The Dollar Crisis: Causes, Consequences, Cures: Amazon.ca: Richard Duncan: Books

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Review

"...a provocative new book..." (Grant's, 15 August 2003)

"...we strongly recommend...the man seems to have hit the nail right on the noggin..." (The Daily Reckoning)

"...is impeccably researched...provides a useful resume of how the dollar came to be the dominant force in world currency markets..." (www.iii.co.uk (AMPLE), 6 January 2004)

Product Description

The first book to confront the imminent dollar crisis
Given the current global economic situation, a dollar crisis seems imminent. It is predicted that the series of financial and currency crises in recent years will soon culminate in the collapse of the U.S. dollar, facilitating a worldwide economic slump. This timely and challenging book brings together the origins of this crisis and the solutions that will help counter global imbalance. Filled with in-depth insights and practical advice, The Dollar Crisis is a highly relevant guide for all markets, since the collapse of the U.S. dollar will result in global destabilization impacting capital markets everywhere.
Richard Duncan (Hong Kong) has worked as a financial analyst in Asia for more than fifteen years. During his career, he has worked for leading companies such as Salomon Brothers, HSBC Securities, International Monetary Fund, and The World Bank.

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Inside This Book (Learn More)

First Sentence
When the Bretton Woods international monetary system broke down in 1973, the world's financial officials were unable to agree on a new set of rules to regulate international trade and monetary relations. Read the first page

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Customer Reviews

31 Reviews

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3.8 out of 5 stars (31 customer reviews)

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7 of 7 people found the following review helpful

3.0 out of 5 stars Great points on international trade issues, poor solutions, Aug 26 2003

By

Kirk Linder (Atlanta, GA United States) - See all my reviews

This review is from: The Dollar Crisis: Causes, Consequences, Cures (Hardcover)

This book is really worth the read for anyone trying to make sense of our world economic environment. Mr. Duncan makes many persuasive points as he explains the cause of the boom/bust cycles that have occurred since the breakdown of the Bretton Woods agreement. A major point is that the proliferation of a fiat "dollar standard" has created credit inflation in the banking systems of export heavy nations. This increase in credit created much distortion and malinvestment, and the cycle ended with over-capacity and speculation. Asset bubbles were then created in equities and real estate. He also describes the "boomerang dollar" as the money flowing out of the US, because of our current account deficit, finds it's way back here as foreign nations buy our corporate, federal, and agency debt. Our budget deficit is largely financed by foreigners who then add the dollar denominated assets to their bank reserves. The author's work is well researched and presented.
In part four the author presents his solutions to what he believes is a looming global deflationary depression. He describes a global minimum wage, and the empowerment of the IMF to basically become the world's central bank. It was enough to make the Austrian hairs stand up on the back of my neck. I believe his solutions are thankfully unworkable. The cost and logistics of overseeing the minimum wage compliance would be staggering. We have enough trouble enforcing work laws in our own country. How do we expect some UN knockoff to monitor an employer in Saigon or Calcutta? The author's solution to allow the IMF to use special drawing rights to provide global welfare makes me wonder if he may have written the fourth part of his book as an intellectual exercise, target practice if you will.
Mr. Duncan's book is important in its factual examination of some very troubling global economic developments. I'm glad I read it. But, his solutions are way off the mark. Any real solutions come with much pain, it can't be avoided. We need a sound money system, less government intervention, and more reliance on free market forces.

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6 of 6 people found the following review helpful

5.0 out of 5 stars Excellent, July 23 2003

By A Customer

This review is from: The Dollar Crisis: Causes, Consequences, Cures (Hardcover)

The content of the book was amazing.
The person who gave it one star complains about flawed economics. He easily forgot that economics is a flawed science by itself. Most of the famous theories that we as economists (including myself) learnt haven't worked. All I know for sure is that the modern era economics and the economists are totally out of reality. They are consistently wrong with their predictions and their theories and their implementation have failed dramatically.

This book is an eye opener and as real as it gets. Some People will not like its content because they do not want to believe that modern economic policies have failed.

(the pewrson who complained talks about a model showing that the U.S. could sustain its level of current account deficit level for another 20 years)
this statement is laughable.....
The deficits if they keep growing like that they will destroy the dollar.PERIOD.

MODELS are for people who sit in ivory Towers totally out of reality.
The author of the book has proven right up to now and the dollar collapse has already started.
AGAIN AMAZING WORK....One of the best books I have read on the dollar and deficits and the real dangers that lie ahead of us.
It seems to me that some people can make the black white making the Debt problem of the US looking like nothing. The US phenomenon is the biggest CREDIT, DEBT, ASSET BUBBLE ever on this planet.
We technically exchange paper money for goods and the thing is that the other countries accept that.

My advice is:
Buy this book and read it. It will open your eyes and pay off for its price multiple times. I got the idea about this book from Richard Russell's newsletter. He himself that has seen everything in his extremely succesfull career has been completely amazed by the book and keeps mentioning it.

Do yourself a favor and don't listen to the economists that are consistently wrong. Listen to some people with experience in the field.

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4 of 4 people found the following review helpful

3.0 out of 5 stars It's coming true!, Nov 17 2007

By

E. Lalonde (Ottawa) - See all my reviews
(TOP 500 REVIEWER)

This review is from: The Dollar Crisis: Causes, Consequences, Cures (Paperback)

Although Duncan's "The Dollar Crisis" can occasionally be a bit of a tricky read, given the heavy use of technical terms and complicated graphs, recent events have shown many of Duncan's predictions to be true. The sub prime mortgage crisis, real estate crash and collapse of the American dollar are undeniable consequences of the dollar crisis.
In essence, Duncan explains how the end of Bretton Woods and the end of the gold standard have allowed for an incredible amount of growth, credit expansion and economic bubbles. However, this growth, largely export driven, is not sustainable in the long term. Though Duncan is somewhat unsure about the when, he is quite certain this will (and had already started occurring). Though he proposes a number of solutions to reduce the impact that this inevitable depression/recession might have, his principal solution consists of the creation of a global minimum wage.
Once again, "The Dollar Crisis" is not a light read and requires some concentration, but goes very much hand-in-hand with the predictions of other authors such as Kiyosaki. I recommend this read for monetarists and Keynesians alike.

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Most recent customer reviews

3.0 out of 5 stars weak
Dollar's crisis is a global issue, not just the American. This book is somewhat narrowly focused. For now, global economic map is being altered due to the surge of China and... Read more

Published on Jun 15 2006 by Tradeexpat-hong kong

5.0 out of 5 stars Read between the lines
Having traded currencies successfully for the past 20 years, I found this book to be a credible resource. With the U.S. Read more

Published on May 20 2004