{"id":630432,"date":"2026-07-05T16:50:00","date_gmt":"2026-07-05T16:50:00","guid":{"rendered":"https:\/\/buglecall.org\/?p=630432"},"modified":"2026-07-05T16:50:00","modified_gmt":"2026-07-05T16:50:00","slug":"vertically-integrated-nations-production-for-security-and-rate-cuts-3","status":"publish","type":"post","link":"https:\/\/buglecall.org\/?p=630432","title":{"rendered":"Vertically Integrated Nations, Production For Security, And Rate Cuts"},"content":{"rendered":"<p><span class=\"field field--name-title field--type-string field--label-hidden\">Vertically Integrated Nations, Production For Security, And Rate Cuts <\/span><\/p>\n<div class=\"clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item\">\n<p><em>Submitted by Peter Tchir of Academy Securities<\/em><\/p>\n<p>Let\u2019s start with the important stuff: Hope you are having a great 4<sup>th<\/sup> of July 250<sup>th<\/sup> Anniversary Weekend.<\/p>\n<p>Yields gained back some ground after the relatively weak jobs report (headline plus revisions was negative, the private sector underwhelmed, and unemployment only dropped because the labor force participation rate dropped by a relatively large 0.3%).<\/p>\n<p><a data-image-external-href=\"\" data-image-href=\"\/s3\/files\/inline-images\/part%20rate_3.jpg?itok=EloKbN3p\" data-link-option=\"0\" href=\"https:\/\/cms.zerohedge.com\/s3\/files\/inline-images\/part%20rate_3.jpg?itok=EloKbN3p\"><img fetchpriority=\"high\" decoding=\"async\" data-entity-type=\"file\" data-entity-uuid=\"77477006-70e7-4d70-a0aa-3ac84489b5de\" data-responsive-image-style=\"inline_images\" height=\"302\" width=\"500\" class=\"inline-images image-style-inline-images\" src=\"https:\/\/assets.zerohedge.com\/s3fs-public\/styles\/inline_image_mobile\/public\/inline-images\/part%20rate_3.jpg?itok=EloKbN3p\" alt=\"\" \/><\/a><\/p>\n<p>I will continue to pound the table (or rant and rave as the case may be) that <a href=\"https:\/\/academysecurities.com\/macro-strategy-insights\/the-path-to-a-september-rate-cut-despite-ai-inflation\/?asmac=2b26cbe2-4da6-4beb-a158-6de16a016f2d\">this Fed Will Cut Rates in September<\/a>. That was our main topic of discussion on the Bloomberg Radio segment above (and I did get to hear Tom Keene say my view looked smarter after the jobs data, than it had before the jobs data, when we spoke). MarketWatch also picked up on the interview and our prospect for cuts rather than hikes.<\/p>\n<p>I have yet to hear compelling arguments on:<\/p>\n<ul>\n<li>Why the <strong>Cleveland Fed\u2019s Rent metrics<\/strong> are not more accurate than what is currently used in \u201cofficial\u201d data?<\/li>\n<li>Why <strong>Truflation<\/strong> doesn\u2019t deserve a lot more attention than it gets?<\/li>\n<\/ul>\n<p>If anything, we\u2019ve received comments pointing us to additional indices, surveys, etc., that likely present a more accurate picture of inflation (and they virtually all signal that we understated inflation post-Covid (hence Affordability is the Issue) and we are overstating the inflation rate now).<\/p>\n<p><strong>I really like the 2-year Treasury here, given what the market is pricing versus what I expect the reality to be.<\/strong><\/p>\n<p>The TV interview wound up focusing on AI. It wasn\u2019t the topic I was most looking forward to, but was difficult to avoid when overnight headlines included:<\/p>\n<ul>\n<li><strong>OpenAI<\/strong> potentially \u201cgiving\u201d the U.S. a 5% stake.<\/li>\n<li><strong>Meta<\/strong> offering to sell compute rather than using all of their compute for themselves.<\/li>\n<li><strong>Apple<\/strong> requesting the ability to use Chinese made memory chips, in phones to be sold in China.<\/li>\n<\/ul>\n<p>On any given day, one of those headlines would be interesting. To get all 3 in one day certainly attracted a lot of attention! It gave us a chance to <strong>talk about some of our main themes in AI<\/strong>:<\/p>\n<ul>\n<li><strong>The need for the AI and Data Center Industry to ramp up their community outreach.<\/strong> My view that this industry needs to do a better job convincing people why they not only want and need AI, but that they also want it in their backyard.<\/li>\n<li>The comparisons to the <strong>fiber buildout during the dot.com<\/strong> boom!<\/li>\n<li>The risks of an <a href=\"https:\/\/academysecurities.com\/macro-strategy-insights\/space-the-now-frontier-the-ai-revolution\/?asmac=a364182c-b065-4c23-8471-2029075aa4bd\">AI \u201cRevolution\u201d<\/a> (i.e., political backlash with negative consequences) and the risk to jobs. Trying to answer the question of whether humans are the horses in the current <a href=\"https:\/\/academysecurities.com\/macro-strategy-insights\/fighting-while-talking-horses-and-prosec\/?asmac=61b7374a-2acf-46fb-b7c9-16fd85e6b0a6\">\u201cBuggy Whip\u201d<\/a> transformation playing out. I admit that every time I write Buggy Whip, Rihanna\u2019s song comes to mind, which is maybe why I didn\u2019t say it on national TV.\u00a0<\/li>\n<\/ul>\n<p>In case you missed it, Academy published this month\u2019s <a href=\"https:\/\/academysecurities.com\/around-the-world\/around-the-world-with-academy-securities-29\/?asmac=52e3ad78-a278-4594-96da-32db7fa87fb5\">Around the World<\/a> this week focusing on <strong>Iran, Cuba, Russia\/Ukraine, and Economic Tensions with China<\/strong>.<\/p>\n<h3>ProSec 2026 and Vertically Integrated Nations<\/h3>\n<p>We started 2026 with a comprehensive view of\u00a0<a href=\"https:\/\/academysecurities.com\/macro-strategy-insights\/prosec-2026\/?asmac=9571f9f7-8634-487f-803e-7fb076a5e4d5\">ProSec 2026<\/a> (yes, the font is obnoxiously large, but if you haven\u2019t read that report, we urge you to read it now). The concept had <strong>evolved from National Production for National Security and Resilience to ProSec<\/strong>. There are many names attached to what is going on (HALO, Mercantilism, etc.) but we think ProSec captures the concept of \u201cneeding to produce more of some things for true national security\u201d more fulsomely. Academy does have the advantage of being able to tap into the <a href=\"https:\/\/academysecurities.com\/advisory\/geopolitical\/geopolitical-intelligence-group\/\">Geopolitical Intelligence Group<\/a> for behind the scenes insight into national security discussions, both here and abroad.<\/p>\n<p>Before we update our thoughts on ProSec, I want to go back to something we published back in October of 2025 \u2013 <a href=\"https:\/\/academysecurities.com\/macro-strategy-insights\/is-prosec-the-new-esg\/?asmac=0912c559-be00-4bf1-9dee-162b647a790a\">Is ProSec the New ESG?<\/a> Even suggesting that something could replace ESG, let alone something along the lines of <strong>ProSec replacing ESG<\/strong>, less than a year ago, seemed half (or fully) insane. Now, people mostly shrug, or provide us examples (at the very least) of how they\u2019ve seen thinking in their organization adapt ESG to incorporate the key elements of ProSec.<\/p>\n<p>We won\u2019t spend much time on these two thoughts today, but they should be highlighted:<\/p>\n<ul>\n<li><strong>ProSec is Going Global.<\/strong> We won\u2019t spend time on this today because it seems self-evident (and also I haven\u2019t been able to work in the lyrics of Going Underground to Going Global, but I\u2019m confident that eventually I will).<\/li>\n<li><strong>ProSec will continue regardless of election outcomes.<\/strong> We won\u2019t dwell on this, but the 250<sup>th<\/sup> birthday of a nation doesn\u2019t seem like the appropriate time to sound political, and it is pretty difficult to not sound political when addressing this subject (though I think we have done a decent job on that front in reports, interviews, and presentations).<\/li>\n<\/ul>\n<h3>A Nation as a Human Being<\/h3>\n<p>We have discussed Vertically Integrated Nations, but I think this concept of trying to think of <strong>a nation as a living breathing organism<\/strong> (which it pretty much is) helps frame the <strong>prioritization of ProSec Industries.<\/strong><\/p>\n<p>The decision to include this chart from the start of the year report makes me cringe for a couple of reasons:<\/p>\n<ul>\n<li><strong>The chart is pretty pathetic looking,<\/strong> even by my relatively basic charting skills. I spent some time using AI to try to make some cooler looking charts, but I was struggling, and it is a long weekend, and I might as well just accept my inability to make nice charts.<\/li>\n<li><strong>I was horribly worried the chart would be missing a lot!<\/strong> Not like 6 months is a long time to withstand the pressures of time, but the chart (as ugly as it is) has held up reasonably well, at least in terms of the information it was trying to convey.\n<ul>\n<li><strong>One regret (and poor decision)<\/strong> that we rectified months ago is that we gave <strong>SPACE short shrift.<\/strong> We did not highlight space appropriately. We did \u201clump it into\u201d Defense, but if we wanted to redo the industry table, <strong>SPACE would have its own vertical.<\/strong><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><em><a data-image-external-href=\"\" data-image-href=\"\/s3\/files\/inline-images\/Picture5-3.png?itok=YmRmPZWh\" data-link-option=\"0\" href=\"https:\/\/cms.zerohedge.com\/s3\/files\/inline-images\/Picture5-3.png?itok=YmRmPZWh\"><img decoding=\"async\" alt=\"\" data-entity-type=\"file\" data-entity-uuid=\"ab202e78-b63f-4968-bf76-ae3aa08f2530\" data-responsive-image-style=\"inline_images\" src=\"https:\/\/cms.zerohedge.com\/s3\/files\/styles\/inline_image_mobile\/public\/inline-images\/Picture5-3.png?itok=YmRmPZWh\" \/><\/a><\/em><a data-image-external-href=\"\" data-image-href=\"\/s3\/files\/inline-images\/pro%20sec%20ch1_1.jpg?itok=eB_MTpEF\" data-link-option=\"0\" href=\"https:\/\/cms.zerohedge.com\/s3\/files\/inline-images\/pro%20sec%20ch1_1.jpg?itok=eB_MTpEF\"><img decoding=\"async\" data-entity-type=\"file\" data-entity-uuid=\"de00fa83-12a8-4917-bb97-4754e32686f0\" data-responsive-image-style=\"inline_images\" height=\"168\" width=\"500\" class=\"inline-images image-style-inline-images\" src=\"https:\/\/assets.zerohedge.com\/s3fs-public\/styles\/inline_image_mobile\/public\/inline-images\/pro%20sec%20ch1_1.jpg?itok=eB_MTpEF\" alt=\"\" \/><\/a><\/p>\n<p>The \u201cchart\u201d attempts to convey the following information:<\/p>\n<ul>\n<li>The sectors that we view as playing a crucial role in ProSec. For many people, their <strong>first thoughts on Production for Security is Military and Defense spending and production<\/strong>. That is only <strong>a small part of ProSec<\/strong> (at least in the U.S. which has invested heavily in this space for decades; whereas it might be a bigger part of ProSec for countries that have neglected spending to protect themselves on the military front).<\/li>\n<li>The width of the columns was meant to give an indication of the importance (the wider the column, the more there is to be done in that sector). <strong>I\u2019d probably give SPACE its own column now<\/strong>.<\/li>\n<li>The colors were meant to be a \u201cguesstimate\u201d of how easy or difficult it would be. I\u2019d probably reduce the amount of green in AI and Data Centers, as well as Electron Production, because I did think there would be a lot more progress on deregulation than there has been. <strong>NIMBY is strong in much of this country<\/strong>. I thought the defense spending would be easier (green), and may have underestimated entrenched politics and how long it can take the military to change direction. Drones seem like such an obvious area to focus on, and Undersecretary of War (for Personnel and Readiness) Tata had discussed the importance even before he submitted his information for the confirmation process. It seems slower to develop. I do think that Europe needs an Airbus type of consortium framework for drones to get some sort of reasonable defense capability built in a reasonably short time.<\/li>\n<\/ul>\n<p>Let\u2019s look at how we\u2019d prioritize them now.<\/p>\n<h3>The ProSec Equivalents of Air<\/h3>\n<p>Humans cannot go more than a few minutes without air.\u00a0We cannot exist without air. It is just that plain and simple.<\/p>\n<p>What is the equivalent of air to a nation?<\/p>\n<ul>\n<li><strong>Electricity.<\/strong> Not too long ago Spain suffered a major disruption in its ability to get electricity to its people. Industry (and the economy) ground to a halt. People died. Lack of electricity is hampering rescue efforts in Venezuela. <strong>The ability to generate electricity and get it to where it is needed should be one of the most important priorities for a country!<\/strong> We were trying to \u201csolve\u201d for many things with \u201csustainable energy\u201d and I fully expect over time, we will get there on sustainable energy, but <strong>first and foremost we must prioritize our ability to generate plentiful amounts of electricity and ensure that it can get to where it is needed.<\/strong> This is a hill I\u2019m prepared to die on. We need all forms of electricity and a plan to build out a backbone with supplemental capacity, that can, over time, include a different mix than today, but we (and every nation) needs to focus on this (possibly with a single-minded determination that I don\u2019t think we\u2019ve seen, even in the U.S.).<\/li>\n<li><strong>Semiconductors.<\/strong> Every time I think that maybe chips aren\u2019t the equivalent of \u201cair\u201d to a nation, at least a developed nation, I find it difficult to move it lower in prioritization. I had picked Intel in my start of the year favorites, but <strong>I regret not being even more vocally bullish on companies with strong U.S. roots in the industry.<\/strong><\/li>\n<li><strong>Fresh Water.<\/strong> Maybe living in the United States and Canada has made me \u201ccomplacent\u201d on water. I didn\u2019t really include it as a critical industry or part of our <strong>U.S. ProSec<\/strong> theme, largely because it is so abundant. We have been arguing <strong>that areas with access to fresh water are increasingly attractive to industry<\/strong>, but that was more a function of ProSec than part of ProSec. We will be thinking of how to correct this mistake, especially for nations where access to fresh water is far from a given and needs to be part of their version of ProSec.<\/li>\n<\/ul>\n<p><strong>We will discuss the allocations between:<\/strong><\/p>\n<ul>\n<li>Domestic production.<\/li>\n<li>Working with close allies and neighbors.<\/li>\n<li>Using the \u201copen\u201d market and global trade.<\/li>\n<\/ul>\n<p>Those allocations will differ by country (maybe even by region). They will differ based on their trust of their neighbors and allies, as well as what the neighbors and allies can produce.<\/p>\n<p>In conversations, the 80\/20 rule has been discussed. That makes sense to a large degree. Achieve 80% of what you can, for 20% of the cost. Having said that, I would be willing to pay more to do more domestically with respect to sectors that are the equivalent of air to a nation.<\/p>\n<h3>The ProSec Equivalents of Hypothermia<\/h3>\n<p>General Spider Marks is a wealth of knowledge. He pointed out that humans in cold water die within 3 hours. He is correct, and it would fill a gap in my narrative, but it just doesn\u2019t resonate with how I think about humans \u2013 sorry Spider.<\/p>\n<h3>The ProSec Equivalents of Water<\/h3>\n<p>Humans cannot last more than about 3 days without water.<\/p>\n<p>What are the ProSec sectors that are the equivalent of water? Yeah, I get that I put fresh water in the air category, but work with me.<\/p>\n<ul>\n<li><strong>Some processed and refined rare earths and critical minerals.<\/strong> First, for almost all rare earths, critical minerals, and commodities, I would <strong>prioritize the smelting, processing, and refining over the extraction<\/strong>. Sourcing the underlying elements is important, but the current\/real bottleneck is the processing, refining, and smelting! The <a href=\"https:\/\/www.doi.gov\/pressreleases\/department-interior-releases-draft-2025-list-critical-minerals\">U.S. Department of the Interior<\/a> is one source that can help prioritize which subsectors will be treated as the highest priorities. It is clear that <strong>the U.S. has taken the time to prioritize certain things and is executing a plan around those priorities.<\/strong><\/li>\n<li><strong>Defense.<\/strong> Other countries probably need to do this. For the U.S. I would prioritize <strong>drones<\/strong> (surface, air, underwater, etc.) as well as <strong>SPACE<\/strong>. Where are we at risk of being deficient? It seems incredibly difficult to argue that after years of Russia\/Ukraine and a couple months of Iran\/U.S. that we don\u2019t need to close the gap in asymmetric warfare. We still need the exquisite platforms, but we cannot be expending difficult to make, time consuming to make, and expensive to make weapons systems to defend against cheap drones. In space, the U.S. is the world leader, but we may not have spent enough time and energy on \u201cprotecting\u201d space, from potential bad actors. For the U.S., for the vast majority of areas, I\u2019d put defense into the next category, but right now, <strong>it is difficult to argue that drones and space aren\u2019t the equivalent of water when we look to the nation\u2019s ability to be secure and prosperous.<\/strong><\/li>\n<li><strong>Some portion of biotech and pharma.<\/strong> Similar to the rare earths sector, not everything within the biotech and pharma sectors should be given the same priority that humans give to having access to fresh water, but some should be. This industry is incredibly complex, and I\u2019m not yet sure of how I would even think about prioritizing this. I suspect that the current administration has some of the same issues. Tiering rare earths and critical minerals seems relatively simple compared to tiering things in this sector (not that it is less important to do so, it is just a lot more difficult). Should we be more worried about the highest end of tech? Or should we be more worried that the precursors and base drugs come primarily from China and India? <strong>Or both?<\/strong><\/li>\n<li><strong>A smattering of some heavy industry, commodities, and maybe even ship building.<\/strong> On the ship building side, drones and subs would be a priority. Surface and underwater drones will play a key role in warfare going forward. <strong>Submarines<\/strong>, according to most of Academy\u2019s GIG members, is one area where we are still massively ahead of any other nation. Let\u2019s maximize that advantage.<\/li>\n<\/ul>\n<h3>The ProSec Equivalents of Food<\/h3>\n<p>Apparently, humans can go 3 weeks without food. 3 weeks without food seems ridiculous, but I\u2019m told it is true.\u00a0So, if you are part of ProSec but not given the priority of air or water, you are part of the \u201cfood\u201d category.<\/p>\n<p><strong>I did not include food as a sector<\/strong>, which might be fair in the U.S. with the amazing agricultural bounty we have, but it would be a sector for many other countries.<\/p>\n<p>Just because the \u201cfood equivalent\u201d is the \u201cthird\u201d category of ProSec doesn\u2019t mean these sectors shouldn\u2019t be given a much higher priority than they have been. The rest of biotech, pharma, rare earths, commodities, ship building, heavy industry, and defense all need attention and prioritization.<\/p>\n<p>We all spend time making sure that we can put food on the table for our families. Prayers include \u201cour daily bread.\u201d We celebrate as a nation \u2013 Thanksgiving \u2013 of which an element of the thanks is directed toward food.<\/p>\n<p>Investment, prioritization, etc. will be done for these sectors (and subsectors too), but there is probably more time before it is urgent to be overweight these areas in your portfolio (for asset managers) or in your supply chain (for corporations).<\/p>\n<h3>The Founding Fathers Would Likely Be In Favor of ProSec<\/h3>\n<p>While I don\u2019t want to appropriate the 4<sup>th<\/sup> of July, it does seem like ProSec is about as American as things can get in the economy.\u00a0I do argue that ProSec is doing a couple of major things:<\/p>\n<ul>\n<li>Revitalizing areas and geographic regions that may not have been engines of growth for the past few decades. Areas that are ideal for manufacturing, that struggled while the U.S. was busy de-industrializing? Could we see the return of the \u201c<strong>Company Town<\/strong>\u201d? Think about the access to logistics for some of the \u201ccompany towns.\u201d Highways were built around their production. Many are situated on useful waterways. Certainly, access to fresh water helped situate many of these \u201ccompany towns.\u201d There are the bones of real prosperity there \u2013 historic, often magnificent buildings. Affordability may also be addressed by this revitalization. There may well be new \u201ccompany towns\u201d formed. I think the potential benefits for affordability and to geographically spreading wealth cannot be overestimated. Think about pride in communities, which already abounds in the U.S., growing! I\u2019m excited about this front and think <strong>commercial real estate needs to be thinking about what areas will benefit from ProSec<\/strong>.<\/li>\n<li><strong>A Resurgence of the Middle Class<\/strong>. I\u2019ve always thought that the \u201cmiddle class\u201d was more of a vibe than an \u201cincome level.\u201d Going home for the weekend and knowing will you have a job Monday morning, and that job is important to the fabric (and survival\/sustainability) of a nation is very different than wondering if the owners found someone, somewhere in the world, who will deliver something 20% cheaper than you can. Pride in jobs and knowing that whatever you are doing (maybe even writing weekend financial missives) is part of something bigger.<\/li>\n<\/ul>\n<p>Since I\u2019m sounding a bit like I\u2019ve got the rose-colored glasses on, I will say one thing that can be construed as negative, because it probably is.<\/p>\n<p>When I think about humans\u2019 ability to live without air, water, or food, versus our ability to adapt to a 1 degree temperature change over the course of a decade, you can guess what I\u2019d prioritize. I am all for having bigger plans for a \u201cbetter\u201d future, but that \u201cbetter\u201d future should make sure we are taken care of with respect to things we cannot live long without.<\/p>\n<p>I hope everyone is enjoying their long weekend and I hope that not only does this report resonate with you on the business front, but that I can also convey why I\u2019m so excited about this concept on a much bigger level than what we do in our day jobs!<\/p>\n<\/div>\n<p>      <span class=\"field field--name-uid field--type-entity-reference field--label-hidden\"><a title=\"View user profile.\" href=\"https:\/\/cms.zerohedge.com\/users\/tyler-durden\" lang=\"\" class=\"username\" xml:lang=\"\">Tyler Durden<\/a><\/span><br \/>\n<span class=\"field field--name-created field--type-created field--label-hidden\">Sun, 07\/05\/2026 &#8211; 12:50<\/span><img decoding=\"async\" src=\"https:\/\/assets.zerohedge.com\/s3fs-public\/styles\/inline_image_mobile\/public\/inline-images\/part%20rate_3.jpg?itok=EloKbN3p\" title=\"Vertically Integrated Nations, Production For Security, And Rate Cuts\" \/><\/p>","protected":false},"excerpt":{"rendered":"<p>Vertically Integrated Nations, Production For Security, And Rate Cuts Submitted by Peter Tchir of Academy Securities Let\u2019s start with the important stuff: Hope you are having a great 4th of July 250th Anniversary Weekend. Yields gained back some ground after the relatively weak jobs report (headline plus revisions was negative, the private sector underwhelmed, and&hellip; <a class=\"more-link\" href=\"https:\/\/buglecall.org\/?p=630432\">Continue reading <span class=\"screen-reader-text\">Vertically Integrated Nations, Production For Security, And Rate Cuts<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":630415,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":[],"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[20,23],"tags":[],"class_list":["post-630432","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economic-empowerment","category-national-security","entry"],"_links":{"self":[{"href":"https:\/\/buglecall.org\/index.php?rest_route=\/wp\/v2\/posts\/630432","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buglecall.org\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buglecall.org\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buglecall.org\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buglecall.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=630432"}],"version-history":[{"count":0,"href":"https:\/\/buglecall.org\/index.php?rest_route=\/wp\/v2\/posts\/630432\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buglecall.org\/index.php?rest_route=\/wp\/v2\/media\/630415"}],"wp:attachment":[{"href":"https:\/\/buglecall.org\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=630432"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buglecall.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=630432"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buglecall.org\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=630432"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}