In 1971, President Nixon imposed national price controls and took the United States off the gold standard, an extreme measure intended to end an ongoing currency war that had destroyed faith in the U.S. dollar. Today we are engaged in a new currency war, and this time the consequences will be far worse than those that confronted Nixon. Currency wars are one of the most destructive and feared outcomes in international economics. At best, they offer the sorry spectacle of countries' stealing growth from their trading partners. At worst, they degenerate into sequential bouts of inflation, recession, retaliation, and sometimes actual violence. Left unchecked, the next currency war could lead to a crisis worse than the panic of 2008.Currency wars have happened before-twice in the last century alone-and they always end badly. Time and again, paper currencies have collapsed, assets have been frozen, gold has been confiscated, and capital controls have been imposed. And the next crash is overdue. Recent headlines about the debasement of the dollar, bailouts in Greece and Ireland, and Chinese currency manipulation are all indicators of the growing conflict.As James Rickards argues in Currency Wars, this is more than just a concern for economists and investors. The United States is facing serious threats to its national security, from clandestine gold purchases by China to the hidden agendas of sovereign wealth funds. Greater than any single threat is the very real danger of the collapse of the dollar itself.Baffling to many observers is the rank failure of economists to foresee or prevent the economic catastrophes of recent years. Not only have their theories failed to prevent calamity, they are making the currency wars worse. The U. S. Federal Reserve has engaged in the greatest gamble in the history of finance, a sustained effort to stimulate the economy by printing money on a trillion-dollar scale. Its solutions present hidden new dangers while resolving none of the current dilemmas. While the outcome of the new currency war is not yet certain, some version of the worst-case scenario is almost inevitable if U.S. and world economic leaders fail to learn from the mistakes of their predecessors.
©2011 James Rickards (P)2011 Gildan Media Corp
"[Rickards] presents a compelling case for his views and offers thought-provoking information for library patrons. This is a must-read book." (Booklist)
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.
Do you really want to have a good grasp of what is really going on? Then get this book. I have read other economics or macro economics books and some are very very good, but this book spells out the bottom of the issue. Having an understanding of the base, is a great place to start or even end up at. It's not a doom and gloom, rather an explanation of the situation we are in. It doesn't tell you directly what to do, but all these books seem to point towards the same direction.
I don't know if more pauses or a slower pace would help, but my guess is it might.
No story here, just a lot of history, facts, and prediction.
Perhaps, if current events develop that make the topic worth revisiting, but otherwise, no.
I listen to audio books while working out at the gym or on chores around the house. Some grab my attention and some just don't. I guess I gleaned enough from the narrative to get the gist of what this guy is saying and I'm not sorry I stuck it out, but there was a LOT that got past me because it failed to hold my interest in many rather long passages. I'd like to say I would listen again and try harder to pay attention because I would kind of like to better understand what the author has to say on the subject (he seems really knowledgeable), but I somehow just doubt I will. If you have an interest in this sort of thing, you'll probably find Boomerang Travels interesting, and it's so funny. I was just laughing out loud at the gym while listening to it.
I think I need to reevaluate the papers I read or how I read them.
Must totally revamp my investment review / strategy sessions.
Had no idea this stuff was going on and as I look at the data to validate the story it all seems to fit.
Wow... awesomely eye opening.
This book is a well balanced mix of history, analysis, and conjecture. For over 5000 years, gold was money and money was gold. At times silver acted as a proxy for gold, but money was always based on something durable and costly to produce. Beginning with the creation of the Federal Reserve in 1913 the US began to base more of its currency on faith and less on hard assets like gold and silver. The US completely divorced the dollar from hard assets when Richard Nixon closed the "Gold Window" in 1971. Since then the Federal Reserve and other central banks around the world have been in a "race to the bottom" devaluations the currencies for trading advantage by printing ever more and more currency. This can not go on for ever and it is only a matter of time on the party ends and the bill must be paid.
I found this to be a well written (well read) and calm account of were we have been and how we have gotten where we are in the global financial arena. This is fascinating information for the financially curious and history buffs alike. Anyone with a vested interest in the future needs to read this book.
I read this book because of a recommendation on Robert Kiyosaki's Rich Dad Radio show. It offers a unique perspective on the role of currency manipulation throughout history and a possible catastrophic outcome of current manipulation by central banks. This book is designed to instill fear in the reader and in so doing, is a captivating read. I wish, however, that it offered more insight on what an individual investor could do to hedge against the collapse of the dollar as predicted by the author. Instead it is focused more on the actions of central banks and governments.
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