The Death of Money (51 page)

as money,
207

new global gold-backed SDR, structuring of,
237
–42

as potential future reserve currency,
211
–14,
292
–93

valuation of,
210
,
236

specialist firms,
18

spillover effects, of national policy,
193
,
194
,
198

Stamm, Luzi,
232

State Administration for Foreign Exchange (SAFE),
126
–27

state-owned enterprises (SOEs),
97
–98,
107

state theory of money (chartalism),
168
–69

Stein, Jeremy,
188
,
189
,
249
–50,
251

Stewart, Martha,
25

Stewart, Rod,
52

sticky wage theory,
130
–31,
134

Stiglitz, Joseph,
117
–18

stimulus plan, Obama’s,
174

stochastic models,
269

stock bubbles,
75

stock market crash, risk of,
250

Strauss-Kahn, Dominique,
191
,
204

structural downturns,
197
–98

student loan bubble,
247
–49

subsidiarity principle,
113
–14,
118

Sui Dynasty,
90
,
91

Summers, Larry,
195
,
196

suspicious trading, spotting,
32

sustainable debt,
171
–72,
176
–80

swaps

asset, in derivatives strategies,
80
–81

central bank arrangements,
273

collateral,
188

gold,
275

SWIFT,
39

U.S.-Iran financial war and,
54
,
56

Swiss Army,
59

Swiss Finance Institute,
23

Switzerland,
202
,
232
–33

Syria,
57

Syrian Electronic Army,
59

system crashes,
296
–97

systemic risk,
11
–12,
81
,
188
,
249
–50,
251
,
259
,
270

Taiping Rebellion,
91

Tajikistan,
151

Tang Dynasty,
90

TAO (Office of Tailored Access Operations),
53
–54

Tao Te Ching
(Lao Tzu),
90

tapering,
249
–50

TARP bailout,
62

Tauss, Randy,
28
–29,
35
,
37
,
38
,
39

Tavakoli, Janet,
2

taxes

corporate rates,
122

deflation, impact of,
9
,
259
–60

Taylor, John B.,
176

Taylor Rule,
176
–77

Tea Party conservatives,
172
–73,
205

technology, and economic growth,
95
–96

Tenet, George,
28
,
37

terrorist insider trading

MARKINT and,
35
–39

9/11 attacks and,
17
–28

Project Prophesy and,
28
–34

Thailand,
261

Theory of Moral Sentiments, The
(Smith),
70

“Theory of Optimum Currency Areas, A” (Mundell),
125

Thirty Years War,
115

threats to U.S. dollar,
5
–13

Tiananmen Square demonstrations,
92

Too Big to Fail
(film),
3

Toyota,
82

Trading with the Enemy Act of 1917,
295

Treasury, U.S.

bond issuance in Swiss francs (Carter bonds), in 1970s,
1
,
253

China’s U.S. Treasury holdings,
51

debt issued by,
171

Federal Reserve’s purchases of debt issued by,
172

financial war, views on,
60
–62

sustainability of debt burden of,
171
–72

Treaty of Amsterdam,
117

Treaty of Rome,
117

Triffin, Robert,
209

Triffin’s dilemma,
209

Troika (IMF, ECB, EU),
128
,
133

trust, idea of,
166
–67

trust products,
102

Turkey,
136

U.S.-Iran financial war and,
55
,
56
,
57

Tyson Foods,
255

Ukraine,
136

unallocated gold transactions,
275

uncertainty,
85
–86,
268

regime,
84
–87,
125
–26

unemployment

in Eurozone,
125

Federal Reserve’s targeting of,
186
–87

in U.S.,
77
,
80
,
245

Unit 61398 (China),
53

United Airlines,
20
,
21
,
24
,
25
,
27
–28

United Arab Emirates,
56
,
152
,
154

United Kingdom,
157
–62

Brown’s gold sales,
274

debt-to-GDP ratio of,
159

Federal Reserve’s easy-money policy and,
157
–59

gold-to-GDP ratio of,
157
,
281

quantitative easing in,
160

United Nations,
213

United States.
See also
dollar, U.S.

asset bubbles in,
75
–78

China’s gold accumulation and,
283
–84

continuity of government operations,
63

debt of,
171
–73

debt-to-GDP ratio of,
159
,
173
,
259

deflation and,
9
–11,
76
–78

dollar devaluations in,
1
,
10
–11

financial warfare and,
53
–58

GDP of,
96
,
244

gold as percentage of reserves of,
279

gold-to-GDP ratio of,
157
,
280
–81

government program dependency in,
246

IMF loan commitment of,
202
–6

inflation in,
1
,
2
,
3
,
7
–8,
75
,
76
,
77

investment in European Union (EU),
127

student loan bubble in,
247
–49

unemployment in,
77
,
80
,
245

unit labor costs,
124
,
131
,
134

Unrestricted Warfare
(Qiao and Wang),
44
–45

unrestricted warfare doctrine,
44
–45

“Use of Knowledge in Society” (Hayek),
70
–71

Uzbekistan,
151

value, meaning of,
166

value-at-risk models,
4
,
267

Venezuela,
40
,
231

Vikings,
115

Villiger, Kaspar,
233

Viñals, José,
198

virtual targets, in financial war,
46

Volcker, Paul,
2
,
118
,
176
–77,
190
,
197
,
210
,
211
,
252
–53,
256
,
291

Volcker Rule,
252
–53

Vujcic, Boris,
136

Walker, Marcus,
131
–32

Wall Street
(film),
24

Wall Street Journal, The,
39
,
105
,
106
,
126
–27,
131
,
133

Wang, Xiangsui
(Unrestricted Warfare),
44
–45

war

financial (See financial war)

information warfare,
44

revolution in military affairs (RMA),
43
–44

unrestricted warfare doctrine,
44
–45

war games,
58
–59

Warlord Period,
91

warning signs of economic collapse,
295
–98

China’s gold accumulation as,
296

Chinese collapse as,
297
–98

end of QE and Abenomics as,
297

gold market, disorderly price movements in,
295
–96

IMF governance reforms as,
296

regulatory reforms, failure of,
296

system crashes as,
296
–97

Warring States period,
90

Warsh, Kevin,
273

Wars of Louix XIV,
115

Wars of Religion,
115

Washington Consensus,
118
–20

Washington Post, The,
126
,
206

wealth effect,
72
–75

direction of,
74

size and timing of,
73
–74

substitution effects,
73

wealth management products (WMPs),
102
–3

Wen Jiabao,
151

“What Washington Means by Policy Reform” (Williamson),
119

Williamson, John,
119
,
120

Wirtschaftswunder,
127

Woodford, Michael,
185
–86

World War I,
115

World War II,
115

Wriston, Walter,
190

Yellen, Janet,
67
,
88
,
251
,
262

yen,
157
,
161

yuan,
212

Yuan Dynasty,
90

zero-interest-rate policy

of Bank of England (BOE),
160

of Federal Reserve,
72
,
73
,
79
–81,
185
,
186
,
260

Zhou Dynasty,
90

Zhu, Min,
190
–95,
197
–98,
213
,
283
–84

Zhu Changhong,
227

Zia-ul-Haq, Muhammad,
30