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Last edited by Lockosmith
November 20, 2017 | History

Currency wars 1 edition

Cover of: Currency wars | James Rickards

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About the Book

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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Currency wars
the making of the next global crisis
James Rickards

Published 2011 by Portfolio/Penguin in New York .
Written in English.

Table of Contents

Pre-war
Financial war
Reflections on a golden age
Currency war I (1921-1936)
Currency war II (1967-1987)
Currency war III (2010- )
The G20 solution
Globalization and state capital
The misuse of economics
Currencies, capital and complexity
Paper, gold or chaos?

Edition Notes

Includes bibliographical references and index.

Classifications

Dewey Decimal Class
332.4
Library of Congress
HG3851.3 .R53 2011

The Physical Object

Pagination
p. cm.

ID Numbers

Open Library
OL24886400M
ISBN 13
9781591844495
LC Control Number
2011026906

History Created July 29, 2011 · 3 revisions Download catalog record: RDF / JSON

November 20, 2017 Edited by Lockosmith Book description
January 12, 2012 Edited by New York Times Bestsellers Bot Adding tags to New York Times Hardcover Business Books bestsellers
July 29, 2011 Created by LC Bot import new book