The Death of Money: The Coming Collapse of the International Monetary System Paperback – 8 Apr 2014
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A fast-paced and apocalyptic look at the financial future, taking in financiers' greed, central banks' incompetence and impending Armageddon for the dollar ... Rickards may be right that 'the system is going wobbly' (Financial Times)
The Death of Money is making it a veritable golden age for smart books on the current state of the global economy (Politico)
The Death of Money makes a valuable contribution to our economic discourse (Forbes)
A terrifically interesting and useful book...fascinating (Kenneth W. Dam, former deputy secretary of the Treasury and adviser to three presidents)
The Death of Money contains very big, provocative ideas clearly explained and delivered...Rickards's insight enables him to connect the dots in a way that few others can (John Hathaway, portfolio manager, Tocqueville Gold Fund)
The Death of Money is an important new book for those who worry about the future of our country (R. Christopher Whalen, noted bank analyst; author of Inflated)
The Death of Money is an engrossing account of the massive stresses accumulating in the global financial system. Any serious student of financial crises and their root causes needs to read this book (John H. Makin, Ph.D., resident scholar, American Enterprise Institute; former chief economist, Caxton Associates)
A great book makes you think differently about the world - and this one does just that (Don Young, twenty-five-time Institutional Investor All-Star Analyst) --This text refers to an alternate Paperback edition.
About the Author
James Rickards is the bestselling author of Currency Wars and The Death of Money. He is a portfolio manager at West Shore Group and an adviser on international economics and financial threats to the Department of Defence and the US intelligence community. He served as facilitator of the first-ever financial war games conducted by the Pentagon. --This text refers to an alternate Paperback edition.
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Top Customer Reviews
But I see one major error: so bad that it falls into the category of 'clanger' and causes a niggle of doubt about everything else in the book. Referring to sterling parity upon return of the UK to the Gold Standard in 1925, Mr Rickards says this: "Chancellor of the Exchequer Winston Churchill chose to return sterling to gold at the prewar rate equivalent to £4.86 per ounce. This is simply wrong. It gets worse. On the same page, the author says this: "An exchange rate equivalent to £7.50 per ounce would have been a more realistic peg".
The truth is that Churchill returned sterling to gold at a parity of £1 = US$4.86 (hence, superficially, the confusion with £4.86)
In 1914 (to which the 1925 Gold Standard Act mandated the return of the UK's monetary parity):
£1 = 113 grains of pure gold (one grain = .06479891 grams)
$1 = 23.22 grains of gold
Therefore £1 = $4.8664944
Also in 1914:
One 'standard ounce' (11/12 pure or 22 carat) gold = £3 17s 10 and 1/2 d = (decimalised) £3.89375
One troy ounce of pure gold therefore = £4.24772727
At the $4.8664944 parity, one troy ounce of pure gold therefore = $20.671541.
Confusion over. But this is research Mr Rickards should have done; in addition the fact that it is widely held that at $4.86, sterling was overvalued by about 10%. By this calculation £1 should have been set at about $4.40.
I still give Mr Rickards' book 4 stars. But the above is so central to any studentship of gold parities that I wonder.....
In clear view, the Federal Reserve, European Central Bank, Bank of Japan and the politicians around the world with a fragile understanding of economics are doing a good job of accidentally screwing up the modern financial system that provides the basis for our current prosperity.
Markets are so badly manipulated that it's impossible to really understand where fair value currently lies for shares, bonds, property and gold. Are we heading for deflation and the debt chaos that will be created as the Ponzi financing comes tumbling down? Or will the central banks succeed in creating inflation? If so, it's extremely doubtful that they will be able to control it.
Out of view, an even more frightening situation is developing as potential warfare between nations (and terrorism) turns away from the bullet and the bomb towards wreaking financial havoc by deliberately destroying the finance system.
In the shadows, not in secret but not reported well by the Western media, are attempts to replace the US Dollar as the world's reserve currency.
After the rush to binge on debt over the last 20 or more years, everywhere you look, there is danger to the economic world as we know it. If 2008 was scary, the impending crisis will be even worse.
If you weren't paranoid about the financial situation before reading this book, you will be afterwards.
I can't see how things can carry on indefinitely. I was reading last week about an economist who believes that the only option is to keep borrowing more because society will collapse if we don't.Read more ›
It seems to me that this book is more just an analysis of the current situation and unlike other books, does not offer any solutions for the individual.
Nonetheless, there are certain interesting points that he makes. It is worth a read, but unless you are technically minded, be prepared for a bit of a slog.
The author has succeeded in his book to develop its subject in less than four hundred pages, which is not so often, considering that the books which at the same time speak about economic theory and predictions of the future are usually very extensive, and often illegible except for a narrow academic circle.
I read Rickards previous book ‘Currency Wars’ and his economic forecasts, given that I share same profession with author, largely coincide with my own; consequently I really liked his book.
Exactly the same situation is with his latest book in which the author foreshadows an interesting (at least on paper) future of money and all that could start happening in the world economy in case of some scenarios already seen in the past would repeat.
And even after reading the book it seems that the end is near, the author gives recommendations on how to survive the uncertain times that lie ahead; he gives reasons why this is the right time to change money into objects whose value will certainly not decline in uncertain times that expect the world's currencies, things that have proven its value through the history, such as works of art, land or gold.Read more ›
Most Recent Customer Reviews
This is the second book I have read from James Rickards. I thoroughly enjoyed the first one and the second has disappointed either.
It's informative, insightful. Read more
A very prescient analysis of the nexus of capital and geopolitics. For those new to the monetary system there is a very clear and lucid précis of its post-war history,... Read morePublished 1 month ago by Mr Edmund J Church
Anexcellent wake-up call: every politician in the World shoul read!Published 2 months ago by Amazon Customer
I like that James Rickards has spelt out all the tell-tale signs of the disaster to come. It is not alarmist in any way, just explains what the future could hold. Read morePublished 2 months ago by Rickster69
This is a most excellent buy for anyone who wonders where their curreny disappears to.Published 5 months ago by Gnholmes