{"id":1111,"date":"2026-10-28T18:15:12","date_gmt":"2026-10-28T17:15:12","guid":{"rendered":"https:\/\/zajedno.hr\/?p=1111"},"modified":"2026-10-28T18:15:12","modified_gmt":"2026-10-28T17:15:12","slug":"povratak-stvarne-cijene-kapitala","status":"publish","type":"post","link":"https:\/\/zajedno.hr\/en\/povratak-stvarne-cijene-kapitala\/","title":{"rendered":"The return of the cost of capital"},"content":{"rendered":"<p class=\"wp-block-paragraph\">Over a decade of artificially suppressed interest rates sustained countless enterprises incapable of generating genuine economic profit. Abundant cheap capital obscured operational inefficiency, flawed business models and chronic cash-flow deficits.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/zajedno.hr\/wp-content\/uploads\/2026\/10\/zombi-kompanije-blog-1024x576.png\" alt=\"Usporedba ere nultih kamatnih stopa i dana\u0161nje ere realne cijene kapitala: cijena zadu\u017eivanja, kriterij uspjeha, status neprofitabilnih tvrtki i strate\u0161ka prednost\" class=\"wp-image-1112\" srcset=\"https:\/\/zajedno.hr\/wp-content\/uploads\/2026\/10\/zombi-kompanije-blog-1024x576.png 1024w, https:\/\/zajedno.hr\/wp-content\/uploads\/2026\/10\/zombi-kompanije-blog-300x169.png 300w, https:\/\/zajedno.hr\/wp-content\/uploads\/2026\/10\/zombi-kompanije-blog-768x432.png 768w, https:\/\/zajedno.hr\/wp-content\/uploads\/2026\/10\/zombi-kompanije-blog-1536x864.png 1536w, https:\/\/zajedno.hr\/wp-content\/uploads\/2026\/10\/zombi-kompanije-blog-18x10.png 18w, https:\/\/zajedno.hr\/wp-content\/uploads\/2026\/10\/zombi-kompanije-blog.png 1600w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">The return of positive real rates has brought a long-overdue conclusion to the era of credit-dependent \"zombie\" companies. Capital once again commands a real price, and corporate leverage represents an unforgiving operational claim. Business models reliant on rolling over cheap debt now face the unyielding discipline of cash-flow coverage.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">While market cleansing introduces short-term friction, it restores essential systemic health. Well-governed enterprises built on authentic margins and disciplined leverage are finally positioned to capture market share from debt-dependent competitors.<\/p>","protected":false},"excerpt":{"rendered":"<p>Vi\u0161e od desetlje\u0107a umjetno spu\u0161tanih kamatnih stopa omogu\u0107ilo je pre\u017eivljavanje niza poduze\u0107a koja nisu stvarala stvarnu dobit. Jeftin novac prikrivao je neefikasnost, lo\u0161e operativne modele i nepostojanje pozitivnog nov\u010danog toka. Povratak realnih kamatnih stopa ozna\u010dio je neizbje\u017ean kraj ere zombi-kompanija koje su ovisile o stalnom zadu\u017eivanju. Danas kapital ponovno ima mjerljivu cijenu, a dug predstavlja [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1112,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_yoast_wpseo_metadesc":"","rank_math_description":"","_sky_seo_description":"","footnotes":""},"categories":[1],"tags":[],"class_list":["post-1111","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-nekategorizirano"],"_links":{"self":[{"href":"https:\/\/zajedno.hr\/en\/wp-json\/wp\/v2\/posts\/1111","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/zajedno.hr\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/zajedno.hr\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/zajedno.hr\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/zajedno.hr\/en\/wp-json\/wp\/v2\/comments?post=1111"}],"version-history":[{"count":1,"href":"https:\/\/zajedno.hr\/en\/wp-json\/wp\/v2\/posts\/1111\/revisions"}],"predecessor-version":[{"id":1113,"href":"https:\/\/zajedno.hr\/en\/wp-json\/wp\/v2\/posts\/1111\/revisions\/1113"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/zajedno.hr\/en\/wp-json\/wp\/v2\/media\/1112"}],"wp:attachment":[{"href":"https:\/\/zajedno.hr\/en\/wp-json\/wp\/v2\/media?parent=1111"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/zajedno.hr\/en\/wp-json\/wp\/v2\/categories?post=1111"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/zajedno.hr\/en\/wp-json\/wp\/v2\/tags?post=1111"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}