The Death of Money

The Coming Collapse of the International Monetary System

By: James Rickards

Narrated by: Sean Pratt

Length: 13 hrs and 13 mins

Publisher's summary

The international monetary system has collapsed three times in the past hundred years, in 1914, 1939, and 1971. Each collapse was followed by a period of tumult: War, civil unrest, or significant damage to the stability of the global economy. Now James Rickards, the acclaimed author of Currency Wars, shows why another collapse is rapidly approaching - and why this time, nothing less than the institution of money itself is at risk.

The American dollar has been the global reserve currency since the end of the Second World War. If the dollar fails, the entire international monetary system will fail with it. No other currency has the deep, liquid pools of assets needed to do the job.

Optimists have always said, in essence, that there’s nothing to worry about—that confidence in the dollar will never truly be shaken, no matter how high our national debt or how dysfunctional our government. But in the last few years, the risks have become too big to ignore. While Washington is gridlocked and unable to make progress on our long-term problems, our biggest economic competitors—China, Russia, and the oil producing nations of the Middle East—are doing everything possible to end U.S. monetary hegemony. The potential results: Financial warfare. Deflation. Hyperinflation. Market collapse. Chaos.

Rickards offers a bracing analysis of these and other threats to the dollar. The fundamental problem is that money and wealth have become more and more detached. Money is transitory and ephemeral, and it may soon be worthless if central bankers and politicians continue on their current path. But true wealth is permanent and tangible, and it has real value worldwide.

The author shows how everyday citizens who save and invest have become guinea pigs in the central bankers’ laboratory. The world’s major financial players—national governments, big banks, multilateral institutions—will always muddle through by patching together new rules of the game. The real victims of the next crisis will be small investors who assumed that what worked for decades will keep working.

Fortunately, it’s not too late to prepare for the coming death of money. Rickards explains the power of converting unreliable money into real wealth: gold, land, fine art, and other long-term stores of value. As he writes: “The coming collapse of the dollar and the international monetary system is entirely foreseeable… Only nations and individuals who make provision today will survive the maelstrom to come.”

©2014 James Rickards (P)2014 Gildan Media LLC

Critic reviews

“A terrifically interesting and useful book . . . fascinating." (Kenneth W. Dam, Former Deputy Secretary of the Treasury and Adviser to three Presidents)

Unvarnished Truth Telling

If only the likes of CNBC and Fox Business would tell things as matter of factly as James Rickards does in this great book, the American citizen would be much better prepared for the years of coming market volatility in my opinion. He does a fantastic job of delving into global finance and its interrelations with geopolitics. The only chapter I disagree with him on is the strength and stability he seems to see in the Eurozone, but that said, this is the best book I've found to help understand the machinations of central banks today. I realize some people feel economics is boring, but it really isn't once you dive in and folks should familiarize themselves with the concepts addressed in this book as economics impacts us all.

Comprehensive explanation of currencies and global economics

Rickards provides an understanding of currencies and global economics of this understandable for just about anyone.

kay

this book let you know that the government is not there to protect you. you have to educate yourself this book does that ,education enlighting you. bringing you out of the darkness.

I'll listen to this twice!

very much enjoyed this. My financial literacy is low but this is still understandable. can't wait to listen to his other books.

As the saying goes Information is Power

This is a very good read about a potential if not inevitable change in the US dollar. I have read When Money Dies by Adam Ferguson which was about hyperinflation of Wiemar Germany after WW1, also The Road to Serfdom by F.A Hayek, which tells a similar tale of deficits and bad Central Planning. Rickards book refers to deficit spending, and the likely loss of the US dollar as a reserve currency. If that happens then the US will have a major problem with the cost of imports. Everyone holding dollars will be wiped out eccentrically. A new US will see much lower prices of homes, and higher prices of goods, and a much, much lower standard of living. Richards suggests the world will have SDR's issued by the IMF(International Monetary Fund) as the reserve currency. Although, SDR's are also a fiat currency so they will have to be back by gold. Thus gold prices will rise dramatically. This deficit spending which has gone on and on for decades may come to a head shortly with a depression that will last years. Nobody really knows, but one should know this information to protect your family. Either way something is going to happen. The US can't continue to keep spending at a deficit. If you have debts, and have mostly cash in you bank then you have to read and know this information.

Cocky and partially informative

Having reading about two dozen books on economics both in forecasting and past events as a capital markets investor me broker, this author is by far the most forceful in his predictions. He tells it like the conclusion he comes to is the only one that Should result from the circumstances. Same general thought: his policy recommendations.

I've listened to the book twice now. The first time it was just depressing if I took him at face value. The second not only shows him to be wrong thus far, but also brought my attention to how he uses data to tell only the side of the story that supports his argument.

I would argue against all of the reviewers who think this guy is a genius who has helped them understand the direction of global economics and say instead that he's a smart guy that is only telling you part of the story.

I like Marco economics and find it interesting so I didn't find it boring or dry and I thought the narrator does well. Be forewarned that while he does a good job explain some complicated concepts simply- he also missed things that tell a more complete picture.

very informative

Great book. Enjoyed listening to it and learned a great deal. Also enjoyed the authors other book Currency Wars.

Very Interesting

Overall a great book. Very eye opening, but at times sounds a little conspiratorial. gets quite technical in some parts, so it may seem dry nd difficult to follow it you don't gave a financial background. I enjoyed it and it was very informative.

It is not too late to preserve wealth

I like this book although the subject matter is not all that optimistic. It is very insightful on how the entire monetary system is operating and what can be done on a personal level to survive and thrive in the financial Armageddon to come. Politics and good economics don't line up and this book shows how this happens and what to do about it. This book should be a must read for all people who hope to live free forever.

a lot of detail

a ton of information on economic policies from around the world. I learned a great deal and this book has sparked an interest in researching various topics that are covered within its pages.