I am an avid eclectic reader.
The book is about the decline of the dollar era, and what might come after it if the dollar fails as the reserve currency of choice. Rickard’s believes “The Fed’s insolvency is looming.” The author claims the reason for this is the US Federal Reserve has mismanaged the financial crisis and recovery. Rickard thinks they should have let the market correct itself without intervention. The author discusses inflation and deflation in detail as well as the role of banks, central banks and the IMF. I found his history of the global financial system interesting. He covered the financial history of a few countries in-depth, they are Japan, Germany, Russia, China, Brazil, Britain and the U.S. as well as the formation of the European Union. He also covers in detail gold and the gold standard; he lists the countries that have built up gold reserves and why they have done it. The author says the Euro will be the surviving currency and recommends the purchase of gold and land to survive the fall of the dollar. Richards failed to discuss oil, energy and the reckless and fraudulent behavior of the financial industry except in a brief comment. It is an interesting book, a bit gloomy but a good review of the global financial system. I will understand a bit more when listening to the financial news. Sean Pratt did an excellent job narrating the book.