Search results for: currency-wars

Currency Wars

Author : James Rickards
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In 1971, President Nixon imposed national price controls and took the United States off the gold standard, an extreme measure intended to end an ongoing currency war that had destroyed faith in the U.S. dollar. Today we are engaged in a new currency war, and this time the consequences will be far worse than those that confronted Nixon. Currency wars are one of the most destructive and feared outcomes in international economics. At best, they offer the sorry spectacle of countries' stealing growth from their trading partners. At worst, they degenerate into sequential bouts of inflation, recession, retaliation, and sometimes actual violence. Left unchecked, the next currency war could lead to a crisis worse than the panic of 2008. Currency wars have happened before-twice in the last century alone-and they always end badly. Time and again, paper currencies have collapsed, assets have been frozen, gold has been confiscated, and capital controls have been imposed. And the next crash is overdue. Recent headlines about the debasement of the dollar, bailouts in Greece and Ireland, and Chinese currency manipulation are all indicators of the growing conflict. As James Rickards argues in Currency Wars, this is more than just a concern for economists and investors. The United States is facing serious threats to its national security, from clandestine gold purchases by China to the hidden agendas of sovereign wealth funds. Greater than any single threat is the very real danger of the collapse of the dollar itself. Baffling to many observers is the rank failure of economists to foresee or prevent the economic catastrophes of recent years. Not only have their theories failed to prevent calamity, they are making the currency wars worse. The U. S. Federal Reserve has engaged in the greatest gamble in the history of finance, a sustained effort to stimulate the economy by printing money on a trillion-dollar scale. Its solutions present hidden new dangers while resolving none of the current dilemmas. While the outcome of the new currency war is not yet certain, some version of the worst-case scenario is almost inevitable if U.S. and world economic leaders fail to learn from the mistakes of their predecessors. Rickards untangles the web of failed paradigms, wishful thinking, and arrogance driving current public policy and points the way toward a more informed and effective course of action.

Currency War

Author : Lawrence B. Lindsey
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Currency War is an international thriller that only Lawrence B. Lindsey – economist, adviser to presidents, and Washington insider – could tell. Is it possible to wage war without weapons? Is it possible to win a war without firing a shot? These are the questions facing Ben Coleman after he finds himself a first-hand witness to a bank run in Beijing that ends up being brutally suppressed by the Chinese military. Coleman, chairman of the U.S. Federal Reserve under President Will Turner, realizes this is a harbinger of things to come… a suspicion confirmed by Li Xue, his counterpart in the Chinese government. Li is part of a modernizing movement that is locked in confrontation with a hardline faction headed by General Deng Wenxi. Deng sees the U.S. in a weak economic position and plans to make China the global superpower by replacing the U.S. dollar with the yuan as the world's reserve currency. So begins a currency war between the United States and China – a war fought in dollars and yuan against a landscape of shifting international alliances and political infighting on both sides. Coleman's marriage is even compromised when his wife – a beautiful, retired MI-6 agent from England – is drawn back into the game of spycraft and intelligence gathering. As the bloodless war rages, readers are taken on a roller coaster ride through the inner sanctums of power in the world – from the upstairs residence of the White House to the board room of the People's Bank of China; from a high society dinner party in London to the birth of a Political Action Committee at an exclusive Virginia resort; and from the bedrooms of the elite to the forbidden fleshpots of Laos.

Currency Wars

Author : Jeffrey Yi-Lin Forrest
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This book uses systemic thinking and applies it to the study of financial crises. It systematically presents how the systemic yoyo model, its thinking logic, and its methodology can be employed as a common playground and intuition to the study of money, international finance, and economic reforms. This book establishes theoretical backings for why some of the most employed interferences of the market and empirical experiences actually work. It has become urgent for economists and policy makers to understand how international speculative capital affects the economic security of various nations. By looking at the issues of monetary movement around the world, this book shows that there are clearly visible patterns behind the flows of capital, and that there are a uniform language and logic of reasoning that can be powerfully employed in the studies of international finance As shown in this book, many of the conclusions drawn on the basis of these visible patterns, language, and logic of thinking can be practically applied to produce tangible economic benefits. Currency Wars: Offense and Defense through Systemic Thinking is divided into six parts. The first part addresses issues related to systemic modeling of economic entities and processes and explains how a few policy changes can adjust the performance of the extremely complex economy. Part II of the book investigates the problem of how instabilities lead to opportunities for currency attacks, the positive and negative effects of foreign capital, and how international capital flows can cause disturbances of various degrees on a nation’s economic security. Part III examines how a currency war is initiated, why currency conflicts and wars are inevitable, and a specific way of how currency attacks can take place. In Part IV, the book shows how one nation can potential defend itself by manipulating exchange rate of its currency, how the nation under siege can protect itself against financial attacks by using strategies based on the technique of feedback, and develops a more general approach of self-defense. Part V focuses on issues related to the cleanup of the disastrous aftermath of currency attacks through using policies and reforms. Finally the book concludes in Part VI as it analyzes specific real-life cases and addresses the ultimate problem of whether or not currency wars can be avoided all together.

Currency Wars

Author : James Rickards
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Donald Trump's top trade adviser Peter Navarro accused Germany of profiting from a 'grossly undervalued' currency. At the same time the President said countries such as Japan and China are responsible for 'global freeloading' due to their weak currencies. Today, currency wars are raging across global markets, entering an even more dangerous phase, but they are nothing new. In this 5 year anniversary edition, James Rickards, two-time New York Times bestseller and Strategic Adviser to the US intelligence community, explores how currency wars are just as problematic now as they were in 1971 when President Nixon took the dollar off the gold standard. Currency wars are one of the most destructive and feared outcomes in international economics; at best, they result in countries stealing growth from their trading partners; at worst, they degenerate into inflation, recession and actual violence. Rickards analyses the 2008 US financial crash, the debasement of the dollar, the European debt crisis, bailouts in Greece and Ireland and Chinese exchange rate manipulation, as a series of attacks and counter-attacks and ultimately as indications of growing global currency conflict. But, the author concludes, in currency wars, as in real wars, there are never any winners and without systematic reform, it could end with massive casualties on all sides. In this special five year edition, featuring analysis of the 'Age of Trump' and encounters with Ben Bernanke, Tim Geithner and General Hayden, Rickards points the way towards a more effective course of action one that could stabilise the global economy and broker peace and prosperity for all.

Currency Wars or Efficient Spillovers A General Theory of International Policy Cooperation

Author : Mr.Anton Korinek
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In an interconnected world, national economic policies regularly lead to large international spillover effects, which frequently trigger calls for international policy cooperation. However, the premise of successful cooperation is that there is a Pareto inefficiency, i.e. if there is scope to make some nations better off without hurting others. This paper presents a first welfare theorem for open economies that defines an efficient benchmark and spells out the conditions that need to be violated to generate inefficiency and scope for cooperation. These are: (i) policymakers act competitively in the international market, (ii) policymakers have sufficient external policy instruments and (iii) international markets are free of imperfections. Our theorem holds even if each economy suffers from a wide range of domestic market imperfections and targeting problems. We provide examples of current account intervention, monetary policy, fiscal policy, macroprudential policy/capital controls, and exchange rate management and show that the resulting spillovers are Pareto efficient, as long as the three conditions are satisfied. Furthermore, we develop general guidelines for how policy cooperation can improve welfare when the conditions are violated.

Currency Wars

Author : John W. Cooley
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Argues that counterfeit money is being used as a weapon of mass destruction as well as a medium for organized crime, explaining how foreign states use forgery to destabilize enemy governments and wage economic warfare, in an account that also describes the practices of counterfeiting in earlier historical periods.

Currency Wars

Author : John K. Cooley
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Mass counterfeiting is not just organized crime, it can also be aggressive economic warfare waged by states to destabilize enemy governments - and it is reaching epidemic proportions. Forgery also provides cash for states like North Korea and Iran in their pursuit of weapons - a fact publicly unremarked, even as fears grow over nuclear ambitions. John Cooley brings the true state of affairs to light in this compelling, accessible account. With a sound grounding in current events and history alike, Cooley demonstrates that the machinations of today's states echo the attempts in antiquity by Persia, Greece, Rome and China to use and defend against forgery and currency debasement. Counterfeiting remained a high crime throughout medieval and Renaissance Europe, played a key role in the American and French Revolutions, the Napoleonic era and the American Civil War and was used by the British, Germans and Soviets in two world wars.Bad money mixed with post-war dictatorships: the KGB, CIA and Stasi; the IRA; Hezbollah; the Medellin cartels and the Chinese Triads. Grand-scale forgery has corrosive implications for global economic, political and social stability. The world's quietest weapon of mass destruction, currency, is 75 per cent cotton, 25 per cent linen ...and 100 per cent fake. Reviews of previous books: An Alliance against Babylon: 'Cooley has been right so often he has few equals ...This book is typically Cooley: much needed and brilliant' - John Pilger. Unholy Wars: 'The definitive account' - The Guardian. 'This provocative book certainly will provide insight into many events in the Middle East for the general reader' - Library Journal. 'Cooley's important and timely book ...asks salient questions and draws on an impressive body of sources' - Los Angeles Times.

The Death of Money

Author : James Rickards
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The next financial collapse will resemble nothing in history. . . . Deciding upon the best course to follow will require comprehending a minefield of risks, while poised at a crossroads, pondering the death of the dollar. The U.S. dollar has been the global reserve currency since the end of World War II. If the dollar fails, the entire international monetary system will fail with it. But optimists have always said, in essence, that confidence in the dollar will never truly be shaken, no matter how high our national debt or how dysfunctional our government. In the last few years, however, the risks have become too big to ignore. While Washington is gridlocked, our biggest rivals—China, Russia, and the oil-producing nations of the Middle East—are doing everything possible to end U.S. monetary hegemony. The potential results: Financial warfare. Deflation. Hyperinflation. Market collapse. Chaos. James Rickards, the acclaimed author of Currency Wars, shows why money itself is now at risk and what we can all do to protect ourselves. He explains the power of converting unreliable investments into real wealth: gold, land, fine art, and other long-term stores of value.

Currency Wars or Efficient Spillovers A General Theory of International Policy Cooperation

Author : Mr.Anton Korinek
File Size : 78.5 MB
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In an interconnected world, national economic policies regularly lead to large international spillover effects, which frequently trigger calls for international policy cooperation. However, the premise of successful cooperation is that there is a Pareto inefficiency, i.e. if there is scope to make some nations better off without hurting others. This paper presents a first welfare theorem for open economies that defines an efficient benchmark and spells out the conditions that need to be violated to generate inefficiency and scope for cooperation. These are: (i) policymakers act competitively in the international market, (ii) policymakers have sufficient external policy instruments and (iii) international markets are free of imperfections. Our theorem holds even if each economy suffers from a wide range of domestic market imperfections and targeting problems. We provide examples of current account intervention, monetary policy, fiscal policy, macroprudential policy/capital controls, and exchange rate management and show that the resulting spillovers are Pareto efficient, as long as the three conditions are satisfied. Furthermore, we develop general guidelines for how policy cooperation can improve welfare when the conditions are violated.

The Threat of currency Wars

Author : Zsolt M. Darvas
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The "currency war", as it has become known, has three aspects: 1) the inflexible pegs of undervalued currencies; 2) recent attempts by floating exchange-rate countries to resist currency appreciation; 3) quantitative easing. Europe should primarily be concerned about the first issue, which relates to the renewed debate about the international monetary system. The attempts of floating exchange-rate countries to resist currency appreciation are generally justified while China retains a peg. Quantitative easing cannot be deemed a "beggar-thy-neighbour" policy as long as the Fed's policy is geared towards price stability. Current US inflationary expectations are at historically low levels. Central banks should come to an agreement about the definition of price stability at a time of deflationary pressures. The euro's exchange rate has not been greatly impacted by the recent currency war; the euro continues to be overvalued, but less than before. -- currency war ; quantitative easing ; currency intervention ; international monetary system

The Death of Money

Author : Edward Rickards
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The Death of MoneyCurrency Wars and the Money Bubble: How to Survive and Prosper in the Coming Economic CollapseSale price. You will save 33% with this offer. Please hurry up!Have you recently heard the term 'currency war' in conversation and weren't sure what it referred to?Are you curious as to what your government is doing at this very moment that will affect your life more dramatically than you previously thought?If so, then scroll up and grab a copy of Death of Money today! You'll find valuable information in this book that will educate you on what the currency war is and propel you to create a personalized action plan that will help you survive the impending economic crisis. You'll find invaluable information such as: What the death of money is and what the currency war is referring to Why the currency war should matter to you and how it will affect you How to survive the currency war and even thrive in it The best way to defend against job loss during the next economic downturn What you can do now to start preparing for the next economic crisis and how you can defend your assets and provide for yourself and your family And much more! Download your copy of "The Death of Money" by scrolling up and clicking "Buy Now With 1-Click" button. Tags: dollar collapse, death of money, death of dollar, how to survive in economic collapse, economic collapse, money bubble, global economic collapse, Debt Free Pantry, Disaster Preparedness, Camping Prepping, Emergency Food Storage SHTF Situation

Currency Wars

Author : Andrew K. Rose
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I investigate whether countries that use unconventional monetary policy (UMP) experience export booms. I use a popular gravity model of trade which requires neither the exogeneity of UMP, nor instrumental variables for UMP. In practice, countries that engage in UMP experience a drop in exports vis-à-vis countries that are not engaged in such policies, holding other things constant. Quantitative easing is associated with exports that are about 10% lower to countries not engaged in UMP; this amount is significantly different from zero and similar to the effect of negative nominal interest rates. Thus there is no evidence that countries have gained export markets through unconventional monetary policy; any currency wars launched have been lost.

Currency Wars with China and Japan in Western Newsmagazines

Author : DAMIEN. NG
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This book explores China's currency wars with its trading partners in four Western newsmagazines: Time, The Economist, L'Express, and Der Spiegel. Based on both quantitative and qualitative approaches, the interdisciplinary approach adopted in the research draws on two analytical frameworks from the realm of critical discourse analysis; van Leeuwen's socio-semantic inventory of social-actor representation, and van Dijk's concepts of macro-rules as the overarching approaches to understand the changing dynamics of international relations and the global economy through Western media. The sample in this study consists of 160 texts, half of which are focused on China and the other half on Japan, across a period of 12 months in 2010 (China) and in 1987 (Japan). Through the comparison of Western representation betwen China and Japan, the similarities and differences in their coverage have been revealed as even more striking, with regards to global politics and the international economy. The findings obtained from the empirical research have revealed that China was not only reported more unfavourably than Japan in terms of depth, but also across a broader range of areas spanning economics, politics, and military affairs. It has also emerged that all the four Western newsmagazines tended to centre their coverage on the United States and China in 2010, and the United States and Japan in 1987, although they did not speak in one collective voice with regard to their coverage of China and Japan.

100 of the Most Outrageous Comments about Currency Wars

Author : Emma Seeding
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In this book, we have hand-picked the most sophisticated, unanticipated, absorbing (if not at times crackpot!), original and musing book reviews of "Currency Wars: The Making of the Next Global Crisis." Don't say we didn't warn you: these reviews are known to shock with their unconventionality or intimacy. Some may be startled by their biting sincerity; others may be spellbound by their unbridled flights of fantasy. Don't buy this book if: 1. You don't have nerves of steel. 2. You expect to get pregnant in the next five minutes. 3. You've heard it all.

The Most Intimate Revelations about Currency Wars

Author : Austin Peak
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In this book, we have hand-picked the most sophisticated, unanticipated, absorbing (if not at times crackpot!), original and musing book reviews of "Currency Wars: The Making of the Next Global Crisis." Don't say we didn't warn you: these reviews are known to shock with their unconventionality or intimacy. Some may be startled by their biting sincerity; others may be spellbound by their unbridled flights of fantasy. Don't buy this book if: 1. You don't have nerves of steel. 2. You expect to get pregnant in the next five minutes. 3. You've heard it all.

Xu Qu

Author : Jérôme Sans
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In the 'Currency Wars' series, Xu Qu uses different watermarks of banknotes from across the world to create colourful abstract compositions. The resulting artwork is therefore functioning both as a cultural and financial vehicle, reflecting how the artwork often becomes a commodity. With this huge body of work, the artist suggests a monetary system that is out of control and raises questions specific to the idea of power in our contemporary world, and how far its continuous mutation can go. With stakes of a simultaneously oversized, abstract, and absurd nature, this ongoing series talks about the global economy war with currencies from around the globe and how emerging countries have reversed the value of their currency and have changed the global face of the economy. Some may disappear while others reappear with importance and force.

100 Things You Don t Wanna Know about Currency Wars

Author : Dominic Hook
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In this book, we have hand-picked the most sophisticated, unanticipated, absorbing (if not at times crackpot!), original and musing book reviews of "Currency Wars: The Making of the Next Global Crisis." Don't say we didn't warn you: these reviews are known to shock with their unconventionality or intimacy. Some may be startled by their biting sincerity; others may be spellbound by their unbridled flights of fantasy. Don't buy this book if: 1. You don't have nerves of steel. 2. You expect to get pregnant in the next five minutes. 3. You've heard it all.

The Threat of currency Wars

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Within the context of persisting international imbalances and a lingering crisis, there has been increased focus on the exchange rates between major economic areas, taking for example the heated debate between the US and China and unilateral action by numerous countries. It currently seems that a quantitative easing boom is back on the agenda globally. Inevitably, such policy actions will have effects on the global flows of capital and trade and have already attracted strong criticism from some emerging countries such as Brazil which complain about the loss of competiveness caused by the appreciation of their currency. The Monetary Experts Panel of ECON was asked help the European Parliament's ECON Committee understand the implications of the above mentioned developments. Consequently, in this compilation, the motives and policy options available to major economic actors with regard to their exchange rate and current accounts. Very importantly, the question on the impact on the euro area is raised, i.e. how the euro area can avoid remaining too passive and being the loser in these policy actions of global importance.

Currency Wars Yesterday and Today

Author : Milan Brahmbhatt
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An energetic debate on the danger of a global currency war has flared up in recent months, stoked by a renewed move to 'quantitative easing' in the United States, resurgent capital flows to developing countries and strong upward pressure on emerging market currencies. This economic premise views some of the arguments and concludes that the current United States monetary easing is a useful insurance policy against the risk of global deflation. But it is increasing pressure on developing countries to move toward greater monetary policy autonomy and exchange rate flexibility, as well as to undertake the institutional and structural policies needed to underpin such flexibility. Such reforms will take time.

Currency Wars Yesterday and Today

Author : Milan Brahmbhatt
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An energetic debate on the danger of a global currency war has flared up in recent months, stoked by a renewed move to 'quantitative easing' in the United States, resurgent capital flows to developing countries and strong upward pressure on emerging market currencies. This economic premise views some of the arguments and concludes that the current United States monetary easing is a useful insurance policy against the risk of global deflation. But it is increasing pressure on developing countries to move toward greater monetary policy autonomy and exchange rate flexibility, as well as to undertake the institutional and structural policies needed to underpin such flexibility. Such reforms will take time.