{"id":275702,"date":"2023-03-26T12:54:15","date_gmt":"2023-03-26T11:54:15","guid":{"rendered":"https:\/\/zakrasnejsivimperk.cz\/?p=275702"},"modified":"2023-03-28T12:58:47","modified_gmt":"2023-03-28T11:58:47","slug":"vladimir-pikora-americke-banky-mozna-ukazou-jak-byl-guverner-michl-proziravy-ze-sazby-nezvysoval","status":"publish","type":"post","link":"https:\/\/zakrasnejsivimperk.cz\/?p=275702","title":{"rendered":"VLADIM\u00cdR PIKORA: Americk\u00e9 banky mo\u017en\u00e1 uk\u00e1\u017eou, jak byl guvern\u00e9r Michl proz\u00edrav\u00fd, \u017ee sazby nezvy\u0161oval"},"content":{"rendered":"
\u010cesk\u00e1 n\u00e1rodn\u00ed banka (\u010cNB) se dostala v posledn\u00edm roce pod nezvyklou kritiku. Zat\u00edmco p\u016fvodn\u011b se mohlo zd\u00e1t, \u017ee je absolutn\u011b v\u0161e \u0161patn\u011b. Dnes se ukazuje prav\u00fd opak. \u010cNB a jej\u00ed politika je lep\u0161\u00ed, ne\u017e se myslelo.<\/h6>\n

\"\"V\u0161e za\u010dalo u\u017e t\u00edm, \u017ee se mnoz\u00ed stav\u011bli proti jmenov\u00e1n\u00ed Ale\u0161e Michla na post guvern\u00e9ra \u010cNB. Poda\u0159ilo se jim dokonce do zahrani\u010dn\u00edch m\u00e9di\u00ed dostat zpr\u00e1vy o tom, jak je Michl \u0161patn\u00fd, a\u017e z toho za\u010dali zahrani\u010dn\u00ed spekulanti, kte\u0159\u00ed netu\u0161ili, kdo Michl je, prod\u00e1vat korunu. P\u00e1d koruny v\u0161ak brzo skon\u010dil a nastal obrat. B\u011bhem p\u00e1r m\u011bs\u00edc\u016f se uk\u00e1zalo, \u017ee s Michlem nep\u0159i\u0161la \u017e\u00e1dn\u00e1 trag\u00e9die, a koruna nejprve s pomoc\u00ed \u010cNB a potom i bez n\u00ed pos\u00edlila v\u016f\u010di euru na rekordn\u011b siln\u00e9 hodnoty. D\u016fv\u011bra v \u010deskou korunu byla ohromn\u00e1.<\/p>\n

I vyt\u00e1hla se nov\u00e1 kauza. Nikdo si nikdy nepamatoval, \u017ee by se u n\u011bkoho z veden\u00ed \u010cNB \u0159e\u0161ila bezpe\u010dnostn\u00ed prov\u011brka. A najednou byla na Michla vyt\u00e1hnut\u00e1. Mnoz\u00ed za\u010dali Michla op\u011bt zpochyb\u0148ovat. \u00dadajn\u011b znev\u011brohod\u0148oval celou instituci a p\u0159itom d\u016fv\u011bra v centr\u00e1ln\u00ed banku je kl\u00ed\u010dov\u00e1. Jen\u017ee Michl nakonec prov\u011brku dodal. Ryk n\u00e1hle ustal, jen mnoz\u00ed mu st\u00e1le nemohli p\u0159ij\u00edt na jm\u00e9no. V\u017edy\u0165 u\u017e vym\u00fd\u0161leli, jak ohnout z\u00e1kon, aby se Michla zbavili.<\/p>\n

Paraleln\u011b vedle toho celou dobu Twitter systematicky \u00fato\u010dil na Michla za to, \u017ee necht\u011bl zvy\u0161ovat \u00farokov\u00e9 sazby. Argumenty byly r\u016fzn\u00e9, ale v\u017edy mu oponenti tvrdili, \u017ee by \u00farokov\u00e9 sazby m\u011bly b\u00fdt v\u00fd\u0161. N\u011bkte\u0159\u00ed dokonce tvrdili, \u017ee to, \u017ee byla rekordn\u00ed inflace, byla jeho chyba. Evidentn\u011b nev\u011bd\u011bli o tom, \u017ee inflace reaguje na zm\u011bnu \u00farokov\u00fdch sazeb a\u017e za mnoho m\u011bs\u00edc\u016f, a proto mus\u00ed b\u00fdt centr\u00e1ln\u00ed banka proz\u00edrav\u00e1 a vp\u0159edhled\u00edc\u00ed na v\u00edce jak rok dop\u0159edu.<\/p>\n

P\u00e1d bank rozdal nov\u00e9 karty. Michl m\u00e1 najednou trumfy<\/h6>\n

Najednou p\u0159ich\u00e1z\u00ed n\u011bco, co je mo\u017en\u00e1 proz\u00edravost a mo\u017en\u00e1 jen pro Michla \u0161\u0165astn\u00e1 n\u00e1hoda, a t\u00edm je p\u00e1d americk\u00fdch bank. N\u00e1hle se za\u010d\u00edn\u00e1 uva\u017eovat o tom, \u017ee v z\u00e1jmu z\u00e1chrany bank by bylo dobr\u00e9 zvy\u0161ov\u00e1n\u00ed sazeb zastavit.<\/p>\n

Americk\u00e1 centr\u00e1ln\u00ed banka tuto st\u0159edu p\u0159ibrzdila. Zv\u00fd\u0161ila sv\u00e9 sazby jen o \u010dtvrt procentn\u00edho bodu. P\u0159itom je\u0161t\u011b ned\u00e1vno mluvila o tom, \u017ee bude muset zvy\u0161ovat sazby v\u00edce a dr\u017eet je v\u00fd\u0161 po del\u0161\u00ed dobu. To najednou neplat\u00ed. Najednou je tu vedle strachu z inflace i strach z p\u00e1du dal\u0161\u00edch bank a centr\u00e1ln\u00ed banka mus\u00ed volit, co je pro ni d\u016fle\u017eit\u011bj\u0161\u00ed.<\/p>\n

J\u00e1 se domn\u00edv\u00e1m, \u017ee se centr\u00e1ln\u00ed banka tentokr\u00e1t b\u00e1la nezv\u00fd\u0161it \u00farokov\u00e9 sazby. Dlouho toti\u017e trh p\u0159ipravovala na r\u016fst sazeb. Kdyby je te\u010f nezv\u00fd\u0161ila, jen by potvrdila, \u017ee je situace v bankovn\u00edm sektoru v\u00e1\u017en\u00e1 a \u017ee se maj\u00ed lid\u00e9 \u010deho b\u00e1t. To ur\u010dit\u011b necht\u011bla, a proto musela zv\u00fd\u0161it sv\u00e9 \u00farokov\u00e9 sazby.
\nNicm\u00e9n\u011b to je vlastn\u011b nesmysl. Pro\u010d se zvy\u0161uj\u00ed \u00farokov\u00e9 sazby? Aby bylo v ekonomice m\u00e9n\u011b pen\u011bz. Jen\u017ee co se d\u011bje, kdy\u017e do bank lijete likviditu? Dod\u00e1v\u00e1te pen\u00edze do syst\u00e9mu. Tak\u017ee americk\u00e1 centr\u00e1ln\u00ed banka te\u010f pro klid trh\u016f \u0161lape na brzdu, ale p\u0159itom nen\u00e1padn\u011b \u0161lape na plyn a tv\u00e1\u0159\u00ed se, \u017ee to nikdo nevid\u00ed. To je schizofrenn\u00ed.<\/p>\n

Co je ale d\u016fle\u017eit\u00e9 pro \u010cNB a pro Michla? D\u016fle\u017eit\u00e9 je to, \u017ee nyn\u00ed vypad\u00e1 velmi moud\u0159e a uv\u00e1\u017eliv\u011b, \u017ee \u010cNB sv\u00e9 \u00farokov\u00e9 sazby nezvy\u0161ovala. Kdybychom m\u011bli vy\u0161\u0161\u00ed \u00farokov\u00e9 sazby, n\u00e1sledovalo by to, co jsme vid\u011bli p\u0159ed minulou finan\u010dn\u00ed kriz\u00ed, kdy se \u010cNB taky b\u00e1la inflace, rychle zvy\u0161ovala sv\u00e9 \u00farokov\u00e9 sazby, aby je pak jak jojo zase rychle sni\u017eovala.<\/p>\n

Krok Ale\u0161e Michla podle m\u011b nen\u00ed shodou n\u00e1hod. Michla zn\u00e1m. Chodili jsem spolu do ro\u010dn\u00edku a mysl\u00edm, \u017ee n\u00e1s \u0161kola jasn\u011b u\u010dila u\u010dit se z chyb jin\u00fdch. Minul\u00e1 krize byla dan\u00e1 rychl\u00fdm r\u016fstem \u00farokov\u00fdch sazeb. Michl stejnou chybu neud\u011blal. V\u00ed, \u017ee centr\u00e1ln\u00ed banka ne\u0159\u00edd\u00ed jen inflaci, ale i bankovn\u00ed sektor, a v\u00ed, jak\u00e1 rizika rychl\u00fd r\u016fst sazeb m\u016f\u017ee p\u0159in\u00e9st. Sta\u010d\u00ed se pod\u00edvat na trh hypot\u00e9k a nemovitost\u00ed.<\/p>\n

Pokud by se te\u010f ve sv\u011bt\u011b rozjela dal\u0161\u00ed bankovn\u00ed krize, kter\u00e1 by p\u0159inesla obrat glob\u00e1ln\u00ed m\u011bnov\u00e9 politiky, dopadlo by to s kritikou Michla a jeho \u00farokov\u00fdch sazeb asi podobn\u011b jako s tou jeho prov\u011brkou. K\u0159iklouni by p\u0159estali \u0159v\u00e1t a d\u011blali, \u017ee nikdy nic ne\u0159\u00edkali, a \u010dekali, jestli se zase objev\u00ed n\u011bco nov\u00e9ho, co by mohli kritizovat. Proto\u017ee jim jde jen a pouze o kritiku. Jim nikdy ne\u0161lo o sazby, ale o Michla. Prost\u011b ho nemaj\u00ed r\u00e1di.<\/p>\n

 <\/p>\n

FB \u2013\u00a0<\/strong>Vladim\u00edr PIKORA<\/strong><\/a>, hlavn\u00ed ekonom skupiny Comfort Finance Group\u00a0<\/strong>(ps\u00e1no pro t\u00fdden\u00edk Reflex)<\/em><\/p>\n

\n

 <\/p>\n

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

\u010cesk\u00e1 n\u00e1rodn\u00ed <\/p>\n","protected":false},"author":2,"featured_media":275704,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[85,107],"tags":[],"jetpack_featured_media_url":"https:\/\/zakrasnejsivimperk.cz\/wp-content\/uploads\/2023\/03\/25\/pikora-260323.jpg","_links":{"self":[{"href":"https:\/\/zakrasnejsivimperk.cz\/index.php?rest_route=\/wp\/v2\/posts\/275702"}],"collection":[{"href":"https:\/\/zakrasnejsivimperk.cz\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/zakrasnejsivimperk.cz\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/zakrasnejsivimperk.cz\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/zakrasnejsivimperk.cz\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=275702"}],"version-history":[{"count":2,"href":"https:\/\/zakrasnejsivimperk.cz\/index.php?rest_route=\/wp\/v2\/posts\/275702\/revisions"}],"predecessor-version":[{"id":275708,"href":"https:\/\/zakrasnejsivimperk.cz\/index.php?rest_route=\/wp\/v2\/posts\/275702\/revisions\/275708"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/zakrasnejsivimperk.cz\/index.php?rest_route=\/wp\/v2\/media\/275704"}],"wp:attachment":[{"href":"https:\/\/zakrasnejsivimperk.cz\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=275702"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/zakrasnejsivimperk.cz\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=275702"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/zakrasnejsivimperk.cz\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=275702"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}