Permanent distortion, p.30
Permanent Distortion, page 30
80. Bird, Mike. “Greece’s Election Chaos Is Sending Markets Crashing Again.” Business Insider, December 11, 2014. Accessed December 19, 2021. www.business insider.com/greeces-election-chaos-is-sending-stocks-crashing-again-2014-12.
81. Federal Reserve Bank of St. Louis. “Central Bank Assets for Euro Area (11-19 Countries) (DISCONTINUED) (ECBASSETS).” Accessed December 19, 2021. https://fred.stlouisfed.org/series/ECBASSETS.
82. Draghi, Mario. “Speech by Mario Draghi, President of the European Central Bank at the Global Investment Conference in London 26 July 2012.” European Central Bank, July 26, 2012. www.ecb.europa.eu/press/key/date/2012/html/sp120 726.en.html.
83. MacroTrends. “Dax 30 Index—27 Year Historical Chart.” n.d. Accessed December 19, 2021. www.macrotrends.net/2595/dax-30-index-germany-historical-chart-data.
84. Peralta, Katherine. “2014: The U.S. Economy’s Breakout Year.” U.S. News, December 30, 2014. Accessed December 19, 2021. www.usnews.com/news/articles/2014/12/30/2014-the-us-economys-breakout-year.
85. Rodgers, Lucy, and Nassos Stylianou. “How Bad Are Things for the People of Greece?” BBC News, July 16, 2015. Accessed December 19, 2021. www.bbc.com/news/world-europe-33507802.
86. Daley, Suzanne, and Liz Alderman. “Premier of Greece, Alexis Tsipras, Accepts Creditors’ Austerity Deal.” New York Times, July 13, 2015. Accessed December 19, 2021. www.nytimes.com/2015/07/14/world/europe/greece-debt-plan.html.
87. Quinn, Ben. “UKIP Manifesto 2015—The Key Points.” Guardian, April 15, 2015. Accessed December 19, 2021. www.theguardian.com/politics/2015/apr/15/ukip-manifesto-2015-the-key-points.
88. Lundie, David. “What to Make of ‘British Values’ in the Aftermath of Brexit?” Schools Week, July 27, 2016. Accessed December 19, 2021. https://schoolsweek.co.uk/what-to-make-of-british-values-in-the-aftermath-of-brexit.
89. Martínez, Sanjuana. “Mexico’s 2015 Elections—A Citizen Triumph?” Open Democracy, June 28, 2015. Accessed December 19, 2021. www.opendemocracy.net/en/democraciaabierta/mexicos-2015-elections-citizen-triumph.
90. BBC News. “Mexican President Signs Controversial Oil and Gas Law.” December 21, 2013. Accessed December 19, 2021. www.bbc.com/news/world-latin-america-25471212.
91. Tuckman, Jo. “Mexico on the Brink: Thousands to Protest over Widespread Corruption and Student Massacre.” Guardian, November 20, 2014. Accessed December 19, 2021. www.theguardian.com/world/2014/nov/20/mexico-protests-anti-government-anger-violence-students-president.
92. O’Brien, Matt. “Everything You Need to Know about Argentina’s Weird Default.” Washington Post, August 3, 2014. Accessed December 19, 2021. www.washingtonpost.com/news/wonk/wp/2014/08/03/everything-you-need-to-know-about-argentinas-weird-default.
93. BBC News. “Conservative Mauricio Macri Wins Argentina Presidency.” November 23, 2015. Accessed December 19, 2021. www.bbc.com/news/world-latin-america-34897150.
94. Astudillo, Javier, and Marta Romero. “The PP May Win Spain’s Election, but Mariano Rajoy’s Future Is Far from Secure.” London School of Economics and Political Science, December 16, 2015. Accessed January 18, 2022. https://blogs.lse.ac.uk/europpblog/2015/12/16/spanish-general-election-preview-the-pp-may-win-the-election-but-mariano-rajoys-future-is-far-from-secure.
95. Monaghan, Angela. “Spain’s Economic Recovery Gathers Momentum.” Guardian, October 30, 2014. Accessed December 19, 2021. www.theguardian.com/world/2014/oct/30/spain-economic-recovery-growth-quarter.
96. Inman, Phillip. “The Chinese Economy Is Slowing Down and There Can Be No Denying It.” Guardian, August 28, 2015. Accessed December 19, 2021. www.theguardian.com/business/2015/aug/28/chinese-economic-slowdown-jackson-hole-bankers-investors.
97. Lee, Timothy B. “China’s Stock Market Crash, Explained in Charts.” Vox, August 26, 2015. Accessed December 19, 2021. www.vox.com/2015/⅞/8911519/china-stock-market-charts.
98. Banco Central do Brazil. “Taxas de juros básicas—Histórico.” n.d. Accessed December 19, 2021. www.bcb.gov.br/controleinflacao/historicotaxasjuros.
99. Appelbaum, Binyamin. “I.M.F. Urges Fed to Delay Raising Interest Rates.” New York Times, June 4, 2015. Accessed December 19, 2021. www.nytimes.com/2015/06/05/business/economy/imf-recommends-fed-delay-raising-interest-rates.html.
100. Hilsenrath, Jon, and Ben Leubsdorf. “Fed Raises Rates after Seven Years near Zero, Expects ‘Gradual’ Tightening Path.” Wall Street Journal, December 16, 2015. Accessed December 19, 2021. www.wsj.com/articles/fed-raises-rates-after-seven-years-at-zero-expects-gradual-tightening-path-1450292616.
Chapter 3: Drugs, Populism, and Power Plays
1. Egan, Matt. “Wild January Stock Market Ends on a High Note.” CNNMoney, January 31, 2016. Accessed December 6, 2021. https://money.cnn.com/2016/01/29/investing/dow-january-2016-worst-month.
2. Macalister, Terry. “Oil Prices Crash to 11-Year Low.” Guardian, January 6, 2016. Accessed December 6, 2021. www.theguardian.com/business/2016/jan/06/oil-prices-crash-to-11-year-low.
3. Chandran, Nyshka. “China Stocks Saw Worst Jan Since 2008.” CNBC, February 1, 2016. Accessed December 6, 2021. www.cnbc.com/2016/02/01/china-stocks-post-worst-monthly-performance-since-2008.html.
4. Nakamura, Yuji, and Nao Sano. “Japan Stocks Fall; Nikkei 225 Posts Worst Yearly Start Since 1997.” Bloomberg, January 8, 2016. Accessed December 6, 2021. www.bloomberg.com/news/articles/2016-01-08/japan-s-nikkei-225-extends-retreat-after-worst-start-since-1970.
5. Shell, Adam. “A Look Back at the Dow’s Wild Rise in 2016.” USA Today, December 31, 2016. Accessed December 6, 2021. www.usatoday.com/story/money/markets/2016/12/31/dows-2016-highlights/95909234.
6. Cox, Jeff. “Fed Holds Line; Rate Hikes Still on the Table.” CNBC, January 27, 2016. Accessed December 6, 2021. www.cnbc.com/2016/01/27/the-fed-holds-rates-unchanged.html.
7. Federal Reserve. “Federal Reserve Statistical Release H.4.1: Factors Affecting Reserve Balances.” January 7, 2016. Accessed December 6, 2021. www.federalreserve.gov/releases/h41/20160107.
8. Chandran, Nyshka. “Bank of Japan Adopts Negative Interest Rate Policy.” CNBC, January 29, 2016. Accessed December 6, 2021. www.cnbc.com/2016/01/28/bank-of-japan-adopts-negative-interest-rate-policy-reuters.html.
9. Owyang, Michael T., and Hannah G. Shell. “Taking Stock: Income Inequality and the Stock Market.” Economic Research—Federal Reserve Bank of St. Louis, April 29, 2016. Accessed December 6, 2021. research.stlouisfed.org/publications/economic-synopses/2016/04/29/taking-stock-income-inequality-and-the-stock-market.
10. International Monetary Fund. “IMF World Economic Outlook (WEO) Update.” January 2016. Accessed December 6, 2021. www.imf.org/en/Publications/WEO/Issues/2016/12/31/Subdued-Demand-Diminished-Prospects.
11. McCauley, Robert N., Patrick McGuire, and Vladyslav Sushko. “Dollar Credit to Emerging Market Economies.” Bank for International Settlements, December 6, 2015. Accessed December 6, 2021. www.bis.org/publ/qtrpdf/r_qt1512e.htm.
12. International Monetary Fund. “IMF World Economic Outlook (WEO) Update.” January 2016. Accessed December 6, 2021. www.imf.org/en/Publications/WEO/Issues/2016/12/31/Subdued-Demand-Diminished-Prospects.
13. Sang-hun, Choe. “Protest against South Korean President Estimated to Be Largest Yet.” New York Times, November 26, 2016. Accessed December 6, 2021. www.nytimes.com/2016/11/26/world/asia/korea-park-geun-hye-protests.html. Romero, Simon. “Protesters Across Brazil Call for President Dilma Rousseff’s Ouster.” New York Times, March 13, 2016. Accessed December 6, 2021. www.nytimes.com/2016/03/14/world/americas/brazil-dilma-rousseff-protests.html.
14. Saliba, Emmanuelle. “Thousands Protest in Rio Ahead of Olympics Opening Ceremony.” NBC News, August 5, 2016. Accessed December 6, 2021. www.nbcnews.com/storyline/2016-rio-summer-olympics/thousands-protest-rio-ahead-olympics-opening-ceremony-n623851.
15. “Brazil’s Unemployment Rate Hits 4-Year High as Recession Bites.” CNBC, July 29, 2016. Accessed December 6, 2021. www.cnbc.com/2016/07/29/brazils-unemployment-rate-hits-4-year-high-as-recession-bites.html.
16. Jelmayer, Rogerio. “Brazil President’s Approval Rating Remains near All-Time Low.” Wall Street Journal, February 28, 2016. Accessed December 6, 2021. www.wsj.com/articles/brazil-presidents-approval-rating-remains-near-all-time-low-1456663882.
17. Watts, Jonathan. “Brazil’s Dilma Rousseff Impeached by Senate in Crushing Defeat.” Guardian, September 1, 2016. Accessed December 6, 2021. www.theguardian.com/world/2016/aug/31/dilma-rousseff-impeached-president-brazilian-senate-michel-temer.
18. teleSUR. “Brazil: Temer Admits Impeachment of Dilma Rousseff Was a Coup.” teleSUR, September 18, 2019. Accessed December 6, 2021. www.tele surenglish.net/news/Brazil-Temer-Admits-Impeachment-of-Dilma-Rousseff-Was-a-Coup-20190918-0011.html.
19. Aquino, Yara, and Daniel Lima. “Brazil Government Suggests Ceiling for Public Spending.” Agência Brasil, June 15, 2016. Accessed December 6, 2021. https://agenciabrasil.ebc.com.br/en/economia/noticia/2016-06/brazil-government-suggests-ceiling-public-spending.
20. MacroTrends. “Bovespa Index—24 Year Historical Chart.” Accessed December 6, 2021. www.macrotrends.net/2597/bovespa-index-brazil-historical-chart-data.
21. Nowrasteh, Alex. “Economics of the Syrian Refugee Crisis.” Cato Institute, May 2, 2016. Accessed December 6, 2021. www.cato.org/blog/economics-syrian-refugee-crisis. BBC News. “Migrant Crisis: Migration to Europe Explained in Seven Charts.” March 4, 2016. Accessed December 6, 2021. www.bbc.com/news/world-europe-34131911.
22. International Labour Organization. “World Employment and Social Outlook—Trends 2016: Global Unemployment Projected to Rise in Both 2016 and 2017.” January 19, 2016. Accessed December 6, 2021. www.ilo.org/global/about-the-ilo/newsroom/news/WCMS_443500/lang--en/index.htm.
23. Deutsche Welle. “German Right-Leaning AFD Leader Calls for Police Right to Shoot at Refugees.” January 30, 2016. Accessed March 4, 2022. www.dw.com/en/german-right-leaning-afd-leader-calls-for-police-right-to-shoot-at-refugees/a-19013137.
24. BBC News. “Migrant Crisis: Austria Passes Controversial New Asylum Law.” April 27, 2016. Accessed December 6, 2021. www.bbc.com/news/world-europe-36152927.
25. McAuley, James. “It’s Not Just Britain: A New Poll Shows Europeans Elsewhere Are Tired of the E.U.” Washington Post, June 7, 2016. Accessed December 6, 2021. www.washingtonpost.com/news/worldviews/wp/2016/06/07/beyond-britain-dissatisfaction-with-e-u-spreads.
26. Koran, Laura. “Obama Pledge to Welcome 10,000 Syrian Refugees Far Behind Schedule.” CNN, April 1, 2016. Accessed December 6, 2021. www.cnn.com/2016/04/01/politics/obama-pledge-10000-syrian-refugees-falling-short.
27. Ballotpedia. “Donald Trump Presidential Campaign, 2016/Syrian Refugees.” n.d. Accessed December 6, 2021. ballotpedia.org/Donald_Trump_presidential_campaign,_2016/Syrian_refugees.
28. Hall, Richard. “How the Brexit Campaign Used Refugees to Scare Voters.” The World, June 24, 2016. Accessed December 6, 2021. theworld.org/stories/2016-06-24/how-brexit-campaign-used-refugees-scare-voters.
29. Berry, Mike, Inaki Garcia-Blanco, and Kerry Moore. “Press Coverage of the Refugee and Migrant Crisis in the EU: A Content Analysis of Five European Countries.” United Nations High Commission for Refugees, December 2015. www.unhcr.org/56bb369c9.html.
30. Irish Times. “Brexit: Results.” n.d. Accessed December 6, 2021. www.irish times.com/news/world/brexit/results.
31. Hutton, Robert. “The Roots of Brexit.” Bloomberg Quint, February 2, 2020. Accessed December 6, 2021. www.bloombergquint.com/quicktakes/will-uk-leave-eu.
32. BBC News. “Scottish Independence: Will There Be a Second Referendum?” March 22, 2021. Accessed December 6, 2021. www.bbc.com/news/uk-scotland-scotland-politics-50813510.
33. Witte, Griff. “Britain Will Have First Female Prime Minister Since Margaret Thatcher.” Washington Post, July 7, 2016. Accessed December 6, 2021. www.washingtonpost.com/world/british-prime-minister-contest-down-to-two-women-amid-eu-exit-fallout/2016/07/07/8499b76e-4390-11e6-a76d-3550dba926ac_story.html.
34. Associated Press. “Timeline of Events in Britain’s Exit from the European Union.” December 24, 2020. Accessed December 6, 2021. apnews.com/article/europe-general-elections-elections-referendums-david-cameron-f673af 169925d30e524169ef92c4f386.
35. Scott, Michelle P. “Brexit: Winners and Losers.” Investopedia, August 22, 2021. Accessed December 6, 2021. www.investopedia.com/news/brexit-winners-and-losers.
36. Allen, Katie, and Larry Elliott. “Bank of England Cuts Interest Rates to 0.25% and Expands QE.” Guardian, August 4, 2016. Accessed December 6, 2021. www.theguardian.com/business/2016/aug/04/bank-of-england-cuts-uk-interest-rates.
37. Allen, Katie, and Larry Elliott. “Bank of England Cuts Interest Rates to 0.25% and Expands QE.” Guardian, August 4, 2016. Accessed March 4, 2022. www.theguardian.com/business/2016/aug/04/bank-of-england-cuts-uk-interest-rates.
38. Deutsche Welle. “ECB: No Extra Time for Italy Bank Rescue Plan.” September 12, 2016. Accessed December 6, 2021. www.dw.com/en/ecb-no-extra-time-for-italy-bank-rescue-plan/a-36709687.
39. The Local Italy. “Brexit-Spooked Investors Fret over Italy’s Debt-Laden Banks.” July 4, 2016. Accessed December 6, 2021. www.thelocal.it/20160704/brexit-spooked-investors-fret-over-debt-laden-italian-banks.
40. Head of the ECB between November 1, 2011, and October 31, 2019.
41. Young, Julie. “Bail-Ins During Financial Crisis Helps Financial Institutions.” Investopedia, October 30, 2020. Accessed December 6, 2021. www.investopedia.com/terms/b/bailin.asp.
42. European Central Bank. “How Quantitative Easing Works.” August 25, 2021. Accessed December 6, 2021. www.ecb.europa.eu/ecb/educational/explainers/show-me/html/app_infographic.en.html.
43. European Central Bank. “How Quantitative Easing Works.” August 25, 2021. Accessed December 6, 2021. www.ecb.europa.eu/ecb/educational/explainers/show-me/html/app_infographic.en.html.
44. Rosenfeld, Everett. “Trump vs. Clinton: How China Views the US Elections.” CNBC, July 7, 2016. Accessed December 6, 2021. www.cnbc.com/2016/07/07/trump-vs-clinton-how-china-views-the-us-elections.html.
45. Reuters. “Trump Targets China Trade, Says Plans Serious Measures.” August 24, 2016. Accessed December 6, 2021. www.reuters.com/article/us-usa-election-trump-china/trump-targets-china-trade-says-plans-serious-measures-idUSKCN10Z2JN.
46. APEC is an intergovernmental forum for twenty-one member economies in the Pacific Rim that promotes free trade throughout the Asia-Pacific region. International Monetary Fund. “Regional Economic Outlook—Asia and Pacific: Building on Asia’s Strengths During Turbulent Times.” May 2016. Accessed December 6, 2021. www.imf.org/en/Publications/REO/APAC/Issues/2017/03/06/Building-on-Asia-s-Strengths-during-Turbulent-Times.
47. Financed by the China–Latin America Industrial Fund (CLAI Fund) and the China Railway Engineering Group (CREC) to move commodities from Rio de Janeiro to Peru’s Pacific port of Arequipa.
48. BBC News. “Hillary Clinton Warns China Is ‘Hacking’ Us.” July 5, 2015. Accessed December 6, 2021. www.bbc.com/news/av/world-us-canada-33403477. Tiezzi, Shannon. “Why China Dreads a Hillary Clinton Presidency.” The Diplomat, February 10, 2016. Accessed December 6, 2021. thediplomat.com/2016/02/why-china-dreads-a-hillary-clinton-presidency.
49. Rosenfeld, Everett. “Trump vs. Clinton: How China Views the US Elections.” CNBC, July 7, 2016. Accessed December 6, 2021. www.cnbc.com/2016/07/07/trump-vs-clinton-how-china-views-the-us-elections.html.
50. Agiesta, Jennifer. “Most See a Clinton Victory and a Fair Count Ahead.” CNN, October 25, 2016. Accessed December 6, 2021. edition.cnn.com/2016/10/25/politics/hillary-clinton-2016-election-poll/index.html.
51. Kehoe, John. “US Election: Goldman Sachs Tips Hillary Clinton Win.” Australian Financial Review, November 3, 2016. Accessed December 6, 2021. www.afr.com/markets/us-election-goldman-sachs-tips-hillary-clinton-win-20161103-gsgq8g.
52. Reuters. “Moody’s Analytics Election Model Predicts Clinton Win.” November 1, 2016. Accessed December 6, 2021. www.reuters.com/article/us-usa-election-research-moody-s-idUSKBN12W56J.
53. Pew Research Center. “2016 Campaign: Strong Interest, Widespread Dissatisfaction: Top Voting Issues in 2016 Election.” July 7, 2016. Accessed January 18, 2022. www.pewresearch.org/politics/2016/07/07/4-top-voting-issues-in-2016-election.
54. Alexander, Sophie. “Buy a Piece of Trump: Mansion, Hotel and Island Getaway for Sale.” Bloomberg, April 15, 2021. Accessed December 6, 2021. www.bloomberg.com/news/articles/2021-04-15/buy-a-piece-of-trump-mansion-hotel-and-island-getaway-for-sale. Jones, Jonathan. “Why Would Trump Turn Down a Golden Toilet? Because He Already Has One.” Guardian, January 26, 2018. Accessed December 6, 2021. www.theguardian.com/artanddesign/2018/jan/26/why-would-trump-turn-down-golden-toilet-white-house-guggenheim-maurizio-cattelan-america.
55. Jenkins, Holman W. “Trump Declares War on Mexico.” Wall Street Journal, May 3, 2016. Accessed December 6, 2021. www.wsj.com/articles/trump-declares-war-on-mexico-1462314185.
56. Horowitz, Juliana Menasce, Ruth Igielnik, and Rakesh Kochhar. “Trends in U.S. Income and Wealth Inequality.” Pew Research Center, January 9, 2020. Accessed December 6, 2021. www.pewresearch.org/social-trends/2020/01/09/trends-in-income-and-wealth-inequality.
57. Horowitz, Juliana Menasce, Ruth Igielnik, and Rakesh Kochhar. “Trends in U.S. Income and Wealth Inequality.” Pew Research Center, January 9, 2020. Accessed December 6, 2021. www.pewresearch.org/social-trends/2020/01/09/trends-in-income-and-wealth-inequality.
58. A policy of remaining apart from the affairs or interests of other groups, especially the political affairs of other countries.
59. Library of Congress. “Presidential Election of 1920.” n.d. Accessed December 6, 2021. www.loc.gov/collections/world-war-i-and-1920-election-recordings/articles-and-essays/from-war-to-normalcy/presidential-election-of-1920.
60. Amadeo, Kimberly. “The Economy in the 1920s and What Caused the Great Depression.” The Balance, March 31, 2021. Accessed December 6, 2021. www.thebalance.com/roaring-twenties-4060511.
61. Baker, Peter. “Trump Abandons Trans-Pacific Partnership, Obama’s Signature Trade Deal.” New York Times, January 23, 2017. Accessed December 6, 2021. www.nytimes.com/2017/01/23/us/politics/tpp-trump-trade-nafta.html. Beeler, Carolyn. “Trump Removes ‘Climate Change’ from the White House Website. History Tells Us Regulatory Change Will Take Longer.” The World, January 20, 2017. Accessed December 6, 2021. https://theworld.org/stories/2017-01-20/trump-removes-climate-change-white-house-website-history-tells-us-regulatory.
