Thought you knew what an asset is? Unprecedented times are fostering unconventional ideas about the very essence of our financial existence, including what is characterized as an asset.For all intents and purposes, Tony Chung led a privileged life. Chauffeured to school in his own Daimler, his afternoons were spent whiling his time away at the Singapore Cricket Club.Throughout the 1930s, Chung\u2019s father ran a prosperous business, supplying the British troops that were garrisoned in the island fortress of Singapore with the creature comforts of home, Chung senior had made his family fabulously wealthy in the process.But even before the ink had dried on the documents of surrender, as the British, who were thought to be undefeatable, ceded control over Singapore to the invading Japanese, Chung knew that the idyllic life of his past was effectively over.As the Japanese took over Singapore, almost overnight, the cost of even the most basic items skyrocketed.Once treasured British pounds were now worthless pieces of paper, no more useful in Singapore than throughout occupied Malaya.And before the invading Japanese could issue their own currency, cigarettes and sweet potatoes became the de facto items to facilitate a simplified barter trade.Chung, having had nothing more than an interrupted secondary school education had to take to trading in cigarettes to keep the family fed.And as Chung soon learned, what qualifies as an asset is more often than not a function of circumstance as opposed to any intrinsic value.New Year, New AssetsWhich is why persistently low interest rates are fueling a new ideology in the corridors of power that have the potential to redefine what \u201cvalue\u201d even means in our epoch.Wall Street bulls rallying around sky-high stock valuations and Washington politicians embracing ever-increasing deficits to prop up the economy may be ideological opposites, but the justification for their beliefs\u2026<\/p>","protected":false},"excerpt":{"rendered":"
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