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Modern Financial Warfare: Drawing on Lessons from the Globalized Economy Pre-World-War I
[Technical Report, Research Paper]
USMC COMMAND AND STAFF COLLEGE MARINE CORPS UNIVERSITY
Pagination or Media Count:
The British economic warfare effort in a globalized economy during World War I provides lessons applicable to modern financial warfare in a globalized economy. Globalization pre-World War I created an environment that facilitated British financial warfare, because Britain commanded a central role in global credit markets and trading infrastructure. Today, the global economy provides a similar opportunity for the United States, and the United States wields economic and financial strength to project power globally in this favorable environment. During World War I, the British financial warfare effort was obstructed by intergovernmental objections, public sector protest, and resistance from neutral countries. Through a series of actions, the United States has mitigated interference from the same sources. The central role of the US dollar in the global economy is the cornerstone of United States financial warfare. If the United States does not implement sound monetary policies and address the massive federal debt, global confidence in the US dollar could diminish, which could lead to rejection of the US dollar as the premier global reserve currency and the inability of the United States to project power globally through financial warfare.
[A, Approved For Public Release]