{"id":90893,"date":"2017-04-24T12:00:22","date_gmt":"2017-04-24T11:00:22","guid":{"rendered":"https:\/\/www.transcend.org\/tms\/?p=90893"},"modified":"2017-04-29T08:49:34","modified_gmt":"2017-04-29T07:49:34","slug":"celebrating-the-fifth-of-may","status":"publish","type":"post","link":"https:\/\/www.transcend.org\/tms\/2017\/04\/celebrating-the-fifth-of-may\/","title":{"rendered":"Celebrating the Fifth of May"},"content":{"rendered":"

\"\"<\/a><\/em><\/p>\n

24 Apr 2017 – <\/em>If you have successfully freed your twenty-first century mind from enslavement to the jurisprudence of the eighteenth century, you will have no trouble accepting the cancellation of debts.\u00a0 If you are a realist about the evolution of the human species on the planet earth, you will see<\/em> necessary or desirable debt cancellation as<\/em> just another adjustment of culture to its physical functions.\u00a0 <\/strong>It will be obvious to you that the ancient Hebrews were not violating eternal and universal principles when they declared the cancellation of debts every seventh year.[i]<\/a>\u00a0 On the contrary they were asserting eternal and universal principles more fundamental than those of the civil law.\u00a0\u00a0 Nor was the legendary Athenian legislator Solon unethical when he relieved the poor from debt bondage.[ii]<\/a><\/p>\n

You will happily join the Mexicans in celebrating their cinco de mayo<\/em>.\u00a0\u00a0 It is a holiday that honours the announcement made in 1861 by El<\/em> Presidente<\/em> Benito Juarez that Mexico had no money and would exercise its right as a sovereign nation to suspend payment on its debts.\u00a0 When Mexico announced default, its creditors summoned to their aid armed forces of the United States, Great Britain, and France who landed in Veracruz in January of 1862.\u00a0 The French marched inland.\u00a0\u00a0 On May 5, 1862, they were defeated by the Mexican army at Puebla.\u00a0\u00a0 President Juarez declared May 5 \u201cel cinco de mayo\u201d<\/em> Mexico\u00b4s national holiday and it has been celebrated ever since.\u00a0\u00a0 (A year later the French marched on Mexico City with a larger force and installed Maximilian, an Austrian nobleman, as Emperor of Mexico.)<\/p>\n

\"\"<\/a>

El Presidente Benito Juarez de Mexico<\/p><\/div>\n

A realist viewpoint does not imply adopting a generally hostile attitude toward creditors \u2013certainly not when the creditor happens to be a pension fund on which old ladies rely for their monthly sustenance.\u00a0\u00a0 It does not imply hostility to anybody.\u00a0\u00a0 It does imply including debt cancellation among the options when looking for justice.\u00a0 \u201cJustice\u201d is a wonderful word.\u00a0\u00a0 Aristotle declared justice to be more beautiful than the evening or the morning star.\u00a0 More recently Carlos Amigo, the Archbishop of Seville, declared that peace is a table with four legs, and its four legs are justice, justice, justice, and justice.\u00a0\u00a0 It is only by mistake that justice has been confused with inflexible enforcement of debts, indifferent alike to human suffering and to practical realities.<\/p>\n

A truly \u201cpragmatic\u201d solution in the best<\/em> sense of the word is a solution that works.\u00a0 It works for everybody.\u00a0 Those who still remember what Plato meant by \u201cjustice\u201d two and a half millennia ago, will not be surprised when reasonable compromises when debts become unpayable are identified with justice.\u00a0\u00a0 They do what is best for the good of the whole.\u00a0\u00a0\u00a0 Unbounded organization can be thought of as pragmatic in this sense, being not only a creative approach, but also an approach that builds social cohesion.\u00a0\u00a0 By definition, it is what works in the short, medium, and long term.\u00a0 It is what works for Mother Earth.<\/p>\n

A \u201cpragmatic\u201d solution to a debt crisis in the worst<\/em> sense of the word is one that surrenders to power.\u00a0\u00a0 Debts are paid not because human flourishing is enhanced by paying them, and not from respect for norms that have proven on the whole to be life-enhancing.\u00a0 Debts are paid because the creditors are more powerful than the debtors.\u00a0 Africa and Latin America in the 1980s were compelled <\/em>to accept structural adjustment of their economies in order to pay their external debts, sacrificing human welfare as measured by any reasonable measure of human welfare.[iii]<\/a>\u00a0 In today\u2019s ongoing drama about the unpayable debts of Greece, Greece is sometimes urged to pay its creditors not on any humanitarian ground, but on the \u201cpragmatic\u201d ground that if it does not pay it will be punished.\u00a0 Mexico was punished by military force in 1862 and 1863.\u00a0 In India in 1991[iv]<\/a>\u00a0 the world\u2019s largest democracy was brought to its knees simply by creditors threatening to refuse short term credit needed to finance essential imports.<\/p>\n

Seeking to be pragmatic in the best sense of the term while resisting being compelled to be pragmatic in the worst sense of the term, we must strive to be aware that what is at stake.\u00a0 When mountains of debt rise so high that they are unpayable[v]<\/a> it is not just the economic stability of debtors that is at stake.\u00a0\u00a0 What is at stake is also the economic stability of creditors.\u00a0\u00a0 In the Greek case, the Eurozone and with it Germany might collapse.<\/p>\n

Greece is far from being the only country in Europe, or the only country in the world, with a debt burden so heavy that it cannot be paid.\u00a0\u00a0 In Greece Japan sees its future.\u00a0 In Greece, the United States sees its future.\u00a0\u00a0 The economic collapse that can result from a badly handled debt crisis could happen not only to Greece, but to any country, and it could happen to the world economy as a whole.<\/p>\n

Just what is meant by \u201ccollapse?\u201d\u00a0 As a first approximation, here the word \u201ccollapse\u201d refers to the evaporation of what the great economists John Maynard Keynes and Michael Kalecki called \u201cconfidence.\u201d\u00a0\u00a0 Actors in a system motivated by expectations of payment cease to have confidence that they will be paid.\u00a0\u00a0 They normally advance funds expecting to make a profit.\u00a0\u00a0 When people who advance funds lose confidence, they cease to advance funds.\u00a0\u00a0\u00a0\u00a0 Most people get money to pay their bills from employment.\u00a0 Most employment is generated by firms in business for profit.\u00a0 Unless someone advances funds so firms can spend money in order to make more money, the system does not work.\u00a0 The system collapses when people who advance funds (investors or lenders) are afraid to advance funds from fear that they will not be paid.\u00a0\u00a0\u00a0 \u201cCollapse\u201d also refers to the consequences of dispelling illusions of solvency, also known as houses of cards.\u00a0 It is called a \u201ccollapse\u201d when it becomes clear that creditors are demanding to be paid and that liabilities far exceed assets.<\/p>\n

There are reasonable and unreasonable ways to make the best of a bad situation when the rightful claims of the creditors exceed by far the value of the assets available to pay them.\u00a0 Some of the most reasonable ways are found in the Bankruptcy Code of the United States.\u00a0 They were even more reasonable than they are now before their 2005 amendments, but even now they are in many ways exemplary.\u00a0\u00a0\u00a0\u00a0\u00a0 Every year more than a million Americans write off most of their debts and get a fresh start, comparable to the fresh starts of ancient Hebrew debtors in the years of Jubilee.\u00a0 Every year heavily indebted businesses stay in business and preserve going concern value by writing down their debts under judicial supervision.[vi]<\/a>\u00a0\u00a0 Nobody knows this better than Donald Trump.\u00a0\u00a0 As a businessman, he made it a practice to buy heavily indebted companies, and then to reorganize them under the bankruptcy laws.\u00a0 The companies became more viable by shedding debt.\u00a0 Some creditors went unpaid, but that does not necessarily mean they were cheated.\u00a0 The reason why they extended credit in the first place was to collect interest, and interest is a reward for taking risks.\u00a0 Right?<\/p>\n

Unfortunately, in this respect the United States has been very little followed by the rest of the world.\u00a0 No comparable system exists in many countries, and there is none at an international level.<\/p>\n

\"\"<\/a>

Bas-relief of Solon from the chamber of the U.S. House of Representatives.<\/p><\/div>\n

Greece and the ongoing conflict of Greece with Germany present the world with a sordid spectacle showing how not to be humane and how not to be reasonable when debts cannot be paid.\u00a0 Similar dramas on a larger scale are likely to occur in the near future.\u00a0 Ironically, at an international level a classic case of pragmatism in the best sense of the word was the cancellation of most of Germany\u00b4s debt in 1953.\u00a0\u00a0 On the 27th<\/sup> of February of 1953 Germany\u00b4s creditors (including Greece) meeting in London \u201ctook a haircut\u201d by reducing the amount owed by sixty percent.\u00a0 Germany was granted a five-year moratorium without any payments, and a total of thirty years to pay off the reduced amount.\u00a0\u00a0 Debt payments in any given year were to be no more than one twentieth of Germany\u00b4s export earnings.[vii]<\/a><\/p>\n

Unpayable public debts have historically been cancelled by inflation, by repudiation, by taxation of the creditors offsetting the debts owed them, by voluntary forgiveness, and\/or by printing new money, sometimes retiring the old currency altogether and issuing new money.\u00a0\u00a0 The unpayable debt run up by the U.S. government fighting World War II was mostly cancelled by several decades of inflation.[viii]<\/a><\/p>\n

Debt restructuring can be regarded as a particular application of the more general idea of inventing and re-inventing institutions to improve their performance.\u00a0\u00a0 It is the general idea that Karl Popper called the \u201copen society,\u201d John Dewey called the \u201cexperimental society,\u201d that Bronislaw Malinowski called \u201cfunctionalism\u201d and that Pope Francis never ceases to remind us of when he repeats over and over that economies are supposed to serve persons and not the other way about.\u00a0 It is a general idea that is constantly in conflict on two levels.\u00a0\u00a0 On the level of ideology, it is constantly in conflict with the rigidity of partisans of 18th<\/sup> century liberalism who live and die proclaiming that the true meaning of freedom is that property rights must never be modified and that all contracts must be enforced.\u00a0 On a practical level, flexible compromises are constantly in conflict with the necessity to do whatever it takes to please investors, because as the world is now organized life physically depends on their decisions to invest or divest.<\/p>\n

Let us look in a little more detail at the opening scenes of the ongoing drama of Greece, back in the times when the voters of Greece had just elected a government pledged to defend Greece\u2019s economic sovereignty.\u00a0 At that time the new finance minister, Yanis Varoufakis, represented Greece in a series of negotiations in Brussels.\u00a0 The overall objective was to compromise with creditors to reach a workable solution.\u00a0\u00a0 The immediate issue was the terms of a new emergency loan to make it possible for Greece to keep making payments on its old loans.<\/p>\n

Varoufakis truly asserted what everybody knew.\u00a0\u00a0\u00a0 Greece\u2019s debt \u2013like many other debts\u2014was unpayable.\u00a0 That it would never be paid was a fact nobody could change.\u00a0 A high rate of inflation might make it possible to pay its nominal amount, but that would not be the same as really paying it.\u00a0 In this context, it was misleading to speak of taking out a new loan.\u00a0 Normally a new loan on top of old loans is thought of as increasing the total amount owed.\u00a0\u00a0 That was in a sense true here; Greece would indeed owe more after the new loan.\u00a0\u00a0 But it is misleading to treat this case as a normal case.\u00a0\u00a0 When Greece took out more loans it would in all probability[ix]<\/a> not pay the new larger amount, given that it certainly would not pay the smaller but still unpayable amount it already owed.\u00a0\u00a0\u00a0\u00a0 It might go through the motions of signing the papers, but the number defining the new larger total debt will not have the meaning it would have in the case of a solvent debtor who could be expected to repay the sums borrowed.<\/p>\n

Further, when Greece takes out a new loan \u2013which in the end it did\u2014Greece does not get money.\u00a0\u00a0 Most of the money returns to the banks (mostly the same banks) that make the new loan.\u00a0 The purpose of the new loan is to make payments on old loans.\u00a0\u00a0 Money moves from one account to another in Berlin, but little or none of it moves to Athens.<\/p>\n

It does not follow, nevertheless, that its creditors do not want to lend Greece more money.\u00a0\u00a0 On the contrary, they wanted to compel Greece to take out new loans, and not only because that would be the only way for Greece to make the payments due on the old loans.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 There are more reasons why creditors wanted to increase Greece\u2019s total debt, in full knowledge that it would never be paid.\u00a0\u00a0 There are in today\u2019s world, as there were in Jane Austen\u2019s world,[x]<\/a> people who live by clipping the coupons of government bonds.\u00a0 As public debt rises a larger portion of the taxpayers\u2019 money goes to pay interest on public debt.\u00a0\u00a0 By the same token a larger portion of society\u2019s wealth flows into the coffers of the people who receive interest.\u00a0\u00a0 Collecting interest on government bonds is especially prized by investors because it is usually tax free income \u2013which means a lot to people in high tax brackets.\u00a0\u00a0 Even when everybody knows the debt will never be paid, the same rate of interest on a larger principal yields larger incomes to creditors.<\/p>\n

But even this is not all.\u00a0 It must also be considered that when Greece is in the position of a defaulting debtor while the banks it owes are in the position of foreclosing creditors, Greece loses its sovereignty.\u00a0\u00a0\u00a0\u00a0 The banks exercise the creditors\u2019 remedies specified in the fine print of the loan documents. The creditors call the shots, not the voters.\u00a0\u00a0 In today\u2019s world, the fine print \u2013and sometimes the large print in italics\u2014requires shrinking the public sector. It means the creditors can foreclose on the airports and the turnpikes.\u00a0\u00a0 In today\u2019s world, technical neoliberal economics speciously \u201cproves\u201d that public spending is not as efficient as private spending.\u00a0 Such pseudo-science can be used to rationalize imposing austerity, privatization, and other neoliberal policies as a condition of the new loans.\u00a0\u00a0 Neoliberalism is bad science, but as things stand today in the world, for a nation in default neoliberalism is the law.<\/p>\n

\"\"<\/a>

Yanis Varoufakis<\/p><\/div>\n

Yanis Varoufakis\u2019 proposals in Brussels were more than reasonable: (1) Restructure an unpayable debt to make it payable, (2) Expand the Greek economy to maximize its ability to pay.\u00a0\u00a0 But in the end, as the world now knows, the creditors preferred a shrinking Greece firmly under their control to an expanding Greece under Greek control.\u00a0\u00a0 As the world now knows, the solution they imposed was no solution.\u00a0 From then until now, the Greek people have suffered from what is euphemistically called austerity, while finding a workable solution has only been postponed.\u00a0 Morals can be drawn for other countries in similar situations, including those countries that are not in similar situations yet but soon will be.<\/p>\n

A basic moral is that the ancient wisdom of Deuteronomy and Solon, and the ancient wisdom of non-western cultures studied by anthropologists like Malinowski, is not to be despised.\u00a0 Pope Francis is not an economist, but he is a steward of two thousand years of lessons learned from experience.\u00a0 The Roman Catholic church, like many another church, may be old, but she is not stupid.\u00a0\u00a0 More recently, in the 19th<\/sup> century, Benito Juarez was not mistaken to declare a national holiday to be celebrated forever after to commemorate the day when Mexico (temporarily) succeeded in defending its sovereign right to suspend payments on its unpayable debt.<\/p>\n

Yanis Varoufakis, an economics professor who became a cabinet minister, once wrote, \u201cIn economics error is not what one can expect until one gets it right.\u00a0 It is all <\/em>one can expect.\u201d[xi]<\/a>\u00a0\u00a0 Such remarks lead me to think he might sympathize with proposals like mine and my co-authors. We believe that at this point in history it is time for humanity to step outside standard economics altogether.\u00a0\u00a0 Standard economic thinking leads to standard economic results, and those results do not favour the ordinary hard-working people Varoufakis sometimes calls \u201cthe ants.\u201d [xii]<\/a> To rescue Greece, or Europe, or the world from a morass of dysfunctional economies, it is necessary to move beyond a bogus science that presupposes that nothing, or not much, moves without capital accumulation.<\/p>\n

Coming from a different direction, this time considering the problems posed by unpayable debts, I end with the same conclusions I have reached in other commentaries on current events. \u00a0The human species should not be physically dependent on a system that collapses in the absence of favourable conditions for capital accumulation. \u00a0A\u00a0 \u00a0plural and caring economy would be more governable; it would be more resilient; more self-sufficient; more inclusive; and more democratic.\u00a0\u00a0 It would be more mission-driven and less profit-driven.\u00a0 People would be motivated more by vocation and less by money.\u00a0\u00a0 Goods and services would be produced more because they are good and more because they serve, and less because they are an unwanted detour on the road that leads from money to more money.\u00a0 Stronger communities and stronger households would make it easier to meet human needs in harmony with nature; and harder for cold-blooded creditors to impose austerity.\u00a0\u00a0\u00a0 More intelligent and more open-minded heterodox forms of economic science would make the production of the necessities and comforts of life more compatible with ethics.<\/p>\n

NOTES:<\/strong><\/p>\n

[i]<\/a> Deuteronomy 15<\/a>.\u00a0 See also Matthew 6:12<\/a>, Leviticus 25<\/a>.\u00a0 It is sometimes said that debt cancellation was every 49 years in the year of Jubilee announced in Leviticus.\u00a0 Deuteronomy says every seven years.<\/p>\n

[ii]<\/a> Both Aristotle and Plutarch say that Solon cancelled all debts.\u00a0 Other sources suggest that although he relieved the poor from debt-bondage his measures were less sweeping.\u00a0 See A. French, The Economic Background to Solon\u00b4s Reforms,<\/a> The Classical Quarterly.\u00a0 <\/em>Volume 6 (1956) pp. 11-25. (http:\/\/philpapers.org\/rec\/FRETEB<\/a> – accessed March 2015).<\/p>\n

[iii]<\/a> See for example John Loxley, Structural Adjustment in Africa<\/a>, Review of African Political Economy<\/em>. Volume 47 (1990) pp. 8-27. (http:\/\/www.tandfonline.com\/doi\/pdf\/10.1080\/03056249008703845#. VPYSFo1yaP9<\/a>\u00a0 – accessed March 2015).<\/p>\n

[iv]<\/a> The famous reforms of 1991 were forced on India because it was in default on international obligations.\u00a0\u00a0 See the discussion of them in Howard Richards and Joanna Swanger, Gandhi and the Future of Economics<\/em><\/a>.\u00a0 <\/em>Lake Oswego OR:\u00a0 Dignity Press, 2013.\u00a0 p. 251 et. seq. and in the several works of Sen and Dreze on contemporary India. (http:\/\/schelri.vitebooks.eu\/?id=gandhi_and_the_future_of_economics_howard _richards _joanna_swanger_ivo_coelho_editor_\/<\/a>\u00a0 – accessed March 2015).<\/p>\n

[v]<\/a> Some examples of debt that may be unpayable:\u00a0 At the end of 2011 total debt (public and private) in the Eurozone was 23.78 trillion euros, while the total amount of money (euros, M3) was 9.6 trillion.\u00a0 Total promises to pay were about two and a half times the total of money then existing.\u00a0\u00a0 Total private debt in the USA was nearly 25 trillion dollars and total public debt 12 trillion dollars with a money supply around ten and a half trillion, making total debt three and a half times total money. In South Africa, total debt was about one and a half times total money.\u00a0 In Sweden, it was more than four times.\u00a0 The world\u00b4s fifty biggest banks had 67.6 trillion in assets (measured in dollars) but only 772 billion in reserves.\u00a0\u00a0 In other words, the assets of the big banks consist almost entirely in promises.\u00a0 Thorpe cites the websites from which he compiled this information for his blog notably www.accuity.com. (Thorpe, S. 2010, TGlobal Debt and Money Supply : Twice as much debt as there is Money<\/a>). (http:\/\/simonthorpesideas.blogspot.co.uk\/2013\/04\/total-global-debt-and-money-supply.html<\/a> – accessed March 2015).<\/p>\n

[vi]<\/a> The author of these lines speaks from personal experience, having been a practicing lawyer specializing in bankruptcy and reorganization in California from 1989 to 2004.<\/p>\n

[vii]<\/a> Le Monde Diplomatique.\u00a0 <\/em>Chilean edition for June 2013.\u00a0 Front page.<\/p>\n

[viii]<\/a> These matters are discussed in the fourth part of Thomas Pikkety, Capital in the Twenty-first Century. (<\/em>op. cit.)<\/p>\n

[ix]<\/a>\u00a0 It would not be logically impossible for the new loan to be used to create so much new productivity that in the end the whole debt would be paid off, but while not logically impossible it is not likely.<\/p>\n

[x]<\/a> Thomas Piketty cites cases from Austen\u2019s novels to give examples of rentier <\/em>life in the late 18th<\/sup> and early 19th<\/sup> century.\u00a0 Capital in the Twenty-First Century.\u00a0 <\/em>Cambridge MA: Harvard University Press, 2014. (op cit).<\/p>\n

[xi]<\/a>Yanis Varoufakis in his introduction to Yanis Varoufakis, Joseph Halevi, and Nicholas J. Theocarakis, Modern Political Economics: Making Sense of the post-2008 World<\/em><\/a>.\u00a0 <\/em>London: Routledge, 2012.\u00a0 Each of the three authors wrote a separate introduction. ( http:\/\/yanisvaroufakis.eu\/books\/modern-political-economics\/<\/a> \u00a0– accessed March 2015).<\/p>\n

[xii]<\/a> See his blog Yanis Varoufakis<\/a>\u00a0 (<\/strong>www.yanisvaroufakis.eu<\/strong><\/a>).<\/strong><\/p>\n

___________________________________________<\/p>\n

\"\"<\/a>Prof. Howard Richards is a member of the TRANSCEND Network for Peace, Development and Environment<\/a>. He was born in Pasadena, California but since 1966 has lived in Chile when not teaching in other places. Professor of Peace and Global Studies Emeritus, Earlham College, a school in Richmond Indiana affiliated with the Society of Friends (Quakers) known for its peace and social justice commitments. Stanford Law School, MA and PhD in Philosophy from UC Santa Barbara, Advanced Certificate in Education-Oxford,\u00a0 PhD in Educational Planning from University of Toronto. Books:\u00a0 <\/em>Dilemmas of Social Democracies with Joanna Swanger,\u00a0<\/em>Gandhi and the Future of Economics with Joanna Swanger, <\/em>The Nurturing of Time Future, Understanding the Global Economy (available as e-books),\u00a0<\/em>The Evaluation of Cultural Action (not an e book).\u00a0 <\/em>Hacia otras Economias with Raul Gonzalez, free download available at www.repensar.cl<\/a>.\u00a0<\/em>Solidaridad, Participacion, Transparencia: conversaciones sobre el socialismo en Rosario, Argentina. <\/em>Available free on the blogspot lahoradelaetica.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

If you have successfully freed your twenty-first century mind from enslavement to the jurisprudence of the eighteenth century, you will have no trouble accepting the cancellation of debts. If you are a realist about the evolution of the human species on the planet earth, you will see necessary or desirable debt cancellation as just another adjustment of culture to its physical functions.<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[40],"tags":[],"class_list":["post-90893","post","type-post","status-publish","format-standard","hentry","category-transcend-members"],"_links":{"self":[{"href":"https:\/\/www.transcend.org\/tms\/wp-json\/wp\/v2\/posts\/90893","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.transcend.org\/tms\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.transcend.org\/tms\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.transcend.org\/tms\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/www.transcend.org\/tms\/wp-json\/wp\/v2\/comments?post=90893"}],"version-history":[{"count":0,"href":"https:\/\/www.transcend.org\/tms\/wp-json\/wp\/v2\/posts\/90893\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.transcend.org\/tms\/wp-json\/wp\/v2\/media?parent=90893"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.transcend.org\/tms\/wp-json\/wp\/v2\/categories?post=90893"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.transcend.org\/tms\/wp-json\/wp\/v2\/tags?post=90893"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}