INDEX

  • Page numbers followed by f refer to figures.
  • Accenture, 78
  • Accounting industry, 77–78
  • Acton, Lord, 24
  • Adams, John Quincy, 36
  • Adjustable‐rate mortgages, 54, 155
  • The Age of Turbulence (Greenspan), 80
  • Ahmadinejad, Mahmoud, 128
  • Alameda Research, 126–127
  • Aldrich, Nelson, 32
  • Allison, Carolina, 126–127
  • Amazon, 96
  • American Eagles, 175
  • American Express, 72
  • Andrew, A. Piatt, 32
  • Argentina, 121
  • Arthur Andersen, 55, 78, 139
  • Asian central banks, 152–153
  • Asian countries, 131
  • Asian currencies, 75–76
  • Asset bubbles, 55, 71
  • Assignats, 120
  • Augustus, Emperor, 117, 118
  • Australia, 12, 152, 160
  • Bahamas, 126
  • “Bailouts,” government, 32
  • Baker, James, 76
  • Bangalore, Asha, 166
  • Bankman‐Fried, Sam, 55, 126–127
  • Bank of England, 162–163
  • Bank of Japan, 152, 162
  • Bank of Korea, 128
  • Banque de France, 101
  • Barclays, 80
  • Barron's, 112
  • Bastiat, Frédéric, 8–9
  • BEA (Bureau of Economic Analysis), 87, 95
  • Beijing, China, 135
  • Berkshire Hathaway, 133, 148
  • Bernanke, Ben, 54, 55, 57, 59, 63–65, 67, 78–79, 81, 83, 88, 132–133, 141, 146, 175
  • The Big Short (film), 81
  • Big Tech, 65, 66
  • Bio tech, 157
  • Bitcoin, 26, 126, 127
  • Black Death, 135
  • Black Wednesday, 163
  • Block chain, 126
  • Bloomberg, 81, 91
  • Bloomsbury Group, 11
  • Blue‐chip stocks, 160
  • “Blue Magic” (song), 100
  • Bombay, India, 135
  • Bond bubble, 73
  • Bond market, 52, 71, 73, 151
  • Bonner, Bill, 64
  • Brady, Tom, 126
  • Brazil, 148, 166
  • Bretton Woods Agreement and system, 11–15, 17, 18, 20, 21, 27, 36, 107, 122–124, 161
  • British Commonwealth, 12
  • British empire, 33–34
  • British pound, 15, 101, 162–163
  • Bubble economy, 73
  • Budget deficit(s), 22, 33, 53, 62–63, 85, 113, 129–130, 144–146
  • “Budget surpluses,” 40
  • Buffett, Warren, 133–134, 148–149, 165
  • Bündchen, Giesele, 100, 126
  • Bureau of Economic Analysis (BEA), 87, 95
  • Burns, Arthur, 28
  • Bush, George H. W., and administration, 41
  • Bush, George W., and administration, 40, 41, 85
  • Business investment, 68, 94–95, 132
  • Business Week, 81
  • “Buy American,” 66
  • Buybacks, 68
  • Calhoun, John C., 49
  • California, 36
  • Calls, 159, 172, 176
  • Canada, 12, 137
  • Canadian dollar, 101, 148, 171
  • Canadian Maple Leafs, 175
  • Capital inflows, 87–88
  • Capital investment rate, 72, 93
  • Capitalism, 28–29, 67, 143
  • Cargo ships, 103
  • Caribbean, 137
  • Carlin, George, 99
  • Carpeting, 159
  • “Carry trade,” 53
  • CDs (certificates of deposit), 172
  • Center on Budget and Policy Priorities, 93
  • Central America, 66
  • Central bank(s), 67, 75
    • Fed as, 9–10
    • IMF as, 15
    • Keynes' vision of international, 13
  • Certificates of deposit (CDs), 172
  • Chavez, Hugo, 128
  • “Cheap money,” 83–84, 88, 97
  • Chicago, Ill., 135
  • China, 27, 29, 43, 61, 66, 71–72, 75, 76, 101, 103, 117–119, 128, 130–132, 135, 137, 141, 152–154, 158–160, 165, 170–171, 174–175, 177. See also Yuan
  • Cisco, 169
  • Citicorp, 69
  • Citigroup, 80
  • Civil War, 36, 38, 50, 117, 122
  • Class warfare, 46
  • Clinton, Bill, and administration, 37, 40, 51, 53, 85
  • Closed‐end funds, 156
  • Clothing, 154, 159
  • CNBC, 86
  • CNN, 91
  • Coal, 178
  • Coinage, debasement of, 124–125
  • Cold War, 37
  • Colombia, 152
  • Colonialism, 33–34
  • Columbus, Christopher, 135
  • Commodities, 101, 123–124, 160, 177–178
  • Commodity funds, 159
  • Computer industry, 95, 154
  • Congress, 45–46, 51
    • and discussion of public debt, 42–43
    • economic illiteracy in, 130
    • power to coin money granted to, 85
    • and statutory debt limit, 41
  • Congressional Budget Office, 40
  • Constantine, Emperor, 124
  • Constitution, 85
  • Construction, 159
  • Consumer borrowing, 71, 88
  • Consumer confidence, 94, 130
  • Consumer credit (consumer debt), 56, 64, 89f, 116, 138, 139f, 141, 155–156, 164
  • Consumer culture, 60
  • Consumer price index (CPI), 35, 51–52
  • Consumer savings, 59–60
  • Consumer spending, 41, 71, 73, 77, 97
  • Consumptive debt, 41
  • Continental money (continentals), 120
  • Contracts, enforcement of, 48
  • Copper, 178
  • Corporate bonds, 164
  • Corporate debt, 164
  • Corporate profits, 79–80, 93, 96
  • Corporations, 68
  • Cortina, Hernando, 165–166
  • Counterfeiting, 120
  • Cousins, Norman, 111
  • COVID‐19 pandemic, 4, 22, 48, 55, 63, 64, 68, 76, 96–97, 99, 101, 102, 113, 152, 154, 158–159
  • CPI (consumer price index), 35, 51–52
  • Credit, production vs., 88
  • Credit bubble, 79
  • Credit card debt, 66, 155–156, 164
  • Credit crisis, 73, 138
  • “Crowding out,” 22
  • Cryptocurrencies, 55, 126–127, 157
  • Cuba, 112
  • Cuban Missile Crisis, 17
  • Currency devaluation, as policy, 13
  • Currency fluctuations, 103–104
  • Daily Reckoning newsletter, 79, 88, 104
  • Davison, Henry, 32
  • “Deadweight loss,” 47
  • Debt. See also National debt
    • bailouts and purchasing of bad, 32
    • consumer, 56, 64, 66, 116, 138, 139f, 141, 155–156, 164
    • consumptive, 41
    • current explosion of, 55–57
    • definition of, 33
    • as essential feature of US economy, 167
    • good vs. bad, 43–55
    • government, 33–34, 43, 61–62
    • institutionalization of, 38–39
    • mortgage, 59, 164
    • productive, 41
  • Debt capitalization, 57
  • Debt ceiling, 40, 43, 44
  • Debt limit, statutory, 41
  • Debt spending, 136
  • Debt‐to‐GDP ratio, 45, 45f
  • Deficits (deficit spending), 33, 39, 44, 45, 47–49, 60–61. See also Budget deficit(s); Trade deficits
  • Deflation, 13, 59, 63, 65, 83
  • De Gaulle, Charles, 19–20
  • Demand inflation (demand‐pull inflation), 102, 123
  • Democrats, 46, 109
  • Denim jeans, 154
  • Depressions, 27. See also Great Depression
  • Derivatives market, 138–139
  • Dien Bien Phu, battle of, 19
  • Dillon, Douglas, 20
  • Dinar, 124
  • Dollar, United States, see US dollar
  • Dollar index (DXY), 101, 102
  • Dollar Index futures, 171
  • Dow Theory letters (Russell), 165
  • Droke, Clif, 124
  • Ducato, 124
  • DuPont, 69
  • Earnings reports, 68
  • Economic bubbles, 66, 116, 136, 164. See also specific bubbles
  • Economic history, 136
  • Economic indicators, 72
  • Economic policy, 51
  • Economic recovery, 76
  • Economy, shift in, from production to services, 92
  • Efficient systems, 123
  • Egypt, ancient, 175
  • Eichengreen, Barry, 20
  • Emergency Banking Relief Act (1933), 21, 112
  • Empire of Debt (Wiggin and Bonner), 4
  • Employee stock options, 68
  • Energy funds, 159
  • Energy markets, 66
  • “Enlightened self‐interest,” 143
  • Enron, 55, 139
  • Entrepreneurial culture, 65
  • Entrepreneurs, 43
  • ERM (Exchange Rate Mechanism), 163, 165
  • ETFs, see Exchange‐traded funds
  • Euro, 52, 87, 99, 100, 104, 124–126, 148, 163, 171, 172
  • Euro call options, 172
  • Europe, 16, 142
  • European Central Bank, 75
  • European Recovery Plan (Marshall Plan), 16
  • European Union, 86
  • Exchange‐traded funds (ETFs), 156, 159, 175–176
  • Executive compensation, 55
  • Exorbitant Privilege (Eichengreen), 20
  • Faber, Marc, 163
  • Facebook, 96
  • Factory jobs, 90–91
  • Fannie Mae, 79, 138–139, 170
  • FDI (foreign direct investment), 141
  • Federal Deposit Insurance Corporation (FDIC), 112
  • Federal Open Market Committee (FOMC), 9–10, 78, 80, 84, 150
  • Federal Reserve (Fed):
    • and 2007‐2008 financial crisis, 54, 83
    • as “bubble blower,” 73
    • as central bank, 9–11
    • creation of, 31–32, 50, 122, 149
    • and debt, 57, 59–60, 161, 164
    • debt spending as policy of, 136
    • and deficits, 78
    • and of the dollar, 86
    • and “full faith and credit,” 25
    • and housing bubble, 74
    • and inflation, 51, 52, 75, 140–142, 144, 152, 167–168
    • interest rates lowered by, 41, 51, 64, 80, 88–89, 152
    • interest rates raised by, 1, 9, 22, 89
    • monetary policies of, 63–65, 109–110, 113, 114, 132, 136–137, 141, 149–150, 155, 177
    • money printed by, 21–23, 26, 106, 111, 173, 174
    • and recession, 84–86
    • responsibilities of, 150
    • and solvency of credit markets, 79
    • target rate of, 63f
    • and trade deficit, 141–142
    • and value of the dollar, 127, 149, 163, 174
  • Federal Reserve Act (1913), 32, 85
  • Federal Reserve Bank of Dallas, 85
  • Federal Reserve Bank of New York, 16
  • Federal Reserve Board of Governors, 150
  • Ferdinand and Isabella, 119
  • Ferguson, Niall, 127
  • Fiat money:
    • arguments in favor of, 105
    • and central banks, 127
    • and declining value of the dollar, 151
    • definition of, 25
    • in history, 118–122
    • inevitable failure of, 26–27, 104–105, 109, 123, 126, 177
    • and inflation, 105–106
    • intrinsic problem with, 106–107
    • Keynes and, 29
    • Mises on, 108
    • printing of, 51–54, 124
    • as “smoke and mirrors,” 115–116
  • Fictitious capitalism, 67, 68
  • Financial Crisis (2007‐2008), 32, 54–55, 78, 80–81, 83, 101, 113, 136, 139, 157
  • Financial panics, 149–150
  • Financial Post, 148
  • Financial Reckoning Day (Wiggin and Bonner), 4, 66, 68, 127
  • Financial speculation, 88–90
  • Floating currencies, 31
  • Florence, 124
  • Florin, 124
  • FOMC, see Federal Open Market Committee
  • Ford, Gerald, and administration, 21, 117
  • Foreclosures, 73, 131
  • Foreign countries, US dollar reserves held by, 128–129
  • Foreign direct investment (FDI), 141
  • Foreigners, US debt held by, 43
  • Foreign investment, 73–74, 77
  • Forster, E. M., 11
  • Fort Knox, 25
  • Founding Fathers, 34
  • France, 12, 20–21, 27, 87, 100, 101, 117, 119–121, 137
  • Freddie Mac, 139
  • Free markets, 24, 29, 107
  • Free money, 68
  • French and Indian War, 120
  • French franc, 20
  • Friedman, Milton, 150
  • FTX crypto exchange, 55, 126–127
  • “Full faith and credit,” 23, 25, 127
  • Futures, 176–177
  • Hamilton, Alexander, 34
  • Harari, Yuval Noah, 11
  • Hayek, Friedrich, 24
  • Health care jobs, 64, 116
  • Hemingway, Ernest, 57
  • Herbener, Jeffrey M., 109–110
  • High‐tech industries, 95–96
  • Homebuying, 1
  • Hong Kong, 137
  • Hong‐Kong Shanghai Banking Company (HSBC), 101
  • House of Representatives, 44, 46, 47
  • Housing bubble, 67, 71, 80–81, 91, 131, 133, 136, 139
  • Housing investment, 73
  • Housing market, 81, 138–139
  • Housing permits, 80–81
  • Housing values, 57
  • HSBC (Hong‐Kong Shanghai Banking Company), 101
  • Hull, Cordell, 13
  • Hyperinflation, 132, 147
  • IBM, 69
  • IBRD (International Bank for Reconstruction and Development), 14, 16
  • IMF, see International Monetary Fund
  • Income tax, 37, 44, 46, 47, 50–51
  • Index funds, 160, 171
  • India, 43, 66, 130, 135, 137, 152, 154, 158
  • Industrial base, 90–91
  • Industrial production, 90–91
  • Industrial revolution, 135
  • Inflation:
    • in 1960s and 1970s, 24–25, 28, 51, 157
    • from 2013 to 2022, 140f
    • in Asia, 152, 153
    • and budget deficit, 22
    • and cheap money, 97
    • current period of, 1–2, 8, 56, 57, 59, 75, 76, 83, 97, 101, 140–146, 167
    • demand, 102, 123
    • and demise of the dollar, 99, 105–106, 136
    • difficulty of containing, 169
    • and economic growth, 152–153
    • and Fed policy, 63–65, 84–86, 89, 136, 168
    • and government spending, 44, 48
    • hidden, 155–156
    • in history, 35f, 117–122, 125
    • hyper‐, 132, 147
    • and interest rates, 51, 136
    • in Japan, 60–62
    • official measures of, 51–52, 75, 94
    • and oil prices, 129
    • and opposition to capitalism, 29
    • price, 52, 147–149
    • “real,” 53, 94
    • rising prices as result of, 7
    • root cause of, 3
    • and stock market, 167
    • supply‐side, 102–103
    • and trade deficits, 77, 142
    • “transitory,” 9
  • Inflation psychosis, 102–103
  • “Information Age,” 67
  • Information technology (IT), 65
  • Infrastructure, 14, 56, 93, 118
  • Institute for Supply Management (ISM), 54, 72
  • Interest rates, 63f
    • in 1970s, 41
    • as arbitrage, 53
    • effective rates (1955–2020), 9f
    • Fed's lowering of, 41, 51, 64, 80, 88–89, 152
    • Fed's raising of, 1, 9, 22, 89
    • in Japan, 62
    • “overnight Fed funds rate,” 10
    • and value of the dollar, 150
  • International Bank for Reconstruction and Development (IBRD), 14, 16
  • International Monetary Fund (IMF), 14, 16–18, 166
  • Investing, 157–169
    • foreign investments, 160–161
    • in gold, 175–177
  • Investment spending, 73
  • “Invisible hand,” 143–144, 146
  • “iPod economy,” 96
  • Iran, 128
  • Iraq, 128, 152, 169
  • Ireland, 137, 152
  • Iron ore, 178
  • iShares COMEX Gold Trust, 176
  • ISM (Institute for Supply Management), 54
  • Israel, 137
  • Italy, 87, 124
  • Jackson, Andrew, 36
  • Jackson, Curtis, 101
  • Japan, 13, 16, 43, 59, 60–63, 65, 132, 137, 152, 165
  • Jay‐Z, 100
  • Jefferson, Thomas, 34
  • Jekyll Island Club, 32
  • Jobs:
    • creation of, 93, 130
    • factory, 90–91
    • outsourcing of, 153–155
  • Johnson, Lyndon B., and administration, 17, 19, 28
  • Junior gold stocks, 176
  • Junk bonds, 164
  • Kelton, Stephanie, 64
  • Kennedy, John F., 135
  • Kessler, Andy, 96
  • Keynes, John Maynard, 11–13, 29, 87, 124
  • Kiyosaki, Robert, 83
  • Krugerrands, 175
  • Kuwait, 128
  • Labor market, 65, 153–155
  • Laptop computers, 154
  • Law, John, 119–120, 127
  • Legal Tender Act, 117
  • Lehman Brothers, 55
  • Lerner, Abba, 42
  • “Leveraging” assets, 65
  • Lincoln, Abraham, 117, 122
  • Lobbying, 47
  • London Gold Pool, 17
  • Long Beach, Calif., 103
  • Los Angeles, Calif., 135
  • Louisiana territory, 34, 120
  • Louis XIV, King, 119
  • Luxembourg, 43, 137
  • McGovern, George, 53
  • Mackay, John, 120–121
  • MacroMavens, 171
  • Madison, James, 36
  • “Making Less Than Dad” (CNN headline), 91
  • Manufacturing, 54, 64, 66, 96, 116, 138, 159, 163, 168–169
  • Margin calls, 19
  • Marshall, George, 16
  • Marshall Plan, 16
  • “Maximum point of revenue” (taxation), 49
  • Medicaid, 38
  • Medicare, 38–40, 105, 164
  • Mercantilism, 71
  • Mergers and acquisitions, 68
  • Merrill Lynch, 80, 164
  • Meta, 96
  • Mexican War, 36
  • Mexico, 12, 117, 119, 137
  • Microchips, 66
  • Military spending, 37
  • Mises, Ludwig von, 24, 108, 173–174
  • Mississippi Scheme, 127
  • Modern monetary theory (MMT), 22, 64
  • Monetary policy, 50, 51, 109
  • Money, 111–112. See also Fiat money
  • Morgan, J. P., 31
  • Morgan Stanley, 80, 162, 166
  • Morris, Robert, 120
  • Mortgage‐backed securities, 138–139
  • Mortgage Bankers Association, 54
  • Mortgage bubble, 41
  • Mortgage debt, 59, 164
  • Mortgage payments, 54
  • Mortgage refinancing bubble, 73, 91
  • Motorola, 56
  • Mutual funds, 61, 156, 159, 160, 176
  • Nasdaq, 147
  • National Association of REALTORS (NAR), 131, 139
  • National Bureau of Economic Research (NBER), 84
  • National debt, 36–43, 38f
    • ballooning of, 105, 161, 164
    • and budget deficits, 22
    • complacency about, 39
    • deficit spending vs., 33
    • and Fed policy, 44, 67, 74, 75, 146, 152
    • held by foreign central banks, 43, 153, 160
    • in history, 36–38, 50, 51, 117
    • and inflation, 149
    • interest on, 170
    • as share of GDP, 45, 61, 116
    • and trade deficits, 52–53, 143
    • unsustainability of, 144–145
  • National Economists Club, 59
  • National Income and Product Accounts (NIPA), 96
  • National parks, 42
  • Nazis, 122
  • NBER (National Bureau of Economic Research), 84
  • Nero, 117, 118
  • Nestlé, 72
  • Netflix, 96
  • Netherlands, 137
  • New Deal, 37
  • Newmont Mining, 176
  • New Orleans Investment Conference, 165
  • New York City, 100, 135
  • New York Times Annual Financial Review, 149
  • New Zealand, 12
  • 9/11, 37, 41, 113
  • NIPA (National Income and Product Accounts), 96
  • Nixon, Richard, and administration, 18, 21, 23–28, 51–53, 115, 117, 118, 122, 137–138, 161, 171, 177
  • “Nixon Shock,” 28
  • Northern Trust, 166
  • Nussle, Jim, 37–38
  • Office of Management and Budget, 37–38
  • Oil (oil prices), 23–24, 101, 129, 157–159, 158f, 178
  • O'Neill, Paul, 40
  • Open‐end funds, 156
  • Optimism, false sense of, 75
  • Options, 157, 159, 160, 176–177
  • Organization for Economic Cooperation and Development (OECD), 61
  • Organization of Petroleum Exporting Countries (OPEC), 128, 159
  • Outsourcing, 153–155
  • “Overnight Fed funds rate,” 10
  • Owen‐Glass Act, 50
  • Panic of 1893, 31
  • Panic of 1907, 31, 149
  • Paper money, 26, 117–124, 127
  • “Parable of the Broken Window” (Bastiat), 8–9
  • “Paradigm of flexibility,” 146
  • Paulson, Henry “Hank,” 32, 37–38, 83
  • Payment currency, 99, 101–103
  • Pension obligations, 70
  • Pension plan assets, 69
  • People's Republic of Congo, 152
  • Peron, Juan, 121
  • Personal consumption, 72, 132
  • Personal savings rate, 72, 88, 89f
  • Peter G. Peterson Foundation, 105
  • Petrochemicals, 159
  • Pierce, Franklin, 36
  • Pinker, Steven, 11
  • Polo, Marco, 119
  • Pomboy, Stephanie, 171
  • Powell, Jerome “Jay,” 9–10, 57, 64, 83, 88, 89, 141, 149, 156
  • Price inflation, 52, 147–149
  • Production, credit vs., 88
  • Productive debt, 41, 43
  • Productivity, 64, 75, 86, 92–93, 95, 128
  • Profit motive, 65
  • Profits, corporate, 79–80, 93, 96
  • Protectionism, 144
  • Purchasing power, 75–76
  • Putin, Vladimir, 128
  • Puts, 176
  • Quantitative easing (QE), 64, 83
  • Safety trades, 101
  • San Francisco, Calif., 81
  • Sarbanes‐Oxley Act (2002), 77
  • Saudi Arabia, 100, 101, 128, 152
  • Savings (savings rates), 59–60, 71, 79, 131, 151, 166
  • Savings glut, 133
  • Schiff, Jacob, 149
  • Schwartz, Anna J., 150
  • SDRs (Special Drawing Rights), 17–18
  • Securities and Exchange Commission (SEC), 78
  • Senate, 46, 47
  • Senior gold stocks, 176
  • Service sector, 54, 64, 92, 116, 130
  • Seventh Amendment, 50
  • Shanghai, China, 135
  • Shays, Daniel, 121
  • Shays' Rebellion, 121
  • Shelton, Arthur, 32
  • Singapore, 137
  • Smith, Adam, 44, 143–144
  • Snow, John, 161, 168
  • Social Security, 38–40, 105, 164
  • Solidus, 124
  • Soros, George, 149, 163, 165, 169
  • Sound money, 8, 15, 85
  • South African Krugerrands, 175
  • South Korea, 128, 137, 152
  • Sovereign wealth funds (SWFs), 132
  • Soviet Union, 12, 147, 154
  • S&P (Standard & Poor's), 69
  • S&P 500 companies, 97
  • Spaghetti Westerns, 2
  • Spain, 27, 117, 119
  • Spanish Inquisition, 119
  • Special Drawing Rights (SDRs), 17–18
  • Speculation, 120
  • Stagflation, 165
  • Standard of living, 2
  • Standard & Poor's (S&P), 69
  • Stimulus checks, 48, 64, 103
  • Stockholders, 56–57, 78
  • Stock market, 70, 71, 73, 131, 133, 151, 160, 167–168
  • Stock market crash (1929), 62, 113
  • Stock options, employee, 68
  • Stock prices, 70
  • Stock values, 57
  • Stumpf, John, 81
  • Subprime adjustable‐rate mortgages, 54, 73, 131
  • Subprime mortgage crisis, 136
  • Subprime mortgages, 80
  • Substitution effect, 94
  • Sudan, 129
  • Supply and demand, 20–21, 26, 115, 116, 123, 175
  • Supply chains, 103
  • Supply‐side inflation, 102–103
  • Supreme Court, 37, 44
  • Sweden, 137
  • Swedish krona, 101, 171
  • SWFs (sovereign wealth funds), 132
  • Swiss franc, 101, 171
  • Switzerland, 137
  • Taiwan, 66, 137
  • Tangible assets, 178
  • Tangible capital investment, 70
  • Tangible capital stock, 70
  • Tariffs, 49, 51, 138
  • Tax cuts, 46, 59
  • Tax policy, 47, 49–50
  • Tax rebates, 72
  • Tax revenues, 44
  • Tech bubble (early 2000s), 55, 101
  • Templeton, Sir John, 149, 164–165
  • Terrorism, 129, 159, 169
  • “Thanksgiving dinner” (metric), 2
  • Tight money, 84–86
  • TikTok, 96
  • Time magazine, 20
  • Torquenada, Tomás de, 119
  • Trade barriers, 13
  • Trade deficits, 21–22, 52–53, 63, 74–77, 107–108, 117, 129–130, 140, 142–143, 148, 160, 162, 173
  • Trade gap, 77, 132, 142
  • Trade surplus, 16, 107, 131
  • Transitory inflation, 9
  • Treasury securities, 53, 137, 150, 152, 164
  • “Trickle‐down” revenues, 48
  • Triffin, Robert, 100–102
  • Triffin's paradox, 100–104, 131
  • Truman, Harry S., 14
  • Trump, Donald, 43, 47
  • Tungsten, 178
  • Turkey, 137, 166
  • Tyco, 55
  • UBS, 101
  • Ukraine, Russian invasion of, 23, 29, 66, 103, 158
  • Unemployment, 13, 24, 25, 78, 167
  • United Airlines, 69
  • United Kingdom, see Great Britain
  • United States:
    • and Bretton Woods Agreement, 11–14
    • economic weakness of, 74–75
    • in eighteenth century, 120
    • exports from, 92
    • gold reserves of, 17, 20
    • inflation, from 2013 to 2022, 140f
    • “net worth” of, 42
    • in nineteenth century, 122
    • territorial expansion of, 36–37
  • USA Today, 146
  • US Commerce Department, 80, 81, 93, 95
  • US dollar:
    • as America's most successful export, 163
    • and Asian currencies, 152, 160
    • and Bretton Woods system, 24, 27
    • buying power of, over time, 35f
    • and Canadian dollar, 100
    • in circulation, 114f
    • currencies pegged to, 14, 27
    • declining value of the, 8, 22, 23, 29, 34–36, 53, 73, 86–87, 91, 94, 106, 133, 136–137, 141–142, 149–151
    • demise of the, 2, 19–20, 27, 34, 60, 90, 112–115, 127–131, 169–178
    • and euro, 52, 104
    • and fiscal deficits, 47
    • foreign holdings of, 73–77, 152–153
    • global economy and weakening, 137
    • and gold standard, 10–11, 14, 15–18
    • in Great Dollar Standard Era, 25, 84, 104, 127–131, 136
    • hedging against the, 160–169
    • and inflation, 35f, 147–149, 155–156
    • and interest rates, 10
    • as international reserve currency, 3, 15, 64, 99, 103, 122, 135
    • as IOU, 23, 111
    • and Japanese yen, 60–62
    • and national debt, 33, 67, 143
    • and oil, 158
    • patriotic faith in the, 70–71
    • as payment currency, 103
    • possible events leading to sudden drop in value of, 128–131
    • and trade deficit, 140
    • and Triffin's paradox, 100–103
  • US Dollar Index (USDX), 171–172
  • “US International Investment Position” (BEA report), 87
  • US Treasury Department, 26, 32, 34, 37–38, 40, 60, 64, 74, 76, 100, 161
  • Vanderlip, Frank, 32
  • Venezuela, 128
  • Venice, 124
  • Veterans' health care, 105
  • Vietnam, 19, 154
  • Volcker, Paul, 63
  • “Voodoo economics,” 41
  • Wage and price controls, 24–25, 51, 115, 138
  • Wages and salaries, 64, 93, 116, 153–155
  • Walker, David, 105
  • Wall Street, 47, 68, 84, 113
  • Walpole, Robert, 33
  • Warburg, Paul, 32, 149
  • Warburton, Peter, 52
  • War for Independence, see Revolutionary War
  • War of 1812, 36, 50
  • War on Poverty, 19
  • War on Terror, 37, 41, 113
  • Wars and military campaigns, 50, 57, 170
  • Wealth, 86, 90
  • Wealth creation, 57, 71
  • Wealth‐driven spending, 85
  • Weimar Republic, 122, 147
  • Wells Fargo, 81
  • White, Harry Dexter, 11–14
  • White House Council of Economic Advisers, 132
  • Wiggin Sessions (podcast), 4, 26
  • Wilson, Woodrow, and administration, 32, 51
  • Wolfe, Virginia, 11
  • Working capital ratio, 56
  • World Bank, 14, 15
  • World banking system, 108
  • World Trade Organization, 141
  • World War I, 25, 37
  • World War II, 11, 13, 122
  • XAU Index, 169
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