Recent headlines about the debasement of the dollar, bailouts in greece and ireland, and chinese currency manipulation are all indicators of the growing conflict. Lessons from the plaza accord after thirty years 2016, bridging the pacific. In the contest between inflation and deflation, the rope is the dollar. Fred bergsten argues that currency manipulation is the single biggest. Fred bergsten argues that currency manipulation is the. Fred bergsten, the director emeritus of the peterson institute for international.
Gagnon present their new book, currency conflict and trade policy. Of course, i started talking about this year ago in my first book. Gagnontwo leading experts on trade, investment, and the effects of currency manipulationtraces the history, causes, and effects of currency manipulation and. Fred bergsten of the peterson institute for international economics and supplyside guru arthur b. The international monetary system also now faces a clear and present danger. The problem is, once one country tries to cheapen their currency, another country cheapens its currency, and so on causing a race to the bottom. Fred bergsten, senior fellow and director emeritus, was the founding director of the peterson institute for international economics formerly the institute for international economics from 1981 through 2012. He is serving his second term as a member of the presidents advisory committee for trade policy and negotiations. If theres one issue that can unite a politically divided and often dysfunctional capitol hill, c. Fred bergsten believes it is the need for action against international currency manipulation. Time to wage war on currency wars, bergsten urges centre. He has previously served as assistant for international economic affairs to henry kissinger within the national. Fred bergsten is nonresident senior fellow and director emeritus at the peterson institute for international economics, of which he was founding director from its creation in 1981 through 2012.
The making of the next global crisis book online at best prices in india on. Fred bergsten delivers the stavros niarchos lecture on may 16, 20, at the peterson institute for international economics. Coauthors michael gordon and bernard trainor share their book. Fred bergsten 2014, a constant advocate of reform of the. This article is updated and adapted from his march 24 testimony to the ways and means committee of the u. Real wars have guns, and trade wars are fought with weapons such as tariffs. Fred bergsten, senior fellow and director emeritus, was the founding director of. Fred bergsten and the institute for international economics. Fred bergsten, senior fellow and director emeritus, was the founding director of the peterson institute for international economics formerly the institute for international economics from 1981 through. Currency wars, on the other hand, are stealth battles no country ever wants to admit that its waging one. Currency wars and reform of the international monetary system. Currency manipulation, the us economy, and the global.
He was the most widely quoted thinktank economist in the world for the eight years such data were compiled and was called one of the ten people who can change your life by usa today. Fred bergsten and the peterson institute have distinguished themselves over the last 25 years, including trade liberalization. Being large, having a deeply undervalued currency and having current surpluses are a recipe for individual success and a world disaster, the. Currency convertibility in eastern europe, proceedings economic policy symposium jackson hole, federal reserve bank of kansas city, pages 3549. But while much of the book does indeed focus on competitive devaluation, what currency wars really boils. Fred bergsten, senior fellow and director emeritus, was the founding director of the peterson institute for international economics formerly the institute for international economics.
Currency wars gives us a full understanding of the forces and players involved in taking us into this financial firestorm thats about to flashover. Fred bergsten, senior fellow and director emeritus, and founding director of the peterson institute for. Fred bergsten on currency wars and us economy youtube. Fred bergsten has 62 books on goodreads with 595 ratings. Drawing on his 45 years at the center of international economic policy debates, c. Toward free trade and investment between china and the united states 2014, the longterm international economic position of the united states 2009, designated a must read by the. The making of the next global crisis ebook written by james rickards. Fred bergsten and has been written in honor of both his 65th birthday and the 25th anniversary of the think tank that he created and then led for a quarter century, the recently renamed peterson institute for international economics. When china buys dollars to keep the renminbi undervalued, the us should sell an equivalent amount, writes fred bergsten.
Fred bergsten born april 23, 1941 is an american economist, author, and political adviser. Fred bergsten and the peterson institute have distinguished themselves over the last 25 years, including trade. A new strategy for the united states kindle edition by bergsten, c. A primary source is a work that is being studied, or that provides firsthand or direct evidence on a topic. Bergsten argues that currency manipulation is the single biggest challenge facing the world economic system and costs millions of us jobs. Fred bergsten the veteran economist and washington powerplayer on china, currency wars, and working with henry kissinger. Common types of primary sources include works of literature, historical documents, original. Currency wars lower export prices and spur economic growth. The wall street takeover and the next financial meltdown. In short, it is time to declare war on the currency wars. Currency wars and reform of the international monetary.
The currency component of m1, sometimes called money stock currency, is defined as currency in circulation outside the u. Bergsten argues that currency manipulation is the single biggest. Fred bergsten worked on currency and trade issues under several presidents. With the creation of a single european currency, the dollar will have its first real competitor since it surpassed the pound sterling as the globes dominant currency. He was in charge of currency interventions only under president jimmy carter, not other presidents as wrongly. Lisa malleckcigi if theres one issue that can unite a politically divided and often dysfunctional capitol hill, c. China, denmark, hong kong, korea, malaysia, singapore, switzerland, and taiwan. This engaging and informative book covers the range of issues on which c. Fred bergsten addresses the audience in his cigi signature lecture currency wars and reform of the international monetary system. Fred bergsten is the director of the peterson institute for international economics.
The making of the next global crisis is ostensibly that. So, currency wars are actually a way of creating monetary ease and importing inflation. In the first instance, this approach should be taken against eight of the most significant currency manipulators. Fred bergsten is known for building the incomparable shop on the global economy, the peterson institute for international economics. The specter of currency wars rises like a phoenix once again. Currency wars, the economy of the united states, and reform of the international monetary system c. Although acknowledging the book s huge popularity in china, the financial times described it as only passably entertaining and its thesis as farfetched. Currency wars and the international monetary system. Japan may need to be added if it pursues new prime minister abes stated intention to force a sharply weaker yen through dollar purchases. Download for offline reading, highlight, bookmark or take notes while you read currency wars.
A new strategy for the united states 2017, international monetary cooperation. Focusing on the so called currency wars debate that erupted in the early. Bergsten has authored, coauthored, edited or coedited 45 books on international economic issues including currency conflict and trade policy. Fred bergsten explains bill clintons controversial decision to loan mexico money in order to prevent default and global economic crisis. Download it once and read it on your kindle device, pc, phones or tablets. The trade war has now become a currency war, said c. We can fight fire with fire on the renminbi financial times. This time around, most of the warriors reside in washington, d.