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Currency Wars Audiobook

Currency Wars: The Making of the Next Global Crises

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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

What the Critics Say

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

What Members Say

Average Customer Rating

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  •  
    Amazon Customer 07-09-15 Member Since 2015

    New at audible....amazed by the possibilities to increase a lot the quantity of book I can touch!

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    "wonderfull"

    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.

    0 of 0 people found this review helpful
  •  
    Lynda 05-07-15
    Lynda 05-07-15

    jeopardygirl

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    "Very Interesting"

    I thoroughly enjoyed this book. Of course, the message is nothing new but his solution to the problem is intriguing and very worth lconsideration.

    0 of 0 people found this review helpful
  •  
    CHET YARBROUGH LAS VEGAS, NEVADA, United States 03-11-15
    CHET YARBROUGH LAS VEGAS, NEVADA, United States 03-11-15 Member Since 2015

    Faced with mindless duty, when an audio book player slips into a rear pocket and mini buds pop into ears, old is made new again.

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    "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.

    1 of 2 people found this review helpful
  •  
    Kilo Foxtrot 02-28-15
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    "Great Read. Very Insightful"

    Heavy on theory and application. Also wraps up with what the author thinks can be done to solve some the problems outlined. Some of the topics are over the heads of the average consumer, however the author does an excellent job of defining and explains these topics. Highly recommended reading.

    0 of 0 people found this review helpful
  •  
    Joshua Henry 02-03-15
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    "must read for all policy makers and citizens"

    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

    0 of 0 people found this review helpful
  •  
    jose 02-01-15
    jose 02-01-15 Member Since 2012

    Engineer in St Louis, Missouri, United States

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    "Good technical book on Currency"

    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.

    0 of 0 people found this review helpful
  •  
    Ashanti Fort Lauderdale, Florida, United States 01-17-15
    Ashanti Fort Lauderdale, Florida, United States 01-17-15 Member Since 2017
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    "A must read to understand what's coming!"

    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.

    0 of 0 people found this review helpful
  •  
    Chess Mad 08-11-14
    Chess Mad 08-11-14

    Kumar

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    "Gripping read about the future of US dollar"
    Any additional comments?

    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.

    0 of 0 people found this review helpful
  •  
    Amazon Customer 04-08-14 Member Since 2014
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    "The Hidden Truth"
    Any additional comments?

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

    0 of 0 people found this review helpful
  •  
    James RIVERHEAD, NY, United States 03-14-14
    James RIVERHEAD, NY, United States 03-14-14 Member Since 2011
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    "It was ok."

    Not really my type of book. Good information about currency devaluation and the race to the bottom.

    0 of 0 people found this review helpful

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