Currency Wars_ The Making of the Next Global Crisis - James Rickards [138]
103 The resulting decline . . . Statistics on United States interest rates are from the Board of Governors of the Federal Reserve System, Statistics and Historic Data, www.federalreserve.gov/econresdata/releases/statisticsdata.htm.
104 The speech, entitled “Deflation . . .” “Deflation: Making Sure ‘It’ Doesn’t Happen Here,” remarks by Ben S. Bernanke, National Economists Club, November 21, 2002, www.federalreserve.gov/boarddocs/speeches/2002/20021121/default.htm.
104 Bernanke spoke plainly about . . . Bernanke, op. cit.
106 In 2006, Senator Charles E. Schumer of New York called . . . Press release from the office of United States Senator Charles E. Schumer, February 19, 2006, http://schumer.senate.gov/new_website/record.cfm?id=259425.
108 In 1950, the United States had official gold reserves of over 20,000 metric tons . . . All statistics on official gold holdings are from World Gold Council, Investment Statistics, Changes in World Official Gold Reserves, www.gold.org.
112 A bipartisan group of U.S. senators . . . “U.S. and China Agree to Negotiate Investment Treaty,” Associated Press, June 19, 2008.
117 By 2010, European sovereign finance was a gigantic complex web composed of cross-holdings of debt . . . The discussion of European sovereign debt cross-holdings by banks is from “Europe’s Web of Debt,” New York Times, May 1, 2010, www.nytimes.com/interactive/2010/05/02/weekinreview/02marsh.html.
121 As late as 1994, Brazil maintained a peg of its currency, the real, to the U.S. dollar . . . The discussion of Brazilian currency crises and developments draws on Riordan Roett, The New Brazil, Washington, D.C .: Brookings Institute Press, 2010.
Chapter 7
127 Author David Rothkopf brought this concept to light . . . David Rothkopf, Superclass: The Global Power Elite and the World They Are Making, New York: Farrar, Straus and Giroux, 2008, 174–75.
127 “We have a convening power here that is separate from the formal authority of our institution . . .” Rothkopf, op. cit.
132 The plan was contained in the official leaders’ statement . . . “Leaders’ Statement: A Framework for Strong, Sustainable and Balanced Growth,” G20 Pittsburgh Summit, September 24–25, 2009, www.cfr.org/world/g20-leaders-final-statement-pittsburgh-summit-framework-strong-sustainable-balanced-growth/p20299.
132 “Our collective response to the crisis has . . .” “Leaders’ Statement,” op. cit.
137 “Policy makers in the emerging markets have a range of powerful . . .” “Global Imbalances: Links to Economic and Financial Stability,” speech by Chairman Ben S. Bernanke at the Banque de France Financial Stability Review Launch Event, Paris, France, February 18, 2011, www.federalreserve.gov/newsevents/speech/bernanke20110218a.htm.
139 Instead of setting firm targets . . . “Leaders’ Declaration,” G20 Seoul Summit, November 11–12, 2010, www.g20.utoronto.ca/2010/g20seoul.pdf.
Chapter 8
145 “It is a doctrine of war not to assume the enemy will not come . . .” Sun Tzu, The Art of War, Oxford: Oxford University Press, 1963.
146 “U.S. officials and outside analysts said the Pentagon, the Treasury and U.S. intelligence agencies . . .” Bill Gertz, “Financial Terrorism Suspected in 2008 Economic Crash,” Washington Times, February 28, 2011, www.washingtontimes.com/news/2011/feb/28/financial-terrorism-suspected-in-08-economic-crash/print/.
149 While these companies operated as private stock companies . . . Material on mercantilism and the history of the East India Company and the Dutch East India Company draws from Stephen R. Brown, Merchant Kings: When Companies Ruled the World, 1600–1900, New York: St. Martin’s, 2009.
160 The clearest exposition of Chinese thinking on financial warfare . . . Colonel Qiao Liang and Colonel Wang Xiangsui, Unrestricted Warfare, Panama City: Pan American Publishing, 2002.
163 In a single transaction in 2009, SAFE transferred its entire position . . .