{"id":98284,"date":"2026-01-31T06:49:33","date_gmt":"2026-01-31T05:49:33","guid":{"rendered":"https:\/\/www.infokuryr.cz\/n\/?p=98284"},"modified":"2026-01-31T06:49:33","modified_gmt":"2026-01-31T05:49:33","slug":"donald-trump-zahajil-likvidaci-americkeho-dolaru-pote-co-sesadil-sefa-fedu","status":"publish","type":"post","link":"https:\/\/www.infokuryr.cz\/n\/2026\/01\/31\/donald-trump-zahajil-likvidaci-americkeho-dolaru-pote-co-sesadil-sefa-fedu\/","title":{"rendered":"Donald Trump zah\u00e1jil likvidaci americk\u00e9ho dolaru pot\u00e9, co sesadil \u0161\u00e9fa FEDu"},"content":{"rendered":"<div id=\"fb-root\"><\/div>\n<h4>Donald Trump zah\u00e1jil likvidaci americk\u00e9ho dolaru pot\u00e9, co sesadil \u0161\u00e9fa FEDu, kter\u00fd na jeho p\u0159\u00edkaz necht\u011bl radik\u00e1ln\u011b sn\u00ed\u017eit \u00farokov\u00e9 sazby! N\u011bmeck\u00fd regul\u00e1tor varuje p\u0159ed ohro\u017een\u00edm pozice dolaru jako sv\u011btov\u00e9 rezervn\u00ed m\u011bny! Americk\u00fd finan\u010dn\u00edk a analytik, kter\u00fd p\u0159edpov\u011bd\u011bl hypote\u010dn\u00ed krizi v roce 2008, nyn\u00ed prohl\u00e1sil, \u017ee dolar se zhrout\u00ed a bude nahrazen zlatem!<\/h4>\n<p>Jak u\u017e jsem zm\u00ednil v m\u00e9m p\u00e1te\u010dn\u00edm rozhlasov\u00e9m po\u0159adu na r\u00e1diu SVCS, tak americk\u00e1 ekonomika proch\u00e1z\u00ed nejdramati\u010dt\u011bj\u0161\u00ed turbulenc\u00ed od roku 2008.\u00a0<strong>Prezident Donald Trump toti\u017e ne\u010dekan\u011b odvolal \u0161\u00e9fa americk\u00e9 centr\u00e1ln\u00ed banky Federal Reserve, kter\u00fd odm\u00edtal politick\u00fd tlak B\u00edl\u00e9ho domu na agresivn\u00ed sni\u017eov\u00e1n\u00ed \u00farokov\u00fdch sazeb.<\/strong>\u00a0V okam\u017eiku, kdy B\u00edl\u00fd d\u016fm tento krok ozn\u00e1mil, za\u010dal dolar prudce padat a trhy zareagovaly panikou, jakou pov\u00e1le\u010dn\u00e1 historie USA pamatuje jen v\u00fdjime\u010dn\u011b. Na odklon investor\u016f od dolaru upozornila mimo jin\u00e9 agentura Reuters.<\/p>\n<p>&nbsp;<\/p>\n<div id=\"rumble_v72wbr0\">\n<div id=\"vid_v72wbr0\" class=\"rumble_v72wbr0-Rumble-cls\" tabindex=\"-1\">\n<div><div class='videoWrapper'>\r\n\t            <iframe src='https:\/\/rumble.com\/embed\/pj.v72wbr0\/' frameborder='0' allowfullscreen><\/iframe>\r\n\t        <\/div><\/div>\n<\/div>\n<\/div>\n<p>&nbsp;<\/p>\n<p>Je\u0161t\u011b p\u0159ed n\u011bkolika t\u00fddny p\u0159edstavoval americk\u00fd dolar symbol glob\u00e1ln\u00ed finan\u010dn\u00ed stability. Dnes je v\u0161ak vn\u00edm\u00e1n jako m\u011bna, u n\u00ed\u017e si investo\u0159i nejsou jist\u00ed nez\u00e1vislost\u00ed institucion\u00e1ln\u00edho r\u00e1mce, na kter\u00e9m americk\u00e1 ekonomick\u00e1 architektura stoj\u00ed. Propad americk\u00e9 m\u011bny se stal katalyz\u00e1torem \u0161ir\u0161\u00ed finan\u010dn\u00ed krize, kter\u00e1 nyn\u00ed zasahuje kapit\u00e1lov\u00e9 trhy, st\u00e1tn\u00ed dluhopisy, komodity i spot\u0159ebitelsk\u00fd trh v samotn\u00fdch Spojen\u00fdch st\u00e1tech.<\/p>\n<h3>\u00dat\u011bk investor\u016f ke zlatu: cena u\u017e je 4 858 USD za unci, p\u0159edt\u00edm byla dokonce za v\u00edce ne\u017e 5 000 USD<\/h3>\n<p>Investo\u0159i ve velk\u00e9m ut\u00edkaj\u00ed do zlata, tradi\u010dn\u00edho \u201e<em>bezpe\u010dn\u00e9ho p\u0159\u00edstavu<\/em>\u201c v dob\u00e1ch geopolitick\u00fdch a finan\u010dn\u00edch ot\u0159es\u016f. Popt\u00e1vka po fyzick\u00e9m i burzovn\u00edm zlatu je tak vysok\u00e1, \u017ee doch\u00e1z\u00ed k rekordn\u00edmu r\u016fstu cen.\u00a0<strong>Zat\u00edmco je\u0161t\u011b ned\u00e1vno analytici pova\u017eovali hranici 3\u00a0000 USD za psychologick\u00e9 maximum, v p\u00e1tek cena zlata p\u0159ekonala 4\u00a0858\u00a0USD za unci, p\u0159edt\u00edm dokonce atakovala hranici 5 600 USD<\/strong>, co\u017e je nov\u00e1 absolutn\u00ed historick\u00e1 hranice. Na prudk\u00fd n\u00e1r\u016fst cen zlata upozor\u0148uj\u00ed i komoditn\u00ed burzy a finan\u010dn\u00ed m\u00e9dia jako Bloomberg.<\/p>\n<div class=\"twitter-tweet twitter-tweet-rendered\"><iframe id=\"twitter-widget-0\" class=\"\" title=\"X Post\" src=\"https:\/\/platform.twitter.com\/embed\/Tweet.html?dnt=false&amp;embedId=twitter-widget-0&amp;features=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%3D%3D&amp;frame=false&amp;hideCard=false&amp;hideThread=false&amp;id=2016863754382876780&amp;lang=cs&amp;origin=https%3A%2F%2Faeronet.news%2Fdonald-trump-zahajil-likvidaci-americkeho-dolaru-pote-co-sesadil-sefa-fedu-ktery-na-jeho-prikaz-nechtel-radikalne-snizit-urokove-sazby-nemecky-regulator-varuje-pred-ohrozenim-pozice-dolaru%2F&amp;sessionId=09b4127662083fb53cc882563148f969f6b28eaa&amp;theme=light&amp;widgetsVersion=2615f7e52b7e0%3A1702314776716&amp;width=550px\" frameborder=\"0\" scrolling=\"no\" allowfullscreen=\"allowfullscreen\" data-tweet-id=\"2016863754382876780\" data-mce-fragment=\"1\"><\/iframe><\/div>\n<p>Tak rychl\u00e9 tempo r\u016fstu \u2013 v\u00edce ne\u017e 50\u00a0% za m\u00e9n\u011b ne\u017e dva t\u00fddny \u2013 nem\u00e1 obdoby ani v dob\u00e1ch stagflace 70. let. Trhy t\u00edm vys\u00edlaj\u00ed jednozna\u010dn\u00fd sign\u00e1l: investo\u0159i nev\u011b\u0159\u00ed sou\u010dasn\u00e9mu sm\u011b\u0159ov\u00e1n\u00ed americk\u00e9 m\u011bnov\u00e9 politiky a ob\u00e1vaj\u00ed se hlub\u0161\u00ed struktur\u00e1ln\u00ed krize, kter\u00e1 m\u016f\u017ee zas\u00e1hnout cel\u00fd sv\u011btov\u00fd finan\u010dn\u00ed syst\u00e9m. Zlato v t\u00e9to situaci nefunguje jen jako b\u011b\u017en\u00e1 komodita, ale de facto jako alternativn\u00ed m\u011bna, k n\u00ed\u017e se kapit\u00e1l uchyluje ve snaze uniknout znehodnocov\u00e1n\u00ed dolaru.<\/p>\n<table>\n<tbody>\n<tr>\n<td colspan=\"4\">Sc\u00e9n\u00e1\u0159e v\u00fdvoje ceny zlata v reakci na krizi dolaru<\/td>\n<\/tr>\n<tr>\n<td>Sc\u00e9n\u00e1\u0159<\/td>\n<td>Politika FEDu<\/td>\n<td>D\u016fv\u011bra v dolar<\/td>\n<td>Mo\u017en\u00fd dopad na cenu zlata<\/td>\n<\/tr>\n<tr>\n<td>Stabilizace<\/td>\n<td>FED odm\u00edtne dal\u0161\u00ed politick\u00e9 tlaky a dr\u017e\u00ed sazby stabiln\u00ed<\/td>\n<td>D\u016fv\u011bra se pomalu obnovuje<\/td>\n<td>Korekce zlata pod 4\u00a0000 USD\/unci<\/td>\n<\/tr>\n<tr>\n<td>Kontrolovan\u00e1 inflace<\/td>\n<td>M\u00edrn\u00e9 sn\u00ed\u017een\u00ed sazeb se snahou dr\u017eet inflaci pod kontrolou<\/td>\n<td>D\u016fv\u011bra z\u016fst\u00e1v\u00e1 k\u0159ehk\u00e1<\/td>\n<td>Zlato kol\u00eds\u00e1 v p\u00e1smu 4\u00a0000\u20134\u00a0800 USD\/unci<\/td>\n<\/tr>\n<tr>\n<td>M\u011bnov\u00e1 spir\u00e1la<\/td>\n<td>Agresivn\u00ed sni\u017eov\u00e1n\u00ed sazeb pod politick\u00fdm tlakem<\/td>\n<td>D\u016fv\u011bra v dolar prudce kles\u00e1<\/td>\n<td>Zlato m\u016f\u017ee p\u0159ekro\u010dit 5\u00a0500 USD\/unci<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>Peter Schiff varuje: \u201eDolar skon\u010d\u00ed. Zlato ho nahrad\u00ed!\u201c<\/h3>\n<p>Ekonom Peter Schiff, zn\u00e1m\u00fd svou \u00fasp\u011b\u0161nou p\u0159edpov\u011bd\u00ed sv\u011btov\u00e9 hypote\u010dn\u00ed krize v roce 2008, vystoupil ve speci\u00e1ln\u00edm vys\u00edl\u00e1n\u00ed americk\u00e9 televize Fox News, kde uvedl, \u017ee\u00a0<strong>USA se ocitly v nejv\u00e1\u017en\u011bj\u0161\u00ed m\u011bnov\u00e9 situaci za posledn\u00edch sto let.<\/strong>\u00a0Podle n\u011bj odvol\u00e1n\u00ed \u0161\u00e9fa FEDu \u201e<em>p\u0159eru\u0161ilo posledn\u00ed nit d\u016fv\u011bry<\/em>\u201c, kterou glob\u00e1ln\u00ed investo\u0159i je\u0161t\u011b m\u011bli v americkou m\u011bnovou politiku.<\/p>\n<figure id=\"attachment_66062\" class=\"wp-caption aligncenter\" style=\"width: 703px;\"><a href=\"https:\/\/aeronet.news\/wp-content\/uploads\/Peter_Schiff_Feat.jpg\"><img decoding=\"async\" loading=\"lazy\" class=\"wp-image-66062 \" src=\"https:\/\/aeronet.news\/wp-content\/uploads\/Peter_Schiff_Feat-1024x614.jpg\" sizes=\"(max-width: 700px) 100vw, 700px\" srcset=\"https:\/\/aeronet.news\/wp-content\/uploads\/Peter_Schiff_Feat-1024x614.jpg 1024w, https:\/\/aeronet.news\/wp-content\/uploads\/Peter_Schiff_Feat-300x180.jpg 300w, https:\/\/aeronet.news\/wp-content\/uploads\/Peter_Schiff_Feat-768x460.jpg 768w, https:\/\/aeronet.news\/wp-content\/uploads\/Peter_Schiff_Feat-700x419.jpg 700w, https:\/\/aeronet.news\/wp-content\/uploads\/Peter_Schiff_Feat-596x357.jpg 596w, https:\/\/aeronet.news\/wp-content\/uploads\/Peter_Schiff_Feat-806x483.jpg 806w, https:\/\/aeronet.news\/wp-content\/uploads\/Peter_Schiff_Feat.jpg 1280w\" alt=\"\" width=\"703\" height=\"421\" \/><\/a><figcaption class=\"wp-caption-text\">Peter Schiff<\/figcaption><\/figure>\n<p>Schiff v p\u0159\u00edm\u00e9m p\u0159enosu varoval, \u017ee dolar m\u00ed\u0159\u00ed k historick\u00e9mu zlomu: \u201e<em>Dolar skon\u010d\u00ed. Ne hned, ale vstoupili jsme do f\u00e1ze jeho kone\u010dn\u00e9ho \u00fapadku. Zlato se vrac\u00ed jako re\u00e1ln\u00fd z\u00e1klad m\u011bnov\u00e9ho syst\u00e9mu.<\/em>\u201c Podle Schiffa je sou\u010dasn\u00fd propad zp\u016fsoben nejen politickou intervenc\u00ed B\u00edl\u00e9ho domu, ale i dlouhodob\u00fdm zadlu\u017eov\u00e1n\u00edm, tiskem pen\u011bz a chronick\u00fdmi rozpo\u010dtov\u00fdmi deficity, kter\u00e9 se staly normou washingtonsk\u00e9 politiky.<\/p>\n<h3>Rozto\u010den\u00e1 inflace: levn\u00e9 pen\u00edze, drah\u00fd \u017eivot<\/h3>\n<p>Sn\u00ed\u017een\u00ed \u00farokov\u00fdch sazeb v situaci, kdy dolar prudce ztr\u00e1c\u00ed hodnotu, je vysoce rizikov\u00fd krok. Levn\u011bj\u0161\u00ed \u00fav\u011bry sice kr\u00e1tkodob\u011b podpo\u0159\u00ed popt\u00e1vku po hypot\u00e9k\u00e1ch, spot\u0159ebitelsk\u00fdch \u00fav\u011brech a firemn\u00edch investic\u00edch, av\u0161ak v kombinaci s oslabenou m\u011bnou povedou k rychlej\u0161\u00edmu ob\u011bhu pen\u011bz a dal\u0161\u00edmu r\u016fstu cen. Inflace se tak m\u016f\u017ee snadno p\u0159ehoupnout do dvoucifern\u00fdch hodnot.<\/p>\n<p><strong>Osobit\u011b nebezpe\u010dn\u00e9 je to v prost\u0159ed\u00ed, kde importn\u00ed ceny prudce rostou.<\/strong>\u00a0USA dov\u00e1\u017eej\u00ed velkou \u010d\u00e1st spot\u0159ebn\u00edho zbo\u017e\u00ed \u2013 od elektroniky a textilu a\u017e po farmaceutika a strojn\u00ed komponenty. Slab\u00fd dolar znamen\u00e1, \u017ee za stejn\u00e9 mno\u017estv\u00ed zbo\u017e\u00ed je nutn\u00e9 zaplatit v\u00edce. Levn\u00e9 \u00fav\u011bry proto paradoxn\u011b neulev\u00ed dom\u00e1cnostem, ale pouze urychl\u00ed zdra\u017eov\u00e1n\u00ed a zafunguj\u00ed jako instalace turba do spalovac\u00edho motoru inflace.<\/p>\n<table>\n<tbody>\n<tr>\n<td colspan=\"4\">Hlavn\u00ed kan\u00e1ly, kter\u00fdmi sn\u00ed\u017een\u00ed sazeb rozto\u010d\u00ed inflaci v USA<\/td>\n<\/tr>\n<tr>\n<td>Kan\u00e1l<\/td>\n<td>Mechanismus<\/td>\n<td>Kr\u00e1tkodob\u00fd efekt<\/td>\n<td>Dlouhodob\u00fd efekt<\/td>\n<\/tr>\n<tr>\n<td>Levn\u00e9 \u00fav\u011bry<\/td>\n<td>Dom\u00e1cnosti a firmy si v\u00edce p\u016fj\u010duj\u00ed<\/td>\n<td>R\u016fst spot\u0159eby a investic<\/td>\n<td>Trval\u00e9 zv\u00fd\u0161en\u00ed cenov\u00e9 hladiny<\/td>\n<\/tr>\n<tr>\n<td>Oslaben\u00fd dolar<\/td>\n<td>Dra\u017e\u0161\u00ed dovoz zbo\u017e\u00ed a surovin<\/td>\n<td>Skokov\u00e9 zdra\u017een\u00ed import\u016f<\/td>\n<td>Dlouhodob\u00e9 zdra\u017eov\u00e1n\u00ed dovozn\u00edho ko\u0161e<\/td>\n<\/tr>\n<tr>\n<td>Spekulace na trz\u00edch<\/td>\n<td>\u00dat\u011bk do re\u00e1ln\u00fdch aktiv (zlato, nemovitosti)<\/td>\n<td>R\u016fst cen aktiv<\/td>\n<td>Asset bubliny a dal\u0161\u00ed nestabilita<\/td>\n<\/tr>\n<tr>\n<td>O\u010dek\u00e1v\u00e1n\u00ed inflace<\/td>\n<td>Firmy a dom\u00e1cnosti o\u010dek\u00e1vaj\u00ed vy\u0161\u0161\u00ed ceny<\/td>\n<td>P\u0159edz\u00e1soben\u00ed, rychlej\u0161\u00ed utr\u00e1cen\u00ed<\/td>\n<td>Samoposiluj\u00edc\u00ed infla\u010dn\u00ed spir\u00e1la<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>Devalvace americk\u00fdch st\u00e1tn\u00edch dluhopis\u016f: tich\u00e9 epicentrum krize<\/h3>\n<p>Je\u0161t\u011b z\u00e1va\u017en\u011bj\u0161\u00ed ne\u017e p\u0159\u00edm\u00fd r\u016fst cen je dopad na trh americk\u00fdch st\u00e1tn\u00edch dluhopis\u016f. Ty tvo\u0159\u00ed p\u00e1te\u0159 glob\u00e1ln\u00edho finan\u010dn\u00edho syst\u00e9mu a jsou pova\u017eov\u00e1ny za\u00a0<em>nejjist\u011bj\u0161\u00ed<\/em>\u00a0aktivum na sv\u011bt\u011b. Pokud v\u0161ak v\u00fdnosy z t\u011bchto dluhopis\u016f p\u0159estanou kompenzovat inflaci a kurzov\u00e9 ztr\u00e1ty dolaru, investo\u0159i je za\u010dnou masivn\u011b vyprod\u00e1vat.<\/p>\n<p>V praxi to znamen\u00e1 devalvaci americk\u00fdch\u00a0<em>treasuries<\/em>: jejich sekund\u00e1rn\u00ed tr\u017en\u00ed cena kles\u00e1, zat\u00edmco nomin\u00e1ln\u00ed hodnota z\u016fst\u00e1v\u00e1 stejn\u00e1. Instituce \u2013 od komer\u010dn\u00edch bank p\u0159es fondy a\u017e po centr\u00e1ln\u00ed banky \u2013 pak dr\u017e\u00ed aktiva, kter\u00e1 v re\u00e1ln\u00e9m vyj\u00e1d\u0159en\u00ed ztr\u00e1cej\u00ed hodnotu. To podkop\u00e1v\u00e1 d\u016fv\u011bru nejen v americkou vl\u00e1du, ale i v cel\u00fd syst\u00e9m dluhov\u00e9ho financov\u00e1n\u00ed z\u00e1padn\u00edch ekonomik.<\/p>\n<h3>\u00dat\u011bk zahrani\u010dn\u00edch investor\u016f a ot\u0159es glob\u00e1ln\u00edho kapit\u00e1lov\u00e9ho trhu<\/h3>\n<p>Glob\u00e1ln\u00ed kapit\u00e1l je extr\u00e9mn\u011b citliv\u00fd na sign\u00e1ly, \u017ee centr\u00e1ln\u00ed banka jedn\u00e1 pod politick\u00fdm tlakem. Pokud trhy uv\u011b\u0159\u00ed, \u017ee FED u\u017e nen\u00ed nez\u00e1visl\u00fd, logick\u00fdm krokem je odchod z americk\u00fdch aktiv. To se projevuje nejen propadem akciov\u00fdch index\u016f na Wall Street, ale i poklesem popt\u00e1vky po nov\u011b emitovan\u00fdch st\u00e1tn\u00edch dluhopisech a p\u0159esunem pen\u011bz do evropsk\u00fdch, japonsk\u00fdch \u010di \u0161v\u00fdcarsk\u00fdch aktiv, p\u0159\u00edpadn\u011b rovnou do zlata.<\/p>\n<div class=\"twitter-tweet twitter-tweet-rendered\"><iframe id=\"twitter-widget-1\" class=\"\" title=\"X Post\" src=\"https:\/\/platform.twitter.com\/embed\/Tweet.html?dnt=false&amp;embedId=twitter-widget-1&amp;features=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%3D%3D&amp;frame=false&amp;hideCard=false&amp;hideThread=false&amp;id=2017262263288160735&amp;lang=cs&amp;origin=https%3A%2F%2Faeronet.news%2Fdonald-trump-zahajil-likvidaci-americkeho-dolaru-pote-co-sesadil-sefa-fedu-ktery-na-jeho-prikaz-nechtel-radikalne-snizit-urokove-sazby-nemecky-regulator-varuje-pred-ohrozenim-pozice-dolaru%2F&amp;sessionId=09b4127662083fb53cc882563148f969f6b28eaa&amp;theme=light&amp;widgetsVersion=2615f7e52b7e0%3A1702314776716&amp;width=550px\" frameborder=\"0\" scrolling=\"no\" allowfullscreen=\"allowfullscreen\" data-tweet-id=\"2017262263288160735\" data-mce-fragment=\"1\"><\/iframe><\/div>\n<p>Podle informac\u00ed z p\u00e1te\u010dn\u00edho ve\u010dera si Trump \u00fadajn\u011b za nov\u00e9ho \u0161\u00e9fa FEDu vybere\u00a0<strong>\u017eidovsk\u00e9ho finan\u010dn\u00edka a sv\u00e9ho p\u0159\u00edtele se z\u00e1jmem o investice v Gr\u00f3nsku Kevina Warshe.<\/strong>\u00a0Ten byl sice zast\u00e1ncem n\u00edzk\u00e9 inflace a vy\u0161\u0161\u00edch \u00farokov\u00fdch sazeb, ale ned\u00e1vno zm\u011bnil postoje a p\u0159idal se na stranu Trumpa, \u017ee je pot\u0159eba sn\u00ed\u017eit \u00farokov\u00e9 sazby FEDu, co\u017e Jerome Powell odm\u00edtal.<\/p>\n<p>Za norm\u00e1ln\u00edch okolnost\u00ed by m\u00edrn\u00e9 sn\u00ed\u017een\u00ed sazeb vedlo k r\u016fstu akci\u00ed d\u00edky levn\u011bj\u0161\u00edm \u00fav\u011br\u016fm a vy\u0161\u0161\u00ed ochot\u011b riskovat. V prost\u0159ed\u00ed, kde je zpochybn\u011bna d\u016fv\u011bra v samotnou m\u011bnu, v\u0161ak tento mechanismus nefunguje: investo\u0159i rad\u011bji akcie prod\u00e1vaj\u00ed, aby unikli riziku m\u011bnov\u00e9ho kolapsu.<\/p>\n<h3>Dopady na spot\u0159ebitelsk\u00fd trh v USA: dra\u017e\u0161\u00ed j\u00eddlo, energie i bydlen\u00ed<\/h3>\n<p>Makroekonomick\u00e9 grafy a indexy jsou jedna v\u011bc, ka\u017edodenn\u00ed \u017eivot americk\u00fdch dom\u00e1cnost\u00ed druh\u00e1. Pokud nov\u00fd \u0161\u00e9f FEDu pod tlakem B\u00edl\u00e9ho domu sn\u00ed\u017e\u00ed sazby, zat\u00edmco dolar bude d\u00e1l sl\u00e1bnout, projev\u00ed se to velmi rychle v pen\u011b\u017eenk\u00e1ch oby\u010dejn\u00fdch lid\u00ed.<\/p>\n<p>Dovozn\u00ed zbo\u017e\u00ed \u2013 od elektroniky p\u0159es oble\u010den\u00ed a\u017e po potraviny \u2013 skokov\u011b zdra\u017e\u00ed. Obchody budou nuceny prom\u00edtnout vy\u0161\u0161\u00ed n\u00e1kupn\u00ed ceny do koncov\u00fdch cen na pultech. Inflace zas\u00e1hne zejm\u00e9na ni\u017e\u0161\u00ed a st\u0159edn\u00ed p\u0159\u00edjmov\u00e9 skupiny, kter\u00e9 utr\u00e1cej\u00ed v\u011bt\u0161inu sv\u00fdch pen\u011bz za z\u00e1kladn\u00ed pot\u0159eby. Zdra\u017e\u00ed tak\u00e9 energie: ropa, plyn i elekt\u0159ina, co\u017e se odraz\u00ed jak v cen\u00e1ch benz\u00ednu a nafty na \u010derpac\u00edch stanic\u00edch, tak v \u00fa\u010dtech za topen\u00ed a elektrickou energii.<\/p>\n<p>Realitn\u00ed trh se m\u016f\u017ee dostat do paradoxn\u00ed situace. Na jedn\u00e9 stran\u011b ni\u017e\u0161\u00ed sazby zlevn\u00ed hypot\u00e9ky, na druh\u00e9 stran\u011b v\u0161ak inflace a dra\u017e\u0161\u00ed materi\u00e1ly zv\u00fd\u0161\u00ed ceny nemovitost\u00ed. Banky nav\u00edc mohou v dob\u011b m\u011bnov\u00e9 nejistoty zp\u0159\u00edsnit \u00fav\u011brov\u00e9 standardy. V\u00fdsledkem bude kombinace form\u00e1ln\u011b dostupn\u00fdch, ale prakticky obt\u00ed\u017en\u011b dosa\u017eiteln\u00fdch \u00fav\u011br\u016f a st\u00e1le dra\u017e\u0161\u00edho bydlen\u00ed.<\/p>\n<h3>Skon\u010d\u00ed dolar jako sv\u011btov\u00e1 m\u011bna? Ano. Skute\u010dnou ot\u00e1zku ale je, jak rychl\u00fd kolaps to bude<\/h3>\n<p>Ot\u00e1zka, kter\u00e1 je\u0161t\u011b ned\u00e1vno pat\u0159ila do sf\u00e9ry akademick\u00fdch debat, dnes zazn\u00edv\u00e1 v hlavn\u00edch zpr\u00e1v\u00e1ch: m\u016f\u017ee sou\u010dasn\u00e1 krize skute\u010dn\u011b znamenat konec dolaru jako dominantn\u00ed sv\u011btov\u00e9 m\u011bny? Peter Schiff tvrd\u00ed, \u017ee ano, a \u017ee zlato ho nakonec nahrad\u00ed. Evropsk\u00e9 instituce, v\u010detn\u011b BaFin, jsou opatrn\u011bj\u0161\u00ed, nicm\u00e9n\u011b p\u0159izn\u00e1vaj\u00ed, \u017ee sv\u011bt se m\u016f\u017ee posunout k multipol\u00e1rn\u00edmu m\u011bnov\u00e9mu syst\u00e9mu.<\/p>\n<div class=\"twitter-tweet twitter-tweet-rendered\"><iframe id=\"twitter-widget-2\" class=\"\" title=\"X Post\" src=\"https:\/\/platform.twitter.com\/embed\/Tweet.html?dnt=false&amp;embedId=twitter-widget-2&amp;features=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%3D%3D&amp;frame=false&amp;hideCard=false&amp;hideThread=false&amp;id=2017004762613301588&amp;lang=cs&amp;origin=https%3A%2F%2Faeronet.news%2Fdonald-trump-zahajil-likvidaci-americkeho-dolaru-pote-co-sesadil-sefa-fedu-ktery-na-jeho-prikaz-nechtel-radikalne-snizit-urokove-sazby-nemecky-regulator-varuje-pred-ohrozenim-pozice-dolaru%2F&amp;sessionId=09b4127662083fb53cc882563148f969f6b28eaa&amp;theme=light&amp;widgetsVersion=2615f7e52b7e0%3A1702314776716&amp;width=550px\" frameborder=\"0\" scrolling=\"no\" allowfullscreen=\"allowfullscreen\" data-tweet-id=\"2017004762613301588\" data-mce-fragment=\"1\"><\/iframe><\/div>\n<p>Re\u00e1ln\u00fd sc\u00e9n\u00e1\u0159 pravd\u011bpodobn\u011b spo\u010d\u00edv\u00e1 v kombinaci oboj\u00edho: dolar z\u016fstane d\u016fle\u017eitou m\u011bnou, ale jeho pod\u00edl na sv\u011btov\u00fdch rezerv\u00e1ch klesne.\u00a0<strong>Centr\u00e1ln\u00ed banky za\u010dnou ve v\u011bt\u0161\u00ed m\u00ed\u0159e diverzifikovat do eura, j\u00fcanu a zlata.<\/strong>\u00a0Pro USA to bude znamenat ztr\u00e1tu \u010d\u00e1sti geopolitick\u00e9ho vlivu, proto\u017ee schopnost financovat deficity za pomoci vlastn\u00ed rezervn\u00ed m\u011bny je jedn\u00edm z pil\u00ed\u0159\u016f americk\u00e9 moci.<\/p>\n<h3>USA stoj\u00ed na m\u011bnov\u00e9m rozcest\u00ed<\/h3>\n<p>Spojen\u00e9 st\u00e1ty dnes stoj\u00ed na historick\u00e9m rozcest\u00ed. Na jedn\u00e9 stran\u011b je cesta politicky \u0159\u00edzen\u00e9ho sni\u017eov\u00e1n\u00ed sazeb, kter\u00e1 m\u016f\u017ee kr\u00e1tkodob\u011b zm\u00edrnit bolest vysok\u00fdch \u00farok\u016f, ale z\u00e1rove\u0148 hroz\u00ed, \u017ee rozto\u010d\u00ed infla\u010dn\u00ed spir\u00e1lu, znehodnot\u00ed st\u00e1tn\u00ed dluhopisy a urychl\u00ed odklon sv\u011bta od dolaru. Na druh\u00e9 stran\u011b je cesta obnoven\u00ed nez\u00e1vislosti FEDu, bolestn\u00e9ho uta\u017een\u00ed opask\u016f a postupn\u00e9 obnovy d\u016fv\u011bry v americkou m\u011bnu.<\/p>\n<div class=\"twitter-tweet twitter-tweet-rendered\"><iframe id=\"twitter-widget-3\" class=\"\" title=\"X Post\" src=\"https:\/\/platform.twitter.com\/embed\/Tweet.html?dnt=false&amp;embedId=twitter-widget-3&amp;features=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%3D%3D&amp;frame=false&amp;hideCard=false&amp;hideThread=false&amp;id=2016549774800150687&amp;lang=cs&amp;origin=https%3A%2F%2Faeronet.news%2Fdonald-trump-zahajil-likvidaci-americkeho-dolaru-pote-co-sesadil-sefa-fedu-ktery-na-jeho-prikaz-nechtel-radikalne-snizit-urokove-sazby-nemecky-regulator-varuje-pred-ohrozenim-pozice-dolaru%2F&amp;sessionId=09b4127662083fb53cc882563148f969f6b28eaa&amp;theme=light&amp;widgetsVersion=2615f7e52b7e0%3A1702314776716&amp;width=550px\" frameborder=\"0\" scrolling=\"no\" allowfullscreen=\"allowfullscreen\" data-tweet-id=\"2016549774800150687\" data-mce-fragment=\"1\"><\/iframe><\/div>\n<p>Krize, kterou odstartovalo odvol\u00e1n\u00ed \u0161\u00e9fa FEDu, u\u017e d\u00e1vno nen\u00ed jen sporem dvou mu\u017e\u016f o v\u00fd\u0161i sazeb. Stala se testem toho, zda m\u016f\u017ee modern\u00ed demokracie ust\u00e1t poku\u0161en\u00ed ohnout instituce podle kr\u00e1tkodob\u00fdch politick\u00fdch pot\u0159eb, ani\u017e by p\u0159itom zni\u010dila z\u00e1kladn\u00ed d\u016fv\u011bru, na n\u00ed\u017e stoj\u00ed cel\u00fd finan\u010dn\u00ed syst\u00e9m.<\/p>\n<p>A\u0165 u\u017e se USA vydaj\u00ed kteroukoli cestou, je pravd\u011bpodobn\u00e9, \u017ee\u00a0<strong>sv\u011bt se po t\u00e9to epizod\u011b probud\u00ed do nov\u00e9 m\u011bnov\u00e9 reality \u2013 s dra\u017e\u0161\u00edm zlatem, oslaben\u00fdm dolarem<\/strong>\u00a0a investory, kte\u0159\u00ed si budou p\u0159\u00ed\u0161t\u011b d\u00e1vat mnohem v\u011bt\u0161\u00ed pozor na to, kdo skute\u010dn\u011b \u0159\u00edd\u00ed centr\u00e1ln\u00ed banku nejv\u011bt\u0161\u00ed ekonomiky sv\u011bta.<\/p>\n<h3>BaFin: Dominance dolaru jako rezervn\u00ed m\u011bny je v\u00e1\u017en\u011b ohro\u017eena<\/h3>\n<p>N\u011bmeck\u00fd regul\u00e1tor BaFin vydal nal\u00e9havou anal\u00fdzu, ve kter\u00e9 uv\u00e1d\u00ed, \u017ee pozice dolaru jako glob\u00e1ln\u00ed rezervn\u00ed m\u011bny je re\u00e1ln\u011b ohro\u017een\u00e1. Podle BaFin maj\u00ed sou\u010dasn\u00e9 turbulence dopad na:<\/p>\n<ul>\n<li>evropsk\u00e9 banky dr\u017e\u00edc\u00ed dolarov\u00e9 dluhopisy,<\/li>\n<li>mezibankovn\u00ed likviditu v eurech a dolarech,<\/li>\n<li>financov\u00e1n\u00ed sv\u011btov\u00e9ho obchodu, kter\u00fd je z velk\u00e9 \u010d\u00e1sti denominovan\u00fd v USD,<\/li>\n<li>stabilitu evropsk\u00fdch penzijn\u00edch fond\u016f napojen\u00fdch na americk\u00e9 st\u00e1tn\u00ed dluhopisy.<\/li>\n<\/ul>\n<p>BaFin tak\u00e9 upozor\u0148uje, \u017ee trh poprv\u00e9 od roku 1944 re\u00e1ln\u011b diskutuje mo\u017enost, \u017ee dolar m\u016f\u017ee p\u0159estat b\u00fdt dominantn\u00ed rezervn\u00ed m\u011bnou, pokud dojde k rapidn\u00edmu sn\u00ed\u017een\u00ed sazeb pod politick\u00fdm tlakem.<\/p>\n<h3>Jak\u00fd bude dopad, pokud nov\u00fd \u0161\u00e9f FEDu skute\u010dn\u011b sn\u00ed\u017e\u00ed \u00farokov\u00e9 sazby?<\/h3>\n<p>Nov\u011b jmenovan\u00fd guvern\u00e9r FEDu \u2013 jeho jm\u00e9no je\u0161t\u011b ofici\u00e1ln\u011b nefiguruje v dokumentech, ale B\u00edl\u00fd d\u016fm potvrdil rychlou nominaci \u2013 m\u016f\u017ee b\u00fdt vystaven masivn\u00edmu tlaku prezidenta, aby razantn\u011b sn\u00ed\u017eil sazby. Tento krok m\u00e1 potenci\u00e1l zhor\u0161it krizi a\u017e na \u00farove\u0148 m\u011bnov\u00e9 destabilizace USA.<\/p>\n<p>Hlavn\u00ed dopady takov\u00e9ho kroku budou m\u00edt n\u011bkolik rovin:<\/p>\n<ul>\n<li><strong>Rozto\u010den\u00ed inflace<\/strong>\u00a0\u2013 levn\u011bj\u0161\u00ed pen\u00edze v kombinaci s oslaben\u00fdm dolarem povedou k rychl\u00e9mu r\u016fstu cen,<\/li>\n<li><strong>Devalvaci americk\u00fdch st\u00e1tn\u00edch dluhopis\u016f<\/strong>\u00a0\u2013 trh p\u0159estane v\u011b\u0159it, \u017ee v\u00fdnosy kompenzuj\u00ed inflaci, a hodnota bond\u016f spadne,<\/li>\n<li><strong>\u00dat\u011bk zahrani\u010dn\u00edch investor\u016f<\/strong>\u00a0\u2013 kapit\u00e1l se p\u0159esune z USA do jin\u00fdch m\u011bn a do zlata,<\/li>\n<li><strong>Prudk\u00fd r\u016fst cen na spot\u0159ebitelsk\u00e9m trhu v USA<\/strong>\u00a0\u2013 zdra\u017e\u00ed dovoz, energie, bydlen\u00ed i ka\u017edodenn\u00ed zbo\u017e\u00ed.<\/li>\n<\/ul>\n<p>N\u00ed\u017ee jsou tyto dopady rozvedeny podrobn\u011bji.<\/p>\n<h3>1. Rozto\u010den\u00ed inflace<\/h3>\n<p>Pokud FED pod politick\u00fdm tlakem sn\u00ed\u017e\u00ed \u00farokov\u00e9 sazby v prost\u0159ed\u00ed rychle sl\u00e1bnouc\u00edho dolaru, rekordn\u00edch cen komodit a masivn\u00edho p\u0159esunu kapit\u00e1lu do zlata, m\u016f\u017ee doj\u00edt k explozivn\u00edmu r\u016fstu inflace.<\/p>\n<p>Sn\u00ed\u017een\u00edm sazeb dojde k levn\u011bj\u0161\u00edmu \u00fav\u011brov\u00e1n\u00ed, rychlej\u0161\u00edmu ob\u011bhu pen\u011bz, v\u011bt\u0161\u00ed popt\u00e1vce po \u00fav\u011brech dom\u00e1cnost\u00ed a zv\u00fd\u0161en\u00e9mu tlaku na r\u016fst cen zbo\u017e\u00ed i slu\u017eeb. Tento proces bude umocn\u011bn oslaben\u00fdm dolarem, kter\u00fd zp\u016fsob\u00ed, \u017ee dovozn\u00ed ceny dramaticky vzrostou \u2013 od elektroniky po potraviny.<\/p>\n<p>V\u00fdsledkem m\u016f\u017ee b\u00fdt n\u00e1vrat inflace k dvoucifern\u00fdm hodnot\u00e1m, co\u017e USA za\u017eily naposledy v 70. letech.<\/p>\n<h3>2. Devalvace americk\u00fdch st\u00e1tn\u00edch dluhopis\u016f<\/h3>\n<p>Sn\u00ed\u017een\u00ed sazeb v prost\u0159ed\u00ed, kdy dolar pad\u00e1, m\u00e1 z\u00e1sadn\u00ed dopad i na trh s americk\u00fdmi st\u00e1tn\u00edmi dluhopisy (treasuries).<\/p>\n<p>Stane se n\u00e1sleduj\u00edc\u00ed:<\/p>\n<ul>\n<li>investo\u0159i za\u010dnou masivn\u011b vyprod\u00e1vat dolarov\u00e9 dluhopisy, proto\u017ee jejich v\u00fdnosy nebudou kompenzovat inflaci,<\/li>\n<li>hodnota star\u0161\u00edch dluhopis\u016f s n\u00edzk\u00fdm v\u00fdnosem se propadne,<\/li>\n<li>v\u00fdnosov\u00e1 k\u0159ivka se zdeformuje,<\/li>\n<li>USA budou m\u00edt mnohem dra\u017e\u0161\u00ed financov\u00e1n\u00ed sv\u00e9ho rekordn\u00edho dluhu,<\/li>\n<li>dojde k potenci\u00e1ln\u00edmu selh\u00e1n\u00ed n\u011bkter\u00fdch instituc\u00ed, kter\u00e9 dr\u017e\u00ed velk\u00e9 objemy dlouhodob\u00fdch americk\u00fdch bond\u016f.<\/li>\n<\/ul>\n<p>Nejde jen o riziko finan\u010dn\u00edch instituc\u00ed, ale i o radik\u00e1ln\u00ed zpochybn\u011bn\u00ed d\u016fv\u011bry ve fisk\u00e1ln\u00ed schopnost USA uhradit sv\u00e9 z\u00e1vazky v re\u00e1ln\u00e9 hodnot\u011b. V extr\u00e9mn\u00edm sc\u00e9n\u00e1\u0159i m\u016f\u017ee trh p\u0159estat kupovat \u010d\u00e1st americk\u00fdch dluhopis\u016f, pokud nedojde ke stabilizaci m\u011bny i monet\u00e1rn\u00ed politiky.<\/p>\n<h3>3. \u00dat\u011bk zahrani\u010dn\u00edch investor\u016f<\/h3>\n<p>Glob\u00e1ln\u00ed kapit\u00e1l je extr\u00e9mn\u011b citliv\u00fd na riziko politick\u00fdch z\u00e1sah\u016f do m\u011bnov\u00e9 politiky. V okam\u017eiku, kdy investo\u0159i uv\u011b\u0159\u00ed, \u017ee FED p\u0159estal b\u00fdt nez\u00e1visl\u00fd, doch\u00e1z\u00ed k:<\/p>\n<ul>\n<li>odlivu investic z americk\u00fdch akci\u00ed,<\/li>\n<li>p\u0159esunu pen\u011bz do evropsk\u00fdch, japonsk\u00fdch a \u0161v\u00fdcarsk\u00fdch m\u011bn,<\/li>\n<li>masivn\u00edmu r\u016fstu popt\u00e1vky po zlat\u011b,<\/li>\n<li>propadu americk\u00fdch index\u016f.<\/li>\n<\/ul>\n<p>Je to pr\u00e1v\u011b d\u016fv\u011bra v pravidla a p\u0159edv\u00eddatelnost, co d\u011blalo dolar siln\u00fdm. Ztr\u00e1ta t\u00e9to d\u016fv\u011bry m\u016f\u017ee b\u00fdt devastuj\u00edc\u00ed.<\/p>\n<h3>4. Spot\u0159ebitelsk\u00fd trh v USA: prudk\u00fd r\u016fst cen<\/h3>\n<p>Sn\u00ed\u017een\u00ed sazeb v kombinaci s oslaben\u00fdm dolarem zas\u00e1hne ka\u017edodenn\u00ed \u017eivot Ameri\u010dan\u016f mnohem citeln\u011bji, ne\u017e ukazuj\u00ed souhrnn\u00e1 makroekonomick\u00e1 \u010d\u00edsla.<\/p>\n<h3>a) Dovozn\u00ed zbo\u017e\u00ed skokov\u011b zdra\u017e\u00ed<\/h3>\n<p>USA jsou jedn\u00edm z nejv\u011bt\u0161\u00edch sv\u011btov\u00fdch dovozc\u016f spot\u0159ebn\u00ed elektroniky, textilu, l\u00e9k\u016f, automobilov\u00fdch d\u00edl\u016f a pr\u016fmyslov\u00e9ho materi\u00e1lu. Slab\u00fd dolar znamen\u00e1, \u017ee telefony, po\u010d\u00edta\u010de, od\u011bvy, potraviny a pohonn\u00e9 hmoty v\u00fdrazn\u011b zdra\u017e\u00ed, proto\u017ee jejich cena je nav\u00e1z\u00e1na na glob\u00e1ln\u00ed trhy a v\u011bt\u0161inu import\u016f USA plat\u00ed v USD.<\/p>\n<h3>b) Dom\u00e1cnosti poc\u00edt\u00ed propad kupn\u00ed s\u00edly<\/h3>\n<p>I kdy\u017e sn\u00ed\u017een\u00ed sazeb kr\u00e1tkodob\u011b zlevn\u00ed hypot\u00e9ky a \u00fav\u011bry, celkov\u00fd efekt bude opa\u010dn\u00fd: vysok\u00e1 inflace za\u010dne po\u017e\u00edrat re\u00e1ln\u00e9 p\u0159\u00edjmy dom\u00e1cnost\u00ed. V\u00fdsledkem bude pokles spot\u0159ebitelsk\u00e9 popt\u00e1vky, co\u017e n\u00e1sledn\u011b zas\u00e1hne firmy a m\u016f\u017ee vyvolat vlnu propou\u0161t\u011bn\u00ed.<\/p>\n<h3>c) Realitn\u00ed trh se m\u016f\u017ee dostat do paradoxn\u00ed situace<\/h3>\n<p>N\u00edzk\u00e9 sazby by obvykle znamenaly lep\u0161\u00ed dostupnost hypote\u010dn\u00edch \u00fav\u011br\u016f a zv\u00fd\u0161enou popt\u00e1vku po bydlen\u00ed. Jen\u017ee v kombinaci s m\u011bnovou kriz\u00ed dojde k r\u016fstu cen stavebn\u00edch materi\u00e1l\u016f, zdra\u017een\u00ed importovan\u00fdch technologi\u00ed a poklesu ochoty bank poskytovat \u00fav\u011bry p\u0159i vysok\u00e9 inflaci. Realitn\u00ed trh tak m\u016f\u017ee za\u017e\u00edt nestandardn\u00ed mix levn\u00fdch hypot\u00e9k, ale drah\u00fdch dom\u016f.<\/p>\n<h3>d) Zdra\u017een\u00ed energi\u00ed<\/h3>\n<p>Ropa, plyn i elekt\u0159ina pat\u0159\u00ed mezi kl\u00ed\u010dov\u00e9 polo\u017eky, kter\u00e9 rychle reaguj\u00ed na kol\u00eds\u00e1n\u00ed dolaru. Pokud dolar oslabuje, energie v USA zdra\u017euj\u00ed, proto\u017ee importovan\u00e1 ropa se kupuje za m\u00e9n\u011b hodnotn\u00fd dolar. V\u00fdsledkem m\u016f\u017ee b\u00fdt vy\u0161\u0161\u00ed cena benz\u00ednu a nafty, dra\u017e\u0161\u00ed doprava, r\u016fst cen potravin i r\u016fst cen zbo\u017e\u00ed, jeho\u017e logistika je energeticky n\u00e1ro\u010dn\u00e1.<\/p>\n<h3>Sn\u00ed\u017een\u00ed sazeb jako politick\u00e9 gesto \u2013 nebo za\u010d\u00e1tek m\u011bnov\u00e9 spir\u00e1ly? Nov\u00fdm \u0161\u00e9fem FEDu bude man\u017eel vnu\u010dky \u0161\u00e9fa Sv\u011btov\u00e9ho \u017eidovsk\u00e9ho kongresu<\/h3>\n<p>Hlavn\u00ed obava analytik\u016f spo\u010d\u00edv\u00e1 v tom, \u017ee sn\u00ed\u017een\u00ed sazeb bude politicky motivovan\u00e9, nikoliv ekonomicky od\u016fvodn\u011bn\u00e9. Pokud FED ztratil nez\u00e1vislost, pak dolar ztr\u00e1c\u00ed kotvu, trhy ztr\u00e1c\u00ed d\u016fv\u011bru, investo\u0159i odch\u00e1zej\u00ed, ceny zlata a dal\u0161\u00edch bezpe\u010dn\u00fdch aktiv prudce rostou, dluhopisy ztr\u00e1c\u00ed hodnotu a dom\u00e1cnosti chudnou. Tento \u0159et\u011bzec je samo-posiluj\u00edc\u00ed a m\u016f\u017ee p\u0159er\u016fst v mnohaletou m\u011bnovou krizi, z n\u00ed\u017e se USA budou jen velmi t\u011b\u017eko dost\u00e1vat.<\/p>\n<p><strong>Kevin Warsh, pokud bude opravdu jmenov\u00e1n nov\u00fdm \u0161\u00e9fem FEDu, m\u00e1 za man\u017eelku Jane Lauder,\u00a0vnu\u010dku americk\u00e9ho miliard\u00e1\u0159e a \u0161\u00e9fa Sv\u011btov\u00e9ho \u017eidovsk\u00e9ho kongresu Ronalda Laudera.<\/strong>\u00a0To jenom na dokreslen\u00ed, abyste pochopili, \u017ee toto jmenov\u00e1n\u00ed nerzhodne Trump, ale ti, kter\u00fdm slo\u017eil slib\u00a0<em>halachy<\/em>. Trump je v\u00fdstavn\u00ed\u00a0<em>\u0161\u00e1besg\u00f3j<\/em>\u00a0a\u00a0<em>felon<\/em>, kter\u00fd byl zachr\u00e1n\u011bn p\u0159ed krimin\u00e1lem, aby nyn\u00ed poslu\u0161n\u011b slou\u017eil. A slou\u017e\u00ed jako drak. Napad\u00e1 vojensky ciz\u00ed zem\u011b, un\u00e1\u0161\u00ed prezidenty, hroz\u00ed v\u00e1lkami dalek\u00fdm zem\u00edm i soused\u016fm, blok\u00e1dami, prost\u011b d\u011bl\u00e1 to, co mu ti, kter\u00fdm slou\u017e\u00ed, \u0159eknou a poru\u010d\u00ed. A b\u011bda, pokud by neud\u011blal. A tak jest d\u00e1no.<\/p>\n<div class=\"twitter-tweet twitter-tweet-rendered\"><iframe id=\"twitter-widget-4\" class=\"\" title=\"X Post\" src=\"https:\/\/platform.twitter.com\/embed\/Tweet.html?dnt=false&amp;embedId=twitter-widget-4&amp;features=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%3D%3D&amp;frame=false&amp;hideCard=false&amp;hideThread=false&amp;id=2017261742095802730&amp;lang=cs&amp;origin=https%3A%2F%2Faeronet.news%2Fdonald-trump-zahajil-likvidaci-americkeho-dolaru-pote-co-sesadil-sefa-fedu-ktery-na-jeho-prikaz-nechtel-radikalne-snizit-urokove-sazby-nemecky-regulator-varuje-pred-ohrozenim-pozice-dolaru%2F&amp;sessionId=09b4127662083fb53cc882563148f969f6b28eaa&amp;theme=light&amp;widgetsVersion=2615f7e52b7e0%3A1702314776716&amp;width=550px\" frameborder=\"0\" scrolling=\"no\" allowfullscreen=\"allowfullscreen\" data-tweet-id=\"2017261742095802730\" data-mce-fragment=\"1\"><\/iframe><\/div>\n<p>Prakticky tento Trump\u016fv agresivn\u00ed z\u00e1sah do fungov\u00e1n\u00ed FEDu znamen\u00e1 drastick\u00e9 omezen\u00ed monet\u00e1rn\u00ed politiky, n\u00e1vrat ke kvazi-zlat\u00e9mu standardu, destrukci americk\u00e9 rozpo\u010dtov\u00e9 flexibility a nutnost masivn\u00ed fisk\u00e1ln\u00ed discipl\u00edny, kterou USA neaplikuj\u00ed n\u011bkolik desetilet\u00ed. Schiff tvrd\u00ed, \u017ee dolar jako rezervn\u00ed m\u011bna \u201e<em>skon\u010d\u00ed<\/em>\u201c. \u0158ada analytik\u016f v\u0161ak upozor\u0148uje, \u017ee jde sp\u00ed\u0161e o dlouhodob\u00fd proces, kter\u00fd m\u016f\u017ee v\u00e9st k multipol\u00e1rn\u00edmu m\u011bnov\u00e9mu syst\u00e9mu (USD + EUR + CNY), pos\u00edlen\u00ed zlata jako rezervn\u00edho aktiva centr\u00e1ln\u00edch bank a posunu sv\u011btov\u00e9ho obchodu k diverzifikovan\u00fdm m\u011bn\u00e1m.<\/p>\n<p>Americk\u00e1 ekonomika \u010del\u00ed nejprud\u0161\u00edmu propadu dolaru v novodob\u00e9 historii, masivn\u00edmu odlivu kapit\u00e1lu, rekordn\u00edmu r\u016fstu cen zlata USD za unci, ohro\u017een\u00ed pozice dolaru jako sv\u011btov\u00e9 rezervn\u00ed m\u011bny, mo\u017enosti explozivn\u00edho r\u016fstu inflace, pokud nov\u00fd \u0161\u00e9f FEDu pod politick\u00fdm tlakem sn\u00ed\u017e\u00ed sazby, devalvaci americk\u00fdch st\u00e1tn\u00edch dluhopis\u016f, kter\u00e1 m\u016f\u017ee zas\u00e1hnout glob\u00e1ln\u00ed bankovn\u00ed syst\u00e9m, a siln\u00e9mu dopadu na spot\u0159ebitelsk\u00e9 ceny v USA. Kombinace politick\u00e9ho z\u00e1sahu do nez\u00e1vislosti centr\u00e1ln\u00ed banky a prudk\u00e9 reakce trh\u016f vytv\u00e1\u0159\u00ed prost\u0159ed\u00ed, kter\u00e9 m\u00e1 za c\u00edl p\u0159epsat geopolitickou a ekonomickou mapu sv\u011bta, co\u017e je p\u0159esn\u011b ten \u00fakol, kter\u00fd byl Trumpovi sv\u011b\u0159en.<\/p>\n<p><a href=\"https:\/\/aeronet.news\/donald-trump-zahajil-likvidaci-americkeho-dolaru-pote-co-sesadil-sefa-fedu-ktery-na-jeho-prikaz-nechtel-radikalne-snizit-urokove-sazby-nemecky-regulator-varuje-pred-ohrozenim-pozice-dolaru\/\">-VK-<\/a><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Donald Trump zah\u00e1jil likvidaci americk\u00e9ho dolaru pot\u00e9, co sesadil \u0161\u00e9fa FEDu, kter\u00fd na jeho p\u0159\u00edkaz&#8230;<\/p>\n","protected":false},"author":2,"featured_media":98285,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[6],"tags":[1042,1324,426,371,452,693],"_links":{"self":[{"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/posts\/98284"}],"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=98284"}],"version-history":[{"count":0,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/posts\/98284\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/media\/98285"}],"wp:attachment":[{"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/media?parent=98284"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/categories?post=98284"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/tags?post=98284"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}