Daniel Roland/AFP/Getty Images

Politika záporných úrokových sazeb

ATÉNY – Věci toužené jsou k mání za jistou cenu. Jen věci zlé, třeba jedovatý odpad, dostanete za zápornou cenu, obdobu poplatku ve prospěch toho, kdo je ochoten vás jich zbavit. Znamená to, že záporné úrokové sazby představují nový náhled na peníze – že se staly něčím „špatným“?

V tržních ekonomikách jsou peníze mírou hodnoty zboží a služeb. A úroková sazba je cena tohoto měřítka – samotných peněz. Když je cena nulová, je jedno, jestli máte peníze pod matracemi nebo je půjčujete, protože přechovávat peníze nebo si je půjčovat nic nestojí.

Jak ale může být cena peněz nulová – když roztáčejí svět či slovy Karla Marxe „proměňují všechny mé neschopnosti v jejich opak“? A jak je možné, aby byla záporná, jako právě teď ve velké části globálního hospodářství, kde movití lidé z celého světa „uplácejí“ vlády, aby si od nich půjčily víc než 5,5 bilionu dolarů?

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