Hoarfrost thinks we should remember ping-pong diplomacy in order to understand the importance of people-to-people exchanges in establishing human bonds between peoples.

The first step is to take yields on gilts (government bonds) and treasury bills (the closest instrument to cash) in each year and rank them in descending order of the gap.

Then the U.S. is confronted with the possibility that foreigners may sell their bonds or stocks and return the cash from the sale in order to return to their local currency.