Minor complaints for such a compelling book. He even goes so far to suggest, an all out physical war could erupt among international blocks of trading partners to physically re-balance trade. Without a doubt, our current economic situation in the US (as well as the rest of the world) is tremendously stress and headed for v This was a tough book for me, as I really didn't understand so much of it. I've never thought much about our financial system. I learnt a lot about currency wars of the past, advantages that nations gained by cheating, the difficulty of nations trusting each other during difficult times, Power law and complexity theory, and how we are headed towards a bigger crisis. 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.
“China is now importing inflation from the US through the exchange rate peg”. The figures speak for themselves: US Dollars now make up less than 65% of total global currency reserves and look set to fall further as nations diversify their holdings. This last may seem extreme, but in Rickards’ view we are likely headed back to a gold standard (or something worse) whether we like it or not, and it would be better to adopt this standard in an orderly, reasoned manner than to wait until the dollar simply collapses, leaving gold as the de facto standard. I just about shot milk out of my nose when I read that statement, and I wasn’t even drinking milk. And the next crash is overdue.
Dee Brown on the Civil War: Grierson's Raid, The Bold Cavaliers, and The Galvanized Yankees At best, they offer the sorry spectacle of countries' stealing growth from their trading partners.
The book itself "...reads like a thriller."
As James Rickards argues in Currency Wars, this is more than just a concern for economists and investors. So Currency Wars has been quite an education for me, and a very interesting one.
If Rickards were more familiar with world-systems analysis, he might have given greater attention not to the monetary policy of America’s central bank, but to the cycles of capitalism itself, and America’s place within them. Greater than any single threat is the very real danger of the collapse of the dollar itself. It's a complicated issue and I find it difficult to follow all the players and how things have evolved over time, but I think Jim Rickards does a good job explaining the history, the various economic theories that have been used, the flaws in the system, and where we might be headed. Though the book was written in 2011, the current COVID crisis seems to play out exactly like the author envisioned - a race among nations to print more currency; demonize the creditor (China) while devaluing currency and outstanding foreign debt. Currency Wars discusses the emergence of a new frontier in the theatre of modern warfare that is often underestimated by the world governments. The fact that Britain could maintain a stable monetary policy during the nineteenth century Gold Standard is because trades unions, workers and voters had no say when wages and prices were forced down by the harsh internal adjustment necessary to protect a fixed exchange rate. I liked very convincing historical perspective (some facts that I didn't know about). The Currency Wars author traces the start of WW II, back to a currency war which started in Germany in the early 1920's when the German's changed the exchange rate of the Mark relative to the price of gold. Rickards doesn’t even mention them, let alone try to grapple with their possible implications. But first, let’s st How does QE export inflation from the US to China and cripple Brazil’s export market? It was not the work of some conspiracy theorist, polemicist or radical. Recent headlines about the debasement of the dollar, bailouts in Greece and Ireland, and Chinese currency manipulation are all indicators of the growing conflict. From WWI to 2010, this book covers, in chronological order, various financial recessions and crisis Currency Wars discusses the emergence of a new frontier in the theatre of modern warfare that is often underestimated by the world governments. I especially enjoyed the author's proposal for how the world can return to a gold-backed standard, and why despite Ben Bernake's claims, he thinks it would be feasible and a good idea. Maybe it just makes it more cynical. However, as the premise underlying this book is based on advantages gained by currency depreciation, I will illustrate here how a nation can gain an export advantage by devaluing its currency, taking the Pound (GBP) as an example.
This can be seen in how QE2 has exported inflation to China. However there is indeed a lot to learn from the analysis. The chapter on co This was a fascinating book.
Why the elite laugh at those who speak of the need for a gold standard 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.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.
I learned from it the relatively immaturity of our particular form of currency, for example. Aparently, this Rickards guy is too self-important and full of sh*t. Although, you shouldn't take my opinion for truth of last instance. Lots to learn from this read and it's delivered in a historical, economical and financial way. But Rickards sees an escape route for Beijing: China could easily swap the long-term maturities for short-term redemptions and call in the liabilities. Many people are far more nervous today about our current fiscal and monetary direction, though for most it is just a general nervousness - a recognition that our economic path, now illuminated by the 2008 crisis, is not a smooth road but a precipice edge.
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