Currency Wars by James Rickards PART 3

Posted by admin_akashic on Aug 7th, 2021 in Space

Chapter 6

98 “The purpose . . . is not to push the dollar down . . .” Wall Street Journal, “Fed’s Yellen Defends Bond-Purchase Plan,” November 16, 2010, http://online.wsj.com/article/SB1000142405274870367000457561700077439 98 “quantitative easing also works through exchange rates . . .” Christina D. Romer, “The Debate That’s Muting the Fed’s Response,” New York Times, February 26, 2011, www.nytimes.com/2011/02/27/business/27view.html.

101 Today’s currency war is marked by claims of Chinese undervaluation . . . For a discussion on the history of exchange rate changes between the Chinese yuan and the U.S. dollar, see Xiaohe Zhang, “The Economic Impact of the Chinese Yuan Revolution,” paper prepared for the 18th Annual Conference of the Association for Chinese Economic Studies, Australia, July 13, 2006.

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, 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.