Currency Wars_ The Making of the Next Global Crisis - James Rickards [136]
There is simply no way to live with your spouse and write a book without the spouse becoming a huge part of the writing. You discuss it, debate it, argue about it, live it and breathe it. Thank you, Ann, for a thousand little things and the one big thing of helping me to be a better writer. All my love.
Jon Faust of the Johns Hopkins Center for Financial Economics and Sebastian Mallaby of the Council on Foreign Relations were both generous with their time in reading the manuscript and offering expert comments. Of course, the views expressed in this book are mine and not necessarily theirs. Thank you both.
This time I really did save the best for last. Enormous thanks and highest professional respect are owed to Will Rickards, pride of the University of Colorado and Taft School, for serving as my research assistant and editorial assistant. Any clarity and coherence in this book emerged under his watchful and demanding eye. Any errors that remain are mine alone.
NOTES
Chapter 1
3 “The current international currency system is the . . .” “Q&A with Hu Jintao,” Wall Street Journal, January 18, 2011, http://online.wsj.com/article/SB10001424052748703551604576085514147521334.html.
3 The Applied Physics Laboratory, located on four hundred acres . . . Information on the history and activities of the Applied Physics Laboratory is from the center’s website, www.jhuapl.edu.
4 It was for this purpose, the conduct of a war game sponsored by the Pentagon . . . Details about the financial war game sponsored by the Office of the Secretary of Defense and hosted by the Warfare Analysis Laboratory of the Applied Physics Laboratory are from the author’s recollection and contemporaneous notes and from voluminous materials provided by the Applied Physics Laboratory, including agendas, seating charts, invitational e-mails and game materials: “Economic and Finance Game Player Book,” “Economic & Finance Game Mechanics,” “Economic & Finance Game Overview,” “Administrative Instructions—Global Economic Seminar 7–8 October 2008,” “Administrative Instructions—Global Economic & Finance Game Design Planning Seminar 18–19 November 2008,” “Economic and Financial Game Baseline Scenario—March 17, 2009,” “Global Economic Impacts on the DoD Final Report 31 March, 2010,” and “Global Economic Study: Appendix D: Economic Game 17–18 March 2009.”
Chapter 3
37 “We’re in the midst of an international . . .” Jonathan Wheatly, “Brazil in ‘Currency War’ Alert,” Financial Times, September 27, 2010.
37 “I don’t like the expression . . .” Interview with Dominique Strauss-Kahn by Stern magazine, November 18, 2010, www.imf.org/external/np/vc/2010/111810.htm.
44 The classical gold standard was not devised at an international conference . . . This extended discussion of the classical gold standard draws upon Giulio M. Gallarotti, The Anatomy of an International Monetary Regime: The Classical Gold Standard, 1880–1914, New York: Oxford University Press, 1995.
45 “Among that group of nations that eventually gravitated to gold standards . . .” Gallarotti, op. cit.
45 This highly positive assessment by Gallarotti . . . Michael David Bordo, “The Classical Gold Standard: Some Lessons for Today,” Federal Reserve Bank of St. Louis, May 1981.
48 This panic began amid a failed attempt by several New York banks . . . This account of the Panic of 1907 draws upon Robert F. Bruner and Sean D. Carr, The Panic of 1907: Lessons Learned from the Market’s Perfect Storm, Hoboken: Wiley, 2007.
50 Now, literally in the rubble of the 1906 San Francisco earthquake . . . This account of the creation of the Federal Reserve System draws upon Murray N. Rothbard, The Case Against the Fed, Auburn, Alabama: Ludwig von Mises Institute, 1994.
53 However, a successful