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)

Highly technical financial content

i struggled to finish due the highly technical content. I'm glad i did because I learned a lot!

A Must Read

If you want to understand the world of economic and what is happening, this is the book. I have some friends who have read it and I guess it may get difficult at times but you need to stick with it until the end.

Better understanding of recent history.

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

I have made this book mandatory listening for my children.

What was the most compelling aspect of this narrative?

The first book made me better understand some key issues. Book 2 quickly became somewhat partisan and US politics. A great pity.

Which scene was your favorite?

Became to see the Marshall Plan (post-WW II) as quantitative easing and loans rather than pure benevolence.

What’s the most interesting tidbit you’ve picked up from this book?

That currency wars can propagate across world like the Spanish Flue.

Any additional comments?

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.

sdjohnso

Very long listen, but an AMAZING one! If you liked “The Creature from Jeckyll Island”, this will help you further understand the global implications of our current financial system, and how countries can wage war, just by using derivatives or their currencies!

My favorite part is in the beginning, when they’re in the War Room.

Outstanding

I'm no economist, but I found this book extremely insightful and level headed. It is very well researched and arguments are clearly articulated with plenty of examples that demystify concepts that have been deliberately obscured by governments and the banking industry. It's one of those books that, if you don't already know too much about the subject, can radically alter the way you understand the global economy.

Thouroughest (audio ?) book on Currency politics

Where does Currency Wars rank among all the audiobooks you’ve listened to so far?

Not a word of the audiobook lacked in relevance : historical, analytical and prospective avenues are all explored in a conspicuous and documented way.It's a great book where non specialists will derive a thorough education and specialists could be forced into insightful paradigm shifts.The performance was sober but not monotonous, which is very fitting for a work of such depth.

Great book and really makes you think

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

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.

Would you be willing to try another book from James Rickards? Why or why not?

Yes because it was very informative, and opened up my eyes to issues in a way I had not been exposed to them before.

Have you listened to any of Walter Dixon’s other performances before? How does this one compare?

No

Was there a moment in the book that particularly moved you?

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.

Any additional comments?

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.

Great info and insight

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.

Great book and performance, a wealth of knowledge!

If you could sum up Currency Wars in three words, what would they be?

Knowledgeable and academic

Who was your favorite character and why?

N/a

Have you listened to any of Walter Dixon’s other performances before? How does this one compare?

No

Did you have an extreme reaction to this book? Did it make you laugh or cry?

Worried if I had to pick an emotion, but with additional knowledge I can be prepared

Any additional comments?

It definitely allowed me to understand monetary policy as it relates to the world economic situation especially over the last decade. A very interesting book to say the least! I was reluctant to read it at first because this is tot typically my favorite topic, but I'm glad I did.

Articulates the issues with our current Currensy situation.

This book sets out to tell the history and current significant factors related to our current see in others around the globe. It addresses the problem in one manner. My only concern is it implies correctness while stating One solution. However, there is a great unknown with any current sea solution.