Currency Wars: The Making of the Next Global Crisis Hardcover – Nov 10 2011
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“One of the most urgent books of the fall.”
—Mike Allen, Politico
“Let’s hope he’s wrong.”
“Rickards . . . has written one of the scariest books I’ve read this year. Though I was tempted at first to dismiss him as alarmist, his intelligent reasoning soon convinced me that we have more to fear than fear itself. Part history, part primer and analysis, the text covers topics ranging from the “misuse of economics” to complexity theory. The pieces, although disparate, fit together snugly, as in one of those mystery jigsaw puzzles that come with clues in lieu of cover art. The picture that emerges is dark yet comprehensive and satisfying.”
“Unsettling . . . fascinating . . . a thorough analysis of how nations have manipulated their currencies . . . with disastrous consequences.”
—Fort Worth Star-Telegram
“Buy Currency Wars if you want to learn the history and language of the global currency markets and the political economy which they support.”
—Chris Whalen, Ritholtz.com
“Jim Rickards highlights dangerous dynamics between national security and the international financial markets. What we assumed was firm ground under our feet is more like the narrowing point of a precipice. Our politicians, national security experts, and financial markets, each chasing carrots dangling in front of them, fail to see that they are leading America right off the edge.”
—Charles A. Duelfer, former special adviser to the director of the CIA; author of Hide and Seek: The Search for Truth in Iraq
“Put on your flak vest and helmet and enter the dangerous battlefield of global finance. Jim Rickards takes you through a captivating roller-coaster ride—the past, the present, and a look at the problematical future of our ongoing currency wars.”
—Rear Admiral (Ret.) Stephen H. Baker, chief of staff, Fifth Fleet; recipient, Distinguished Service Medal
About the Author
James Rickards is a counselor, investment banker, and risk manager with over thirty years' experience in capital markets. He advises the Department of Defense, the U.S. intelligence community, and major hedge funds on global finance, and served as a facilitator of the first ever financial war games conducted by the Pentagon. A frequent guest on CNBC, CNN, Fox, C-SPAN, Bloomberg TV, and NPR, Rickards also lectures at Northwestern University and at the School of Advanced International Studies.
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Top Customer Reviews
Rickards provides an historical overview, drawing important lessons and debunking some myths from the gold standard era, two previous currency war eras (post WWI and 1967-1987), and the recent rise of the G20, globalization and state capital. For example, he debunks the myth that German hyperinflation in 1921 was to devalue war debts; rather it was an effort to spur an export led economic recovery when no other options were acceptable. Lessons abound in thinking of who fared better than whom in that era; debtors, and owners of businesses, real property, and foreign assets far outpaced people on a fixed income or with simple savings accounts. With respect to recent history, Rickards is outstanding in highlighting recent news items such as Gazprom’s shutting the valve on Ukraine’s natural gas lines and China’s and Russia’s statements and actions with respect to developing an alternative reserve currency.
Rickards shows the weaknesses in monetarism and Keynesianism, and then introduces complexity theory, in which increasingly complex systems - societies and financial institutions to name but two - require exponentially higher levels of energy to sustain.Read more ›
Everyone has raved about the content and the author. However, I didn't find it fascinating in any way.
It's not that the information presented is bad, or wrong...
Really, there just a couple of things you need to know about currency. It's the most manipulated asset on the planet. Currency can be what any man wants it to be, and it's perceived value can be changed on a whim to the determent of everyone forced to use it. Ditto for gold... or any other asset for that matter.
I think Jim is just trying to top up his retirement fund by writing quite mediocre books and making rounds in the press promoting them. Most of his calls have been wrong. From his gold @ $5000 an ounce to the fed wants a lower dollar so the Euro will march higher forecasts. Really? Come Jim. Get a real job.
For someone with his background it's hilarious how clueless he is. WOW! Like all economists, and politicians for that matter, their time would be better spent getting a real productive profession that actually contributes to society. It's all make believe.
I enjoyed reading it though and the author is eloquent and succinct.
The book is split into three parts, with the first part being almost surreal because it reads more like a novel than non-fiction. It details Rickards' participation in an exercise at the Warfare Analysis Laboratory near Washington D.C. This group is one of the Defense Department's leading venues for war games and strategic planning, but in a first-ever event, the game in which Rickards joined was not a war-fighting simulation. Rather, several dozen people from the military, academic and intelligence communities fought a global financial war using currencies and capital markets to support national interests. Rickards and two colleagues were invited to give the simulation some real-world, Wall Street expertise about markets, which they certainly did.
I guarantee that when you start reading this part, you won't put the book down until you learn the outcome of the war. It reads better than a suspense novel, even though the ending is somewhat anti-climactic and predictable. While I won't spoil it for you by divulging the ending, I will note that gold has a big role to play. In fact, gold reappears throughout the whole book.
In the second section, Rickards analyzes the first two currency wars (CWI and CWII). He provides an interesting historical account of the global monetary twists and turns, ups and downs that marked much of the twentieth century, with keen insight into the motivations why these currency wars were fought. CWI lasted from 1921 to 1936.Read more ›
Most recent customer reviews
Very informative. Can't wait for the economic collapse and the end to manipulated markets. Only then can the healing start and the transformation begin that should have happened... Read morePublished 3 months ago by R. W. Martin
This book ,while written a couple of years ago is SOOOO prescient for what is happening today (and tomorrow presumably). I'll be reading it several times. Read morePublished 7 months ago by S LARRY MCLENNAN
Highly recommend this book, for anyone who wants to be more aware what is going on in the world, and to understand what money really is, what most people spend so much time trying... Read morePublished 7 months ago by Andre
James Rickards risked looking a bit out in 'left field' when this book was first published. Little did anyone realize that the Central Banks were also operating in 'left field. Read morePublished 16 months ago by James DiCenzo
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