Currency Wars_ The Making of the Next Global Crisis - James Rickards [137]
54 The entire mechanism of credit and trade was frozen . . . MacMillan, op. cit.
Chapter 4
58 As inflation slowly began to take off in late 1921 . . . This account of the Weimar hyperinflation of 1921–1923 and its impact on the German people draws upon Adam Fergusson, When Money Dies: The Nightmare of Deficit Spending, Devaluation, and Hyperinflation in Weimar Germany, New York: Public Affairs, 2010.
61 At exactly the same time the Weimar hyperinflation was spiraling out of control . . . The accounts of the interwar beggar-thy-neighbor devaluations and international financial conferences intended to mitigate their effects draws upon Liaquat Ahamed, Lords of Finance: The Bankers Who Broke the World, New York: Penguin Press, 2009.
65 Separately, the United States, after cutting interest rates in 1927 . . . For accounts of U.S. monetary policy in the years prior to the Great Depression and the conclusion that Federal Reserve monetary policy was unduly restrictive, see Milton Friedman and Anna Jacobson Schwartz, A Monetary History of the United States, 1867–1960, Princeton: Princeton University Press, 1963.
68 However, Roosevelt would not be sworn in as president until March 1933 . . . For an account of the early years of the Franklin D. Roosevelt administration and his actions with respect to the banking system and gold, see Allan H. Meltzer, A History of the Federal Reserve, Volume 1: 1913–1951, Chicago: University of Chicago Press, 2003.
71 “I, Franklin D. Roosevelt . . . declare that . . .” Executive Order 6102, April 5, 1933, www.presidency.ucsb.edu/ws/index.php?pid=14611&st=&st1=#axzz1LXd02JEK.
Chapter 5
79 Gross national product rose over 5 percent in the first year of the tax cuts . . . All statistics for United States gross domestic product are from the United States Department of Commerce, Bureau of Economic Analysis, National Economic Accounts Data, www.bea.gov.
80 Inflation, measured year over year, almost doubled from an acceptable 1.9 percent in 1965 . . . All statistics for United States inflation (consumer price index) are from the United States Department of Labor, Bureau of Labor Statistics, http://data.bls.gov.
80 The British balance of payments had been deteriorating since the early 1960s . . . Richard Roberts, “Sterling and the End of Bretton Woods,” XIV International Economic History Congress, University of Helsinki, Finland, 2006.
82 He called for a return to the classical gold standard . . . “Money: De Gaulle v. the Dollar,” Time, February 12, 1965.
83 revealed in a letter from Karl Blessing, president of the Deutsche Bundesbank . . . Letter of Karl Blessing to William McChesney Martin, March 30, 1967, Lyndon Baines Johnson Library and Museum, Austin, Texas, www.lbjlibrary.org.
84 On November 29, 1968, not long after the collapse of the London Gold Pool . . . “The Monetary System: What’s Wrong and What Might Be Done,” Time, November 29, 1968.
86 Nixon wrapped his actions in the American flag . . . Richard M. Nixon, “Address to the Nation Outlining a New Economic Policy: ‘The Challenge of Peace,’” August 15, 1971, www.presidency.ucsb.edu/ws/indexphp?pid=3115#axzz1LXd02JEK.
Chapter 6
98 “The purpose . . . is not to push the dollar down . . .” Wall Street Journal, “Fed’s Yellen Defends Bond-Purchase Plan,” November 16, 2010, http://online.wsj.com/article/SB10001424052748703670004575617000774399856.html.
98 “quantitative easing also works through exchange rates . . .” Christina D. Romer, “The Debate That’s Muting the Fed’s Response,” New York Times, February 26, 2011, www.nytimes.com/2011/02/27/business/27view.html.
101 Today’s currency war is marked by claims of Chinese undervaluation . . . For a discussion on the history of exchange rate changes between the Chinese yuan and the U.S. dollar, see Xiaohe Zhang, “The