Critical Link: Financial Implications of National Security Threats   [open pdf - 4MB]

Alternate Title: Exercise Report: Economic Security Exercise II, June 1998

"For most of the past century, the Naval War College has helped the national security community examine potential consequences of a wide range of crisis scenarios. Historically military and diplomatic responses were the focus of these activities. Because the number and types of issues affecting national security continues to grow, however, national security is no longer the special enclave of diplomats and soldiers. It was less than a decade ago that economic issues were first addressed in the President's National Security Strategy, and they were shortly joined by environmental issues as challenges that could adversely affect the nation. In October 1997, the Naval War College, in partnership with Cantor Fitzgerald, conducted the initial Economic Security Exercise exploring the link between maritime security issues and global financial markets....The success of the first Economic Security Exercise encouraged both institutions to conduct a follow-on event in order to broaden and deepen the discussion. Like the initial Economic Security Exercise, this workshop brought together key figures from the national security, governmental, and financial communities to explore and test the relationships between international events, national security, and financial markets. Participants (see Appendix A) included currency, commodity, fixed income, and securities traders. The overall purposes of the exercise were to draw insights and, where possible, explore options about how the various communities can work together to mitigate the unexpected effects of crises."

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