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)
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.
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.
It explained the global process of currency and it's manipulations by our corporate masters.
Interestingly eye opening
no characters in this story
Pst ...... see the New power war
foll owes a very well thought through path of using power of mind rather than strength of body and we the Public do we notice any of this.
The book is a great insight to how finance, currency, diplomacy, and secrecy about economy is conducted in the world we live in. Makes you wonder what other policies, discussions, and decisions take place behind closed doors and the agendas of the major players involved. Really makes you start thinking.
Yes because it was very informative, and opened up my eyes to issues in a way I had not been exposed to them before.
There is a point in the book where he explains the interactions, decisions, and behind the scenes dealings that go on between the banks and governments that gave me the creeps about the way those dealings and decisions are made. Well told and explained.
Great book, but a slow and tough read at times because there is so much detail to follow. Great to re-read some parts to make sure you get the understanding, but he does a great job laying out some very complicated dealings that I now know banks and institutions like to keep that way to keep their dealings confusing to the average person. Moves you when you begin to understand that this is how banking, finance, and currency work and are intertwined with politics, the elites of the world, and countries positioning.
First place, because of how vitally important its contents are. If I were a billionaire, I would buy ten million copies (and translated into different languages) for free distribution....
The final chapters that evoke the catastrophe we are heading toward, together with the how and why.
This book more than any other I know gives the big picture as regards the world's economic situation. It provides deep insights into why things are as they are, and how they are likely to evolve. And an understanding of the fatal dangers that are lurking, already so close.
Knowledgeable and academic
Worried if I had to pick an emotion, but with additional knowledge I can be prepared
It definitely allowed me to understand monetary policy as it relates to the world economic situation especially over the last decade. A very interesting book to say the least! I was reluctant to read it at first because this is tot typically my favorite topic, but I'm glad I did.
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