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title: "Currency Wars: The Making of the Next Global Crisis"
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# Top #18 Intl Economics 4.5⭐ from 1,955 reviews Ranked #99,050 Bestseller Currency Wars: The Making of the Next Global Crisis

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## Summary

> 🌍 Decode the future of money before it’s too late!

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- **What is this?** Currency Wars: The Making of the Next Global Crisis
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## Key Features

- • **Master the Macro Game:** Unlock insider insights on global currency dynamics shaping tomorrow’s economy.
- • **Boost Your Economic IQ:** Transform confusion into clarity with a book that demystifies currency wars and their global impact.
- • **Stay Ahead of the Crisis:** Decode the triggers of the next financial meltdown before it hits the headlines.
- • **Expertly Curated Analysis:** Written by James Rickards, a renowned monetary strategist with real-world foresight.
- • **Essential for Investors & Managers:** Equip your decision-making with a balanced, accessible guide to complex monetary science.

## Overview

Currency Wars by James Rickards is a critically acclaimed, best-selling book that explores the hidden battles behind global currency devaluations and their impact on the world economy. With a 4.5-star rating from nearly 2,000 readers, this used copy in good condition offers a compelling, accessible analysis essential for investors, economists, and professionals seeking to understand and anticipate the next global financial crisis.

## Description

Currency Wars: The Making of the Next Global Crisis [Rickards, James] on desertcart.com. *FREE* shipping on qualifying offers. Currency Wars: The Making of the Next Global Crisis

Review: Required Reading for Speculators and Monetary Scientists - The short story is that I think this book is excellent. I consider it required reading -- and in fact re-reading as well -- for investors who rely on an informed macroeconomic perspective to guide their decision-making, and for those interested in the science of monetary economics. Below are some passages from Currency Wars that I thought were especially insightful. They put forth prospective answers to many key questions that many traders will want to consider. How Does the Global Economic Crisis Get Resolved? "The new crisis will likely begin in the currency markets and spread quickly to stocks, bonds, and commodities. When the dollar collapses, the dollar-denominated markets will collapse too. Panic will quickly spread throughout the world. As a result, another US president, possibly Obama, will take to the airwaves and cyberspace to announce a radical plan of intervention to save the dollar from complete collapse, invoking legal authority already in place today. This new plan may even involve a return to the gold standard. If gold is used, it will be at a dramatically higher price in order ot support the bloated money supply with the fixed quantity of gold available. Americans who had invested in gold earlier will be confronted with a 90% "windfall profits" tax on their newfound wealth, imposed in the name of fairness. European and Japanese gold presently stored in New York will be confiscated and converted to use in the ervice of the New Dollar Policy. No doubt the Europeans and Japanese will be given receipts for their former gold, convertible into New Dollars at a new, higher price. Alternatively, the president may eschew a return to gold and us an array of capital controls and global IMF money creation to reliquify and stabilize the situation. This isn't far-fetched speculation. It has all happened before. Time and again, paper currencies have collapsed, assets have been frozen, gold has been confiscated, and capital controls have been imposed." Is Widespread Military Conflict Likely? "A conventional military confrontation with the united States seems highly unlikely because of the United States' ability to suppress and ultimately decimate the opposing side. As a result, rival nations and transnational actors such as jihadists have increasingly developed capabilities in unconventional warfare, which can include cyberwarfare, biological or chemical weapons, other weapons of mass destruction or now, in the most unexpected twist of all, financial weapons...the costs of a financial war might be far less than the costs of an arms race and possibly be much more effective at undermining US power than a military confrontation." How Do Currency Wars -- When Economies Compete to Devalue their Currencies -- Start? "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." Do Currency Devaluations Help an Economy? "A country that cheapens its currency may make final sales look cheaper when viewed from abroad but may hurt itself as more of its cheap currency is needed to purchase various inputs." Have Currency Wars Happened Before? What Was the Outcome? "Currency War I began in spectacular fashion in 1921 in the shadow of World War I and wound down to an inconclusive end in 1936. In round after round of devaluation and default, the major economies of the world raced to the bottom, causing massive trade disruption, lost output and wealth destruction along the way. The volatile and self-defeating nature of the international monetary system during that period makes Currency War I the ultimate cautionary tale for today as the world again confronts the challenge of massive unpayable debt." How does China play into the Euro crisis? "China has a vital interest in a strong Euro. The European Union surpasses the United States as China's largest trading partner. China's interest in supporting the Euro is as great or greater than its interest in maintaining the yuan peg against the dollar." How is China affecting the gold market? "Between 2004 and 2009, China secretly doubled its official holdings of gold. China used one of its sovereign wealth funds, the State Administration of Foreign Exchange (SAFE), to purchase gold covertly from dealers around the world. Since SAFE is not the same as the Chinese central bank, these purchases were off the books from the central bank's perspective." What are the Possible Outcomes for the end of the Reign of the US Dollar? "Taking a range of views from the conventional to the cutting-edge, we can foresee four outcomes in the prospect for the dollar -- call them The Four Horsement of the Dollar Apocalypse. In order of disruptive potential from smallest to greatest, they are: multiple reserve currencies, Special Drawing Rights, gold, and chaos." What are Special Drawing Rights (SDR)? "The SDR is world money, controlled by the IMF, backed by nothing, and printed at will. Once the IMF issues an SDR, it sits comfortably in the reserve accounts of the recipient like any other reserve currency."
Review: Solid read, informative and worth every penny - I don't consider myself much of financial wiz or to have any far reaching knowledge in terms of global financial markets or economics. That being said I do my best to analysis the world around me in an attempt to figure out what is going on and how it impacts the general population. I cling to the mantra that all the knowledge in the universe is worthless unless it can be applied. This book fills in a lot of gaps in my opinion and more or less synthesizes what I have been trying to piece together over the last decade. Not only does the light bulb turn on, it stays on and continues to burn brighter throughout the book. The book is written in such a way that most humans shouldn't have any problem processing it. I believe very little of what I read, facts and opinions are often pushed out there in such a way to benefit the person sharing the information, helping defeat any bit of cognitive dissonance that may arise in their own world. This book seems to be fair in my opinion. Not really playing any side to any extreme, it feels like it is balanced for the most part. I don't feel it answers any of the BIG questions but I don't think that was the aim. I feel it was written to educate people. In the end I feel it gives the average person a much more sound understanding of some of the reasons/actions that have brought us to the present(and past) financial dilemma. It really isn't as messy as I had thought. It is simply a bunch of independent parties attempting to play together as a team but each having their own interests driving their actions. There is always going to be an equal and opposite reaction, it is just a matter of who is on the action role vs. who is in the reaction role. Kind of like the social unrest throughout the world, people freak out but I think if they had this to read they may get a better understanding of why governments and central banks do what they do. There is always the human/self interest variable that must be accounted for regardless if we agree with the outcome of those interests as they manifest in the short and long terms. Again, I don't know all that much but I feel more aware after reading this book. As a lay person, it has increased my knowledge base thus increasing my quality of life by giving me a map to reference when I look at macro issues and then apply the knowledge to my little micro life. Buen Trabajo Mr. Rickards.

## Features

- Used Book in Good Condition

## Technical Specifications

| Specification | Value |
|---------------|-------|
| Best Sellers Rank | #99,050 in Books ( See Top 100 in Books ) #18 in International Economics (Books) #33 in Money & Monetary Policy (Books) #91 in Economic Conditions (Books) |
| Customer Reviews | 4.5 out of 5 stars 1,955 Reviews |

## Images

![Currency Wars: The Making of the Next Global Crisis - Image 1](https://m.media-amazon.com/images/I/8113q3TURwL.jpg)

## Customer Reviews

### ⭐⭐⭐⭐⭐ Required Reading for Speculators and Monetary Scientists
*by S***L on November 10, 2012*

The short story is that I think this book is excellent. I consider it required reading -- and in fact re-reading as well -- for investors who rely on an informed macroeconomic perspective to guide their decision-making, and for those interested in the science of monetary economics. Below are some passages from Currency Wars that I thought were especially insightful. They put forth prospective answers to many key questions that many traders will want to consider. How Does the Global Economic Crisis Get Resolved? "The new crisis will likely begin in the currency markets and spread quickly to stocks, bonds, and commodities. When the dollar collapses, the dollar-denominated markets will collapse too. Panic will quickly spread throughout the world. As a result, another US president, possibly Obama, will take to the airwaves and cyberspace to announce a radical plan of intervention to save the dollar from complete collapse, invoking legal authority already in place today. This new plan may even involve a return to the gold standard. If gold is used, it will be at a dramatically higher price in order ot support the bloated money supply with the fixed quantity of gold available. Americans who had invested in gold earlier will be confronted with a 90% "windfall profits" tax on their newfound wealth, imposed in the name of fairness. European and Japanese gold presently stored in New York will be confiscated and converted to use in the ervice of the New Dollar Policy. No doubt the Europeans and Japanese will be given receipts for their former gold, convertible into New Dollars at a new, higher price. Alternatively, the president may eschew a return to gold and us an array of capital controls and global IMF money creation to reliquify and stabilize the situation. This isn't far-fetched speculation. It has all happened before. Time and again, paper currencies have collapsed, assets have been frozen, gold has been confiscated, and capital controls have been imposed." Is Widespread Military Conflict Likely? "A conventional military confrontation with the united States seems highly unlikely because of the United States' ability to suppress and ultimately decimate the opposing side. As a result, rival nations and transnational actors such as jihadists have increasingly developed capabilities in unconventional warfare, which can include cyberwarfare, biological or chemical weapons, other weapons of mass destruction or now, in the most unexpected twist of all, financial weapons...the costs of a financial war might be far less than the costs of an arms race and possibly be much more effective at undermining US power than a military confrontation." How Do Currency Wars -- When Economies Compete to Devalue their Currencies -- Start? "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." Do Currency Devaluations Help an Economy? "A country that cheapens its currency may make final sales look cheaper when viewed from abroad but may hurt itself as more of its cheap currency is needed to purchase various inputs." Have Currency Wars Happened Before? What Was the Outcome? "Currency War I began in spectacular fashion in 1921 in the shadow of World War I and wound down to an inconclusive end in 1936. In round after round of devaluation and default, the major economies of the world raced to the bottom, causing massive trade disruption, lost output and wealth destruction along the way. The volatile and self-defeating nature of the international monetary system during that period makes Currency War I the ultimate cautionary tale for today as the world again confronts the challenge of massive unpayable debt." How does China play into the Euro crisis? "China has a vital interest in a strong Euro. The European Union surpasses the United States as China's largest trading partner. China's interest in supporting the Euro is as great or greater than its interest in maintaining the yuan peg against the dollar." How is China affecting the gold market? "Between 2004 and 2009, China secretly doubled its official holdings of gold. China used one of its sovereign wealth funds, the State Administration of Foreign Exchange (SAFE), to purchase gold covertly from dealers around the world. Since SAFE is not the same as the Chinese central bank, these purchases were off the books from the central bank's perspective." What are the Possible Outcomes for the end of the Reign of the US Dollar? "Taking a range of views from the conventional to the cutting-edge, we can foresee four outcomes in the prospect for the dollar -- call them The Four Horsement of the Dollar Apocalypse. In order of disruptive potential from smallest to greatest, they are: multiple reserve currencies, Special Drawing Rights, gold, and chaos." What are Special Drawing Rights (SDR)? "The SDR is world money, controlled by the IMF, backed by nothing, and printed at will. Once the IMF issues an SDR, it sits comfortably in the reserve accounts of the recipient like any other reserve currency."

### ⭐⭐⭐⭐⭐ Solid read, informative and worth every penny
*by J***C on July 27, 2012*

I don't consider myself much of financial wiz or to have any far reaching knowledge in terms of global financial markets or economics. That being said I do my best to analysis the world around me in an attempt to figure out what is going on and how it impacts the general population. I cling to the mantra that all the knowledge in the universe is worthless unless it can be applied. This book fills in a lot of gaps in my opinion and more or less synthesizes what I have been trying to piece together over the last decade. Not only does the light bulb turn on, it stays on and continues to burn brighter throughout the book. The book is written in such a way that most humans shouldn't have any problem processing it. I believe very little of what I read, facts and opinions are often pushed out there in such a way to benefit the person sharing the information, helping defeat any bit of cognitive dissonance that may arise in their own world. This book seems to be fair in my opinion. Not really playing any side to any extreme, it feels like it is balanced for the most part. I don't feel it answers any of the BIG questions but I don't think that was the aim. I feel it was written to educate people. In the end I feel it gives the average person a much more sound understanding of some of the reasons/actions that have brought us to the present(and past) financial dilemma. It really isn't as messy as I had thought. It is simply a bunch of independent parties attempting to play together as a team but each having their own interests driving their actions. There is always going to be an equal and opposite reaction, it is just a matter of who is on the action role vs. who is in the reaction role. Kind of like the social unrest throughout the world, people freak out but I think if they had this to read they may get a better understanding of why governments and central banks do what they do. There is always the human/self interest variable that must be accounted for regardless if we agree with the outcome of those interests as they manifest in the short and long terms. Again, I don't know all that much but I feel more aware after reading this book. As a lay person, it has increased my knowledge base thus increasing my quality of life by giving me a map to reference when I look at macro issues and then apply the knowledge to my little micro life. Buen Trabajo Mr. Rickards.

### ⭐⭐⭐⭐ I understand the world so much better now
*by A***E on February 18, 2013*

I picked this book up on the recommendation of an acquaintance. We got into a conversation on election night, and of course we got to talking about economics. This guy absolutely knew his s***, and our conversation shifted into more of a lecture, where he was telling me all this stuff I didn't know and I was nodding and hungrily begging for more. This book made me a competent debater. You see, I'm pretty interested in politics and even volunteered my time to collect signatures and make phone calls and signs for the Ron Paul campaign. But when it came to talking about the economy, I was in over my head, and couldn't do much more than talk on a very hypothetical level. This book offers a comprehensive history of the rise and fall of major economies throughout the world in the 20th century. It explains how risk rises exponentially as the complexity of systems increases; it explains how a society's psychological mindset can screw up all predictions of the economy's direction developed from numeric data; it explains how nations of the world are becoming increasingly dependent on one another to create and preserve wealth. This is a book to be read slowly. Read a bit, sit back and process it, discuss it with your family and friends, figure out how each chapter fits into the current state of affairs. Once it's all over, you'll feel so much smarter. Of course, that statement is only true if you're the intended audience for this book. If you've gotten an advanced degree in economics, you may already know this stuff. If you're just not at all interested in the economy, politics, and current affairs, I am quite sure this book will not hold your interest. But if you're a lay person eager to be more well-informed about the economic situation surrounding you, this book does exactly that. Before I go, the reason I knocked a star off: this author is a a proponent of the gold standard. Like I said, I helped out with the Ron Paul campaign, so I assure you I have come across my fair share of gold standard supporters. And unfortunately, while Rickards was very clear in explaining the other theories and practices he describes in this book, he comes up short when describing the benefits of the gold standard. He clearly describes the necessity of tying a currency in to a clear measure of wealth. But, well, returning to the gold standard has some very significant issues that he seems to gloss over. He freely admits that returning to the gold standard would only work if a lot of countries do it. While he admits that this is a problem, he doesn't acknowledge that this very problem is the same problem present in every financial theory he presents: that a plan only works if everyone decides to go along with it and it works as intended! Also, while he acknowledges the need to revalue gold (should we return to the gold standard), I don't think he fully investigates the ramifications of doing this. Different countries have different amounts of gold currently hoarded away, which would seriously impact the practicality of converting standards, and he doesn't even touch in how we would redistribute gold to simulate the wealth a country holds in their current currency.

## Frequently Bought Together

- Currency Wars: The Making of the Next Global Crisis
- Aftermath: Seven Secrets of Wealth Preservation in the Coming Chaos
- The Death of Money: The Coming Collapse of the International Monetary System

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