recessions, 9, 66–67, 84–86
Reinhart, Carmen, 10, 78, 156, 158–62, 174, 187–88, 282, 285
Republican Party, 56, 64, 68–70, 72, 75–76, 79–80
Revelation, 18–19
Revolutionary War, 58, 61
Ricardo, David, 48
Riefenstahl, Leni, 117
Riksbank, Sveriges, 192
risk: aversion to, 93–94, 110, 132, 253; modeling, 254; risk-free assets, 124, 128–29; risk-free rate, 128; risk management, 143, 256–57; risk parity, 141–44, 146–47, 152; risk-taking behavior, 174; risky occupations, 90–91
The Road (McCarthy), 291
The Road to Ruin (Rickards), 18, 251, 254
Robinson, Joan, 164
Rogoff, Kenneth, 10, 78, 156–63, 174, 187–88, 282, 285, 293
“The Role of the State and the Hierarchy of Money” (Kelton), 167
Roman Republic, 180
Romer, Christina, 73
Roosevelt, Franklin D.: and Bernanke’s background, 5; and context of current U.S. debt, 69; and employment rates, 179; and global monetary reset proposal, 199; and gold confiscation, 17, 292; and history of U.S. debt, 61–63; and presidential rankings, 15; and PSE/GBI proposals, 187; and Social Security, 180
Roosevelt, Theodore, 15, 22, 45–46
Rove, Karl, 115
Rubin, Bob, 70, 272
runs on banks, 214, 281
Rushkoff, Douglas, 243–44
Russia: and acquisition of gold, 248, 282; and Cold War espionage, 26; and cryptocurrencies, 206–8; debt, 50; and emerging-market debt crises, 272–74; financial war games, 31; and investing strategies for gold-backed currencies, 220; and investing strategies for mercantilist world, 53; and the Malaysia Plan, 214; Rosatom agency, 42, 44; Russian Empire, 194; U.S. election interference, 115–16, 286
Sachs, Jeffrey, 22
Samuelson, Paul, 163
Sanders, Bernie, 82, 166, 185, 187
Sand Hill Road (Silicon Valley), 249–50
Saudi Arabia, 208, 275
savings rates, 9
scaling metrics and limits, 153, 223, 224–32, 254
Scheidel, Walter, 241–42, 249
Schumer, Chuck, 36
Schweitzer, Peter, 43
Science and the Modern World (Whitehead), 279
Scylla and Charybdis metaphor, 1–2, 7, 11–12, 14, 18
Second Bank of the United States, 59
Second World War, 60, 63, 162, 194–95, 211, 223, 289
Securities and Exchange Commission (SEC), 259–60
serial correlation, 260
Shanghai Gold Exchange (SGE), 213
Shelton, Judy, 74, 191, 199
Sheng, Andrew, 263
Shiller, Robert, 137–38
Shriver, Lionel, 279, 292–96
Silicon Valley, 249–50, 286–87
Simon, William, 271
Singapore, 217, 272, 286
Singularity University, 250
skewness, 129, 133, 135
Skidelsky, Robert, 160, 161
Slovic, Paul, 92
smart beta, 143, 144
Smith, Adam, 167
Smithsonian Agreement, 195–96
social credit scores, 116
social disorder, 161, 243
social engineering, 26, 121
social media and networks, 115, 240–41
Social Security, 62, 72, 78, 180, 183
Society in Focus (Thompson, Thompson, and Hickey), 233
soft-power globalism, 22
Solidarity, 16
Soros, George, 214, 273
South Africa, 273–75
South Asian minitigers, 272
South Korea, 214, 217, 272, 276, 285–86
South Sea Bubble, 147
sovereign debt, 65, 159, 274–75, 288
sovereign wealth funds, 39, 83, 236–37
Soviet Union, 10, 67, 194
S&P 500, 134
Spain, 52, 112
Spanish-American War, 60
S&P Case-Shiller Home Price Index, 138, 288
special drawing rights (SDRs): and cryptocurrencies, 207–9; and emerging-market debt crises, 275; and global monetary reset proposal, 201–2, 202–6; and gold standard without gold, 213, 219; and investing strategies for gold-backed currencies, 220; and the Malaysia Plan, 219; and SDR/GOLD peg, 209–13
“starve-the-beast” approach, 66, 68–69, 71–72, 74
The State Theory of Money (Knapp), 167
Stiglitz, Joseph, 160, 161
stimulus spending, 164. See also Keynesian economics
Stockman, David, 56
stock market bubbles, 2, 13, 50
stop-loss limits, 131–32
Strategic Defense Initiative (“Star Wars”), 67
Strauss-Kahn, Dominique, 203
Stress Test (Geithner), 204–5
stress tests, 231, 256
structural limits, 223–32
The Structure of Social Stratification in the United States (Beeghley), 232–33
student loan debt, 9, 79–82, 137, 238, 241–42, 282
subprime lending crisis, 81, 236
subsidies, 49, 265
Summers, Larry, 73, 164, 187, 293
The Sun Also Rises (Hemingway), 279–80
Sunstein, Cass R., 90–91, 95–103, 105, 107–8, 109–11, 113–17, 118–20
supply substitution, 44
Swiss National Bank, 149–50
Syria, 35, 276
systemic risk and collapse, 243, 257
Taft, William Howard, 61
Taiwan, 49, 217, 272
Taiwan Semiconductor Manufacturing Company, 49
Tanzania, 44
tariffs, 21–22, 46, 49–50, 52–53, 266–68, 285
taxation and tax policy: and behavioral manipulation, 99, 101, 107–11, 116, 121–22; and chartalism theory of money, 166–68; and confidence in dollars, 83–84; and congressional control of budget, 79–80; rates, 119, 170; tax cuts, 9, 10, 66, 68, 76–77, 79, 245, 282; tax deferrals, 107; and wealth inequality, 235, 239–40
Tcherneva, Pavlina R., 177–78, 185–86
technical recessions, 14, 62
technology regulation, 284, 286–87
tender laws, 167
Tenet, George, 28
Tequila crisis, 272
terminal units, 226
Texas annexation, 59–60
Thailand, 214, 272
Thaler, Richard H., 90–91, 95–103, 105, 107–11, 113–17, 118–20
Thinking, Fast and Slow (Kahneman), 87
Thompson, Mica, 233
Thompson, William, 233
Tillerson, Rex, 50
Tobey, Charles, 199
Tooze, Adam, 21
Toronto Stock Exchange, 41
trade deficits, 21, 48–49, 262, 264, 267, 282
trade negotiations, 264–68
trade surpluses, 49–50, 52–53, 268
trade wars, 9, 11, 206, 261–63, 284–85
trailing stops, 131–32
Treaty of Versailles, 155, 193
Trojan War, 7
Truman, Harry S., 14–15, 63, 66, 69, 171
Trump, Donald: and context of current U.S. debt, 74–79; and global monetary reset proposal, 197, 205; and history of U.S. debt, 58; and investing strategies for mercantilist world, 53; and nationalism/globalism dichotomy, 45–48; and PSE/GBI proposals, 185, 187; and tax cuts, 9–10; trade negotiations with China, 262, 264–66, 285–86; and U.S. budget deficits, 56; and U.S. economic slowdown scenarios, 282, 284–86; and U.S. wealth gap, 245
Tulip Mania Bubble, 147
Turkey, 13, 220, 246, 273–75, 282, 292
turnover of money, 5, 173
Tversky, Amos, 92–93, 95, 118–19
Ukraine, 274–75, 276
United Arab Emirates (UAE), 35
United Kingdom (UK), 147, 149–50, 193–95, 212
United Nations (UN), 45, 48
United Nations Monetary and Financial Conference, 194–95
United States Coast
Guard Intelligence, 35–37
University of Chicago, 49, 90–91, 124, 164
Untermeyer, Samuel, 219
Uranium One deal, 40–45
U.S. Bureau of Labor Statistics, 176
U.S. Congress: and budget deficit, 13; congressional budgetary politics, 79–82; control of budget, 79–82; and DP World scandal, 37; and history of U.S. debt, 62, 63; and investing strategies for gold-backed currencies, 219; and modern schools of economic thought, 173; and neo-Keynesian consensus, 164; and politics of legislative process, 287; and Trump tax cuts, 282; and U.S. wealth gap, 245
U.S. Constitution, 58
U.S. Department of Defense, 39
U.S. Department of Homeland Security, 43
U.S. Department of Justice, 43
U.S. Department of State, 27
U.S. Department of the Treasury: and 2008 financial crisis, 236; and congressional control of budget, 81–82; and Fed rate policies, 9; and flash crash of 2014, 148–49; gold reserves, 171, 247; and history of U.S. debt, 58; and investing strategies for low growth periods, 85; and modern schools of economic thought, 165–66; and national security issues, 35; and private gold ownership, 17; and quantitative easing, 4; and SDR/GOLD peg, 211; spending, 170; and Uranium One scandal, 40; and war financing, 61. See also U.S. Treasury securities
U.S. Senate Budget Committee, 166
U.S. Steel, 53
U.S. Treasury securities, 5, 7, 76, 128–29, 146, 166, 169, 189
utilities, 85, 189
utility theory, 92
Utopia (More), 179–80
value at risk (VaR), 106, 143–44, 256
value investing, 150
“The Value of Saving a Life” (Thaler), 90
Van Buren, Martin, 59
Vanderborght, Yannick, 180–81, 184
Van Parijs, Philippe, 180–82, 184
velocity of money, 5, 84, 173, 177, 188
Venezuela, 274–76
venture capital, 154
Vietnam War, 15, 46, 64, 171
volatility, 128, 247, 284
Volcker, Paul, 64, 67, 196
Wachter, Bob, 104
War of 1812, 59, 60, 61
War on Terror, 71, 72
Warren, Elizabeth, 187
Washington, George, 47, 64
Washington monetary conference, 195, 197, 199
wealth inequality, 163, 178, 232–46, 248
wealth management, 135, 239, 289
The Wealth of Nations (Smith), 167
West, Geoffrey, 223, 225–30
West Germany, 191–92
“What Would Happen If We Were All Passive Investors?” (Frigon), 123
White, Harry Dexter, 195, 199
Whitehead, Alfred North, 279
Wilder, Thornton, 294–95
Wilson, Woodrow, 22, 46, 61
World Bank, 203
World Government Summit, 181
World Trade Organization (WTO), 2–3, 265
World Wide Web, 290
Wray, L. Randall, 185
Wriston, Walter, 254–55, 271
Xi Jinping, 191
Yellen, Janet, 4, 7, 136, 151
Yemen, 276
Zaire (Congo), 271
zero-interest-rate policy, 4, 6, 136
Zimbabwe, 172
Zuckerburg, Mark, 115, 181–82, 240
Zurich, Switzerland, 112
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