Currency Wars

The Making of the Next Global Crises

By: James Rickards

Narrated by: Walter Dixon

Length: 9 hrs and 52 mins

Publisher's summary

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

Critic reviews

"[Rickards] presents a compelling case for his views and offers thought-provoking information for library patrons. This is a must-read book." ( Booklist)

Good history

Good history of financial disasters and the beginning of the federal reserve bank, but not sure I'd take the suggested financial advice.

Well said!

This book both confirmed many ideas I had and caused me to question others. It helped me to remain steadfast in my personal financial goals by illuminating the larger scheme of monetary policy across the globe. After a listen to this audio book, one might come to the same conclusion as I have. That one cannot afford to be naive in genre of finance.

Unusually connsice and clear despite complexity

I loved it in all aspects, it confirmed what i feared for years, that the financial system is so large, so complex and so fragile, that it's collaps is only a question of time. Neegative rates, easing, are proven to be unproductive long term,. As it is shown in this book, the multipliers of financial stimuli are less then one, and decay with time. It offers a solution. When considering policy, people shoud vote into the office those who realize simplication, fragmentation and descaling is the way forward. Current events such as the pandemic only add to this argument.

Jim is phenomenal - as always!!

Easy to read (listen) and understand yet very deep in analysis... must listen for a novice and expert alike

Relevant especially now in 2021 OMG

Hard to believe this was published in 2011.
Feels like exactly what it discusses is playing out now (end of 2021).
I think it’s worth a 2nd listen, & even getting th hard copy.
One of th best books on understanding came trendy debasement.
It’s a bit dry, but in a good way. It’s not selling a perspective. Very well written cut to th chase style.

Always educational.

Working my way through all of Rickard's books...all of which are packed full of great content. These books give a glimpse at the possible global outcomes being pushed by world governments and entities like the IMF, the World Banks, Central Banks, WEF, etc. Rickards books also teach how to prepare oneself to maintain some level of liberty and freedom. Timely books for uncertain times.

An enlightening look at global finance.

And enlightening look at global finance and the role of the dollar. Though this book is not about XRP, it is a very helpful book to help understand its role in the new world order.

Awesome...eye-opening...

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.

GOLDEN GOOSE

“Currency Wars” is a disturbing book because it conjures a wolf to blow your house down whether made of brick or straw. James Rickards is telling us the sky is falling because we are in a war that cannot be won without returning American dollar$ to a gold standard. The argument is that returning to a gold standard will create a level playing field for currency that will stabilize the economy and break down barriers to free trade; i.e. not free trade exactly but regulated trade. Somehow, currency backed by gold will be more stable than the full faith and credit of a government—really?

With gold at $1600 per ounce, if the dollar were pegged to gold, the value of gold would jump by a factor of 5 or maybe 10 so the rich can get richer and the middle class and poor can go fish.

Rickards argues that America has fought two currency wars in its history and is now in the middle of its third war; using weapons that cannot defend America from an economic collapse. He believes Bernanke misreads a primary cause of the depression; Rickards believes Bernanke is steering the U.S.’ economy into a ditch. Rickards argues that “quantitative easing” is a road to hyper-inflation and economic calamity because it artificially stimulates the economy with newly printed money that has no intrinsic value. Rickards suggests that the Euro crises are examples of currency instability and unpredictability in many battles being fought in the currency wars. For example, his assessment is that political and economic interests of China and Germany are the only glue that keeps countries like Greece from economic collapse.

Rickards is an attorney and an economist. That makes him capable of structuring an argument about the economy with more credibility than a bumbling blogger. However, to this bumbler, Rickards’ arguments are specious. First, other economists disagree with Rickard’s considered argument about the gold standard, Ben Bernanke for one. Second, what evidence is there that one country’s decision to return to a gold standard will reduce economic conflict among nations?

Currency wars are real but America has fought them before with results that have made it the bully of the world. Maybe America needs to learn how to be a little more humble rather than gamble on a currency play that has as much chance of causing as curing world economic collapse.

Must read for anyone interested in

Would you recommend this audiobook to a friend? If so, why?

Rickards opens a view of the macro economic world wider than the typical economist who has never done. The book shows the true big picture that play into macro economics. How politics and world powers manipulate they monetary policy in the hopes of gaining power in all its various forms.

What was one of the most memorable moments of Currency Wars?

The currency war game.

Any additional comments?

He was the first to predict operation twist months before the Fed announced it. He also correctly predicted the Euro strength vs USD when everyone in 2011 was predicting its demise.