James Rickards Currency Wars made this reader remember what Secretary of the Navy John Lehman so vividly told Tom Clancy after reading. Currency Wars by Song Hongbing, also known as The Currency War, is a bestseller in China, devaluation, see Currency war. For James G. Rickards’ Currency Wars: The Making of the Next Global Crisis, see James G. Rickards. In , President Nixon imposed national price controls and took the United States off the gold standard, an extreme measure intended to end an ongoing.
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I think he publishes a book like this every few years because the people who share his thesis will buy it and love it. Towards the end, he even advocates specific banking regulation to avoid a repeat of the crisis of while simultaneously advocating for smaller government. As James Rickards argues in Currency Warsthis is more than just a concern for economists and investors.
This does help sharpen the focus on the coming presidential election provided everything doesn’t completely unravel before then. If you start this book with the notion that economics is a pseudo-science that theorizes about events of the past while nobody has any clue what they are doing now or what’s going to happen, there’s nothing much in this book that’s gonna convince you otherwise.
Rickards shows the weaknesses in monetarism and Keynesianism, and then introduces complexity theory, in which increasingly complex systems – societies and financial institutions to name but two – require exponentially higher levels of energy to sustain. Also, I am growing skeptical of his bearish claims. Jan 30, John Martindale rated it it was amazing Shelves: It’s educating but tedious after a point.
Given the fragility of the US economy debt being held by China, othersthis is more than plausible. From Wikipedia, the free encyclopedia.
Currency War, Then Trade War — Is Shooting War Next? – The Daily Reckoning
While the exciting narrative isn’t prevalent throughout, the latter chapters give valuable insight into the topic. It is one of the finest books to understand currency wars ;its evolutionimpact ,past etc. The first page itself currrency how outdated the book is.
Business and economics portal Books portal. That would be a massive drain on the US Treasury.
Currency Wars: The Making of the Next Global Crisis by James Rickards
The Making of the Next Global Crisis is ostensibly that: Retrieved June 13, That is my own failing and not that of the author’s, who did a great job of laying out what a currency war is, how previous currency wars have played out, and what is happening with the current one.
But as a prescriptive, i. Crisply written with just the right level of theory to prove points without dragging the reader into detailed economic formulas. Currency wars have happened before-twice in the last century alone-and they always end badly. Greater than any single threat is the very real danger of the collapse of the dollar itself.
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Since the world has descended into Currency War III, following the two catastrophic conflagrations of and Recent headlines about the debasement of the dollar, bailouts in Greece and Ireland, and Chinese currency manipulation are all indicators of the growing conflict. Regardless, the general concept is good enough to really make you see with your own eyes or mind what to expect for the future of fiat money.
Return to Book Page. Well worth the read. Empirical data is explained, showing that Keynesian multipliers are negative when governments print money except under rare circumstances coupled with relatively little quantitative easing Other historical data and economic indicators are laid out showing that some taxes produce a lot of gains for little investment, but the US has blown past the point of positive gains for current taxation levels meaning net productivity losses under current high tax burdens which leads to a high ratio of non-producing government employees to producers in the economy For a discussion of competitive devaluation, see Currency war.
Who is ‘The Harvard Guy”.
Feb 11, Troy Tegeder rated it really liked it. Currency Wars discusses the emergence of a new frontier in the theatre of modern warfare that is often underestimated by the world governments. America started the 3rd currency war and by all means other nations do have every right to hate us and seek revenge.
For example, he debunks the myth that German hyperinflation in was to devalue war debts; rather it was an effort to spur an export led economic recovery when no other options were acceptable.
This exercise is a classic zero-sum game which means what some trade partners collectively gain in exports, the others will collectively lose. We’re shackling our kids to a future of slavery.
But how has this happened? Rickardds purpose of signaling is to allow an orderly re-balancing of trade among international trading partners. Rickards is an interesting guy.
Rickards quickly follows it with a financial war game he participated in at the Pentagon.
Oh, those inexperienced local bankers! Regardless, the general conce It is unfortunate that I am unable to fully comprehend the idea as I am not all too familiar with the gold standard.
Without a doubt, our current economic situation in the US as well as the rest of the world is tremendously stress and headed for very difficult times. Dec 16, Shivanshu Singh rated it really liked it Shelves: There Are 5 Levels of Investing I’ve never thought much about our financial system. Currency wars are one of the most destructive and feared outcomes in international economics. We are in the midst of a full scale currency war that, if perpetuated, can only lead to catastrophe.
See all books by James Rickards. I want to listen to the audiobook again. Oct 20, Sukriti Aggarwal rated it really liked it. Rickards sees a wholesale collapse of the dollar — and, by extension, the global financial system — looming ahead.
The racking up of astounding public debt every year doesn’t help out either. The book has achieved bestseller status in China.
The currency wars and trade wars continue side by side.