Financial Cold War

A View of Sino-US Relations from the Financial Markets

By: James A. Fok

Narrated by: Christopher Grove

Rising tensions between China and the United States have kept the financial markets on edge as a showdown between the world's two largest economies seems inevitable. But what most people fail to recognize is the major impact that the financial markets themselves have had on the creation and acceleration of the conflict.

In Financial Cold War, market structure and geopolitical finance expert James Fok explores the nuances of China-US relations from the perspective of the financial markets. The book helps listeners understand how imbalances in the structure of global financial markets have singularly contributed to frictions between the two countries.

In this book, listeners will find: a comprehensive examination of the development of financial markets in both China and the US, as well as the current US dollar-based global financial system; insightful observations of the roles of technology, innovation, regulation, taxation, and politics in the markets, and on their resulting effect on US-Sino relations; thorough explorations of the role of Hong Kong as an intermediary for capital flows between China and the rest of the world; and suggestions for how, balancing the many varying interests, policymakers might be able to devise effective strategies for de-escalating current Sino-US tensions.

©2022 James A. Fok (P)2022 Ascent Audio

Great panorama + detail + point of view

I believe the author has British and Chinese ancestry, as does Hong Kong culturally, where he achieved much in finance. So, he has an ideal perch from which to look across national and financial scenes. His voice is ideally sober, calm, and thoughtful. This is my favorite book, both on the background, and the updates, on China-USA dynamics (of about 5 I have read). He is aligned with the rule-of-law and common-law-based traditions of Hong Kong, but he is painstaking to give some balance to the picture.

Thorough, well-researched

Very in-depth explanations of the different monetary systems from someone with experience to speak to both sides. Accessible, not overly academic.

Informative, balanced, and thought-provoking

This book tells a two-sided story of the intensive relationship between the US and China from the financial market perspective. It presents both countries' historical contexts, evolving attitudes, and national interests with equal emphasis.

The author believes there is no such thing as a financial cold war between the two countries. Their trade, commercial, economic, and monetary interests interweave tightly, so a "cold" disconnection is impossible. Although they compete in many areas, the competitions are built on the same foundation: a peaceful, functional, and interconnected global system. Some events or actions might benefit one party and harm the other, and posturing is necessary from time to time, but a fragmented and hostile international political and economic environment, or a "war", will harm both countries a lot more.

The author, a seasoned financial and strategic advisor to corporations and governments based in HK, presents an unambiguous opinion on the financial cold war between China and the US, which he supports with ample objective evidence and fun insights. The argument is balanced, eloquent, and thought-provoking in places.

If you are interested in the theory behind why US and China are "at war" and maybe another perspective on this topic, check out "Principles for Dealing with the Changing World Order Why Nations Succeed or Fail" by Ray Dalio (2021). If you are interested in the financial side of the story but agnostic about the geopolitical context, check out "Money: The True Story of a Made-Up Thing" by Jacob Goldstein (2020), which shares fun snapshots of the critical moments in the financial market development. If you are interested in the Sino-US dynamics and want to dig deeper than money, check out "Culture Hacks: Deciphering Differences in American, Chinese, and Japanese Thinking" by Richard Conrad (2019), which insightfully compares the culture and philosophical foundations of these three countries.