{"id":1405,"date":"2011-10-19T14:40:52","date_gmt":"2011-10-19T18:40:52","guid":{"rendered":"http:\/\/goldstocksforex.com\/?p=1405"},"modified":"2011-10-19T14:40:52","modified_gmt":"2011-10-19T18:40:52","slug":"the-bankers-capital-war-howard-davies-project-syndicate","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/19\/the-bankers-capital-war-howard-davies-project-syndicate\/","title":{"rendered":"The Bankers\u2019 Capital War &#8211; Howard Davies &#8211; Project Syndicate"},"content":{"rendered":"<p>Basel 3, the Basel Committee\u2019s new global regulatory standard on banks\u2019 capital adequacy and liquidity, will more or less double the equity requirements, and will impose extra costs on banks deemed \u201ctoo big to fail.\u201d The Committee\u2019s analysis of the economic consequences found that the impact on growth would be modest, perhaps reducing GDP by 0.33% after five years \u2013 easily within the margin of forecast error. The OECD took a different view, putting the growth impact at about twice that level, and rather higher in Europe, where companies rely far more on bank financing than they do in the US.<\/p>\n<p>In sharp contrast, the Institute of International Finance, the leading trade association for the world\u2019s top banks, believes that the impact of higher capital requirements could be far stronger. The IIF believes that GDP could be fully 5% lower after five years, with unemployment more than 7% higher.<\/p>\n<p>The IIF\u2019s forecast may seem alarmist, but the competing estimates are based on some intriguing analytical differences. Regulators take the view that the impact of higher capital requirements on the cost of credit to borrowers will be modest, as the overall cost of funds to banks will not rise much. They rest their case on the famous Modigliani-Miller theorem, which implies that a company cannot alter its capital cost by changing the balance between equity and debt on its balance sheet. If there is more equity, then logically debt should be cheaper, as the company (or bank) is better insulated from default.<\/p>\n<p>Bankers accept that, in the long run, the theorem might hold, but argue that it will take time, especially given recent events, to persuade investors that banks are genuinely safer&#8230;.<\/p>\n<p>via <a href=\"http:\/\/www.project-syndicate.org\/commentary\/davies16\/English\">The Bankers\u2019 Capital War &#8211; Howard Davies &#8211; Project Syndicate<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Basel 3, the Basel Committee\u2019s new global regulatory standard on banks\u2019 capital adequacy and liquidity, will more or less double the equity requirements, and will impose extra costs on banks deemed \u201ctoo big to fail.\u201d The Committee\u2019s analysis of the economic consequences found that the impact on growth would be modest, perhaps reducing GDP by &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/19\/the-bankers-capital-war-howard-davies-project-syndicate\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;The Bankers\u2019 Capital War &#8211; Howard Davies &#8211; Project Syndicate&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[31],"tags":[368,381,590],"class_list":["post-1405","post","type-post","status-publish","format-standard","hentry","category-the-fed-banks-interest-rates","tag-bank-reserves","tag-banks","tag-capital-ratios"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The Bankers\u2019 Capital War - Howard Davies - Project Syndicate - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Bankers\u2019 Capital War - Howard Davies - Project Syndicate - the patient investor\" \/>\n<meta property=\"og:description\" content=\"Basel 3, the Basel Committee\u2019s new global regulatory standard on banks\u2019 capital adequacy and liquidity, will more or less double the equity requirements, and will impose extra costs on banks deemed \u201ctoo big to fail.\u201d The Committee\u2019s analysis of the economic consequences found that the impact on growth would be modest, perhaps reducing GDP by &hellip; Continue reading &quot;The Bankers\u2019 Capital War &#8211; Howard Davies &#8211; Project Syndicate&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/19\/the-bankers-capital-war-howard-davies-project-syndicate\/\" \/>\n<meta property=\"og:site_name\" content=\"the patient investor\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/profile.php?id=61572934660810\" \/>\n<meta property=\"article:published_time\" content=\"2011-10-19T18:40:52+00:00\" \/>\n<meta name=\"author\" content=\"ColinTwiggs\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"ColinTwiggs\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/19\/the-bankers-capital-war-howard-davies-project-syndicate\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/19\/the-bankers-capital-war-howard-davies-project-syndicate\/\"},\"author\":{\"name\":\"ColinTwiggs\",\"@id\":\"https:\/\/thepatientinvestor.com\/#\/schema\/person\/cb072791ac83e8bae585007c133d54a5\"},\"headline\":\"The Bankers\u2019 Capital War &#8211; Howard Davies &#8211; Project Syndicate\",\"datePublished\":\"2011-10-19T18:40:52+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/19\/the-bankers-capital-war-howard-davies-project-syndicate\/\"},\"wordCount\":301,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/thepatientinvestor.com\/#organization\"},\"keywords\":[\"bank reserves\",\"banks\",\"capital ratios\"],\"articleSection\":[\"Banks &amp; Interest Rates\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/19\/the-bankers-capital-war-howard-davies-project-syndicate\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/19\/the-bankers-capital-war-howard-davies-project-syndicate\/\",\"url\":\"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/19\/the-bankers-capital-war-howard-davies-project-syndicate\/\",\"name\":\"The Bankers\u2019 Capital War - Howard Davies - Project Syndicate - the patient investor\",\"isPartOf\":{\"@id\":\"https:\/\/thepatientinvestor.com\/#website\"},\"datePublished\":\"2011-10-19T18:40:52+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/19\/the-bankers-capital-war-howard-davies-project-syndicate\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/19\/the-bankers-capital-war-howard-davies-project-syndicate\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/19\/the-bankers-capital-war-howard-davies-project-syndicate\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/thepatientinvestor.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"The Bankers\u2019 Capital War &#8211; Howard Davies &#8211; Project Syndicate\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/thepatientinvestor.com\/#website\",\"url\":\"https:\/\/thepatientinvestor.com\/\",\"name\":\"The Patient Investor\",\"description\":\"Smart. Strategic. Unfiltered. \",\"publisher\":{\"@id\":\"https:\/\/thepatientinvestor.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/thepatientinvestor.com\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/thepatientinvestor.com\/#organization\",\"name\":\"The Patient Investor Pty Ltd\",\"url\":\"https:\/\/thepatientinvestor.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/thepatientinvestor.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/i0.wp.com\/thepatientinvestor.com\/wp-content\/uploads\/2026\/03\/cropped-cropped-patience-bg-1-inverted-400x400-1.png?fit=250%2C250&ssl=1\",\"contentUrl\":\"https:\/\/i0.wp.com\/thepatientinvestor.com\/wp-content\/uploads\/2026\/03\/cropped-cropped-patience-bg-1-inverted-400x400-1.png?fit=250%2C250&ssl=1\",\"width\":250,\"height\":250,\"caption\":\"The Patient Investor Pty Ltd\"},\"image\":{\"@id\":\"https:\/\/thepatientinvestor.com\/#\/schema\/logo\/image\/\"},\"sameAs\":[\"https:\/\/www.facebook.com\/profile.php?id=61572934660810\",\"https:\/\/www.instagram.com\/colin_thepatientinvestor\"]},{\"@type\":\"Person\",\"@id\":\"https:\/\/thepatientinvestor.com\/#\/schema\/person\/cb072791ac83e8bae585007c133d54a5\",\"name\":\"ColinTwiggs\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/secure.gravatar.com\/avatar\/876c4d990bb2af282291d5f3ff81533c6deccc0c607846086647ca3272fac0ca?s=96&d=mm&r=g\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/876c4d990bb2af282291d5f3ff81533c6deccc0c607846086647ca3272fac0ca?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/876c4d990bb2af282291d5f3ff81533c6deccc0c607846086647ca3272fac0ca?s=96&d=mm&r=g\",\"caption\":\"ColinTwiggs\"},\"url\":\"https:\/\/thepatientinvestor.com\/index.php\/author\/colin58s\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"The Bankers\u2019 Capital War - Howard Davies - Project Syndicate - the patient investor","robots":{"index":"noindex","follow":"follow"},"og_locale":"en_US","og_type":"article","og_title":"The Bankers\u2019 Capital War - Howard Davies - Project Syndicate - the patient investor","og_description":"Basel 3, the Basel Committee\u2019s new global regulatory standard on banks\u2019 capital adequacy and liquidity, will more or less double the equity requirements, and will impose extra costs on banks deemed \u201ctoo big to fail.\u201d The Committee\u2019s analysis of the economic consequences found that the impact on growth would be modest, perhaps reducing GDP by &hellip; Continue reading \"The Bankers\u2019 Capital War &#8211; Howard Davies &#8211; Project Syndicate\"","og_url":"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/19\/the-bankers-capital-war-howard-davies-project-syndicate\/","og_site_name":"the patient investor","article_publisher":"https:\/\/www.facebook.com\/profile.php?id=61572934660810","article_published_time":"2011-10-19T18:40:52+00:00","author":"ColinTwiggs","twitter_card":"summary_large_image","twitter_misc":{"Written by":"ColinTwiggs","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/19\/the-bankers-capital-war-howard-davies-project-syndicate\/#article","isPartOf":{"@id":"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/19\/the-bankers-capital-war-howard-davies-project-syndicate\/"},"author":{"name":"ColinTwiggs","@id":"https:\/\/thepatientinvestor.com\/#\/schema\/person\/cb072791ac83e8bae585007c133d54a5"},"headline":"The Bankers\u2019 Capital War &#8211; Howard Davies &#8211; Project Syndicate","datePublished":"2011-10-19T18:40:52+00:00","mainEntityOfPage":{"@id":"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/19\/the-bankers-capital-war-howard-davies-project-syndicate\/"},"wordCount":301,"commentCount":0,"publisher":{"@id":"https:\/\/thepatientinvestor.com\/#organization"},"keywords":["bank reserves","banks","capital ratios"],"articleSection":["Banks &amp; Interest Rates"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/19\/the-bankers-capital-war-howard-davies-project-syndicate\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/19\/the-bankers-capital-war-howard-davies-project-syndicate\/","url":"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/19\/the-bankers-capital-war-howard-davies-project-syndicate\/","name":"The Bankers\u2019 Capital War - Howard Davies - Project Syndicate - the patient investor","isPartOf":{"@id":"https:\/\/thepatientinvestor.com\/#website"},"datePublished":"2011-10-19T18:40:52+00:00","breadcrumb":{"@id":"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/19\/the-bankers-capital-war-howard-davies-project-syndicate\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/19\/the-bankers-capital-war-howard-davies-project-syndicate\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/19\/the-bankers-capital-war-howard-davies-project-syndicate\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/thepatientinvestor.com\/"},{"@type":"ListItem","position":2,"name":"The Bankers\u2019 Capital War &#8211; Howard Davies &#8211; Project Syndicate"}]},{"@type":"WebSite","@id":"https:\/\/thepatientinvestor.com\/#website","url":"https:\/\/thepatientinvestor.com\/","name":"The Patient Investor","description":"Smart. Strategic. Unfiltered. ","publisher":{"@id":"https:\/\/thepatientinvestor.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/thepatientinvestor.com\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/thepatientinvestor.com\/#organization","name":"The Patient Investor Pty Ltd","url":"https:\/\/thepatientinvestor.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/thepatientinvestor.com\/#\/schema\/logo\/image\/","url":"https:\/\/i0.wp.com\/thepatientinvestor.com\/wp-content\/uploads\/2026\/03\/cropped-cropped-patience-bg-1-inverted-400x400-1.png?fit=250%2C250&ssl=1","contentUrl":"https:\/\/i0.wp.com\/thepatientinvestor.com\/wp-content\/uploads\/2026\/03\/cropped-cropped-patience-bg-1-inverted-400x400-1.png?fit=250%2C250&ssl=1","width":250,"height":250,"caption":"The Patient Investor Pty Ltd"},"image":{"@id":"https:\/\/thepatientinvestor.com\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/profile.php?id=61572934660810","https:\/\/www.instagram.com\/colin_thepatientinvestor"]},{"@type":"Person","@id":"https:\/\/thepatientinvestor.com\/#\/schema\/person\/cb072791ac83e8bae585007c133d54a5","name":"ColinTwiggs","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/876c4d990bb2af282291d5f3ff81533c6deccc0c607846086647ca3272fac0ca?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/876c4d990bb2af282291d5f3ff81533c6deccc0c607846086647ca3272fac0ca?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/876c4d990bb2af282291d5f3ff81533c6deccc0c607846086647ca3272fac0ca?s=96&d=mm&r=g","caption":"ColinTwiggs"},"url":"https:\/\/thepatientinvestor.com\/index.php\/author\/colin58s\/"}]}},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p9tQ4n-mF","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":10283,"url":"https:\/\/thepatientinvestor.com\/index.php\/2014\/07\/13\/keep-bank-regulation-as-simple-as-possible-but-no-simpler\/","url_meta":{"origin":1405,"position":0},"title":"Keep bank regulation as simple as possible, but no simpler","author":"ColinTwiggs","date":"July 13, 2014","format":false,"excerpt":"Reading Andrew Bailey's summary of what the Bank of England has learned about bank capital adequacy over the last decade, it strikes me that there are four major issues facing regulators. Firstly, simple capital ratios as applied by Basel I encourage banks to increase the average risk-weighting of their assets\u2026","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":8084,"url":"https:\/\/thepatientinvestor.com\/index.php\/2013\/07\/10\/basel-committee-willing-to-rethink-complex-bank-rules-ft-com\/","url_meta":{"origin":1405,"position":1},"title":"Basel committee willing to rethink complex bank rules | FT.com","author":"ColinTwiggs","date":"July 10, 2013","format":false,"excerpt":"Brooke Masters reports: The Basel Committee on Banking Supervision said in a discussion paper released on Monday that it shares the concern of critics who believe the main measure of bank safety \u2013 the core tier one capital ratio \u2013 is too complicated and makes it difficult to compare banks.\u2026","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":10328,"url":"https:\/\/thepatientinvestor.com\/index.php\/2014\/07\/16\/banks-try-scare-tactics-to-avoid-calls-for-more-capital\/","url_meta":{"origin":1405,"position":2},"title":"Banks try scare tactics to avoid calls for more capital","author":"ColinTwiggs","date":"July 16, 2014","format":false,"excerpt":"ANZ chief executive Mike Smith is the latest banker to warn that the push to increase bank capital ratios will reduce access to bank finance. The AFR reports Smith as saying: It is not just about banks, it is about the real economy \u2013 about corporations, business and individuals... It\u2026","rel":"","context":"In &quot;Australia &amp; NZ&quot;","block_context":{"text":"Australia &amp; NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":4199,"url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/04\/24\/basel-takes-aim-at-mega-bank-macrobusiness\/","url_meta":{"origin":1405,"position":3},"title":"Basel takes aim at Mega Bank &#8211; MacroBusiness","author":"Colin Twiggs","date":"April 24, 2012","format":false,"excerpt":"Deep T: On the one side we have an Australian housing market which is close to the most unaffordable in the world with mortgage debt at 100% of GDP also close to the highest of any country, yet Mega Bank [the Big Four banks] calculates its minimum capital requirements at\u2026","rel":"","context":"In &quot;Australia &amp; NZ&quot;","block_context":{"text":"Australia &amp; NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":8096,"url":"https:\/\/thepatientinvestor.com\/index.php\/2013\/07\/11\/us-banks-face-tougher-capital-requirements\/","url_meta":{"origin":1405,"position":4},"title":"US banks face tougher capital requirements","author":"ColinTwiggs","date":"July 11, 2013","format":false,"excerpt":"Yalman Onaran and Jesse Hamilton at Bloomberg report on a new joint proposal by the Federal Deposit Insurance Corp., Federal Reserve and Office of the Comptroller of the Currency: The biggest U.S. banks, after years of building equity, may continue hoarding profits instead of boosting dividends as they face stricter\u2026","rel":"","context":"In &quot;Australia &amp; NZ&quot;","block_context":{"text":"Australia &amp; NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":10676,"url":"https:\/\/thepatientinvestor.com\/index.php\/2014\/08\/22\/bank-chiefs-in-last-ditch-plea-to-david-murray-on-tougher-rules-the-australian\/","url_meta":{"origin":1405,"position":5},"title":"Bank chiefs in last-ditch plea to David Murray on tougher rules | The Australian","author":"ColinTwiggs","date":"August 22, 2014","format":false,"excerpt":"From Richard Gluyas at The Australian: THE four major-bank chief executives have each made an eleventh-hour appeal to members of the Murray financial system inquiry ahead of Tuesday\u2019s closing date for final submissions, as concerns mount that the sector could be forced to hold even higher \u00adlevels of bank capital\u2026","rel":"","context":"In &quot;Australia &amp; NZ&quot;","block_context":{"text":"Australia &amp; NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/1405","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/comments?post=1405"}],"version-history":[{"count":0,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/1405\/revisions"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=1405"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=1405"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=1405"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}