{"id":82157,"date":"2025-06-26T00:13:04","date_gmt":"2025-06-25T22:13:04","guid":{"rendered":"https:\/\/www.infokuryr.cz\/n\/?p=82157"},"modified":"2025-06-25T12:32:54","modified_gmt":"2025-06-25T10:32:54","slug":"digitalni-sklizen-blackrock-vanguard-state-street-akcionari-ve-stinu","status":"publish","type":"post","link":"https:\/\/www.infokuryr.cz\/n\/2025\/06\/26\/digitalni-sklizen-blackrock-vanguard-state-street-akcionari-ve-stinu\/","title":{"rendered":"Digit\u00e1ln\u00ed sklize\u0148 \u2013 BlackRock, Vanguard, State Street: Akcion\u00e1\u0159i ve st\u00ednu"},"content":{"rendered":"
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Neprod\u00e1vaj\u00ed semena, nevlastn\u00ed traktory, neprovozuj\u00ed sklady ani nep\u0159epravuj\u00ed obil\u00ed \u2013 a p\u0159esto pat\u0159\u00ed BlackRock, Vanguard a State Street k nejmocn\u011bj\u0161\u00edm hr\u00e1\u010d\u016fm v glob\u00e1ln\u00edm zem\u011bd\u011blstv\u00ed. <\/span><\/p>\n

Tito t\u0159i spr\u00e1vci aktiv spole\u010dn\u011b ovl\u00e1daj\u00ed aktiva v hodnot\u011b p\u0159es 26 bilion\u016f dolar\u016f \u2013 v\u00edce ne\u017e je hrub\u00fd dom\u00e1c\u00ed produkt Spojen\u00fdch st\u00e1t\u016f a Indie dohromady. Jsou akcion\u00e1\u0159i t\u00e9m\u011b\u0159 v\u0161ech velk\u00fdch zem\u011bd\u011blsk\u00fdch korporac\u00ed: Bayer, Cargill, ADM, Nestl\u00e9, Deere & Co. a mnoha dal\u0161\u00edch. Nekonkuruj\u00ed si \u2013 vlastn\u00ed spole\u010dn\u011b. A prost\u0159ednictv\u00edm tohoto spole\u010dn\u00e9ho vlastnictv\u00ed uplat\u0148uj\u00ed moc.<\/span><\/p>\n

Tohle nen\u00ed kapitalismus ve smyslu voln\u00e9 konkurence. Tohle je kapitalismus jako tich\u00e1 koordinace.<\/span><\/p>\n

Tyto spole\u010dnosti nemus\u00ed hl\u00e1sat politickou agendu \u2013 ony utv\u00e1\u0159ej\u00ed struktury, v nich\u017e se \u010din\u00ed politick\u00e1 rozhodnut\u00ed. Jejich vliv nen\u00ed hlasit\u00fd ani ok\u00e1zal\u00fd, ale struktur\u00e1ln\u00ed: prost\u0159ednictv\u00edm zased\u00e1n\u00ed p\u0159edstavenstva, usnesen\u00ed akcion\u00e1\u0159\u016f a kapit\u00e1lov\u00fdch tok\u016f. A z\u016fst\u00e1v\u00e1 do zna\u010dn\u00e9 m\u00edry skryt p\u0159ed ve\u0159ejnost\u00ed.<\/span><\/p>\n

Ale jeho n\u00e1sledky jsou c\u00edtit v\u0161ude.<\/span><\/p>\n

Podle zpr\u00e1vy \u201eFood Barons 2022\u201c skupiny ETC dr\u017e\u00ed spole\u010dnosti BlackRock, Vanguard a State Street dominantn\u00ed pod\u00edly v cel\u00e9m potravinov\u00e9m \u0159et\u011bzci \u2013 od semen a chemik\u00e1li\u00ed a\u017e po supermarkety a logistick\u00e9 platformy. V mnoha oblastech jsou t\u0159emi nejv\u011bt\u0161\u00edmi akcion\u00e1\u0159i ve sv\u00fdch spole\u010dnostech. To znamen\u00e1, \u017ee \u201ekonkurence\u201c mezi spole\u010dnostmi Bayer a Syngenta nebo mezi Nestl\u00e9 a PepsiCo je \u010dasto jen zd\u00e1n\u00ed. Skute\u010dn\u00e1 moc se skr\u00fdv\u00e1 v z\u00e1kulis\u00ed.<\/span><\/p>\n

Tito akt\u00e9\u0159i se nezab\u00fdvaj\u00ed mikromanagementem. Ani nemus\u00ed. Jejich s\u00edla spo\u010d\u00edv\u00e1 v koordinaci \u2013 v definov\u00e1n\u00ed toho, co je pova\u017eov\u00e1no za hodnotu, co p\u0159edstavuje riziko a co p\u0159edstavuje p\u0159ijateln\u00e9 chov\u00e1n\u00ed. Toto chov\u00e1n\u00ed je st\u00e1le v\u00edce formov\u00e1no krit\u00e9rii ESG: environment\u00e1ln\u00edmi, soci\u00e1ln\u00edmi a spr\u00e1vn\u00edmi.<\/span><\/p>\n

ESG ale nen\u00ed mor\u00e1ln\u00ed kompas. Je to r\u00e1mec pro \u0159\u00edzen\u00ed rizik.<\/span><\/p>\n

V posledn\u00edch letech se BlackRock a dal\u0161\u00ed prezentuj\u00ed jako investo\u0159i uv\u011bdom\u011bl\u00ed k ot\u00e1zk\u00e1m klimatu. Mluv\u00ed o \u201enulov\u00fdch \u010dist\u00fdch emis\u00edch\u201c, \u201etransforma\u010dn\u00edm financov\u00e1n\u00ed\u201c a \u201eudr\u017eiteln\u00e9m zem\u011bd\u011blstv\u00ed\u201c. C\u00edlem v\u0161ak nen\u00ed dekarbonizace potravinov\u00e9ho syst\u00e9mu \u2013 jde o zaji\u0161t\u011bn\u00ed portfoli\u00ed.<\/span><\/p>\n

Stejn\u00e9 spole\u010dnosti, kter\u00e9 investuj\u00ed do fosiln\u00edch paliv, financuj\u00ed tak\u00e9 projekty kompenzace uhl\u00edku. Stejn\u00e9 spole\u010dnosti, kter\u00e9 propaguj\u00ed pr\u016fmyslov\u00e9 zem\u011bd\u011blstv\u00ed, podporuj\u00ed \u201eklimaticky \u0161etrn\u00e9\u201c osivov\u00e9 technologie. Nejde o transformaci \u2013 jde o zaji\u0161t\u011bn\u00ed.<\/span><\/p>\n

A Indie ukazuje, kam to vede.<\/span><\/p>\n

Velc\u00ed investo\u0159i financuj\u00ed platformy pro pron\u00e1jem p\u016fdy, startupy v oblasti zem\u011bd\u011blsk\u00fdch fintech a agreg\u00e1tory uhl\u00edkov\u00fdch kredit\u016f, kter\u00e9 slibuj\u00ed \u201ezv\u00fd\u0161en\u00ed hodnoty\u201c zem\u011bd\u011blsk\u00e9 p\u016fdy. Tato \u201ehodnota\u201c v\u0161ak \u010dasto znamen\u00e1, \u017ee se zem\u011bd\u011blci dost\u00e1vaj\u00ed do nov\u00fdch z\u00e1vislost\u00ed \u2013 na digit\u00e1ln\u00edch ratingech, dodr\u017eov\u00e1n\u00ed p\u0159edpis\u016f a spekulativn\u00edch trz\u00edch, kter\u00e9 nemohou ovl\u00e1dat.<\/span><\/p>\n

Tohle nen\u00ed investice \u2013 tohle je vyko\u0159is\u0165ov\u00e1n\u00ed se zelenou n\u00e1lepkou.<\/span><\/p>\n

Nejnebezpe\u010dn\u011bj\u0161\u00ed transformace v zem\u011bd\u011blstv\u00ed dnes nen\u00ed technologick\u00e1, ale finan\u010dn\u00ed. P\u016fda u\u017e nen\u00ed jen m\u00edstem pro produkci potravin \u2013 je to t\u0159\u00edda aktiv, ochrana proti inflaci, m\u00edsto pro sb\u011br dat a spekulace s uhl\u00edkem.<\/span><\/p>\n

V tomto modelu ji\u017e farm\u00e1\u0159 nen\u00ed producentem \u2013 ale n\u00e1jemcem v rozvaze n\u011bkoho jin\u00e9ho.<\/span><\/p>\n

A tato rovnov\u00e1ha je glob\u00e1ln\u00ed.<\/span><\/p>\n

Spole\u010dnost BlackRock nemus\u00ed vlastnit samotnou p\u016fdu. Sta\u010d\u00ed, kdy\u017e vlastn\u00ed spole\u010dnost, kter\u00e1 vlastn\u00ed spole\u010dnost, je\u017e si p\u016fdu pronaj\u00edm\u00e1. Prost\u0159ednictv\u00edm slo\u017eit\u00fdch investi\u010dn\u00edch struktur je zem\u011bd\u011blsk\u00e1 p\u016fda sdru\u017eov\u00e1na, sekuritizov\u00e1na a obchodov\u00e1na \u2013 \u010dasto bez v\u011bdom\u00ed lid\u00ed, kte\u0159\u00ed na n\u00ed \u017eij\u00ed.<\/span><\/p>\n

Toto je uzav\u0159en\u00ed bez plot\u016f. Kontrola bez vl\u00e1dy.<\/span><\/p>\n

Tito spr\u00e1vci aktiv se r\u00e1di prezentuj\u00ed jako pasivn\u00ed investo\u0159i. Tvrd\u00ed, \u017ee trh pouze sleduj\u00ed, nikoli aktivn\u011b jej spravuj\u00ed. Ti, kte\u0159\u00ed vlastn\u00ed 5\u201310 % v\u0161ech velk\u00fdch spole\u010dnost\u00ed v dan\u00e9m odv\u011btv\u00ed, v\u0161ak nejsou pozorovatel\u00e9 \u2013 oni jsou trhem.<\/span><\/p>\n

A ti, kdo hlasuj\u00ed o usnesen\u00edch akcion\u00e1\u0159\u016f, jmenuj\u00ed \u010dleny p\u0159edstavenstva a ur\u010duj\u00ed odm\u011bny, nejsou pasivn\u00ed \u2013 oni ovl\u00e1daj\u00ed.<\/span><\/p>\n

V roce 2023 hlasovaly organizace BlackRock a Vanguard proti n\u00e1vrh\u016fm, kter\u00e9 by po zem\u011bd\u011blsk\u00fdch spole\u010dnostech vy\u017eadovaly zve\u0159ejn\u011bn\u00ed jejich dopad\u016f na odles\u0148ov\u00e1n\u00ed a pozemkov\u00e1 pr\u00e1va, s argumentem, \u017ee jsou p\u0159\u00edli\u0161 \u201epreskriptivn\u00ed\u201c. Ve skute\u010dnosti obhajovaly svobodu jedn\u00e1n\u00ed, ani\u017e by byly dodr\u017eov\u00e1ny.<\/span><\/p>\n

To, co d\u011bl\u00e1 BlackRock, Vanguard a State Street tak nebezpe\u010dn\u00fdmi, nen\u00ed zlomyslnost. Je to struktura. Nemus\u00ed se spol\u010dovat \u2013 jejich motivace jsou ji\u017e slad\u011bn\u00e9. Jejich n\u00e1stroje jsou abstraktn\u00ed a jejich moc je patrn\u00e1 v absenci regulace, transparentnosti a odpov\u011bdnosti.<\/span><\/p>\n

Nejsou to padou\u0161i p\u0159\u00edb\u011bhu. Jsou to architektura.<\/span><\/p>\n

A pr\u00e1v\u011b to je d\u016fvod, pro\u010d je tak obt\u00ed\u017en\u00e9 je napadnout.<\/span><\/p>\n

Potravinov\u00e1 suverenita dnes nen\u00ed jen o kontrole nad semeny nebo p\u016fdou. Jde o moc. A moc je dnes finan\u010dn\u00ed \u2013 prot\u00e9k\u00e1 indexy, benchmarky a kapit\u00e1lov\u00fdmi toky. Ur\u010duje, kter\u00e9 plodiny se budou p\u011bstovat, kter\u00e9 spole\u010dnosti p\u0159e\u017eij\u00ed a jak\u00e1 budoucnost bude podporov\u00e1na.<\/span><\/p>\n

Ani\u017e by se kdy dotkl zem\u011b.<\/span><\/p>\n

Colin Todhunter<\/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":"

Neprod\u00e1vaj\u00ed semena, nevlastn\u00ed traktory, neprovozuj\u00ed sklady ani nep\u0159epravuj\u00ed obil\u00ed \u2013 a p\u0159esto pat\u0159\u00ed BlackRock, Vanguard…<\/p>\n","protected":false},"author":2,"featured_media":82158,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[7],"tags":[634,279,750,48,104],"_links":{"self":[{"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/posts\/82157"}],"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=82157"}],"version-history":[{"count":0,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/posts\/82157\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/media\/82158"}],"wp:attachment":[{"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/media?parent=82157"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/categories?post=82157"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/tags?post=82157"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}