Collusion_How Central Bankers Rigged the World

by Nomi Prins

  49. “Federal Reserve, Bank of England, European Central Bank, Bank of Japan, and Swiss National Bank Announce Swap Arrangements” (press release), Board of Governors of the Federal Reserve System, April 6, 2009, www.federalreserve.gov/newsevents/press/monetary/20090406a.htm.

  50. Bank of Japan, Announcements, www.boj.or.jp/en/announcements/release_2009/index.htm/. The announcement of the Tripartite Bank Governor’s Meeting was removed from the server.

  51. “Dollar Hits Multi-Week Low vs. Yen, Euro,” CNN Money, August 27, 2009, http://money.cnn.com/2009/08/27/markets/dollar.reut/.

  52. Takashi Nakamichi, “Geithner Affirms Strong Dollar Policy,” Wall Street Journal, November 11, 2009, www.wsj.com/articles/SB125792362908743307.

  53. “Timothy F. Geithner, Secretary of the Treasury,” Konrad Adenauer Stiftung, www.kas.de/wf/en/71.6753/.

  54. Minutes of the Monetary Policy Meeting on November 19 and 20, 2009 (Tokyo: Bank of Japan, December 24, 2009), www.boj.or.jp/en/mopo/mpmsche_minu/minu_2009/g091120.pdf.

  55. “Highlights—Japan Govt Unveils $81 Bln Economic Stimulus,” Reuters, December 8, 2009, www.reuters.com/article/japan-economy-stimulus-idUST21117320091208.

  56. Minutes of the Monetary Policy Meeting on December 17 and 18, 2009 (Tokyo: Bank of Japan, January 29, 2010), www.boj.or.jp/en/mopo/mpmsche_minu/minu_2009/g091218.pdf.

  57. “Statements on Monetary Policy,” Bank of Japan, www.boj.or.jp/en/mopo/mpmdeci/state_2011/index.htm/.

  58. Sewell Chan, “Senate, Weakly, Backs New Term for Bernanke,” New York Times, January 28, 2010, www.nytimes.com/2010/01/29/business/economy/29fed.html.

  59. Bernie Sanders, “‘Bernanke Was Asleep at the Switch,’” Bernie Sanders, US Senator for Vermont, January 27, 2010, www.sanders.senate.gov/newsroom/recent-business/bernanke-was-asleep-at-the-switch.

  60. “FOMC Statement: Federal Reserve, European Central Bank, Bank of Canada, Bank of England, and Swiss National Bank Announce Reestablishment of Temporary US Dollar Liquidity Swap Facilities” (press release), Board of Governors of the Federal Reserve System, May 9, 2010, www.federalreserve.gov/newsevents/press/monetary/20100509a.htm.

  61. “Conference Call of the Federal Open Market Committee,” Board of Governors of the Federal Reserve System, May 9, 2010, www.federalreserve.gov/monetarypolicy/files/FOMC20100509confcall.pdf.

  62. Finbarr Flynn and Takako Taniguchi, “SMFG May Spend Up to $5 Billion on Stake in US Bank,” Bloomberg, July 8, 2010, www.bloomberg.com/news/articles/2010-07-08/sumitomo-mitsui-may-invest-as-much-as-5-billion-in-u-s-commercial-bank.

  63. Finbarr Flynn and Takako Taniguchi, “Mitsubishi UFJ May Buy Additional U.S. Banking Assets,” Bloomberg, July 21, 2010, www.bloomberg.com/news/articles/2010-07-20/mitsubishi-ufj-s-tatsuo-tanaka-says-it-may-buy-more-u-s-banking-assets.

  64. Chris Isidore, “Fed Decision: Recovery Losing Steam,” CNN Money, August 10, 2010, http://money.cnn.com/2010/08/10/news/economy/fed_decision/index.htm.

  65. Jack Ewing, “Strong Yen Helps to Fuel Germany’s Export Boom,” New York Times, September 2, 2010, www.nytimes.com/2010/09/03/business/global/03yen.html.

  66. Jill Treanor, “Japan Plays Down Yen’s 15-Year High against the US Dollar,” Guardian (Manchester), August 12, 2010, www.theguardian.com/business/2010/aug/12/currencies-japan.

  67. Martin Fackler, “Change in Japan a Tough Task for Finance Minister,” New York Times, January 8, 2010, www.nytimes.com/2010/01/09/world/asia/09japan.html.

  68. Martin Fackler, “Finance Chief Chosen as Next Japanese Leader,” New York Times, June 3, 2010, www.nytimes.com/2010/06/04/world/asia/04japan.html.

  69. Michiyo Nakamoto and Lindsay Whipp, “Tokyo under Pressure to Tackle Rising Yen,” Financial Times, August 24, 2010, https://www.ft.com/content/970fed02-afa1-11df-b45b-00144feabdc0.

  70. “The Fixed-Rate Funds-Supplying Operation against Pooled Collateral,” Bank of Japan, August 30, 2010, www.boj.or.jp/en/announcements/release_2010/un1008d.pdf.

  71. “Land of the Rising Sun Worries About the Rising Yen,” Wise Money, August 31, 2010, www.wisemoney.com/2010/08.

  72. Matthew Brown and Bo Nielsen, “Yen Tumbles from 15-Year High After Japan Intervenes in Market,” Bloomberg, September 15, 2010, www.bloomberg.com/news/articles/2010-09-15/yen-falls-on-speculation-of-intervention-noda-to-meet-press.

  73. Hiroko Tabuchi, “Bank of Japan Moves to Buy More Assets,” New York Times, October 5, 2010, www.nytimes.com/2010/10/06/business/global/06yen.html?_r=0.

  74. Bank of Japan Act, Act No. 89 of June 18, 1997, Japanese Law Translation, www.japanese lawtranslation.go.jp/law/detail/?id=92&vm=02&re=01.

  75. “FOMC Statement” (press release), Board of Governors of the Federal Reserve System, November 3, 2010, www.federalreserve.gov/newsevents/press/monetary/20101103a.htm.

  76. Norie Kuboyama, “Japanese Stocks Gain for Second Day on Commodity, S&P Recovery,” Bloomberg, December 21, 2010, www.bloomberg.com/news/articles/2010-12-22/most-japanese-stocks-gain-on-higher-commodity-prices-mitsubishi-advances.

  77. Malcolm Foster, “For Japan, 2010 Was a Year to Forget on Many Fronts,” NBC News, December 29, 2010, www.nbcnews.com/id/40821587/ns/business-world_business/t/japan-was-year-forget-many-fronts/#.WYd82NMrL0E.

  78. David Teather, “China Overtakes Japan as World’s Second-Largest Economy,” Guardian (Manchester), August 16, 2010, www.theguardian.com/business/2010/aug/16/china-overtakes-japan-second-largest-economy1.

  79. John P. Rafferty and Kenneth Pletcher, “Japan Earthquake and Tsunami of 2011,” Encyclopaedia Britannica, https://global.britannica.com/event/Japan-earthquake-and-tsunami-of-2011.

  80. Alex Hawkes, “Japan Crisis Sees Yen Hit Record High against Dollar,” Guardian (Manchester), March 17, 2011, www.theguardian.com/business/2011/mar/17/japan-crisis-yen-surges-nikkei-falls.

  81. Ibid.

  82. “Statement of G7 Finance Ministers and Central Bank Governors” (press release), European Central Bank, March 18, 2011, www.ecb.europa.eu/press/pr/date/2011/html/pr110318.en.html.

  83. Brian Sack and Kevin McNeil, “Treasury and Federal Reserve Foreign Exchange Operations: January–March 2011,” Federal Reserve Bank of New York, www.newyorkfed.org/medialibrary/media/newsevents/news/markets/2011/fxq111.pdf.

  84. Catarina Saraiva and Charles Mead, “Yen Decline After G-7’s Post-Earthquake Intervention Pares Gain,” Bloomberg, March 19, 2011, www.bloomberg.com/news/articles/2011-03-19/yen-decline-after-g-7-s-post-earthquake-intervention-pares-gain.

  85. Allison Bennett, “Dollar Index Declines to Lowest Since 2008 on Economy; Yen Gains,” Bloomberg, April 28, 2011, www.bloomberg.com/news/articles/2011-04-28/dollar-hits-16-month-low-versus-euro-after-bernanke-comment-kiwi-declines.

  86. “Statement on Monetary Policy,” Bank of Japan, June 14, 2011, www.boj.or.jp/en/announcements/release_2011/k110614a.pdf.

  87. “Emergency Talks Held to Calm Global Markets Turmoil,” BBC News, August 7, 2011, www.bbc.com/news/world-europe-14434831.

  88. Jana Randow, Jeannine Aversa, and Scott Lanman, “Central Bankers Race to Protect Growth in 72 Hours of Crisis,” Bloomberg, August 11, 2011, www.bloomberg.com/news/articles/2011-08-10/central-bankers-become-tower-of-strength-amid-debt-turmoil.

  89. Robert Winnett, “Collapse of Euro Could Pose Threat to Peace, Says Angela Merkel,” Telegraph (London), October 26, 2011, www.telegraph.co.uk/news/worldnews/europe/germany/8851912/Merkel-wins-rescue-fund-vote-after-raising-spectre-of-war.html.

  90. “Euro Summit Statement,” European Council, Council of the European Union, October 26, 2011, www.consilium.europa.eu/uedocs/cms_data/docs/pressdata/en/ec/125644.pdf.

  91. “Enhancement of Monetary Easing,” Bank of Japan, October 27, 2011, www.boj.or.jp/en/announcements/release_2011/k111027a.pdf.

  92. Catarina Saraiva, “Yen Slides Most in Three Years After Intervention; Dollar Rises,” Bloomberg, October 31, 2011, www.bloomberg.com/news/articles/2011-10-31/yen-tumbles-4-as-japan-intervenes-to-sell-currency-third-time-this-year.

  93. “Coordinat
ed Central Bank Action to Address Pressures in Global Money Markets” (press release), Board of Governors of the Federal Reserve System, November 30, 2011, www.federalreserve.gov/newsevents/press/monetary/20111130a.htm.

  94. Toru Fujioka, “Yen-Yuan Trade Plan to Cut Dollar Dependence of China, Japan,” Bloomberg, December 26, 2011, www.bloomberg.com/news/articles/2011-12-25/china-japan-to-promote-direct-trading-of-currencies-to-cut-company-costs.

  95. Masaki Kondo, “Yen Intervention Failing as Best Currency Poised to Advance,” Bloomberg, December 27, 2011, www.bloomberg.com/news/articles/2011-12-26/yen-intervention-failing-means-world-s-best-currency-poised-to-strengthen.

  96. 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.

  97. Ibid.

  98. Justin McCurry, “Japan Set to End Resistance to Interest Rate Cuts,” Guardian (Manchester), October 30, 2008, www.theguardian.com/business/2008/oct/30/economy-japan-interest-rates.

  99. “Enhancement of Monetary Easing,” Bank of Japan, February 14, 2012, www.boj.or.jp/en/announcements/release_2012/k120214a.pdf.

  100. Monami Yui and Allison Bennett, “Yen Losing Most Since ’95 Not Enough for Toyota,” Bloomberg, April 2, 2012, www.bloomberg.com/news/articles/2012-04-01/yen-losing-most-since-95-not-enough-for-toyota-in-boj-crusade.

  101. Monami Yui and Allison Bennett, “Yen Losing Most Since ’95 Not Enough for Toyota,” Korea Herald, April 2, 2012, www.koreaherald.com/view.php?ud=20120402000640&mod=skb.

  102. Leika Kihara and Rie Ishiguro, “Bank of Japan Boosts Stimulus Again, but Fails to Impress Markets,” Reuters, April 27, 2012, www.reuters.com/article/us-japan-economy-boj-idUSBRE83Q06V20120427.

  103. “Toyota Raises 2012 Sales Target as Profits Bounce Back,” Telegraph (London), August 3, 2012, www.telegraph.co.uk/finance/newsbysector/transport/9448759/Toyota-raises-2012-sales-target-as-profits-bounce-back.html.

  104. Tetsushi Kajimoto, “Japan Extends Dollar Loan Scheme to Deal with Strong Yen,” Reuters, August 6, 2012, http://uk.reuters.com/article/uk-japan-economy-azumi-idUKBRE87602W20120807.

  105. Timothy Ahmann, “Bernanke Defends Fed Stimulus as China, Brazil Raise Concerns,” Reuters, October 14, 2012, www.reuters.com/article/us-usa-fed-bernanke-idUSBRE89D01C20121014.

  106. Ben S. Bernanke, “US Monetary Policy and International Implications” (speech given at Challenges of the Global Financial System: Risks and Governance under Evolving Globalization seminar, Bank of Japan–International Monetary Fund, Tokyo, Japan, October 14, 2012), www.federalreserve.gov/newsevents/speech/bernanke20121014a.htm.

  107. Ahmann, “Bernanke Defends Fed Stimulus as China, Brazil Raise Concerns.”

  108. Ibid.

  109. Christine Lagarde, opening remarks at Challenges of the Global Financial System: Risks and Governance under Evolving Globalization seminar, Bank of Japan–International Monetary Fund, Tokyo, Japan, October 14, 2012, www.imf.org/en/News/Articles/2015/09/28/04/53/sp101412.

  110. Rodrigo Campos, “World Stocks Tick Up to Record High; Oil Slips,” Reuters, August 6, 2017, www.reuters.com/article/us-global-markets-idUSKBN1AN026.

  111. Mariko Ishikawa, Masaki Kondo, and Hiroko Komiya, “Softbank Succeeds Where Shirakawa Struggled on M&A Deals,” Bloomberg, October 29, 2012, www.bloomberg.com/news/articles/2012-10-29/softbank-succeeds-where-shirakawa-struggled-on-m-a-deals.

  112. “Japan Elections: Shares Rise and Yen Weakens on Abe Win,” BBC News, December 17, 2012, www.bbc.com/news/business-20752215.

  113. Mure Dickie, “Abe Calls for ‘Unlimited’ Easing from BoJ,” Financial Times, November 15, 2012, www.ft.com/content/7e64027c-2f04-11e2-b88b-00144feabdc0.

  114. Leika Kihara and Stanley White, “Bank of Japan to Mull 2 Percent Inflation Target as Abe Turns Up Heat,” Reuters, December 17, 2012, www.reuters.com/article/us-japan-economy-boj-idUSBRE8BG14V20121218.

  115. Bloomberg, “Abe Ups Pressure on BOJ for Unlimited Stimulus,” Japan Times (Tokyo), November 16, 2012, www.japantimes.co.jp/news/2012/11/16/business/abe-ups-pressure-on-boj-for-unlimited-stimulus/#.WKKqGBIrL0E.

  116. “Federal Reserve and Other Central Banks Announce an Extension of the Existing Temporary US Dollar Liquidity Swap Arrangements through February 1, 2014” (press release), Board of Governors of the Federal Reserve System, December 13, 2012, www.federalreserve.gov/newsevents/press/monetary/20121213a.htm.

  117. Tatsuo Ito and William Mallard, “Global Currency Tensions Rise,” Wall Street Journal, December 23, 2012, www.wsj.com/articles/SB10001424127887324660404578196892204462394.

  118. Martin Fackler, “Ex-Premier Is Chosen to Govern Japan Again,” New York Times, December 26, 2012, www.nytimes.com/2012/12/27/world/asia/shinzo-abe-selected-as-japans-prime-minister.html?_r=0.

  119. “Japanese Yen Hits 27-Month Low against US Dollar,” BBC News, December 27, 2012, www.bbc.com/news/business-20849204.

  120. Kaori Kaneko, “Bank of Japan Head to Leave Job Early, Could Advance Policy Shift,” Reuters, February 5, 2013, www.reuters.com/article/us-japan-economy-shirakawa-resignation-idUSBRE9140C220130205.

  121. Marketwired, “Former BOJ Governor Masaaki Shirakawa Appointed Distinguished Visiting Fellow at NUS Business School,” Yahoo! Finance, August 21, 2014, https://finance.yahoo.com/news/former-boj-governor-masaaki-shirakawa-060000520.html. He had also served as vice chairman of the BIS during the last two years of that term.

  122. “Interview with Masaaki Shirakawa,” Money & Banking (blog), March 25, 2015, www.moneyandbanking.com/commentary/2015/3/25/interview-with-masaaki-shirakawa.

  123. Ayako Mie, “Stocks Soar on News of Shirakawa’s Early Exit,” Japan Times (Tokyo), February 7, 2013, www.japantimes.co.jp/news/2013/02/07/business/stocks-soar-on-news-of-shirakawas-early-exit/#.WYyhmdMrL0E.

  124. “Japan Government Debt to GDP: 1980–2017” (chart), Trading Economics, https://tradingeconomics.com/japan/government-debt-to-gdp.

  125. Joseph Ciolli and Taylor Tepper, “Yen Gains as G-7 Officials Offer Conflicting Views on Volatility,” Bloomberg, February 12, 2013, www.bloomberg.com/news/articles/2013-02-12/euro-advances-after-g-7-pledge-not-to-devalue-exchange-rates.

  126. “G7 Warns About ‘Currency Wars,’” CBC News, February 12, 2013, www.cbc.ca/news/business/g7-warns-about-currency-wars-1.1364860.

  127. Charles Clover, Robin Harding, and Alice Ross, “G20 Agrees to Avoid Currency Wars,” Financial Times, February 17, 2013, www.ft.com/content/789439ae-784f-11e2-8a97-00144feabdc0.

  128. “Introduction of the ‘Quantitative and Qualitative Monetary Easing,’” Bank of Japan, April 4, 2013, www.boj.or.jp/en/announcements/release_2013/k130404a.pdf.

  129. Leika Kihara and Stanley White, “BOJ to Pump $1.4 Trillion into Economy in Unprecedented Stimulus,” Reuters, April 4, 2013, www.reuters.com/article/us-japan-economy-boj-idUSBRE93216U20130404.

  130. Ibid.

  131. Report to Congress on International Economic and Exchange Rate Policies (Washington, DC: US Department of the Treasury, Office of International Affairs, April 12, 2013), www.treasury.gov/resource-center/international/exchange-rate-policies/Documents/Foreign%20Exchange%20Report%20April%202013.pdf.

  132. Kasia Klimasinska and Ian Katz, “US Urges Japan to Refrain from Competitive Yen Devalue,” Reuters, April 12, 2013, www.bloomberg.com/news/articles/2013-04-12/u-s-to-press-japan-to-refrain-from-competitive-devaluation.

  133. Report to Congress on International Economic and Exchange Rate Policies.

  134. Anna Yukhananov, “United States Puts Japan on Notice in Currency Report,” Reuters, April 12, 2013, www.reuters.com/article/us-usa-treasury-currency-idUSBRE93B12E 20130412.

  135. Leika Kihara, “Japan Exports Hit Three-Year High on Weak Yen, Trade Deficit Jumps,” Reuters, August 18, 2013, www.reuters.com/article/us-japan-economy-trade-idUSBRE97I00G20130819.

  136. Global Dimensions of Unconventional Monetary Policy symposium, August 21–23, 2013, Jackson Hole, WY, www.kansascityf
ed.org/publications/research/escp/symposiums/escp-2013.

  137. Alister Bull, “Exclusive: Bernanke to Skip Jackson Hole Due to Scheduling Conflict,” Reuters, April 20, 2013, www.reuters.com/article/us-usa-fed-bernanke-idUSBRE93J0JX20130421.

  138. Steve Matthews and Joshua Zumbrun, “Jackson Hole Without Bernanke Focuses on Global Policy,” Bloomberg, August 22, 2013, www.bloomberg.com/news/articles/2013-08-22/jackson-hole-without-bernanke-to-focus-on-global-monetary-policy.

  139. Haruhiko Kuroda, “Japan’s Unconventional Monetary Policy and Initiatives Toward Ensuring Stability of the Global Financial System,” in Proceedings of the Global Dimensions of Unconventional Monetary Policy Symposium, Federal Reserve Bank of Kansas City, Jackson Hole, WY, August 21–23, 2013, www.kansascityfed.org/publicat/sympos/2013/2013kuroda.pdf.

  140. Ibid.

  141. Michael Steen, “Mario Draghi Faces Dilemma over Eurozone Inflation Level,” Financial Times, October 16, 2013, https://next.ft.com/content/466e7956-34f3-11e3-8148-00144feab7de.

  142. Mario Draghi and Vítor Constâncio, introductory statement to the press conference (with Q&A), European Central Bank, October 2, 2013, www.ecb.europa.eu/press/pressconf/2013/html/is131002.en.html.

  143. “ECB Establishes Standing Swap Arrangements with Other Central Banks” (press release), European Central Bank, October 31, 2013, www.ecb.europa.eu/press/pr/date/2013/html/pr131031.en.html.

  144. Neil Dennis, “Yen Weakens on Japan Growth Concerns,” Financial Times, November 14, 2013, https://www.ft.com/content/461e725a-4d38-11e3-bf32-00144feabdc0.

  145. Dan Blystone, “USD/JPY Rallies Above Key 100 Level After Finance Minister Aso Comments,” Benzinga, November 15, 2013, www.benzinga.com/news/13/11/4083514/usdjpy-rallies-above-key-100-level-after-finance-minister-aso-comments.

  146. Wanfeng Zhou, “Euro Rises to More Than 2-Year High vs. Dollar; Yen Falls,” Reuters, December 26, 2013, www.reuters.com/article/us-markets-forex-idUSBRE9BJ0EF20131227.

  147. Angela Monaghan, “US Federal Reserve to End Quantitative Easing Programme,” Guardian (Manchester), October 29, 2014, www.theguardian.com/business/2014/oct/29/us-federal-reserve-end-quantitative-easing-programme.