The New Great Depression: Winners and Losers in a Post-Pandemic World
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- Create Date：2021-03-24 08:22:37
- Update Date：2025-09-06
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- Author：James Rickards
- ISBN：0593330277
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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
Steve Binning
，
Very nasty looking outlook - but data backed and well researched。Seemed to be a little dramatic at times。I would only read chapters 4， 6 and the conclusion。Everything else is an opinion piece on the medicine of covid which is definitely not why I read it。
Jason
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I read this book based on Zora's recommendation。 It has some good parts， but to me the book suffered from not knowing what it wanted to be。。。I am a physician。 I did not understand why so much of the book was devoted to the medicine behind Covid。 It went on and on and on。 It got really detailed and had many chapters that seemed to differ from the reason I want to read the book: in order to pick "winners and losers in a post-pandemic world。" Once it finally got to the meat （at the end）， I understo I read this book based on Zora's recommendation。 It has some good parts， but to me the book suffered from not knowing what it wanted to be。。。I am a physician。 I did not understand why so much of the book was devoted to the medicine behind Covid。 It went on and on and on。 It got really detailed and had many chapters that seemed to differ from the reason I want to read the book: in order to pick "winners and losers in a post-pandemic world。" Once it finally got to the meat （at the end）， I understood why Zora recommended it。 However， I think the book really lacks focus。 I found myself mostly frustrated。 Yet， however， I was glad I read for the final payoff chapter。 I also agree with the author that the lock-downs will go down as the worst decision in history。 。。。more
Jesse Stoddard
，
I thoroughly enjoy reading James Rickards books and newsletter。 He is brilliant， and provides ample evidence to back his theories on finance and market predictions。 This one is insightful and timely！
Henry Mincey III
，
Informative perspective Extensive knowledge enriched the perspective of American in 2020， considering all aspects of the event that will have an long lasting affect。
Nick Hrynkiw
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The first 43 pages really just sound like someone who’s pissed off they lost a lot of money in the lockdown， and most notably don’t understand what it was like to work in a hospital during the pandemic。 Really hard to want to read。
Jacques Decarie
，
Written with a chip on his shoulder。 His diatribe on MMT might as well have been written in Greek。 I wouldn’t invite him back either。Rips the lockdown but offers no alternative。Good info on the Spanish flu and Great Depression。Seemingly sound approach to balanced investing。You think he’s stretching a but by blaming riots on COVID？Reasonable structure on future of commercial and residential real estate。 Logical description of the notion of velocity。
Jason
，
Some interesting economics theory。 However， conclusion ‘Buy gold’ mixed up with some apocalyptic mysticism。 Taleb would eat this guy for breakfast。
Ryan
，
This book is far from perfect， and gets a few things completely wrong （disproven by history in one case， and lacking knowledge of the marketplace in the other）。 However， it makes a bunch of arguments which are very good， and is generally correct on its core message -- that the economic lockdown was unprecedented， misguided， and caused lasting harm which will not go away quickly once the covid-19 situation itself normalizes。Essentially， he's arguing for a return to a gold standard -- either overt This book is far from perfect， and gets a few things completely wrong （disproven by history in one case， and lacking knowledge of the marketplace in the other）。 However， it makes a bunch of arguments which are very good， and is generally correct on its core message -- that the economic lockdown was unprecedented， misguided， and caused lasting harm which will not go away quickly once the covid-19 situation itself normalizes。Essentially， he's arguing for a return to a gold standard -- either overtly， or simply through open market repurchases of gold。 However， he recognizes the western governments （unlike Russia and China） won't do this， and yet doesn't propose anything better。 。。。more
Carlos Tagle
，
Outdated information， wrong forecasts。 Probably a waste of time。
Maximus
，
انا علم الميكرو/ماكرو اكونوميكس لا يستهويني، ولم افهم جزء جيد من الكتاب، وليس عندي شغف يدعوني للعودة والبحث عن المزيد。قد يعجبك الكتاب اذا كنت من عشاق الاقتصاد وعلاقته بالتاريخ الحديث。
Kate Windnagel
，
Really not worth the read。 Trying to broaden my reading to include "the other side"， but honestly - this was nonsense。 The entire opening was baseless conjecture about the origins of Covid-19， the irresponsibility of locking down in attempting to slow the spread， and the immateriality of wearing masks。 He tried to make his arguments valid by citing a WMD classic， 'The Great Influenza'， by John Barry， but managed to make his citations anachronistic， which I didn't think was possible [。。。 that mas Really not worth the read。 Trying to broaden my reading to include "the other side"， but honestly - this was nonsense。 The entire opening was baseless conjecture about the origins of Covid-19， the irresponsibility of locking down in attempting to slow the spread， and the immateriality of wearing masks。 He tried to make his arguments valid by citing a WMD classic， 'The Great Influenza'， by John Barry， but managed to make his citations anachronistic， which I didn't think was possible [。。。 that mask-wearing in 1918 was inadequate， the only way to protect yourself was to limit exposure， and equating that to today's masks and today's success rate of mask-wearing]。 Anyway- his position was made clear in the first few paragraphs but he failed to persuade me in any other way。 。。。more
Mary
，
The Fallacy Of Modern Monetary TheoryRickards proves the fallacy of Modern Monetary theory and the dangerous risks that are being taken if it continues to be employed。 Massive increases in national debt that cannot be repaid will destroy confidence in the U。S。 dollar and its reserve currency status opening the way for a world currency that will ultimately destroy U。S。 dominance in world trade。
Arie van Gemeren
，
InterestingEnjoyed the read。 I thought he was off base on a few things and in some cases （the vaccine） is already wrong。 Hadn’t considered deflation as such a huge issue before definitely opened my eyes to this possibility。
Nancy Lilly
，
Very interesting and insightful。
Jewel
，
Excellent！ Well written！ Logical！ Timely！ Everyone needs to read this book。
Mind Loading。。。
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BÜYÜK YENİ ÇÖKÜŞ （The New Great Depression）PANDEMİ SONRASI DÜNYANIN KAZANAN VE KAYBEDENLERİVirüs bilimini， pandeminin nedenlerini， karantina ve kapatmaların yarattığı yıkımı， çöküşün derinliğini ve bütün bunlara tepki olarak devreye sokulan para ve maliye politikalarının olası başarısızlığını bu kitapta inceliyor。 Aceleyle yazılmış bir kitap havasında geldi。 Puanı büyük oranda bu sebeple kırdım。 Diğer bir puan kırma sebebim ise Covid-19 ile girişi yaptığı kitabında bu bölümü oldukça uzun tutması BÜYÜK YENİ ÇÖKÜŞ （The New Great Depression）PANDEMİ SONRASI DÜNYANIN KAZANAN VE KAYBEDENLERİVirüs bilimini， pandeminin nedenlerini， karantina ve kapatmaların yarattığı yıkımı， çöküşün derinliğini ve bütün bunlara tepki olarak devreye sokulan para ve maliye politikalarının olası başarısızlığını bu kitapta inceliyor。 Aceleyle yazılmış bir kitap havasında geldi。 Puanı büyük oranda bu sebeple kırdım。 Diğer bir puan kırma sebebim ise Covid-19 ile girişi yaptığı kitabında bu bölümü oldukça uzun tutması oldu。 Covid-19 ile ilgili olarak medyada hemen herkesin artık yeterince bilgisi var。 Aynı ve benzer bilgileri tekrar bu kadar sayfalar dolusu yazmak biraz kitabı kalın gösterip satış yapmak kaygısı gibi bir his yaratıyor。 Ayrıca Çin’e çok fazla yüklenmiş ve virüsün yayılma sebebini direkt Çin’e bağlamış ki bu konuda %100 Çin’den kaynaklı denilecek somut bir done yok。 Biraz fazla taraf gibi duruyor。 Sonuç itibariyle kitap trend bir kitap olsa da yazarı dikkat ettiğim önemli bir isim， James Rickards。 Kariyeri bu kadar değerli bir isimden daha kapsamlı ve derin bir kitap beklerdim。 James Rickards， önemli bir kariyeri var。 Özellikle finans ve değerli metaller konularında usta yazarlardan biridir ki zaten kitabın sonunda güvenli liman Altın’ın kurtarıcı rolüne de vurgu yapmış。Son olarak kitabın kapağı büyük boyutlu ve üzerinde bir dolar resmi var。 Paranın üzerinde George Washington’ın maske takmış resminin olması dışarıdan çok dikkat çekiyor。 Dışarda， vapurda …vs okurken birçok kişi dönüp kitabın kapağına bakıp durdu :）***‘’Bu virütik ve ekonomik krizlerin çakışması farklı ve daha kötü。 İlk ve en bariz farkı bu krizlerin eş zamanlı olması。 Hatta， yanlış karantina ve kapatma önlemleri yüzünden biri diğerine sebebiyet verdi。 Büyük Buhran yıllarında pandemi yoktu。 Asya gribi sırasında piyasalar göçmedi。 O krizler sırayla geldi， eş zamanlı olarak değil。 Şimdi hem pandemi hem ekonomik çöküş var ve sosyal kargaşaya doğru sürükleniyoruz。 Bu basit bir tesadüf değil。 Karmaşık sistem türbülansları diğer karmaşık sistemlerdeki türbülansları da tetikler。 Bunun bir örneğini 2011 Mart’ında Japonya’da gördük。 Fukuşima’daki deprem tsunamiyi tetikledi， tsunami nükleer reaktörü eritti， o da hisse senedi piyasasını çökertti。 Dört karmaşık sistem bir hatalar silsilesiyle birbirinin içine çöktü。 Şimdi de pandemi， ekonomik çöküş ve sosyal huzursuzluk bağlamında benzer şeyler oluyor， üstelik hem de çok daha büyük çapta hem de Japonya’daki gibi belli sınırlar dahilinde değil。 Bu kapsam ve ölçek farkı sadece aritmetik değil， geometrik büyüme potansiyeline sahip。’’‘’ 2020 pandemi ve ekonomik çöküşü bir dönüm noktası， çünkü hayatlarımız bir daha hiç eskisi gibi olmayacak。 Olayın bütün etkilerini görmek yıllar alacak ve işler hiçbir zaman eski haline dönmeyecek。 Çöküş gerçekten farklı。‘’ 。。。more
Pete Klein
，
Awesome book。 When you have a moment， read this！
Robin
，
Great book - concise and relevant。 Unsurprisingly， given the polarized and partizan mania that stifles public debate around anything to do with 'lockdown'， some people can't see past Rickards' well articulated view that the policy response（s） to the COVID-19 pandemic have been an incoherent mess。 Personally， I recognize this as an uncontroversial statement of fact which we can verify by examining events， statistics and further inflamed rancour in social discourse on all of the above。 But the mai Great book - concise and relevant。 Unsurprisingly， given the polarized and partizan mania that stifles public debate around anything to do with 'lockdown'， some people can't see past Rickards' well articulated view that the policy response（s） to the COVID-19 pandemic have been an incoherent mess。 Personally， I recognize this as an uncontroversial statement of fact which we can verify by examining events， statistics and further inflamed rancour in social discourse on all of the above。 But the main point of the book is not actually a discussion on policy responses to pandemics; it's a well presented view of how in economic terms， the 'literally unprecidented' shocks which we've seen in markets （including the labour market） indicate the die has been case for an era of economic depression， and what this might mean to people， and how they might mitigate effects of the coming depression on their own lives。 。。。more
William Casey
，
More wisdom from JimJim explains in details the causes ， solution and personal strategies needed to weather the storm facing us。Anyone in charge of their family’s wealth and wellbeing should understand the thoughts in this book。
Arjen Briene
，
The last wo books of this author add little to what he has written before。 This book in that regard even less than the previous book。 That is a pity。 Maybe there is so much that can be written about the subject before saturation kicks in。
Nikola Bakic
，
The weakest work by Jim Rickards， by far。 Too short， and a regurgitation of all of his previous views and ideas wrapped in the cover of pandemic and “new Great Depression” that he’s predicting。 Might be an okay read for those who are not familiar with his previous works
Stephanie
，
Timely book， a quick read with some interesting perspectives。
haymans fung
，
Complex theories made easy to understand I finished the book in 2 days。 I learn a lot about macroeconomic， and I learn what to do with my own money。
Kenan Hodzic
，
This book is really eye opening。 I suggest reading or listening （available on Audible） just to have insight about what is really going on behind the scene。 Uncovering known mistake that many did by enforcing lockdown， as well as uncovering what near future is bringing acording to facts and numbers。
Jason Stopper
，
This is a great book that makes a complex topic easy to understand in our current world situation。 James Rickards understands the MMT and why it is danger as a way to manage our economy。 The steps we can take in order to achieve or continue to achieve freedom， regardless of what happen in the macroeconomic manner。 The information is organized and well written。 This is a complex topic and Rickards wove the current pandemic within the current economic state brilliantly。 If you want to start unders This is a great book that makes a complex topic easy to understand in our current world situation。 James Rickards understands the MMT and why it is danger as a way to manage our economy。 The steps we can take in order to achieve or continue to achieve freedom， regardless of what happen in the macroeconomic manner。 The information is organized and well written。 This is a complex topic and Rickards wove the current pandemic within the current economic state brilliantly。 If you want to start understanding what it going on with the Fed Reserve and Treasury and how it impacts you， pick up this book and start learning。 Great book for newcomers！ 。。。more
Andy Bizzle
，
I really like and respect the author， reading all of his books。 Sadly， this one seems rushed and unimaginative。 It's short， somewhat biased， and for the first time I was unable to shake the feeling that it was just an attempt to monetise the crisis。 Nothing very new in terms of portfolio recommendations compared to his other books。 Conspicuous lack of coverage of alternative asset classes like bitcoin （think what you like about it but it deserves a mention in the context of gold at least）。 In hi I really like and respect the author， reading all of his books。 Sadly， this one seems rushed and unimaginative。 It's short， somewhat biased， and for the first time I was unable to shake the feeling that it was just an attempt to monetise the crisis。 Nothing very new in terms of portfolio recommendations compared to his other books。 Conspicuous lack of coverage of alternative asset classes like bitcoin （think what you like about it but it deserves a mention in the context of gold at least）。 In his advancing years， Mr。 Rickards seems to be becoming ever more steadfast in his views and makes an increasing number of unsupported claims。 He talks about what he predicted right but never about what he got wrong （e。g。 Trump's reelection）。 Much preferred his older stuff like Currency Wars from which I learned a huge amount and was very interested in the history and context。 。。。more
Christopher
，
Obnoxiously arrogant and political， stuffed with baseless conjecture， The New Great Depression applies no quantitative reasoning or data-driven analysis to any of the author-journalist’s major theses or sporadic claims。 For a quarter of the book， Richards evolves into an investment advisor， unconvincingly forecasting a 700% price increase in gold only four years out from the book’s publishing。 Richards then confusingly encourages the base reader to allocate only minuscule fractions his/her inves Obnoxiously arrogant and political， stuffed with baseless conjecture， The New Great Depression applies no quantitative reasoning or data-driven analysis to any of the author-journalist’s major theses or sporadic claims。 For a quarter of the book， Richards evolves into an investment advisor， unconvincingly forecasting a 700% price increase in gold only four years out from the book’s publishing。 Richards then confusingly encourages the base reader to allocate only minuscule fractions his/her investable assets into the commodity， promoting 30% liquid cash as the “ideal investment allocation。” This comes despite the author’s concession that short-term inflation may take hold before a more permanent deflationary environment develops in the “new Great Depression。” The author-journalist either hedges all of his claims， or refuses to provide data-based explanations for how he arrives at those claims。 The journalist-author routinely falls into playing armchair epidemiologist， writing preposterous， unevidenced passages like， “school closures accomplish little because children have good resistance to SARS Cov-2。 Children don’t get COVID-19 from other children， they get it from adults， and they’ll encounter more adults at home than at school。” His prognostications that no vaccine can ever be used to effectively curb COVID-19 appear silly and uninformed only weeks post-publication。 The political agenda of the journalist-author resonates throughout。 Despite the book’s central thesis that the state-by-state lockdown decisions of 2020 represented the worst policy blunders in American history， the author only ever critiques decisions with hindsight bias， focusing instead on his own arbitrary predictions for the future while also managing to tout that he correctly predicted both the 2016 election and Brexit。 At best， this book should have been reduced by 75% and put into a periodical op-ed; I can’t see myself reading anything else Mr。 Richards has to write。 。。。more
Kiefer Moore
，
If you already understand that China's mishandling of information was at the crux of the initial corona virus outbreak you don't really need the first two chapters to reaffirm your own beliefs， but starting at chapter 3 is fantastic look at what will likely be the future for the world economy。 If you already understand that China's mishandling of information was at the crux of the initial corona virus outbreak you don't really need the first two chapters to reaffirm your own beliefs， but starting at chapter 3 is fantastic look at what will likely be the future for the world economy。 。。。more
Michael Adams
，
I would give this 3。5 stars。 Had some interesting ideas。
Mathijs Gast
，