhod. Toto \u201ep\u0159emr\u0161t\u011bn\u00e9 privilegium\u201c, jak to v 60. letech nazval francouzsk\u00fd ministr financ\u00ed Val\u00e9ry Giscard d&#8217;Estaing, umo\u017e\u0148uje Washingtonu \u017e\u00edt daleko nad jeho pom\u011bry.<\/span><\/p>\n<p><span>To v\u0161e vysv\u011btluje, pro\u010d dolar nad\u00e1le roste, i kdy\u017e se st\u00e1tn\u00ed dluh Washingtonu bl\u00ed\u017e\u00ed 35 bilion\u016fm dolar\u016f. K dne\u0161n\u00edmu dni dolar pos\u00edlil o 13 % v\u016f\u010di jenu a 11 % v\u016f\u010di euru.<\/span><\/p>\n<p><span>Biden\u016fv B\u00edl\u00fd d\u016fm tak\u00e9 ohro\u017eoval d\u016fv\u011bru v dolar. Krom\u011b pokra\u010duj\u00edc\u00ed akumulace dluhu p\u0159ekro\u010dilo Bidenovo rozhodnut\u00ed zmrazit \u010d\u00e1sti rusk\u00fdch zahrani\u010dn\u00edch rezerv kv\u016fli invazi na Ukrajinu hranice mnoha glob\u00e1ln\u00edm investor\u016fm.<\/span><\/p>\n<p><span>Dmitrij Dolgin, ekonom ING Bank, se domn\u00edv\u00e1, \u017ee yuanizace z\u016fst\u00e1v\u00e1 z velk\u00e9 \u010d\u00e1sti na po\u0159adu dne. Peking pokra\u010duje v roz\u0161i\u0159ov\u00e1n\u00ed ujedn\u00e1n\u00ed o m\u011bnov\u00fdch swapech, podporuje transakce v j\u00fcanech a roz\u0161i\u0159uje \u010d\u00ednsk\u00fd p\u0159eshrani\u010dn\u00ed mezibankovn\u00ed platebn\u00ed syst\u00e9m (CIPS), kter\u00fd m\u00e1 nahradit SWIFT.<\/span><\/p>\n<p><span>\u201eZd\u00e1 se, \u017ee rostouc\u00ed obchodn\u00ed vazby a finan\u010dn\u00ed infrastruktura \u010c\u00edny nazna\u010duj\u00ed, \u017ee potenci\u00e1l pro dal\u0161\u00ed yuanizaci je\u0161t\u011b nen\u00ed vy\u010derp\u00e1n,\u201c \u0159\u00edk\u00e1 Dolgin.<\/span><\/p>\n<p><span>\u00dasil\u00ed o vytvo\u0159en\u00ed m\u011bny BRICS tak\u00e9 je\u0161t\u011b nen\u00ed dokon\u010deno. BRICS maj\u00ed je\u0161t\u011b v\u011bt\u0161\u00ed palebnou s\u00edlu vzhledem k tomu, \u017ee jsou spojenci s \u00cdr\u00e1nem, Egyptem, Etiopi\u00ed, Spojen\u00fdmi arabsk\u00fdmi emir\u00e1ty a dal\u0161\u00edmi. Na summitu Organizace pro spolupr\u00e1ci v \u0160anghaji minul\u00fd t\u00fdden \u010c\u00edna, Rusko a jejich geopoliti\u010dt\u00ed kolegov\u00e9 ud\u011blali maximum, aby \u201euk\u00e1zali sv\u011btu, \u017ee pokusy Z\u00e1padu je omezit nefunguj\u00ed,\u201c \u0159ekl Tom Miller, analytik spole\u010dnosti Gavekal Research.<\/span><\/p>\n<p><span>V \u010dervnu dos\u00e1hl pod\u00edl j\u00fcanu na rusk\u00e9m devizov\u00e9m trhu 99,6 %. Jde o p\u0159\u00edm\u00fd d\u016fsledek sankc\u00ed, kter\u00e9 p\u0159inutily moskevskou burzu zastavit obchodov\u00e1n\u00ed v dolarech a eurech. V kv\u011btnu, p\u0159ed zaveden\u00edm nov\u00fdch americk\u00fdch sankc\u00ed, \u010dinil pod\u00edl j\u00fcanu pouh\u00fdch 53,6 %.<\/span><\/p>\n<p><span>Ne ka\u017ed\u00fd je p\u0159esv\u011bd\u010den, \u017ee dolar je odsouzen k z\u00e1niku. Analytici GeoEconomics Center Atlantic Council v\u011b\u0159\u00ed, \u017ee dominance dolaru se je\u0161t\u011b zvy\u0161uje. Jeho s\u00edla je poh\u00e1n\u011bna prosperuj\u00edc\u00ed ekonomikou USA, atraktivn\u00edmi v\u00fdnosy a geopolitickou nejistotou.<\/span><\/p>\n<p><span>Jedn\u00edm z probl\u00e9m\u016f, p\u00ed\u0161\u00ed v ned\u00e1vn\u00e9 zpr\u00e1v\u011b, je, \u017ee \u010d\u00ednsk\u00e1 m\u011bna je\u0161t\u011b nen\u00ed p\u0159ipravena na prvn\u00ed hodinu.<\/span><\/p>\n<p><span>\u201eM\u016f\u017ee to b\u00fdt zp\u016fsobeno t\u00edm, \u017ee obavy spr\u00e1vc\u016f rezerv o \u010d\u00ednskou ekonomiku, pozice Pekingu v rusko-ukrajinsk\u00e9 v\u00e1lce a mo\u017en\u00e1 \u010d\u00ednsk\u00e1 invaze na Tchaj-wan p\u0159isp\u00edvaj\u00ed k vn\u00edm\u00e1n\u00ed renminbi jako geopoliticky rizikov\u00e9 rezervn\u00ed m\u011bny,\u201c argumentuje Rada analytik\u016f Atlantiku.<\/span><\/p>\n<p><span>P\u0159evaha dostupn\u00fdch d\u016fkaz\u016f v\u0161ak nazna\u010duje, \u017ee obavy Yellenov\u00e9 z dedolarizace v roce 2024 jsou nejen opr\u00e1vn\u011bn\u00e9, ale tak\u00e9 se odehr\u00e1vaj\u00ed ka\u017ed\u00fd den.<\/span><\/p>\n<p><em>Od Williama Pe\u0161ka<\/em><\/p>\n<h3 class=\"elementor-heading-title elementor-size-default\"><span style=\"font-size: 10pt;\"><a href=\"https:\/\/asiatimes.com\/2024\/07\/yellens-de-dollarization-fears-will-only-get-worse\/\" target=\"_blank\" rel=\"nofollow noopener\">ZDROJ<\/a><\/span><\/h3>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>U\u017e to nepop\u00edr\u00e1, ale jej\u00ed funk\u010dn\u00ed obdob\u00ed se m\u016f\u017ee zapsat do historie, proto\u017ee dynamika se&#8230;<\/p>\n","protected":false},"author":2,"featured_media":57908,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[7],"tags":[4740,2145,371,37],"_links":{"self":[{"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/posts\/57907"}],"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=57907"}],"version-history":[{"count":0,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/posts\/57907\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/media\/57908"}],"wp:attachment":[{"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/media?parent=57907"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/categories?post=57907"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/tags?post=57907"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}