Broad

Broad (pronounced brawd)

(1) Of great breadth.

(2) A quasi-standard expression of lineal measurement (from side to side).

(3) Of great extent; large; extensive, ample, spacious, vast.

(4) Wide-open; full (applied usually to daylight).

(5) Not limited or narrow; of extensive range or scope (applied to knowledge, experience etc).

(6) Liberal; tolerant (semi-institutionalized as one of the three factions of the Anglican Church (Low, broad & high).

(7) A generalized summary of something (often as broad outline); general rather than specific.

(8) Something made plain or clear; outspoken.

(9) Indelicate; indecent, vulgar (now rare).

(10) Of conversation, rough; countrified, unrefined.

(11) Unconfined; unbridled; unrestrained.

(12) In linguistics, of pronunciation, strongly dialectal; the most exaggerated of its type; consisting of a large number of speech sounds characteristic of a particular geographical area or social class.  As applied to Gaelic languages: velarized (ie palatalized).

(13) In phonetics, of a transcription, using one basic symbol to represent each phoneme; of or relating to a type of pronunciation transcription in which symbols correspond approximately to phonemes without taking account of allophonic variations.

(14) In (mostly historic US & Canadian) slang, a usually disparaging term for a women, often one that hints at promiscuity (but not prostitution); often in the plural.

(15) In film & television production, an incandescent or fluorescent lamp used as a general source of light in a studio.

(16) A type of wide-bladed battle sword.

(17) A gold coin of England and Scotland, minted first in 1656 and issued by James I and Charles I; equal to 20 shillings.

(18) As broadband, a term now vague in meaning which implies a high-speed internet connection but which has been applied to any service rated faster than the highest speed possible using a single analogue modem connected with a conventional phone line (copper pair (Cat3)).

(19) In public finance, as broad money, denoting an assessment of liquidity including notes and coins in circulation, bank holdings, most private-sector bank deposits, and certain bank-deposit certificates; usually classed as M3 in the (sort of) standardized system by which OECD countries measure the money supply.

(20) In UK dialectal use, a river spreading over a lowland (in East Anglia, a shallow lake).

(21) In woodworking, a wood-turning tool used for shaping the insides and bottoms of cylinders.

(22) In the UK, a common pronunciation of B-road (a secondary road).

Pre 1000: From the Middle English brood, brode, brod & broad from the Old English brād (broad, flat, open, extended, spacious, wide, ample, copious; not narrow), from the Proto-Germanic braidi, from the Proto-West Germanic braid, from the Proto-Germanic braidaz (broad), of uncertain origin.  It was cognate with the Scots braid (broad), the West Frisian breed (broad), the Saterland Frisian breed (broad), the Low German breet & breed (broad), the Dutch breed (broad), the German & Old High German breit (broad, wide), the Danish, Swedish & Norwegian Bokmål bred (broad), the Norwegian brei (broad), the Icelandic breiður (broad, wide), the Old Norse breiðr (breithr), the Old Frisian brēd and the Gothic braiths & brouþs.  The word is not found except in Germanic languages and there has never been any clear distinction between broad & wide although there are conventions of use but they vary widely (and presumably in some places broadly) by geographical region.  Related and sometimes synonymous words include deep, expansive, full, large, vast, comprehensive, extensive, far-reaching, sweeping, universal, wide, wide-ranging, clear, explicit, straightforward, radical, improper, indecent & roomy.  Broad is a noun & adjective, broadly is an adverb; broadness is a noun, broaden is a verb, broadening is a noun & verb and broadest & broadish are adjectives; the noun plural is broads.    

Circa 1300, broad also had the specific meaning "breadth", now obsolete, which was from broad the adjective.  The sense of "shallow, reedy lake formed by the expansion of a river over a flat surface" was a Norfolk dialect word from the 1650s and broad had assumed its (broad) meaning as "the broad (wide) part" of anything by 1741.  The broad-brim hat was first described in the 1680s and the phrase “broad-brimmed” or “broad-brimmer” was eighteenth & nineteenth slang for a "Quaker male", so described because of their characteristic attire.  Broad-minded (in the sense of open-minded, liberal, less judgmental) was from the 1590s but this abstract mental sense of broad existed also in Old English as bradnes which meant both "breadth" & "liberality".

German broadsword, Waloon pattern, circa 1650.

Some swordsmiths insist the only true broadsword is one of the “basket-hilted swords”, characterized by a basket-shaped guard at the hilt which protects the hand, an elaboration of the quillons added to swords' cross-guards since the later Middle Ages.  What everybody else now calls the broadsword is a bladed weapon of the early modern era (sixteenth-seventeenth century), the construct in Old English being brad + swurd and, exclusively a battlefield weapon, they were always distinguished from rapiers and other dueling swords by their wide and often long & thick blades.

The term broadsheet was first used to describe a newspaper in 1705 when the distinguishing characteristic was being a “large sheet of paper printed on one side only”; by 1831 the usual phrase was “"a broadsheet newspaper" which in the twentieth century evolved into a distinction between the sober publications of record, reflection and reporting (The Times of London, The New York Times, The Manchester Guardian etc) and the popular tabloid press concerned with entertainment, sport and (increasingly) celebrity culture (the News of the World, The Sun, the New York News etc), based on the former being printed in larger formats, the latter half-sized (tabloid in printer’s jargon.  Even when some broadsheets switched to the smaller format, the phraseology remained and seemed to have survived even where some have abandoned print editions entirely, tabloid journalism still something simultaneously popular and disreputable.

Lindsay Lohan on Broadway, attending the production MJ The Musical, New York, July 2022.

Broadway (like High Street or Main Road) became a common street name apparently as early as circa 1300, applied obviously to particularly wide roads or streets, the allusive use for "New York’s theater district" dating from 1881.  The derivative “off broadway” (sometime with initial capitals) described smaller theatres in the New York City area, those with fewer than 300 seats, or a production in such a theater, usually away from the "Broadway" theater district and which operated under special rules from the theatrical unions which permitted productions to be mounted at much lower cost.  Use of off-broadway was first noted in 1953 as the volume of productions began greatly to expand in the buoyant post war economy and off-off & off-off-off (etc) broadway followed, the number of “offs” hinting progressively at the diminishing size of the budget, theatre and reputations of those associated with the production.

Broadcasting in the modern understanding of the word attained critical mass first in the 1920s as medium-wave AM radio became popular as the cost of vacuum tube radio transmitters and receivers fell to affordable levels.  Broadcasting was based on the idea in agriculture of broad-sowing, the casting of seeds over a broad area and was electronic communication on a one-to-many basis, as opposed to earlier radio, telephone, and telegraph models which were one/few to one/few.  Although the technology and the distribution platforms have since much evolved, broadcasting remains conceptually the same but the technological changes have greatly affected the behavior of audiences and much of what “broadcasters” now do is really stranded narrowcasting, the content designed not for the large-scale, even nation-wide catchments which once were available but aimed instead at specific demographics also served by the narrowcasters proper.  So changed is the environment that the terms are now less useful than when there were clear distinctions between them.

Dean Martin (1917-1995) and Frank Sinatra (1915-1998) carry "strike" signs demanding "Free Broads" as part of a gag during a show at the Sands' Copa Room, Las Vegas, 1960.

Although the "rat pack" persona was cultivated as something edgy and anti-establishment, their audience was politically conservative and, by the 1960s, part of an older generation which mostly didn't approve of young people marching with protest signs.  For a couple of old pros playing Las Vegas, this was an easy laugh and, by the standards of the time, self-deprecating.

The apparently etymologically baffling use of broad to describe a woman with some suggestion of promiscuity has attracted speculation.  It’s been suggested it might be an alteration of bride, especially through influence of the cognate German Braut, which was used in a similar sense (young woman, hussy) and there was the Middle High German brūt (concubine) but, especially given it came to be noted as a generalized slang term for women only circa 1911 in US use, etymologists prefer to link the development to the earlier slang “abroadwife”, used to mean both “woman who lives or travels without her husband" and “woman maintained in another place by a man and unknown to his wife”.  It’s now a dated form, used sometimes ironically but has often been misapplied with a suggestion of prostitution.  Because of these negative associations, and the increasing popularity of women's athletics, the name of the track and field “broad jump” (dating from 1863) was changed to “long jump”, beginning in the US in 1967 and soon adopted by athletics federations worldwide.

Some broadband is more broad than others: Indicative speed (January 2022) of internet connections in selected countries based on Ookla’s speedtest.net data, the informal standard for consumer-level speed testing.

The noun broadband actually dates from the 1620s in various senses from dressmaking to engineering.  It was used in electronics from 1956 with the meaning "a band having a wide range of frequencies" but the now most familiar use is as a descriptor of high-speed internet access.  Although the term broadband had since the 1970s been used in the technical language of the then embryonic industry of networking and distributed communications, it was little known by the public until the first standards were published for Asymmetric Digital Subscriber Line (ADSL), a consumer-level version of digital subscriber line (DSL) technology.  Ever since, it’s been used in the sense of “high-speed internet” but except for some local (and usually quickly outdated) legislated definitions, it’s never had a universal or even generally accepted meaning beyond the very early implementations when it was understood to imply a connection faster than the fastest service attainable by a single (8000/8000 baud; V.92; 56.0/48.0 kbit/s down/up) analogue modem connected with a conventional phone line (untwisted copper pair (UTP-Cat3)) which was usually accepted to be 56 kbit/s.  That soon was not a great deal of help and now, unless in a jurisdiction where use of the term broadband requires the maintenance of minimum up & download speeds, it’s really just an advertising term and unless a service so advertised turns out to be so slow that the use might be held to be deceptive or misleading, is often little more than “mere puffery”.  Hotels which in the 1990s and early 2000s spent a lot of money to install the hardware and software to support what was then “broadband” which they advertised as such soon, faced complaints as rapid advances in technology rendered their infrastructure quickly obsolescent and slow, the only solution sometimes to replace all the equipment although many instead took advantage of the profit-sharing industry which emerged, third-parties handling the installation and support, the hotel taking just a commission on total revenue.  Just as a precaution, some gave up on advertising “broadband” and instead offered the even more vague “hi-speed” which definitely meant nothing in particular.     

Contemporary art museum The Broad, Grand Avenue, Los Angeles.  The building's name is a reference not to the architecture but the philanthropists Eli (1933-2021) & Edythe (b 1936) Broad, who paid for it and provided the core of the collections exhibited.  It opened in September 2015, the architecture generally well-received.

Broadcloth (also as broad-cloth) was a "fine woolen cloth used in making men's garments" and dates from the early fifteenth century, the name derived from its width (usually 60 inches (1.5m)).  The phrase “broad daylight” emerged in the late fourteenth century and broad was first applied to speech and accents during the 1530s. To be “broad in the beam” is to be overweight, the term, predictably, applied almost exclusively to women.  To have “broad shoulders” suggests an ability to take criticism, or accept responsibility, an allusion to the figure of Atlas from Greek mythology who was condemned to forever carry on his shoulders the weight of the world.  In admiralty jargon, “broad on the beam” is a nautical bearing 90° to the heading of a vessel while “broad on the bow” is a bearing 45° to the heading of a vessel.  Broadacre farming or agriculture is a generalized reference to activities undertaken on large-scale open areas as opposed to smaller, fenced enclosures and can be used to describe either cropping or animal production.  The expression, like “mileage” or “tons” has survived metrification; “broadhectare” does exist as jargon in the field of residential land supply but is not widely used.

The Anglicans

Some time ago, the ever-entertaining Anglican Church, sort of formalized their three warring factions as the low and lazy, the broad and hazy and the high and crazy:

The Low and Lazy

Like the high churchers, the low lot still believe in God but, their time not absorbed plotting and scheming or running campaigns to stamp out gay clergy and opposing the ordination of women, they actually have time to pray, which they do, often.  The evangelical types come from among the low and don’t approve of fancy rituals, Romish ways or anything smelling of popery.  Instead, they like services where there’s clapping, dancing and what sounds like country & western music with sermons telling them it’s Godly to buy things like big TVs and surf-skis.

The Broad and Hazy

The broad church is more a club than a church, something like the Tory Party at prayer.  The parishioners will choose the church they (occasionally) attend on the same basis as their golf club, driving miles if need be to find a congregation acceptably free of racial and cultural DEI (diversity, equity and inclusion).  They’re interested not at all in theology or anything too abstract so sermons are preached to please the bourgeoisie.  The broad church stands for most things in general and nothing in particular, finding most disputes in Anglicanism baffling; they just can't see what all the fuss is about.

The High and Crazy

The high church has clergy who love dressing up like The Spice Girls, burning incense and chanting the medieval liturgy in Latin.  They disapprove of about everything that’s happened since the 1662 edition of the Book of Common Prayer and believe there’d be less sin were there still burnings at the stake.  Most high church clergy wish Pope Pius IX was still running the show from Rome and some act as though he’s still there.

Of money

All will be pleased to know there is narrow money and broad money.  Narrow money includes notes and coins in circulation and bank deposits (if available to conduct transactions).  Broad money includes all narrow money and other liquid assets that can be used to buy goods and services.  Collectively, the money circulating in an economy is called money supply, movements in which are tracked and sometimes manipulated governments and central banks.  There are economists who insist the distinction between narrow and broad money is mainly theoretical and they have a point in that the relationship between national wealth and (1) physical notes and coins and (2) the notion of asset backing (such as a gold standard) are both now somewhat abstract and the money supply can now be expanded without the effects of the physical economy which would once have been inevitable but the measures are still of great interest, as is the strange fact that the actual definitions of money used by governments and central banks in major trading economies vary from country to country.

The United States

The US Federal Reserve provides only two main measures of money M1 (narrow) and M2 (broad).  M1 consists of currency in circulation, travelers’ checks of nonbank issuers, demand deposits, and other checkable deposits (eg negotiable order of withdrawal accounts at depository institutions).  M2 is M1 plus savings deposits and money market deposit accounts, time deposit accounts below $100,000, and balances in retail money market mutual funds.  The interesting thing about the US is that the Fed’s M1 & M2 excludes a lot of what most economists regards as money but it’s very difficult to estimate how much, all agreeing only that it’s big number.

The Euro Zone

The European Central Bank (ECB) publishes M1, M2 & M3, each measure becoming progressively broader.  M1 includes currency in circulation plus overnight deposits.  M2 is M1 plus deposits redeemable at notice of up to three months and deposits with an agreed maturity of up to two years.  M3 is M2 plus repurchase agreements, money market fund shares, money market paper, and debt securities issued with a maturity of fewer than two years.

The United Kingdom

The Bank of England uses four measures of money, M0, M2, M4, and M3H, M0 the narrowest, M4 the broadest.  M0 is currency in circulation plus bankers’ deposits held by the Bank of England.  M2 is M0 plus deposits held in retail banks.  M4 is M2 plus certificates of deposits, and wholesale bank and building society deposits.  The mysterious M3H is a parity device which exists to allow the Bank of England to align their reporting for statistical purposes with the money supply measures published by the ECB and this is M4 plus foreign currency deposits in banks and building societies.

Australia

The Reserve Bank of Australia used to use M1, M2 & M3 but now publishes M1, M3 & Broad Money.  M1 is currency in circulation plus bank current deposits from private non-bank entities.  M3 is M1 plus other deposits from building societies and credit unions with banks.  Broad Money is M3 plus borrowings from the private sector by non-bank depository corporations excluding holdings of currency and deposits of non-bank depository corporations.

Japan

The Bank of Japan is a monetary classicist and publishes M1, M2, and M3, where M1 is the narrowest and M3 the broadest.  M1 includes currency in circulation plus deposits.  M2 is M1, plus certificates of deposit.  M3 is M2 plus savings and deposits at financial institutions and post offices.

For countries which run modern economies with convertible currencies and a high degree of interoperability and (usually), little (at least by historic standards) in the way of exchange controls, it may seem strange that the definitions of money vary to the extent they do, the only feature of commonality really that each maintains a measurable concept of narrow and broad money.  Only a few central banks, such as the Bank of England, include a device with which those interested in such things can align the numbers more accurately to compare one with another; it’s almost as if the central banks and governments like some vagueness in the system.

There is no direct relationship between the volume of the money supply and its value expressed as purchasing power.  German children during the hyper-inflation experienced in the Weimar Republic in 1923 would play with literally trillions, using bundles of currency with a face value in the billions (of the then current Papiermark) as toy building blocks.  Although the purposes for which it was originally set up have long been overtaken by events, the Bank for International Settlements (BIS) still exists (which is interesting in itself) and although the BIS organizes interesting conferences and seminars and publish a wealth of meaty material, it’d be an interesting task for them to devise a standardized money supply model which could augment (ie not replace) the machinery to which the central banks would no doubt cling.  Even if restricted to members of the Organization of Economic Cooperation and Development (OECD), it would be an interesting data-set to align with other charts but the chances of this seem remote.  It might frighten the horses.

Cash

Cash (pronounced kash)

(1) Money in the form of coins or banknotes, historically that issued by a government or a bank or other financial institution operating with the approval of a government.

(2) Money or an equivalent paid at the time of making a purchase.

(3) Immediate payment, in full or part, for goods or services, even if not paid in physical cash (ie as distinct from the various forms of time (delayed) payment).

(4) To give or obtain cash for a check, money order, bill of exchange etc.

(5) In some games of cards, (1) to win (a trick) by leading an assured winner or (2) to lead (an assured winner) in order to win a trick.

(6) Any of several low-denomination coins of China, Vietnam, India, and the Dutch East Indies (modern-day Indonesia), especially the Chinese copper coin.

1590–1600: From the Portuguese caixa, from the Tamil காசு (kācu) (a copper coin), from the Sanskrit karṣa (a weight (of precious metal such as silver or gold)).  There was also the sixteenth century Old Italian cassa (money box) from the Latin capsa (case).  Variation of cash appear in many languages including the Japanese: キャッシュ (kyasshu), the Serbo-Croatian (kȅš & ке̏ш) the Romanian cash and the Swedish cash.

Cashable is an adjective, cashability & cashableness are nouns.  The noun plural is cash (except for the proper noun; the surname’s plural being Cashes).  The homophone of cash is cache, often mispronounced as kaache although cache’s adoption as a technical term in computing has led some to suggest kaache should be the use in the industry with kash for all other purposes and there’s much support for the view which does make sense, even if, given the specificity of the context, confusion is unlikely.  The verb cashier (and the related cashiering & cashiered) is (1) the simple past tense and past participle of cashier and (2) the apparently curious term for the dismissal of a military officer, cashiered in this context from the Dutch casseren & kasseren, from the Old French casser (to break (up)).  During a ceremonial cashiering, the break of his link with the military was sometimes symbolized dramatically by literally breaking the officer’s sword (which had in advance been partly sawn through).   

The surname appears to be an American variant of Case, the records indicating it was first adopted by in the US by German immigrants named Kirch and Kirsch, an example of the Anglicization of names once a common of those migrating to the English-speaking world.  In rare cases it has been used a male given name, often as a second name reflecting the mother’s maiden name.  A cashier (person in charge of money), dates from the 1590s, from the French caissier (treasurer), from caisse (money box), the immediate source of the English word perhaps the Middle Dutch kassier.

Lindsay Lohan themed cash.  Unfortunately, these Lohanic notes are not issued by the US Federal Reserve and thus neither legal tender nor readily convertible (at least at face-value) to other currencies.  However, Lindsay Lohan is dabbling in the embroynic world of the NFT (non fungible token) which may evolve to have some influence on the development of how cash is stored and exchanged (if not valued).   

In idiomatic use, cashing-in one’s chips means literally to take one’s winnings and leave the casino but is also used to mean “to die” whereas cashing-up is a technical term from business referring to the end-of-day audit & balancing procedures.  A moneybags (ie bags full of cash) is someone (usually conspicuously) rich.  A cash-cow is a product or service which dependably provides the owner or operator a lucrative profit.  A cash-crop (agricultural product grown to sell for profit) is attested from 1831 and was distinct from one with some other primary purpose (such as for self-sustenance or stock-feed).  A cash-back is a trick in advertising and a form of discount.  The phrase cold, hard cash is another way of emphasizing the primacy of money.  A cash-book (which historically were physical ledgers but most are now electronic) was a transactional register.  To cash was “to convert (a cheque (the US check) or other bill of exchange) to cash", known since 1811 as a variation of the noun and the now-extinct encash from 1865 was also used as a piece of specialized jargon meaning exactly the same thing; it was replaced as required by cashed & cashing.  The cash-box (also called money-box), dating from the 1590s, was (and remains) a box for the safe-keeping physical cash and was from the sixteenth century French caisse (money box), from the Provençal caissa or the Italian cassa, from the Anglo-Norman & Old French casse (money box), from the Latin capsa (box, case) ultimately from capiō (I take, I seize, I receive), from the primitive Indo-European kehp- (to grasp) (which also led to the Spanish caja (box); the original sense was literally the wooden or metal box by the eighteenth century, the secondary sense of the money began to run is parallel before, for most purposes, becoming the sole meaning.  To cash in is to profit from something, applying it one's advantage.  A cash-register, dating from 1875, was historically a mechanical device used to record transactions and issue receipts, such machines now mostly electronic and increasingly linked to centralized (even international) databases; in Jewish humorous use, a cash-register was “a Jewish piano”.  Cash-flow (which surprisingly seems to date only from 1954) refers to a specific characteristic of business and means the periodic accumulation of disposable revenue to permit the operations always to meet its obligations and continue trading; it’s not directly related to long-term profitability in that something with a good cash-flow can continue indefinitely while only breaking even while a profitable concern with a poorly managed cash-flow can flounder.  In commerce, use is common such as cash-and-carry, cash account, cash-only, discount for cash etc although transaction handling costs have affected the last: where once it was common for businesses to offer a discount to customers paying with physical cash (sometimes because it offered the possibility of a hidden (ie un-taxed) transaction, it’s now not uncommon for a fee to be imposed, reflecting the difference in processing costs for weightless (electronic) payments compared with the physical (notes & coins).  In criminal slang, "cash" is said to be a euphemism for “to do away with, to kill” the word "disband" also carrying this meaning and both “cash” and “disband” are reputed to be used on the dark web as code by those offering contract killing although such things are hard to verify and may be an internet myth. Cash on delivery (COD) dates from 1859 and was an invention of American commerce designed to encourage sales from businesses previously unknown to the individual consumer.  Cashless (often as cashless-society or cashless transaction) refers usually to the elimination of physical money (ie notes and coins), something sought by many bureaucrats for various reasons although of concern to civil libertarians.

According to anthropologists, the word cash (money and all that) is really derived from the word kash, a beer brewed in Ancient Egypt which was used to pay workers (including the builders of the Great Pyramids).  Stone cutters, slaves, architects, and even public officials were often paid (at least in part) with beer, two containers of kash often set as the minimum wage for an Egyptian laborer’s day of work.  At the time, there was quite a brewing industry, the Egyptians known to be distributing at least six varieties of beer by 3,000 BC and there is evidence it played a part in the social conventions of the age: in some circumstances if a man offered a lady a sip of his beer, they could be held to be betrothed so dating could be minefield for those who’d drunk too much.

The traditions associated with kash spread.  In Mesopotamia, tavern owners found guilty of overcharging patrons for beer could be sentenced to death by drowning in the Tigris or Euphrates rivers (depending on where the establishment was located) although most punishments were apparently commuted to fines.  The Ancient Babylonians, serious about beer making, to regulate quality decreed that any commercial beer maker who sold unfit beer was to be drowned in that very impure libation although no records exist which confirm how many were actually suck in their own dodgy brew.  The most attractive Babylonian tale (although not one all historians accept) is that more happily, a bride’s father would supply all the “honey" kash (a form of kash to which honey and sweet herbs were added) the groom could drink for one month after the wedding.  Because the calendar was lunar based, this month was referred to as the “honey moon”.

Inflation

Inflation (pronounced in-fley-shuhn)

(1) In economics, a persistent, substantial rise in the general level of prices, often related to an increase in the money supply, resulting in the loss of value of currency.

(2) Of or pertaining to the act of inflating or the state of being inflated.

(3) In clinical medicine, the act of distending an organ or body part with a fluid or gas.

(4) In the study of the metrics of educational standards, an undue improvement in academic grades, unjustified by or unrelated to merit.

(5) In theoretical cosmology, an extremely rapid expansion in the size of the universe, said to have happened almost immediately after the big bang.

1300-1350: From the Middle English inflacioun & inflacion, from the Old French inflation (swelling), from the Latin inflationem (nominative īnflātiō) (expansion; a puffing up, a blowing into; flatulence), noun of action from the past participle stem of inflare (blow into, puff up) and thus related to from īnflātus, the perfect passive participle of īnflō (blow into, expand).  The construct of the figurative sense (inspire, encourage) was in- (into) (from the primitive Indo-European root en (in)) + flare (to blow) (from the primitive Indo-European root bhle- (to blow)).  The meaning "action of inflating with air or gas" dates from circa 1600 while the monetary sense of "a sustained increase in prices" replaced the original meaning (an increase in the amount of money in circulation), first recorded in US use in 1838,  The derived noun hyperinflation dates from 1925 when it was first used to describe the period of high inflation in Weimar Germany; earlier, surgeons had used the word when describing certain aspects of lung diseases.  The adjective inflationary was first used in 1916 as a historic reference to the factors which caused a rapid or sustained increase in prices.

The early meaning related to flatulence, the sense of a “swelling caused by gathering of "wind" in the body” before being adopted as a technical term by clinicians treating lung conditions.  The figurative use as in "outbursts of pride" was drawn directly from the Latin inflationem, nominative inflatio, as a noun of action from past participle stem of inflare (blow into; puff up).  The now most common use beyond the tyre business, that of economists to describe statistically significant movement in prices is derived from an earlier adoption by state treasuries to measure volume of money in circulation, first recorded in 1838 in the US; the money supply is now counted with a number of definitions (M1, M3 etc).  The first papers in cosmological inflation theory were published in 1979 by Cornell theoretical physicist Alan Guth (b 1947).

Cosmic Inflation

Cosmic inflation is a theory of exponential expansion of space in the early universe.  This inflationary period is speculated to have begun an indescribably short time after the start of the big bang and to have been about as brief.  Even now, space continues to expand, but at less rapid rates so the big bang is not just a past event but, after fourteen billion-odd years, still happening.

Definitely not to scale.

One implication of the scale of the expansion of space is the speculation that things, some of which may have been matter, may have travelled faster than the speed of light, suggesting the speed of light came into existence neither prior to or at the start of the big bang but after, possibly within a fraction of a second although, within the discipline, other models have been built.  The breaking of the Einsteinian speed limit may suggest conditions in that first fraction of a second of existence were so extreme the laws of physics may not merely have been different but may not have existed or have been even possible.  If that's true, it may be nonsensical to describe them as laws.  Matter, energy and time also may have come into existence later than the start of the big bang.

The theory has produced derivatives.  One notion is, even though it’s possible always to imagine an equation which can express any duration, time may not be divisible beyond a certain point; another that there can never exist a present, only a past or a future.  Perhaps most weird is the idea the (often labeled chaotic but actually unknown) conditions of the very early big bang could have progressed instead to expanding space but without matter, energy or time.  Among nihilists, there’s discussion about whether such a universe could be said to contain nothing, although an even more interesting question is whether a genuine state (non-state?) of nothing is possible even in theory.

Price Inflation

In economics, inflation is in the West is suddenly of interest because the rate has spiked.  The memories are bad because the inflation associated with the 1970s & 1980s was finally suppressed by central banks and some political realists good at managing expectations combining to engineer recessions and the consequent unemployment.  After that, in advanced economies, as inflation faded from memory to history, there tended to be more academic interest in the possibility deflation might emerge as a problem.  As the Bank of Japan discovered, high inflation was a nasty thing but experience and the textbooks at least provided case-studies of how it could be tamed whereas deflation, one established and remaining subject to the conditions which led to its existence, could verge on the insoluble.

In most of the West however, deflationary pressures tended to be sectoral components of the whole, the re-invented means of production and distribution in the Far East exporting unprecedented efficiencies to the West, the falling prices serving only to stimulate demand because they happened in isolation of other forces.  However, the neo-liberal model which began to prevail after the political and economic construct of the post-World War II settlement began to unravel was based on a contradictory implementation of supply-side economics: Restricting the money supply while simultaneously driving up asset prices.  That was always going to have consequences (and there were a few), one of which was the GFC (global financial crisis (2008-circa 2011)) which happened essentially because the rich had run out of customers with the capacity to service loans and had begun lending money to those who were never going to be able to pay it back.  Such lending has always happened but at scale, it can threaten entire financial infrastructures.  Whether that was actually the case in 2008 remains a thing of debate but such was the uncertainty at the time (much based on a widespread unwillingness of many to reveal their true positions) that everyone’s worst-case scenarios became their default assumption and the dynamics which have always driven markets in crisis (fear and stampede) spread.

What was clear in the wake of the failure of Lehman Brothers (1847-2008) was that much money had simply ceased to exist, a phenomenon discussed by a most interested Karl Marx (1818-1883) in Das Kapital (1867–1883) and while losses were widespread, of particular significance were those suffered by the rich because it was these which were restored (and more) by what came to be called quantitative easing (QE), actually a number of mechanisms but essentially increasing the money supply.  The text books had always mentioned the inflationary consequences of this but that had been based on the assumption that the supply would spread wide.  The reason the central bankers had little fear of inducing inflation (as measured by the equations which have been honed carefully since the 1970s so as not to frighten the horses) was that the money created was given almost exclusively to the rich, a device under which not only were the GFC losses made good but the QE system (by popular demand) was maintained, the wealth of rich increasing extraordinarily.  It proved trickle-down economics did work (at least as intended, a trickle being a measure of a very small flow), the inequalities of wealth in society now existing to an extent not seen in more than a century.

Salvator Mundi (circa 1500) by Leonardo da Vinci.  Claimed to be the artist's last known painting, in 2017 it sold at auction in 2017 for US$450.3 million, still a record and more than double that achieved by the next most expensive, Picasso’s Les femmes d’Alger (Version ‘O’), which made US$179.4 million in 2015.

Post GFC inflation did happen but it was sectorally specific, mansions and vintage Ferraris which once changed hands for a few million suddenly selling for tens of millions and a Leonardo of not entirely certain provenance managed not far from half a billion.  The generalized inflationary effect in the broad economy was subdued because (1) the share of the money supply held by the non-rich had been subject only to modest increases and (2) the pre-existing deflationary pressures which had for so long been helpful continued to operate.  By contrast, what governments were compelled (for their own survival) to do as the measures taken during the COVID-19 pandemic so affected economic activity, had the effect of increasing the money supply in the hands of those not rich and combined with (1) low interest rates which set the cost of money at close to zero, (2) pandemic-induced stresses in labour markets and supply and distribution chains and (3) the effects of Russia’s invasion of Ukraine created what is now called a “perfect storm”.  The inflation rate was already trending up even before the invasion but it has proved an accelerant.  In these circumstances, all that can be predicted is that the text-book reaction of central banks (raising interest rates) will be (1) a probably unavoidable over-reaction to deal with those factors which can be influenced by monetary policy and (2) will not affect the geopolitical factors which are vectors through which inflation is being exported to the West.  Central banks really have no choice other than to use the tools at their disposal and see what happens but the problem remains that while those tools are effective (if brutish) devices for dealing with demand-inflation, their utility in handling supply-inflation is limited. 

First world problem: It’s now hard to find a Ferrari 250 GTO for less than US$70 million.

Mint

Mint (pronounced mint)

(1) Any aromatic herb of the genus genus Mentha (family Lamiaceae (labiates)), having opposite, aromatic leaves and spikes of small, typically mauve, whorled flowers.  The leaves of some species are used for seasoning and flavoring (peppermint, spearmint, horsemint, water mint. mint sauce etc).

(2) A soft or hard confection or candy flavored with spearmint or peppermint.

(3) A shade of green, classically a light hue with a cool, bluish undertone but many commercial products so-named are quite vivid.

(4) Something made or flavored with mint.

(5) Of or pertaining to the color mint.

(6) To make (coins, medals etc.) by stamping metal; to turn (metal) into coins.

(7) In crypto-currencies, to create a crypto token.

(8) A place where coins and special medals (and in some places paper currency) etc are, now always under government authority if the production of legal tender is involved.

(9) A place where something is produced or manufactured.

(10) In slang, to make, fabricate or invent (including weightless items such as words).

(11) In slang (as “a mint”, “made a mint” etc), a vast amount, especially of money.

(12) In slang, excellent; impressive (mostly northern England)

(13) In slang, attractive; beautiful; handsome (most of the English Speaking world except North America).

(14) In philately (of a stamp) and numismatics (of currency), being in its original, unused condition (use now extended to (1) any item in such condition and (2) an item which has been restored or renovated to a state where it can be described as “as new” (ie appearing to be newly made and never used, even if once dilapidated)).

(15) Intent; purpose; an attempt; try; effort (mostly northern England & Scotland).

(16) To take aim at with a firearm (rare and mostly northern England & Scotland).

(17) To hit or strike at someone or something (rare).

Pre 900: From the Middle English mynt & münet (money, coin), from the Old English mynet (coin, coinage, money), from the late Proto-West Germanic munit, from the Latin monēta (place for making coins, coined money) and named after the temple of Juno Monēta (named for Monēta,mother of the Muses), the mint where Roman money was coined.  A doublet of money and manat, the verb was from the noun; the Old English mynetian (to mint) was a parallel formation.  The use to describe “mean, intent, aim etc” was also pre 900 and was from the Middle English verb minten, munten & munte (to intend, plan, think of), from the Old English myntan & gemyntan (to mean, intend, purpose, determine, resolve), the noun a derivative of the verb, from the Proto-West Germanic muntijan (to think, consider), from the primitive Indo-European men- & mnā- (to think),  It was cognate with the Saterland Frisian mintsje & muntsje (to aim, target), the Dutch munten (to aim at, target), the German Low German münten (to aim at), the German münzen (to aim at), the Dutch monter (cheerful, gladsome, spry), the Gothic muns, (thought, opinion) and the Old English munan (to be mindful of, consider, intend).  The use in botany may have been earlier but certainly was in use by the tenth century.  It was from the Middle English mynte, from the eighth century Old English minte (the mint plant), from the Proto-West Germanic mintā (leaf of the mint) (source also of Old Saxon minta, the Middle Dutch mente, the Old High German minza and the German Minze), from the Latin mentha & menta of uncertain origin but probably from a lost Mediterranean language via either the Ancient Greek μίνθη (mínthē) & μίνθα (míntha) or directly.  It was akin to the Old Norse minta (mint) and the Old High German minza.  In Greek mythology, minthē was personified as a nymph transformed into an herb by Proserpine.

Lindsay Lohan with mint hair (digitally altered image).

The general sense of “a vast sum of money” was in use by the 1650s and the term “mint-mark” (mark placed upon a coin to indicate the mint where it was struck) was formalized in 1797.  The verb in the sense of “to stamp metal to make coins” dates from the 1540s and was developed from the noun; minting soon followed.  In the Old English, the agent noun was mynetere which became the twelfth century Middle English minter (one who stamps coins to create money; place where coins are stamped), from the Late Latin monetarius.  The adjective minty (full of or tasting of mint) was documented since 1867 (mintesque seems never to have been coined) while the related noun mintiness was first noted in the 1920s.  Mint is a noun, verb & adjective; minting is a noun & verb, minted is a verb & adjective and minty is an adjective, the noun plural is mints.

Minties: 54.3% sugar and inclined to extract fillings, they are income generators for dentists.

Introduced in Australia in 1922, the Mintie is a mint-flavored confectionery which is hard, white, chewy and prone while chewing to enter such a state of stickiness that it's not unusual for dental fillings to be dislodged.  Despite this, essentially unchanged, they've been popular in Australia and New Zealand for over a century, some half a billion are sold annually and they're available in many outlets around the world.  In some places they have a cult following and in London there's a shop which offers a text-messaging service to advise customers when the sticky treat is again in stock, the Mintie addicts apparently not only homesick colonials.  The company's It's moments like these you need Minites advertising campaign in the 1920s was responsible for a catch-phrase entering the local vernacular, the truncated “It's moments like these” still heard when something unfortunate has happened.

In September 2023, Rupert Murdoch (b 1931) announced he was standing down from executive roles within the News organization to become Chairman Emeritus.  It came as a surprise because many had assumed he’d intended to die “in the saddle” and after all, he is 92 so people needed just to be patient.  But he (sort of) retired instead and that triggered the inevitable speculation about hidden agendas and ulterior motives, the things which for decades have been attributed to Mr Murdoch’s every action.  It’ll be interesting to watch the dynamics this unleashes in the Murdoch family but it may be that now he’s again single, Mr Murdoch just wants more time for dating.  One almost immediate impact of his (at least symbolic) departure was a lapse in journalist standards within the corporation, a piece run on the news.com.au website including a mistake which once would never have got past a sub-editor.  The story was about a US$10,000 bill “minted” during the 1930s.

News.com.au, 26 September 2023.

In the US, dollar bills are not “minted”, they are “printed”, the US Bureau of Engraving and Printing responsible for the production of paper currency while coins are produced by the United States Mint.  The $10,000 bill in question was rated as “mint condition” by the authoritative Paper Money Guarantee (PMG), a third-party operation which assesses and certifies paper money and sold for US$480,000 at the Long Beach Expo currency auction in Dallas, Texas, a record for the type.  The high-value US bills are now quite a novelty, the Treasury in 1969 purging from the system all “large value bills” (ie anything above US$100) and while even then $500 & $1000 bills were still in circulation, the older issues (up to $10,000) had vanished from general use and were restricted to institutional and inter-departmental purposes.

Mint fan Lindsay Lohan with Prada Mint Satchel Tote Bag (May 2012, left), in mint green dress (February 2012, centre) and mint green bathing suit (July 2017, right).

Mintbacks: During the 1930s, there was even a US$100,000 bill but it was technically a “Treasury Gold Certificate” which never entered circulation, use restricted to transactions between branches of the Federal Reserve.  It’s interesting to speculate what a $100,000 Treasury Gold Certificate in mint condition would achieve at auction.  It would obviously have a value to numismatists because of the historical significance and collectors would be drawn to such a rarity but these certificates have not been redeemable for gold (or indeed US$) since Richard Nixon (1913-1994; US president 1969-1974) abandoned the gold standard in 1971.

Clockwise from top left: 1971 Holden Monaro GTS 350, 1970 Plymouth ‘Cuda 440-6, 1972 Ford Falcon XA GT, 1973 Triumph Stag, 1970 Plymouth Road Runner Superbird and 1971 Chrysler Valiant Charger R/T E38.

The combination of advances in manufacturing techniques and the psychedelic vibe of the late 1960s inspired manufacturers to offer some lurid shades.  It was the first time since the 1920s that purple gained some popularity but bright greens were also fashionable and in marketing departments, imaginations were allowed to wander as names were conjured.  It probably never was true that weed and acid were much involved in the process but the names certainly read as if they were and they included: Plum Crazy, In-Violet, Tor Red, Sassy Grass, Panther Pink, Sub Lime, Lime Light, Moulin Rouge, Top Banana, Lemon Twist & Citron Yella.  Although it may be an industry myth, the story told is that Plum Crazy & In-Violet (vivid shades of purple) were late additions because the killjoy board refused to sign-off on Statutory Grape.  Some of the colors used in the US were too bright to be called “mint” and the ones which were closer didn’t adopt the description but in Australia, Holden had what most would consider a “lime” green but they anyway called it “Lina Mint”, a name apparently just too good to resist.  After 1973, the bright colors vanished from the color charts for some 25 years because the use of lead in paint was banned and it wasn’t until the twenty-first century alternatives were produced at viable cost.

The Mint Julep

Mint Julep served in Julip Tin.

Famously associated with the Kentucky Derby which is one leg of the racing’s Triple Crown, the origins of the mint julep lie in ancient Persia where it was a non-alcoholic drink made with rosewater.  Julep was from the Middle English, from the Old French julep, from the Medieval Latin julapium (via the Arabic جُلَاب‎ (julāb)), from the Persian گلاب‎ (golâb) (rosewater), the construct being گل‎ (rose) + آب‎ (water).  The refreshing drink was one of the many cultural exports from the Orient which reached Europe in the seventeenth century and from there it travelled across the Atlantic where, gradually, it evolved into something alcoholic.  Like other such concoctions in post-colonial America, the julep for some time straddled the gray area of respectability between sometimes dubious medicinal preparations and party drinks and it wasn’t until the commercial ice trade expanded early in the nineteenth century it became really popular.  Now most associated with whiskey, the early recipes in the US all suggested using French brandy or cognac but as the great national switch to whiskey gained momentum in the later 1800s, the mint julep in its familiar modern form became the standard.

Ingredients

65ml bourbon
10 mint leaves
12.5ml of 2:1 sugar syrup
A big sprig of mint

Method

Prepare the 2:1 sugar syrup by dissolving 1 cup of sugar in ½ cup of water over a low heat.  Leave to cool, and then store in a bottle with a suitable pouring neck.  This will make about 1 cup of sugar syrup.  Use either a highball or julep tin and keep them under refrigeration for long enough for them to be ice-cold.  A mint julep must be served really cold.

Shake the ingredients with ice and strain into a highball glass or julep tin filled with crushed ice. Churn gently with a long-handled spoon and top with more crushed ice.  Because the scent of mint is the julep’s signature, give the mint garnish a couple of sharp claps between your palms before tucking it into the glass; this will release the aromatic oils.  Some experiment with different types of mint (apple mint, chocolate mint, spearmint et al) while other insist on sticking to the classics.  A straw is essential and the ideal ones to use are stainless steel because (1) they better maintain the temperature and (2) will last decades and reduce plastic waste.