Оглавление
James A. Fok. Financial Cold War
Table of Contents
Guide
Pages
Financial Cold War. A View of Sino-US Relations from the Financial Markets
Preface
Note
Acknowledgements
Abbreviations
Chapter 1 Introduction
Legacy of the GFC
Modern History of Sino-US Relations
The Financial Roots of Sino-US Conflict
The Financial Path Out of Conflict
Notes
Chapter 2 How the US Dollar Took Over the World
An Ad Hoc Position
The Barbarous Relic
Two Competing Plans
A British Innovation
The Coupon Express
Plumbing the World's Financial Markets
Niksonu Shokku
Volatility
‘Risk Free’ Assets
Boom and Bust
Notes
Chapter 3 Whose Problem?
The Unipolar Moment
The Almighty Mr. Market
Emerging Markets Crises
The Weakest Link
The Music Stops
Anyone for Tea?
A Tipping Point?
Notes
Chapter 4 From First World to Third and Back Again
Maritime Power
The Milk of Paradise
Wars and Revolutions
A Leap into the Abyss
Herding Cats
Crackdown
Journeys to the South
A New Path
The Bird's Nest
Notes
Chapter 5 Two Steps Forward, One Step Back
Going Public
The Protection Racket
The Price of Money
Still Building, But Will They Come?
Alien Attack
Who Will Look After Grandma?
Connecting China and the World
Can't Buy Me Love
Notes
Chapter 6 A New Cold War?
A Close Call
Fly Me to the Moon
Tax Me If You Can
A War of Words?
Geo-economic Warfare
Notes
Chapter 7 The Role of Markets in the 21st Century
Selective Efficiency
What Happens When Competition Dies
Wrong Incentives
Bubbles and Cycles
Funny Money
We're All in the Same Boat
Notes
Chapter 8 Avoiding the Thucydides Trap
Admitting the Problems
A New Bretton Woods?
MAD for Markets
It All Starts with Leadership
Notes
Afterword
Notes
Cast of Characters
Bibliography
Index
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Отрывок из книги
James A. Fok
Later, as a teenager, I struggled with my studies in classical Chinese texts. Taking pity on me, my godmother offered to tutor me, and I started going up to her office twice a week for tutorials. Auntie Sue – as she is known to me – was a successful lawyer who had co-founded a law firm with my father. However, by that stage she had become a little bored of the law and had taken up a side-line in trading stock options. I found Confucian and Mencian philosophy rather tedious and often diverted these tutorial sessions to discussions on stocks and options trading. Over time, Auntie Sue taught me the basic principles of securities valuation and options pricing that, as an adolescent with dreams of riches, I absorbed with enthusiasm.
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Although London was establishing itself as the home of secondary trading in Eurobonds, in 1967 New York remained the centre where they were settled. The settlement process was still highly manual, and the rapid expansion in the volume of trades had created a logjam. Each night, the clerks would send a telex to the firm's bank in New York listing the bonds it should receive and deliver on its traders' behalf. Kidder Peabody's New York bank Schroder would report payments that it had made on its behalf against bonds received. The problem was that there never seemed to be any corresponding reports for cash received when the traders had sold bonds. At a time of rising interest rates, Kidder Peabody's overdraft costs were skyrocketing, eating up all the trading profits.
Ross flew to New York to find out what was happening. His bank sent him down to the vaults where the bond certificates were held. There, he was handed a tatty folder containing all his firm's settlement instructions. When he opened the file, hundreds of delivery instructions flew up in the air and fluttered to the floor. Schroder had simply cut up all the telexes and acted on the instructions to receive bonds but left the delivery strips in the folder. There were all the profits!
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