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Currency Wars: The Making of the Next Global Crisis
 
 

Currency Wars: The Making of the Next Global Crisis [Kindle Edition]

James Rickards
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Produktbeschreibungen

Pressestimmen

“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

Kurzbeschreibung

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.



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8 von 8 Kunden fanden die folgende Rezension hilfreich
5.0 von 5 Sternen Currency Wars comment by James Turk 20. November 2011
Format:Gebundene Ausgabe
October 27, 2011 ' It was my good fortune to receive an advance copy of Jim Rickards' new book, Currency Wars. It is a great book, and I highly recommend it.

The book is split into three parts, with the first part being almost surreal because it reads more like a novel than non-fiction. It details Rickards participation in an exercise at the Warfare Analysis Laboratory near Washington D.C. This group is one of the Defense Department's leading venues for war games and strategic planning, but in a first-ever event, the game in which Rickards joined was not a war-fighting simulation. Rather, several dozen people from the military, academic and intelligence communities fought a global financial war using currencies and capital markets to support national interests. Rickards and two colleagues were invited to give the simulation some real-world, Wall Street expertise about markets, which they certainly did.

I guarantee that when you start reading this part, you won't put the book down until you learn the outcome of the war. It reads better than a suspense novel, even though the ending is somewhat anti-climactic and predictable. While I won't spoil it for you by divulging the ending, I will note that gold has a big role to play. In fact, gold reappears throughout the whole book.

In the second section, Rickards analyzes the first two currency wars (CWI and CWII). He provides an interesting historical account of the global monetary twists and turns, ups and downs that marked much of the twentieth century, with keen insight into the motivations why these currency wars were fought. CWI lasted from 1921 to 1936.
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5.0 von 5 Sternen Beyond expectations 28. April 2014
Format:Taschenbuch|Verifizierter Kauf
A very very educative book. It is like a complete political economy course. You can go through many events in the history of the world and decode their mysteries from financial and currency point of view. Then you'll find out how much our every day life is influenced by the global currency wars or currency manipulation.

I hope he updates his book with the events after 2011, the last edition year. Sure we are seeing other rounds of currency wars going on especially from the beginning of 2014 with speculation over tapering and hiking interest rate by Fed under Yellen management.
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5.0 von 5 Sternen interessant, relevant und dramatisch 24. März 2014
Format:Taschenbuch|Verifizierter Kauf
sehr interessantes buch. z.T. tolle einblicke in währungstheorien und währungspolitik. tolles quelle für semesterarbeiten im wirtschaftswissenschaftlichen bereich! nur zu empfehlen!
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5.0 von 5 Sternen Sehr gut 4. November 2013
Von Annelien
Format:Taschenbuch|Verifizierter Kauf
Ich habe dieses Buch für meinen Freund gekauft. Er ist sehr zufrieden damit und
es erweitert auch meinen Horizont. Ist jedenfalls empfehlenswert.
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Amazon.com: 4.5 von 5 Sternen  396 Rezensionen
306 von 318 Kunden fanden die folgende Rezension hilfreich
5.0 von 5 Sternen The best thing since sliced bread? 11. November 2011
Von Erez Davidi - Veröffentlicht auf Amazon.com
Format:Kindle Edition|Verifizierter Kauf
Jim Rickards, who is famous, among other things, for his ability to accurately predict the Fed's moves ahead of time. His most recent accurate call was the implementation of Operation Twist, i.e the selling of short-term government debt and the buying of long-term government debt in order to increase short-term interest rates and decrease long-term interest rates.

The main theme of the book is that the world is already heading toward a full-blown currency war which will bring even harsher economic turmoil to the world economy than the one we experienced in the last three years since the housing bubble burst in the U.S.

Rickards explores in depth, basing his arguments on past currency wars such as the one after WW1 between several European countries and the U.S., and why currency wars are a lose-lose situation. In short, Rickards's main argument is that countries around the world are devaluing their currencies in order to boost their exports (domestically produced goods and services will be cheaper for foreigners) thereby increasing their GDP. However, such actions will frequently be met by mutual currency devaluation by other countries or by some protectionist policy such as tariffs. Therefore, countries will gain a temporary advantage until other countries retaliate, the end result of which will be: inflation brought on from currency devaluation, protectionism and the halt of free trade, thus - wealth destruction. And in a worst case scenario, an outright military conflict.

As was mentioned above, I found Rickards's thesis to be well argued and backed with plenty of historical facts. To sum up, this book just has it all, great and engaging writing, fascinating economic history, and shrewd analysis of the current and coming global crisis.
159 von 166 Kunden fanden die folgende Rezension hilfreich
5.0 von 5 Sternen Currency Wars: The Making of the Next Global Crisis 11. November 2011
Von Pamela Farley - Veröffentlicht auf Amazon.com
Format:Gebundene Ausgabe
No one is safe from Rickards' insightful analysis in this original and fast-paced history of world economic and monetary policy and the currency wars that have led to destructive outcomes more than once in the last hundred years. Despite the fact that repeated manipulation of currency by various countries throughout recent history in an attempt to dominate trade and spur domestic economic growth has failed miserably, the U.S. now faces a new currency war that might be, as Rickards says, "the currency war to end all currency wars." His disdain for the use of Quantitative Easing and the creation of a new world central bank is palpable and the urgency with which he makes his argument is cogent and frankly, terrifying. Rickards tells a fascinating story, taking the reader from the use of gold as an international currency in the Sixth century BC up to the current day, seamlessly connecting historical events in a manner that will appeal to experts and novices alike. His reductionist descriptions and gallows humor spares no one, and his analogies are both informative and beautifully written. Currency Wars is a must read for everyone, from classically-trained economists to small-time investors. But beware: after you read this book, instead of stuffing your mattress with cash, you may be inclined to do so with gold bullion.
206 von 227 Kunden fanden die folgende Rezension hilfreich
5.0 von 5 Sternen Unlike 2008...this time we've been warned. 10. November 2011
Von Terri Walters - Veröffentlicht auf Amazon.com
Format:Gebundene Ausgabe
If you have the stomach for doing a deep dive into the causes and cures of the worldwide financial morass we're in, here it is! "Currency Wars" takes you on a journey unlike any other. From a firsthand account of the wranglings at a mock "financial war game" in the bowels of the Pentagon, through a rich and literate history of previous currency wars with their devastating outcomes, Rickards is in full command of his topic. The author then brings us right up to present moment where he offers possible endgame scenarios to this latest currency war: paper, gold, or chaos! With outcome uncertain and stakes sky high, the tension is palpable! The final chapter is simply mind blowing! But that's not all. "Currency Wars" isn't simply an economics or history book. Rickards gives us a lot more. Chapter 9 is the most stinging indictment yet of the policy and intellectual failures of the Fed, Keynesianism and Monetarism. When you finish Chapter 9 your faith in economic conventional wisdom will be thoroughly shattered. The author also offers up some of the most original theory and analysis in economics since John Maynard Keynes himself in the 1920's. It's conceptually challenging but well worth the effort.

Unlike the financial meltdown of '08, this time you can say you've been warned. Extremely timely, and yet ahead of its time, "Currency Wars" is a revelation. The Media and politicians are so far behind the curve on this story that once they start giving it some weight it will already be too late to save yourself financially. You must read this book now!
57 von 62 Kunden fanden die folgende Rezension hilfreich
5.0 von 5 Sternen A MUST READ! 11. November 2011
Von Elizabeth Van Ost - Veröffentlicht auf Amazon.com
Format:Gebundene Ausgabe|Verifizierter Kauf
A currency war is a desperate and dark road your government takes you down when they become incapable of spurring domestic growth by any other means. But "stealing" growth from other countries by printing tons of money and cheapening one's own currency comes with an enormous price tag. In the new and complex arena of "geo-politics meets financial warfare," James Rickards is an intellectual tour de force. "Currency Wars" takes us on a whirlwind global tour from Peking to Moscow to Dubai, where governments and even everyday citizens are already hedging themselves against a declining U.S. Dollar. Sadly, most Americans are completely unaware of the dangers surrounding them and are still just hoping for the best. "Currency Wars" gives us a full understanding of the forces and players involved in taking us into this financial firestorm that's about to flashover. Once armed with this book, everyday Americans will also have a fighting chance. Thank you James!
104 von 119 Kunden fanden die folgende Rezension hilfreich
3.0 von 5 Sternen Currency Wars: Reflection of a Bankrupt Ethos 28. November 2011
Von Serge J. Van Steenkiste - Veröffentlicht auf Amazon.com
Format:Gebundene Ausgabe|Verifizierter Kauf
James Rickards demonstrates convincingly that currency wars have had a poor track record over time. These wars are mutually destructive because they invite retaliation and have unintended consequences. Despite this poor track record, central banks continue to resort to this "beggar-my-neighbor" policy. Think for instance about the U.S. Federal Reserve and its unofficial dual mandate of easy money and dollar devaluation. Mr. Rickards is definitely at his best in his scathing overview of the misuse of economics in chapter 9. The U.S. Federal Reserve comes out as an underperforming organization that clearly does not deliver on its official dual mandate of price stability and full employment. Monetarism, Keynesianism, and financial economics are all riddled with flaws with no definitive solution in sight to this day. Mr. Rickards relies on the complexity-based, money-as-energy model to get insight in how what he calls Currency War III (2010-?) will evolve if money printing and debt expansion continue unabated. The U.S. should not take the role of the U.S. dollar as the leading reserve currency for granted. Mr. Rickards explores the four possible outcomes in prospect for the U.S. dollar in order of increasing disruptive potential. These scenarios are multiple reserve currencies, special drawing rights (SDRs), the return of the gold standard (the author's preference), and chaos. To avert the possible collapse of the U.S. dollar, Mr. Rickards pleads for a mix of descaling, compartmentalization, and simplification that aim at shrinking or simplifying the financial system. Mr. Rickards is at his weakest on this subject because of a lack of a detailed action plan. In summary, "Currency Wars" is a good introduction to a subject in need of more visibility.
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Beliebte Markierungen

 (Was ist das?)
&quote;
Currency wars begin in an atmosphere of insufficient internal growth. The country that starts down this road typically finds itself with high unemployment, low or declining growth, a weak banking sector and deteriorating public finances. In these circumstances it is difficult to generate growth through purely internal means and the promotion of exports through a devalued currency becomes the growth engine of last resort. &quote;
Markiert von 308 Kindle-Nutzern
&quote;
Devaluation and currency wars never produce either the growth or the jobs that are promised, but they reliably produce inflation. &quote;
Markiert von 285 Kindle-Nutzern
&quote;
America has, in fact, run trade deficits large enough to wipe out its gold hoard under the old rules of the game. Still, the idea of the gold standard was not to deplete nations of gold, but rather to force them to get their financial house in order long before the gold disappeared. In the absence of a gold standard and the real-time adjustments it causes, the American people seem unaware of how badly U.S. finances have actually deteriorated. &quote;
Markiert von 239 Kindle-Nutzern

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