{"id":5475,"date":"2020-06-11T15:42:02","date_gmt":"2020-06-11T15:42:02","guid":{"rendered":"https:\/\/newmoneyreview.com\/?p=5475"},"modified":"2020-06-24T10:53:11","modified_gmt":"2020-06-24T10:53:11","slug":"negative-rates-will-shake-up-society","status":"publish","type":"post","link":"https:\/\/newmoneyreview.com\/index.php\/2020\/06\/11\/negative-rates-will-shake-up-society\/","title":{"rendered":"Negative rates will shake up society"},"content":{"rendered":"

Most of us are so used to the concept that saved money grows by earning a positive rate of interest that the idea of negative interest rates comes as a shock.<\/p>\n

But it has been tried before. According to Alex Lipton, chief technical officer of Sila Money, negative rates were last in fashion in Europe around a millennium ago.<\/p>\n

\u201cIn the Middle Ages, negative interest rates were practised on a large scale in the form of so-called \u2018demurrage\u2019,\u201d Lipton said during his appearance on the latest New Money Review<\/a><\/em> podcast.<\/p>\n

\u201cSo it\u2019s not an unknown phenomenon, though it\u2019s very rare.\u201d<\/p>\n

Recoining money<\/strong><\/p>\n

Under a demurrage system, the coins used in everyday transactions had to be handed in periodically to be melted down and reissued with a new stamp.<\/p>\n

When \u2018recoining\u2019 the currency in this way, rulers would deduct a portion of the money as a recoinage charge\u2014effectively a tax for holding the coins.<\/p>\n

For example, in Anglo-Saxon England, royal moneyers would give out only three new pennies for every four old ones taken in, according to the late Belgian monetary theorist, Bernard Lietaer<\/a>. The silver content of the penny coins didn\u2019t change, just their physical form after passing through the mint.<\/p>\n

Silver penny of English King Cnut<\/em><\/p>\n

\"\"<\/p>\n

Source: tenthmedieval.wordpress.com<\/em><\/p>\n

A typical cycle for recoinage was every six years. If four old coins were traded in for three new ones, the 25 percent reduction in capital value at each recoinage was equivalent to a demurrage charge\u2014a negative interest rate\u2014of roughly 0.35 percent per month.<\/p>\n

Most interest rate history is positive<\/strong><\/p>\n

The demurrage experiment stands out against a background of millennia of positive interest rates on money.<\/p>\n

Negative rates don\u2019t even get a mention in Homer\u2019s and Sylla\u2019s reference work on the history of interest rates<\/a>, which records the cost of lending money all the way back to Mesopotamian times, five thousand years ago.<\/p>\n

According to Homer and Sylla, the only significant long-term trends in interest rates are those showing the rise and fall of particular civilisations.<\/p>\n

\u201cInterest rates in ancient Babylonia, Greece and Rome show, in each case, a progressive decline in interest rates as the nation or culture developed and throve, and then a sharp rise in rates as each \u2018declined and fell\u2019,\u201d Homer and Sylla wrote.<\/p>\n

But though it may appear a historical oddity, the concept of money that charges you to hold it may be on the verge of reappearing.<\/p>\n

Coronavirus brings forward the prospect of negative rates<\/strong><\/p>\n

In the wake of the coronavirus pandemic we are switching rapidly from using physical notes and coins to paying digitally<\/a>. This offers central banks and governments an unexpected opportunity, explained by Alex Lipton.<\/p>\n

\u201cIn the presence of cash, there\u2019s a physical lower bound to interest rates, somewhere around -30 to -40 basis points. But if cash is dematerialised and made digital, there\u2019s no lower limit,\u201d he said in the New Money Review<\/em> podcast.<\/p>\n

Recently, the governor of the Bank of England said it would be \u2018foolish\u2019 to rule out cutting the cost of borrowing to below zero<\/a>, a step that could herald a tax on savings held in bank deposit accounts.<\/p>\n

Given the economic wreckage brought about by the pandemic, it’s unsurprising that such ideas are being discussed more openly.<\/p>\n

There have already been attempts to recreate the medieval demurrage system. During the 1930s economic slump a local community currency in Austria operated with a demurrage charge of 1 percent a month <\/a>and had immediate benefits. The 12-month experiment was called \u2018the Miracle of W\u00f6rgl\u2019 as a result.<\/p>\n

During the period of W\u00f6rgl money\u2019s existence, the city managed to build new houses, a reservoir, a ski jump and a bridge while the rest of the country was mired in unemployment.<\/p>\n

How negative rates might work<\/strong><\/p>\n

Anticipating that their bank deposits might start to be taxed via negative rates, savers worldwide have stocked up on high-denomination banknotes, such as the $100 bill<\/a>, Japan\u2019s 10,000 yen note<\/a> or Switzerland\u2019s CHF1,000 note<\/a>.<\/p>\n

It\u2019s unclear whether interest rates could become seriously negative if cash were to stick around\u2014otherwise money might continue to flee bank accounts to be hoarded as notes in safe deposit boxes, in sock drawers and underground.<\/p>\n

But last year, two economists at the IMF, Ruchir Agarwal and Signe Krogstrup, suggested that negative rates could be made to work even if physical cash continued to be used.<\/p>\n

\u201cE-money would be issued only electronically and would pay the policy rate of, and cash would have an exchange rate\u2014the conversion rate\u2014against e-money\u201d Agarwal and Signe Krogstrup said in an IMF blog<\/a>.<\/p>\n

\u201cWhen setting a negative interest rate on e-money, the central bank would let the conversion rate of cash in terms of e-money depreciate at the same rate as the negative interest rate on e-money. The value of cash would thereby fall in terms of e-money.\u201d<\/p>\n

In other words, shops or providers of services would start to quote prices in two separate currencies\u2014cash and e-money\u2014and inflation would be higher for the former.<\/p>\n

Radical implications of negative rates<\/strong><\/p>\n

According to Lietaer, if we went back to a system of negative rates, we could expect huge changes in the way money is used.<\/p>\n

\u201cDemurrage charges induce a totally different collective behaviour pattern relating to money than that with which we are familiar today,\u201d he said.<\/p>\n

\u201cLogically, such currencies would systematically discourage hoarding of that particular currency. Such currency would be used as a pure medium of exchange and not a store of value,\u201d he added.<\/p>\n

Lietaer also suggested that negative interest rate money might work best at the local level<\/a>. This local \u2018yin\u2019 money might coexist with a separate global \u2018yang\u2019 currency, used for long-distance trade, he argued.<\/p>\n

\u201cSuch a system would support the saying that \u2018money is like manure, it works best when it is spread out\u2019,\u201d he said.<\/p>\n

The intensifying debate over negative rates comes at a time of soaring global tensions over the distribution of wealth.<\/p>\n

According to economist Thomas Piketty, inequality has soared across the world since 1980<\/a>. Piketty suggests taxing individual holdings of assets worth over $1bn at a punitive rate of 90 percent.<\/p>\n

Sign up here<\/a> for our monthly newsletter<\/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":"

Most of us are so used to the concept that saved money grows by earning a positive rate of interest that the idea of negative interest rates comes as a […]<\/p>\n","protected":false},"author":3,"featured_media":5474,"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":[1013,1012,1053,1014,1011],"tags":[1768,1772,1770,1563,1695,1771,1773,1774,1729],"class_list":{"0":"post-5475","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-account","8":"category-exchange","9":"category-featured-1","10":"category-payment","11":"category-value","12":"tag-alex-lipton","13":"tag-bernard-lietaer","14":"tag-demurrage","15":"tag-imf","16":"tag-negative-rates","17":"tag-piketty","18":"tag-ruchir-agarwal","19":"tag-signe-krogstrup","20":"tag-worgl"},"yoast_head":"\nNegative rates will shake up society - 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\/06\/11\/negative-rates-will-shake-up-society\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Negative rates will shake up society - New Money Review\" \/>\n<meta property=\"og:description\" content=\"Most of us are so used to the concept that saved money grows by earning a positive rate of interest that the idea of negative interest rates comes as a […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/newmoneyreview.com\/index.php\/2020\/06\/11\/negative-rates-will-shake-up-society\/\" \/>\n<meta property=\"og:site_name\" content=\"New Money Review\" \/>\n<meta property=\"article:published_time\" content=\"2020-06-11T15:42:02+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-06-24T10:53:11+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/newmoneyreview.com\/wp-content\/uploads\/2020\/06\/redistribution.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\/06\/11\/negative-rates-will-shake-up-society\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/newmoneyreview.com\/index.php\/2020\/06\/11\/negative-rates-will-shake-up-society\/\"},\"author\":{\"name\":\"Paul Amery\",\"@id\":\"https:\/\/newmoneyreview.com\/#\/schema\/person\/71bdc8f94d4973d4c5bd2a8fe5a83412\"},\"headline\":\"Negative rates will shake up society\",\"datePublished\":\"2020-06-11T15:42:02+00:00\",\"dateModified\":\"2020-06-24T10:53:11+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/newmoneyreview.com\/index.php\/2020\/06\/11\/negative-rates-will-shake-up-society\/\"},\"wordCount\":1063,\"publisher\":{\"@id\":\"https:\/\/newmoneyreview.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/newmoneyreview.com\/index.php\/2020\/06\/11\/negative-rates-will-shake-up-society\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/newmoneyreview.com\/wp-content\/uploads\/2020\/06\/redistribution.jpg\",\"keywords\":[\"Alex Lipton\",\"Bernard Lietaer\",\"demurrage\",\"IMF\",\"negative rates\",\"Piketty\",\"Ruchir Agarwal\",\"Signe Krogstrup\",\"W\u00f6rgl\"],\"articleSection\":[\"ACCOUNT\",\"EXCHANGE\",\"Featured\",\"PAYMENT\",\"VALUE\"],\"inLanguage\":\"en-GB\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/newmoneyreview.com\/index.php\/2020\/06\/11\/negative-rates-will-shake-up-society\/\",\"url\":\"https:\/\/newmoneyreview.com\/index.php\/2020\/06\/11\/negative-rates-will-shake-up-society\/\",\"name\":\"Negative rates will shake up society - New Money Review\",\"isPartOf\":{\"@id\":\"https:\/\/newmoneyreview.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/newmoneyreview.com\/index.php\/2020\/06\/11\/negative-rates-will-shake-up-society\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/newmoneyreview.com\/index.php\/2020\/06\/11\/negative-rates-will-shake-up-society\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/newmoneyreview.com\/wp-content\/uploads\/2020\/06\/redistribution.jpg\",\"datePublished\":\"2020-06-11T15:42:02+00:00\",\"dateModified\":\"2020-06-24T10:53:11+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/newmoneyreview.com\/index.php\/2020\/06\/11\/negative-rates-will-shake-up-society\/#breadcrumb\"},\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/newmoneyreview.com\/index.php\/2020\/06\/11\/negative-rates-will-shake-up-society\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-GB\",\"@id\":\"https:\/\/newmoneyreview.com\/index.php\/2020\/06\/11\/negative-rates-will-shake-up-society\/#primaryimage\",\"url\":\"https:\/\/newmoneyreview.com\/wp-content\/uploads\/2020\/06\/redistribution.jpg\",\"contentUrl\":\"https:\/\/newmoneyreview.com\/wp-content\/uploads\/2020\/06\/redistribution.jpg\",\"width\":1400,\"height\":933},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/newmoneyreview.com\/index.php\/2020\/06\/11\/negative-rates-will-shake-up-society\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/newmoneyreview.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Negative rates will shake up society\"}]},{\"@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":"Negative rates will shake up society - 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\/06\/11\/negative-rates-will-shake-up-society\/","og_locale":"en_GB","og_type":"article","og_title":"Negative rates will shake up society - New Money Review","og_description":"Most of us are so used to the concept that saved money grows by earning a positive rate of interest that the idea of negative interest rates comes as a […]","og_url":"https:\/\/newmoneyreview.com\/index.php\/2020\/06\/11\/negative-rates-will-shake-up-society\/","og_site_name":"New Money Review","article_published_time":"2020-06-11T15:42:02+00:00","article_modified_time":"2020-06-24T10:53:11+00:00","og_image":[{"width":1400,"height":933,"url":"https:\/\/newmoneyreview.com\/wp-content\/uploads\/2020\/06\/redistribution.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\/06\/11\/negative-rates-will-shake-up-society\/#article","isPartOf":{"@id":"https:\/\/newmoneyreview.com\/index.php\/2020\/06\/11\/negative-rates-will-shake-up-society\/"},"author":{"name":"Paul Amery","@id":"https:\/\/newmoneyreview.com\/#\/schema\/person\/71bdc8f94d4973d4c5bd2a8fe5a83412"},"headline":"Negative rates will shake up society","datePublished":"2020-06-11T15:42:02+00:00","dateModified":"2020-06-24T10:53:11+00:00","mainEntityOfPage":{"@id":"https:\/\/newmoneyreview.com\/index.php\/2020\/06\/11\/negative-rates-will-shake-up-society\/"},"wordCount":1063,"publisher":{"@id":"https:\/\/newmoneyreview.com\/#organization"},"image":{"@id":"https:\/\/newmoneyreview.com\/index.php\/2020\/06\/11\/negative-rates-will-shake-up-society\/#primaryimage"},"thumbnailUrl":"https:\/\/newmoneyreview.com\/wp-content\/uploads\/2020\/06\/redistribution.jpg","keywords":["Alex Lipton","Bernard Lietaer","demurrage","IMF","negative rates","Piketty","Ruchir Agarwal","Signe Krogstrup","W\u00f6rgl"],"articleSection":["ACCOUNT","EXCHANGE","Featured","PAYMENT","VALUE"],"inLanguage":"en-GB"},{"@type":"WebPage","@id":"https:\/\/newmoneyreview.com\/index.php\/2020\/06\/11\/negative-rates-will-shake-up-society\/","url":"https:\/\/newmoneyreview.com\/index.php\/2020\/06\/11\/negative-rates-will-shake-up-society\/","name":"Negative rates will shake up society - New Money Review","isPartOf":{"@id":"https:\/\/newmoneyreview.com\/#website"},"primaryImageOfPage":{"@id":"https:\/\/newmoneyreview.com\/index.php\/2020\/06\/11\/negative-rates-will-shake-up-society\/#primaryimage"},"image":{"@id":"https:\/\/newmoneyreview.com\/index.php\/2020\/06\/11\/negative-rates-will-shake-up-society\/#primaryimage"},"thumbnailUrl":"https:\/\/newmoneyreview.com\/wp-content\/uploads\/2020\/06\/redistribution.jpg","datePublished":"2020-06-11T15:42:02+00:00","dateModified":"2020-06-24T10:53:11+00:00","breadcrumb":{"@id":"https:\/\/newmoneyreview.com\/index.php\/2020\/06\/11\/negative-rates-will-shake-up-society\/#breadcrumb"},"inLanguage":"en-GB","potentialAction":[{"@type":"ReadAction","target":["https:\/\/newmoneyreview.com\/index.php\/2020\/06\/11\/negative-rates-will-shake-up-society\/"]}]},{"@type":"ImageObject","inLanguage":"en-GB","@id":"https:\/\/newmoneyreview.com\/index.php\/2020\/06\/11\/negative-rates-will-shake-up-society\/#primaryimage","url":"https:\/\/newmoneyreview.com\/wp-content\/uploads\/2020\/06\/redistribution.jpg","contentUrl":"https:\/\/newmoneyreview.com\/wp-content\/uploads\/2020\/06\/redistribution.jpg","width":1400,"height":933},{"@type":"BreadcrumbList","@id":"https:\/\/newmoneyreview.com\/index.php\/2020\/06\/11\/negative-rates-will-shake-up-society\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/newmoneyreview.com\/"},{"@type":"ListItem","position":2,"name":"Negative rates will shake up society"}]},{"@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\/06\/redistribution.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/newmoneyreview.com\/index.php\/wp-json\/wp\/v2\/posts\/5475","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=5475"}],"version-history":[{"count":6,"href":"https:\/\/newmoneyreview.com\/index.php\/wp-json\/wp\/v2\/posts\/5475\/revisions"}],"predecessor-version":[{"id":5481,"href":"https:\/\/newmoneyreview.com\/index.php\/wp-json\/wp\/v2\/posts\/5475\/revisions\/5481"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newmoneyreview.com\/index.php\/wp-json\/wp\/v2\/media\/5474"}],"wp:attachment":[{"href":"https:\/\/newmoneyreview.com\/index.php\/wp-json\/wp\/v2\/media?parent=5475"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newmoneyreview.com\/index.php\/wp-json\/wp\/v2\/categories?post=5475"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newmoneyreview.com\/index.php\/wp-json\/wp\/v2\/tags?post=5475"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}