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Currency Wars : The Making of the Next Global Crisis - James Rickards

Currency Wars

The Making of the Next Global Crisis

Paperback Published: 28th August 2012
ISBN: 9781591845560
Number Of Pages: 300
For Ages: 18+ years old

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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.

Currency wars have happened before-twice in the last century alone-and they always end badly. Time and again, paper currencies have collapsed, assets have been frozen, gold has been confiscated, and capital controls have been imposed. And the next crash is overdue. Recent headlines about the debasement of the dollar, bailouts in Greece and Ireland, and Chinese currency manipulation are all indicators of the growing conflict.

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.

Industry Reviews

"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

Prefacep. xiii
War Gamesp. 1
Prewarp. 3
Financial Warp. 17
Currency Warsp. 35
Reflections on a Golden Agep. 37
Currency War I (1921-1936)p. 56
Currency War II (1967-1987)p. 78
Currency War 111(2010-)p. 98
The G20 Solutionp. 125
The Next Global Crisisp. 143
Globalization and State Capitalp. 145
The Misuse of Economicsp. 168
Currencies, Capital and Complexityp. 195
Endgame-Paper, Gold or Chaos?p. 226
Conclusionp. 255
Afterwordp. 259
Acknowledgmentsp. 267
Notesp. 271
Selected Sourcesp. 279
Indexp. 289
Table of Contents provided by Ingram. All Rights Reserved.

ISBN: 9781591845560
ISBN-10: 1591845564
Audience: General
For Ages: 18+ years old
Format: Paperback
Language: English
Number Of Pages: 300
Published: 28th August 2012
Publisher: Penguin Putnam Inc
Country of Publication: US
Dimensions (cm): 20.32 x 12.7  x 2.54
Weight (kg): 0.28
Edition Number: 1

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