N\u011bkte\u0159\u00ed z\u00a0t\u011bch, kdo vykazuj\u00ed zn\u00e1mky pochopen\u00ed pro m\u011bnovou intervenci \u010cesk\u00e9 n\u00e1rodn\u00ed banky (ke kter\u00e9 se bankovn\u00ed rada podle ve\u0159ejn\u00fdch informac\u00ed rozhodla nejt\u011bsn\u011bj\u0161\u00ed v\u011bt\u0161inou jedin\u00e9ho hlasu), pou\u017e\u00edvaj\u00ed tento argument: \u201eOponenti, co se div\u00edte? V\u017edy\u0165 centr\u00e1ln\u00ed banka jen d\u011blala svou pr\u00e1ci.<\/p>\n
<\/p>\n
Ud\u011blala to, co d\u011blala u\u017e mnohokr\u00e1t, a to, co d\u011blaj\u00ed b\u011b\u017en\u011b i jin\u00e9 centr\u00e1ln\u00ed banky! Jen pon\u011bkud m\u00e9n\u011b obvykl\u00fdm n\u00e1strojem, ale i tak n\u00e1strojem, kter\u00fd u\u017e byl centr\u00e1ln\u00edmi bankami p\u0159ece mnohokr\u00e1t pou\u017eit\u201c.<\/p>\n
Vlastn\u011b maj\u00ed do jist\u00e9 m\u00edry pravdu. Ale krom\u011b toho, \u017ee nar\u00e1\u017eej\u00ed na rozpor mezi legitimitou a legalitou (a tedy na starou ot\u00e1zku, \u017ee ne v\u0161e, co ud\u011blat sm\u00edm, je i spr\u00e1vn\u00e9 ud\u011blat), tak tak\u00e9 \u2013 n\u011bkte\u0159\u00ed mo\u017en\u00e1 bezd\u011b\u010dn\u011b \u2013 ukazuj\u00ed na j\u00e1dro probl\u00e9mu: na sou\u010dasn\u00e9 postaven\u00ed centr\u00e1ln\u00edch bank v\u00a0syst\u00e9mu st\u00e1tn\u00ed spr\u00e1vy a na rozsah jejich p\u016fsobnosti v\u00a0ekonomice. A t\u00edm vlastn\u011b pom\u00e1haj\u00ed otev\u0159\u00edt podstatn\u00e9 t\u00e9ma, kolem kter\u00e9ho mnoz\u00ed st\u00e1le chod\u00ed po \u0161pi\u010dk\u00e1ch: nenade\u0161la chv\u00edle za\u010d\u00edt se bavit o mo\u017en\u00e9m p\u0159ehodnocen\u00ed role a kompetenc\u00ed centr\u00e1ln\u00edch bank? Pro n\u00e1s pouli\u010dn\u00ed ekonomy je to t\u00e9ma u\u017e d\u00e1vno, je tedy mo\u017en\u00e1 na\u010dase, aby n\u00e1sledovali i ti ekonomov\u00e9, kte\u0159\u00ed po ulici nikdy nechod\u00ed.<\/p>\n
Ne, toto t\u00e9ma nen\u00ed nijak svatokr\u00e1de\u017en\u00e9, i kdy\u017e p\u0159i jeho zm\u00ednce okam\u017eit\u011b vstanou nov\u00ed bojovn\u00edci h\u00e1j\u00edc\u00ed nez\u00e1vislost a nedotknutelnost n\u011bkter\u00fdch v\u00fdsostn\u00fdch instituc\u00ed. A budou cht\u00edt pokus o nastolen\u00ed t\u00e9to debaty vykl\u00e1dat jako pokus o p\u0159ipout\u00e1n\u00ed centr\u00e1ln\u00ed banky k\u00a0exekutiv\u011b a o sn\u00ed\u017een\u00ed m\u00edry nez\u00e1vislosti jej\u00edho rozhodov\u00e1n\u00ed na aktu\u00e1ln\u00ed politick\u00e9 moci.<\/p>\n
Ale to by se sv\u00fdm v\u00fdst\u0159elem ocitli zcela mimo ter\u010d. Nejde toti\u017e o debatu o vztahu exekutivy a bankovn\u00ed rady \u010di o rozd\u011blen\u00ed n\u011bkter\u00fdch pravomoc\u00ed mezi \u010cNB a jin\u00e9 instituce (vl\u00e1da, ministerstvo financ\u00ed\u2026). Nejde v\u016fbec o \u201enez\u00e1vislost\u201c centr\u00e1ln\u00edch bank\u00e9\u0159\u016f. Jde o nez\u00e1vislost mnohem d\u016fle\u017eit\u011bj\u0161\u00ed. O nez\u00e1vislost trhu na vn\u011bj\u0161\u00edch voluntaristick\u00fdch z\u00e1saz\u00edch, na um\u011bl\u00fdch necitliv\u00fdch impulsech a bari\u00e9r\u00e1ch. A o to, zda tla\u010den\u00edm tr\u017en\u00edch subjekt\u016f k\u00a0jin\u00fdm rozhodnut\u00edm, ne\u017e ke kter\u00fdm by dosp\u011bli vlastn\u00ed svobodnou \u00favahou o sv\u00fdch mno\u017en\u00fdch p\u0159\u00ed\u0161t\u00edch pohybech na trhu, netla\u010d\u00edme ekonomiku jako celek k\u00a0suboptim\u00e1ln\u00edmu chov\u00e1n\u00ed, ke \u0161patn\u00e9 alokaci zdroj\u016f, k\u00a0chybn\u00e9mu a neefektivn\u00edmu rozhodov\u00e1n\u00ed.<\/p>\n
Ta \u010d\u00e1st bankovn\u00ed rady, kter\u00e1 intervence h\u00e1j\u00ed, argumentuje t\u00edm, \u017ee oslaben\u00ed m\u011bny bude motivovat (nap\u0159\u00edklad pr\u016fmyslov\u00e9) producenty k\u00a0vy\u0161\u0161\u00ed produk\u010dn\u00ed a investi\u010dn\u00ed aktivit\u011b, zat\u00edmco na ty, kte\u0159\u00ed si renti\u00e9rsky \u201eu\u017e\u00edvaj\u00ed\u201c sv\u00fdch \u00faspor, to sice dopadne, ale t\u011bch je p\u0159ece m\u00e1lo, nikomu nepom\u00e1haj\u00ed a tedy o jejich z\u00e1jmy tak moc nejde. C\u00edt\u00edm v\u00a0takov\u00e9m my\u0161len\u00ed ohromn\u00fd vliv soci\u00e1ln\u00edho in\u017een\u00fdrstv\u00ed.<\/p>\n
Budeme snad spolu s\u00a0marxisty pova\u017eovat za p\u0159\u00ed\u017eivn\u00edky a trubce ty, kdo si v\u00a0lep\u0161\u00edch \u010dasech na\u0161et\u0159ili na \u010dasy hor\u0161\u00ed a te\u010f m\u00edsto rizika na trhu vol\u00ed rad\u011bji bezpe\u010dn\u011bj\u0161\u00ed formy ekonomick\u00fdch rozhodnut\u00ed? Nen\u00ed to jejich v\u011bc? Kdo za n\u011b m\u00e1 rozhodovat, jak\u00e9 riziko je to spr\u00e1vn\u00e9 a jak\u00e9 u\u017e ne? Kdo m\u00e1 mor\u00e1ln\u00ed pr\u00e1vo tla\u010dit je k\u00a0rozhodnut\u00ed: aktivizuj sv\u00e1 aktiva (i za cenu, \u017ee se sp\u00e1l\u00ed\u0161), nebo se nediv, \u017ee se ti o nem\u00e1lo procent smrsknou!<\/p>\n
A ti pr\u016fmysln\u00edci, kte\u0159\u00ed politi \u201e\u017eivou vodou\u201c devalvace za\u010dnou investovat, nab\u00edrat lidi a pou\u0161t\u011bt se do nov\u00fdch obchodn\u00edch projekt\u016f, proto\u017ee jim centr\u00e1ln\u00ed banka dala k\u00fd\u017een\u00fd impuls? Oni byli dosud hlu\u0161\u00ed a slep\u00ed, kdy\u017e sp\u00ed\u0161e s\u00e1zeli na opatrnost? Nebo prost\u011b jen v\u00a0r\u00e1mci sv\u00e9ho pod\u00edlu na dif\u00fazn\u011b rozpt\u00fdlen\u00fdch informac\u00edch analyzovali tr\u017en\u00ed podm\u00ednky podle sebe a p\u0159izp\u016fsobovali tomu sv\u00e1 rozhodnut\u00ed? Je alokov\u00e1n\u00ed zdroj\u016f do investic, kter\u00e9 se najednou za\u010daly zd\u00e1t nad\u011bjn\u00fdmi jen proto, \u017ee tomu kdosi um\u011ble pomohl, spr\u00e1vn\u00e9 a perspektivn\u00ed? Jsou to pevn\u00e9 z\u00e1klady, nebo sp\u00ed\u0161e v\u00fdsledek postrk\u00e1v\u00e1n\u00ed tam, kam by jinak podnikatel\u00e9 opr\u00e1vn\u011bn\u011b ne\u0161li? Ne\u010dek\u00e1 je zklam\u00e1n\u00ed o to hor\u0161\u00ed, a\u017e se p\u0159\u00ed\u0161t\u00ed pom\u011bry na trhu zm\u011bn\u00ed, t\u0159eba zase jin\u00fdm um\u011bl\u00fdm rozhodnut\u00edm (nap\u0159\u00edklad odvetnou kompetetivn\u00ed devalvac\u00ed)?<\/p>\n
A to na trhu a ve spole\u010dnosti nejdou zdaleka jen tyto dv\u011b typick\u00e9 skupiny. Je jich mnohem v\u00edce a jejich motivace jsou nekone\u010dn\u011b slo\u017eit\u00e9. A nekone\u010dn\u011b slo\u017eit\u00fd a selektivn\u00ed bude i dopad intervence na jejich rozhodov\u00e1n\u00ed. A tak\u00e9 nest\u00e1l\u00fd v \u010dase. No jist\u011b, to je p\u0159ece smysl jak\u00e9hokoli kroku k\u00a0o\u017eiven\u00ed ekonomiky, dos\u00e1hnout diferencovan\u00e9ho dopadu nov\u00e9 reality na \u00fa\u010dastn\u00edky trhu, \u0159eknou zast\u00e1nci devalvace. A to je pr\u00e1v\u011b probl\u00e9m. Struktura t\u011bchto dopad\u016f je tak nep\u0159edv\u00eddateln\u00e1 a odtr\u017een\u00e1 od jin\u00fdch (p\u0159irozen\u00fdch popt\u00e1vkov\u00fdch) sign\u00e1l\u016f na trhu, \u017ee si celkov\u00fdm efektem nem\u016f\u017ee b\u00fdt nikdo jist. A je nejistota \u00fakolem centr\u00e1ln\u00edch bank? To jist\u011b ne.<\/p>\n
Zat\u00edm to vpad\u00e1 jako vtip, \u017ee si trh bude hledat substituce za m\u011bnu, kter\u00e1 se stala hra\u010dkou v\u00a0ruce t\u011bch, co to mysl\u00ed s\u00a0r\u016fstem tak dob\u0159e. Jist\u011b se nevr\u00e1t\u00edme ke kun\u00edm ko\u017ek\u00e1m \u010di jantarov\u00fdm obl\u00e1zk\u016fm. Ale trh u\u017e si sv\u00e9 skuliny k\u00a0\u00fat\u011bku ze syst\u00e9mu hled\u00e1 a bude v\u00a0tom pokra\u010dovat.<\/p>\n
Ne\u017e na to zareagujeme neustra\u0161enou debatou o p\u0159ehodnocen\u00ed role centr\u00e1ln\u00edch bank, mohla by ta na\u0161e zat\u00edm pop\u0159em\u00fd\u0161let, jestli vy\u010derpala u\u017e v\u0161echny jin\u00e9 n\u00e1stroje, kter\u00fdmi by odbrzdila zasekl\u00e9 hospod\u00e1\u0159stv\u00ed. Nebo u\u017e finan\u010dn\u00ed trh nelze deregulovat? Povinn\u00e9 rezervy sn\u00ed\u017eit? Jen\u017ee na to si v\u00a0dob\u011b politiky p\u0159ej\u00edc\u00ed regulaci v\u0161eho druhu netroufne. Tak\u017ee \u010dekejme dal\u0161\u00ed kolo ve\u010d\u00edrku ve stylu \u201eto\u010dte se, rota\u010dkov\u00e9\u201c.<\/p>\n","protected":false},"excerpt":{"rendered":"
N\u011bkte\u0159\u00ed z\u00a0t\u011bch, kdo vykazuj\u00ed zn\u00e1mky pochopen\u00ed pro m\u011bnovou intervenci \u010cesk\u00e9 n\u00e1rodn\u00ed banky (ke kter\u00e9 se bankovn\u00ed rada podle ve\u0159ejn\u00fdch informac\u00ed rozhodla nejt\u011bsn\u011bj\u0161\u00ed v\u011bt\u0161inou jedin\u00e9ho hlasu), pou\u017e\u00edvaj\u00ed tento argument: \u201eOponenti, co se div\u00edte? V\u017edy\u0165 centr\u00e1ln\u00ed banka jen d\u011blala svou pr\u00e1ci.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"ngg_post_thumbnail":0,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-4492","post","type-post","status-publish","format-standard","hentry","category-publikovane-clanky"],"_links":{"self":[{"href":"https:\/\/www.ladislavjakl.cz\/index.php?rest_route=\/wp\/v2\/posts\/4492","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ladislavjakl.cz\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ladislavjakl.cz\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ladislavjakl.cz\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ladislavjakl.cz\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4492"}],"version-history":[{"count":1,"href":"https:\/\/www.ladislavjakl.cz\/index.php?rest_route=\/wp\/v2\/posts\/4492\/revisions"}],"predecessor-version":[{"id":4493,"href":"https:\/\/www.ladislavjakl.cz\/index.php?rest_route=\/wp\/v2\/posts\/4492\/revisions\/4493"}],"wp:attachment":[{"href":"https:\/\/www.ladislavjakl.cz\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4492"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ladislavjakl.cz\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4492"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ladislavjakl.cz\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4492"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}