{"id":73457,"date":"2026-05-02T15:51:12","date_gmt":"2026-05-02T15:51:12","guid":{"rendered":"https:\/\/www.europesays.com\/cz\/73457\/"},"modified":"2026-05-02T15:51:12","modified_gmt":"2026-05-02T15:51:12","slug":"jak-dluh-vytvoril-moderni-stat","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/cz\/73457\/","title":{"rendered":"Jak dluh vytvo\u0159il modern\u00ed st\u00e1t"},"content":{"rendered":"<p class=\"e_bW\">Modern\u00ed finance se zrodily z\u00a0pot\u0159eby Francie a\u00a0dal\u0161\u00edch evropsk\u00fdch mocnost\u00ed zaplatit v\u00e1lku. St\u00e1tn\u00ed dluh byl v\u00a018.\u00a0stolet\u00ed vn\u00edm\u00e1n p\u0159edev\u0161\u00edm jako zbra\u0148 mocensk\u00e9 politiky, nikoli jako ekonomick\u00fd zdroj rozvoje jako v\u00a0modern\u00ed dob\u011b. Ve v\u00e1lkami zm\u00edtan\u00e9m stolet\u00ed, kdy st\u00e1tn\u00ed v\u00fddaje slou\u017eily hlavn\u011b vojensk\u00fdm \u00fa\u010del\u016fm, se rozvinula sofistikovan\u00e1 debata o\u00a0tom, jak lze dluh vyu\u017e\u00edt k\u00a0dosa\u017een\u00ed geopolitick\u00e9 p\u0159evahy.<\/p>\n<p class=\"e_bW\">Varoval p\u0159ed t\u00edm nap\u0159\u00edklad americk\u00fd diplomat Robert Walsh v\u00a0roce 1810, uprost\u0159ed napoleonsk\u00fdch v\u00e1lek, kdy\u017e tvrdil, \u017ee by se Francie sv\u00fdch starost\u00ed mohla zbavit jednodu\u0161e bankrotem, p\u0159esm\u011brovat ve\u0161ker\u00e9 da\u0148ov\u00e9 p\u0159\u00edjmy do arm\u00e1dy a\u00a0vybudovat tak z\u00e1klady pro sv\u011btovou expanzi.<\/p>\n<p class=\"e_bW\">\u201eTento zp\u016fsob uva\u017eov\u00e1n\u00ed nebyl ojedin\u011bl\u00fd, byl naopak sou\u010d\u00e1st\u00ed \u0161irok\u00e9 diskuse, kter\u00e1 se od poloviny 18.\u00a0stolet\u00ed vedla o\u00a0tom, zda st\u00e1t, jen\u017e p\u0159estane spl\u00e1cet sv\u00e9 dluhy, nez\u00edsk\u00e1 strategickou v\u00fdhodu. St\u00e1t by p\u0159estal vypl\u00e1cet \u00faroky v\u011b\u0159itel\u016fm, av\u0161ak da\u0148ov\u00e9 p\u0159\u00edjmy by mu d\u00e1le plynuly a\u00a0mohly by b\u00fdt p\u0159esm\u011brov\u00e1ny na \u010dist\u011b vojensk\u00e9 \u00fa\u010dely,\u201c uvedl v\u00a0rozhovoru pro PFI Talks britsk\u00fd historik Michael Sonenscher, kter\u00fd publikoval knihu Capitalism. The Story behind the Word (rozhovor budeme publikovat na Seznam Zpr\u00e1v\u00e1ch).<\/p>\n<p class=\"e_bW\">My\u0161lenka dluhu jako n\u00e1stroje moci p\u0159itom nez\u016fstala dom\u00e9nou 18.\u00a0stolet\u00ed. I\u00a0v\u00a0modern\u00ed dob\u011b p\u0159etrv\u00e1vaj\u00ed my\u0161lenky na vyu\u017eit\u00ed dluhu jako v\u00e1le\u010dn\u00e9 zbran\u011b. Hlavn\u011b v\u00fdchodoevropsk\u00e9 st\u00e1ty Evropsk\u00e9 unie po napaden\u00ed Ukrajiny prosazovaly konfiskaci rusk\u00e9ho majetku. Navrhovaly, \u017ee by se na financov\u00e1n\u00ed v\u00e1lky ve prosp\u011bch Ukrajiny vyu\u017eila zmrazen\u00e1 aktiva rusk\u00e9 centr\u00e1ln\u00ed banky, kter\u00e1 v\u00a0Evrop\u011b dosahuj\u00ed necel\u00fdch 300\u00a0miliard eur (7,3\u00a0bilionu korun).<\/p>\n<p>Byrokracie d\u00e1v\u00e1 svobodu<\/p>\n<p class=\"e_bW\">Ot\u00e1zka dluhu v\u0161ak nebyla jen fisk\u00e1ln\u00ed. Souvisela i\u00a0s t\u00edm, jak se nov\u011b organizuje spole\u010dnost. Jedn\u00edm z\u00a0prvn\u00edch, kdo se systematicky zab\u00fdval st\u00e1tn\u00edm dluhem a\u00a0jeho souvislostmi, byl n\u011bmeck\u00fd filozof Georg Friedrich Hegel, kter\u00fd znal velmi dob\u0159e d\u00edla anglick\u00fdch ekonom\u016f v\u010detn\u011b otce \u201echmurn\u00e9 v\u011bdy\u201c Adama Smitha. \u201eHegel \u017eil v\u00a0p\u0159elomov\u00e9 dob\u011b v\u00a0tom smyslu, \u017ee odpadaly tradi\u010dn\u00ed struktury, na jejich\u017e z\u00e1klad\u011b byla spole\u010dnost zorganizovan\u00e1. Hegel opravdu ka\u017ed\u00fd rok oslavoval francouzskou revoluci. Dneska u\u017e m\u00e1lo doce\u0148ujeme, jak obrovsk\u00fd to byl p\u0159elom, kdy se najednou lid\u00e9 za\u010dali pt\u00e1t: \u201aNa Boha a\u00a0na tu dosavadn\u00ed hierarchii se u\u017e nem\u016f\u017eeme odvol\u00e1vat, ale kde tedy vznik\u00e1 spole\u010densk\u00fd \u0159\u00e1d? Jak se spole\u010dnost organizuje?\u2018,\u201c \u0159\u00edk\u00e1 Tereza Mat\u011bj\u010dkov\u00e1, publicistka a\u00a0filozofka, kter\u00e1 vydala o\u00a0Hegelovi monografii.<\/p>\n<p><a data-dot=\"mol-article-card-media\" aria-hidden=\"true\" tabindex=\"-1\" href=\"https:\/\/www.seznamzpravy.cz\/clanek\/ekonomika-byznys-trendy-analyzy-vzhuru-do-klubu-dluhovych-gambleru-304647\" class=\"e_n f_l0\" rel=\"nofollow noopener\" target=\"_blank\"><img fetchpriority=\"high\" height=\"2304\"   width=\"4096\" src=\"https:\/\/www.europesays.com\/cz\/wp-content\/uploads\/2026\/04\/1776935710_94_evropska-rada-ursula-von-der-leyenova-andrej-babis.jpeg\" loading=\"eager\" decoding=\"sync\" class=\"e_aa e_Z\"\/><\/a><\/p>\n<p class=\"e_bW\">Do Velk\u00e9 francouzsk\u00e9 revoluce byla spole\u010dnost organizov\u00e1na prost\u0159ednictv\u00edm aristokracie, pokrevn\u00edch vazeb a\u00a0rovn\u011b\u017e prost\u0159ednictv\u00edm c\u00edrkevn\u00ed hierarchie, kter\u00e1 v\u00a0d\u016fsledku prostupovala v\u0161\u00edm.<\/p>\n<p class=\"e_bW\">\u201eA Hegel si v\u0161\u00edm\u00e1, \u017ee to mo\u017en\u00e1 nen\u00ed tak, jak si mysl\u00edme, \u017ee na po\u010d\u00e1tku spole\u010dnosti je n\u011bjak\u00fd prvn\u00ed princip, podle n\u011bho\u017e se spole\u010dnost jednou prov\u017edy uspo\u0159\u00e1d\u00e1, tedy \u017ee na po\u010d\u00e1tku je B\u016fh, my\u0161lenka nebo n\u011bco takov\u00e9ho, co se potom za\u010d\u00edn\u00e1 v\u011btvit ve spole\u010dnosti. Hegel \u0159\u00edk\u00e1, \u017ee n\u011bjak\u00fd \u0159\u00e1d mo\u017en\u00e1 opravdu m\u016f\u017ee povst\u00e1vat z\u00a0t\u00e9 mnohosti, kter\u00e1 existuje ve spole\u010dnosti,\u201c dod\u00e1v\u00e1 Mat\u011bj\u010dkov\u00e1.<\/p>\n<p class=\"e_bW\">Do tohoto nov\u00e9ho spole\u010densk\u00e9ho uspo\u0159\u00e1d\u00e1n\u00ed vstupuj\u00ed finance jako jeden z\u00a0kl\u00ed\u010dov\u00fdch mechanism\u016f. Ve Francii se etablovala nov\u00e1 spole\u010densk\u00e1 vrstva, kter\u00e1 zbohatla na mezin\u00e1rodn\u00edm obchodu. Tito obchodn\u00edci za\u010dali p\u0159irozen\u011b spolupracovat se \u0161lechtou, kter\u00e1 sice mohla vlastnit p\u016fdu, ale nemohla nap\u0159\u00edklad p\u0159\u00edmo obchodovat se zem\u011bd\u011blsk\u00fdmi produkty, tak\u017ee pot\u0159ebovala prost\u0159edn\u00edky. Tito byznysmeni byli prvn\u00ed kapitalist\u00e9, proto\u017ee za\u010dali p\u016fj\u010dovat nejen \u0161lechtic\u016fm bez finan\u010dn\u00edch prost\u0159edk\u016f, ale i\u00a0st\u00e1tu, kter\u00fd pot\u0159eboval financovat v\u00e1lky a\u00a0pozd\u011bji st\u00e1tn\u00ed spr\u00e1vu. V\u00a0t\u00e9to dob\u011b se \u00fav\u011br st\u00e1v\u00e1 jedn\u00edm z\u00a0\u00fast\u0159edn\u00edch pojiv spole\u010dnosti. Podle Sonenschera byli pr\u00e1v\u011b tito obchodn\u00edci \u201eprvn\u00ed kapitalist\u00e9\u201c.<\/p>\n<p class=\"e_bW\">Podle Hegela m\u011bl st\u00e1t t\u0159i z\u00e1kladn\u00ed pil\u00ed\u0159e: rodinu, ob\u010danskou spole\u010dnost a\u00a0potom st\u00e1tn\u00ed instituce, \u010dili byrokracii. \u201eJ\u00e1drem modern\u00ed spole\u010dnosti je podle n\u011bho tato B\u00fcrgerliche Gesellschaft, \u010dili ob\u010dansk\u00e1 spole\u010dnost, v\u00a0n\u00ed\u017e \u010dlov\u011bk stoj\u00ed s\u00e1m za sebe a\u00a0skute\u010dn\u011b u\u017e nez\u00e1visle na rodinn\u00fdch vazb\u00e1ch, nez\u00e1visle na tom, jak\u00fd m\u011bl d\u0159\u00edv majetek nebo z\u00a0jak majetn\u00e9 rodiny poch\u00e1z\u00ed; zda je z\u00a0aristokratick\u00e9, nebo prost\u00e9, nebo nez\u00e1visl\u00e9 na ce\u0161\u00edch a\u00a0tak d\u00e1le. Vlastn\u011b za\u010d\u00edn\u00e1 prod\u00e1vat svoji pr\u00e1ci na trhu a\u00a0tady vznik\u00e1 typicky modern\u00ed individualita,\u201c \u0159\u00edk\u00e1 Mat\u011bj\u010dkov\u00e1.<\/p>\n<p class=\"e_bW\">Byrokracie n\u00e1m podle Mat\u011bj\u010dkov\u00e9 d\u00e1v\u00e1 ur\u010dit\u00fd v\u00fdjime\u010dn\u00fd typ svobody nebo neosobnosti. \u201e\u00da\u0159edn\u00edk samoz\u0159ejm\u011b podle n\u011bjak\u00e9ho ide\u00e1lu nedb\u00e1, zda jste katol\u00edk, nebo \u017eid, mu\u017e, \u017eena z\u00a0tohohle rodu, nebo z\u00a0onoho, a\u00a0t\u00edm p\u00e1dem vlastn\u011b osvobod\u00ed jenom tu va\u0161i s\u00edlu,\u201c dod\u00e1v\u00e1 filozofka.<\/p>\n<p>Renti\u00e9\u0159i za\u017eehli spole\u010densk\u00fd konflikt<\/p>\n<p class=\"e_bW\">Tato ob\u010dansk\u00e1 spole\u010dnost v\u0161ak je\u0161t\u011b nebyla spole\u010dnost\u00ed v\u00a0modern\u00edm slova smyslu, ale vznikaly v\u00a0n\u00ed u\u017e z\u00e1rodky modern\u00edch konflikt\u016f. Ob\u010dan\u00e9 tehdy byli hlavn\u011b obyvatel\u00e9 m\u011bst, kte\u0159\u00ed po\u017e\u00edvali v\u011bt\u0161\u00edch pr\u00e1v a\u00a0svou pr\u00e1ci mohli prod\u00e1vat svobodn\u011bji ne\u017e venkovan\u00e9 na \u0161lechtick\u00fdch usedlostech. Nicm\u00e9n\u011b z\u00e1kladem st\u00e1tu se ve Francii na p\u0159elomu 18.\u00a0a\u00a019.\u00a0stolet\u00ed stala ob\u010dansk\u00e1 spole\u010dnost, v\u00a0n\u00ed\u017e se uplat\u0148uje \u010dlov\u011bk ve sv\u00e9 individualit\u011b.<\/p>\n<p class=\"e_bW\">St\u00e1tn\u00ed spr\u00e1va (byrokracie) p\u0159itom sama nevlastn\u00ed majetek ani nevytv\u00e1\u0159\u00ed vlastn\u00ed bohatstv\u00ed, a\u00a0proto je z\u00e1visl\u00e1 na da\u0148ov\u00fdch p\u0159\u00edjmech a\u00a0ve\u0159ejn\u00e9m dluhu. Prvn\u00ed \u201ekapitalist\u00e9\u201c proto st\u00e1tu p\u016fj\u010dovali, a\u00a0to za pom\u011brn\u011b vysok\u00fd \u00farok. P\u0159ed revoluc\u00ed (za vl\u00e1dy Ludv\u00edka XVI.) se francouzsk\u00e1 monarchie obecn\u011b sna\u017eila c\u00edlit na p\u011btiprocentn\u00ed \u00farokov\u00e9 ro\u010dn\u00ed sazby u\u00a0do\u017eivotn\u00edch dluhopis\u016f (zn\u00e1m\u00fdch jako rentes). Jeliko\u017e v\u0161ak st\u00e1tn\u00ed finance byly neust\u00e1le ve \u0161patn\u00e9m stavu, vl\u00e1d\u011b se m\u00e1lokdy poda\u0159ilo p\u016fj\u010dit si za nomin\u00e1ln\u00ed hodnotu. Aby p\u0159il\u00e1kal \u201ekapitalisty\u201c, musel st\u00e1t za tyto \u201erenty\u201c platit \u010dasto \u0161est\u00a0a\u017e osm\u00a0procent ro\u010dn\u011b. Ve stabiln\u011bj\u0161\u00ed Velk\u00e9 Brit\u00e1nii byly \u00faroky, za n\u011b\u017e si st\u00e1t p\u016fj\u010doval, \u010dty\u0159i a\u017e p\u011bt procent ro\u010dn\u011b.<\/p>\n<p><a data-dot=\"mol-article-card-media\" aria-hidden=\"true\" tabindex=\"-1\" href=\"https:\/\/www.seznamzpravy.cz\/clanek\/audio-podcast-ve-vate-ekonom-o-rozpoctu-zacina-to-bobtnat-ve-velkem-nikdo-nevi-jak-z-toho-ven-302586\" class=\"e_n f_l0\" rel=\"nofollow noopener\" target=\"_blank\"><img height=\"1501\"   width=\"2669\" src=\"https:\/\/www.europesays.com\/cz\/wp-content\/uploads\/2026\/03\/iBb3.jpeg\" loading=\"eager\" decoding=\"sync\" class=\"e_aa e_Z\"\/><\/a><\/p>\n<p class=\"e_bW\">Kv\u016fli \u00farokov\u00fdm platb\u00e1m vznikaly prvn\u00ed spole\u010densk\u00e9 konflikty, kdy spole\u010densk\u00e1 vrstva \u201erenti\u00e9r\u016f\u201c dost\u00e1vala pravideln\u00e9 platby z\u00a0dan\u00ed zbyl\u00e9 \u010d\u00e1sti spole\u010dnosti. Poprv\u00e9 se ve velk\u00e9m objevila skupina lid\u00ed, kter\u00e1 \u017eila z\u00a0plateb plynouc\u00edch z\u00a0dan\u00ed ostatn\u00edch. St\u00e1t nicm\u00e9n\u011b najednou mohl financovat st\u00e1tn\u00ed spr\u00e1vu, kter\u00e1 poskytuje obyvatel\u016fm slu\u017eby od majetkov\u00fdch pr\u00e1v, bezpe\u010dnost a\u017e po d\u016fchody \u010di zdravotnictv\u00ed v\u00a0modern\u00ed dob\u011b. A\u00a0zrodily se modern\u00ed finance.<\/p>\n<p class=\"e_bW\">Zat\u00edmco tedy v\u00a018.\u00a0stolet\u00ed panovaly obavy, \u017ee st\u00e1tn\u00ed dluh p\u0159isp\u011bje k\u00a0vyvol\u00e1n\u00ed v\u00e1lky nebo revoluce, od t\u00e9 doby se vn\u00edm\u00e1n\u00ed st\u00e1tn\u00edho dluhu v\u00fdrazn\u011b prom\u011bnilo. V\u00a0modern\u00ed dob\u011b panuje sp\u00ed\u0161e obava, \u017ee sel\u017ee samotn\u00fd syst\u00e9m financov\u00e1n\u00ed, a\u00a0n\u00e1sledkem bude neschopnost st\u00e1tu spole\u010dnost spravovat. Funk\u010dn\u00ed dluhov\u00fd syst\u00e9m je proto v\u00a0modern\u00ed dob\u011b vn\u00edm\u00e1n jako stabilizuj\u00edc\u00ed s\u00edla, proto\u017ee zaji\u0161\u0165uje nep\u0159etr\u017eit\u00e9 fungov\u00e1n\u00ed st\u00e1tu.<\/p>\n<p class=\"e_bW\">V modern\u00edm a\u00a0propojen\u00e9m sv\u011bt\u011b st\u00e1t vyu\u017e\u00edv\u00e1 svou svrchovanou moc k\u00a0vytv\u00e1\u0159en\u00ed pen\u011bz a\u00a0\u0159\u00edzen\u00ed dluhu k\u00a0tlumen\u00ed soci\u00e1ln\u00edch konflikt\u016f. Naposledy se tato logika naplno uk\u00e1zala b\u011bhem pandemie, kdy vyd\u00e1v\u00e1n\u00edm nov\u00e9ho dluhu st\u00e1t pom\u00e1hal posti\u017een\u00fdm \u010d\u00e1stem ekonomiky, aby se spole\u010dnost nebou\u0159ila. Cel\u00fd soci\u00e1ln\u00ed syst\u00e9m je redistribuc\u00ed p\u0159\u00edjm\u016f st\u00e1tu, nap\u0159\u00edklad nezam\u011bstnan\u00fdm.<\/p>\n<p>St\u00e1t bez dluhu<\/p>\n<p class=\"e_bW\">Sonenscher poznamen\u00e1v\u00e1, \u017ee aby dluh p\u016fsobil jako stabiliz\u00e1tor a\u00a0nevyvol\u00e1val naopak katastrofick\u00e9 krize, mus\u00ed b\u00fdt institucionalizov\u00e1n. V\u00a0modern\u00edm kapitalismu proto v\u0161ude na sv\u011bt\u011b existuj\u00ed centr\u00e1ln\u00ed banky, kter\u00e9 maj\u00ed na starosti \u0159\u00edzen\u00ed pen\u011b\u017en\u00ed z\u00e1soby a\u00a0z\u00e1rove\u0148 jsou odd\u011bleny od politick\u00e9ho syst\u00e9mu, tak\u017ee ide\u00e1ln\u011b disponuj\u00ed nejvy\u0161\u0161\u00ed svobodou.<\/p>\n<p class=\"e_bW\">\u201ePohled 18.\u00a0stolet\u00ed na kapitalismus by se dal shrnout jako ur\u010dit\u00fd opak toho, jak se na st\u00e1tn\u00ed dluh d\u00edv\u00e1me dnes. My m\u00e1me dnes tendenci uva\u017eovat o\u00a0ve\u0159ejn\u00e9m dluhu z\u00a0hlediska vztahu mezi \u00fastavn\u00edm z\u0159\u00edzen\u00edm a\u00a0ve\u0159ejn\u00fdm dluhem, p\u0159i\u010dem\u017e \u00fastavn\u00ed z\u0159\u00edzen\u00ed je pro ve\u0159ejn\u00fd dluh prosp\u011b\u0161n\u00e9, proto\u017ee zaji\u0161\u0165uje syst\u00e9m kontroly a\u00a0rovnov\u00e1hy, dohled, kontrolu a\u00a0odpov\u011bdnost a\u00a0v\u0161echny ty prvky, kter\u00e9 vn\u00e1\u0161ej\u00ed do politick\u00e9ho syst\u00e9mu stabilitu. A\u00a0pr\u00e1v\u011b rozvoj stability v\u00a0politick\u00e9m syst\u00e9mu vytv\u00e1\u0159\u00ed podm\u00ednky pro zadlu\u017eov\u00e1n\u00ed,\u201c \u0159\u00edk\u00e1 historik Sonenscher.<\/p>\n<p><a data-dot=\"mol-article-card-media\" aria-hidden=\"true\" tabindex=\"-1\" href=\"https:\/\/www.seznamzpravy.cz\/clanek\/domaci-politika-komentar-milion-dluhu-kazde-dve-minuty-to-uz-by-babisovi-mohlo-stacit-301305\" class=\"e_n f_l0\" rel=\"nofollow noopener\" target=\"_blank\"><img height=\"1687\"   width=\"3000\" src=\"https:\/\/www.europesays.com\/cz\/wp-content\/uploads\/2026\/05\/turek-andrej-babis-ano.jpeg\" loading=\"eager\" decoding=\"sync\" class=\"e_aa e_Z\"\/><\/a><\/p>\n<p class=\"e_bW\">St\u00e1t bez dluhu, jak zn\u00ed slavn\u00fd v\u00fdrok n\u011bmeck\u00e9ho ekonoma a\u00a0pr\u00e1vn\u00edka z\u00a019.\u00a0stolet\u00ed Lorenze von Steina (cituje ho rovn\u011b\u017e Sonenscher), se bu\u010f \u201ep\u0159\u00edli\u0161 m\u00e1lo star\u00e1 o\u00a0budoucnost, nebo p\u0159\u00edli\u0161 mnoho vy\u017eaduje od sou\u010dasnosti\u201c.<\/p>\n<p class=\"e_bW\">Vznik modern\u00edho finan\u010dn\u00edho syst\u00e9mu ov\u0161em nebyl line\u00e1rn\u00edm p\u0159\u00edb\u011bhem pokroku, n\u00fdbr\u017e cyklick\u00fdm sledem inovac\u00ed i\u00a0kriz\u00ed. P\u0159ed vznikem centr\u00e1ln\u00edch bank, kter\u00e9 dok\u00e1\u017e\u00ed do syst\u00e9mu dod\u00e1vat likviditu, tedy p\u016fj\u010dovat pen\u00edze bank\u00e1m i\u00a0st\u00e1tu, aby p\u0159e\u017eily nep\u0159\u00edzniv\u00e9 obdob\u00ed, vznikalo spousta finan\u010dn\u00edch boom\u016f, kter\u00e9 n\u00e1sledn\u011b splaskly. Neust\u00e1l\u00fdm rizikem pro modern\u00ed spole\u010dnost, kter\u00e1 plyne ze svobody \u201etisknout\u201c pen\u00edze, je tak hyperinflace, kdy se centr\u00e1ln\u00ed banka dostane do podru\u010d\u00ed st\u00e1tu a\u00a0tiskne nekontrolovateln\u011b pen\u00edze.<\/p>\n<p class=\"e_bW\">P\u0159\u00edzrak hyperinflace nad modern\u00ed spole\u010dnost\u00ed vis\u00ed rovn\u011b\u017e od Velk\u00e9 francouzsk\u00e9 revoluce v\u00a0podob\u011b pap\u00edrov\u00e9 m\u011bny. A\u00a0ve 20.\u00a0stolet\u00ed se obavy z\u00a0nekontrolovan\u00e9 emise pen\u011bz vr\u00e1tily naplno s\u00a0hyperinflac\u00ed v\u00fdmarsk\u00e9ho N\u011bmecka, kter\u00e1 natrvalo poznamenala st\u0159edoevropsk\u00e9 my\u0161len\u00ed o\u00a0ve\u0159ejn\u00e9m dluhu. Nen\u00ed n\u00e1hoda, \u017ee N\u011bmecko, a\u00a0s n\u00edm i\u00a0\u010d\u00e1st st\u0159edn\u00ed Evropy v\u010detn\u011b \u010ceska, z\u016fst\u00e1v\u00e1 v\u016f\u010di inflaci mimo\u0159\u00e1dn\u011b citliv\u00e9.<\/p>\n","protected":false},"excerpt":{"rendered":"Modern\u00ed finance se zrodily z\u00a0pot\u0159eby Francie a\u00a0dal\u0161\u00edch evropsk\u00fdch mocnost\u00ed zaplatit v\u00e1lku. St\u00e1tn\u00ed dluh byl v\u00a018.\u00a0stolet\u00ed vn\u00edm\u00e1n p\u0159edev\u0161\u00edm jako&hellip;\n","protected":false},"author":2,"featured_media":73458,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[43,42,41,40,883,429,24019,3737,3502,24018,645,24020],"class_list":{"0":"post-73457","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-cesko","8":"tag-ceska-republika","9":"tag-cesko","10":"tag-czech-republic","11":"tag-czechia","12":"tag-finance","13":"tag-krach","14":"tag-michael-sonenscher","15":"tag-statni-dluh","16":"tag-statni-rozpocet","17":"tag-tereza-matejckova","18":"tag-valka","19":"tag-velka-francouzska-revoluce"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@cz\/116505784254570862","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts\/73457","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/comments?post=73457"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts\/73457\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/media\/73458"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/media?parent=73457"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/categories?post=73457"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/tags?post=73457"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}