Currency Wars: The Making of the Next Global Crisis [James Rickards] on *FREE* shipping on qualifying offers. In , President Nixon imposed. Written by James Rickards, Audiobook narrated by Walter Dixon. Sign-in to download visiting Audible? Get this book free when you sign up for a day Trial. Currency Wars book summary Start free 3-day trial Financial counselor, investment banker and risk manager James Rickards believes that every dollar.
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Thanks for telling us about the problem. Return to Book Page. Preview — Currency Wars by James Rickards. InPresident 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.
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 dest InPresident 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.
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 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 Warsthis 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.
freee Not only have their theories failed to prevent calamity, they are making the currency wars worse. Federal Reserve has engaged in the greatest gamble in the history frer 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. Durrency the outcome ccurrency the new currency war is not yet certain, some version of the worst-case scenario is almost inevitable if U.
Rickards untangles the web of failed paradigms, wishful thinking, and arrogance driving current public policy and points the way toward a more informed and effective course of action. Hardcoverpages. Published November 10th by Portfolio first published November To see what your friends thought of this book, please sign up. To ask other readers questions about Currency Warsplease sign up.
Is this book still relevant in ? Is the material outdated? I personally feel it is still relevant to …more This book focuses on the history of money, its development, and hints a lot on the impending fall rree money.
I personally feel it is still relevant to I want to develop the conceptual thinking about the currency. Does this book would be helpful for me? Michelle Lia I started reading it and I think it could help a bit as if I am not mistaken it talks about currency depreciation.
See 2 questions about Currency Wars…. Lists with This Book.
Dec 24, C. Rickards is an interesting guy. The problem is that this makes his pro-gold argument seem better sourced than it actually is.
These debts were originated by inexperienced local bankers around the United States and repackaged in the billions of dollars by the likes of Lehman Brothers before they went bust. Oh, those inexperienced local bankers! Not Goldman Sachs and other firms: It was local bank inexperience. Remedial economics courses for everyone!
Does that make his argument against the Fed more credible or less credible? Maybe it just makes it more cynical. It is a store of economic value in a nation whose moral values are historically exceptional and therefore a light to the frwe. The debasement of the dollar cannot proceed without the debasement of those values and that exceptionalism.
Instead, Rickards uses his conclusion that the world financial system has become too complex to advocate some old right wing chestnuts: Because it was the existence of a corporate income tax that made the banks too big to fail. As Nicholas Shaxson writes in his book Treasure Islands: But currenyc a prescriptive, i. View all 3 comments. Sep 25, Beth rated it it was currehcy. The author did a good job of explaining the history and politics of currency wars, and yes, there are fres nationalistic politics involved.
After reading this book, I understand what QE 1, 2 and 3 are: China is the major recipient of the inflation since they peg their currency, the RNB, to the US dollar. The devaluation of the US dollar relative to other counties’ currencies makes US exports cost less and is The author did a good job of explaining the history and politics of currency wars, and yes, there are always nationalistic politics involved.
The devaluation of war US dollar relative to other counties’ currencies makes US exports cost less and is intended to spur US economic growth at the expense of its trading partners. However, the Fed is making an all-in bet with this move. For example, if the US exports too much inflation to China, then China’s economy may stall and cause unrest among its people.
Unrest could lead to an uprising which could lead to physical war, especially with the ratio of young men to young women so unbalanced because of more than rickadrs generation of China’s “one child policy”. Increasing the riskiness of this bet is that each national economy is starting from a relatively different position of strength.
These relative differences mean not all trading partners will share the currency and its resultant trade re-balancing equally. This exercise is a classic zero-sum game which means what some trade partners collectively gain in exports, the others will collectively lose. If the changes are too big or too fast, the interwoven international trading system will be destabilized significantly or in the worst case totally collapse.
Think this is far-fetched? The Currency Wars author traces the start of WW II, back to a currency war which started in Germany in the early ‘s when the German’s changed the exchange rate of the Mark relative to the price of gold. To make this work, there needs to be an orderly re-balancing of currencies and the resultant trade. This is why every time he announces another round of quantitative easing, he signals the Fed’s intentions.
These Fed announcements are intended to signal to the international monetary markets, sovereign and others, how much “exported inflation” they will be receiving.
Currency Wars: The Making of the Next Global Crisis
The purpose of signaling is to allow an orderly re-balancing of trade among international trading partners. However, if the signals are missed either intentionally or unintentionally, the author postulates several possible catastrophic outcomes including the collapse of the US Dollar. He even goes so far to suggest, an all out physical war could erupt among international blocks of trading partners to physically re-balance trade. The author also offers how best to hedge your investment portfolio if you want to protect it from the total collapse of the US Dollar.
Well worth the read. This is a really good book – but not a particularly “fun” read.
The topic is pretty deep, but even with no formal background in economics like methe book is readable and the author does a good job of explaining the issues. The basic proposition is quite scary – that currency manipulation can be used as an effective mechanism to destroy an economy. Given the fragility of the US economy debt being held by China, othersthis is more than plausible. He favors rifkards return in some form to a gold s This is a really jaes book – but not a particularly “fun” read.
He favors a return in some form to a gold standard – a hotly debated topic since the Nixon era If you’re looking for an informative read on a topic that doesn’t get a lot of daily press – i recommend this Dec 19, Kyle rated it it was ok. Rickards frames his book with an anecdote about his participation in a pentagon war game designed to simulate financial markets.
Currency Wars (Audiobook) by James Rickards |
The war game, like the book as a whole, disintegrates from promising to insubstantial. The participants in the war game are portrayed as largely clueless, the rules and outcomes appear arbitrary. I can’t decide whether Rickards is sworn to secrecy on the details, cufrency he is just a poor story-teller, or whether the group of paid consultants participating in, and the Rickards frames his book with an anecdote about his participation in a pentagon war game designed to simulate financial markets.
I can’t decide whether Rickards is sworn to secrecy on the details, whether he is just a poor story-teller, or whether the group of paid consultants participating in, and the government employees designing the exercise blew hundreds of thousands of my tax dollars on what amounts to a buffet-style fellatio conference.
Yet Rickards thinks this is a great first step for the Pentagon in understanding the financial weapons of the modern world. Although he rails against debt and profligacy, he seems to be really on board with this weekend pentagon circle-jerk which wzrs author can’t seem to describe any concrete benefit to. This is all merely the introduction, but it leaves a poor taste in the mouth. The subsequent rambling survey of what Rickards designates as the currency wars of the twentieth century are only cursorily examined, with no footnotes or references.
The style is infused with an easy smugness that presumes absolute faith from the reader without bothering to substantiate any claims.