{"id":1001,"date":"2025-11-02T12:33:28","date_gmt":"2025-11-02T12:33:28","guid":{"rendered":"https:\/\/crofxtrading.com\/?p=1001"},"modified":"2025-11-02T18:11:50","modified_gmt":"2025-11-02T18:11:50","slug":"fed-kraj-qt-qe-tiskanje-novca","status":"publish","type":"post","link":"https:\/\/crofxtrading.com\/index.php\/2025\/11\/02\/fed-kraj-qt-qe-tiskanje-novca\/","title":{"rendered":"Kraj QT-a: Za\u0161to Fed ponovno otvara vrata QE-u i tiskanju novca?"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"1001\" class=\"elementor elementor-1001\">\n\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-5062317 e-flex e-con-boxed e-con e-parent\" data-id=\"5062317\" data-element_type=\"container\" data-settings=\"{&quot;content_width&quot;:&quot;boxed&quot;}\" data-core-v316-plus=\"true\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-eec572d e-flex e-con-boxed e-con e-child\" data-id=\"eec572d\" data-element_type=\"container\" data-settings=\"{&quot;content_width&quot;:&quot;boxed&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-f839ed2 e-flex e-con-boxed e-con e-child\" data-id=\"f839ed2\" data-element_type=\"container\" data-settings=\"{&quot;content_width&quot;:&quot;boxed&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-f2759bc e-con-full e-flex e-con e-child\" data-id=\"f2759bc\" data-element_type=\"container\" data-settings=\"{&quot;content_width&quot;:&quot;full&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-607e6bd elementor-widget elementor-widget-text-editor\" data-id=\"607e6bd\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.18.0 - 20-12-2023 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#69727d;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#69727d;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<h4 data-start=\"342\" data-end=\"369\">Fed se doveo u kut<\/h4>\n<p data-start=\"371\" data-end=\"729\">Nakon godina tiskanja novca i poku\u0161aja da se inflacija \u201cukroti\u201d stezanjem likvidnosti, ameri\u010dke Federalne rezerve (Fed) sada su slu\u017ebeno na raskri\u017eju.<br data-start=\"521\" data-end=\"524\">Predsjednik Fed-a Jerome Powell potvrdio je da se <span data-start=\"574\" data-end=\"605\">kvantitativno stezanje (QT)<\/span> bli\u017ei kraju \u2013 i to ne zato \u0161to su postigli cilj, nego zato \u0161to <span data-start=\"669\" data-end=\"695\">vi\u0161e ne mogu nastaviti<\/span> bez da se sustav po\u010dne raspadati.<\/p>\n<p data-start=\"731\" data-end=\"897\">Drugim rije\u010dima, <span data-start=\"748\" data-end=\"796\">Fed ponovno otvara vrata tiskanju novca (QE)<\/span> \u2013 procesu koji tr\u017ei\u0161ta obo\u017eavaju, ali koji dugoro\u010dno erodira vrijednost dolara i pove\u0107ava inflaciju.<\/p>\n<h4 data-start=\"904\" data-end=\"929\">Kako smo do\u0161li do toga<\/h4>\n<p data-start=\"831\" data-end=\"1091\">Da bi se razumjelo \u0161to se doga\u0111a, treba znati kako funkcionira financijski \u201cvodovod\u201d kojim Fed upravlja.<br data-start=\"935\" data-end=\"938\">To je sustav kroz koji novac stalno te\u010de izme\u0111u banaka, financijskih institucija i sredi\u0161nje banke \u2013 <span data-start=\"1039\" data-end=\"1091\">putem instrumenata koji kontroliraju likvidnost.<\/span><\/p>\n<p data-start=\"1093\" data-end=\"1387\">U pro\u0161losti su banke bile obvezne dr\u017eati dio svog novca kod Fed-a (tzv. obvezne rezerve).<br data-start=\"1182\" data-end=\"1185\">No 2020. godine Fed je <span data-start=\"1208\" data-end=\"1228\">ukinuo tu obvezu<\/span> i po\u010deo <span data-start=\"1237\" data-end=\"1263\">pla\u0107ati bankama kamatu<\/span> na novac koji tamo dr\u017ee.<br data-start=\"1288\" data-end=\"1291\">Rezultat? Bankama se vi\u0161e isplati dr\u017eati novac parkiran u Fed-u nego ga posu\u0111ivati gospodarstvu.<\/p>\n<h4 data-start=\"1511\" data-end=\"1550\">Repo i Reverse Repo<\/h4>\n<p data-start=\"1552\" data-end=\"1612\">Fed koristi dva glavna mehanizma za upravljanje likvidno\u0161\u0107u:<\/p>\n<p data-start=\"1616\" data-end=\"1698\"><strong data-start=\"1616\" data-end=\"1634\">Repo operacije<\/strong> \u2013 Fed <em data-start=\"1641\" data-end=\"1665\">posu\u0111uje novac tr\u017ei\u0161tu<\/em>, odnosno ubrizgava likvidnost.<\/p>\n<p data-start=\"1701\" data-end=\"1787\"><strong data-start=\"1701\" data-end=\"1727\">Reverse repo operacije<\/strong> \u2013 Fed <em data-start=\"1734\" data-end=\"1758\">uzima novac iz sustava<\/em>, odnosno povla\u010di likvidnost.<\/p>\n<p data-start=\"1789\" data-end=\"1903\">To je kao da Fed ima <span data-start=\"1810\" data-end=\"1820\">ventil<\/span> kojim po potrebi pu\u0161ta ili ispu\u0161ta \u201cnov\u010danu teku\u0107inu\u201d kako bi sustav ostao stabilan.<\/p>\n<p data-start=\"1905\" data-end=\"2039\">Problem je \u0161to su se, <span data-start=\"1792\" data-end=\"1909\">nakon pandemije 2020., ti ventili po\u010deli pona\u0161ati kao neispravan sustav grijanja \u2013 stalno su radili punom snagom.<\/span><\/p>\n<h4 data-start=\"2046\" data-end=\"2076\">\u0160to se dogodilo nakon 2020.<\/h4>\n<p data-start=\"2078\" data-end=\"2410\">Kako bi sprije\u010dio kolaps tr\u017ei\u0161ta tijekom pandemije, Fed je pokrenuo <span data-start=\"2146\" data-end=\"2180\">kvantitativno ubla\u017eavanje (QE)<\/span> \u2013 masovno tiskanje novca i kupnju dr\u017eavnih obveznica.<br data-start=\"2234\" data-end=\"2237\">To je stvorilo golem vi\u0161ak likvidnosti.<br data-start=\"2276\" data-end=\"2279\">Do kraja 2021. reverse repo program narastao je na <span data-start=\"2330\" data-end=\"2361\">vi\u0161e od 2,5 bilijuna dolara<\/span> \u2013 jasan znak da u sustavu ima <span data-start=\"2392\" data-end=\"2409\">previ\u0161e novca<\/span>.<\/p>\n<p data-start=\"2412\" data-end=\"2555\">To je bio trenutak kad je Fed trebao zaustaviti pumpanje novca.<br data-start=\"2475\" data-end=\"2478\">Ali nije.<br data-start=\"2487\" data-end=\"2490\">Nastavili su s kupnjom obveznica i tako dodatno pove\u0107ali bilancu.<\/p>\n<p data-start=\"2557\" data-end=\"2777\">Kada su kona\u010dno odlu\u010dili zaustaviti QE i zapo\u010deti QT (prodaju imovine i povla\u010denje likvidnosti), <span data-start=\"2654\" data-end=\"2682\">voda je ve\u0107 bila do grla<\/span>.<br data-start=\"2683\" data-end=\"2686\">Sada, kad su odvodne cijevi otvorene, sustav se po\u010deo isu\u0161ivati br\u017ee nego \u0161to su o\u010dekivali.<\/p>\n<h4 data-start=\"2784\" data-end=\"2803\">Sustav bez goriva<\/h4>\n<p>Kao \u0161to se vidi na grafikonu ni\u017ee, ukupne rezerve koje banke dr\u017ee kod Federalnih rezervi po\u010dele su padati jo\u0161 sredinom 2022. i sada su na najni\u017eim razinama od po\u010detka QT ciklusa.<br data-start=\"701\" data-end=\"704\">To zna\u010di da je u financijskom sustavu sve manje \u201cvi\u0161ka novca\u201d koji mo\u017ee apsorbirati \u0161okove.<\/p>\n<p data-start=\"2805\" data-end=\"3114\"><img decoding=\"async\" src=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!w7tu!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2162fa8c-8783-42d0-a0cb-8507b2f91e84_1320x465.png\"><\/p>\n<p data-start=\"2805\" data-end=\"3114\"><br data-start=\"3006\" data-end=\"3009\">Banke vi\u0161e nemaju vi\u0161ak novca za parkiranje kod Fed-a, a tr\u017ei\u0161ta kratkoro\u010dnog novca postaju sve napetija. Na sljede\u0107em grafikonu vidi se kako je reverse repo program \u2013 koji je neko\u0107 dr\u017eao preko 2,5 bilijuna dolara vi\u0161ka likvidnosti \u2013 sada gotovo potpuno ispra\u017enjen.<\/p>\n<p>To zna\u010di da se \u201ctampon zona\u201d sustava ispuhala, a tr\u017ei\u0161te novca ostalo bez sigurnosne mre\u017ee.<\/p>\n<p data-start=\"3116\" data-end=\"3345\"><img decoding=\"async\" src=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!5ZTy!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe8c70121-aa34-457b-993e-144bc468e937_1320x450.png\">Fed je zato <span data-start=\"3128\" data-end=\"3168\">ponovno po\u010deo ubrizgavati likvidnost<\/span> kroz repo operacije, poku\u0161avaju\u0107i odr\u017eati sustav \u017eivim.<br data-start=\"3224\" data-end=\"3227\">Ali ti iznosi \u2013 po nekoliko milijardi dnevno \u2013 samo su <span data-start=\"3282\" data-end=\"3301\">flaster na ranu<\/span> u sustavu vrijednom vi\u0161e od bilijun dolara.<\/p>\n<h4 data-start=\"3352\" data-end=\"3391\">Powellov izbor: inflacija ili kolaps<\/h4>\n<p data-start=\"3393\" data-end=\"3572\">Powell i Fed suo\u010davaju se s jednostavnim, ali neugodnim izborom:<br data-start=\"3457\" data-end=\"3460\">nastaviti QT i riskirati kolaps tr\u017ei\u0161ta,<br data-start=\"3500\" data-end=\"3503\">ili ponovno po\u010deti tiskati novac i time riskirati novi val inflacije. Fed-ova ukupna bilanca (grafikon ispod) jasno pokazuje zavr\u0161etak faze \u0161irenja i po\u010detak QT-a koji je zapo\u010deo 2022.<br data-start=\"1995\" data-end=\"1998\">No, s obzirom da se pad bilance sada usporava, jasno je da Fed vi\u0161e ne mo\u017ee nastaviti istim tempom bez destabilizacije tr\u017ei\u0161ta.<\/p>\n<p><img decoding=\"async\" src=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!1rWi!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc38c4f19-31b4-45a1-bdbd-bb043b68efcd_1320x465.png\"><\/p>\n<p data-start=\"3574\" data-end=\"3627\">Ve\u0107 su odlu\u010dili \u2013 <span data-start=\"3592\" data-end=\"3624\">QT zavr\u0161ava, printer se pali<\/span>.<\/p>\n<p data-start=\"3629\" data-end=\"3858\">Powell je to javno rekao: <strong data-start=\"3655\" data-end=\"3683\">QT \u0107e se uskoro zavr\u0161iti<\/strong>, a stari vrijednosni papiri na bilanci Fed-a bit \u0107e zamijenjeni novima.<br data-start=\"3755\" data-end=\"3758\">Drugim rije\u010dima, Fed \u0107e prestati \u201cpovla\u010diti novac\u201d iz sustava i ponovno po\u010deti ubacivati likvidnost.<\/p>\n<h4 data-start=\"3865\" data-end=\"3893\">Paradoks Fed-ove politike<\/h4>\n<p data-start=\"3895\" data-end=\"3979\">Ironi\u010dno, Fed \u0107e sada vjerojatno morati <span data-start=\"3935\" data-end=\"3976\">raditi dvije suprotne stvari odjednom<\/span>:<\/p>\n<p><span style=\"background-color: transparent;\" data-start=\"3982\" data-end=\"4004\">tiskati novac <\/span><span style=\"background-color: transparent;\">kako bi sprije\u010dio manjak likvidnosti,<br><\/span><span style=\"background-color: transparent;\">i <\/span><span style=\"background-color: transparent;\" data-start=\"4049\" data-end=\"4073\">dr\u017eati kamate visoko<\/span><span style=\"background-color: transparent;\"> da bi banke nastavile dr\u017eati novac kod Fed-a.<\/span><\/p>\n<p data-start=\"4123\" data-end=\"4184\">To je monetarni paradoks: <span data-start=\"4149\" data-end=\"4181\">ko\u010diti i ubrzavati istodobno<\/span>.<\/p>\n<p data-start=\"4186\" data-end=\"4355\">Rezultat?<br data-start=\"4195\" data-end=\"4198\">Likvidnost \u0107e se vratiti, ali \u0107e <span data-start=\"4231\" data-end=\"4267\">realna ekonomija ponovno trpjeti<\/span> \u2013 dok financijski sektor zara\u0111uje kamate na novac koji zapravo ne ulazi u gospodarstvo.<\/p>\n<h4 data-start=\"4362\" data-end=\"4388\">\u0160to to zna\u010di za tr\u017ei\u0161ta<\/h4>\n<p data-start=\"4390\" data-end=\"4622\">Kada se likvidnost vra\u0107a, tr\u017ei\u0161ta to osjete prva.<br data-start=\"4439\" data-end=\"4442\">Cijene dionica, zlata, kripta i nekretnina rastu, jer <span data-start=\"4496\" data-end=\"4538\">vi\u0161ak novca ponovno te\u010de prema imovini<\/span>.<br data-start=\"4539\" data-end=\"4542\">Ali to ne zna\u010di da je ekonomija zdravija \u2013 samo da <span data-start=\"4593\" data-end=\"4619\">vrijednost dolara pada<\/span>.<\/p>\n<p data-start=\"4624\" data-end=\"4713\">Drugim rije\u010dima, sve \u0107e nominalno vrijediti vi\u0161e, ali \u0107e <span data-start=\"4681\" data-end=\"4710\">taj novac vrijediti manje<\/span>.<\/p>\n<p data-start=\"4715\" data-end=\"4856\">Zato iskusni investitori (me included) ve\u0107 mjesecima <span data-start=\"4754\" data-end=\"4795\">kupuju zlato i druge realne imovine<\/span>, znaju\u0107i da \u0107e Fed prije ili kasnije morati ponovno tiskati.<\/p>\n<h4 data-start=\"4863\" data-end=\"4885\">Novi ciklus iluzije<\/h4>\n<p data-start=\"4887\" data-end=\"5145\">Powell je poku\u0161ao ostvariti takozvano \u201cmeko prizemljenje\u201d(soft landing)&#8221; \u2013 smanjiti inflaciju bez recesije.<br data-start=\"4979\" data-end=\"4982\">To se u povijesti nikada nije dogodilo.<br data-start=\"5021\" data-end=\"5024\">Umjesto toga, Fed sada bira <strong data-start=\"5052\" data-end=\"5068\">\u201cno landing\u201d<\/strong> \u2013 nastavak rasta, ali uz <strong data-start=\"5094\" data-end=\"5114\">stalnu inflaciju<\/strong> i gubitak realne kupovne mo\u0107i.<\/p>\n<p data-start=\"5147\" data-end=\"5258\">Tr\u017ei\u0161ta \u0107e kratkoro\u010dno izgledati \u201cbullish\u201d,<br data-start=\"5190\" data-end=\"5193\">ali dugoro\u010dno \u2013 <strong data-start=\"5209\" data-end=\"5255\">vrijednost novca i \u0161tednje i dalje se topi<\/strong>.<\/p>\n<h4 data-start=\"5265\" data-end=\"5296\">Sustav bez izlaza<\/h4>\n<p data-start=\"5298\" data-end=\"5406\">Fed se nalazi u <strong data-start=\"5314\" data-end=\"5339\">strukturnom paradoksu<\/strong>:<br data-start=\"5340\" data-end=\"5343\">ako zate\u017ee \u2013 tr\u017ei\u0161ta pucaju,<br data-start=\"5371\" data-end=\"5374\">ako popu\u0161ta \u2013 inflacija raste.<\/p>\n<p data-start=\"5408\" data-end=\"5575\">Kratkoro\u010dno, vjerojatno slijedi <span data-start=\"5440\" data-end=\"5476\">rast cijena imovine i gubitak kupovne vrijednosti dolara<\/span>, ali dugoro\u010dno,<br data-start=\"5492\" data-end=\"5495\">ovo je jo\u0161 jedan ciklus <span data-start=\"5519\" data-end=\"5572\">tiskanja novca koji kupuje vrijeme, a ne rje\u0161enje<\/span>.<\/p><p data-start=\"5577\" data-end=\"5670\"><strong data-start=\"5624\" data-end=\"5670\">Istina je da svi gubimo ovakvom politikom. Novac koji svakodnevno koristimo gubi kupovnu mo\u0107,ali razumijevanjem&nbsp;<\/strong><strong data-start=\"5624\" data-end=\"5670\">trenutnih doga\u0111anja mo\u017ee\u0161 amortizirati negativne utjecaje gre\u0161aka centralnih banaka.<\/strong><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-2cab0ab e-con-full e-flex e-con e-child\" data-id=\"2cab0ab\" data-element_type=\"container\" data-settings=\"{&quot;content_width&quot;:&quot;full&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-79f833a elementor-widget elementor-widget-jkit_heading\" data-id=\"79f833a\" data-element_type=\"widget\" data-widget_type=\"jkit_heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<div  class=\"jeg-elementor-kit jkit-heading  align-left align-tablet- align-mobile- jeg_module___69d048c8e9b97\" ><div class=\"heading-section-title  display-inline-block\"><h2 class=\"heading-title\">Najnoviji <span class=\"style-color\"><span>\u010dlanci<\/span><\/span><\/h2><\/div><\/div>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-332e7ac elementor-widget elementor-widget-jkit_post_list\" data-id=\"332e7ac\" data-element_type=\"widget\" data-widget_type=\"jkit_post_list.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<div  class=\"jeg-elementor-kit jkit-postlist layout-horizontal post-element jkit-pagination-disable jeg_module__1_69d048c8ec908\"  data-id=\"jeg_module__1_69d048c8ec908\" data-settings=\"{&quot;post_type&quot;:&quot;post&quot;,&quot;number_post&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:6,&quot;sizes&quot;:[]},&quot;post_offset&quot;:0,&quot;unique_content&quot;:&quot;disable&quot;,&quot;include_post&quot;:&quot;&quot;,&quot;exclude_post&quot;:1001,&quot;include_category&quot;:&quot;&quot;,&quot;exclude_category&quot;:&quot;&quot;,&quot;include_author&quot;:&quot;&quot;,&quot;include_tag&quot;:&quot;&quot;,&quot;exclude_tag&quot;:&quot;&quot;,&quot;sort_by&quot;:&quot;latest&quot;,&quot;pagination_mode&quot;:&quot;disable&quot;,&quot;pagination_loadmore_text&quot;:&quot;Load More&quot;,&quot;pagination_loading_text&quot;:&quot;Loading...&quot;,&quot;pagination_number_post&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:3,&quot;sizes&quot;:[]},&quot;pagination_scroll_limit&quot;:0,&quot;pagination_icon&quot;:{&quot;value&quot;:&quot;&quot;,&quot;library&quot;:&quot;&quot;},&quot;pagination_icon_position&quot;:&quot;before&quot;,&quot;sg_content_layout&quot;:&quot;horizontal&quot;,&quot;sg_content_image_enable&quot;:&quot;yes&quot;,&quot;sg_content_background_image_enable&quot;:&quot;&quot;,&quot;sg_content_icon_enable&quot;:&quot;yes&quot;,&quot;sg_content_icon&quot;:{&quot;value&quot;:&quot;fas fa-circle&quot;,&quot;library&quot;:&quot;fa-solid&quot;},&quot;sg_content_meta_enable&quot;:0,&quot;sg_content_meta_date_enable&quot;:0,&quot;sg_content_meta_date_type&quot;:&quot;published&quot;,&quot;sg_content_meta_date_format&quot;:&quot;default&quot;,&quot;sg_content_meta_date_format_custom&quot;:&quot;F j, Y&quot;,&quot;sg_content_meta_date_icon&quot;:{&quot;value&quot;:&quot;fas fa-clock&quot;,&quot;library&quot;:&quot;fa-solid&quot;},&quot;sg_content_meta_category_enable&quot;:0,&quot;sg_content_meta_category_icon&quot;:{&quot;value&quot;:&quot;fas fa-tag&quot;,&quot;library&quot;:&quot;fa-solid&quot;},&quot;sg_content_meta_position&quot;:&quot;top&quot;,&quot;sg_content_image_size_imagesize_size&quot;:&quot;medium_large&quot;,&quot;paged&quot;:1,&quot;class&quot;:&quot;jkit_post_list&quot;}\"><div class=\"jkit-block-container\"><div class=\"jkit-posts jkit-ajax-flag\">\n            <article class=\"jkit-post post-list-item\">\n                <a href=\"https:\/\/crofxtrading.com\/index.php\/2025\/02\/26\/bitcoin-novi-poredak-2\/\" >\n                    <img fetchpriority=\"high\" decoding=\"async\" width=\"768\" height=\"430\" src=\"https:\/\/crofxtrading.com\/wp-content\/uploads\/2025\/02\/Screen-Shot-2-26-2025-at-7.59-PM-768x430.png\" class=\"attachment-medium_large size-medium_large wp-post-image\" alt=\"\" srcset=\"https:\/\/crofxtrading.com\/wp-content\/uploads\/2025\/02\/Screen-Shot-2-26-2025-at-7.59-PM-768x430.png 768w, https:\/\/crofxtrading.com\/wp-content\/uploads\/2025\/02\/Screen-Shot-2-26-2025-at-7.59-PM-300x168.png 300w, https:\/\/crofxtrading.com\/wp-content\/uploads\/2025\/02\/Screen-Shot-2-26-2025-at-7.59-PM-1024x573.png 1024w, https:\/\/crofxtrading.com\/wp-content\/uploads\/2025\/02\/Screen-Shot-2-26-2025-at-7.59-PM.png 1197w\" sizes=\"(max-width: 768px) 100vw, 768px\" \/>\n                    <div class=\"jkit-postlist-content\"><span class=\"jkit-postlist-title\">Bitcoin &#8211; kraj monetarne nepravde ili po\u010detak novog poretka?<\/span><\/div>\n                <\/a>\n            <\/article><article class=\"jkit-post post-list-item\">\n                <a href=\"https:\/\/crofxtrading.com\/index.php\/2025\/02\/09\/europa-pocetak-kraja\/\" >\n                    <img decoding=\"async\" width=\"640\" height=\"360\" src=\"https:\/\/crofxtrading.com\/wp-content\/uploads\/2025\/02\/European_Union_Fracture.jpg\" class=\"attachment-medium_large size-medium_large wp-post-image\" alt=\"\" srcset=\"https:\/\/crofxtrading.com\/wp-content\/uploads\/2025\/02\/European_Union_Fracture.jpg 640w, https:\/\/crofxtrading.com\/wp-content\/uploads\/2025\/02\/European_Union_Fracture-300x169.jpg 300w\" sizes=\"(max-width: 640px) 100vw, 640px\" \/>\n                    <div class=\"jkit-postlist-content\"><span class=\"jkit-postlist-title\">Europa &#8211; po\u010detak kraja?<\/span><\/div>\n                <\/a>\n            <\/article><article class=\"jkit-post post-list-item\">\n                <a href=\"https:\/\/crofxtrading.com\/index.php\/2024\/09\/14\/sto-se-dogada-u-kini\/\" >\n                    <img decoding=\"async\" width=\"768\" height=\"430\" src=\"https:\/\/crofxtrading.com\/wp-content\/uploads\/2024\/09\/Common-Prosperity-CCP-Chinese-Economy-Xi-Jinping-768x430.jpg\" class=\"attachment-medium_large size-medium_large wp-post-image\" alt=\"\" srcset=\"https:\/\/crofxtrading.com\/wp-content\/uploads\/2024\/09\/Common-Prosperity-CCP-Chinese-Economy-Xi-Jinping-768x430.jpg 768w, https:\/\/crofxtrading.com\/wp-content\/uploads\/2024\/09\/Common-Prosperity-CCP-Chinese-Economy-Xi-Jinping-300x168.jpg 300w, https:\/\/crofxtrading.com\/wp-content\/uploads\/2024\/09\/Common-Prosperity-CCP-Chinese-Economy-Xi-Jinping-1024x574.jpg 1024w, https:\/\/crofxtrading.com\/wp-content\/uploads\/2024\/09\/Common-Prosperity-CCP-Chinese-Economy-Xi-Jinping.jpg 1303w\" sizes=\"(max-width: 768px) 100vw, 768px\" \/>\n                    <div class=\"jkit-postlist-content\"><span class=\"jkit-postlist-title\">\u0160to se to doga\u0111a s Kinom?<\/span><\/div>\n                <\/a>\n            <\/article><article class=\"jkit-post post-list-item\">\n                <a href=\"https:\/\/crofxtrading.com\/index.php\/2024\/05\/12\/zlato-kao-zastita\/\" >\n                    <img loading=\"lazy\" decoding=\"async\" width=\"736\" height=\"552\" src=\"https:\/\/crofxtrading.com\/wp-content\/uploads\/2024\/05\/FvFhzPtXwAAcMdU.jpg\" class=\"attachment-medium_large size-medium_large wp-post-image\" alt=\"\" srcset=\"https:\/\/crofxtrading.com\/wp-content\/uploads\/2024\/05\/FvFhzPtXwAAcMdU.jpg 736w, https:\/\/crofxtrading.com\/wp-content\/uploads\/2024\/05\/FvFhzPtXwAAcMdU-300x225.jpg 300w\" sizes=\"(max-width: 736px) 100vw, 736px\" \/>\n                    <div class=\"jkit-postlist-content\"><span class=\"jkit-postlist-title\">Zlato kao za\u0161tita. Od \u010dega?<\/span><\/div>\n                <\/a>\n            <\/article><article class=\"jkit-post post-list-item\">\n                <a href=\"https:\/\/crofxtrading.com\/index.php\/2024\/04\/07\/unisteno-trziste-nekretnina\/\" >\n                    <img loading=\"lazy\" decoding=\"async\" width=\"768\" height=\"768\" src=\"https:\/\/crofxtrading.com\/wp-content\/uploads\/2024\/04\/housing-bubble-768x768.jpg\" class=\"attachment-medium_large size-medium_large wp-post-image\" alt=\"\" srcset=\"https:\/\/crofxtrading.com\/wp-content\/uploads\/2024\/04\/housing-bubble-768x768.jpg 768w, https:\/\/crofxtrading.com\/wp-content\/uploads\/2024\/04\/housing-bubble-300x300.jpg 300w, https:\/\/crofxtrading.com\/wp-content\/uploads\/2024\/04\/housing-bubble-1024x1024.jpg 1024w, https:\/\/crofxtrading.com\/wp-content\/uploads\/2024\/04\/housing-bubble-150x150.jpg 150w, https:\/\/crofxtrading.com\/wp-content\/uploads\/2024\/04\/housing-bubble.jpg 1200w\" sizes=\"(max-width: 768px) 100vw, 768px\" \/>\n                    <div class=\"jkit-postlist-content\"><span class=\"jkit-postlist-title\">Kako je uni\u0161teno tr\u017ei\u0161te nekretnina?<\/span><\/div>\n                <\/a>\n            <\/article><article class=\"jkit-post post-list-item\">\n                <a href=\"https:\/\/crofxtrading.com\/index.php\/2024\/03\/16\/hoce-li-fed-izgubiti-bitku-s-inflacijom\/\" >\n                    <img loading=\"lazy\" decoding=\"async\" width=\"768\" height=\"531\" src=\"https:\/\/crofxtrading.com\/wp-content\/uploads\/2024\/03\/img_6877-e1710616996712-768x531.png\" class=\"attachment-medium_large size-medium_large wp-post-image\" alt=\"\" srcset=\"https:\/\/crofxtrading.com\/wp-content\/uploads\/2024\/03\/img_6877-e1710616996712-768x531.png 768w, https:\/\/crofxtrading.com\/wp-content\/uploads\/2024\/03\/img_6877-e1710616996712-300x207.png 300w, https:\/\/crofxtrading.com\/wp-content\/uploads\/2024\/03\/img_6877-e1710616996712-1024x708.png 1024w, https:\/\/crofxtrading.com\/wp-content\/uploads\/2024\/03\/img_6877-e1710616996712.png 1126w\" sizes=\"(max-width: 768px) 100vw, 768px\" \/>\n                    <div class=\"jkit-postlist-content\"><span class=\"jkit-postlist-title\">Ho\u0107e li FED izgubiti bitku s inflacijom?<\/span><\/div>\n                <\/a>\n            <\/article>\n        <\/div><\/div><\/div>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4a73960 elementor-hidden-mobile elementor-widget elementor-widget-jkit_heading\" data-id=\"4a73960\" data-element_type=\"widget\" data-widget_type=\"jkit_heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<div  class=\"jeg-elementor-kit jkit-heading  align-left align-tablet- align-mobile- jeg_module__2_69d048c8f1ba1\" ><div class=\"heading-section-title  display-inline-block\"><h2 class=\"heading-title\">Ekonomski <span class=\"style-color\"><span>kalendar<\/span><\/span><\/h2><\/div><\/div>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-adb16da elementor-hidden-mobile elementor-widget elementor-widget-html\" data-id=\"adb16da\" data-element_type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<!-- TradingView Widget BEGIN -->\n<div class=\"tradingview-widget-container\">\n  <div class=\"tradingview-widget-container__widget\"><\/div>\n  <div class=\"tradingview-widget-copyright\"><a href=\"https:\/\/www.tradingview.com\/\" rel=\"noopener nofollow\" target=\"_blank\"><span class=\"blue-text\">Track all markets on TradingView<\/span><\/a><\/div>\n  <script type=\"text\/javascript\" src=\"https:\/\/s3.tradingview.com\/external-embedding\/embed-widget-events.js\" async>\n  {\n  \"colorTheme\": \"light\",\n  \"isTransparent\": true,\n  \"width\": \"510\",\n  \"height\": \"600\",\n  \"locale\": \"en\",\n  \"importanceFilter\": \"-1,0,1\",\n  \"countryFilter\": \"eu,nz,ch,au,jp,ca,de,es,gb,us,fr,cn\"\n}\n  <\/script>\n<\/div>\n<!-- TradingView Widget END -->\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Fed se doveo u kut Nakon godina tiskanja novca i poku\u0161aja da se inflacija \u201cukroti\u201d stezanjem likvidnosti, ameri\u010dke Federalne rezerve (Fed) sada su slu\u017ebeno na raskri\u017eju.Predsjednik Fed-a Jerome Powell potvrdio je da se kvantitativno stezanje (QT) bli\u017ei kraju \u2013 i to ne zato \u0161to su postigli cilj, nego zato \u0161to vi\u0161e ne mogu nastaviti bez [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1022,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[18,19,14,21,20,15,16,17],"class_list":["post-1001","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-trzista","tag-americki","tag-ciklus","tag-fed","tag-jerome-powell","tag-kvantitativno-stezanje","tag-qe","tag-qt","tag-us"],"_links":{"self":[{"href":"https:\/\/crofxtrading.com\/index.php\/wp-json\/wp\/v2\/posts\/1001","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/crofxtrading.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crofxtrading.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crofxtrading.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/crofxtrading.com\/index.php\/wp-json\/wp\/v2\/comments?post=1001"}],"version-history":[{"count":18,"href":"https:\/\/crofxtrading.com\/index.php\/wp-json\/wp\/v2\/posts\/1001\/revisions"}],"predecessor-version":[{"id":1032,"href":"https:\/\/crofxtrading.com\/index.php\/wp-json\/wp\/v2\/posts\/1001\/revisions\/1032"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crofxtrading.com\/index.php\/wp-json\/wp\/v2\/media\/1022"}],"wp:attachment":[{"href":"https:\/\/crofxtrading.com\/index.php\/wp-json\/wp\/v2\/media?parent=1001"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crofxtrading.com\/index.php\/wp-json\/wp\/v2\/categories?post=1001"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crofxtrading.com\/index.php\/wp-json\/wp\/v2\/tags?post=1001"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}