The New Great Depression: Winners and Losers in a Post-Pandemic World
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- Create Date：2021-08-24 06:51:40
- Update Date：2025-09-06
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- Author：James Rickards
- ISBN：0593420608
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Summary
The man who predicted the worst economic crisis in US history shows you how to survive it。
The current crisis is not like 2008 or even 1929。 The New Depression that has emerged from the COVID pandemic is the worst economic crisis in U。S。 history。 Most fired employees will remain redundant。 Bankruptcies will be common， and banks will buckle under the weight of bad debts。 Deflation， debt， and demography will wreck any chance of recovery， and social disorder will follow closely on the heels of market chaos。 The happy talk from Wall Street and the White House is an illusion。 The worst is yet to come。
But for knowledgeable investors， all hope is not lost。
In The New Great Depression， James Rickards， New York Times bestselling author of Aftermath and The New Case for Gold， pulls back the curtain to reveal the true risks to our financial system and what savvy investors can do to survive -- even prosper -- during a time of unrivaled turbulence。 Drawing on historical case studies， monetary theory， and behind-the-scenes access to the halls of power， Rickards shines a clarifying light on the events taking place， so investors understand what's really happening and what they can do about it。
A must-read for any fans of Rickards and for investors everywhere who want to understand how to preserve their wealth during the worst economic crisis in US history。
The current crisis is not like 2008 or even 1929。 The New Depression that has emerged from the COVID pandemic is the worst economic crisis in U。S。 history。 Most fired employees will remain redundant。 Bankruptcies will be common， and banks will buckle under the weight of bad debts。 Deflation， debt， and demography will wreck any chance of recovery， and social disorder will follow closely on the heels of market chaos。 The happy talk from Wall Street and the White House is an illusion。 The worst is yet to come。
But for knowledgeable investors， all hope is not lost。
In The New Great Depression， James Rickards， New York Times bestselling author of Aftermath and The New Case for Gold， pulls back the curtain to reveal the true risks to our financial system and what savvy investors can do to survive -- even prosper -- during a time of unrivaled turbulence。 Drawing on historical case studies， monetary theory， and behind-the-scenes access to the halls of power， Rickards shines a clarifying light on the events taking place， so investors understand what's really happening and what they can do about it。
A must-read for any fans of Rickards and for investors everywhere who want to understand how to preserve their wealth during the worst economic crisis in US history。
Reviews
nitin sharma
，
James is boss， as alwaysGold can't get better advocate than James。。。 Must readIn completely opposite direction of MMT。 Lets see who will win。 James is boss， as alwaysGold can't get better advocate than James。。。 Must readIn completely opposite direction of MMT。 Lets see who will win。 。。。more
Hanie Noor
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Most part of the book is on Covid-19 （theories， news， and etc） and very little part on how investors could survive （the title kinda overstated） nonetheless still love it as it is accompanied by good research by the author。
Miguel
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There are a number of singular points made in this that I can agree with Rickards on， but for the most part this is solidly in the paranoid mindset camp that would fit in like a glove on zero hedge or Tucker Carlson。 ‘tHe loCkDowNs dOn’T wOrK！’， and other such nonsense is batted around with other fringe points that have become all too popular of late on the right。 You learn yet again from Rickards that if you diversify a large portion of your portfolio into gold that a much larger pot of it is w There are a number of singular points made in this that I can agree with Rickards on， but for the most part this is solidly in the paranoid mindset camp that would fit in like a glove on zero hedge or Tucker Carlson。 ‘tHe loCkDowNs dOn’T wOrK！’， and other such nonsense is batted around with other fringe points that have become all too popular of late on the right。 You learn yet again from Rickards that if you diversify a large portion of your portfolio into gold that a much larger pot of it is waiting for you at the end of the rainbow。 Also， the Dow is going to be at 16k by the end of ’21 （while not informing us of when it will eventually recover to all-time highs later）。 I still contend after reading his last one that he’s just a bit too old to have been a huge crypto guy and likely missed the boat on that one and hence isn’t preaching from atop that particular bandwagon even though he would have as a younger buck。 I just feel bad for people that listen to financial advice like this。 But I do think it’s worthwhile keeping up with what this mindset is thinking and preaching as it is a fairly sizable echo chamber。 。。。more
L'Wanda Greenlaw
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Stopped reading due to out dated information。
Amalia Aswin
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brave
Michael Smith
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A bit based， also a bit biased。 But interesting to read different perspectives
Gary
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I can't believe that I read this b。s。 to the end。 Less than half a year after publication， most of his predictions have been proven wrong。 As usual， America centric bias allows for cherry picking facts to draw conclusions that can be seen as false when compared to results from other countries。 I can't believe that I read this b。s。 to the end。 Less than half a year after publication， most of his predictions have been proven wrong。 As usual， America centric bias allows for cherry picking facts to draw conclusions that can be seen as false when compared to results from other countries。 。。。more
Sebastian S
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Book is good。 Basically an overview of the pandemic and the bad handling by the government （ which I totally agree ）。I like the ideas about the investment assets however ， I do think bitcoin and silver should be added and less cash。Not part of my fav books ， not buying it。 （ took it from my local library。 ）
Yordy
，
Good reading and critical thinking。“Government cannot restore prosperity。 Only entrepreneurs and risk-takers can。”"THE PERCEPTION GAP IS THE KEY TO PROFITS Cognitive dissonance is the best way to describe the behavior of most market participants today。 On the one hand， the United States is experiencing its worst pandemic since the Spanish flu， the worst depression since the Great Depression， and the worst rioting since 1968 at the same time 。 On the other hand， major U。S。 stock market indices re Good reading and critical thinking。“Government cannot restore prosperity。 Only entrepreneurs and risk-takers can。”"THE PERCEPTION GAP IS THE KEY TO PROFITS Cognitive dissonance is the best way to describe the behavior of most market participants today。 On the one hand， the United States is experiencing its worst pandemic since the Spanish flu， the worst depression since the Great Depression， and the worst rioting since 1968 at the same time 。 On the other hand， major U。S。 stock market indices recovered most of the February–March 2020 losses by early June; the NASDAQ Composite Index reached a new all-time high of 12，056 on September 2， 2020。"“A word on robots: Over 90 percent of all stock trading today is done not by humans but by robots。 No matter how often the information is repeated， investors don’t get it。 These are not merely electronic order-matching systems that offer anonymity and cheap execution。 Those have been around since the 1990s。 Trading today is done by real robots that use coded algorithms to make buy and sell decisions and execute trades in nanoseconds without human intervention。 When you make investment decisions， remember you’re not competing with other investors; you’re competing with robots。” 。。。more
Borislav Boev
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Изключително пространен анализ от Джим Рикардс， който умело съчетава ефектите от пандемията с натрупаните проблеми в икономиката。 Силен момент е， че авторът акцентира сериозно върху явленията в икономиката， които не могат да бъдат квантифицирани като поведението на икономическите агенти， техните очаквания， личните им съдби и т。н。 Наред с това Рикардс обосновава защо безконтролното печатане на пари и политическият контрол върху затормозяват възстановяването и обричат икономиката на дълга стагнаци Изключително пространен анализ от Джим Рикардс， който умело съчетава ефектите от пандемията с натрупаните проблеми в икономиката。 Силен момент е， че авторът акцентира сериозно върху явленията в икономиката， които не могат да бъдат квантифицирани като поведението на икономическите агенти， техните очаквания， личните им съдби и т。н。 Наред с това Рикардс обосновава защо безконтролното печатане на пари и политическият контрол върху затормозяват възстановяването и обричат икономиката на дълга стагнация。 За сетен път авторът акцентира върху дълговия проблем， като същевременно дава конкретни рецепти за по-адекватна парична политика。Книгата ще е полезна за всеки читател， който търси своя ориентир в трудните икономически времена в които света се намира。Jim Rickards skillfully explains the convergence between two crises， which overlap themselves – firstly the accumulated problems in the world economy after the Great Recession of 2008 and the unprecedented lockdowns during the pandemic。 The author emphasizes that some factors in the economy cannot be quantified （such as human behavior， consumer expectations， personal issues， etc。 In addition， Rickards argues why the uncontrolled money printing in combination with political control over the economy are hampering the recovery and doom the economy to a long stagnation。 Once again， the author focuses his analysis on the enormous debt problem， and at the same time gives specific recommendations for adequate monetary policy。This book will be useful for anyone who is looking for a guide in these difficult economic times。 。。。more
Gary M。
，
Not a fan。 I've read all of Rickards books with great interest over the last decade。 The New Great Depression was a disappointment。 Ironically， his observations about the virus and past pandemics were much more accurate than his already obsolete economic forecast。 While I think Rickards' prediction about gold will prove true， his belief that deflation is imminent and that stock will deflate have already been proven false。 Not a fan。 I've read all of Rickards books with great interest over the last decade。 The New Great Depression was a disappointment。 Ironically， his observations about the virus and past pandemics were much more accurate than his already obsolete economic forecast。 While I think Rickards' prediction about gold will prove true， his belief that deflation is imminent and that stock will deflate have already been proven false。 。。。more
Amirah Azhar
，
This was my post-vaccine read。 I’m not sure if it was because I was mostly sluggish or because I’m not very literate in economics but this just didn’t do it for me。 I was expecting something ground-breaking but most of his points are baseless and conjecture。 Also， maybe it bore me because it was American-centric。 Anyway， this book could have just been downsized to a journal article。
Brian Yarwood
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Interesting for the Economic and Financial Literate。Lots of facts and good reality checks， useful for the readers have some disposable wealth and assets Basically we have the pandemic virus concurrently came at the same time as we predicted a mega financial crash How convenient， capitalism evolving a perfect distraction to roll in State Autocratic Government Control。If you haven’t prepped over the last 13 years you too late。
Lindsay
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DNF。 The author is contradictory and inconsistent with his statements。 Not a fan。
Matt Clinkenbeard
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This review has been hidden because it contains spoilers。 To view it， click here。 The US economy is in trouble。 Trillions of spending and rising social unrest only add unwanted trouble into the equation。 Rickards does a great job of delving into what exactly we can do to be reactionary to these changing times。 I only read from the third chapter on， trying to focus on his financial analysis of the situation。 Pandemics and depressions have changed the mindset and attitudes of populations before， this time it’s no different。 Also， the federal reserve board members should be thro The US economy is in trouble。 Trillions of spending and rising social unrest only add unwanted trouble into the equation。 Rickards does a great job of delving into what exactly we can do to be reactionary to these changing times。 I only read from the third chapter on， trying to focus on his financial analysis of the situation。 Pandemics and depressions have changed the mindset and attitudes of populations before， this time it’s no different。 Also， the federal reserve board members should be thrown in jail。 That’s been the case for 100 years now so I doubt that’s gonna happen anytime soon， but a man can dream。 。。。more
Blair Pedersen
，
This review has been hidden because it contains spoilers。 To view it， click here。 In this book he gives the disclaimer ‘I’m no epidemiologist’ before launching into a 150 page tirade about his distaste for lockdowns and how they don’t work。 It wasn’t data driven， which made it more entertaining / cringey / I very nearly stopped reading due to some of his wildly inaccurate statements that you’d only expect from a hardcore ‘trumper’。 He makes himself sound like a real quack， especially since New Zealand was already COVID free after being in a 3 month lockdown， while he was writ In this book he gives the disclaimer ‘I’m no epidemiologist’ before launching into a 150 page tirade about his distaste for lockdowns and how they don’t work。 It wasn’t data driven， which made it more entertaining / cringey / I very nearly stopped reading due to some of his wildly inaccurate statements that you’d only expect from a hardcore ‘trumper’。 He makes himself sound like a real quack， especially since New Zealand was already COVID free after being in a 3 month lockdown， while he was writing this book。 The good news is that once he gets that of his chest， which it really seems like he’s just venting， his opinionated viewpoint on finance and the markets is quite interesting。For me taking these predictions and models as sound sources of financial advice is madness。 I’ve read enough of these types of books to know everyone thinks they’re right。What I took away was his view of diversification。 I hadn’t even considered that spreading wealth across different asset classes like gold， bonds， equities， cash and real estate were true diversity。 40 stocks in the markets in his view is not diversifying， and on reflection， I’d have to agree。 Also he seems to have a really good grasp on algorithmic trading and how that works， and he explains it really well。 All in all， I very nearly couldn’t get past his initial rant， but once I did it was ok。 。。。more
Gene Griffith
，
Love itHuge fan of the author。 I read Currency wars and got hooked。 I thoroughly enjoyed the way the author presents the current situation and the solution。
Linda
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This was interesting in some ways but he held quite a bias against both the scientific AND political communities regarding response to Covid-19。 We've had such a big mix of real and fake news this past year that this book seemed to be another part of that mishmash without revealing much of anything new。 And diversifying your portfolio has been suggested for years。 Ho hum。 This was interesting in some ways but he held quite a bias against both the scientific AND political communities regarding response to Covid-19。 We've had such a big mix of real and fake news this past year that this book seemed to be another part of that mishmash without revealing much of anything new。 And diversifying your portfolio has been suggested for years。 Ho hum。 。。。more
Chris Earley
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Great real time advice coming out of the pandemic。 Probable deflation now， inflation shortly after。
Thea Marlowe
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Unfortunately did not enjoy， a nay-sayer。
Thomas Ernst
，
Spoiler alert， after reading Margret Hefferenan's book Jim Rickards like to predict the future。 He does a good job of backing his predictions up some actual real world numbers that support his ideas。 I found the book to be more of a look into the past， passing life through the Covid 19 grinder， and deciding on what things will look like on the other side。 We will just have to with to see if he is right on his predictions。 Book is an easy read。 It's more like the author is lecturing you rather th Spoiler alert， after reading Margret Hefferenan's book Jim Rickards like to predict the future。 He does a good job of backing his predictions up some actual real world numbers that support his ideas。 I found the book to be more of a look into the past， passing life through the Covid 19 grinder， and deciding on what things will look like on the other side。 We will just have to with to see if he is right on his predictions。 Book is an easy read。 It's more like the author is lecturing you rather than trying to engage you 。。。more
Jimmy
，
The author hypothesized the coming of another great depression in the US as a result of the pandemic that led to reactions from government， economists， businesses， markets， investors and civilians。 As most of his theory is based on macro economic considerations， he supposed models of monetary and financial policies will be in place， plus the behaviour economics will play into various actors' minds influencing their decisions in the markets。 With all these factors， he deduced the coming of the "n The author hypothesized the coming of another great depression in the US as a result of the pandemic that led to reactions from government， economists， businesses， markets， investors and civilians。 As most of his theory is based on macro economic considerations， he supposed models of monetary and financial policies will be in place， plus the behaviour economics will play into various actors' minds influencing their decisions in the markets。 With all these factors， he deduced the coming of the "new" great depression in the US。 In the second last chapter， he has provided specific advice on Stocks， Gold， Real Estate， Cash and US Treasury Notes。 Readers can agree or disprove his arguments， probably some but not all， depending on one's experience and point of view with regard to what is likely to happen in the US （and other countries whose action will affect the US） after the pandemic on the road to recovery。For my perspective， I do not agree with a number of the arguments and am not as pessimistic， hence not convinced that the US is heading to a great depression 。。。 rather more likely to be recession instead。 。。。more
Chen Yang
，
Opened this book expecting a good read on economics， the author spends way too much time on trying to be a virologist， epidemiologist， or public health expert。 Unfortunately， he is neither of those， and really should get his work reviewed by experts in the field so that false information is not spread to the public。 For starters， the author "thinks" that the orthomyxoviridae and orthocoronavirinae share similar spike proteins， at the very beginning of the book after he points out that "health ex Opened this book expecting a good read on economics， the author spends way too much time on trying to be a virologist， epidemiologist， or public health expert。 Unfortunately， he is neither of those， and really should get his work reviewed by experts in the field so that false information is not spread to the public。 For starters， the author "thinks" that the orthomyxoviridae and orthocoronavirinae share similar spike proteins， at the very beginning of the book after he points out that "health experts" shouldn't interfere with economic decision， he hypocritically exerts himself as an expert virologist。 Half way through this book， the only thing that I learnt about this book is that the author was probably a right-wing conspiracy theorist who lost a lot of money in the stock market in 2020。Not saying that I don't agree with the author's comments about the economics （although I do not agree with at least 50% of the author's macro economics view）， the author fails to understand the nuanced details in subjects he clearly lacks understanding in， and just goes on and on to write too much of it to the extent of spreading false information。 People who are less skeptical just might just take this information as fact to support their belief， and I don't think this book provides enough positive value to counter the misinformation provided， and thus better to be tossed in the garbage。 。。。more
Dannie
，
Nope， No， and No。 I'll be honest I didn't finish this bullshit。 I listen pretty passively， so whenever I could stop and realize that what was being spouted was just wrong I wasn't going to keep going。 No thank you。 Nope， No， and No。 I'll be honest I didn't finish this bullshit。 I listen pretty passively， so whenever I could stop and realize that what was being spouted was just wrong I wasn't going to keep going。 No thank you。 。。。more
Andre
，
Lines up with Dent， but for different reasons。 I'm happy to say I've come up with similar investing tactics for going forward even though I didn't use Rickard's fancy approached。 I'll be sure to read his next book for my next move。 Lines up with Dent， but for different reasons。 I'm happy to say I've come up with similar investing tactics for going forward even though I didn't use Rickard's fancy approached。 I'll be sure to read his next book for my next move。 。。。more
David
，
I appreciated the author's objective perspective， in other words， he doesn't let either the liberal narrative or the conservative narrative around the pandemic dominate the writing。 I appreciated the author's objective perspective， in other words， he doesn't let either the liberal narrative or the conservative narrative around the pandemic dominate the writing。 。。。more
Paige Gordon
，
This book offers a really intriguing look at the pandemic， our response to it， and what we can except to happen in the future in light of that response。 It's not light or easy reading， but it is definitely worthwhile if you'd like to gain more understanding of what is going on and how you can offset some of the craziness from the world around you。 Favorite Quote: "America’s greatest economic problem today is debt。 The size of the debt blunts monetary and fiscal policy。 Monetary policy fails beca This book offers a really intriguing look at the pandemic， our response to it， and what we can except to happen in the future in light of that response。 It's not light or easy reading， but it is definitely worthwhile if you'd like to gain more understanding of what is going on and how you can offset some of the craziness from the world around you。 Favorite Quote: "America’s greatest economic problem today is debt。 The size of the debt blunts monetary and fiscal policy。 Monetary policy fails because concern about debt causes Americans to save rather than spend。 This kills velocity and makes money printing impotent。 Low rates don’t help， because that forces more precautionary saving to meet personal goals。 Fiscal policy fails for the same reason。 With debt levels so high， Americans expect default， higher taxes， or inflation。 All three outcomes are reasons to save more today in anticipation of bad outcomes in the future。 The U。S。 economy is in a liquidity trap， and it’s worse than the one that existed in the 1930s because the government can’t replace the consumer; the government is the point at issue。" 。。。more
TomG
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A fast read that provides clear-eyed insight for investors。
Mark Bobak
，