The Death of Money
Page 44
Toyota, 82
Trading with the Enemy Act of 1917, 295
Treasury, U.S.
bond issuance in Swiss francs (Carter bonds), in 1970s, 1, 253
China’s U.S. Treasury holdings, 51
debt issued by, 171
Federal Reserve’s purchases of debt issued by, 172
financial war, views on, 60–62
sustainability of debt burden of, 171–72
Treaty of Amsterdam, 117
Treaty of Rome, 117
Triffin, Robert, 209
Triffin’s dilemma, 209
Troika (IMF, ECB, EU), 128, 133
trust, idea of, 166–67
trust products, 102
Turkey, 136
U.S.-Iran financial war and, 55, 56, 57
Tyson Foods, 255
Ukraine, 136
unallocated gold transactions, 275
uncertainty, 85–86, 268
regime, 84–87, 125–26
unemployment
in Eurozone, 125
Federal Reserve’s targeting of, 186–87
in U.S., 77, 80, 245
Unit 61398 (China), 53
United Airlines, 20, 21, 24, 25, 27–28
United Arab Emirates, 56, 152, 154
United Kingdom, 157–62
Brown’s gold sales, 274
debt-to-GDP ratio of, 159
Federal Reserve’s easy-money policy and, 157–59
gold-to-GDP ratio of, 157, 281
quantitative easing in, 160
United Nations, 213
United States. See also dollar, U.S.
asset bubbles in, 75–78
China’s gold accumulation and, 283–84
continuity of government operations, 63
debt of, 171–73
debt-to-GDP ratio of, 159, 173, 259
deflation and, 9–11, 76–78
dollar devaluations in, 1, 10–11
financial warfare and, 53–58
GDP of, 96, 244
gold as percentage of reserves of, 279
gold-to-GDP ratio of, 157, 280–81
government program dependency in, 246
IMF loan commitment of, 202–6
inflation in, 1, 2, 3, 7–8, 75, 76, 77
investment in European Union (EU), 127
student loan bubble in, 247–49
unemployment in, 77, 80, 245
unit labor costs, 124, 131, 134
Unrestricted Warfare (Qiao and Wang), 44–45
unrestricted warfare doctrine, 44–45
“Use of Knowledge in Society” (Hayek), 70–71
Uzbekistan, 151
value, meaning of, 166
value-at-risk models, 4, 267
Venezuela, 40, 231
Vikings, 115
Villiger, Kaspar, 233
Viñals, José, 198
virtual targets, in financial war, 46
Volcker, Paul, 2, 118, 176–77, 190, 197, 210, 211, 252–53, 256, 291
Volcker Rule, 252–53
Vujcic, Boris, 136
Walker, Marcus, 131–32
Wall Street (film), 24
Wall Street Journal, The, 39, 105, 106, 126–27, 131, 133
Wang, Xiangsui (Unrestricted Warfare), 44–45
war
financial (See financial war)
information warfare, 44
revolution in military affairs (RMA), 43–44
unrestricted warfare doctrine, 44–45
war games, 58–59
Warlord Period, 91
warning signs of economic collapse, 295–98
China’s gold accumulation as, 296
Chinese collapse as, 297–98
end of QE and Abenomics as, 297
gold market, disorderly price movements in, 295–96
IMF governance reforms as, 296
regulatory reforms, failure of, 296
system crashes as, 296–97
Warring States period, 90
Warsh, Kevin, 273
Wars of Louix XIV, 115
Wars of Religion, 115
Washington Consensus, 118–20
Washington Post, The, 126, 206
wealth effect, 72–75
direction of, 74
size and timing of, 73–74
substitution effects, 73
wealth management products (WMPs), 102–3
Wen Jiabao, 151
“What Washington Means by Policy Reform” (Williamson), 119
Williamson, John, 119, 120
Wirtschaftswunder, 127
Woodford, Michael, 185–86
World War I, 115
World War II, 115
Wriston, Walter, 190
Yellen, Janet, 67, 88, 251, 262
yen, 157, 161
yuan, 212
Yuan Dynasty, 90
zero-interest-rate policy
of Bank of England (BOE), 160
of Federal Reserve, 72, 73, 79–81, 185, 186, 260
Zhou Dynasty, 90
Zhu, Min, 190–95, 197–98, 213, 283–84
Zhu Changhong, 227
Zia-ul-Haq, Muhammad, 30