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ID:
164620
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| Summary/Abstract |
This article explores the emerging currency battlefield and asks how cyber warfare capabilities influence the nature and conduct of currency warfare, defined as the use of monetary or military force directed against an enemy’s monetary power as part of a military campaign. Currency warfare is not new to war, but recent conflicts such as the ongoing war against ISIS (2014–present), the Russo-Ukrainian crisis (2014–present), and the Russo-Georgian War (2008) indicate a new method of attacking an enemy’s monetary power through cyber capabilities. However, little attention is currently being devoted to how cyber warfare informs the conduct of currency warfare at the strategic, operational, and tactical levels. This article approaches the question from the perspective of currency warfare and argues that cyber warfare’s contribution is at the tactical level, providing a new means by which to target an enemy’s monetary power, but it has not altered the strategic and operational objectives. At the strategic level, currency warfare continues to be motivated by a strategy of subversion and at the operation level, the objective remains the same, the denying of an opponent’s war-financing ability and the enemy leadership’s legitimacy.
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| 2 |
ID:
175826
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| Summary/Abstract |
When and why do policymakers engage in currency warfare by counterfeiting their enemy’s currency during Middle Eastern conflicts? Currency warfare, defined as the application of weaponized monetary or military force directed against an enemy’s currency, is a common feature of Middle Eastern conflicts, but its study remains peripheral. This article explores when and why policymakers contemplate or implement currency warfare via counterfeiting by examining: the 1953 American-backed coup in Iran, the 1990–1991 Gulf War, and the Iranian counterfeiting of the Yemeni rial. This study argues that states weaponize counterfeit currency when they perceive a threat to their national security interest and when they have a strategy of subversion.
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