Scary to think how much our currency is pegged to nothing but perception, and how China could destroy our currency by calling in our debt to then when their bonds come due. This book was quite interesting, helping me understand a little more: It is unfortunate that I am unable to fully comprehend the idea as I am not all too familiar with the gold standard. . From WWI to 2010, this book covers, in chronological order, various financial recessions and crisis including, but not limited to, the great depression and 2008 market crash. Like this summary? We’d love your help. Being myself a lawyer, interested in finance and economics, I read books on the topic. However, sometimes it becomes hard to follow when the author dives into its subtleties. Currency War I (1921-1936) 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. Do not miss out on this opportunity! This game yielded a pivotal disclosure: Even in case of an effective assault on the dollar, the US claims enough gold to survive a financial war. I can't say that I feel too optimistic about any short-term changes in monetary policy that will change the future of the dollar. Against this background, FDR issued Executive Order 6102 on April 5, 1933, one of the most extraordinary executive orders in U.S. history. The book gives you a brief history of the role of currency, and goes into how people wage war by using the ups and downs of the valuation of a certain currency of a country. This was a tough book for me, as I really didn't understand so much of it. I never did develop a real interest in macroeconomics topics though I got a degree in economics, probably due to the concepts were quite far away from my twenty-something mind and life. Thats less a reflection on the tone of James Rickards writingthough somewhat alarmist, hes a lawyer and finance professional, not a Tim LaHaye-like rapture peddlerthan the worldviews his book will be used to support. The war game, like the book as a whole, disintegrates from promising to insubstantial. Currency wars have happened before, and will happen again, until everyone realizes that it is a mutually destructive weapon. I want to develop the conceptual thinking about the currency. The players included Wall Street experts, international strategy specialists, Department of Defense staff members and military personnel. The only criticism I have of Currency Wars is the opening. . Filed under: Economics, History & Biographies, Money. The author also provides for a prescription to deal with the situation. I first read "Death of Money" and for some reason got interested in reading "Currency Wars." Keep going on if you really want to learn somethings. 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. James Rickards has combined a thought provoking mix of history, economics, current events, and his own experience to produce a fascinating and thought provoking book. Some relatively minor exceptions were made for dentists, jewelers and others who made “legitimate and customary” use of gold in their industry or art. Grab a book and BOOST your learning routine. Currency wars have happened before-twice in the last century alone-and they always end badly. I personally feel it is still relevant to 2017. I received this book for free in a Goodreads First Reads giveaway. This is an outstanding book that should be read and digested by every thinking American voter. An interesting, incisive and credible analysis of what is going wrong in the financial world and why the latest currency war is being fought. More than anything else, it is for this reason that currency wars must be avoided. Currency conflicts occur on an assortment of fronts, yet they, for the most part, they start inside a domestic economy. Left unchecked, the next currency war could lead to a crisis worse than the panic of 2008. This book does a great job of explaining the complex economics phenomena involving currency flow, international trading, international monetary systems in simple terms. Welcome back. If the dollar falls, America’s national security falls with it. A country is enduring high joblessness, low development and decreased demand can choose to devaluate its currency to support its exports and drive demand. Yet, in an undeniably interconnected global economy, such moves would wind up harming that nation’s trading partners and welcoming countering like “tariffs, embargoes and other barriers to free trade.”. 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. His investors hated him and wanted to pull out - "Being too early is the same as being wrong.". It is one of the finest books to understand currency wars ;its evolution , impact ,past etc . Rickards frames his book with an anecdote about his participation in a pentagon war game designed to simulate financial markets. 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