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.
This is a well researched and informative book for anyone looking to understand our global monetary system as well as domestic monetary system. It conveys lots of information in a very understandable context. Well worth the price!
Great audiobook. Scary to think how world currency's are manipulated. James Rickards is brilliant the way he tells how it is.
New at audible....amazed by the possibilities to increase a lot the quantity of book I can touch!
the performance is very good and the book itself is perfect for the time where we live.
i will jump into the more understand of problems and theories discussed in the book: complex systems and finantial wars.
This book is a real eye opener. I am glad I understand this book but it is a little scary knowing the Federal Reserve bank and other central banks are continuously cooking the books in a manner that would land central bankers in prison if they were subject to private sector securities regulations.
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.
Report Inappropriate Content