ArticleController :: show
Request
GET Parameters
None
POST Parameters
None
Uploaded Files
None
Request Attributes
Key | Value |
---|---|
_controller | "App\Controller\ArticleController::show" |
_firewall_context | "security.firewall.map.context.main" |
_links | Symfony\Component\WebLink\GenericLinkProvider {#3683 -links: [ 3804 => Symfony\Component\WebLink\Link {#3804 -href: "/build/runtime.js" -rel: [ "preload" => "preload" ] -attributes: [ "as" => "script" ] } 3802 => Symfony\Component\WebLink\Link {#3802 -href: "/build/644.js" -rel: [ "preload" => "preload" ] -attributes: [ "as" => "script" ] } 3801 => Symfony\Component\WebLink\Link {#3801 -href: "/build/502.js" -rel: [ "preload" => "preload" ] -attributes: [ "as" => "script" ] } 3800 => Symfony\Component\WebLink\Link {#3800 -href: "/build/app.js" -rel: [ "preload" => "preload" ] -attributes: [ "as" => "script" ] } 3799 => Symfony\Component\WebLink\Link {#3799 -href: "/build/view-more.js" -rel: [ "preload" => "preload" ] -attributes: [ "as" => "script" ] } 3798 => Symfony\Component\WebLink\Link {#3798 -href: "/build/term-condition.js" -rel: [ "preload" => "preload" ] -attributes: [ "as" => "script" ] } 3797 => Symfony\Component\WebLink\Link {#3797 -href: "/build/contact.js" -rel: [ "preload" => "preload" ] -attributes: [ "as" => "script" ] } 3796 => Symfony\Component\WebLink\Link {#3796 -href: "/build/scroll-infinite-article.js" -rel: [ "preload" => "preload" ] -attributes: [ "as" => "script" ] } 3795 => Symfony\Component\WebLink\Link {#3795 -href: "/build/app.css" -rel: [ "preload" => "preload" ] -attributes: [ "as" => "style" ] } 3794 => Symfony\Component\WebLink\Link {#3794 -href: "/build/cookie-style.css" -rel: [ "preload" => "preload" ] -attributes: [ "as" => "style" ] } 3793 => Symfony\Component\WebLink\Link {#3793 -href: "/build/term-condition-css.css" -rel: [ "preload" => "preload" ] -attributes: [ "as" => "style" ] } 3792 => Symfony\Component\WebLink\Link {#3792 -href: "/build/contact-css.css" -rel: [ "preload" => "preload" ] -attributes: [ "as" => "style" ] } 3791 => Symfony\Component\WebLink\Link {#3791 -href: "/build/comment-css.css" -rel: [ "preload" => "preload" ] -attributes: [ "as" => "style" ] } ] } |
_route | "article_show" |
_route_params | [ "category" => "technology" "slug" => "if-the-money-s-free-does-the-price-really-matter" ] |
_security_firewall_run | "_security_main" |
_stopwatch_token | "a72690" |
category | "technology" |
slug | "if-the-money-s-free-does-the-price-really-matter" |
Request Headers
Header | Value |
---|---|
accept | "text/html,application/xhtml+xml,application/xml;q=0.9,image/avif,image/webp,image/apng,*/*;q=0.8,application/signed-exchange;v=b3;q=0.7" |
accept-encoding | "gzip, deflate, br, zstd" |
cache-control | "no-cache" |
connection | "close" |
host | "rct.dev.bbntimes.com" |
pragma | "no-cache" |
sec-ch-ua | ""HeadlessChrome";v="129", "Not=A?Brand";v="8", "Chromium";v="129"" |
sec-ch-ua-mobile | "?0" |
sec-ch-ua-platform | ""Windows"" |
sec-fetch-dest | "document" |
sec-fetch-mode | "navigate" |
sec-fetch-site | "none" |
sec-fetch-user | "?1" |
upgrade-insecure-requests | "1" |
user-agent | "Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)" |
x-php-ob-level | "1" |
Request Content
Request content not available (it was retrieved as a resource).
Response
Response Headers
Header | Value |
---|---|
cache-control | "no-cache, private" |
content-type | "text/html; charset=UTF-8" |
date | "Wed, 23 Apr 2025 22:05:41 GMT" |
link | "</build/runtime.js>; rel="preload"; as="script",</build/644.js>; rel="preload"; as="script",</build/502.js>; rel="preload"; as="script",</build/app.js>; rel="preload"; as="script",</build/view-more.js>; rel="preload"; as="script",</build/term-condition.js>; rel="preload"; as="script",</build/contact.js>; rel="preload"; as="script",</build/scroll-infinite-article.js>; rel="preload"; as="script",</build/app.css>; rel="preload"; as="style",</build/cookie-style.css>; rel="preload"; as="style",</build/term-condition-css.css>; rel="preload"; as="style",</build/contact-css.css>; rel="preload"; as="style",</build/comment-css.css>; rel="preload"; as="style"" |
x-debug-token | "3a5889" |
Cookies
Request Cookies
No request cookies
Response Cookies
No response cookies
Session 11
Session Metadata
Key | Value |
---|---|
Created | "Wed, 23 Apr 25 22:05:36 +0000" |
Last used | "Wed, 23 Apr 25 22:05:36 +0000" |
Lifetime | 0 |
Session Attributes
Attribute | Value |
---|---|
_csrf/https-comment | "tfBe-Y2z31zmTTw4jPfDWHNJTm4GY_A6iXA2nUQzjX0" |
_csrf/https-cookie_accept | "r1ka4VFv8_EnSLLIxUnXcbOI7f8B7slGCdrRhFZOV50" |
Session Usage
11
Usages
Stateless check enabled
Usage |
---|
Symfony\Component\Security\Csrf\TokenStorage\SessionTokenStorage:76
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Symfony\Component\Security\Csrf\TokenStorage\SessionTokenStorage:79
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Symfony\Component\Security\Csrf\TokenStorage\SessionTokenStorage:69
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Symfony\Component\Security\Csrf\TokenStorage\SessionTokenStorage:52
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Symfony\Component\Security\Csrf\TokenStorage\SessionTokenStorage:56
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Symfony\Component\HttpKernel\DataCollector\RequestDataCollector:69
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Symfony\Component\HttpKernel\DataCollector\RequestDataCollector:70
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Symfony\Component\HttpKernel\DataCollector\RequestDataCollector:71
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Symfony\Component\HttpKernel\DataCollector\RequestDataCollector:72
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Symfony\Component\HttpKernel\DataCollector\RequestDataCollector:73
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"/var/www/vhosts/dev.bbntimes.com/rct.dev.bbntimes.com/vendor/autoload_runtime.php" ] "function" => "require_once" ] ] |
Symfony\Component\Security\Core\Authentication\Token\Storage\UsageTrackingTokenStorage:41
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"/var/www/vhosts/dev.bbntimes.com/rct.dev.bbntimes.com/src/Controller/ArticleController.php" "line" => 277 "function" => "render" "class" => "Symfony\Bundle\FrameworkBundle\Controller\AbstractController" "type" => "->" ] [ "file" => "/var/www/vhosts/dev.bbntimes.com/rct.dev.bbntimes.com/vendor/symfony/http-kernel/HttpKernel.php" "line" => 181 "function" => "show" "class" => "App\Controller\ArticleController" "type" => "->" ] [ "file" => "/var/www/vhosts/dev.bbntimes.com/rct.dev.bbntimes.com/vendor/symfony/http-kernel/HttpKernel.php" "line" => 76 "function" => "handleRaw" "class" => "Symfony\Component\HttpKernel\HttpKernel" "type" => "->" ] [ "file" => "/var/www/vhosts/dev.bbntimes.com/rct.dev.bbntimes.com/vendor/symfony/http-kernel/Kernel.php" "line" => 197 "function" => "handle" "class" => "Symfony\Component\HttpKernel\HttpKernel" "type" => "->" ] [ "file" => "/var/www/vhosts/dev.bbntimes.com/rct.dev.bbntimes.com/vendor/symfony/runtime/Runner/Symfony/HttpKernelRunner.php" "line" => 35 "function" => "handle" "class" => "Symfony\Component\HttpKernel\Kernel" "type" => "->" ] [ "file" => "/var/www/vhosts/dev.bbntimes.com/rct.dev.bbntimes.com/vendor/autoload_runtime.php" "line" => 29 "function" => "run" "class" => "Symfony\Component\Runtime\Runner\Symfony\HttpKernelRunner" "type" => "->" ] [ "file" => "/var/www/vhosts/dev.bbntimes.com/rct.dev.bbntimes.com/public/index.php" "line" => 5 "args" => [ "/var/www/vhosts/dev.bbntimes.com/rct.dev.bbntimes.com/vendor/autoload_runtime.php" ] "function" => "require_once" ] ] |
Flashes
Flashes
No flash messages were created.
Server Parameters
Server Parameters
Defined in .env
Key | Value |
---|---|
APP_ENV | "dev" |
APP_SECRET | "0a988e63f011514eaabfc650b599af4d" |
CORS_ALLOW_ORIGIN | "*" |
DATABASE_URL | "mysql://bbndb_rctuser:33F5W25z40or0f7@localhost:3306/rct_bbntimes" |
GOOGLE_RECAPTCHA_SECRET_KEY | "6LdV5fgpAAAAANxzTG8ZMfIjil1wu-1vrQvnUt-x" |
GOOGLE_RECAPTCHA_SITE_KEY | "6LdV5fgpAAAAAENKcn73MJAhQrbtQeqgyC4wDLMP" |
MAILER_DSN | "smtp://no-reply%40rct.dev.bbntimes.com:Bl6%26gLD48%26Of919@rct.dev.bbntimes.com:465" |
MARIADB_PASSWORD | "i!87pK&!85ezc8" |
Defined as regular env variables
Key | Value |
---|---|
APP_DEBUG | "1" |
BASE | "/public" |
CONTEXT_DOCUMENT_ROOT | "/var/www/vhosts/dev.bbntimes.com/rct.dev.bbntimes.com" |
CONTEXT_PREFIX | "" |
DOCUMENT_ROOT | "/var/www/vhosts/dev.bbntimes.com/rct.dev.bbntimes.com" |
FCGI_ROLE | "RESPONDER" |
GATEWAY_INTERFACE | "CGI/1.1" |
HTTPS | "on" |
HTTP_ACCEPT | "text/html,application/xhtml+xml,application/xml;q=0.9,image/avif,image/webp,image/apng,*/*;q=0.8,application/signed-exchange;v=b3;q=0.7" |
HTTP_ACCEPT_ENCODING | "gzip, deflate, br, zstd" |
HTTP_CACHE_CONTROL | "no-cache" |
HTTP_CONNECTION | "close" |
HTTP_HOST | "rct.dev.bbntimes.com" |
HTTP_PRAGMA | "no-cache" |
HTTP_SEC_CH_UA | ""HeadlessChrome";v="129", "Not=A?Brand";v="8", "Chromium";v="129"" |
HTTP_SEC_CH_UA_MOBILE | "?0" |
HTTP_SEC_CH_UA_PLATFORM | ""Windows"" |
HTTP_SEC_FETCH_DEST | "document" |
HTTP_SEC_FETCH_MODE | "navigate" |
HTTP_SEC_FETCH_SITE | "none" |
HTTP_SEC_FETCH_USER | "?1" |
HTTP_UPGRADE_INSECURE_REQUESTS | "1" |
HTTP_USER_AGENT | "Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)" |
PASSENGER_COMPILE_NATIVE_SUPPORT_BINARY | "0" |
PASSENGER_DOWNLOAD_NATIVE_SUPPORT_BINARY | "0" |
PATH | "/usr/local/sbin:/usr/local/bin:/usr/sbin:/usr/bin:/sbin:/bin:/snap/bin" |
PHP_SELF | "/public/index.php" |
PP_CUSTOM_PHP_CGI_INDEX | "plesk-php81-fastcgi" |
PP_CUSTOM_PHP_INI | "/var/www/vhosts/system/rct.dev.bbntimes.com/etc/php.ini" |
QUERY_STRING | "" |
REDIRECT_BASE | "/public" |
REDIRECT_HTTPS | "on" |
REDIRECT_PASSENGER_COMPILE_NATIVE_SUPPORT_BINARY | "0" |
REDIRECT_PASSENGER_DOWNLOAD_NATIVE_SUPPORT_BINARY | "0" |
REDIRECT_REDIRECT_HTTPS | "on" |
REDIRECT_REDIRECT_PASSENGER_COMPILE_NATIVE_SUPPORT_BINARY | "0" |
REDIRECT_REDIRECT_PASSENGER_DOWNLOAD_NATIVE_SUPPORT_BINARY | "0" |
REDIRECT_REDIRECT_SCRIPT_URI | "https://rct.dev.bbntimes.com/technology/if-the-money-s-free-does-the-price-really-matter" |
REDIRECT_REDIRECT_SCRIPT_URL | "/technology/if-the-money-s-free-does-the-price-really-matter" |
REDIRECT_REDIRECT_SSL_TLS_SNI | "rct.dev.bbntimes.com" |
REDIRECT_REDIRECT_STATUS | "200" |
REDIRECT_REDIRECT_UNIQUE_ID | "aAlkLxzG4gU-LiR_yyQWygAAANY" |
REDIRECT_SCRIPT_URI | "https://rct.dev.bbntimes.com/technology/if-the-money-s-free-does-the-price-really-matter" |
REDIRECT_SCRIPT_URL | "/technology/if-the-money-s-free-does-the-price-really-matter" |
REDIRECT_SSL_TLS_SNI | "rct.dev.bbntimes.com" |
REDIRECT_STATUS | "200" |
REDIRECT_UNIQUE_ID | "aAlkLxzG4gU-LiR_yyQWygAAANY" |
REDIRECT_URL | "/public/technology/if-the-money-s-free-does-the-price-really-matter" |
REMOTE_ADDR | "18.226.94.15" |
REMOTE_PORT | "5645" |
REQUEST_METHOD | "GET" |
REQUEST_SCHEME | "https" |
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current_article | App\Entity\Article {#1094 -id: 6664 -title: "If the Money’s Free, Does The Price Really Matter?" -slug: "if-the-money-s-free-does-the-price-really-matter" -introtext: "<p><span style="color: #000000;">Unprecedented monetary and fiscal stimulus have created a unique situation where the the distinction between government debt and cash money are becoming less apparent. </span></p>\r\n" -content: """ \r\n <p><span style="color: #000000;">How could this impact our view on what money is and what does that mean for cryptocurrencies?</span></p>\r\n <p id="1a04" class="mt mu bp mv b li mw mx my ll mz na nb nc nd lq ne nf ng lt nh ni nj lw nk nl gq cy nm" data-selectable-paragraph><span style="color: #000000;"><span class="z nn no np nq nr ns nt nu nv ci">T</span>homas Sawyer had the unfortunate privilege of having grown up wanting for nothing more than his parent’s love.</span></p>\r\n <p id="57bb" class="mt mu bp mv b li mw mx my ll mz na nb nc nd lq ne nf ng lt nh ni nj lw nk nl gq cy" data-selectable-paragraph><span style="color: #000000;">The fourth generation scion of a wealthy shipping family, he had spent the better part of his childhood with various nannies before going off to boarding school in the English countryside at age six.</span></p>\r\n <p id="7656" class="mt mu bp mv b li mw mx my ll mz na nb nc nd lq ne nf ng lt nh ni nj lw nk nl gq cy" data-selectable-paragraph><span style="color: #000000;">Audiences with his parents were precisely that — orchestrated, and somewhat aloof.</span></p>\r\n <p id="7cc3" class="mt mu bp mv b li mw mx my ll mz na nb nc nd lq ne nf ng lt nh ni nj lw nk nl gq cy" data-selectable-paragraph><span style="color: #000000;">For a child who had lived his life in the very lap of luxury, Thomas could not have felt poorer.</span></p>\r\n <p id="438a" class="mt mu bp mv b li mw mx my ll mz na nb nc nd lq ne nf ng lt nh ni nj lw nk nl gq cy" data-selectable-paragraph><span style="color: #000000;">So when Thomas grew up and his parents had passed on, the real tragedy was his inability to shed a tear at their funeral, nor recall a story that they had read to him at bedtime, or even a bed they had tucked him into, in their sprawling 17-bedroom mansion in Bedminister, New Jersey.</span></p>\r\n <p id="d556" class="mt mu bp mv b li mw mx my ll mz na nb nc nd lq ne nf ng lt nh ni nj lw nk nl gq cy" data-selectable-paragraph><span style="color: #000000;">As the family’s lawyer read out the substantial assets that had been left in his sole name — Thomas was an only child and it’d be fair to say his parents found that a single heir would suffice for their purposes — he stared out of the window of the lawyer’s office looking disinterested.</span></p>\r\n <p id="70e6" class="mt mu bp mv b li mw mx my ll mz na nb nc nd lq ne nf ng lt nh ni nj lw nk nl gq cy" data-selectable-paragraph><span style="color: #000000;">“Mr Sawyer?”</span></p>\r\n <p id="2998" class="mt mu bp mv b li mw mx my ll mz na nb nc nd lq ne nf ng lt nh ni nj lw nk nl gq cy" data-selectable-paragraph><span style="color: #000000;">“Yes?”</span></p>\r\n <p id="7603" class="mt mu bp mv b li mw mx my ll mz na nb nc nd lq ne nf ng lt nh ni nj lw nk nl gq cy" data-selectable-paragraph><span style="color: #000000;">“I’m sorry sir, I’m just checking to make sure that you understood what I had just said.”</span></p>\r\n <p id="f6ba" class="mt mu bp mv b li mw mx my ll mz na nb nc nd lq ne nf ng lt nh ni nj lw nk nl gq cy" data-selectable-paragraph><span style="color: #000000;">“What was that now?”</span></p>\r\n <p id="7fc8" class="mt mu bp mv b li mw mx my ll mz na nb nc nd lq ne nf ng lt nh ni nj lw nk nl gq cy" data-selectable-paragraph><span style="color: #000000;">“Your property in the Cayman Islands, do you want me to run through that…”</span></p>\r\n <p id="0b07" class="mt mu bp mv b li mw mx my ll mz na nb nc nd lq ne nf ng lt nh ni nj lw nk nl gq cy" data-selectable-paragraph><span style="color: #000000;">Thomas raised his hand to interrupt him,</span></p>\r\n <p id="3ee2" class="mt mu bp mv b li mw mx my ll mz na nb nc nd lq ne nf ng lt nh ni nj lw nk nl gq cy" data-selectable-paragraph><span style="color: #000000;">“Tell me Franklin, what would it take for me to give it all away?”</span></p>\r\n <p id="34ab" class="mt mu bp mv b li mw mx my ll mz na nb nc nd lq ne nf ng lt nh ni nj lw nk nl gq cy" data-selectable-paragraph><span style="color: #000000;">“Pardon me sir, but how do you mean ‘give it all away’?”</span></p>\r\n <p id="1f0f" class="mt mu bp mv b li mw mx my ll mz na nb nc nd lq ne nf ng lt nh ni nj lw nk nl gq cy" data-selectable-paragraph><span style="color: #000000;">“Which part didn’t you understand? GIVE IT ALL AWAY. Every last cent. All the damn properties, the stocks, the company, everything. I don’t want anything to do with it, and it means nothing to me.”</span></p>\r\n <p id="c42e" class="mt mu bp mv b li mw mx my ll mz na nb nc nd lq ne nf ng lt nh ni nj lw nk nl gq cy" data-selectable-paragraph><span style="color: #000000;">“Sir, I do believe we’re getting a little ahead of ourselves here, perhaps you’d like to take a break.”</span></p>\r\n <p id="c4b8" class="mt mu bp mv b li mw mx my ll mz na nb nc nd lq ne nf ng lt nh ni nj lw nk nl gq cy" data-selectable-paragraph><span style="color: #000000;">“I’d like to take a break from this money, is what I’d like to do.”</span></p>\r\n <p id="666e" class="mt mu bp mv b li mw mx my ll mz na nb nc nd lq ne nf ng lt nh ni nj lw nk nl gq cy" data-selectable-paragraph><span style="color: #000000;">But Thomas Sawyer soon got what he wanted, giving all of his money away to a charitable trust, Sawyer moved into a tiny 1-bedroom apartment in Newark and learned how to live within a budget.</span></p>\r\n <p id="b3b4" class="mt mu bp mv b li mw mx my ll mz na nb nc nd lq ne nf ng lt nh ni nj lw nk nl gq cy" data-selectable-paragraph><span style="color: #000000;">While there were times that he thought he might have regretted his decision, Thomas soon realized that money is more often than not a barrier to genuine relationships.</span></p>\r\n <h2 id="a6c2" class="nw hj bp bo ek nx ny mx nz oa na ob oc lq od oe lt of og lw oh cy" data-selectable-paragraph><span style="color: #10228b;">We’ve Broken Up With Money</span></h2>\r\n <p id="1b0e" class="mt mu bp mv b li oi mx my ll oj na nb nc ok lq ne nf ol lt nh ni om lw nk nl gq cy" data-selectable-paragraph><span style="color: #000000;">And as the world enters a new epoch in our relationship with money, unprecedented fiscal and monetary policies adopted by central banks to bolster economies battered by the coronavirus pandemic, are recasting the complexion of the entire global financial system.</span></p>\r\n <p id="c15b" class="mt mu bp mv b li mw mx my ll mz na nb nc nd lq ne nf ng lt nh ni nj lw nk nl gq cy" data-selectable-paragraph><span style="color: #000000;">From policies inspired by the economist John Maynard Keynes in the 1970s to Milton Friedman’s austere monetarism of the 1980s, so too does the coronavirus pandemic mark a watershed in economic thought that typically occurs only once in a generation.</span></p>\r\n <p id="d4a6" class="mt mu bp mv b li mw mx my ll mz na nb nc nd lq ne nf ng lt nh ni nj lw nk nl gq cy" data-selectable-paragraph><span style="color: #000000;">With policies that no so long ago would be considered heresy, supersized levels of state intervention in the normal machinations of the financial markets will create new risks.</span></p>\r\n <p id="7120" class="mt mu bp mv b li mw mx my ll mz na nb nc nd lq ne nf ng lt nh ni nj lw nk nl gq cy" data-selectable-paragraph><span style="color: #000000;">The unimaginable scale of government borrowing, and the seemingly limitless proclivity to borrow even more has seen the International Monetary Fund predict that developed countries will borrow a combined 17% of their GDPs to fund some US$4.2 trillion in spending and tax cuts, designed to prevent an economic apocalypse.</span></p>\r\n <p id="30ed" class="mt mu bp mv b li mw mx my ll mz na nb nc nd lq ne nf ng lt nh ni nj lw nk nl gq cy" data-selectable-paragraph><span style="color: #000000;">And while governments are borrowing more, much of that debt is being monetized, something which Japan is familiar with, but is a novel development for the rich nations of the U.S., United Kingdom and the European Union.</span></p>\r\n <h2 id="a2ec" class="nw hj bp bo ek nx ny mx nz oa na ob oc lq od oe lt of og lw oh cy" data-selectable-paragraph><span style="color: #10228b;">Paying Your Own Way, Literally</span></h2>\r\n <p id="fbe4" class="mt mu bp mv b li oi mx my ll oj na nb nc ok lq ne nf ol lt nh ni om lw nk nl gq cy" data-selectable-paragraph><span style="color: #000000;">Combined, the central banks of Japan, the U.S., United Kingdom and the European Union would have created new reserves of money worth some US$3.7 trillion, much of which is being used to buy government debt, meaning that central banks are essentially paying for stimulus using newly printed money.</span></p>\r\n <p id="180a" class="mt mu bp mv b li mw mx my ll mz na nb nc nd lq ne nf ng lt nh ni nj lw nk nl gq cy" data-selectable-paragraph><span style="color: #000000;">The result of firing up the printing presses is that long-term interest rates will remain depressed, even while the issuance of sovereign debt soars.</span></p>\r\n <p id="8823" class="mt mu bp mv b li mw mx my ll mz na nb nc nd lq ne nf ng lt nh ni nj lw nk nl gq cy" data-selectable-paragraph><span style="color: #000000;">And unlike any time in the past, seemingly capitalist countries are wading into socialist waters, with the U.S. Federal Reserve and the Treasury Department buying up bonds of companies from AT&T to Coca-Cola and lending directly to everyone from bond dealers to burger chains.</span></p>\r\n <p id="4fda" class="mt mu bp mv b li mw mx my ll mz na nb nc nd lq ne nf ng lt nh ni nj lw nk nl gq cy" data-selectable-paragraph><span style="color: #000000;">That intervention by the Fed and the Treasury now backstops some 11% of America’s entire stock of business debt, and in the rest of the developed world, other governments and central banks are following suit.</span></p>\r\n <p id="15db" class="mt mu bp mv b li mw mx my ll mz na nb nc nd lq ne nf ng lt nh ni nj lw nk nl gq cy" data-selectable-paragraph><span style="color: #000000;">And all that is fine and dandy because of one major quirk that hasn’t occurred despite relentless money-printing — near absent levels of inflation.</span></p>\r\n <h2 id="f511" class="nw hj bp bo ek nx ny mx nz oa na ob oc lq od oe lt of og lw oh cy" data-selectable-paragraph><span style="color: #10228b;">What You Blowing up?</span></h2>\r\n <p id="81ad" class="mt mu bp mv b li oi mx my ll oj na nb nc ok lq ne nf ol lt nh ni om lw nk nl gq cy" data-selectable-paragraph><span style="color: #000000;">The absence of upward pressure on prices in the developed world means that there is no immediate need to slow the growth of central bank balance sheets or to raise short-term interest rates from near-zero.</span></p>\r\n <p id="cf1b" class="mt mu bp mv b li mw mx my ll mz na nb nc nd lq ne nf ng lt nh ni nj lw nk nl gq cy" data-selectable-paragraph><span style="color: #000000;">But the problem that currently low levels of inflation creates is a distortion of the cost of servicing debt to the point that debt literally becomes “free money,” and almost inane not to take on debt.</span></p>\r\n <p id="2f84" class="mt mu bp mv b li mw mx my ll mz na nb nc nd lq ne nf ng lt nh ni nj lw nk nl gq cy" data-selectable-paragraph><span style="color: #000000;">Given the state’s tendency towards profligacy anyway, there is little incentive for governments to magically return to normal spending habits once the pandemic passes and unemployment eventually falls.</span></p>\r\n <p id="bc08" class="mt mu bp mv b li mw mx my ll mz na nb nc nd lq ne nf ng lt nh ni nj lw nk nl gq cy" data-selectable-paragraph><span style="color: #000000;">While governments and central banks may dial down their spending and stimulus packages, the new era of economics reflects the culmination of longer term trends that have been in the offing for over a decade.</span></p>\r\n <p id="3304" class="mt mu bp mv b li mw mx my ll mz na nb nc nd lq ne nf ng lt nh ni nj lw nk nl gq cy" data-selectable-paragraph><span style="color: #000000;">Well before the pandemic, inflation and interest rates were subdued despite a jobs boom and rising asset prices.</span></p>\r\n <p id="bfe5" class="mt mu bp mv b li mw mx my ll mz na nb nc nd lq ne nf ng lt nh ni nj lw nk nl gq cy" data-selectable-paragraph><span style="color: #000000;">And even now, inflation-adjusted bonds show no signs of pricing in concerns over long-term inflation.</span></p>\r\n <p id="9765" class="mt mu bp mv b li mw mx my ll mz na nb nc nd lq ne nf ng lt nh ni nj lw nk nl gq cy" data-selectable-paragraph><span style="color: #000000;">If so, then money-printing may well become the standard tool of policy-making for decades to come.</span></p>\r\n <p id="7d66" class="mt mu bp mv b li mw mx my ll mz na nb nc nd lq ne nf ng lt nh ni nj lw nk nl gq cy" data-selectable-paragraph><span style="color: #000000;">Like the mafia don, coming for his piece of the action, citizens may start to come and collect from governments.</span></p>\r\n <p id="c092" class="mt mu bp mv b li mw mx my ll mz na nb nc nd lq ne nf ng lt nh ni nj lw nk nl gq cy" data-selectable-paragraph><span style="color: #000000;">Stock market underperforming? F*ck you, pay me.</span></p>\r\n <p id="112b" class="mt mu bp mv b li mw mx my ll mz na nb nc nd lq ne nf ng lt nh ni nj lw nk nl gq cy" data-selectable-paragraph><span style="color: #000000;">Business gone bust? F*ck you, pay me.</span></p>\r\n <p id="2136" class="mt mu bp mv b li mw mx my ll mz na nb nc nd lq ne nf ng lt nh ni nj lw nk nl gq cy" data-selectable-paragraph><span style="color: #000000;">Lost your job? F*ck you, pay me.</span></p>\r\n <p id="ac15" class="mt mu bp mv b li mw mx my ll mz na nb nc nd lq ne nf ng lt nh ni nj lw nk nl gq cy" data-selectable-paragraph><span style="color: #000000;">And this has the potential to seriously disrupt the normal function of the market, or dramatically undermine the value of a unit of currency.</span></p>\r\n <h2 id="5743" class="nw hj bp bo ek nx ny mx nz oa na ob oc lq od oe lt of og lw oh cy" data-selectable-paragraph><span style="color: #10228b;">Whose Bank is it Anyway?</span></h2>\r\n <p id="6fd8" class="mt mu bp mv b li oi mx my ll oj na nb nc ok lq ne nf ol lt nh ni om lw nk nl gq cy" data-selectable-paragraph><span style="color: #000000;">Whereas in the past, commercial banks lay at the center of the financial universe, having to be savvy enough to determine who was creditworthy or not, now central banks have taken on that role and because the money is “free” (they just need to print it), the pressure to be circumspect is dramatically reduced.</span></p>\r\n <p id="c9f9" class="mt mu bp mv b li mw mx my ll mz na nb nc nd lq ne nf ng lt nh ni nj lw nk nl gq cy" data-selectable-paragraph><span style="color: #000000;">Not so long ago, one of the chief arguments made by the U.S. Federal Reserve for not issuing its own central bank digital currency was that central banks are ill-suited to serve the role that commercial banks play.</span></p>\r\n <p id="0126" class="mt mu bp mv b li mw mx my ll mz na nb nc nd lq ne nf ng lt nh ni nj lw nk nl gq cy" data-selectable-paragraph><span style="color: #000000;">In a speech at the The Yale Law School Center for the Study of Corporate Law, U.S. Federal Reserve Chairman Jerome Powell noted,</span></p>\r\n <p id="87f5" class="mt mu or mv b li mw mx my ll mz na nb nc nd lq ne nf ng lt nh ni nj lw nk nl gq cy" style="padding-left: 30px;" data-selectable-paragraph><span style="color: #000000;">Indeed, I would expect private-sector systems to be more forward leaning than central banks in providing new features to the public through faster payments systems as they compete to attract retail customers.</span></p>\r\n <p id="b04c" class="mt mu or mv b li mw mx my ll mz na nb nc nd lq ne nf ng lt nh ni nj lw nk nl gq cy" style="padding-left: 30px;" data-selectable-paragraph><span style="color: #000000;">A central bank issued digital currency would compete with these and other innovative private-sector products and may stifle innovation over the long run.</span></p>\r\n <p id="0292" class="mt mu bp mv b li mw mx my ll mz na nb nc nd lq ne nf ng lt nh ni nj lw nk nl gq cy" data-selectable-paragraph><span style="color: #000000;">And as recently as 2018, the Bank of International Settlements noted,</span></p>\r\n <p id="0fa5" class="mt mu or mv b li mw mx my ll mz na nb nc nd lq ne nf ng lt nh ni nj lw nk nl gq cy" style="padding-left: 30px;" data-selectable-paragraph><span style="color: #000000;">A greater role for central banks in credit allocation entails overall economic losses if central banks are less efficient than the private sector at resource allocation.</span></p>\r\n <p id="1616" class="mt mu bp mv b li mw mx my ll mz na nb nc nd lq ne nf ng lt nh ni nj lw nk nl gq cy" data-selectable-paragraph><span style="color: #000000;">But greater intervention by central banks and the government across the economy isn’t without some benefit.</span></p>\r\n <p id="64fd" class="mt mu bp mv b li mw mx my ll mz na nb nc nd lq ne nf ng lt nh ni nj lw nk nl gq cy" data-selectable-paragraph><span style="color: #000000;">For instance, low rates means that governments can borrow more cheaply to fund new infrastructure, from roads and bridges, to schools and hospitals, but that also leaves the levers of power more susceptible to private capture.</span></p>\r\n <p id="9b2f" class="mt mu bp mv b li mw mx my ll mz na nb nc nd lq ne nf ng lt nh ni nj lw nk nl gq cy" data-selectable-paragraph><span style="color: #000000;">The problem with sprawling macroeconomic management is that it also makes politicians particularly susceptible to lobbyists and other interest groups.</span></p>\r\n <p id="3398" class="mt mu bp mv b li mw mx my ll mz na nb nc nd lq ne nf ng lt nh ni nj lw nk nl gq cy" data-selectable-paragraph><span style="color: #000000;">As it is, governments around the world are deciding which industry sectors should receive wage reliefs and tax breaks and which ones should be allowed to fail.</span></p>\r\n <p id="6bb0" class="mt mu bp mv b li mw mx my ll mz na nb nc nd lq ne nf ng lt nh ni nj lw nk nl gq cy" data-selectable-paragraph><span style="color: #000000;">But if the money is free, why not give it all away?</span></p>\r\n <p id="971a" class="mt mu bp mv b li mw mx my ll mz na nb nc nd lq ne nf ng lt nh ni nj lw nk nl gq cy" data-selectable-paragraph><span style="color: #000000;">Why not rescue all companies, protect obsolete industries and save shareholders all in one fell swoop?</span></p>\r\n <p id="7ab6" class="mt mu bp mv b li mw mx my ll mz na nb nc nd lq ne nf ng lt nh ni nj lw nk nl gq cy" data-selectable-paragraph><span style="color: #000000;">In some ways, the world is already there.</span></p>\r\n <p id="9b31" class="mt mu bp mv b li mw mx my ll mz na nb nc nd lq ne nf ng lt nh ni nj lw nk nl gq cy" data-selectable-paragraph><span style="color: #000000;">Moral hazard has been tossed into the dust heap of antiquated concerns, and stock markets have become divorced from traditional metrics of valuation.</span></p>\r\n <p id="3b90" class="mt mu bp mv b li mw mx my ll mz na nb nc nd lq ne nf ng lt nh ni nj lw nk nl gq cy" data-selectable-paragraph><span style="color: #000000;">And with interest rates so close to zero, central banks are increasingly looking like the debt-management arms of the governments that they are supposed to be independent from.</span></p>\r\n <p id="b806" class="mt mu bp mv b li mw mx my ll mz na nb nc nd lq ne nf ng lt nh ni nj lw nk nl gq cy" data-selectable-paragraph><span style="color: #000000;">This has had a profound effect on the very essence of what money <em class="or">is </em>(what qualifies as money), and more importantly, what it represents.</span></p>\r\n <p id="8b3d" class="mt mu bp mv b li mw mx my ll mz na nb nc nd lq ne nf ng lt nh ni nj lw nk nl gq cy" data-selectable-paragraph><span style="color: #000000;">According to a report by JP Morgan Chase, growing concern over inflation has seen the price of non-yielding assets such as gold and Bitcoin soar, because the cost of holding them has declined tremendously.</span></p>\r\n <p id="ef60" class="mt mu bp mv b li mw mx my ll mz na nb nc nd lq ne nf ng lt nh ni nj lw nk nl gq cy" data-selectable-paragraph><span style="color: #000000;">Gold and Bitcoin ETFs have also experienced strong inflows over the past five months, as investors see the case for an “alternative currency.”</span></p>\r\n <p id="e509" class="mt mu bp mv b li mw mx my ll mz na nb nc nd lq ne nf ng lt nh ni nj lw nk nl gq cy" data-selectable-paragraph><span style="color: #000000;">The Bloomberg Dollar Spot Index has declined about 1.7% over the same period, furthering debate over whether a prolonged period of dollar weakness is at hand.</span></p>\r\n <p id="3ff9" class="mt mu bp mv b li mw mx my ll mz na nb nc nd lq ne nf ng lt nh ni nj lw nk nl gq cy" data-selectable-paragraph><span style="color: #000000;">Central banks were held independent precisely to avoid the politicization of the economy through the monetary system, but the world has crossed that Rubicon.</span></p>\r\n <p id="4b44" class="mt mu bp mv b li mw mx my ll mz na nb nc nd lq ne nf ng lt nh ni nj lw nk nl gq cy" data-selectable-paragraph><span style="color: #000000;">And the current course threatens to finally derail an experiment with currency debasement that has now stretched for almost fifty years, since the United States abandoned the gold standard.</span></p>\r\n <p id="8648" class="mt mu bp mv b li mw mx my ll mz na nb nc nd lq ne nf ng lt nh ni nj lw nk nl gq cy" data-selectable-paragraph><span style="color: #000000;">The challenge for policymakers now will be to create a framework that allows the business cycle to be managed and financial crises to be fought without a politicized takeover of the economy.</span></p>\r\n <p id="f3c7" class="mt mu bp mv b li mw mx my ll mz na nb nc nd lq ne nf ng lt nh ni nj lw nk nl gq cy" data-selectable-paragraph><span style="color: #000000;">Central bank independence was already under pressure well before the pandemic, but the coronavirus may be just the push needed to upend current monetary structures and the fiat currency system.</span></p>\r\n <p id="560d" class="mt mu bp mv b li mw mx my ll mz na nb nc nd lq ne nf ng lt nh ni nj lw nk nl gq cy" data-selectable-paragraph><span style="color: #000000;">Haven’t we been here before?</span></p>\r\n <p id="89f1" class="mt mu bp mv b li mw mx my ll mz na nb nc nd lq ne nf ng lt nh ni nj lw nk nl gq cy" data-selectable-paragraph><span style="color: #000000;">Indeed.</span></p>\r\n <p id="3d0d" class="mt mu bp mv b li mw mx my ll mz na nb nc nd lq ne nf ng lt nh ni nj lw nk nl gq cy" data-selectable-paragraph><span style="color: #000000;">In 18th century France, Scottish economist John Law, who in seeking to revive the French economy noted,</span></p>\r\n <p id="a4ae" class="mt mu or mv b li mw mx my ll mz na nb nc nd lq ne nf ng lt nh ni nj lw nk nl gq cy" style="padding-left: 30px;" data-selectable-paragraph><span style="color: #000000;">I maintain that an absolute prince who knows how to govern can extend his credit further and find immediate funds at a lower interest rate than a prince who is limited in his authority.</span></p>\r\n <p id="cb28" class="mt mu or mv b li mw mx my ll mz na nb nc nd lq ne nf ng lt nh ni nj lw nk nl gq cy" style="padding-left: 30px;" data-selectable-paragraph><span style="color: #000000;">In credit, supreme power must reside in only one person.</span></p>\r\n <p id="aa2a" class="mt mu bp mv b li mw mx my ll mz na nb nc nd lq ne nf ng lt nh ni nj lw nk nl gq cy" data-selectable-paragraph><span style="color: #000000;">Law posited that paper money would revive French trade, and with it, French economic power and in that, the royal government gained doubly.</span></p>\r\n <p id="38f0" class="mt mu bp mv b li mw mx my ll mz na nb nc nd lq ne nf ng lt nh ni nj lw nk nl gq cy" data-selectable-paragraph><span style="color: #000000;">Consolidation meant that the French state’s onerous debts were magically transformed into shares in the newly created French central bank and at the same time, the monarch gained the ability to print as much money as he wanted — the monetization of debt.</span></p>\r\n <p id="03b4" class="mt mu bp mv b li mw mx my ll mz na nb nc nd lq ne nf ng lt nh ni nj lw nk nl gq cy" data-selectable-paragraph><span style="color: #000000;">That experiment with printing money and inflating asset bubbles led to the world’s first stock market bubble and indirectly, the French Revolution.</span></p>\r\n <p id="c5c4" class="mt mu bp mv b li mw mx my ll mz na nb nc nd lq ne nf ng lt nh ni nj lw nk nl gq cy" data-selectable-paragraph><span style="color: #000000;">Law’s bubble and bust ultimately set back France’s financial development, putting Frenchmen off paper money and stock markets for more than a generation.</span></p>\r\n <p id="ec21" class="mt mu bp mv b li mw mx my ll mz na nb nc nd lq ne nf ng lt nh ni nj lw nk nl gq cy" data-selectable-paragraph><span style="color: #000000;">And the printing of money never solved France’s fiscal problems, with the reign of Louis the XV and Louis the XVI sustained hand-to-mouth.</span></p>\r\n <p id="c23f" class="mt mu bp mv b li mw mx my ll mz na nb nc nd lq ne nf ng lt nh ni nj lw nk nl gq cy" data-selectable-paragraph><span style="color: #000000;">Eventually sovereign bankruptcy, led to the French Revolution.</span></p>\r\n <p id="d75f" class="mt mu bp mv b li mw mx my ll mz na nb nc nd lq ne nf ng lt nh ni nj lw nk nl gq cy" data-selectable-paragraph><span style="color: #000000;">Because if the money is free, the price <em class="or">does </em>matter — it eventually reflects inflation.</span></p> """ -user: Proxies\__CG__\App\Entity\User {#1092 …} -createdAt: DateTime @1597158037 {#1145 : 2020-08-11 15:00:37.0 UTC (+00:00) } -updatedAt: DateTime @1597161666 {#1150 : 2020-08-11 16:01:06.0 UTC (+00:00) } -deletedAt: null -category: App\Entity\Category {#445 …} -status: "published" -imageCard: Proxies\__CG__\App\Entity\File {#1184 …} -ImageHeader: Proxies\__CG__\App\Entity\File {#1184 …} -featured: false -mainView: false -clicks: 1609 -comments: Doctrine\ORM\PersistentCollection {#1125 …} -reviewed_at: DateTime @1597158037 {#1148 : 2020-08-11 15:00:37.0 UTC (+00:00) } -metakey: "If the Money’s Free, Does The Price Really Matter?" -metadesc: "Unprecedented monetary and fiscal stimulus have created a unique situation where the the distinction between government debt and cash money are becoming less apparent." -robots: null -publishedAt: DateTime @1597158037 {#1147 : 2020-08-11 15:00:37.0 UTC (+00:00) } -canonical: null -superTag: null } |
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