Ghost

Ghost (pronounced gohst)

(1) The soul of a dead person, a disembodied spirit imagined, usually as a vague, shadowy or evanescent form, as wandering among or haunting living persons.

(2) A mere shadow or semblance; a trace; a remote possibility; a faint trace or possibility of something.

(3) A spiritual being; the principle of life; soul; spirit (sometimes initial capital letter).

(4) A secondary image, especially one appearing on a television screen as a white shadow, caused by poor or double reception or by a defect in the receiver (also called ghosting).

(5) In photography, a faint secondary or out-of-focus image in a photographic print or negative resulting from reflections within the camera lens (also called ghost image).

(6) In optics, a series of false spectral lines produced by a diffraction grating with unevenly spaced lines.

(7) In metalworking, a streak appearing on a freshly machined piece of steel containing impurities.

(8) In pathology, a red blood cell having no hemoglobin.

(9) In tax-avoidance and other frauds, a fictitious employee, business etc, fabricated especially for the purpose of manipulating funds.

(10) In literature (and especially quasi-literature), as ghost-write, to write a book, speech etc for another often without attribution.

(11) In engraving, to lighten the background of a photograph before engraving.

(12) In informal use (often associated with social media), suddenly to end all contact with a person without explanation, especially a romantic relationship; to leave a social event or gathering suddenly without saying goodbye.

(13) In digital technology, to remove comments, threads, or other digital content from a website or online forum without informing the poster, keeping them hidden from the public but still visible to the poster.

(14) In bibliography, as ghost edition, an entry recorded in a bibliography of which no actual proof exists.

Pre 900: From the Middle English gost, gast & goost (breath; good or bad spirit, angel, demon; person, man, human being", in Biblical use "soul, spirit, life”), from the Old English gāst (breath, soul, spirit, ghost, being), related to the Old High German gaist & geist (spirit) and the Sanskrit hēda (fury, anger).  The Proto-West Germanic gaist was derived from the Proto-Germanic gaistaz (ghost, spirit, (source also of the Old Saxon gest, the Old Frisian jest, the Middle Dutch gheest, the Dutch geest & the German Geist (spirit, ghost))), from the primitive Indo-European ǵhéysd-os, from ǵhéysd- (anger, agitation) and was cognate with the Scots ghaist (ghost), the Saterland Frisian Gäist (spirit), the West Frisian geast (spirit), the Dutch geest (spirit, mind, ghost), the German Geist (spirit, mind, intellect), the Swedish gast (ghost), the Sanskrit हेड (héḍa), (anger, hatred) and the Persian زشت‎ (zešt) (ugly, hateful, disgusting).  There’s no documentary evidence but the ultimate root is conjectured to be the primitive Indo-European gheis-, used in forming words involving the notions of excitement, amazement, or fear (source also of Sanskrit hedah (wrath), the Avestan zaesha- (horrible, frightful), the Gothic usgaisjan and the Old English gæstan (to frighten).  Ghost is a noun & verb (and used imaginatively as an adjective), ghoster is a noun, ghostly & ghosty are adjectives, ghosting is a noun & verb and ghosted is a verb & adjective; the noun plural is ghosts.

Ghost is the English representative of West Germanic words for "supernatural being" and in Christian writings in Old English it was used to render the Latin spiritus, a sense preserved by the early translators of the Bible in “Holy Ghost”.  The sense of a "disembodied spirit of a dead person", especially imagined as wandering among the living or haunting them, is attested from the late fourteenth century, a meaning-shift which returned the word to what was its probable prehistoric sense.  Most Indo-European words for "soul or spirit" also double with reference to supernatural spirits.  Many have also a base sense of "appearance" (the Greek phantasma; the French spectre; the Polish widmo, from Old Church Slavonic videti (to see), the Old English scin, the Old High German giskin (originally "appearance, apparition”), related to the Old English scinan & the Old High German skinan (to shine)).  Other concepts exist, including the French revenant (literally "returning" (from the other world)), the Old Norse aptr-ganga, (literally "back-comer") & the Breton bugelnoz (literally "night-child”).  The Latin manes (spirits of the dead) was probably a euphemism.

The gh- spelling appeared early in the fifteenth century in Caxton, influenced by Flemish and Middle Dutch gheest, but was rare in English before mid-1500s.  The sense of a "slight suggestion, mere shadow or semblance" (as in ghost image, ghost of a chance etc) is noted from the 1610s; the sense of "one who secretly does work for another" is from 1884 and ghost-write was a 1922 back-formation from the earlier (1919) ghost-writing.  The American Indian ghost dance was first noted in 1890, ghost town is from 1908, ghost story dates from 1811, the now extinct ghost-word (apparent word or false form in a manuscript due to a blunder) is from 1886.  The “ghost in the machine” was English philosopher Gilbert Ryle's (1900-1976) 1949 description of René Descartes' (1596-1650) mind-body dualism and the phrase "to give up the ghost" (to die or prepare to die) was well-known in Old English.  Synonyms include phantom, devil, demon, soul, shadow, spectre, vision, vampire, apparition, revenant, appearance, haunt, visitor, shade, spook, poltergeist, phantasm, wraith, daemon & manes.  There are a surprising number of uses of ghost, ghosted, ghosting etc said to be associated modern or internet slang covering fields as diverse as linguistic techniques and the art & science of smoking weed.  However, the most commonly used describes someone with whom one has been in contact suddenly stops responding, disappearing, as it were, like a ghost.  This can happen in conjunction with unfriending etc but can be an act in isolation.

One day, there may be Lindsay Lohan: The autobiography.

Ghostwriters (also as ghost-writer) are professional writers hired to create content (books, columns, posts or any other text-focused item), the authorship of which will ultimately will be credited to another.  Ghostwriters are used for a number of reasons including constraints of time, a lack of interest in the project (though not the profits) or, typically, a lack of the necessary skill with the written word.  Ghostwriting contracts can vary but focus on including terms of payment, non-disclosure of involvement, the notional author’s exercise of veto over all or some of the content and the rights to the finished work.  Donald Trump (b 1946; US president 2017-2021) is known to have used ghostwriters on several occasions and the arrangements are not always concealed, Paris Hilton (b 1981) in her 2023 memoir's acknowledgments thanking the ghostwriter who “helped me find my voice”.  Mr Trump made no mention of his ghostwriters.    

Holy Ghost vs Holy Spirit in Blblical Translation

Pentecostés (Descent of the Holy Spirit) (circa 1545), oil on canvas by Tiziano Vecelli (or Vecellio), (circa 1489-1576; known in English as Titian), basalica of Santa Maria della Salute, Venice.

The Trinity is one of Christianity’s central doctrines, the unity of Father, Son, and Holy Spirit as three persons in the one Godhead.  One of the most important Christian affirmations about God, it’s rooted in the idea God came to meet Christians in a threefold figure: (1) as Creator, Lord of the history of salvation, Father, and Judge, as revealed in the Old Testament; (2) as the Lord who, in the incarnated figure of Jesus Christ, lived among human beings and was present in their midst as the “Resurrected One”; and (3) as the Holy Spirit, whom they experienced as the helper or intercessor in the power of the new life.  In the Roman Catholic Church, the Sign of the Cross is made in the name of the Father and of the Son and of the Holy Spirit.

It’s a myth that prior to the Second Vatican Council (Vatican II; 1962-1965), the Third Person of the Trinity was always referred to in English as the Holy Ghost and one of the council’s decisions was to replace this with Holy Spirit.  Although it’s true Pope Pius XII (1876–1958, pope 1939-1958) authorized several bilingual rites which included Holy Spirit, this was merely procedural and a formalization of processes for the publishing of new editions of existing works. Well before the twentieth century, the shift to Holy Spirit had become almost universal in translation although use of the older form persisted because of the reverence for tradition among some congregations (if not always the clergy) and a fondness, particularly in the Anglican community, for earlier translations, especially the Book of Common Prayer (1549-1622) and the King James version of the Bible (KJV: 1611).

The change reflects the evolution of words. In the theological context, Holy Ghost and Holy Spirit mean exactly the same thing.  The early translators were influenced by ghost being of Germanic origin and, as the Old English gast inherited the original meaning “soul, life, breath, good or bad spirit, angel or demon”, they used gast to translate the Latin Spiritus, thus Holy Ghost.  Although the more modern sense of a disembodied dead person dates from the late fourteenth century, it long remained rare and when translating the Bible into English the scholars behind the KJV opted mostly to use Holy Ghost which enjoys ninety entries compared with seven for Holy Spirit.  Either as literature or theology, there’s nothing in the texts to suggest any difference of meaning between the two, the conclusion of biblical scholars being the choices were wholly arbitrary and probably an unintentional consequence of the KJV being translated from the Greek into English by different committees.  One committee translated hagion pneuma as Holy Spirit while the other preferred Holy Ghost and when the work of the two bodies was combined, the differences remained.  In English, the meaning shift of ghost was induced essentially by its adoption in literature and popular culture, the sense long universally understood to be that of the spectre of a deceased person or a demonic apparition, hardly an association the church found helpful.  It hasn’t wholly been replaced however, some editions of the Book of Common Prayer still are printed with the phrase “He may receive the benefits of absolution, together with ghostly counsel and advice, to the quieting of his conscience.”

Unrelated to etymological matters however, there is one fine theological point about the Trinity.  It took some time for the Patristic Fathers (the early Christian writers of the period generally considered to run from the end of New Testament times or end of the Apostolic Age (circa 100 AD) to either the Council of Chalcedon (451 AD) or the Second Council of Nicaea (787 AD)) to work out the Trinity was three persons, but one God.  The Old Testament foretold the visit to earthly life of the Messiah, but did not name him explicitly as Jesus, seeing the Holy Spirit as a manifestation of God, but did not see Him as a separate person of the one Godhead.  Despite the implications of that, at least since Augustine (354–430), it’s never been an orthodox view the Old Testament should be thought incomplete.  Benedict XVI (1927–2022; pope 2005-2013, pope emeritus 2013-2022), always one to find a fine theological point, noted “Christians do not read the Old Testament for its own sake but always with Christ and through Christ, as a voyage to Truth through continuing Revelation.”

A century apart: Rolls-Royce Silver Ghost (left) and Paris Hilton's Rolls-Royce Ghost (Right).

The Rolls-Royce Silver Ghost (1906-1926) was the car which cemented the company's reputation and sometime during its production, it may well have deserved to be regarded "the best car in the world", at term which long ago ceased to be useful but Rolls-Royce have probably always deserved to be thought "the best-made cars in the world".  Some might have matched the quality of the fit and finish but it's doubtful any have ever done it better and such was the reputation the Silver Ghost quickly gained that the name overtook the line.  Originally, the Silver Ghost had been but one model in a range available on their standard (40/50 hp) chassis but the name so captured the public imagination that eventually, the factory relented and when the first of the Phantom line was release in 1926, Silver Ghost for all the 40/50 cars it became.  Perhaps surprisingly, although in the subsequent century there were many uses of the "silver" adjective (Silver Wraith, Silver Dawn, Silver Cloud, Silver Shadow, Silver Spirit, Silver Spur & Silver Seraph), it wasn't until 2009 the "Ghost" name was revived and it remains in production still, the line augmented in 2011 by the Ghost Extended Wheelbase (EWB).

RAF Rolls-Royce Silver Ghost armored car, Iraq, circa 1936.

The Silver Ghost also had what may seem an improbable career as a military vehicle, the factory eventually building 120 armored cars on the chassis which was famously robust because of the need to survive on the often rough roads throughout the British Empire.  Although the period of intended service on the Western Front was shortened when the war of movement anticipated upon the outbreak of hostilities soon gave way to the effectively static trench warfare, the machines proved ideally suited to operations in the Middle East, the most famous the squadron used by TE Lawrence (Lawrence of Arabia; 1888–1935) in battles against the Ottoman forces during World War I (1914-1918).  Lawrence remarked the Rolls-Royces were “more valuable than rubies” in desert combat and that he’d be content with one for the rest of his life were it to be supplied with tyres and petrol, the big, heavy Ghosts chewing rapidly through both.  In many parts of the empire, numbers of the armoured cars remained in service well into the 1930s, valued especially by the Raj in India.  The last one was retired from service with the Irish Free State in 1944, new tyres being unobtainable.

Spook

Spook (pronounced spook)

(1) In informal use, a ghost; a specter; an apparition; hobgoblin.

(2) A person whose appearance or conduct is thought “ghost-like”.

(3) In philosophy, a metaphysical manifestation; an artificial distinction or construct.

(4) In slang, a ghostwriter (one who writes text (typically columns, autobiography, memoir) published under the name of another,

(5) In slang, an eccentric person (now rare).

(6) In disparaging and offensive slang, term of contempt used of people of color (historically African-Americans).

(7) In slang, a spy; one engaged in espionage.

(8) In slang, a psychiatrist (originally US but now more widespread under the influence of pop culture.

(9) In the slang of blackjack, a player who engages in “hole carding” by attempting to glimpse the dealer's hole card when the dealer checks under an ace or a 10 to see if a blackjack is present.

(10) In southern African slang any pale or colorless alcoholic spirit (often as “spook & diesel”).

(11) To haunt; inhabit or appear in or to as a ghost or spectre.

(12) To frighten; to scare (often as “spooked”).

(13) To become frightened or scared (often as “spooked”); applied sometimes to animals, especially thoroughbred horses.

1801: A coining of US English, from the Dutch spook (ghost), from the Middle Dutch spooc & spoocke (spook, ghost), from an uncertain Germanic source (the earliest known link being the Middle Low German spōk (ghost), others including the Middle Low German spôk & spûk (apparition, ghost), the Middle High German gespük (a haunting), the German Spuk (ghost, apparition, hobgoblin), the Danish spøg (joke) & spøge (to haunt), the Norwegian spjok (ghost, specter) and the Swedish spok (scarecrow) & spöke (ghost).  The noun spook in the sense of “spectre, apparition, ghost” seems first to have appeared in a comical dialect poem, credited to “an old Dutch man in Albany” and printed in Vermont and Boston newspapers which credited it to Springer's Weekly Oracle in New London, Connecticut.  The regional diversity in language was then greater and evolutions sometimes simultaneous and the word also appeared in US English around 1830 as spuke & shpook, at first in the German-settled regions of Pennsylvania, via Pennsylvania Dutch Gschpuck & Schpuck, from the German Spuk.  Spook & spooking are nouns & verbs, spooker & spookery are nouns, spooktacular is a noun & adjective, spooktacularly is an adverb, spooked is a verb & adjective, spookery is a noun, spooky, spookiest & spookish are adjectives; the noun plural is spooks.

Spooked: Lindsay Lohan in I Know Who Killed Me (2007).

A “spook show” (frightening display) was a term in use by 1880 and in the sense of a “popular exhibition of legerdemain, mentalism or staged necromancy” it was documented by 1910.  The spook house (abandoned house) was in use in the 1850s, the expression meaning “haunted house” emerging in the 1860s.  The meaning “superstition” had emerged by 1918, presumably an extension from the earlier sense of “a superstitious person”, documented around the turn of the century although it probably existed longer in oral use.  In the 1890s, “spookist” (described variously as “jocular” and “a less refined word” was used to refer to spiritualists and medium (and in those years there were a lot of them, their numbers spiking after World War I (1914-1918) when many wished to contact the dead.  Spooktacular (a pun on “spectacular” developed some time during World War II (1939- 1945).  The meaning “undercover agent” or “spy” dates from 1942 (inducing “spookhouse” (haunted house) to pick up the additional meaning “headquarters of an intelligence operation”, a place presided over by a “spookmaster” (“spymaster” the preferred modern term).  In the same era, in student slang a spook could be an unattractive girl or a quiet, diligent, introverted student (something like the modern “nerd” but without any sense of a focus of technology).

Senator Rebecca Ann Felton (1835–1930, left) and Senator Mitch McConnell (b 1942; US senator (Republican-Kentucky) since 1985; Senate Minority Leader since 2021).  The spooky resemblance between Senator Fulton (who in 1922 served for one day as a senator (Democratic-Georgia), appointed as a political manoeuvre) and Senator Mitch McConnell has led some to suggest he might be her reincarnated.  Some not so acquainted with history assumed the photograph of Senator Felton was Mitch McConnell in drag.

The sense of spook as “a black person” is listed by dictionaries of US slang as being documented by 1938 (the date of origin uncertain) and it seems to have begun in African-American (hep-cat) slang and it was not typically used with any sense of disparagement, nor was it thought in any way offensive word.   However, by 1945 it had picked up the derogatory racial sense of “black person”, defined specifically as “frightened negro” and it became a common slur in the post-war world, probably because that even by then the “N-word” was becoming less acceptable in polite society.  That was the “linguistic treadmill” in practice but spook had also deviated earlier: In 1939 it is attested as meaning “a white jazz musician” and is listed by some sources as a disparaging term for a white person by 1947.  Spook also developed a curious fork in military aviation although one probably unrelated to the informal pilot’s jargon of the 1930s, a “spook” a “novice pilot” of the type who “haunt the hangers”, hiring air-time and learning to fly for no obvious practical purpose other than the joy of flying.  During the early 1940s, the US Army Air Force (USAAF) began the recruitment of black athletes for training as pilots, conducted at the Tuskegee Institute in Alabama; the group (1940-1948) was known as the Tuskegee Airmen and during World War II (1939-1945) they gained a fine reputation when deployed as combat units.  However, they also suffered prejudice and when first posted to Europe were often called the “Spookwaffe” (a play on Luftwaffe, the name of the German air force) although as happened decades later with the by then infamous N-word, some black pilots “re-claimed” the name and used it as a self-referential term of pride.

Left to right: Spook, the Bacterian ambassador, Benzino Napaloni, Diggaditchie of Bacteria (a parody of Benito Mussolini), Adenoid Hynkel (Adolf Hitler) and Field Marshall Herring (Hermann Göring).  The satirical film The Great Dictator (1940) was very much a personal project, Charlie Chaplin (1889–1977) writing, producing & directing as well as staring as Adenoid Hynkel, Phooey of Tomainia.  The rather cadaverous looking Spook was the Bacterian ambassador.

Seventy years of spooks.

On 9 September 2019, the Royal Australian Mint released a 50 cent coin to commemorate the 70th anniversary of the Australian Security Intelligence Organisation (ASIO), the domestic spy agency (similiar in function to the UK's MI5 (Security Service)).  The issue was limited to 20,000 coins and each featured an encrypted code, similar in structure to those used by spooks during the Cold War.  At the time of the release, the Mint ran a competition inviting attempts to "solve the code", the prize the only proof commemorative coin in existence.  The competition was won by a fourteen year old who is apparently still at liberty, despite having proved him or herself a threat to national security.

Albert Einstein (1879-1955) gave the word a few memorable phrases but one of the most evocative is a calque of the German spukhafte Fernwirkung (rendered by Einstein as spukhafte Fernwirkungen (spooky actions at a distance) in a letter of 3 March 1947 to the physicist Max Born (1882–1970)).  Einstein used “spooky actions at a distance” to refer to one of the most challenging ideas from quantum mechanics: that two particles instantaneously may interact over a distance and that distance could be that between different sides of the universe (or if one can’t relate to the universe having “sides”, separated by trillions of miles.  Known as “quantum entanglement”, it differs radically from some of the other (more abstract) senses in which everything in the universe is happening “at the same time”.

This aspect of quantum mechanics has for a century-odd been one of the most contested but the 2022 Nobel Prize in Physics was awarded to three scientists who designed experiments which tested the theories, their results contradicting Einstein and discovering the seriously weird phenomenon of quantum teleportation.  Quantum entanglement is a process in which two or more quantum particles are in some way connected so any change in one causes a simultaneous change in the other, even if they are separated by vast distances.  Indeed those distances could stretch even to infinity.  Einstein was one of many physicists not convinced and he didn’t like the implications, calling the idea “spooky action at a distance” and preferred to think the particles contained certain hidden variables which had already predetermined their states.  This was neat and avoided the need for any teleportation.  However, what the 2022 Nobel Laureates found that the fabric of the universe should be visualized as a sea of wave-like particles that affect each other instantaneously, distance as conventionally measured being irrelevant.  What that seems to mean is that nothing has to travel between the two particles (the speed of light therefore not a limitation) because the two are in the same place and that place is the universe.  The English physicist Sir Arthur Eddington (1882–1944) was surely correct when he remarked “…not only is the universe queerer than we imagine, it is queerer than we can imagine.”

Eurodollar

Eurodollar (pronounced yoor-oh-dol-er)

A US dollar deposited in or credited to an offshore (originally a European) bank.

1958: A compound word, Euro + dollar.  Euro is a contraction of Europe, from the Ancient Greek Εὐρώπη (Eurṓpē), now used often as Europa; the Eurodollar concept has no relationship to the latter-day (eurozone) currency.  Dollar is attested since circa 1500, from the early Dutch daler or daalder, from German Taler & Thaler, from the Sankt Joachimsthaler (literally “of Joachimstal”) the name for coins minted in German Sankt Joachimsthal (St. Joachim's Valley, now Jáchymov in the Czech Republic); the construct being Joachim + tal (valley) and cognate with the Danish daler.  Initially (in 1957) Eurodollars were known as “Eurbank dollars”, so named after the telex address of one of the first banks involved in the sanction-busting transactions (in the days of tightly regulated capital and forex (foreign exchange) markets, many thing were possible (even with notionally non-convertible currencies) but only a few had access to the mechanisms).  Eurodollar is a noun; the noun plural is Eurodollars (it's not uncommon for it to be used without the initial capital).

Eurodollars

Eurodollars are US dollars on deposit at banks outside the United States.  They’re thus a part of the US money supply not under the jurisdiction of the Federal Reserve (the Fed, the US central bank) and, because of the special role of the US dollar as the world’s reserve currency, are interesting in that they’re subject to oversight by a number of central banks which are national and not international institutions.  The term was originally coined for US dollars in European banks but soon came to refer to all offshore deposits.  Eurodollar is entirely a technical term of the money markets and has no connection with the latter-day currency of the Eurozone although, in the general population, there was some early confusion in the early days of the physical Euro, some mistakenly describing the new paper as Eurodollars.  Within the specialized world of the currency traders, the euro-prefix is sometimes used to refer to any currency held offshore so there’s also the Euroyen, the Europound and even the Euroeuro which, in a charming linguistic paradox, can exist anywhere except within the Eurozone.

In the years immediately following World War II (1939-1945), there was a worldwide shortage of US dollars, the quantity of which outside the US began significantly to increase only as Marshall Plan money began to recapitalize European economies and imports rose in the US, soon to become the largest consumer market of the post-war years.  Another important factor driving the deposits of US dollars into European banks were the pre-emptive moves by the major communist powers, the USSR and the PRC (communist China) to shift their assets from US banks to avoid Washington’s sanctions.  Peking acted in 1949 at the start of the Korean War (1950-1953); Moscow in 1956 after their "invasion" of Hungary.

Eurodollars grew in volume also as offshore banks began to offer higher yields on deposits than were available from US institutions; by the early 1970s some US$400 billion (when a billion dollars really was a lot of money) was booked offshore in both short and long-term deposits.  It’s now measured in multiples of trillions (at least for now, a trillion dollars is still a lot of money) but the most important development in the Eurodollar world came in 1981 with the introduction of Eurodollar futures contracts.  Eurodollar futures are an interest rate product, unlike currency futures where contracts are built around actual buying and selling of the commodity; they’re thus a derivative instrument where players bet on interest rate movements and are thus treated by traders as a form of gambling; back the right horse and one wins, back the wrong horse and one loses.  Beginning in 1981, during the early days of the neo-liberal de-regulation project, they were the first of the products which took advantage of the rules of casinos being applied to capital markets and none of the market crashes since 1987 would have been possible without derivatives.  That instability is inherent to the operation of a neo-liberal economy and not an unintended consequence; Ronald Reagan (1911-2004; US president 1981-1989) & Margaret Thatcher (1925–2013; UK prime-minister 1979-1990) understood that in a dynamic economy there would be winners and losers and viewed that as an indication of the healthy competition of free-market capitalism.  Their (publicly un-stated) argument was that the existence of a "social safety net" which would (at least temporarily) support the losers in a state just above starvation would be sufficient to guarantee social stability (ie stop the peasants revolting).    

Eurodollar futures traders who use the market to track short-term US interest rate expectations have for some time been pricing in a rate hike by the Fed by Q3 2022, quite an acceleration on what their earlier charts suggested but increasing uncertainty about the Fed’s reaction to US inflation numbers has seen some traders expect a tightening even earlier.  Some traders have had their Eurodollar fingers burnt before, watching the Fed maintain their existing position and sticking to their long-standing mantra that the US economy needs to achieve certain employment and inflation marks before interest rates will move but the view is now hardening that inflation numbers will force the issue.

The Fed’s position seems to belong to the pre-Omicron world which feels now such a distant memory.  The futures are a bet on the direction of the short-term London interbank offered rate (LIBOR), one of the most widely used interest rate benchmarks in global financial markets.  Investors hedge interest rate risk in the Eurodollar market and in early December 2020, the September 2023 Eurodollar futures contract showed an implied yield of 0.50%, suggesting traders were expecting the Fed to deliver a 25 basis-point hike by then.  Since then the world has changed so much that predictions for the inflation outcome seem enough for the Fed to reconsider the “Greenspan put” (named after Dr Alan Greenspan (b 1926; Chair of the US Federal Reserve 1987-2006) and the actions he took in ensuring sufficient liquidity remained in the US system for business to continue as close to "normal" as possible; now often called the "Fed put"), in place (off and on) for over thirty years, despite recent declines in US stocks and other risk assets, the tech-heavy Nasdaq having fallen over 10%.  That’s how much the specter of inflation can spook central bankers and the Eurodollar futures suggest the traders have priced-in a quarter-point rate rise for March and perhaps a full percentage point by the end of calendar year 2022.  Despite that, traders still are not writing an obituary for the Greenspan put, noting it has been debatably the most influential tool in the Fed’s century-long history and, as an essentially reactive institution, it’s revival to deal with even a few local difficulties will not be unexpected.