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Universidade Federal Do Rio Grande Do Sul Faculdade De Ciências Econômicas Programa De Pós-Graduação Em Estudos Estratégicos Internacionais

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Universidade Federal Do Rio Grande Do Sul Faculdade De Ciências Econômicas Programa De Pós-Graduação Em Estudos Estratégicos Internacionais UNIVERSIDADE FEDERAL DO RIO GRANDE DO SUL FACULDADE DE CIÊNCIAS ECONÔMICAS PROGRAMA DE PÓS-GRADUAÇÃO EM ESTUDOS ESTRATÉGICOS INTERNACIONAIS NOMI PRINS MONEY AND POWER IN THE TWENTY-FIRST CENTURY: FINANCIAL CRISIS, CENTRAL BANKS COLLUSION, AND RAMIFICATIONS FOR THE UNITED STATES, CHINA, AND BRAZIL Porto Alegre 2020 NOMI PRINS MONEY AND POWER IN THE TWENTY-FIRST CENTURY: FINANCIAL CRISIS, CENTRAL BANKS COLLUSION, AND RAMIFICATIONS FOR THE UNITED STATES, CHINA, AND BRAZIL Tese submetida ao Programa de Pós-Graduação em Estudos Estratégicos Internacionais da Faculdade de Ciências Econômicas da UFRGS, como requisito parcial para obtenção do título de Doutor em Estudos Estratégicos Internacionais. Orientador: Prof. Dr. Marcelo Milan Porto Alegre 2020 NOMI PRINS MONEY AND POWER IN THE TWENTY-FIRST CENTURY: FINANCIAL CRISIS, CENTRAL BANKS COLLUSION, AND RAMIFICATIONS FOR THE UNITED STATES, CHINA, AND BRAZIL Tese submetida ao Programa de Pós-Graduação em Estudos Estratégicos Internacionais da Faculdade de Ciências Econômicas da UFRGS, como requisito parcial para obtenção do título de Doutor em Estudos Estratégicos Internacionais. Porto Alegre, November 12th, 2020. EXAMINING COMMITTEE: Prof. Silvia Regina Ferabolli, Ph.D. – President UFRGS Prof. Marcelo Milan, Ph.D. – Advisor UFRGS Prof. Richard D. Wolff, Ph.D – Examiner New School University Prof. Marcelo Soares de Carvalho, Ph.D. – Examiner UNIFESP Prof. Luiza Peruffo, Ph.D. – Examiner UFRGS To my father, Jack Prins, who passed away on October 9, 2019, for his love and inspiration. ACKNOWLEDGMENTS This dissertation would not have been possible without the encouragement, support, guidance, patience and dedication of my advisor, Prof. Marcelo Milan, who motivated me to complete this immense work. I am forever grateful to him for his insight, intellect, vision and incredible attention to detail. I would also like to express my sincere appreciation to the members of my international dissertation committee; Prof. Richard Wolff, Prof. Marcelo Soares de Carvalho, and Prof. Luiza Peruffo for their time, focus and critical comments in enhancing this dissertation. Thank you to everyone at UFRGS who provided me the backdrop for this work, and to Craig Wilson for his unwavering editorial eye. Finally, my heart and gratitude to Nigel Chisholm for helping me stay on track in every way. ABSTRACT This dissertation aims to shed light on how money and power relationships serve to decrease democracy, transparency and equality, and to provide a deeper understanding of how central banks have impacted political, banking and economic events particularly with respect to the United States, China and Brazil, as well as increased the gap between financial markets and the real economy. Thus, this dissertation seeks to provide a better understanding of the relationship between money and power in the twenty-first century, and the rising power of central banks in that realm. In particular, the specific goals of this work are to revise the literature of money and power in the field International Political Economy (IPE), so that we can identify where this research fits; to understand the historical connections between politicians and bankers, using the United States case as a model; to understand how the central banks of the United States, China, and Brazil have colluded against the common man; to understand whether or not the central banks in a specific sample of less developed countries are different (or how differently they have behaved) and to show how central bank power manifested a shift in the power hierarchy of politicians and nations. To research this subject, this dissertation first examines the literature focused on money and power, then it moves on to analyzing the historical nature of money and power in the United States as it connects with the banking sector, and with respect to and how that pertained to American domestic and international influence during the twentieth century. The dissertation continues this thread through the twenty-first century, while also shifting focus to the relationships between money and power and central banks specifically in the United States, China and Brazil, and concludes by noting the permanent distortion between the real economy and the financial markets that has resulted. Keywords: Money. Power. Central Banking. United States. China. Brazil. Stock Market. RESUMO Esta tese tem como objetivo lançar luz sobre como as relações de dinheiro e poder servem para diminuir a democracia, a transparência e a igualdade, além de fornecer uma compreensão mais profunda de como os bancos centrais têm impactado eventos políticos, bancários e econômicos, particularmente com relação aos Estados Unidos, China e Brasil. Estes aumentaram a distância entre os mercados financeiros e a economia real. Assim, esta tese busca fornecer uma melhor compreensão da relação entre dinheiro e poder no século XXI, e o crescente poder dos bancos centrais nesse âmbito. Em particular, os objetivos específicos deste trabalho são revisar a literatura sobre dinheiro e poder no campo da Economia Política Internacional (EPI), de forma que possamos identificar onde esta pesquisa se encaixa; entender as conexões históricas entre políticos e banqueiros, usando o caso dos Estados Unidos como modelo; para entender como os bancos centrais dos Estados Unidos, China e Brasil entraram em colusão contra o homem comum; para entender se os bancos centrais em uma amostra específica de países menos desenvolvidos são ou não diferentes (ou como eles se comportaram de maneira diferente) e para mostrar como o poder do banco central manifestou uma mudança na hierarquia de poder de políticos e nações. Para pesquisar este assunto, esta dissertação primeiro examina a literatura focada em dinheiro e poder, em seguida, ela passa a analisar a natureza histórica do dinheiro e do poder nos Estados Unidos em sua conexão com o setor bancário, e com respeito a como isso diz respeito tanto à influência doméstica como internacional dos EUA durante o século XX. A tese continua esse fio ao longo do século XXI, ao mesmo tempo que muda o foco para as relações entre dinheiro e poder e bancos centrais, especificamente nos Estados Unidos, China e Brasil, e conclui observando a distorção permanente entre a economia real e a financeira mercados que resultaram. Palavras-chave: Dinheiro. Poder. Banco Central. Estados Unidos. China. Brasil. Mercado de ações. SUMMARY 1 INTRODUCTION10 2 MONEY, POWER, AND CENTRAL BANKS: A LITERATURE REVIEW14 2.1 MONEY AND POWER: DEFINITIONS AND CORE ISSUES16 2.2 MONEY AND POWER: NON-IPE WORKS20 2.3 THE BIRTH OF IPE AND THE QUESTION OF MONEY AND POWER24 2.4 THE EVOLUTION OF IPE OF MONEY AND POWER: THE NEW APPROACHES29 2.5 MONEY AND POWER AND CENTRAL BANKS40 2.6 CONCLUDING REMARKS45 3 MONEY AND POWER IN THE UNITED STATES DURING THE TWENTIETH AND TWENTY-FIRST CENTURY FINANCIAL CRISES47 3.1 THE POWER OF THE “BIG SIX” BANKING FAMILIES AND THEIR BANKS FROM THE 1907 PANIC47 3.2 CONSOLIDATION OF BANKING POWER THROUGH CREATION OF THE FEDERAL RESERVE51 3.2.1 Conception of The Federal Reserve53 3.2.2 Deploying the Federal Reserve to Create Money And Propel Power Into the Great War55 3.2.3 Bankers and The Great War56 3.3 THE CRASH OF 1929, GREAT DEPRESSION, AND MID-CENTURY GLOBAL POWER EXPANSION57 3.3.1 1929: The Crash and Big-Six Response60 3.3.2 Early 1930s: Tenuous Times, Tax-Evading Titans62 3.3.3 The 1960s and 1970s Expanding Of Global Finance65 3.3.4 The 1980s: Free-Market Rules, Debt Problems, Bankers Competition68 3.3.5 The 1990s: Currency Crises and Glass-Steagall Demise73 3.4 MONEY AND POWER ALIGNMENTS: THE FIRST TWO CRISES OF THE TWENTY-FIRST CENTURY74 3.5.1 Post 9-11 Corporate Corruption Recessions75 3.5.2 Global Financial Crisis Of 2008-200978 3.5.3 Ramifications of The Financial Crisis Of 200884 3.5 CONCLUDING REMARKS88 4 THE RISE OF CENTRAL BANK POWER AND COLLUSION POST 2008 FINANCIAL CRISIS: PHASE I89 4.1 GLOBAL MONETARY COLLUSION AND THE BIG POWER SHIFT89 4.2 NATIONAL POLITICS, CENTRAL BANKING, AND DEVELOPING NATIONS DIVIDED ALLEGIANCE92 4.2.1 Outside The Vortex Of The U.S. Financial Crisis95 4.2.2 Currency Wars and Movement Toward Economic Recovery98 4.2.3 Capital Controls, Inflation and Currency Problems100 4.2.4 New Trade Alliances, Growing Austerity Measures And Capital Flow Concerns103 4.3 CHINA’S FOOTPRINT GROWS: RESPONSE TO UNITED STATES CENTRAL BANK POLICIES108 4.3.1 Cheap Money and Turbulent Economic Performance117 4.3.2 Quantitative Easing and Continuing Currency Wars120 4.4 THE RISE OF TRUMP, REACTIONS IN CHINA, MONETARY AND TRADE POLICY DYNAMICS129 4.5 CONCLUDING REMARKS133 5 PHASE II AND CORONAVIRUS CRISIS: NEXT SHIFT IN GLOBAL POWER HIERARCHY134 5.1 FROM PHASE I TO PHASE II OF CENTRAL BANK POWER EXPANSION AND THE RAMIFICATIONS134 5.1.1 Phase II Expansion to Emerging Markets140 5.1.2 Phase II Shifts To Isolationism142 5.2 DEPRESSION AND PANDEMIC FUEL UNITED STATES-CHINA BATTLE WITH BRAZIL IN THE CENTER144 5.2.1 Coronavirus Reinvigorates United States-China Turbulence147 5.2.2 Comparisons to The Great Depression149 5.3 THE PANDEMIC STRAINS WEAKENED ECONOMIES AND MONEY AND POWER RELATIONSHIPS151 5.4 THE DISCONNECT BETWEEN THE FINANCIAL MARKET AND THE REAL ECONOMY157 5.5 CONCLUDING REMARKS164 6 PERMANENT DISTORTION AND CRISIS: A NEW GLOBAL MONEY- POWER PARADIGM?166 6.1 NO LIMIT MONEY EQUALS NO LIMIT POWER STRUGGLES166 6.2 THE CORONAVIRUS CRISIS AMPLIFIES FINANCIAL MARKET-REAL ECONOMY DISCONNECT169 6.3 PANDEMIC ESCALATION UNITED STATES-CHINA TRADE WARS AND ISOLATIONISM175 6.4 PERMANENT DISTORTION: PERPETUAL ECONOMIC AND FINANCIAL REALM DIVERGENCE182 6.5 CONCLUDING REMARKS186 7 CONCLUSION187 REFERENCES191 APPENDIX A - PRIMARY DATA SOURCES261 10 1 INTRODUCTION The inextricable link between money and power has generated a growing economic fragility, that is a direct result of decisions and actions made by people in power as to how and where money flows.
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