The Global Menace of US Monetary Policies

Brendan Brown () and Robert Pringle ()
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Brendan Brown: Hudson Institute
Robert Pringle: Central Banking Publications

Chapter Chapter 3 in A Guide to Good Money, 2022, pp 33-45 from Springer

Abstract: Abstract For most of the century of US dollar hegemony since World War I, the US has spread inflation. Sometimes, the key visible symptoms of such “made in America” inflation have been in asset markets, at other times in goods and services markets—and sometimes in both. Ultimately, the inflation exacted a heavy toll not only on global economic prosperity but also on America’s geopolitical position, weakening US allies, lowering US standing in the world and strengthening its enemies. In this chapter, the authors examine how US allies have resisted the contagion of inflation in the past and how they could do so in the future—all in ways which would strengthen their alliance with the US.

Keywords: Anchor-less Japanese yen creates geopolitical danger; Counterfactual good money hegemony for US; German monetary defiance of US; Hard Deutsche mark; How Asset inflation spreads globally; Japan’s crippled defences to US inflation; Nixon shock and Plaza examples of US flawed monetary hegemony; US exports inflation Why foreign resistance to US inflation historically rare; US squanders by inflation potential benefits of monetary hegemony; US monetary inflation benefits Moscow-Teheran-Beijing-Pyong Yang axis; Why foreign resistance to US inflation so rare (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-031-06041-0_3

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DOI: 10.1007/978-3-031-06041-0_3

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