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Product Description
In CURRENCY WARS, James Rickards explains how the worldwide currency war, already underway, will soon affect everyone. The debasement of the dollar, bailouts in Greece and Ireland and Chinese currency manipulation are treated as indicative of a new and destructive threat, which could lead to a crisis worse than the panic of 2008
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Most Helpful Customer Reviews
14 of 14 people found the following review helpful
Format:Hardcover
James Rickards is one of the most intelligent analysts in the world today, he is never prone to hyperbole or rhetoric, which is a common trait (trend even) of some economic essayists blogging and publishing today.
Clearly James Rickards is well thought of enough to be included in US govt Economic War games, and his story of being involved in just such an event makes fascinating reading.
The central section of the book detailing the three currency wars, (1921-36,1967-87,2010-),
is the most detailed and interesting, it really adds to the cannon of currency study. And as such, would in my eyes, sit alongside Murray N Rothbard's, "What has Government done to our money" and Ferdinand Lips "Gold Wars".
What of-course makes the work more than just an historical reflection, is it's ability to incorporate the economic disasters of central banks and their masters since 2008. In an economic landscape that Ludwig Von Mises could never have imagined in his worst nightmare, James Rickards brings us up to date, with some helpful ideas that we can only hope the politicians and their economic lackeys implement sooner rather than too late.
A stirring book that doesn't avoid the complexity of currency manipulation, but rather, draws the reader into a ripping morbid adventure. And that makes it quite special.
Clearly James Rickards is well thought of enough to be included in US govt Economic War games, and his story of being involved in just such an event makes fascinating reading.
The central section of the book detailing the three currency wars, (1921-36,1967-87,2010-),
is the most detailed and interesting, it really adds to the cannon of currency study. And as such, would in my eyes, sit alongside Murray N Rothbard's, "What has Government done to our money" and Ferdinand Lips "Gold Wars".
What of-course makes the work more than just an historical reflection, is it's ability to incorporate the economic disasters of central banks and their masters since 2008. In an economic landscape that Ludwig Von Mises could never have imagined in his worst nightmare, James Rickards brings us up to date, with some helpful ideas that we can only hope the politicians and their economic lackeys implement sooner rather than too late.
A stirring book that doesn't avoid the complexity of currency manipulation, but rather, draws the reader into a ripping morbid adventure. And that makes it quite special.
28 of 32 people found the following review helpful
Format:Kindle Edition
The first two chapters may appear like a fantasy story about countries engaging in war games using their national currencies as weapons. Rickards quickly move into the history of the real currency wars (three, since 1921 and the third beginning in 2010). The "military" manoeuvres seem complex because the hardware does not consist of bombs or bullets but paper currencies. At the bottom of it all is the question of national wealth and the its connection with the individual wealth of its citizens. That's partly what makes it all complicated. National wealth depends on its GDP and that depends partly on the ability of its citizens to consume and produce. When there is an imbalance (in international trade) there is no money to pay for imports. debts rise. The debtor nations can call on the debts (worst case scenario). Classic defensive responses is to inflate faster than deflation caused by trade deficits because if it can't, and the creditor comes calling, the scenario painted by Rickards is that of Chinese ships arriving at US ports to collect the gold that the USA had stored in Fort Knox and West Point, and ship them all away. By that time, the paper currency system would have collapsed and the USA would also have lost its solid gold. In other words, it will be flat broke. That is why severe and drastic moves are underfoot to prevent the collapse of the paper (fiat) currencies. Not just the US dollar but the Euro dollar as well. So to pay off debts, the US traditional response has been to lower interest rates to deflect acquisition of US dollars. Interest rates are down to zero. The Fed is out of ammo on this front. The only other move is to print more money, "Quantitative easing" (lovely name for a double-edged sword). It's not that simple. China counters by devaluing it's Yuan. So what is the end game? It's not clear but Rickards sets out the scenarios in his final chapter. If paper currency cannot be saved (there is a very real danger of that eventuality) the world may revert to a new Gold standard - or descend into chaos. That explains why gold prices shot from less than $100 to $1,000 and climbing. There will be leadership changes in the USA and China in 2012. The citizens have to vote wisely for a wise leader in the respective countries. But Rickards points out in this book that the currency wars will be fought in many theaters all over the world, it is not just USA vs China.
20 of 23 people found the following review helpful
Format:Hardcover
I bought this book after rave reviews on KingworldNews.
The first two chapters are interesting in their financial war context, but are not a smooth read. Subsequent chapters seem better written. WHy do I find the book a little disappointing? Well, there is not a single reference to the effects of Fractional Reserve Banking which is the true underlying cause of our boom and bust business cycles, and Rickards failure to weave this into the story really undermines the whole book for me. I even bought extra copies as gifts on the basis of other reviews, but really think that the book leaves a lot of the real currency war story untold. Maybe that's OK in the context of most decision makers in this story also probably being oblivious to the real cause of our global financial problems.
The first two chapters are interesting in their financial war context, but are not a smooth read. Subsequent chapters seem better written. WHy do I find the book a little disappointing? Well, there is not a single reference to the effects of Fractional Reserve Banking which is the true underlying cause of our boom and bust business cycles, and Rickards failure to weave this into the story really undermines the whole book for me. I even bought extra copies as gifts on the basis of other reviews, but really think that the book leaves a lot of the real currency war story untold. Maybe that's OK in the context of most decision makers in this story also probably being oblivious to the real cause of our global financial problems.
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Most Recent Customer Reviews
Sometimes compelling, often sloppy
Let's start with the positive: war currency themselves are clearly explained, mainstream economics is dismissed as it should be, and the flaws/excesses of the financial sector are... Read more
Published 2 months ago by AlexHanin
Currenct Wars
Excellent summary of key underlying financial issues that should frighten people into action. The USA is heading for the cliff, not just with its economy but also the sad political... Read more
Published 3 months ago by Bob Vertiges
forward thinking
ive read a lot of financial books around the current debt issues. its a pleasure to read a book with opinions and very insightful at that. Read more
Published 3 months ago by Paul Cookson
Amazing book!
Aftere reading the book I thought to myself that I would have even pid £1000 GBP for the content in this book.
Bravo Mr. Rickards! Amazing Job. Read more
Bravo Mr. Rickards! Amazing Job. Read more
Published 3 months ago by Elias
very interesting indeed
It is a very well written and easy to understand book, full of information and facts...his view enrich my knowledge about what's going on at the moment in the world...
Published 4 months ago by Stefano Locatelli
James Turk about Currency Wars
October 27, 2011 ' It was my good fortune to receive an advance copy of Jim Rickards' new book, Currency Wars. It is a great book, and I highly recommend it. Read more
Published 6 months ago by James Turk
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