Kolik stojí americký oběd zdarma

BRUSEL – Celá desetiletí si svět stěžoval, že funkce dolaru coby globální rezervní měny poskytuje Spojeným státům „přehnanou výsadu“ – tento výraz se obvykle připisuje Charlesu de Gaulleovi, ale ve skutečnosti ho zavedl jeho ministr financí Valéry Giscard d’Estaing. Dokud byly směnné kurzy fixovány na základě brettonwoodského systému, byla podstata této výsady zřejmá: USA byly jedinou zemí, která mohla volně stanovovat vlastní měnovou politiku. Všichni ostatní se museli přizpůsobit politice diktované USA.

To se změnilo počátkem 70. let s nástupem volně plovoucích směnných kurzů umožňujících zemím jako Německo, jež více hleděly na stabilitu, odpoutat se od americké měnové politiky, kterou pokládaly za příliš inflační. I při volně plovoucích směnných kurzech si však Spojené státy udržely výhodu: jelikož dolar zůstal klíčovou globální rezervní měnou, mohly USA financovat vysoké vnější deficity za velmi příznivé sazby.

Také dnes si americké ministerstvo financí může půjčovat neomezené sumy za absolutně nejnižší úrokové sazby. Úroková sazba z inflačně chráněných dluhopisů dnes činí -0,5%, a to i při pětileté splatnosti! Americká vláda je tak v podstatě reálně placená za to, že si bere peníze od investorů – tuto velkorysou nabídku přitom v obrovské míře využívá v naději, že přesměrování těchto prostředků k americkým spotřebitelům zvýší výdaje domácností, a tak vytvoří více pracovních míst.

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