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Currency Wars: The Making of the Next Global Crisis

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About the Book

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.

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. 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.

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About Author
James Rickards

An author, banker, and an economist, James Rickards currently works for a consulting firm named Omnis Inc. He has the more than three and a half decades of professional experience in Wall Street. James earned numerous degrees which include B.A (Hons.), an M.A in International Economics, and an LLM in Taxation. He utilised his knowledge to help the US National Security Community as well as the U.S. Department of Defense. The second book of this author is titled, The Death Of Money: The Coming Collapse Of The International Monetary System.

Book Review

“One of the scariest books I’ve read this year. The picture that emerges is dark yet comprehensive and satisfying.” - Bloomberg Businessweek

“One of the most urgent books of the fall.” - Mike Allen, Politico

“Let’s hope he’s wrong.” - Financial Times

“Unsettling…fascinating…a thorough analysis of how nations have manipulated their currencies…with disastrous consequences.” - Fort Worth Star-Telegram

General

AuthorJames Rickards
PublisherPenguin USA
Publication date28 August 2012
EditionReprint edition
LanguageEnglish
Number of page320 pages
Product Dimensions 13.72 x 2.03 x 21.34 cm
BindingPaperback
ISBN9781591845560

Sales Package

In the box1 x Main Product
Weight0.2760

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