{"id":5169,"date":"2020-03-17T10:15:35","date_gmt":"2020-03-17T10:15:35","guid":{"rendered":"https:\/\/www.newmoneyreview.com\/?p=5169"},"modified":"2020-03-29T15:54:24","modified_gmt":"2020-03-29T15:54:24","slug":"whose-backstop","status":"publish","type":"post","link":"https:\/\/newmoneyreview.com\/index.php\/2020\/03\/17\/whose-backstop\/","title":{"rendered":"Whose backstop?"},"content":{"rendered":"

Welcome to the new financial system. Same as the old one?<\/p>\n

On the face of it, the philosophical differences between centralised and decentralised finance (or \u2018CeFi\u2019 and \u2018DeFi\u2019, for short) are stark.<\/p>\n

Under the CeFi system, central banks play a pivotal role as the lender of last resort. They can lower the price of credit and offer liquidity to dealers suffering strain.<\/p>\n

Since the 2008 crisis, they have also bought assets in bulk from private entities to shore up the financial system. The US central bank\u2019s balance sheet has expanded fivefold since 2008 as a result of this approach, called \u2018quantitative easing\u2019.<\/p>\n

In recent days, the Fed has taken its interventions to unprecedented lengths amidst the coronavirus panic. It has cut interest rates to zero, launched a new $700bn asset purchase programme and offered up to $2trn in extra loans to the repo market<\/a>.<\/p>\n

under DeFi there is no formal backstop to the system<\/p><\/blockquote>\n

But under DeFi, the catch-all term for decentralised lending protocols, there is no formal backstop to the system.<\/p>\n

This makes an immediate difference in the way loans are structured: in DeFi, they require much more collateral than those in the traditional financial market.<\/p>\n

In the conventional financial system, a repo loan may have only a minimal \u2018haircut\u2019 (the margin by which the value of the collateral exceeds the value of the loan).<\/p>\n

The Bank of England, for example, requires a haircut of only 0.5 percent for loans against short-maturity UK government bond collateral<\/a>.<\/p>\n

In a popular DeFi lending protocol, MakerDAO, the value of the collateral (in the form of cryptocurrency ethereum) is set at a level a hundred times higher: 50 percent more than the value of loans.<\/p>\n

In MakerDAO, loans are made in a native \u2018stablecoin\u2019\u2014a token with a notional 1:1 peg to the US dollar\u2014called dai.<\/p>\n

Dai has been greeted by DeFi enthusiasts as a decentralised alternative to centralised stablecoins like tether<\/a>, which rely on a trusted third party to maintain their peg to a fiat currency unit.<\/p>\n

However, last year analysts at blockchain.com pointed out that the lack of a central guarantor in the MakerDAO structure meant the whole lending system was vulnerable.<\/p>\n

\u201cReliance on ethereum means that all dai are susceptible to large drops in a single cryptoasset\u2019s price, creating single point of failure risk,\u201d blockchain analysts wrote in a 2019 report on stablecoins<\/a>.<\/p>\n

Last week this warning proved prescient: the MakerDAO system\u2019s 50 percent collateral margin proved insufficient in the midst of huge market volatility.<\/p>\n

On Thursday, a plunge in the price of ethereum left the whole MakerDAO system short of collateral<\/a>, with at least $4m of dai-based loans left unbacked.<\/p>\n

One of the contributing factors to MakerDAO\u2019s problems was strain on ethereum\u2019s transaction processing capacity, with deals taking nearly an hour to be confirmed on the public blockchain, rather than the usual ten seconds<\/a>.<\/p>\n

This, in turn, led to stale price feeds, which caused the systems\u2019 collateral pool to become depleted.<\/p>\n

\u201cSome dai holders are not happy. If they don\u2019t participate their holdings get diluted\u201d<\/p><\/blockquote>\n

As a result of the shortfall, MakerDAO has been forced to turn to a secondary funding mechanism, an auction of a native token called MKR<\/a>, to recapitalise its system.<\/p>\n

The auction will take place on Thursday March 19, when MKR will be sold in lots of 50,000 dai.<\/p>\n

\u201cThe MKR token issuance can be seen as a form of insurance as last resort,\u201d Stani Kulechov, chief executive at Aave, a decentralised money market platform where holders of tokens, including dai, can lend them out for interest.<\/p>\n

\u201cThis is the very first time they\u2019ve had to mint MKR tokens and sell them to the public to clear the deficit,\u201d Kulechov said.<\/p>\n

\u201cSome dai holders are not happy. If they don\u2019t participate their holdings get diluted. But that\u2019s the purpose of the MKR token\u2014to rescue the protocol,\u201d he added.<\/p>\n

Aave is one of a hundred members of a syndicate committed to underwriting the MKR sale.<\/p>\n

\u201cOur coalition of DeFi market participants is backstopping the auction,\u201d said Kulechov.<\/p>\n

While the number of dai tokens in circulation has dropped sharply since the autumn\u2014the total dai supply on March 17 was 15.7 million, down from a peak of over 100 million in November 2019\u2014the dai peg has stabilised, at least temporarily, since last week\u2019s panic.<\/p>\n

On Friday 13 March, according to coingecko.com<\/a>, a single dai token traded at a 20 percent discount to its notional 1:1 dollar peg. However, on March 17 this discount had narrowed to 2 percent.<\/p>\n

Meanwhile, the price of ethereum, the second-most traded cryptocurrency after bitcoin, has also found some short-term stability.<\/p>\n

Having fallen from $280 to $100 in the course of three weeks, ethereum tokens were quoted at $117 in early trading on March 17.<\/p>\n

While JP Morgan was initially seen as a hero, public opinion soon turned against him<\/p><\/blockquote>\n

Since it involves the voluntary participation of private actors, rather than state intervention, the MakerDAO rescue echoes a century-old financial crisis.<\/p>\n

In 1907 a syndicate of New York bankers, led by JP Morgan, stepped in to quell a panic<\/a> that had seen US stock prices fall by half.<\/p>\n

While Morgan was initially seen as a hero, public opinion soon turned against him.<\/p>\n

Following the crisis, the US House of Representatives\u2019 Committee on Banking and Currency issued a scathing report, accusing the bank of insider dealing. The Committee pointed out that JP Morgan employees also sat on the boards of directors of 112 US corporations, representing 85 percent of the value of all US stocks.<\/p>\n

The outcome of an ensuing wave of public indignation was the creation of a new kind of public body, a central bank.<\/p>\n

By 1913, the Federal Reserve had officially replaced the JP Morgan-led \u2018money trust\u2019 as the US financial system\u2019s lender of last resort. The bank\u2019s eponymous founder died in the same year.<\/p>\n

Don\u2019t miss any more New Money Review content:\u00a0sign up here<\/strong><\/a> for our\u00a0newsletter<\/em><\/p>\n

Click here<\/a> for a full list of episodes of the New Money Review podcast: the future of money in 30 minutes<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Welcome to the new financial system. Same as the old one? On the face of it, the philosophical differences between centralised and decentralised finance (or \u2018CeFi\u2019 and \u2018DeFi\u2019, for short) […]<\/p>\n","protected":false},"author":3,"featured_media":5168,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1013,1012,1014,1011],"tags":[1699,1224,1228,1698,1693,1700,1420],"class_list":{"0":"post-5169","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-account","8":"category-exchange","9":"category-payment","10":"category-value","11":"tag-aave","12":"tag-bank-of-england","13":"tag-federal-reserve","14":"tag-lender-of-last-resort","15":"tag-makerdao","16":"tag-stani-kulechov","17":"tag-tether"},"yoast_head":"\nWhose backstop? - New Money Review<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/newmoneyreview.com\/index.php\/2020\/03\/17\/whose-backstop\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Whose backstop? - New Money Review\" \/>\n<meta property=\"og:description\" content=\"Welcome to the new financial system. Same as the old one? On the face of it, the philosophical differences between centralised and decentralised finance (or \u2018CeFi\u2019 and \u2018DeFi\u2019, for short) […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/newmoneyreview.com\/index.php\/2020\/03\/17\/whose-backstop\/\" \/>\n<meta property=\"og:site_name\" content=\"New Money Review\" \/>\n<meta property=\"article:published_time\" content=\"2020-03-17T10:15:35+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-03-29T15:54:24+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/newmoneyreview.com\/wp-content\/uploads\/2020\/03\/safety-net.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1400\" \/>\n\t<meta property=\"og:image:height\" content=\"933\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Paul Amery\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@ameryp\" \/>\n<meta name=\"twitter:site\" content=\"@newmoneyreview\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Paul Amery\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/newmoneyreview.com\/index.php\/2020\/03\/17\/whose-backstop\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/newmoneyreview.com\/index.php\/2020\/03\/17\/whose-backstop\/\"},\"author\":{\"name\":\"Paul Amery\",\"@id\":\"https:\/\/newmoneyreview.com\/#\/schema\/person\/71bdc8f94d4973d4c5bd2a8fe5a83412\"},\"headline\":\"Whose backstop?\",\"datePublished\":\"2020-03-17T10:15:35+00:00\",\"dateModified\":\"2020-03-29T15:54:24+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/newmoneyreview.com\/index.php\/2020\/03\/17\/whose-backstop\/\"},\"wordCount\":1002,\"publisher\":{\"@id\":\"https:\/\/newmoneyreview.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/newmoneyreview.com\/index.php\/2020\/03\/17\/whose-backstop\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/newmoneyreview.com\/wp-content\/uploads\/2020\/03\/safety-net.jpg\",\"keywords\":[\"Aave\",\"Bank of England\",\"Federal Reserve\",\"Lender of last resort\",\"MakerDAO\",\"Stani Kulechov\",\"Tether\"],\"articleSection\":[\"ACCOUNT\",\"EXCHANGE\",\"PAYMENT\",\"VALUE\"],\"inLanguage\":\"en-GB\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/newmoneyreview.com\/index.php\/2020\/03\/17\/whose-backstop\/\",\"url\":\"https:\/\/newmoneyreview.com\/index.php\/2020\/03\/17\/whose-backstop\/\",\"name\":\"Whose backstop? - New Money Review\",\"isPartOf\":{\"@id\":\"https:\/\/newmoneyreview.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/newmoneyreview.com\/index.php\/2020\/03\/17\/whose-backstop\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/newmoneyreview.com\/index.php\/2020\/03\/17\/whose-backstop\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/newmoneyreview.com\/wp-content\/uploads\/2020\/03\/safety-net.jpg\",\"datePublished\":\"2020-03-17T10:15:35+00:00\",\"dateModified\":\"2020-03-29T15:54:24+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/newmoneyreview.com\/index.php\/2020\/03\/17\/whose-backstop\/#breadcrumb\"},\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/newmoneyreview.com\/index.php\/2020\/03\/17\/whose-backstop\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-GB\",\"@id\":\"https:\/\/newmoneyreview.com\/index.php\/2020\/03\/17\/whose-backstop\/#primaryimage\",\"url\":\"https:\/\/newmoneyreview.com\/wp-content\/uploads\/2020\/03\/safety-net.jpg\",\"contentUrl\":\"https:\/\/newmoneyreview.com\/wp-content\/uploads\/2020\/03\/safety-net.jpg\",\"width\":1400,\"height\":933},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/newmoneyreview.com\/index.php\/2020\/03\/17\/whose-backstop\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/newmoneyreview.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Whose backstop?\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/newmoneyreview.com\/#website\",\"url\":\"https:\/\/newmoneyreview.com\/\",\"name\":\"New Money Review\",\"description\":\"A periodical covering the accelerating changes in money\",\"publisher\":{\"@id\":\"https:\/\/newmoneyreview.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/newmoneyreview.com\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-GB\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/newmoneyreview.com\/#organization\",\"name\":\"New Money Review\",\"url\":\"https:\/\/newmoneyreview.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-GB\",\"@id\":\"https:\/\/newmoneyreview.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/newmoneyreview.com\/wp-content\/uploads\/2018\/01\/cropped-nmr_close-crop.jpg\",\"contentUrl\":\"https:\/\/newmoneyreview.com\/wp-content\/uploads\/2018\/01\/cropped-nmr_close-crop.jpg\",\"width\":1418,\"height\":158,\"caption\":\"New Money Review\"},\"image\":{\"@id\":\"https:\/\/newmoneyreview.com\/#\/schema\/logo\/image\/\"},\"sameAs\":[\"https:\/\/x.com\/newmoneyreview\"]},{\"@type\":\"Person\",\"@id\":\"https:\/\/newmoneyreview.com\/#\/schema\/person\/71bdc8f94d4973d4c5bd2a8fe5a83412\",\"name\":\"Paul Amery\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-GB\",\"@id\":\"https:\/\/newmoneyreview.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/58b6269b43fc8c137f118222b601e5041bee2cc0e3291a23180bfb7d36499b18?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/58b6269b43fc8c137f118222b601e5041bee2cc0e3291a23180bfb7d36499b18?s=96&d=mm&r=g\",\"caption\":\"Paul Amery\"},\"sameAs\":[\"https:\/\/x.com\/@ameryp\"],\"url\":\"https:\/\/newmoneyreview.com\/index.php\/author\/paul-amery\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Whose backstop? - New Money Review","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/newmoneyreview.com\/index.php\/2020\/03\/17\/whose-backstop\/","og_locale":"en_GB","og_type":"article","og_title":"Whose backstop? - New Money Review","og_description":"Welcome to the new financial system. Same as the old one? On the face of it, the philosophical differences between centralised and decentralised finance (or \u2018CeFi\u2019 and \u2018DeFi\u2019, for short) […]","og_url":"https:\/\/newmoneyreview.com\/index.php\/2020\/03\/17\/whose-backstop\/","og_site_name":"New Money Review","article_published_time":"2020-03-17T10:15:35+00:00","article_modified_time":"2020-03-29T15:54:24+00:00","og_image":[{"width":1400,"height":933,"url":"https:\/\/newmoneyreview.com\/wp-content\/uploads\/2020\/03\/safety-net.jpg","type":"image\/jpeg"}],"author":"Paul Amery","twitter_card":"summary_large_image","twitter_creator":"@ameryp","twitter_site":"@newmoneyreview","twitter_misc":{"Written by":"Paul Amery","Estimated reading time":"5 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/newmoneyreview.com\/index.php\/2020\/03\/17\/whose-backstop\/#article","isPartOf":{"@id":"https:\/\/newmoneyreview.com\/index.php\/2020\/03\/17\/whose-backstop\/"},"author":{"name":"Paul Amery","@id":"https:\/\/newmoneyreview.com\/#\/schema\/person\/71bdc8f94d4973d4c5bd2a8fe5a83412"},"headline":"Whose backstop?","datePublished":"2020-03-17T10:15:35+00:00","dateModified":"2020-03-29T15:54:24+00:00","mainEntityOfPage":{"@id":"https:\/\/newmoneyreview.com\/index.php\/2020\/03\/17\/whose-backstop\/"},"wordCount":1002,"publisher":{"@id":"https:\/\/newmoneyreview.com\/#organization"},"image":{"@id":"https:\/\/newmoneyreview.com\/index.php\/2020\/03\/17\/whose-backstop\/#primaryimage"},"thumbnailUrl":"https:\/\/newmoneyreview.com\/wp-content\/uploads\/2020\/03\/safety-net.jpg","keywords":["Aave","Bank of England","Federal Reserve","Lender of last resort","MakerDAO","Stani Kulechov","Tether"],"articleSection":["ACCOUNT","EXCHANGE","PAYMENT","VALUE"],"inLanguage":"en-GB"},{"@type":"WebPage","@id":"https:\/\/newmoneyreview.com\/index.php\/2020\/03\/17\/whose-backstop\/","url":"https:\/\/newmoneyreview.com\/index.php\/2020\/03\/17\/whose-backstop\/","name":"Whose backstop? - New Money Review","isPartOf":{"@id":"https:\/\/newmoneyreview.com\/#website"},"primaryImageOfPage":{"@id":"https:\/\/newmoneyreview.com\/index.php\/2020\/03\/17\/whose-backstop\/#primaryimage"},"image":{"@id":"https:\/\/newmoneyreview.com\/index.php\/2020\/03\/17\/whose-backstop\/#primaryimage"},"thumbnailUrl":"https:\/\/newmoneyreview.com\/wp-content\/uploads\/2020\/03\/safety-net.jpg","datePublished":"2020-03-17T10:15:35+00:00","dateModified":"2020-03-29T15:54:24+00:00","breadcrumb":{"@id":"https:\/\/newmoneyreview.com\/index.php\/2020\/03\/17\/whose-backstop\/#breadcrumb"},"inLanguage":"en-GB","potentialAction":[{"@type":"ReadAction","target":["https:\/\/newmoneyreview.com\/index.php\/2020\/03\/17\/whose-backstop\/"]}]},{"@type":"ImageObject","inLanguage":"en-GB","@id":"https:\/\/newmoneyreview.com\/index.php\/2020\/03\/17\/whose-backstop\/#primaryimage","url":"https:\/\/newmoneyreview.com\/wp-content\/uploads\/2020\/03\/safety-net.jpg","contentUrl":"https:\/\/newmoneyreview.com\/wp-content\/uploads\/2020\/03\/safety-net.jpg","width":1400,"height":933},{"@type":"BreadcrumbList","@id":"https:\/\/newmoneyreview.com\/index.php\/2020\/03\/17\/whose-backstop\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/newmoneyreview.com\/"},{"@type":"ListItem","position":2,"name":"Whose backstop?"}]},{"@type":"WebSite","@id":"https:\/\/newmoneyreview.com\/#website","url":"https:\/\/newmoneyreview.com\/","name":"New Money Review","description":"A periodical covering the accelerating changes in money","publisher":{"@id":"https:\/\/newmoneyreview.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/newmoneyreview.com\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-GB"},{"@type":"Organization","@id":"https:\/\/newmoneyreview.com\/#organization","name":"New Money Review","url":"https:\/\/newmoneyreview.com\/","logo":{"@type":"ImageObject","inLanguage":"en-GB","@id":"https:\/\/newmoneyreview.com\/#\/schema\/logo\/image\/","url":"https:\/\/newmoneyreview.com\/wp-content\/uploads\/2018\/01\/cropped-nmr_close-crop.jpg","contentUrl":"https:\/\/newmoneyreview.com\/wp-content\/uploads\/2018\/01\/cropped-nmr_close-crop.jpg","width":1418,"height":158,"caption":"New Money Review"},"image":{"@id":"https:\/\/newmoneyreview.com\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/x.com\/newmoneyreview"]},{"@type":"Person","@id":"https:\/\/newmoneyreview.com\/#\/schema\/person\/71bdc8f94d4973d4c5bd2a8fe5a83412","name":"Paul Amery","image":{"@type":"ImageObject","inLanguage":"en-GB","@id":"https:\/\/newmoneyreview.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/58b6269b43fc8c137f118222b601e5041bee2cc0e3291a23180bfb7d36499b18?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/58b6269b43fc8c137f118222b601e5041bee2cc0e3291a23180bfb7d36499b18?s=96&d=mm&r=g","caption":"Paul Amery"},"sameAs":["https:\/\/x.com\/@ameryp"],"url":"https:\/\/newmoneyreview.com\/index.php\/author\/paul-amery\/"}]}},"jetpack_featured_media_url":"https:\/\/newmoneyreview.com\/wp-content\/uploads\/2020\/03\/safety-net.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/newmoneyreview.com\/index.php\/wp-json\/wp\/v2\/posts\/5169","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newmoneyreview.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newmoneyreview.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newmoneyreview.com\/index.php\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/newmoneyreview.com\/index.php\/wp-json\/wp\/v2\/comments?post=5169"}],"version-history":[{"count":4,"href":"https:\/\/newmoneyreview.com\/index.php\/wp-json\/wp\/v2\/posts\/5169\/revisions"}],"predecessor-version":[{"id":5218,"href":"https:\/\/newmoneyreview.com\/index.php\/wp-json\/wp\/v2\/posts\/5169\/revisions\/5218"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newmoneyreview.com\/index.php\/wp-json\/wp\/v2\/media\/5168"}],"wp:attachment":[{"href":"https:\/\/newmoneyreview.com\/index.php\/wp-json\/wp\/v2\/media?parent=5169"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newmoneyreview.com\/index.php\/wp-json\/wp\/v2\/categories?post=5169"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newmoneyreview.com\/index.php\/wp-json\/wp\/v2\/tags?post=5169"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}