Currency Wars: The Making of the Next Global Crisis

by James Rickards

Overview

Dive into the gripping world of international ecocomics through American lawyer, investment banker, media commentator, and author, James G. Rickards's expertise and thought-provoking insights.

From collapsed paper currencies and hidden agendas of soveriegn wealth funds to the very real threats of national security, James G. Rickards scrutinizes the history and disastrous outcomes of currency wars, shedding light on the potential crisis that looms over the United States and the world. Rickards dissects failed paradigms and conventional theories while offering a course of action to steer away from impending disaster.

Product Details

ISBN-13:	9781591845560
Publisher:	Penguin Publishing Group
Publication date:	08/28/2012
Pages:	320
Sales rank:	130,448
Product dimensions:	5.40(w) x 8.30(h) x 1.00(d)
Age Range:	18 Years

About the Author

James G. Rickards is the Editor of Strategic Intelligence, a financial newsletter, and the bestselling author of The New Great Depression, Aftermath, The Road to Ruin, and many more. He is an investment advisor, lawyer, inventor, and economist, and has held senior positions at Citibank, Long-Term Capital Management, and Caxton Associates. He currently lives in Connecticut.

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Table of Contents

Preface xiii

Part 1 War Games 1

Chapter 1 Prewar 3

Chapter 2 Financial War 17

Part 2 Currency Wars 35

Chapter 3 Reflections on a Golden Age 37

Chapter 4 Currency War I (1921-1936) 56

Chapter 5 Currency War II (1967-1987) 78

Chapter 6 Currency War 111(2010-) 98

Chapter 7 The G20 Solution 125

Part 3 The Next Global Crisis 143

Chapter 8 Globalization and State Capital 145

Chapter 9 The Misuse of Economics 168

Chapter 10 Currencies, Capital and Complexity 195

Chapter 11 Endgame-Paper, Gold or Chaos? 226

Conclusion 255

Afterword 259

Acknowledgments 267

Notes 271

Selected Sources 279

Index 289

What People are Saying About This

From the Publisher

“One of the most urgent books of the fall.”
—Mike Allen, Politico

“Let’s hope he’s wrong.”
—Financial Times

“Rickards . . . has written one of the scariest books I’ve read this year. Though I was tempted at first to dismiss him as alarmist, his intelligent reasoning soon convinced me that we have more to fear than fear itself. Part history, part primer and analysis, the text covers topics ranging from the “misuse of economics” to complexity theory. The pieces, although disparate, fit together snugly, as in one of those mystery jigsaw puzzles that come with clues in lieu of cover art. The picture that emerges is dark yet comprehensive and satisfying.”
—Bloomberg Businessweek

“Unsettling . . . fascinating . . . a thorough analysis of how nations have manipulated their currencies . . . with disastrous consequences.”
—Fort Worth Star-Telegram

“Buy Currency Wars if you want to learn the history and language of the global currency markets and the political economy which they support.”
—Chris Whalen, Ritholtz.com

“Jim Rickards highlights dangerous dynamics between national security and the international financial markets. What we assumed was firm ground under our feet is more like the narrowing point of a precipice. Our politicians, national security experts, and financial markets, each chasing carrots dangling in front of them, fail to see that they are leading America right off the edge.”
—Charles A. Duelfer, former special adviser to the director of the CIA; author of Hide and Seek: The Search for Truth in Iraq

“Put on your flak vest and helmet and enter the dangerous battlefield of global finance. Jim Rickards takes you through a captivating roller-coaster ride—the past, the present, and a look at the problematical future of our ongoing currency wars.”
—Rear Admiral (Ret.) Stephen H. Baker, chief of staff, Fifth Fleet; recipient, Distinguished Service Medal

Editorial 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

From the Publisher

In 2008, Rickards, an investment banker with extensive experience in hedge funds, was invited to participate in a seminar sponsored by the Department of Defense, which examined the safety of U.S. sovereign wealth funds in the case of economic warfare. As Rickards explains, "Sovereign wealth funds are huge investment pools established by governments to invest their excess reserves." He participated in further seminars that addressed the impact of futures markets, derivatives, and more, on strategic commodities such as oil, uranium, copper, and gold. Rickards's first book is an outgrowth of his contributions and a later two-day war game simulation held at the Applied Physics Laboratory's Warfare Analysis Laboratory. He argues that a financial attack against the U.S. could destroy confidence in the dollar. In Ricards's view, the Fed's policy of quantitative easing by lessening confidence in the dollar, may lead to chaos in global financial markets. Possible strategies for dealing with such a situation include a return to the gold standard. Though the book will no doubt interest policymakers, even non-experts will be rewarded for their efforts. (Nov.)

Publishers Weekly