Very informative yet dense, which overall is a good thing. Something you really need to focus on; I'll probably have to listen at least a second time.
Though a few years outdated, I see many of his predictions appearing to unfold, but differently.
I see the financial wars unfolding though, just in a different way. It is scary to play this if China and Russia allied against the U.S. and western governments. Wait...this is already forming. At least OPEC isn't as powerful as before. But I'm more worried now with numerous central banks worldwide devaluing their currencies, similarly copying our QE program. Well this has started the war; how the US responds could make a huge impact. For the sake of the citizens, I hope we refrain from further devaluation/ inflation. Unfortunately history - our track record - shows otherwise.
Faced with mindless duty, when an audio book player slips into a rear pocket and mini buds pop into ears, old is made new again.
“Currency Wars” is a disturbing book because it conjures a wolf to blow your house down whether made of brick or straw. James Rickards is telling us the sky is falling because we are in a war that cannot be won without returning American dollar$ to a gold standard. The argument is that returning to a gold standard will create a level playing field for currency that will stabilize the economy and break down barriers to free trade; i.e. not free trade exactly but regulated trade. Somehow, currency backed by gold will be more stable than the full faith and credit of a government—really?
With gold at $1600 per ounce, if the dollar were pegged to gold, the value of gold would jump by a factor of 5 or maybe 10 so the rich can get richer and the middle class and poor can go fish.
Rickards argues that America has fought two currency wars in its history and is now in the middle of its third war; using weapons that cannot defend America from an economic collapse. He believes Bernanke misreads a primary cause of the depression; Rickards believes Bernanke is steering the U.S.’ economy into a ditch. Rickards argues that “quantitative easing” is a road to hyper-inflation and economic calamity because it artificially stimulates the economy with newly printed money that has no intrinsic value. Rickards suggests that the Euro crises are examples of currency instability and unpredictability in many battles being fought in the currency wars. For example, his assessment is that political and economic interests of China and Germany are the only glue that keeps countries like Greece from economic collapse.
Rickards is an attorney and an economist. That makes him capable of structuring an argument about the economy with more credibility than a bumbling blogger. However, to this bumbler, Rickards’ arguments are specious. First, other economists disagree with Rickard’s considered argument about the gold standard, Ben Bernanke for one. Second, what evidence is there that one country’s decision to return to a gold standard will reduce economic conflict among nations?
Currency wars are real but America has fought them before with results that have made it the bully of the world. Maybe America needs to learn how to be a little more humble rather than gamble on a currency play that has as much chance of causing as curing world economic collapse.
Heavy on theory and application. Also wraps up with what the author thinks can be done to solve some the problems outlined. Some of the topics are over the heads of the average consumer, however the author does an excellent job of defining and explains these topics. Highly recommended reading.
The book provides a review of approaches towards monetary policy, a brief history of monetary policy and a look at the pros and cons of a currency backed buy some non Fiat standard. He also recommends a modern iteration of a gold standard that this reader previously considered impracticable but after having read currency wars believes some version all the gold standard such as the one proposed by the author is the necessary next basis for a global monetary system. The author also reviews threats, financial threats to the United States and global order via financial warfare from our enemies. The book shows the inherent weaknesses of the current monetary system and it is a necessary wake up call. I highly recommend
Engineer in St Louis, Missouri, United States
Very clear explanation on the role of currency in global politics and trade relationships. The narrator starts the book very poorly, but hang on, this is a good listen.
Yes I would just to see if this was an anomaly or really his style. The subject matter was intriguing, he just meandered around it instead of actually supporting his sub-title "The Making of the Next Global Crisis
Sure, if someone recommended it to me.
I don't understand this question.
This book came in two parts. My rule is that if I don't want to listen to the second part then it gets one star for content. This was one of those books.
To really get a good understanding how all of the financial markets are connected I advise you to listen more than once to this audio book. Lots of information. Fast pace..good narrator presentation.
This book, written during the depths of the Great Recession, seems mainly aimed a putting forward a philosophy. In the first part, he gives an account of currency developments and the move from the gold standard to the central bank system of today. But his comments are sometimes hard to believe, like when he claims that the second half of the 1800's were a time of growing prosperity. In fact it was also a time of bubbles, crashes, and periods of depression.
The second part gives an account of the global economic and monetary system around 2010. Looking back, it is a bit laughable that his doomsday scenarios have not come true. We can now say that the global economy stabilized and is growing again thanks to the efforts of the central banks and their coordination.
In the third part he argues for a gold-backed currency, but by the time he lays out the case, I was more convinced than ever that it would be a stupid idea. Some people don't believe in global warming even though over 95% of climate scientists say it is true. In the same way, the author does not explain adequately why we should return to a system that almost all economists reject.
Thoroughly enjoyed this audiobook with numerous important facts about the US dollar and currency wars - a subject that is very hard to find info on.