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)
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.
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.
This material will open your eyes. If you are not ready for the truth, DO NOT read! However, if YOU ARE read it.
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.
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