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)
Historical & Economic content was superb.
Endgame by John Mauldin
Understanding international monetary policy and the risks associated with unlimited money creation.
Book helped me achieve a higher level of understanding our current international monetary system and the interests of major player within.
Currency Wars is the best audio book that I have every listened to. The performance by Walter Dixon is spectacular and I intend on searching for other narrations by him. The content by James Rickards was exactly what I was looking for since my formal trainings were outside the field of finance, banking, and economics.
Hi. My name is Mann & I am an Enterprise Communications expert by profession. I have always loved reading books and primarily enjoy books on Finance, Science & Technology and History. I do hear an occasional Fictional book though I prefer to read them instead.
Yes. Anyone interested in understanding and making sense of financial events and economic reasoning behind them should find this extremely beneficial read.
The book introduces the readers to the veiled wars on the financial systems of the modern world being waged in the boardrooms of governments.
The depth and historical references of the story.
Yes. Though it gets a little heavy sometimes.
Mark van Huijstee
I have made this book mandatory listening for my children.
The first book made me better understand some key issues. Book 2 quickly became somewhat partisan and US politics. A great pity.
Became to see the Marshall Plan (post-WW II) as quantitative easing and loans rather than pure benevolence.
That currency wars can propagate across world like the Spanish Flue.
Book 1 and the first part of Book 2, are greatly recommended. The last part of Book 2 can be reserved for US Partisan Politicos.
No, print is better because of the high quantity of information to follow. This surely is a book that must be read with a pen and a paper to take notes.
The description of the war game is very catch - It would make a great movie.
I only listen to books
I would like to hear anyone's thoughts to this book.
I would like feed back to this book. I live in a isolated area. I would like to hear what others thought of this book. To me it was fascinating and I am watching the markets to see how they go. This time period is following the 1930's to a tee.
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