The Death of Money

by James Rickards

  Romer, Christina A. “The Debate That’s Muting the Fed’s Response.” New York Times, February 26, 2011, http://www.nytimes.com/2011/02/27/business/27view.html.

  Romer, Christina A., and Jared Bernstein. “The Job Impact of the American Recovery and Reinvestment Plan.” Council of Economic Advisers, January 9, 2009.

  Rosenberg, Matthew. “An Afghan Mystery: Why Are Large Shipments of Gold Leaving the Country?” New York Times, December 15, 2012, http://www.nytimes.com/2012/12/16/world/asia/as-gold-is-spirited-out-of-afghanistan-officials-wonder-why.html.

  Scheinkman, José A., and Michael Woodford. “Self-Organized Criticality and Economic Fluctuations.” American Economic Review 84, no. 2 (May 1994), pp. 417–21.

  Schneider, Howard. “As Chinese Capital Moves Abroad, Europe Offers an Open Door.” Washington Post, February 26, 2013, http://articles.washingtonpost.com/2013-02-26/business/37297545_1_direct-investment-chinese-investors-rhodium-group.

  ———. “In a Two-Faced Euro Zone, Financial Conditions Ease and Joblessness Rises.” Washington Post, March 1, 2013, http://articles.washingtonpost.com/2013-03-01/business/37373712_1_euro-zone-holdings-euro-zone-17-nation-currency-zone.

  Singh, Manmohan, and James Aitken. “The (Sizable) Role of Rehypothecation in the Shadow Banking System.” IMF Working Paper no. WP/10/172, July 2010, http://www.imf.org/external/pubs/ft/wp/2010/wp10172.pdf.

  Sornette, Didier. “Critical Market Crashes.” Physics Reports 378 (2003), pp. 1–98.

  ———. “Dragon-Kings, Black Swans and the Prediction of Crises.” International Journal of Terraspace Science and Engineering (December 2009), http://arxiv.org/pdf/0907.4290.pdf.

  Sornette, Didier, and Ryan Woodard. “Financial Bubbles, Real Estate Bubbles, Derivative Bubbles, and the Financial and Economic Crisis.” Proceedings of Applications of Physics and Financial Analysis Conference Series, May 2, 2009, http://arxiv.org/pdf/0905.0220.pdf.

  Stein, Jeremy C. “Overheating in Credit Markets: Origins, Measurement, and Policy Responses.” Federal Reserve Bank of St. Louis Research Symposium, February 7, 2013, http://www.federalreserve.gov/newsevents/speech/stein20130207a.htm.

  Stevis, Matina. “Euro Zone Closes in on Bank Plans.” Wall Street Journal, June 13, 2013, online.wsj.com/article/SB10001424127887323734304578542941134353614.html.

  Stewart, James B. “The Birthday Party.” New Yorker, February 11, 2008, http://www.newyorker.com/reporting/2008/02/11/080211fa_fact_stewart.

  Subbotin, Alexander. “A Multi-Horizon Scale for Volatility.” Centre d’Economie de la Sorbonne, working paper, March 3, 2008.

  Swensson, Lars E. O. “The Zero Bound in an Open Economy: A Foolproof Way of Escaping from a Liquidity Trap.” National Bureau of Economic Research, Working Paper no. 7957, October 2000, http://www.nber.org/papers/w7957.

  ———. “Escaping from a Liquidity Trap and Deflation: The Foolproof Way and Others.” National Bureau of Economic Research, Working Paper no. 10195, December 2003, http://www.nber.org/papers/w10195.

  Taylor, Jason E., and Richard K. Vedder. “Stimulus by Spending Cuts: Lessons from 1946.” Cato Institute, Cato Policy Report, May–June 2010, http://www.cato.org/policy-report/mayjune-2010/stimulus-spending-cuts-lessons-1946.

  Taylor, John B. “Discretion Versus Policy Rules in Practice.” (1993), pp. 195–214, http://www.stanford.edu/~johntayl/Papers/Discretion.PDF.

  ———. “Evaluating the TARP.” Testimony for the Committee on Banking, Housing and Urban Affairs, U.S. Senate, March 17, 2011, http://www.stanford.edu/~johntayl/Taylor%20TARP%20Testimony.pdf.

  Tiwari, Dheeraj, and Rajeev Jayaswal. “India, Iran Mull over Gold-for-Oil for Now.” Financial Times, January 8, 2011, http://articles.economictimes.indiatimes.com/2011-01-08/news/28433295_1_bilateral-issue-oil-india-imports.

  Tsirel, Sergey V., et al. “Log-Periodic Oscillation Analysis and Possible Burst of the ‘Gold Bubble’ in April–June 2011,” http://arxiv.org/pdf/1012.4118.pdf.

  Ummelas, Ott. “Why Estonia Loves the Euro.” Bloomberg Businessweek, February 2, 2012, http://www.businessweek.com/magazine/why-estonia-loves-the-euro-02022012.html.

  UN Conference on Trade and Development. “Reform of the International Monetary and Financial System.” Chap. 4 in Trade and Development Report, 2009. New York and Geneva: United Nations, 2009, http://unctad.org/en/docs/tdr2009_en.pdf.

  UN Department of Economic and Social Affairs. “Reforming the International Financial Architecture.” Chap. 5 in World Economic and Social Survey 2010: Retooling Global Development. New York: United Nations, 2010, http://www.un.org/esa/analysis/wess/wess2010files/wess2010.pdf.

  U.S. Congress. “Housing Wealth and Consumer Spending.” Congressional Budget Office Background Paper, January 2007, http://www.cbo.gov/publication/18279.

  U.S. Government Accountability Office. “Iran Sanctions: Impact in Furthering U.S. Objectives Is Unclear and Should Be Reviewed,” December 2007, http://www.gao.gov/new.items/d0858.pdf.

  Walker, Marcus, and Alessandra Galloni. “Embattled Economies Cling to the Euro.” Wall Street Journal, February 13, 2013, p. A1, http://online.wsj.com/news/articles/SB10001424127887324761004578284203099970438.

  Williamson, John. “What Washington Means by Policy Reform.” Peterson Institute for International Economics, April 1990, http://www.iie.com/publications/papers/paper.cfm?researchid=486.

  ———. “Is the ‘Beijing Consensus’ Now Dominant?” Asia Policy, no. 13 (January 2012), pp. 1–16.

  Wong, Wing-Keung, Howard E. Thompson, and Kweechong Teh. “Was There Abnormal Trading in the S&P 500 Index Options Prior to the September 11 Attacks?” Social Science Research Network, April 13, 2010, http://ssrn.com/abstract=1588523.

  Woodford, Michael. “Convergence in Macroeconomics: Elements of the New Synthesis.” Paper prepared for the annual meeting of the American Economics Association, New Orleans, January 4, 2008, http://www.columbia.edu/~mw2230/Convergence_AEJ.pdf.

  ———. “Simple Analytics of the Government Expenditure Multiplier.” National Bureau of Economic Research, Working Paper no. 15714, January 2010, http://www.nber.org/papers/w15714.

  ———. “Methods of Policy Accommodation at the Interest-Rate Lower Bound.” Paper presented at the Federal Reserve Bank of Kansas City Symposium, Jackson Hole, Wyo., August 31, 2012, http://www.kc.frb.org/publicat/sympos/2012/mw.pdf.

  World Economic Forum. “More Credit with Fewer Crises: Responsibly Meeting the World’s Growing Demand for Credit.” Report in Collaboration with McKinsey, January 2010, http://www3.weforum.org/docs/WEF_NR_More_credit_fewer_crises_2011.pdf.

  World Gold Council. “Gold: A Commodity like No Other,” April 2011, http://www.exchangetradedgold.com/media/ETG/file/Gold_a_commodity_like_no_other.pdf.

  World Intellectual Property Organization. WIPO IP Facts and Figures 2012. WIPO Economics and Statistics Series, http://www.wipo.int/export/sites/www/freepublications/en/statistics/943/wipo_pub_943_2012.pdf.

  “World Money: A More Equal System.” Time, January 3, 1972.

  Yellen, Janet L. “Improving the International Monetary and Financial System.” Remarks delivered at the Banque de France International Symposium, Paris, March 4, 2011, http://www.federalreserve.gov/newsevents/speech/yellen20110304a.htm.

  BOOKS

  Acemoglu, Daron, and James A. Robinson. Why Nations Fail: The Origins of Power, Prosperity, and Poverty. New York: Crown Business, 2012.

  Admati, Anat, and Martin Hellwig. The Banker’s New Clothes. Princeton, N.J.: Princeton University Press, 2013.

  Alperovitz, Gar. America Beyond Capitalism: Reclaiming Our Wealth, Our Liberty, and Our Democracy. Hoboken, N.J.: John Wiley & Sons, 2005.

  Anderson, Benjamin M. Economics and the Public Welfare: A Financial and Economic History of the United States, 1914–1946. Indianapolis: Liberty Press, 1979.

  Authers, John.
The Fearful Rise of Markets. Upper Saddle River, N.J.: FT Press, 2010.

  Babbin, Jed, and Edward Timberlake. Showdown: Why China Wants War with the United States. Washington, D.C.: Regnery, 2006.

  Bagehot, Walter. Lombard Street: A Description of the Money Market. New York: Scribner, Armstrong, 1873.

  Bak, Per. How Nature Works: The Science of Self-Organized Criticality. New York: Copernicus, 1996.

  Balko, Radley. Rise of the Warrior Cop: The Militarization of America’s Police Forces. New York: Public Affairs, 2013.

  Barabasi, Albert-Laszlo. Linked. New York: Plume, 2003.

  Barbero, Alessandro. Charlemagne: Father of a Continent. Berkeley: University of California Press, 2004.

  Beinhocker, Eric D. Origin of Wealth: Evolution, Complexity, and the Radical Remaking of Economics. Cambridge, Mass.: Harvard University Press, 2007.

  Bell, Stephanie A., and Edward J. Nell, eds. The State, the Market, and the Euro: Metallism versus Chartalism in the Theory of Money. Northampton, Mass.: Edward Elgar, 2003.

  Bergman, Ronen. The Secret War with Iran. New York: Free Press, 2008

  Bernanke, Ben S. Essays on the Great Depression. Princeton, N.J.: Princeton University Press, 2000.

  Bernstein, Peter L. Capital Ideas: The Improbable Origins of Modern Wall Street. Hoboken, N.J.: John Wiley & Sons, 2005.

  ———. A Primer on Money, Banking and Gold. New York: John Wiley & Sons, 2008.

  Bookstaber, Richard. A Demon of Our Own Design: Markets, Hedge Funds, and the Perils of Financial Innovation. Hoboken, N.J.: John Wiley & Sons, 2007.

  Bordo, Michael David. The Classical Gold Standard: Some Lessons for Today. Federal Reserve Bank of St. Louis, May 1981.

  Brown, Cynthia Stokes. Big History: From the Big Bang to the Present. New York: New Press, 2007.

  Buchanan, Mark. Ubiquity: The Science of History . . . or Why the World Is Simpler Than We Think. New York: Crown, 2001.

  Casey, Michael J. The Unfair Trade: How Our Broken Global Financial System Destroys the Middle Class. New York: Crown Business, 2012.

  Casti, John. X-Events: The Collapse of Everything. New York: William Morrow, 2012.

  Chaisson, Eric J. Cosmic Evolution: The Rise of Complexity in Nature. Cambridge, Mass.: Harvard University Press, 2001.

  Chernow, Ron. The House of Morgan: An American Banking Dynasty and the Rise of Modern Finance. New York: Simon and Schuster, 1999.

  Christian, David. Maps of Time: An Introduction to Big History. Berkeley: University of California Press, 2004.

  Coggen, Philip. Paper Promises: Debt, Money and the New World Order. New York: Public Affairs, 2012.

  Conrad, Edward. Unintended Consequences: Why Everything You’ve Been Told About the Economy Is Wrong. New York: Portfolio/Penguin, 2012.

  Courakis, Anthony, ed. Inflation, Depression, and Economic Policy in the West. Lanham, Md.: Rowman and Littlefield, 1981.

  Dam, Kenneth W. The Rules of the Game: Reform and Evolution in the International Monetary System. Chicago: University of Chicago Press, 1982.

  Duncan, Richard. The New Depression: The Breakdown of the Paper Money Economy. Singapore: John Wiley & Sons Singapore Pte., 2012.

  Easley, David, and Jon Kleinberg. Networks, Crowds and Markets. Cambridge, U.K.: Cambridge University Press, 2010.

  Eichengreen, Barry. Golden Fetters: The Gold Standard and the Great Depression, 1919–1939. New York: Oxford University Press, 1995.

  ———. Global Imbalances and the Lessons of Bretton Woods. Cambridge, Mass.: MIT Press, 2007.

  ———. Globalizing Capital: A History of the International Monetary System, 2nd ed. Princeton, N.J.: Princeton University Press, 2008.

  ———. Exorbitant Privilege: The Rise and Fall of the Dollar and the Future of the International Monetary System. Oxford: Oxford University Press, 2011.

  Einhard. The Life of Charlemagne. Ninth century; reprint Kessinger Publishing, 2010.

  Eisen, Sara, ed. Currencies After the Crash: The Uncertain Future of the Global Paper-Based Currency System. New York: McGraw-Hill, 2013.

  Fenby, Jonathan. Tiger Head, Snake Tails: China Today, How It Got There and Where It Is Heading. New York: Overlook Press, 2012.

  Fergusson, Adam. When Money Dies: The Nightmare of Deficit Spending, Devaluation, and Hyperinflation in Weimar Germany. New York: Public Affairs, 2010.

  Financial Crisis Inquiry Commission. The Financial Crisis Inquiry Report: Final Report on the National Commission on the Causes of the Financial and Economic Crisis in the United States. New York: Public Affairs, 2011.

  Fleming, Ian. Goldfinger. New York: Avenel Books, 1988.

  Freeland, Chrystia. Plutocrats: The Rise of the New Global Super-Rich and the Fall of Everyone Else. New York: Penguin Press, 2012.

  Friedman, Milton. Studies in the Quantity Theory of Money. Chicago: University of Chicago Press, 1967.

  Friedman, Milton, and Anna Jacobson Schwartz. A Monetary History of the United States, 1867–1960. Princeton, N.J.: Princeton University Press, 1963.

  Gallarotti, Giulio M. The Anatomy of an International Monetary Regime: The Classical Gold Standard, 1880–1914. New York: Oxford University Press, 1995.

  Gleick, James. The Information. New York: Pantheon, 2011.

  Goldberg, Jonah. Liberal Fascism: The Secret History of the American Left from Mussolini to the Politics of Meaning. New York: Doubleday, 2008.

  Goodhart, C. A. E. The New York Money Market and the Finance of Trade, 1900–1913. Cambridge, Mass.: Harvard University Press, 1969.

  Graeber, David. Debt: The First 5,000 Years. Brooklyn, N.Y.: Melville House, 2011.

  Guangqian, Peng, and Yao Youzhi, eds. The Science of Military Strategy. Beijing: Military Science Publishing House, 2005.

  Guillén, Mauro F., and Emilio Ontiveros. Global Turning Points: Understanding the Challenges for Business in the 21st Century. Cambridge, U.K.: Cambridge University Press, 2012.

  Hahn, Frank. Money and Inflation. 1982; reprint Cambridge, Mass.: MIT Press, 1985.

  Hahn, Frank, and F. P. R. Brechling, eds. The Theory of Interest Rates. London: Macmillan, 1965.

  Hahn, Robert W., and Paul C. Tetlock, eds. Information Markets: A New Way of Making Decisions. Washington, D.C.: AEI Press, 2006.

  Hamilton, Alexander. Writings. New York: Literary Classics of the United States, 2001.

  Hapler, Stefan. The Beijing Consensus: How China’s Authoritarian Model Will Dominate the Twenty-First Century. New York: Basic Books, 2010.

  Hayek, Friedrich A. The Fortunes of Liberalism: Essays on Austrian Economics and the Ideal of Freedom. Edited by Peter G. Klein. Indianapolis: Liberty Fund, 1992.

  ———. Good Money. Edited by Stephen Kresge. 2 parts. Indianapolis: Liberty Fund, 1999.

  Jensen, Henrik Jeldtoft. Self-Organized Critically: Emergent Complex Behavior in Physical and Biological Systems. New York: Cambridge University Press, 1998.

  Johnson, Clark H. Gold, France, and the Great Depression, 1919–1932. New Haven, Conn.: Yale University Press, 1997.

  Kahneman, Daniel, Paul Slovic, and Amos Tversky, eds. Judgment Under Uncertainty: Heuristics and Biases. Cambridge, U.K.: Cambridge University Press, 1982.

  Kahneman, Daniel, and Amos Tversky, eds. Choices, Values, and Frames. Cambridge, U.K.: Cambridge University Press, 2000.

  Keen, Steve. Debunking Economics: The Naked Emperor Dethroned? London: Zed Books, 2011.

  Keynes, John Maynard. The Economic Consequences of the Peace. London: Macmillan, 1920.

  ———. A Tract on Monetary Reform. 1923; reprint LaVergne, Tenn.: BN Publishing, 2008.

  ———. Treatise on Money. 2 vols. 1930; reprint London: Macmillan, 1950.

  ———. The General Theory of Employment, Interest, and Money. 1936; reprint San Diego: Harcourt,
1964.

  Kindleberger, Charles P. The World in Depression, 1929–1939. Berkeley: University of California Press, 1986.

  ———. Maniacs, Panics, and Crashes: A History of Financial Crises, rev. ed. New York: Basic Books, 1989.

  Kindleberger, Charles P., and Robert Aliber. Maniacs, Panics, and Crashes: A History of Financial Crises. Hoboken, N.J.: John Wiley & Sons, 2005.

  Knapp, Georg Friedrich. The State Theory of Money. First German edition 1924; reprint San Diego: Simon, 2003.

  Knight, Frank H. Risk, Uncertainty and Profit. 1921; reprint Washington, D.C.: Beard Books, 2002.

  Krugman, Paul. Pop Internationalism. Cambridge, Mass.: MIT Press, 1997.

  ———. The Accidental Theorist and Other Dispatches from the Dismal Science. New York: W. W. Norton, 1998.

  ———. End This Depression Now. New York: W. W. Norton, 2012.

  Kuhn, Thomas S. The Structure of Scientific Revolutions. 1962; reprint Chicago: University of Chicago Press, 1996.

  Lam, Lui. Nonlinear Physics for Beginners. Singapore: World Scientific, 1998.

  Lao-Tze. Tao Te Ching. Translated by Stephen Addis and Stanley Lombardo. Indianapolis: Hackett, 2013.

  Lebor, Adam. Tower of Basel: The Shadowy History of the Secret Bank That Runs the World. New York: Public Affairs, 2013.

  Lehrman, Lewis E. Paper Money or the True Gold Standard: A Monetary Reform Plan Without Official Reserve Currencies. Lehrman Institute, 2012.

  Lind, Michael. Land of Promise: An Economic History of the United States. New York: Harper, 2012.

  Litan, Robert E., and Benn Steill. Financial Statecraft: The Role of Financial Markets in American Foreign Policy. New Haven, Conn.: Yale University Press, 2006.

  Lowenstein, Roger. When Genius Failed: The Rise and Fall of Long-Term Capital Management. New York: Random House, 2000.

  Luman, Ronald R., ed. Unrestricted Warfare Symposium. 3 vols. Laurel, Md.: Johns Hopkins University Applied Physics Laboratory, 2007–9.

  McGregor, James. No Ancient Wisdom, No Followers. Westport, Conn.: Prospecta Press, 2012.

  Mackay, Charles. Extraordinary Popular Delusions and the Madness of Crowds. New York: Farrar, Straus and Giroux, 1932.