INDEX 285Perfect Storm, The (Junger), 79
petrodollars, Saudi Arabia’s use of,
129–30
phase transition, definition of, 139
Piketty, Thomas, consultancy by, on
redistribution of wealth in dystopian
future, 4
PMC Index, as fixed-weight index of the
four primary precious metals, 216–18
PMC Ounce, as a dynamic physicial
precious metals investment asset,
216–18, 250
political plans, restoring order and ad-
vancing political agendas through, 6
Ponzi schemes, 74
portfolio diversification. See also invest-
ment strategies
cash as elements in prudent, 34–35,
58–59, 62, 107
caution on giving advice on personal,
248
gold as element in, 148, 205, 218–19
with prospect of inflation or defla-
tion, 28–29, 58–59, 198, 201, 251
robustness of, in face of shocks, 7
silver’s place in, 219, 246
stocks’ place in, 107
pound sterling
dominant reserve currency status of,
20–21
price index of the, 24–25
power elites
agendas advanced by, 5–7
club of, 254–55
financial warnings issued by and for,
9–12
wealth protection by, 12
precious metals, non-gold, 216–18, 250
price index
of the United Kingdom, 24–25
of the United States, 27
price instability, 17, 25–29, 35, 55,
67–68, 143–44 198, 251, 252
deflation prevailing over inflation in
short run in makeup of, 200, 214,
246
inflation prevailing in long run in the
makeup of, 214, 246
price signals, edistortion of, by policy
manipulation, 180
price stability
deceptive appearance of, 27, 143
as ideal goal, 66
primary dealers, role of, in monetary
policy, 164
privacy, loss of, through USA Patriot
Act, 7
psychology, 73, 87, 146. See also infla-
tion expectations
Putin, Vladimir
preferences of, 134–35
sanctions policy directed against,
134–35, 253Q
quantitative easing
BOJ’s program of, 138
recent experiments in, 108
tapering off of, 110, 219–20R
race to the bottom. See currency wars
rational expectations, real-world failure
of theory of, 42
RBL (SPDR S&P Russia ETF), 136
reading, recommended, 234–44
Reagan, Ronald, growth under, 14
real estate investment trusts (REITs), as
ideal means of acquiring income
from physical assets, 208
real income, nominal income vs., 41–42
real wages, implications for monetary
policy of, 114, 199
recency bias, application of, to coming
oil bust, 87
recessions, depressions distinguished
from, 16, 240–41
recursive functions. See feedback loops
redistribution of wealth. See also trans-
fer payment
in dystopian future, 4