Free Ebook Currency Wars: The Making of the Next Global Crisis, by James Rickards
Free Ebook Currency Wars: The Making of the Next Global Crisis, by James Rickards
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Currency Wars: The Making of the Next Global Crisis, by James Rickards
Free Ebook Currency Wars: The Making of the Next Global Crisis, by James Rickards
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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
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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. Visit currencywarsbook.com
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Product details
Paperback: 320 pages
Publisher: Portfolio; Reprint edition (August 28, 2012)
Language: English
ISBN-10: 9781591845560
ISBN-13: 978-1591845560
ASIN: 1591845564
Product Dimensions:
5.4 x 0.8 x 8.4 inches
Shipping Weight: 9.6 ounces (View shipping rates and policies)
Average Customer Review:
4.5 out of 5 stars
672 customer reviews
Amazon Best Sellers Rank:
#50,985 in Books (See Top 100 in Books)
This book was fascinating. It was totally outside my area of understanding, but after reading the book, I learned a lot about the process and influence of a currency in this world. The book gives you a brief history of the role of currency, and goes into how people wage war by using the ups and downs of the valuation of a certain currency of a country. The valuation of a currency has a huge impact on the health of a economy. The book talks about the role of gold in the process too. Years ago, all currency was mostly attached to the wealth of gold that a nation had. But recently, this has been separated. There have been a couple of modern currency wars, and this using leads to a zero sum game. The book was written before the quantitative easing, so the author writes about this process, and explains some of the ramifications of this policy. He has a negative view of the results that could happen. So far, though, it seemed to work, but it is more of a long game to see the final results. Moving forward, China is going to play a large part in future wars, because of the manipulation of the yuan. This will be interesting to see. On an interesting note, the author is a good friend of one of the members in Castle Rock. One of the cool things of being at Castle Rock is the world famous people you get to minister too. This is not for everyone, but you need a certain level of money systems knowledge to understand the book, btu the author does a good job of making it accesible.
This is one of Rickards' better books. It is a good intro to a concept rarely discussed; that is world monetary history in terms of the 'war-like' interaction of nations using currency devaluations to gain an upper hand. It's also a bit more than that as he uses his background in trading and economics to theorize a variety of scenarios that could threaten the US in currency markets, gold, derivative markets and others. I found the reading to be attainable and not too dry for the lay reader.This all being said, the weaknesses of the book really lie in sections where Rickards goes beyond reporting history to promulgating ideas of a coming collapse, much of which is based on some assumptions he makes about the importance of gold and how nations will respond to the slightest hiccup in confidence in fiat currencies like the US dollar. For example, the opening chapters are actually pretty interesting as the author lets us in on the first ever "financial war games" exercise sponsored by the US government (he got to play a major role due to research he'd done on systematic weaknesses in financial markets). The funny thing is the author tells of how he basically rigs the exercise to go in the direction he wants by commiserating with a friend over dinner (who is assigned to an opposing team) to push for a coordinated interest in launching a new gold-backed currency. The plan initially backfires and is almost not allowed by moderators until Rickards rallies support, then sells all of his team's gold to the opponent in a sort of self-sacrifice effort to make his friend's plan work after all! If anything, it shows how fragile world economics are at present where a strategic blunder by one nation could turn into absolute turmoil if other nations also make small mistakes in response.The meat of the book is in the three sections on Currency War 1, 2 and 3. It is interesting to get a perspective also on the G20 conferences and responses to the latest financial crisis. His later chapters on the IMF and their use of Special Drawing Rights (SDRs) is also enlightening and a good intro to learn more on this topic that might grow considerably in importance. I think the chapter on the hypothetical of returning to a gold standard and its implications should be taken with a grain of salt. What I did appreciate though was his response to Ben Bernanke's research on the role of gold in worsening the Great Depression. This is an important discussion he left out of his book The New Case for Gold. All in all, its a good quick read and I think you'll enjoy it.
For those interested in the monetary system & the shortfalls at the endgame of this economic paradigm, this book is for you. This book explores the following issues amongst others:1. The aggregate demand equation i.e. C+I+G+NE = GDP2. The law of diminishing returns3. The spending multiplier effect & its current failure4. The geopolitical morass & ramifications of certain heavyweight nations' decisions5. The abuse of fiscal & monetary policies6. Complexity theory7. The concept of money = energy8. The spy den of Dubai (Comparable to Casablanca during WW2 & Berlin during the cold war)9. The ultimate conclusion: paper, gold or chaosFor an economics junkie like myself, this gives me a reason to wake up in the morning. I do not give a damn what happens to the prices of hard assets, they are more secure than paper assets at this stage of the game. My money is on chaos because I do believe that this world is predominantly non-linear & so when things turn really bad, it could take the vast majority by surprise & there will be panic/non decision-making if this occurs.We are really at the end of empire as far as the USA is concerned. It reminds me of the Roman empire at the beginning of the AD era. We are reaching our limits to growth & this debt overhang is keeping us from progressing constructively.Thank you Mr Rickards for your contribution in this field. A much enjoyed read. I recommend it to anyone.
This book works as a general overview but otherwise extremely simplistic in both the explanations of a handful of historic events and what is going on.As a result, the offered solutions are also equally impractical that overlook their possible failures, side effects and transitional implementation problems. More importantly, the solutions offered are naive in that there is little attention paid to how the global economy can get there without all agreeing to them being the best way because of discussions like in this book. Similarly, the author's discussions on possible consequences of current policies are one dimensional. Overall, the book could work as a good overview for non-professionals but this is far from a path-breaking or detailed work.The positives of the book are in the easy to understand and fluid descriptions of events of the thirties and the Seventies. However, when a similar treatment is applied to the current affairs, it appears devoid of the effects of many other mega-trends.
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