The flows of capital from East and South East Asia into the US challenge many assumptions of international financial analysis. This book presents a novel geography of these flows, revealing the driving forces behind them and the crucial turntable roles played by Europe. The market mechanisms necessary for a smooth global flow of funds are shown to be robust but vulnerable to short-circuits triggered by monetary disequilibrium, especially deflation. The game of currency diplomacy, as played between Paris, Washington, Tokyo, and Beijing, largely disregards this danger.

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