Federal Reserve Bank of New York, 204, 246–48
feedback functions, 142, 147, 260
“feed-the-beast” approach, 66–68, 71–72, 74
Feinstein, Dianne, 51–52
fiat currency, 167, 202, 295
FICO scores, 241–42
financial war games, 30
Fink, Larry, 238
First World War, 61, 119, 155, 192–93
fiscal stimulus, 160–61, 196. See also Keynesian economics
Fisher, Irving, 164
fixed exchange rates, 273
flash crashes, 124, 146–48
floating exchange rates, 196
Forbes, Steve, 9, 74
forced labor, 265
force multipliers, 290
Ford, Gerald R., 15, 33, 46, 64
foreign investment, 196, 216–17
Foreign Investment Risk Review Modernization Act (FIRRMA), 51–52
401(k)s, 89–90, 107–9, 122, 136–37
“four horsemen” metaphor, 18–19
France, 147, 191–94
Freddie Mac, 231, 237, 288
free-floating exchange rates, 49
Free Money (Mitchell), 166
free-trade ideology, 21, 48, 50
Friedman, Milton, 49, 164, 173, 180, 196
Frigon, Gerry, 123
FSB intelligence service, 26
Fukushima catastrophe, 290
Fullwiler, Scott, 185
G5, 196, 197
G6, 197
G20, 48, 159, 255
“Gang of Sixteen,” 206
Geithner, Tim, 201–2, 204–5, 237
General Motors, 53
Geneva, Switzerland, 112
Genoa Economic and Financial Conference, 193–94, 196–97, 199
“The Geopolitical Special Address” (Rickards), 28
George Bush Center for Intelligence, 23
Germany, 52, 53
gig economy, 238–39, 241–42
Gilbert, Dennis, 233–34
Gingrich, Newt, 80
Girard, Stephen, 61
Giustra, Frank, 40–43
global financial crisis (2007–2008), 34, 73, 142, 152, 187–88, 197, 205, 212, 236–38, 259, 273
globalism and globalization, 22, 45–52, 181, 263–64
Goebbels, Joseph, 117
gold: and banking practices, 255; bullion, 246–47, 278; confiscation of, 17, 33, 200–201, 292; and cryptocurrencies, 206–8; and diversification of investments, 154; and “everything bubble,” 135; gold-backed world money, 195; gold-exchange standard, 194, 196; “gold points,” 192–93; gold standard, 17, 22, 49, 171, 192–94, 197–99, 200–201; gold-to-paper-money ratio, 247–48; as hedge against inflation and deflation, 189, 282–83; and Helsinki Accords, 15; historical reliability of, 275; and the Malaysia Plan, 213–19; market corners, 153; and market crashes, 119; and mercantilist trade environment, 52–53; and monetary conference proposal, 205–6; and monetary theory, 168–71; and monetization of debt, 173; “money is gold,” 219–20; and nationalism/globalism dichotomy, 49; and post-crash scenarios, 292, 295; and retirement saving strategies, 108–11; as risk-free asset, 129; and social unrest, 244; and special drawing rights, 209–13; trading strategy for asset-backed securities, 219–22; as wealth preservation strategy, 17–18, 246–48
Gold Investor, 197–98
Goldman Sachs, 231, 238
Gold Reserve Act of 1934, 33
Gold Standard Act, 193
Google, 85, 134
Goolsbee, Austan, 73
Gorbachev, Mikhail, 67
Gorman, James, 251–52, 254–55
Gracchus, Gaius and Tiberius, 180
Grand Resort, 112–13
Grant, Ulysses, 153
Great Depression, 5, 12, 14, 61–62, 145, 179, 188, 212, 222, 289
The Great Leveler (Scheidel), 242, 249
Great Society, 72, 179
Greece, 52, 65, 112, 182–83, 273
greenbacks, 61
Greenspan, Alan, 2–3, 6, 70, 151, 197–99, 236
gross external financing requirement (GXFR), 274
Group of Ten (G10), 195
growth rates, 65, 77, 84–86, 244–45, 284
guaranteed basic income (GBI), 166, 175–88
Guevara, Drew, 250–53
Hamilton, Alexander, 22, 50, 53, 58
Harding, Warren G., 61
Harrison, Benjamin, 60
Harvard Law School, 91
Haspel, Gina, 252
Hastert, Dennis, 36
Hawking, Stephen, 155–56
Hayden, Mike, 24
health-care costs, 175, 178, 183, 238
Heart of Darkness (Conrad), 156
hedges and hedge funds, 126, 142, 146–47, 196, 272, 288
Helsinki Accords, 15–16, 46, 67
Hemingway, Ernest, 279–80, 281–82, 283
Henry VIII, 180
herding behavior, 106
Hickey, Joseph, 233
Hicks, John, 163
high-powered money (HPM), 166
Hippocrates, 5
Holder, Eric, 237
“The Hollow Men” (Eliot), 155
Homer, 1
Hong Kong, 272
Hoover, Herbert, 5, 61–62
Hotsuki, Keishi, 254
House of Morgan, 192–93. See also JPMorgan; J. P. Morgan & Co.; Morgan Stanley
housing markets, 138, 238, 288
“How Will the Euro End” (conference), 112
Hughes, Chris, 181
Hume, David, 55
hurricanes, 119, 291
hyperinflation, 50, 161, 248, 292
hypersynchronicity, 13, 84, 141, 153, 269–70, 281
Iksil Bruno (London Whale), 230
immigration, 9, 11
“The Impact of High and Growing Government Debt on Economic Growth” (ECB study), 159
income inequality, 18, 158, 164, 178, 234, 242–43
index investing, 127, 133, 139–40, 143, 150
India, 207–8, 273
Indonesia, 214, 218, 272–75
inflation: and alpha trap, 128–29; and context of current U.S. debt, 65, 69–70, 79; and employment rates, 177; and gold ownership, 17; and gold-peg operation, 212; and gold prices, 247; and history of U.S. debt, 64; and investing strategies for low growth periods, 85; and loss of confidence, 83; and the Malaysia Plan, 215–16; and market volatility, 284; and modern schools of economic thought, 170, 173–75; and prospects for new recession, 282–83; and PSE/GBI proposals, 187–89; and quantitative easing, 4–6; and stock/bond price correlations, 143; and unemployment, 8
insider trading, 38, 123–26, 145
insurance, 89–90, 111
intellectual property, 261, 263, 265, 285
intelligence community (IC), 26–28, 31, 33–36, 39–40, 42–43
interbank liquidity, 255
interest rates: and 2008 financial crisis, 236; and context of current U.S. debt, 78; and market volatility, 284; and prospects for new recession, 268–71; and quantitative easing, 6, 7; rate hikes, 7–8, 152, 285; rate policy normalization, 13–14; rates cuts, 12; and risk of high debt-to-GDP ratios, 163; and stock/bond price correlations, 143. See also quantitative easing and tightening
international monetary conference, 191–97, 199, 201, 203–6, 210, 213, 219, 221
International Monetary Fund (IMF): and context of current U.S. debt, 65; and cryptocurrencies, 207–9; and emerging-market debt crises, 274–75; and global monetary reset proposal, 198; influence of monetary elites, 200–205; and international monetary conferences, 193; and investing strategies for gold-backed currencies, 220; and the Malaysia Plan, 213–15, 218; and nationalism/globalism dichotomy, 45, 48; and reality of Chinese economy, 263; and risk of high debt-to-GDP ratios, 161; and SDR/GOLD peg, 209–12; and systemic risk, 257
investing strategies: and alternative assets, 246–48; and asset-backed currencies, 219–22; and behavioral manipulation, 121–22; diversification away from exchange-traded markets, 154; for low productivi
ty scenarios, 188–89; for mercantilist world, 52–53; for slow growth and recessions, 84–86
Iran, 220, 275, 282, 290
Ireland, 112, 273
irrationality, 110–11, 118, 125
Jackson, Andrew, 47, 59
Japan: and current global risks, 276; debt-to-GDP ratio, 182–83; and global wealth gap, 245; and investing strategies for gold-backed currencies, 221; “lost decade,” 85, 270; and the Malaysia Plan, 217; and monetary conferences, 191–92; and North Korea nuclear negotiations, 286; and risk of high debt-to-GDP ratios, 157–58, 162; trade negotiations with China, 266
Jarrett, Valerie, 73
Jefferson, Thomas, 15, 59
John Paul II, Pope, 16
Johnson, Lyndon, 46, 63, 69, 72, 171, 179
JPMorgan, 143, 230, 232, 238
J. P. Morgan & Co., 219
Judgment Under Uncertainty (Kahneman and Tversky), 92
Kahneman, Daniel, 87, 92–95, 113–14, 118–19
Kalecki, Michal, 164
Kaufman, Henry, 203
Kazakhstan, 41, 44
Kelleher, Colm, 252, 255, 256
Kelton, Stephanie, 11, 166–70, 172, 175, 185–86, 269–70
Kennedy, John F., 45, 63
Keynesian economics: definition of depression, 14; and global monetary reset proposal, 199; and history of U.S. debt, 62; and international monetary conferences, 195; and investing strategies for mercantilist world, 52; and liquidity trap concept, 3; and modern schools of economic thought, 163–64, 167; and risk of high debt-to-GDP ratios, 156–57; and risk of passive trading strategies, 146–47
Kim Jong Un, 286, 287
“King Dollar” policy, 196–97
Kissinger, Henry, 271
Kiss of Death, 24–25
kleptocracy, 272
Knapp, Georg Friedrich, 167
Korean War, 64, 171
Korea-United States trade deal (KORUS), 285
Kovner, Bruce, 129–33, 135, 150
Krugman, Paul, 159–62, 164
Kudlow, Larry, 9, 74, 264, 282
Labor Force Participation Rate (LFPR), 176–77, 178
Lacqua, Francine, 253
Laffer, Art, 9, 74, 282
Laffer Curve, 9, 75, 285
Lagarde, Christine, 198–99, 208
Landry, John R., 37–38, 40
Lapidus, Morris, 28
Latin America, 50, 271, 272
Lehman Brothers, 4, 231, 237, 281, 288
leverage, 6, 49–50, 148, 261, 269, 283
Levine, Matt, 148–49
Levy Economics Institute, 177
libertarian paternalism, 95, 100
Liberty Bonds, 61
Lighthizer, Robert E., 264, 266, 268
Lincoln, Abraham, 15, 59
Lipsky, John, 200–205
liquidity, 3, 7, 13, 130, 202, 255, 273
Liu Hu, 116
London Clearing House, 255
London School of Economics, 163
Long-Term Capital Management (LTCM), 129–30, 131, 151, 272–73
loss limits, 131–32
lost decades, 85, 270
Louvre conference, 146, 191–92, 197
M1 money supply, 169, 221
Maastricht Treaty, 69, 159
machine trading, 144–45
Mack, John, 238
Madison, James, 59
Madoff, Bernie, 258–62
Mahathir bin Mohamad, 214–15
Malaysia, 215–19, 272
Malpass, David, 74
The Mandibles (Shriver), 279, 292–96
Mar-a-Lago conference (proposal), 199, 205–6, 266
marginal propensity to consume (MPC), 188
Markopolos, Harry, 259–60
Mattis, James, 50
May, Theresa, 191
McCarthy, Cormack, 291
McCulley, Paul, 173
McKee, Michael, 253
McKinley, William, 60
McMaster, H. R., 50
Medicare and Medicaid, 72, 78, 183
Menendez, Robert, 36
mercantilism, 22, 52–53
Mercer, Robert, 115
Meriwether, John, 129–30
Merkel, Angela, 159
Merrill Lynch, 237, 238
Merton, Robert C., 124, 126, 129
Mexican-American War, 59–60
Mexico, 50, 271–72, 274–75, 285
middle class, 232–46
middle-income trap, 216–17, 263
Mikerin, Vadim, 45
Milgram, Stanley, 91–92
millennials, 182
minimum-wage laws, 181, 186–87
Minsky, Hyman, 167
Miscik, Jami, 252–53, 256
Mishkin, Frederick, 170
Mission Solar, 53
Mississippi Bubble, 147
Mitchell, Rodger Malcolm, 166
Mnuchin, Steve, 264, 268
modern monetary theorists (MMTs), 11, 163–67, 169–75, 184–86, 269–70
Mohammed bin Rashid Al Maktoum, 35
“Monetary Policy in the Digital Age” (IMF report), 208
monetization of debt, 11, 70, 166–67, 170–71, 173–74, 269
money supply, 4, 8, 17, 49, 84, 169, 184, 187, 193–94, 207, 221, 247–48
Monroe, James, 59
Moore, Steve, 9, 74
The Moral Economy (Bowles), 119–20
More, Thomas, 179–80
Morgan, John Pierpont, Sr., 61, 153, 219
Morgan, John Pierpont (“Jack”), Jr., 61
Morgan Stanley, 231, 236–38, 250–54, 256
Morris, Robert, 61
mortgage crisis, 6, 12, 81, 187–88, 236
Moynihan, Brian, 238
multilateral free-trade regimes, 52
multiplier effects, 73, 75, 116, 139, 156–57, 161, 186–87, 229, 290
Mundell-Fleming objection, 215–16, 228
Murray, Charles, 183
Musk, Elon, 181, 240
NASDAQ, 34, 136, 140
National Bureau of Economic Research, 90
National Counterintelligence Executive (NCIX), 27
National Geospatial-Intelligence Agency, 25
National Intelligence Council, 37
nationalism, 45–52, 47, 205
national security, 23, 33–40, 263
National Security Agency (NSA), 27, 43
natural disasters, 276–77, 289–90
natural resources, 122, 154
Navarro, Peter, 264, 266
Nazarbayev, Nursultan, 41–42
Nazi Germany, 162
negative income tax proposals, 180
neobancor, 206
Neo-Keynesians, 73–75, 159, 161, 163–65, 172
Netflix, 85, 134
Netherlands’s Tulip Mania Bubble, 147
New Deal, 179, 187
New Headquarters Building (NHB), 24
new neoclassical synthesis, 164
New York monetary conference, 196–97
New York Stock Exchange (NYSE), 119, 140, 147
Nifty Fifty stocks, 135–36
9/11 attacks, 2, 71
Nixon, Richard M., 15, 45–46, 64, 171, 180, 195, 201
Nobel Prize winners, 90, 95, 124, 129–30, 137, 159–60
“no-bid” market, 145–54
Nolan, Dave “Davos,” 129
North American Free Trade Agreement (NAFTA), 285
North Atlantic Treaty Organization (NATO), 13, 45
North Korea, 276, 286–87
nuclear weapons, 275–76, 286
Nucor, 53
Nudge (Thaler and Sunstein), 90, 91, 107–8
“nudges,” 96–99, 101–5, 107, 109–11, 116, 120–22
Obama, Barack, 45, 56, 58, 66, 72–74, 79, 91, 115, 185
Odyssey (Homer), 1–2, 7, 12
Office of Information and Regulatory Affairs (OIRA), 91
Office of the U.S. Trade Representative, 43
offshore income, 76, 240
“Of Public Credit” (Hume), 55
oil prices
, 146, 206, 220, 271
Olayan, Hutham, 253
opportunity costs, 99, 132
opt-in and opt-out elections, 100–101, 105, 107, 121
Organisation for Economic Co-operation and Development (OECD), 48
Organization for Security and Cooperation (OSCE), 41
Organization of the Petroleum Exporting Countries (OPEC), 146, 271
Original Headquarters Building (OHB), 24, 26
Our Town (film), 294–95
Panama Canal, 61
pandemics, 290
Pandit, Vikram, 238
panic of 1907, 219
Paris monetary conference, 191, 197
Parscale, Brad, 115
passive investing strategies, 13, 139, 150–52
peace dividend, 70, 74
Peninsular and Oriental Steam Navigation Company (P&O), 35–37
Pershing Square, 130
petrodollars, 206, 255, 271
Pew Research Center, 235
phase transitions, 84, 269–70, 281
Phillips Curve, 8, 106, 285
Planned Parenthood Federation, 99
Plaza Accord, 197
Plouff, David, 115
Poland, 16, 275
policy rate, 268
Polk, James Knox, 59
Ponzi schemes, 259, 261
Poor Laws, 180
portfolio channel effects, 5, 136
portfolio insurance, 146–47
post-Keynesians (PK), 163–65, 172
postpurchase rationalization, 130
postwar reconstruction, 194
Powell, Jerome “Jay,” 7, 152, 174
power curve distribution, 106, 142, 228–29, 253, 257
power-grid vulnerability, 289–90
precautionary reserves, 273
predictive analytics, 153–54, 229
printing of money, 4, 8, 83, 152, 157, 165, 174, 220
Program on Behavior Economics and Public Policy, 91
progressive taxation, 239–40
progressivism, 164, 166
Project Prophesy, 38, 252
prospect theory, 92
Public Law 93–373, 17
public service employment (PSE), 179, 185–88
Puerto Rico, 119
Putin, Vladimir, 116
Qualcomm, 51
quantitative easing and tightening, 4–7, 11–12, 136, 151, 202, 268–71, 285
Rattner, Steve, 73
The Raven of Zürich (Somary), 251
Reagan, Ronald, 9–10, 15–16, 22, 45, 66–67, 74–75, 79, 196
“The Real Effects of Debt” (BIS study), 158–59
recency bias, 94, 110
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