Collusion_How Central Bankers Rigged the World Page 47

  198. Dhwani Mehta, “BRICS Bank to Issue First Debt Instrument in Q2 2016,” FX Street, March 28, 2016, www.fxstreet.com/news/forex-news/article.aspx?storyid=f47bbbd2-f0bc-4720-adc9-2d4c3837e109.

  199. Zhou Xiaochuan, “Statement by the Governor for China” (AB-3078, CII/AB-1449, Annual Meeting of the Board of Governors, Nassau, Bahamas, April 9, 2016), http://idbdocs.iadb.org/wsdocs/getdocument.aspx?docnum=40231373.

  200. “Refile—China to Implement Appropriate Monetary Policy, More Forceful Fiscal Policies,” Reuters, April 17, 2016, www.reuters.com/article/china-economy-zhou-idUSL3N17K04M.

  201. IMF World Economic and Financial Surveys, Regional Economic Outlook: Asia and Pacific: Building on Asia’s Strengths during Turbulent Times (Washington, DC: International Monetary Fund, April 2016), 31, Box 1.3, www.imf.org/en/Publications/REO/APAC/Issues/2017/03/06/Building-on-Asia-s-Strengths-during-Turbulent-Times.

  202. Ibid., Executive Summary, 13–14.

  203. “China Must Be ‘More Adept’ at Policy Communication, Lew Says,” Bloomberg, June 5, 2016, updated June 6, 2016, www.bloomberg.com/news/articles/2016-06-05/china-must-become-more-adept-at-policy-communication-lew-says-ip32o96x.

  204. Brexit is the term for the referendum presented to UK voters to withdraw from the EU.

  205. Zhou Xiaochuan, Michel Camdessus Central Banking Lecture, International Monetary Fund, Washington, DC, June 24, 2016, www.imf.org/external/np/seminars/eng/2016/camdessus/.

  206. Ibid.

  207. Ibid.

  208. Salam, “Zhou Xiaochuan Lagarde Dialogue Transcript Talking About Supervision of Alibaba,” East Buzz, June 25, 2016, www.eastbuzz.com/2016/06/25/zhou-xiaochuan-lagarde-dialogue-transcript-talking-about-supervision-of-alibaba/.

  209. David Lawder and Howard Schneider, “China Central Bank Chief Sees ‘Dynamic’ Monetary Policy Adjustments,” Reuters, June 24, 2016, www.reuters.com/article/us-china-economy-zhou/china-central-bank-chief-sees-dynamic-monetary-policy-adjustments-idUSKCN0ZA2WD?il=0

  210. José Viñals, Christine Lagarde, and Zhou Xiaochuan, 2016 Michel Camdessus Central Banking Lecture, International Monetary Fund, Washington, DC, June 24, 2016, www.imf.org/external/mmedia/view.aspx?vid=4984593154001.

  211. “Zhou Xiaochuan: China’s Central Bank Objective Function Will Eventually Be Simplified,” New Financial Network, July 24, 2016, https://translate.google.com.br/translate? sl=zh-CN&tl=en&js=y&prev=_t&hl=pt-BR&ie=UTF-8&u=http%3A%2F%2Ffinance.caixin.com%2F2016-06-24%2F100958543.html&edit-text=&act=url.

  212. Wang Yanfei and Xin Zhiming, “Growth Stable, Meets Expectations, Xi Says,” China Daily, July 9, 2016.

  213. Liu Xin, “Li Calls for Cross-Eurasia Cooperation at Summit, Warns on S. China Sea Issue,” Global Times Weekend, July 16–17, 2016.

  214. Peter Cobus, “Conflict and Diplomacy on the High Seas,” Voice of America, accessed September 13, 2017, https://projects.voanews.com/south-china-sea/.

  215. Martin Farrer, “Beijing Warns US to Stay Out of South China Sea Dispute,” Guardian (Manchester), September 8, 2016, www.theguardian.com/world/2016/sep/08/beijing-warns-us-to-stay-out-of-south-china-sea-dispute.

  216. Ibid.

  217. Liu Tian, “China’s First Half GDP Up 6.7%,” Global Times Weekend, July 16–17, 2016.

  218. Richard Hall, “World Growth at a Glance,” Bevblog.net, January 5, 2016, https://www.bevblog.net/?p=3545.

  219. “To Promote the Vision and Action of the Silk Road Economic Zone and the 21st Century Maritime Silk Road,” Ministry of Commerce of the People’s Republic of China, January 26, 2016, https://translate.google.com.br/translate?sl=zh-CN&tl=en&js=y&prev=_t&hl=pt-BR&ie=UTF-8&u=www.mofcom.gov.cn%2Farticle%2Fi%2Fdxfw%2Fjlyd%2F201601%2F20160101243342.shtml&edit-text=&act=url.

  220. “China’s New Silk Road: The One Belt One Road Explained,” Sydney Morning Herald, June 1, 2017, www.smh.com.au/world/chinas-new-silk-road-the-one-belt-one-road-explained-20170512-gw3ntx.html; Vision and Actions on Jointly Building Silk Road Economic Belt and 21st-Century Maritime Silk Road (Beijing: National Development and Reform Commission, Ministry of Foreign Affairs, and Ministry of Commerce of the People’s Republic of China, with State Council authorization, March 2015), http://en.ndrc.gov.cn/newsrelease/201503/t20150330_669367.html.

  221. IMF World Economic and Financial Surveys, Regional Economic Outlook: Asia and Pacific: Building on Asia’s Strengths during Turbulent Times, 17, www.imf.org/en/Publications/REO/APAC/Issues/2017/03/06/Building-on-Asia-s-Strengths-during-Turbulent-Times.

  222. Ibid., 104.

  223. Michael Pettis (author and economist), interview with author, Beijing, July 11, 2016.

  224. “Communiqué” (G20 Finance Ministers and Central Bank Governors Meeting, Chengdu, China, July 24, 2016), www.g20.utoronto.ca/2016/160724-finance.html.

  225. “G20’s Deference for China’s Economic Policies Irks Japan,” Reuters, July 25, 2016, www.reuters.com/article/us-g20-china-diplomacy-idUSKCN1051DQ.

  226. Justina Lee, “Offshore Yuan Falls Most in Two Weeks as Fed Outlook Reassessed,” Bloomberg, August 1, 2016, www.bloomberg.com/news/articles/2016-08-01/yuan-drops-most-in-two-months-against-basket-amid-growth-concern.

  227. “China’s Top Economic Researchers Call for More Monetary Easing,” Bloomberg, August 2, 2016, www.bloomberg.com/news/articles/2016-08-03/china-should-cut-interest-rates-and-rrr-ndrc-researchers-say.

  228. “In 2016 the People’s Bank of China Branch Line President of the Forum Held…,” the People’s Bank of China, August 3, 2016, www.pbc.gov.cn/goutongjiaoliu/113456/113469/3112811/index.html.

  229. “China’s Opaque Central Bank Tries Something New: Communication,” Bloomberg, August 16, 2016, www.bloomberg.com/news/articles/2016-08-16/china-s-opaque-central-bank-finds-new-policy-tool-communication.

  230. “PBOC Boosts Weekly Injections as Yuan Climbs Amid Stability Bets,” Bloomberg, September 13, 2016, www.bloomberg.com/news/articles/2016-09-14/pboc-boosts-weekly-injections-yuan-climbs-amid-stability-bets.

  231. “PBOC Appoints Bank of China as First Yuan Clearing Bank in US,” Bloomberg, September 20, 2016, www.bloomberg.com/news/articles/2016-09-21/pboc-appoints-bank-of-china-as-first-yuan-clearing-bank-in-u-s.

  232. “IMF Launches New SDR Basket Including Chinese Renminbi, Determines New Currency Amounts” (press release no. 16/440), International Monetary Fund, September 30, 2016, www.imf.org/en/News/Articles/2016/09/30/AM16-PR16440-IMF-Launches-New-SDR-Basket-Including-Chinese-Renminbi.

  233. “Chinese Renminbi Officially Included in the SDR” (press release), People’s Bank of China, October 1, 2016, www.pbc.gov.cn/english/130721/3154437/index.html.

  234. Statement by the Hon. Zhou Xiaochuan, Governor of the Fund for the People’s Republic of China (Governor’s Statement No. 30, 2016 Annual Meetings, International Monetary Fund World Bank Group, Washington, DC, October 7, 2016), www.imf.org/external/am/2016/speeches/pr30e.pdf.

  235. Jane Cai and Wendy Wu, “Don’t Blame Globalisation for World’s Ills, Xi Jinping Tells Davos,” South China Morning Post, January 17, 2017, updated January 18, 2017, www.scmp.com/news/china/economy/article/2062840/watch-xi-jinping-live-davos.

  236. Ibid.

  237. “Presidential Memorandum Regarding Withdrawal of the United States from the Trans-Pacific Partnership Negotiations and Agreement,” The White House, Office of the Press Secretary, January 23, 2017, www.whitehouse.gov/the-press-office/2017/01/23/presidential-memorandum-regarding-withdrawal-united-states-trans-pacific.

  238. “Trans-Pacific Partnership Agreement,” Australian Government, Department of Foreign Affairs and Trade, accessed September 13, 2017, http://dfat.gov.au/trade/agreements/tpp/pages/trans-pacific-partnership-agreement-tpp.aspx.

  239. Emiko Jozuka, “TPP vs RCEP? Trade Deals Explained,” CNN, January 26, 2017, http://edition.cnn.com/2017/01/24/asia/tpp-rcep-nafta-explained/index.html.

  240. Reuters, “China Raises Short-Term Interest Rates in Fresh Tightening Signal,” CNBC, February 3, 2017, www.cnbc.com/2017/02/03/china-economy-news-pboc-raises
-short-term-interest-rates-in-fresh-tightening-signal.html.

  241. Fran Wang, “China Export, Import Growth Rebounds to Multiyear Highs in January,” Caixin, February 10, 2017, www.caixinglobal.com/2017-02-10/101054049.html.

  242. Hu Shuli, “Editorial: Why China Is Shifting to a ‘Neutral’ Monetary Policy Stance,” Caixin, February 13, 2017, www.caixinglobal.com/2017-02-14/101054914.html.

  243. “Rising Anti-Globalisation Pose Challenges to Global Growth: Zhou Xiaochuan,” Economic Times, April 22, 2017, http://economictimes.indiatimes.com/articleshow/58314943.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst.

  244. Jozuka, “TPP vs RCEP? Trade Deals Explained.”

  245. “China’s Growth Target ‘Within Reach’: Central Bank Governor,” China Daily, April 22, 2017, http://europe.chinadaily.com.cn/business/2017-04/22/content_29041635.htm.

  246. Elena Holodny, “REPORT: China Tells Its Banks to Stop Doing Business with North Korea,” Business Insider, September 21, 2017, www.businessinsider.com/china-tells-banks-to-stop-business-with-north-korea-2017-9.

  247. Jane Cai, “Calls for a Freer Yuan from Inner Circle of China’s Central Bank,” South China Morning Post, September 25, 2017, www.scmp.com/news/china/economy/article/2112759/calls-freer-yuan-inner-circle-chinas-central-bank.

  248. Sophia Yan, “China’s About to Get Its First New Central Bank Head in 15 Years,” CNBC, September 21, 2017, www.cnbc.com/2017/09/21/china-to-get-first-new-central-bank-pboc-head-in-15-years.html.

  CHAPTER 4: JAPAN: CONJURED-MONEY INCUBATOR

  1. “The Bank of Japan’s Policy Measures during the Financial Crisis,” Bank of Japan, www.boj.or.jp/en/mopo/outline/cfc.htm/.

  2. Masaaki Shirakawa, “Global Players,” Thomas White International, November 2010, www.thomaswhite.com/global-perspectives/masaaki-shirakawa-governor-bank-of-japan/.

  3. Mitsuhiro Fukao, Japanese Financial Crisis and Crisis Management (Japan Center for Economic Research, September 21, 2009), www.oecd.org/eco/43762939.pdf.

  4. Mayumi Otsuma, “Masaru Hayami; His Tactics Widely Used to Stir Economy,” Bloomberg, May 19, 2009, http://archive.boston.com/bostonglobe/obituaries/articles/2009/05/19/masaru_hayami_his_tactics_widely_used_to_stir_economy/.

  5. Masaru Hayami, “Towards a Sustainable Growth Path,” Bank of Japan, February 25, 2003, www.boj.or.jp/en/announcements/press/koen_2003/ko0302a.htm/.

  6. “Federal Reserve Announces It Will Initiate a Program to Purchase the Direct Obligations of Housing-Related Government-Sponsored Enterprises and Mortgage-Backed Securities Backed by Fannie Mae, Freddie Mac, and Ginnie Mae” (press release), Board of Governors of the Federal Reserve System, November 25, 2008, www.federalreserve.gov/newsevents/press/monetary/20081125b.htm.

  7. “Structure of the Federal Reserve System,” Board of Governors of the Federal Reserve System, www.federalreserve.gov/aboutthefed/structure-federal-reserve-system.htm.

  8. David Andolfatto and Li Li, “Quantitative Easing in Japan: Past and Present,” Economic Research of the Federal Reserve Bank of St. Louis, January 10, 2014, https://research.stlouisfed.org/publications/economic-synopses/2014/01/10/quantitative-easing-in-japan-past-and-present/.

  9. Ben S. Bernanke, “Semiannual Monetary Policy Report to the Congress” (testimony before the Committee on Financial Services, US House of Representatives, Washington, DC, February 27, 2008), www.federalreserve.gov/newsevents/testimony/bernanke 20080227a.htm.

  10. “Bernanke Signals Another Rate Cut,” CBN News, February 27, 2008, www.cbn.com/cbnnews/politics/2008/february/bernanke-signals-another-rate-cut-/?mobile=false.

  11. Monetary Policy Report to the Congress (Washington, DC: Board of Governors of the Federal Reserve System, February 27, 2008), www.federalreserve.gov/monetarypolicy/files/20080227_mprfullreport.pdf.

  12. “Paulson Defends Bear Stearns Bailout,” New York Times, March 16, 2008, www.nytimes.com/2008/03/16/business/worldbusiness/16iht-paulson.4.11139473.html.

  13. Rika Otsuka, “The Dollar in Japan: Investment Risk or Opportunity?” Reuters, March 18, 2008, www.reuters.com/article/markets-forex-japan-idUST29700420080318.

  14. Kenji Hall, “Bank of Japan: Who’s at the Wheel?” Bloomberg, March 19, 2008, www.bloomberg.com/bw/stories/2008-03-18/bank-of-japan-whos-at-the-wheel-businessweek-business-news-stock-market-and-financial-advice.

  15. “Stalemate Ends as Shirakawa Is Approved,” Central Banking, April 9, 2008, www.centralbanking.com/central-banking/news/1423574/stalemate-shirakawa-approved.

  16. Sherman Hollar, “Shirakawa Masaaki: Japanese Banker and Economist,” Encyclopaedia Britannica, www.britannica.com/biography/Shirakawa-Masaaki.

  17. Ibid.

  18. Biography of Masaaki Shirakawa, Federal Reserve Bank of San Francisco, www.frbsf.org/banking/files/Masaaki_Shirakawa.pdf.

  19. Leika Kihara, “Special Report: After a Bashing, BOJ Weighs ‘Big Bang’ War on Deflation,” Reuters, November 29, 2012, www.reuters.com/article/us-japan-boj-idUSBRE8AT00420121130.

  20. Masaaki Shirakawa, “Revisiting the Philosophy behind Central Bank Policy” (speech, Economic Club of New York, New York, April 22, 2010), BIS Review 55 (2010), www.bis.org/review/r100427b.pdf.

  21. “Recent Economic and Financial Developments and the Conduct of Monetary Policy,” Bank of Japan, May 23, 2008, www.boj.or.jp/en/announcements/press/koen_2008/ko0805b.htm/.

  22. Minutes of the Monetary Policy Meeting on July 14 and 15, 2008 (Tokyo: Bank of Japan, August 22, 2008), www.boj.or.jp/en/mopo/mpmsche_minu/minu_2008/g080715.pdf.

  23. “Lehman Bros Files for Bankruptcy,” BBC News, September 16, 2008, http://news.bbc.co.uk/2/hi/business/7615931.stm.

  24. Vikas Bajaj and Michael M. Grynbaum, “For Stocks, Worst Single-Day Drop in Two Decades,” New York Times, September 29, 2008, www.nytimes.com/2008/09/30/business/30markets.html?_r=0.

  25. David Teather, “Wall Street Crisis Spreads through Europe’s Banks,” Guardian (Manchester), September 29, 2008, www.theguardian.com/business/2008/sep/30/banking.europeanbanks.

  26. “FOMC Statement: Federal Reserve and Other Central Banks Announce Reductions in Policy Interest Rates” (press release), Board of Governors of the Federal Reserve System, October 8, 2008, www.federalreserve.gov/newsevents/press/monetary/20081008a.htm.

  27. “Monetary Policy Decision,” European Central Bank, October 8, 2008, www.ecb.europa.eu/press/pr/date/2008/html/pr081008.en.html.

  28. “On the Policy Actions by Major Central Banks,” Bank of Japan, October 8, 2008, www.boj.or.jp/en/announcements/release_2008/un0810a.pdf.

  29. “Statement by the Hon. Masaaki Shirakawa, Alternate Governor of the Fund and the Bank for Japan, at the Joint Annual Discussion” (press release no. 33), Board of Governors of the International Monetary Fund, October 13, 2008, www.imf.org/external/am/2008/speeches/pr33e.pdf.

  30. “Forex—Yen Strikes 13-Year High vs Dollar on Global Gloom,” FX Street, October 24, 2008, www.fxstreet.com/news/forex-news/article.aspx?storyid=c68851fd-1f52-4120-926d-d9421b845b12.

  31. Ministry of Finance of Japan, “Statement of G7 Finance Ministers and Central Bank Governors,” G7 Information Centre, October 27, 2008, www.g8.utoronto.ca/finance/fm081027.htm.

  32. “Wrapup 2—G7 Warns on Yen, Markets Shrug Off Intervention Risk,” Reuters, October 27, 2008, www.reuters.com/article/financial-g-idUSSP9649220081027.

  33. “FOMC Statement” (press release), Board of Governors of the Federal Reserve System, October 29, 2008, www.federalreserve.gov/newsevents/press/monetary/20081029a.htm.

  34. “On Monetary Policy Decisions,” Bank of Japan, October 31, 2008, www.boj.or.jp/en/announcements/release_2008/k081031.pdf.

  35. Masaaki Shirakawa, “The Turmoil in Global Financial Markets and Economic and Financial Developments in Japan” (speech at the Kisaragi-kai Meeting, Bank of Japan, Tokyo, November 5, 2008), www.boj.or.jp/en/announcements/press/koen_2008/data/ko0811a.pdf.

  36. “FOMC Statement” (press release), Board of Governors of the Federal Reserve System, December
16, 2008, www.federalreserve.gov/newsevents/press/monetary/20081216b.htm.

  37. “On Monetary Policy Decisions,” Bank of Japan, December 19, 2008, www.boj.or.jp/en/announcements/release_2008/k081219.pdf.

  38. Lindsay Whipp and Mure Dickie, “Bank of Japan slashes rates to 0.1%,” Financial Times, December 19, 2008, https://www.ft.com/content/6acbcbbc-cd8a-11dd-8b30-000077b07658.

  39. Kiyoshi Takenaka, “Canon Profit Tumbles, Predicts Further Slide,” Reuters, January 28, 2009, www.reuters.com/article/us-canon-idUSTRE50R12Y20090128.

  40. Kiyoshi Takenaka and Nathan Layne, “Panasonic to Cut 15,000 Jobs,” Reuters, February 4, 2009, www.reuters.com/article/us-panasonic-results-idUSTRE51316S20090204.

  41. Alexandra Twin, “Worst January ever for Dow, S&P 500,” CNN Money, January 30, 2009, http://money.cnn.com/2009/01/30/markets/markets_newyork/?postversion=2009013018.

  42. Yuzo Saeki, “Japan Exports Nearly Halve in Deepening Recession,” Reuters, February 25, 2009, http://uk.reuters.com/article/businesspro-us-japan-economy-idUKTRE51O2HJ20090225.

  43. Oko Tabuchi, “Bank of Japan to Raise Bond Buys,” New York Times, March 18, 2009, www.nytimes.com/2009/03/19/business/19japan.html.

  44. Hillary Rodham Clinton travel abroad schedule, Office of the Historian, https://history.state.gov/departmenthistory/travels/secretary/clinton-hillary-rodham.

  45. “Clinton, Nakasone Agree to Step Up Japan-U.S. Alliance,” Sina, February 17, 2009, http://english.sina.com/world/2009/0216/219039.html.

  46. Jonathan Stempel, “Citigroup Stock Falls below $1 for First Time,” Reuters, March 5, 2009, www.reuters.com/article/us-citigroup-idUSN0532847720090305.

  47. Tabuchi, “Bank of Japan to Raise Bond Buys.”

  48. “FOMC Statement” (press release), Board of Governors of the Federal Reserve System, March 18, 2009, www.federalreserve.gov/newsevents/press/monetary/20090318a.htm.