{"id":78894,"date":"2025-05-16T00:15:13","date_gmt":"2025-05-15T22:15:13","guid":{"rendered":"https:\/\/www.infokuryr.cz\/n\/?p=78894"},"modified":"2025-05-15T13:58:07","modified_gmt":"2025-05-15T11:58:07","slug":"jsou-pandemie-a-valka-nezbytne-pro-financni-reset","status":"publish","type":"post","link":"https:\/\/www.infokuryr.cz\/n\/2025\/05\/16\/jsou-pandemie-a-valka-nezbytne-pro-financni-reset\/","title":{"rendered":"Jsou pandemie a v\u00e1lka nezbytn\u00e9 pro finan\u010dn\u00ed reset?"},"content":{"rendered":"
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Byly COVID-19 a v\u00e1lka na Ukrajin\u011b strategiemi finan\u010dn\u00edho in\u017een\u00fdrstv\u00ed pro syst\u00e9m uv\u00edzl\u00fd v dluhov\u00e9 pasti?<\/h3>\n

Pamatuji si,\u00a0jak jsem v \u0159\u00edjnov\u00e9m \u010d\u00edsle\u00a0Forbesu z roku 2019 \u010detl, \u017ee It\u00e1lie je ji\u017e insolventn\u00ed a nikdy se nedostane ze sv\u00e9 dluhov\u00e9 pasti.<\/em><\/p>\n

Dluhov\u00e1 past nast\u00e1v\u00e1, kdy\u017e ekonomick\u00fd r\u016fst a demografick\u00fd v\u00fdvoj populace \u2013 nen\u00ed dostatek mlad\u00fdch lid\u00ed, kte\u0159\u00ed by se starali o d\u016fchodce \u2013 ji\u017e nesta\u010d\u00ed k financov\u00e1n\u00ed rostouc\u00edho (soukrom\u00e9ho i ve\u0159ejn\u00e9ho) dluhu spole\u010dnosti.<\/p>\n

V t\u00e9 dob\u011b jsem se zam\u00fd\u0161lel nad t\u00edm, jak se mezin\u00e1rodn\u00ed bankovn\u00ed instituce vypo\u0159\u00e1daj\u00ed s hroz\u00edc\u00ed dluhovou kriz\u00ed It\u00e1lie. Pak p\u0159i\u0161el COVID-19, kter\u00fd, jak se zd\u00e1lo, ospravedl\u0148oval nov\u00e9 kolo masivn\u00ed tvorby pen\u011bz.<\/p>\n

A\u010dkoli ne tak drasticky jako It\u00e1lie, USA se zjevn\u011b na za\u010d\u00e1tku roku 2020 vzdaly my\u0161lenky, \u017ee re\u00e1ln\u00e1 ekonomika poroste dostate\u010dn\u011b, aby vykompenzovala rostouc\u00ed financov\u00e1n\u00ed americk\u00e9 \u017eivotn\u00ed \u00farovn\u011b prost\u0159ednictv\u00edm st\u00e1tn\u00edho dluhu.<\/p>\n

Dluh je racion\u00e1ln\u00edm n\u00e1strojem, kdy\u017e se pou\u017e\u00edv\u00e1 ke zv\u00fd\u0161en\u00ed produktivity \u2013\u00a0ne<\/strong>\u00a0kdy\u017e se pou\u017e\u00edv\u00e1 k vytv\u00e1\u0159en\u00ed pen\u011bz z ni\u010deho a k jejich rozd\u011blov\u00e1n\u00ed hord\u00e1m neproduktivn\u00edch lid\u00ed a aktivit. Dluh je tak\u00e9 neproduktivn\u00ed, pokud je pou\u017e\u00edv\u00e1n prim\u00e1rn\u011b k nafukov\u00e1n\u00ed aktiv, jako jsou velk\u00e9 domy a pom\u011br ceny k zisku (P\/E) akci\u00ed.<\/p>\n

Za\u010d\u00e1tkem roku 2020 bylo jasn\u00e9, \u017ee Feder\u00e1ln\u00ed rezervn\u00ed syst\u00e9m bude muset zv\u00fd\u0161it \u00farokov\u00e9 sazby, aby omezil inflaci, co\u017e by zv\u00fd\u0161ilo n\u00e1klady na p\u016fj\u010dky na neudr\u017eitelnou \u00farove\u0148 \u2013 a t\u00edm ukon\u010dilo dluhovou p\u00e1rty, kter\u00e1 zu\u0159ila od roku 2009.<\/p>\n

Co by mohlo ospravedlnit nov\u00e9 kolo tvorby pen\u011bz z ni\u010deho nic?<\/strong><\/h3>\n

Pak p\u0159i\u0161el COVID-19 a 27. b\u0159ezna 2020 americk\u00e1 vl\u00e1da schv\u00e1lila\u00a0z\u00e1kon CARES<\/strong>\u00a0\u2013 n\u00e1stroj na z\u00e1chranu cel\u00e9 ekonomiky, p\u0159ipom\u00ednaj\u00edc\u00ed\u00a0z\u00e1kon o nouzov\u00e9 ekonomick\u00e9 stabilizaci<\/em>\u00a0z roku 2008 , kter\u00fd m\u011bl zachr\u00e1nit Wall Street, a\u017e na to, \u017ee mno\u017estv\u00ed pen\u011bz vytvo\u0159en\u00fdch pro tuto druhou krizi (2,2 bilionu dolar\u016f) bylo mnohem v\u011bt\u0161\u00ed, odpov\u00eddalo 10 % HDP USA.<\/p>\n

V t\u00e9 dob\u011b jsem se zam\u00fd\u0161lel nad t\u00edm, zda nebezpe\u010d\u00ed COVID-19 pro celou spole\u010dnost, v\u010detn\u011b mlad\u00fdch lid\u00ed, nebylo hrub\u011b zveli\u010dov\u00e1no, aby se ospravedlnila tato \u0161\u00edlen\u011b nadm\u011brn\u00e1 tvorba pen\u011bz. Asi o rok pozd\u011bji jsem m\u011bl rozhovor s\u00a0Edem Dowdem<\/strong>\u00a0, ve kter\u00e9m p\u0159esv\u011bd\u010div\u011b prok\u00e1zal, \u017ee tomu tak skute\u010dn\u011b je.<\/p>\n

Na konci roku 2021 jsem hovo\u0159il s gener\u00e1ln\u00ed prokur\u00e1torkou st\u00e1tu New York\u00a0Beth Parlato<\/strong>\u00a0. B\u011bhem pandemie se Beth specializovala na \u017ealov\u00e1n\u00ed nemocnic za pod\u00e1v\u00e1n\u00ed ivermektinu a dal\u0161\u00edch neschv\u00e1len\u00fdch l\u00e9k\u016f um\u00edraj\u00edc\u00edm pacient\u016fm, aby se zabr\u00e1nilo jejich p\u0159ipojen\u00ed k ventil\u00e1tor\u016fm.<\/p>\n

Na konci na\u0161eho rozhovoru jsem se j\u00ed zeptal, jestli j\u00ed st\u00e1le volaj\u00ed rodinn\u00ed p\u0159\u00edslu\u0161n\u00edci pacient\u016f, kte\u0159\u00ed pot\u0159ebuj\u00ed jej\u00ed pomoc.<\/p>\n

\u201eNe,\u201c odpov\u011bd\u011bla. \u201eTelefon docela ztichl. Mysl\u00edm, \u017ee v\u00e1lka u\u017e skon\u010dila.\u201c V tu chv\u00edli m\u011b napadla zlov\u011bstn\u00e1 my\u0161lenka, \u017ee pandemii brzy nahrad\u00ed dal\u0161\u00ed \u201ev\u00e1lka\u201c.<\/p>\n

Situace na\u00a0Ukrajin\u011b<\/strong>\u00a0se na podzim vyhrocovala a napadlo m\u011b, \u017ee\u00a0Bidenova<\/strong>\u00a0administrativa ned\u011bl\u00e1 nic pro to, aby zabr\u00e1nila jej\u00ed eskalaci v plnohodnotnou krizi. M\u016fj dojem se potvrdil, kdy\u017e\u00a0byla v \u00fanoru 2022 na mnichovsk\u00e9 bezpe\u010dnostn\u00ed konferenci vysl\u00e1na\u00a0zlov\u011bstn\u00e1 viceprezidentka\u00a0Kamala Harrisov\u00e1 .<\/strong><\/p>\n

Jej\u00ed bizarn\u00ed a rozporupln\u00fd projev o Ukrajin\u011b a NATO jsem vn\u00edmal jako dal\u0161\u00ed provokaci ze strany Ruska.<\/p>\n

V\u010dera jsem poslouchal rozhovor s finan\u010dn\u00edm analytikem a b\u00fdval\u00fdm mana\u017eerem hedgeov\u00e9ho fondu\u00a0Alexem Krainerem<\/strong>\u00a0o neudr\u017eiteln\u00e9 finan\u010dn\u00ed situaci Evropsk\u00e9\u00a0unie<\/strong>\u00a0.<\/p>\n

Z\u0159ejm\u011b se odpov\u011bdn\u00ed v\u00a0EU a N\u011bmecku<\/strong>\u00a0zbl\u00e1znili a r\u016fzn\u00fdmi opat\u0159en\u00edmi (co\u017e Krainer vysv\u011btluje) v\u00e1\u017en\u011b po\u0161kodili n\u011bmeckou ekonomiku.<\/p>\n

Ohromuj\u00edc\u00ed iracionalita britsk\u00fdch a evropsk\u00fdch \u00fa\u0159edn\u00edk\u016f je symbolicky vyj\u00e1d\u0159ena v jejich ned\u00e1vn\u00fdch \u0159e\u010dech o\u00a0pou\u017e\u00edv\u00e1n\u00ed aerosol\u016f k zatemn\u011bn\u00ed Slunce<\/strong>\u00a0pot\u00e9, co ti sam\u00ed lid\u00e9 utratili miliardy za stavbu gigantick\u00fdch, o\u0161kliv\u00fdch a neefektivn\u00edch sol\u00e1rn\u00edch panel\u016f.<\/p>\n

To v\u0161e vyvol\u00e1v\u00e1 provokativn\u00ed ot\u00e1zku:<\/p>\n

Je nyn\u00ed v\u00e1lka s Ruskem jedinou nad\u011bj\u00ed EU, jak se vyhnout finan\u010dn\u00edmu kolapsu?<\/strong><\/h3>\n

Krainer poukazuje na paralelu, \u017ee\u00a0ropn\u00e9 z\u00e1soby v Albert\u011b v Kanad\u011b<\/strong>\u00a0byly pou\u017eity jako z\u00e1stava k vyd\u00e1n\u00ed dal\u0161\u00edch dluhopis\u016f b\u011bhem finan\u010dn\u00ed krize v roce 2008.<\/p>\n

Snili snad \u0161\u00edlenci ve Washingtonu a Bruselu o vyu\u017eit\u00ed ukrajinsk\u00fdch a rusk\u00fdch p\u0159\u00edrodn\u00edch zdroj\u016f jako z\u00e1stavy pro je\u0161t\u011b v\u011bt\u0161\u00ed dluh?<\/strong><\/p>\n

Krainerova vzpom\u00ednka na ruskou situaci v 90. letech \u2013 kdy vl\u00e1da\u00a0Borise Jelcina<\/strong>\u00a0prod\u00e1vala rusk\u00e9 p\u0159\u00edrodn\u00ed zdroje za almu\u017enu \u2013 se skute\u010dn\u011b jev\u00ed jako relevantn\u00ed.<\/p>\n

Mohlo by b\u00fdt\u00a0nejv\u011bt\u0161\u00edm h\u0159\u00edchem Vladimira Putina<\/strong>\u00a0\u2013 v o\u010d\u00edch Z\u00e1padu \u2013 ukon\u010den\u00ed rabov\u00e1n\u00ed, kter\u00e9 \u0159\u00e1dilo za Jelcina?<\/p>\n

Nep\u0159ekvapilo by m\u011b, kdyby to tak alespo\u0148 \u010d\u00e1ste\u010dn\u011b bylo.<\/p>\n

Od Johna Leakeho<\/em><\/p>\n<\/div>\n<\/div>\n

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Zdroj<\/a><\/span><\/h3>\n

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

Byly COVID-19 a v\u00e1lka na Ukrajin\u011b strategiemi finan\u010dn\u00edho in\u017een\u00fdrstv\u00ed pro syst\u00e9m uv\u00edzl\u00fd v dluhov\u00e9 pasti?…<\/p>\n","protected":false},"author":2,"featured_media":53794,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[7],"tags":[45,371,259,40],"_links":{"self":[{"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/posts\/78894"}],"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=78894"}],"version-history":[{"count":0,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/posts\/78894\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/media\/53794"}],"wp:attachment":[{"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/media?parent=78894"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/categories?post=78894"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/tags?post=78894"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}