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App\Entity\Article {#1094
  -id: 6618
  -title: "There’s More To Bitcoin’s Rally Than Just Inflation Fears"
  -slug: "there-s-more-to-bitcoin-s-rally-than-just-inflation-fears"
  -introtext: "<p><span style="color: #000000;">While some analysts are pointing to inflation fears to explain bitcoin’s recent rally, there are so many other factors at play that affect the cryptocurrency’s rise.</span></p>\r\n"
  -content: """
    \r\n
    <p id="f5c3" class="jf jg as jh b gm ji jj gp jk jl jm jn gu jo jp gx jq jr ha js fm eh jt" data-selectable-paragraph><span style="color: #000000;"><span class="r ju jv jw jx jy jz ka kb kc ei">N</span>eil Johnston was a creature of habit, and it was one of the things which his wife of twenty-four years Dorothy, both loved and loathed about him. While Dorothy appreciated Neil’s dependability, she was wondering if things were getting a little stale.</span></p>\r\n
    <p id="a30d" class="jf jg as jh b gm ji jj gp jk jl jm jn gu jo jp gx jq jr ha js fm eh" data-selectable-paragraph><span style="color: #000000;">So naturally Dorothy grew a little worried when Neil, who would walk through the door almost like clockwork at 7 pm every evening for dinner, started to get home late from work.</span></p>\r\n
    <p id="9ba5" class="jf jg as jh b gm ji jj gp jk jl jm jn gu jo jp gx jq jr ha js fm eh" data-selectable-paragraph><span style="color: #000000;">“Late from work?” she thought to herself.</span></p>\r\n
    <p id="6105" class="jf jg as jh b gm ji jj gp jk jl jm jn gu jo jp gx jq jr ha js fm eh" data-selectable-paragraph><span style="color: #000000;">Neil was a man of schedule and precision.</span></p>\r\n
    <p id="3bbc" class="jf jg as jh b gm ji jj gp jk jl jm jn gu jo jp gx jq jr ha js fm eh" data-selectable-paragraph><span style="color: #000000;">As the quality manager at plastics molding company, Neil’s routine was more precise than a German train schedule.</span></p>\r\n
    <p id="b253" class="jf jg as jh b gm ji jj gp jk jl jm jn gu jo jp gx jq jr ha js fm eh" data-selectable-paragraph><span style="color: #000000;">Yet over the last few weeks, Neil kept coming home later and later and Dorothy started to get suspicious.</span></p>\r\n
    <p id="62de" class="jf jg as jh b gm ji jj gp jk jl jm jn gu jo jp gx jq jr ha js fm eh" data-selectable-paragraph><span style="color: #000000;">Were her worst fears coming true? Was Neil having an affair?</span></p>\r\n
    <p id="c529" class="jf jg as jh b gm ji jj gp jk jl jm jn gu jo jp gx jq jr ha js fm eh" data-selectable-paragraph><span style="color: #000000;">Try as she might, she just couldn’t get the nagging suspicion out of her head husband might be cheating on her.</span></p>\r\n
    <p id="0401" class="jf jg as jh b gm ji jj gp jk jl jm jn gu jo jp gx jq jr ha js fm eh" data-selectable-paragraph><span style="color: #000000;">So one evening, when the children were staying over at a friend’s house, she went early to Neil’s office to follow him home.</span></p>\r\n
    <p id="59d8" class="jf jg as jh b gm ji jj gp jk jl jm jn gu jo jp gx jq jr ha js fm eh" data-selectable-paragraph><span style="color: #000000;">True enough, he got off work exactly on time but instead of making his way home, he boarded a bus in the opposite direction, with Dorothy following at a distance.</span></p>\r\n
    <p id="4855" class="jf jg as jh b gm ji jj gp jk jl jm jn gu jo jp gx jq jr ha js fm eh" data-selectable-paragraph><span style="color: #000000;">After a few stops, Neil got off the bus and disappeared into a dance studio.</span></p>\r\n
    <p id="1b5c" class="jf jg as jh b gm ji jj gp jk jl jm jn gu jo jp gx jq jr ha js fm eh" data-selectable-paragraph><span style="color: #000000;">“Dance studio?” Dorothy thought.</span></p>\r\n
    <p id="b23a" class="jf jg as jh b gm ji jj gp jk jl jm jn gu jo jp gx jq jr ha js fm eh" data-selectable-paragraph><span style="color: #000000;">But instead of confronting Neil, she peeked through the window of the studio and saw a tall blonde and very attractive woman smile to greet him.</span></p>\r\n
    <p id="c40d" class="jf jg as jh b gm ji jj gp jk jl jm jn gu jo jp gx jq jr ha js fm eh" data-selectable-paragraph><span style="color: #000000;">“So that’s who he’s been seeing!”</span></p>\r\n
    <p id="45aa" class="jf jg as jh b gm ji jj gp jk jl jm jn gu jo jp gx jq jr ha js fm eh" data-selectable-paragraph><span style="color: #000000;">Before she could charge into the dance studio with indignation, to Dorothy’s surprise, the tall blonde started to put Neil through some warm up paces — she was teaching him to ballroom dance!</span></p>\r\n
    <p id="c852" class="jf jg as jh b gm ji jj gp jk jl jm jn gu jo jp gx jq jr ha js fm eh" data-selectable-paragraph><span style="color: #000000;">But why keep it a secret?</span></p>\r\n
    <p id="75e6" class="jf jg as jh b gm ji jj gp jk jl jm jn gu jo jp gx jq jr ha js fm eh" data-selectable-paragraph><span style="color: #000000;">And the U.S. economy is still the world’s largest.</span></p>\r\n
    <p id="0b20" class="jf jg as jh b gm ji jj gp jk jl jm jn gu jo jp gx jq jr ha js fm eh" data-selectable-paragraph><span style="color: #000000;">Try as the rest of the world might, American consumption and profligacy is still the perpetual motion machine that keeps the rest of the global economy running.</span></p>\r\n
    <p id="434d" class="jf jg as jh b gm ji jj gp jk jl jm jn gu jo jp gx jq jr ha js fm eh" data-selectable-paragraph><span style="color: #000000;">Which is why the dollar hasn’t completely collapsed worthless.</span></p>\r\n
    <p id="5aeb" class="jf jg as jh b gm ji jj gp jk jl jm jn gu jo jp gx jq jr ha js fm eh" data-selectable-paragraph><span style="color: #000000;">It’s why Japan and Germany which have negative interest rates and a high level of sovereign debt (in the case of Japan) haven’t seen the implosion of their economies the way Zimbabwe and Venezuela have.</span></p>\r\n
    <p id="bdc1" class="jf jg as jh b gm ji jj gp jk jl jm jn gu jo jp gx jq jr ha js fm eh" data-selectable-paragraph><span style="color: #000000;">And it’s for that reason why the dollar won’t implode suddenly, but some are buying bitcoin, just in case.</span></p>\r\n
    <h2 id="f39b" class="ke kf as ar ee kg kh jj ki kj jl kk kl gu km kn gx ko kp ha kq eh" data-selectable-paragraph><span style="color: #10228b;">No Easy Answers</span></h2>\r\n
    <p id="61ec" class="jf jg as jh b gm kr jj gp ks jl jm kt gu jo ku gx jq kv ha js fm eh" data-selectable-paragraph><span style="color: #000000;">Which is why there’s no easy answer for whether or not bitcoin’s rise is due to inflation fears.</span></p>\r\n
    <p id="0521" class="jf jg as jh b gm ji jj gp jk jl jm jn gu jo jp gx jq jr ha js fm eh" data-selectable-paragraph><span style="color: #000000;">Over the past four months and based on its correlation with real rates, bitcoin has demonstrated its value as an asset to hedge against future inflation.</span></p>\r\n
    <p id="9cfd" class="jf jg as jh b gm ji jj gp jk jl jm jn gu jo jp gx jq jr ha js fm eh" data-selectable-paragraph><span style="color: #000000;">But four months do not an inflation hedge make.</span></p>\r\n
    <p id="4077" class="jf jg as jh b gm ji jj gp jk jl jm jn gu jo jp gx jq jr ha js fm eh" data-selectable-paragraph><span style="color: #000000;">And while investors who doubt the dollar may move into other assets, that doesn’t necessarily mean that they’ll be moving lock stock and barrel into bitcoin either, especially not purely on the basis of inflation.</span></p>\r\n
    <p id="3a47" class="jf jg as jh b gm ji jj gp jk jl jm jn gu jo jp gx jq jr ha js fm eh" data-selectable-paragraph><span style="color: #000000;">Because bitcoin is a Veblen good — which means that as its price increases, it can become even more desired — when bitcoin rallies, it excites analysts and investors, it makes headlines and generates buzz.</span></p>\r\n
    <p id="c933" class="jf jg as jh b gm ji jj gp jk jl jm jn gu jo jp gx jq jr ha js fm eh" data-selectable-paragraph><span style="color: #000000;">With everything in the world so uncertain right now, that bitcoin is rallying speaks to the investor consciousness that it is a desired and desirable asset — because it is perceived to be resilient.</span></p>\r\n
    <p id="9160" class="jf jg as jh b gm ji jj gp jk jl jm jn gu jo jp gx jq jr ha js fm eh" data-selectable-paragraph><span style="color: #000000;">It’s sort of like why the rest of the stock market rallied on the news of tech stocks delivering better than expected second quarter results in 2020 — everyone loves a winner.</span></p>\r\n
    <p id="b1bd" class="jf jg as jh b gm ji jj gp jk jl jm jn gu jo jp gx jq jr ha js fm eh" data-selectable-paragraph><span style="color: #000000;">And right now, bitcoin looks like a winner.</span></p>\r\n
    <p id="7980" class="jf jg as jh b gm ji jj gp jk jl jm jn gu jo jp gx jq jr ha js fm eh" data-selectable-paragraph><span style="color: #000000;">So more is written about bitcoin, more analysis is done, and more money flows in.</span></p>\r\n
    <p id="dd28" class="jf jg as jh b gm ji jj gp jk jl jm jn gu jo jp gx jq jr ha js fm eh" data-selectable-paragraph><span style="color: #000000;">At times like these, the bitcoin rally can be self-perpetuating — which provides incredible opportunity, but also increases risk.</span></p>\r\n
    <p id="3b8d" class="jf jg as jh b gm ji jj gp jk jl jm jn gu jo jp gx jq jr ha js fm eh" data-selectable-paragraph><span style="color: #000000;">And unlike in 2017, a lot more people are paying attention in the bitcoin rally with institutional investors throwing their hat in the ring in a way not seen before — institutional bitcoin trust Grayscale saw inflows of US$1 billion, half of which were in the first three months of this year alone.</span></p>\r\n
    <p id="a8f1" class="jf jg as jh b gm ji jj gp jk jl jm jn gu jo jp gx jq jr ha js fm eh" data-selectable-paragraph><span style="color: #000000;">Which might help explain bitcoin’s propensity to trend upwards.</span></p>\r\n
    <p id="7ad8" class="jf jg as jh b gm ji jj gp jk jl jm jn gu jo jp gx jq jr ha js fm eh" data-selectable-paragraph><span style="color: #000000;">Like so many things in life, things are almost never what they appear to be, even something as simple as coming home late from work.</span></p>\r\n
    <p id="bebe" class="jf jg as jh b gm ji jj gp jk jl jm jn gu jo jp gx jq jr ha js fm eh" data-selectable-paragraph><span style="color: #000000;">Dorothy, her face pressed against the glass window of the dance studio, watched as her husband practiced the Waltz, the Tango, the Foxtrot and the Bolero, and each move was taken with precision and determination.</span></p>\r\n
    <p id="790b" class="jf jg as jh b gm ji jj gp jk jl jm jn gu jo jp gx jq jr ha js fm eh" data-selectable-paragraph><span style="color: #000000;">When he was finally finished with his personal class, Neil was shocked to find his wife waiting outside for him,</span></p>\r\n
    <p id="9d9d" class="jf jg as jh b gm ji jj gp jk jl jm jn gu jo jp gx jq jr ha js fm eh" data-selectable-paragraph><span style="color: #000000;">“What are you doing here?” he asked, somewhat shocked.</span></p>\r\n
    <p id="8ecf" class="jf jg as jh b gm ji jj gp jk jl jm jn gu jo jp gx jq jr ha js fm eh" data-selectable-paragraph><span style="color: #000000;">“I should be asking you that.”</span></p>\r\n
    <p id="793d" class="jf jg as jh b gm ji jj gp jk jl jm jn gu jo jp gx jq jr ha js fm eh" data-selectable-paragraph><span style="color: #000000;">Sheepish, Neil looked at the ground,</span></p>\r\n
    <p id="cef1" class="jf jg as jh b gm ji jj gp jk jl jm jn gu jo jp gx jq jr ha js fm eh" data-selectable-paragraph><span style="color: #000000;">“You’ve ruined the surprise.”</span></p>\r\n
    <p id="d7c0" class="jf jg as jh b gm ji jj gp jk jl jm jn gu jo jp gx jq jr ha js fm eh" data-selectable-paragraph><span style="color: #000000;">“The surprise?”</span></p>\r\n
    <p id="c16f" class="jf jg as jh b gm ji jj gp jk jl jm jn gu jo jp gx jq jr ha js fm eh" data-selectable-paragraph><span style="color: #000000;">“Remember how you said when we were first dating that you wish I knew how to dance, how you wished we could maybe one day go on a glamorous cruise and dance in the ballroom. So I wanted to surprise you on our 25th wedding anniversary. I wanted to learn how to dance.”</span></p>\r\n
    <p id="29dc" class="jf jg as jh b gm ji jj gp jk jl jm jn gu jo jp gx jq jr ha js fm eh" data-selectable-paragraph><span style="color: #000000;">Dorothy, by now tears welling in her eyes, reached out and kissed her husband, a long passionate kiss of the sort that the couple had not shared for a long time.</span></p>\r\n
    <p id="649f" class="jf jg as jh b gm ji jj gp jk jl jm jn gu jo jp gx jq jr ha js fm eh" data-selectable-paragraph><span style="color: #000000;">Because nothing is ever as it seems at first blush.</span></p>\r\n
    <p id="d5b6" class="jf jg as jh b gm ji jj gp jk jl jm jn gu jo jp gx jq jr ha js fm eh" data-selectable-paragraph><span style="color: #000000;">And often times the explanations we come up with to explain our circumstances, can be far removed from the reality of the situation.</span></p>\r\n
    <h2 id="82cc" class="ke kf as ar ee kg kh jj ki kj jl kk kl gu km kn gx ko kp ha kq eh" data-selectable-paragraph><span style="color: #10228b;">Inflating The Price Of Bitcoin</span></h2>\r\n
    <p id="a8e4" class="jf jg as jh b gm kr jj gp ks jl jm kt gu jo ku gx jq kv ha js fm eh" data-selectable-paragraph><span style="color: #000000;">Which is why bitcoin watchers who have witnessed the most recent surge in the dollar-price of bitcoin may have inadvertently noticed that it also coincided with a period when investors became increasingly concerned over inflation.</span></p>\r\n
    <p id="4028" class="jf jg as jh b gm ji jj gp jk jl jm jn gu jo jp gx jq jr ha js fm eh" data-selectable-paragraph><span style="color: #000000;">But are fears of inflation fueling bitcoin’s ascent?</span></p>\r\n
    <p id="a9ff" class="jf jg as jh b gm ji jj gp jk jl jm jn gu jo jp gx jq jr ha js fm eh" data-selectable-paragraph><span style="color: #000000;">The short answer is yes, and no.</span></p>\r\n
    <p id="5237" class="jf jg as jh b gm ji jj gp jk jl jm jn gu jo jp gx jq jr ha js fm eh" data-selectable-paragraph><span style="color: #000000;">Since the beginning of this year, bitcoin has rallied some 57%, and over 130% from its low in March, after investors digested the havoc caused by the coronavirus pandemic.</span></p>\r\n
    <p id="4cb0" class="jf jg as jh b gm ji jj gp jk jl jm jn gu jo jp gx jq jr ha js fm eh" data-selectable-paragraph><span style="color: #000000;">Although the computational design of bitcoin is deflationary — there can never be more than 21 million bitcoins ever created, and the rate of mining that bitcoin halves on average once every four years — that in and of itself doesn’t immediately make bitcoin a hedge against inflation.</span></p>\r\n
    <p id="fe1f" class="jf jg as jh b gm ji jj gp jk jl jm jn gu jo jp gx jq jr ha js fm eh" data-selectable-paragraph><span style="color: #000000;">Given bitcoin’s relatively short history — about 11 years or so — its relationship with its dominant trading pair, the dollar, has not been consistent.</span></p>\r\n
    <p id="4554" class="jf jg as jh b gm ji jj gp jk jl jm jn gu jo jp gx jq jr ha js fm eh" data-selectable-paragraph><span style="color: #000000;">Yet that hasn’t stopped some of the biggest names in the investing world, including billionaire macro hedge fund investor&nbsp;Paul Tudor Jones from allocating a portion of their vast investment portfolios in bitcoin, as a hedge against inflation.</span></p>\r\n
    <p id="9006" class="jf jg as jh b gm ji jj gp jk jl jm jn gu jo jp gx jq jr ha js fm eh" data-selectable-paragraph><span style="color: #000000;">To be fair, Tudor Jones termed his bitcoin investment a “great speculation,” particularly with regards to its value as a hedge against inflation.</span></p>\r\n
    <p id="c75c" class="jf jg as jh b gm ji jj gp jk jl jm jn gu jo jp gx jq jr ha js fm eh" data-selectable-paragraph><span style="color: #000000;">And in many ways Tudor Jones is right.</span></p>\r\n
    <h2 id="5c76" class="ke kf as ar ee kg kh jj ki kj jl kk kl gu km kn gx ko kp ha kq eh" data-selectable-paragraph><span style="color: #10228b;">The Great Inflation Speculation</span></h2>\r\n
    <p id="0c2d" class="jf jg as jh b gm kr jj gp ks jl jm kt gu jo ku gx jq kv ha js fm eh" data-selectable-paragraph><span style="color: #000000;">When interest rates fall, non-yielding assets such as bitcoin typically become more attractive because the opportunity cost of leaving money, in the cryptocurrency, become lower.</span></p>\r\n
    <p id="aeb6" class="jf jg as jh b gm ji jj gp jk jl jm jn gu jo jp gx jq jr ha js fm eh" data-selectable-paragraph><span style="color: #000000;">And when inflation rises, the narrative that fuels demand for these non-yielding assets also gets a boost.</span></p>\r\n
    <p id="0e18" class="jf jg as jh b gm ji jj gp jk jl jm jn gu jo jp gx jq jr ha js fm eh" data-selectable-paragraph><span style="color: #000000;">But where inflation really matters is as a component of&nbsp;<em class="lb">expected real rates</em>&nbsp;— a closely watched measure of interest rates which are adjusted for inflation.</span></p>\r\n
    <p id="ccf0" class="jf jg as jh b gm ji jj gp jk jl jm jn gu jo jp gx jq jr ha js fm eh" data-selectable-paragraph><span style="color: #000000;">The market’s favorite gauge of real rates are yields on the U.S. Treasury Inflation-Protected Securities or TIPS, which provide investors built-in compensation for the effects of rising price levels.</span></p>\r\n
    <p id="de31" class="jf jg as jh b gm ji jj gp jk jl jm jn gu jo jp gx jq jr ha js fm eh" data-selectable-paragraph><span style="color: #000000;">To figure out whether investors think that inflation will rise in the future or not, breakeven inflation rates — measured by the gap between nominal yields on U.S. Treasuries (bonds) and TIPS yields, serve as a proxy for future inflation.</span></p>\r\n
    <p id="d9a0" class="jf jg as jh b gm ji jj gp jk jl jm jn gu jo jp gx jq jr ha js fm eh" data-selectable-paragraph><span style="color: #000000;">As the U.S. Federal Reserve took unprecedented monetary and fiscal policy measures to battle the economic effects of the coronavirus pandemic, real rates fell to historic lows at a time when nascent assets like bitcoin started to appreciate dramatically.</span></p>\r\n
    <p id="da33" class="jf jg as jh b gm ji jj gp jk jl jm jn gu jo jp gx jq jr ha js fm eh" data-selectable-paragraph><span style="color: #000000;">Feeding the inflation-hedge narrative, some investors suggest that the dollar has been losing ground to assets like bitcoin this year, in part at least, because the Fed has been purchasing so much of the U.S. government’s record debt sales — potentially debasing the dollar and diminishing its allure as a haven.</span></p>\r\n
    <p id="1196" class="jf jg as jh b gm ji jj gp jk jl jm jn gu jo jp gx jq jr ha js fm eh" data-selectable-paragraph><span style="color: #000000;">But if that argument were valid, Japan, where over 70% of Japanese government debt is owned by the central bank, would have experienced runaway inflation by now, and the Japanese yen would be near worthless.</span></p>\r\n
    <p id="2950" class="jf jg as jh b gm ji jj gp jk jl jm jn gu jo jp gx jq jr ha js fm eh" data-selectable-paragraph><span style="color: #000000;">Instead, inflation has remained low in Japan, and the Japanese yen is seen as a safe haven currency in times of economic turmoil.</span></p>\r\n
    <p id="a5a4" class="jf jg as jh b gm ji jj gp jk jl jm jn gu jo jp gx jq jr ha js fm eh" data-selectable-paragraph><span style="color: #000000;">So is real yield all we need to forecast bitcoin’s price?</span></p>\r\n
    <p id="3e47" class="jf jg as jh b gm ji jj gp jk jl jm jn gu jo jp gx jq jr ha js fm eh" data-selectable-paragraph><span style="color: #000000;">If only.</span></p>\r\n
    <p id="f4c5" class="jf jg as jh b gm ji jj gp jk jl jm jn gu jo jp gx jq jr ha js fm eh" data-selectable-paragraph><span style="color: #000000;">Right now the inflation story is the one that has taken over the dollar-bitcoin narrative.</span></p>\r\n
    <p id="8d3e" class="jf jg as jh b gm ji jj gp jk jl jm jn gu jo jp gx jq jr ha js fm eh" data-selectable-paragraph><span style="color: #000000;">Over the past four months, real rates have been observed to be correlated with bitcoin’s ascent.</span></p>\r\n
    <p id="59b4" class="jf jg as jh b gm ji jj gp jk jl jm jn gu jo jp gx jq jr ha js fm eh" data-selectable-paragraph><span style="color: #000000;">When bitcoin crashed in March, it demonstrated a strong negative correlation with the dollar.</span></p>\r\n
    <p id="a9dc" class="jf jg as jh b gm ji jj gp jk jl jm jn gu jo jp gx jq jr ha js fm eh" data-selectable-paragraph><span style="color: #000000;">And since that time, the dollar has slid against other major currencies, while bitcoin has continued to rise.</span></p>\r\n
    <p id="4abd" class="jf jg as jh b gm ji jj gp jk jl jm jn gu jo jp gx jq jr ha js fm eh" data-selectable-paragraph><span style="color: #000000;">But the correlation isn’t so simple.</span></p>\r\n
    <p id="de2f" class="jf jg as jh b gm ji jj gp jk jl jm jn gu jo jp gx jq jr ha js fm eh" data-selectable-paragraph><span style="color: #000000;">Complicating the correlation between the dollar and bitcoin is that the dollar itself is affected by a slew of factors, including geopolitics, social issues, economics, health and elections.</span></p>\r\n
    <p id="e34d" class="jf jg as jh b gm ji jj gp jk jl jm jn gu jo jp gx jq jr ha js fm eh" data-selectable-paragraph><span style="color: #000000;">And this year has provided a plethora of factors to upset the dollar, including, in no particular order of panic, the coronavirus pandemic, rising unemployment, racial and social unrest, law and order issues, political gridlock, economic recession and Sino-American tensions.</span></p>\r\n
    <p id="faca" class="jf jg as jh b gm ji jj gp jk jl jm jn gu jo jp gx jq jr ha js fm eh" data-selectable-paragraph><span style="color: #000000;">On any given year, America usually has to deal with one or more of these crises —but it’s never had to deal with&nbsp;<em class="lb">all&nbsp;</em>of them at once and at the worst possible time as well.</span></p>\r\n
    <p id="29fb" class="jf jg as jh b gm ji jj gp jk jl jm jn gu jo jp gx jq jr ha js fm eh" data-selectable-paragraph><span style="color: #000000;">At a time when strong leadership is needed from Washington (and it’s not just the White House), politicians on&nbsp;<em class="lb">both</em>&nbsp;sides of the aisle are demonstrating just how inept the American political system has become at dealing with crises on a national level.</span></p>\r\n
    <p id="02c1" class="jf jg as jh b gm ji jj gp jk jl jm jn gu jo jp gx jq jr ha js fm eh" data-selectable-paragraph><span style="color: #000000;">In the past, times of national crises have tended to unite Americans, not highlight their divides.</span></p>\r\n
    <p id="99f3" class="jf jg as jh b gm ji jj gp jk jl jm jn gu jo jp gx jq jr ha js fm eh" data-selectable-paragraph><span style="color: #000000;">No such luck this time.</span></p>\r\n
    <p id="b61c" class="jf jg as jh b gm ji jj gp jk jl jm jn gu jo jp gx jq jr ha js fm eh" data-selectable-paragraph><span style="color: #000000;">At the worst possible time, the current occupant of the White House is accentuating American differences, instead of focusing on what should unify the nation.</span></p>\r\n
    <p id="6a26" class="jf jg as jh b gm ji jj gp jk jl jm jn gu jo jp gx jq jr ha js fm eh" data-selectable-paragraph><span style="color: #000000;">What should have been a health and safety issue — something as simple as wearing a mask — has been hijacked by ideologues to be recast as a battle for personal freedom.</span></p>\r\n
    <p id="e869" class="jf jg as jh b gm ji jj gp jk jl jm jn gu jo jp gx jq jr ha js fm eh" data-selectable-paragraph><span style="color: #000000;">But surely the right to be free from the coronavirus is a freedom as well?</span></p>\r\n
    <p id="fc8b" class="jf jg as jh b gm ji jj gp jk jl jm jn gu jo jp gx jq jr ha js fm eh" data-selectable-paragraph><span style="color: #000000;">And while America debates whether wearing a mask is a political statement or not, the coronavirus has completely ignored the argument and ripples through the population virtually unchecked, leaving an ocean of caskets in its wake.</span></p>\r\n
    <p id="7263" class="jf jg as jh b gm ji jj gp jk jl jm jn gu jo jp gx jq jr ha js fm eh" data-selectable-paragraph><span style="color: #000000;">Against this backdrop, policymakers have had to undertake unprecedented fiscal and monetary policy measures, essentially printing money that flows into the financial system.</span></p>\r\n
    <p id="3eb6" class="jf jg as jh b gm ji jj gp jk jl jm jn gu jo jp gx jq jr ha js fm eh" data-selectable-paragraph><span style="color: #000000;">But although America has never had to deal with so many crises simultaneously, its institutions have proved resilient in the past, so the jury is out on whether they will persist in the future.</span></p>
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  -metakey: "There’s More To Bitcoin’s Rally Than Just Inflation Fears"
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