[{"@context":"https:\/\/schema.org\/","@type":"Article","@id":"https:\/\/www.zerba.cz\/americka-ekonomika-pohanena-dluhem-dejte-pozor-na-dluhopisy\/#Article","mainEntityOfPage":"https:\/\/www.zerba.cz\/americka-ekonomika-pohanena-dluhem-dejte-pozor-na-dluhopisy\/","headline":"Americk\u00e1 ekonomika poh\u00e1n\u011bn\u00e1 dluhem \u2013 dejte pozor na dluhopisy","name":"Americk\u00e1 ekonomika poh\u00e1n\u011bn\u00e1 dluhem \u2013 dejte pozor na dluhopisy","description":"Na prvn\u00ed pohled by se dalo \u0159\u00edct, \u017ee americk\u00e1 ekonomika bezchybn\u011b funguje. Trhu pr\u00e1ce se da\u0159\u00ed, HDP i mzdy rostou. FED zvy\u0161uje \u00farokov\u00e9 sazby. Ale, do jak\u00e9 m\u00edry je tento stav zap\u0159\u00ed\u010din\u011bn st\u00e1le rostouc\u00edm st\u00e1tn\u00edm dluhem? Studie poradensk\u00e9 spole\u010dnosti 720 Global p\u0159ich\u00e1z\u00ed se zji\u0161t\u011bn\u00edm, \u017ee HDP v&nbsp;USA st\u00e1le v\u00edce ur\u010duje p\u0159edev\u0161\u00edm feder\u00e1ln\u00ed vl\u00e1da sv\u00fdmi z\u00e1sahy &hellip;<p class=\"read-more\"> <a class=\"\" href=\"https:\/\/www.zerba.cz\/americka-ekonomika-pohanena-dluhem-dejte-pozor-na-dluhopisy\/\"> <span class=\"screen-reader-text\">Americk\u00e1 ekonomika poh\u00e1n\u011bn\u00e1 dluhem \u2013 dejte pozor na dluhopisy<\/span> Pokra\u010dovat ve \u010dten\u00ed &raquo;<\/a><\/p>","datePublished":"2021-06-01","dateModified":"2023-04-29","author":{"@type":"Person","@id":"https:\/\/www.zerba.cz\/author\/devene\/#Person","name":"devene","url":"https:\/\/www.zerba.cz\/author\/devene\/","identifier":1,"image":{"@type":"ImageObject","@id":"https:\/\/secure.gravatar.com\/avatar\/30f99868bdc637a3107fd3940cfc0bc4?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/30f99868bdc637a3107fd3940cfc0bc4?s=96&d=mm&r=g","height":96,"width":96}},"publisher":{"@type":"Organization","name":"zerba.cz","logo":{"@type":"ImageObject","@id":"\/logo.png","url":"\/logo.png","width":600,"height":60}},"image":{"@type":"ImageObject","@id":"https:\/\/zerba.cz\/wp-content\/uploads\/img_a311723_w1998_t1522782103.jpg","url":"https:\/\/zerba.cz\/wp-content\/uploads\/img_a311723_w1998_t1522782103.jpg","height":"","width":""},"url":"https:\/\/www.zerba.cz\/americka-ekonomika-pohanena-dluhem-dejte-pozor-na-dluhopisy\/","about":["Investice"],"wordCount":493,"articleBody":"Na prvn\u00ed pohled by se dalo \u0159\u00edct, \u017ee americk\u00e1 ekonomika bezchybn\u011b funguje. Trhu pr\u00e1ce se da\u0159\u00ed, HDP i mzdy rostou. FED zvy\u0161uje \u00farokov\u00e9 sazby. Ale, do jak\u00e9 m\u00edry je tento stav zap\u0159\u00ed\u010din\u011bn st\u00e1le rostouc\u00edm st\u00e1tn\u00edm dluhem? Studie poradensk\u00e9 spole\u010dnosti 720 Global p\u0159ich\u00e1z\u00ed se zji\u0161t\u011bn\u00edm, \u017ee HDP v&nbsp;USA st\u00e1le v\u00edce ur\u010duje p\u0159edev\u0161\u00edm feder\u00e1ln\u00ed vl\u00e1da sv\u00fdmi z\u00e1sahy do ekonomiky. A\u0165 u\u017e maj\u00ed podobu masivn\u00edho utr\u00e1cen\u00ed, nebo da\u0148ov\u00fdch \u00falev.Tento stav m\u00e1 ale za n\u00e1sledek raketov\u00fd r\u016fst feder\u00e1ln\u00edho zadlu\u017een\u00ed. A, co je mnohem v\u00edce znepokojiv\u00e9, po ode\u010dten\u00ed feder\u00e1ln\u00edch v\u00fddaj\u016f americk\u00fd HDP prakticky neroste. Ale, co tento fakt znamen\u00e1 pro investory na sv\u011btov\u00fdch trz\u00edch?U hlavn\u00edch akciov\u00fdch titul\u016f je riziko vcelku n\u00edzk\u00e9, vzhledem k&nbsp;povaze ekonomick\u00e9 \u010dinnosti t\u011bchto firem, kter\u00e1 jim umo\u017e\u0148uje jednoduchou diverzifikaci sv\u00fdch zisk\u016f i v&nbsp;jin\u00fdch \u010d\u00e1stech sv\u011bta, ne\u017e jsou USA. Ale, v&nbsp;dlouhodob\u00e9m horizontu m\u016f\u017ee doj\u00edt k&nbsp;poklesu d\u016fv\u011bry v&nbsp;dal\u0161\u00ed z&nbsp;obl\u00edben\u00fdch burzovn\u00edch titul\u016f, tedy americk\u00fdch dluhopis\u016f. I vy byste se tedy m\u011bli velmi dob\u0159e rozmyslet, nakolik d\u016fv\u011b\u0159ujete feder\u00e1ln\u00ed vl\u00e1d\u011b a FEDu samotn\u00e9mu. Je ot\u00e1zkou, jak dlouho m\u016f\u017ee pokra\u010dovat sou\u010dasn\u00e9 tempo zadlu\u017eov\u00e1n\u00ed. Ji\u017e za prezidentstv\u00ed Baracka Obamy rostl dluh obrovsk\u00fdm tempem, a pod veden\u00edm Donalda Trumpa zat\u00edm neexistuje \u017e\u00e1dn\u00e1 zn\u00e1mka v\u00fdrazn\u00e9 zm\u011bny kurzu v&nbsp;rozpo\u010dtov\u00e9 politice.Mohou tedy USA \u010delit bankrotu? V&nbsp;bl\u00edzk\u00e9m nebo del\u0161\u00edm horizontu? Pravd\u011bpodobn\u011b ne. Dne\u0161n\u00ed centr\u00e1ln\u00ed banky maj\u00ed pravomoc emitovat prakticky neomezen\u00e9 mno\u017estv\u00ed pen\u011bz, kter\u00fdmi mohou obrovsk\u00e9 dluhy vykupovat a udr\u017eovat tak feder\u00e1ln\u00ed vl\u00e1du jak se \u0159\u00edk\u00e1 &bdquo;nad vodou&ldquo;. Z\u00e1rove\u0148 je ale t\u0159eba podotknout, \u017ee je za sou\u010dasn\u00e9 situace velmi nepravd\u011bpodobn\u00e9, \u017ee by si USA mohly v&nbsp;budoucnu udr\u017eet tak v\u00fdznamn\u00e9 m\u00edsto ve sv\u011btov\u00e9 ekonomice, jako maj\u00ed doposud.Pravdou je, \u017ee i jin\u00e9 ekonomick\u00e9 giganty t\u00ed\u017e\u00ed vysok\u00e9 dluhy, ale u v\u0161ech t\u011bchto st\u00e1t\u016f roste HDP rychleji ne\u017e v&nbsp;p\u0159\u00edpad\u011b USA, a p\u0159edev\u0161\u00edm bez jak\u00e9hokoliv zadlu\u017eov\u00e1n\u00ed. Ot\u00e1zka, kterou bychom si m\u011bli kl\u00e1st, je, n\u00e1sleduj\u00edc\u00ed. Jak zlep\u0161it tento stav? Jak se dostat z&nbsp;dluhov\u00e9 pasti, ve kter\u00e9 se USA, ale i mnoh\u00e9 evropsk\u00e9 st\u00e1ty ocitly?Odpov\u011b\u010f, ani \u0159e\u0161en\u00ed nen\u00ed jednodu\u0161e k&nbsp;nalezen\u00ed. Z\u00e1kladem ekonomick\u00e9 reformy by m\u011blo b\u00fdt omezen\u00ed v\u00fddaj\u016f st\u00e1tn\u00edch rozpo\u010dt\u016f, a zam\u011b\u0159en\u00ed se na pos\u00edlen\u00ed konkurenceschopnosti, kter\u00e1 m\u016f\u017ee pomoci umo\u0159it rozs\u00e1hl\u00e9 st\u00e1tn\u00ed z\u00e1vazky.                                                                                                                                                                                                                                                                                                                                                                                                "},{"@context":"https:\/\/schema.org\/","@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"Americk\u00e1 ekonomika poh\u00e1n\u011bn\u00e1 dluhem \u2013 dejte pozor na dluhopisy","item":"https:\/\/www.zerba.cz\/americka-ekonomika-pohanena-dluhem-dejte-pozor-na-dluhopisy\/#breadcrumbitem"}]}]