PDF | The main aim of this article is to identify factors influencing the direction of The mainforms of such “currency wars” in contemporary global economy. During a war between two nations, one can imagine a nation printing currency of the rival illegally to damage her economy; however, Rickards makes an. Currency Wars Summary by James Rickards explains the three currency wars the world has gone through, the third one still ongoing, and.
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Currency wars: the making of the next global crisis / James Rickards. p. cm. currency war that had destroyed faith in the U.S. dollar, and the president had. world by launching the opening salvo in what he called a “currency war.” Man- wars,” Carnegie economists wrote a series of short articles, collected in this. Editorial Reviews. Review. “One of the scariest books I've read this year. The picture that Currency Wars: The Making of the Next Global Crisis - Kindle edition by James Rickards. Download it once and read it on your Kindle device, PC.
This game yielded a pivotal disclosure: Currency wars are one of the most destructive and feared outcomes in international economics. Amazon Giveaway allows you to run promotional giveaways in order to create buzz, reward your audience, and attract new followers and customers. 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. Instant access to over 18, book summaries Personal Discover your next favorite book with getAbstract.
Product details File Size: Portfolio; 1 edition November 10, Publication Date: November 10, Sold by: English ASIN: Enabled X-Ray: Book Series. Is this feature helpful? Thank you for your feedback. Share your thoughts with other customers. Write a customer review. Read reviews that mention gold standard federal reserve currency war james rickards united states well written practically radical complexity theory quantitative easing jim rickards highly recommend great book interest rates eye opening recommend this book great depression financial system around the world financial crisis ron paul.
Top Reviews Most recent Top Reviews. There was a problem filtering reviews right now. Please try again later. Paperback Verified Purchase. 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. It is a good intro to a 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. All in all, its a good quick read and I think you'll enjoy it. Hardcover Verified Purchase.
This book explores the following issues amongst others: The aggregate demand equation i. The law of diminishing returns 3. Complexity theory 7. The ultimate conclusion: 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. 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. Thank you Mr Rickards for your contribution in this field. A much enjoyed read.
I recommend it to anyone. Kindle Edition Verified Purchase. 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. See all reviews. Amazon Giveaway allows you to run promotional giveaways in order to create buzz, reward your audience, and attract new followers and customers. Learn more about Amazon Giveaway. This item: Currency Wars: The Making of the Next Global Crisis.
Set up a giveaway. What other items do customers buy after viewing this item? Kindle Edition. Hunter Riley III. Books, Audiobooks and Summaries. James Rickards is the senior manager of the New York City-based merchant bank — Tangent Capital Partners and is an advisor of government agencies on global finance. Currency conflicts occur on an assortment of fronts, yet they, for the most part, they start inside a domestic economy.
A country is enduring high joblessness, low development and decreased demand can choose to devaluate its currency to support its exports and drive demand.
The risk of fiscal assaults provoked the Pentagon to build up a war game to mimic a global financial war and to investigate how such battle could undermine the US. The players included Wall Street experts , international strategy specialists , Department of Defense staff members and military personnel.
The gathering met in late of in a secluded research center close Washington, DC, to plot the primary financial war game in US history. The members partitioned into contending groups and scripted locale-specific objectives and political moves.
This game yielded a pivotal disclosure: Even in case of an effective assault on the dollar, the US claims enough gold to survive a financial war. Currency War I 2. Currency War II 3.