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Currency War Machine

In: The Global Curse of the Federal Reserve

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  • Brendan Brown

Abstract

If the second monetarist revolution were to occur in the US, then the world would find itself at the dawn of a new age of dollar hegemony. No longer would international investors have to fear that their dollar assets could suddenly erode in value due to the Federal Reserve taking big gambles with monetary stability to accelerate recovery from recession. These gambles have often been an essential element in a currency war strategy forged in a sometimes decentralized fashion within the US government (including the Federal Reserve as a semi-independent agency). With such war danger no longer present, much of the diversification of recent decades, as investors globally have sought safety by introducing non-dollar currencies into their portfolios, would go into reverse.

Suggested Citation

  • Brendan Brown, 2011. "Currency War Machine," Palgrave Macmillan Books, in: The Global Curse of the Federal Reserve, chapter 4, pages 101-130, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-31411-5_4
    DOI: 10.1057/9780230314115_4
    as

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