Currency Wars: The Making Of The Next Global Crisis
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- Create Date：2021-03-28 11:18:42
- Update Date：2025-09-06
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- Author：James Rickards
- ISBN：1591845564
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Summary
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。 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 destructive and feared outcomes in international economics。 At best， they offer the sorry spectacle of countries' stealing growth from their trading partners。 At worst， they degenerate into sequential bouts of inflation， recession， retaliation， and sometimes actual violence。 Left unchecked， the next currency war could lead to a crisis worse than the panic of 2008。
Currency wars have happened before-twice in the last century alone-and they always end badly。 Time and again， paper currencies have collapsed， assets have been frozen， gold has been confiscated， and capital controls have been imposed。 And the next crash is overdue。 Recent headlines about the debasement of the dollar， bailouts in Greece and Ireland， and Chinese currency manipulation are all indicators of the growing conflict。
As James Rickards argues in Currency Wars， this is more than just a concern for economists and investors。 The United States is facing serious threats to its national security， from clandestine gold purchases by China to the hidden agendas of sovereign wealth funds。 Greater than any single threat is the very real danger of the collapse of the dollar itself。
Baffling to many observers is the rank failure of economists to foresee or prevent the economic catastrophes of recent years。 Not only have their theories failed to prevent calamity， they are making the currency wars worse。 The U。 S。 Federal Reserve has engaged in the greatest gamble in the history of finance， a sustained effort to stimulate the economy by printing money on a trillion-dollar scale。 Its solutions present hidden new dangers while resolving none of the current dilemmas。
While the outcome of the new currency war is not yet certain， some version of the worst-case scenario is almost inevitable if U。S。 and world economic leaders fail to learn from the mistakes of their predecessors。 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。
Currency wars have happened before-twice in the last century alone-and they always end badly。 Time and again， paper currencies have collapsed， assets have been frozen， gold has been confiscated， and capital controls have been imposed。 And the next crash is overdue。 Recent headlines about the debasement of the dollar， bailouts in Greece and Ireland， and Chinese currency manipulation are all indicators of the growing conflict。
As James Rickards argues in Currency Wars， this is more than just a concern for economists and investors。 The United States is facing serious threats to its national security， from clandestine gold purchases by China to the hidden agendas of sovereign wealth funds。 Greater than any single threat is the very real danger of the collapse of the dollar itself。
Baffling to many observers is the rank failure of economists to foresee or prevent the economic catastrophes of recent years。 Not only have their theories failed to prevent calamity， they are making the currency wars worse。 The U。 S。 Federal Reserve has engaged in the greatest gamble in the history of finance， a sustained effort to stimulate the economy by printing money on a trillion-dollar scale。 Its solutions present hidden new dangers while resolving none of the current dilemmas。
While the outcome of the new currency war is not yet certain， some version of the worst-case scenario is almost inevitable if U。S。 and world economic leaders fail to learn from the mistakes of their predecessors。 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。
Reviews
Kiet Huynh
，
Mình cảm thấy nó hay。 Nhưng mình đọc không hiểu mấy。
Monica
，
Absolutely loved this book。 It has broken down complex concepts of the currency world and shed light on how fragile our financial ecosystems actually are。 （Not that this is a surprising insight） I highly recommend this read。 🤓
Mohsen Hamdi
，
افضل فكرة عجبتني في الكتاب موضوع المحاكاة للحرب الاقتصادية بين "الدول العظمى" وما أعجبني أكثر انهم لم يعرفوا كيف سيكون شكلها في الواقع وما تأثيراتها مع سعيهم الحثيث لمعرفة هذا في محاولة لتجنبها ففرحت وشعرت بالشماتة فيهم فاللهم آتهم من حيث لا يحتسبونوالنقطة الجيدة الأخرى في الكتاب بعض المعلومات الاقتصادية القيمة المتناثرة في الكتاب يمنة ويسرةوانا باقي الكتاب فحشو وإطالة كعادة الكتاب الغربيين ولغة غبية ميتة لا أعرف اذا كانت المشكلة من الكاتب أو المترجم على كل كتاب جيد لكن هناك ما هو أفضل افضل فكرة عجبتني في الكتاب موضوع المحاكاة للحرب الاقتصادية بين "الدول العظمى" وما أعجبني أكثر انهم لم يعرفوا كيف سيكون شكلها في الواقع وما تأثيراتها مع سعيهم الحثيث لمعرفة هذا في محاولة لتجنبها ففرحت وشعرت بالشماتة فيهم فاللهم آتهم من حيث لا يحتسبونوالنقطة الجيدة الأخرى في الكتاب بعض المعلومات الاقتصادية القيمة المتناثرة في الكتاب يمنة ويسرةوانا باقي الكتاب فحشو وإطالة كعادة الكتاب الغربيين ولغة غبية ميتة لا أعرف اذا كانت المشكلة من الكاتب أو المترجم على كل كتاب جيد لكن هناك ما هو أفضل 。。。more
Chris Curtis
，
There’s a lot here: history， philosophy， theory， geopolitics， psychology， economics。 If you enjoy movies like “The Big Short” or “Inception”， there’s a good chance you’ll enjoy cracking this open。 It’s not a book for entertainment， but one that will enhance your knowledge of the world's finances at work。 Some chapters require concentrated reading in quiet environment with few distractions， and others that reward with a-ha moments that will keep you going。 In rating this book， I deducted one star There’s a lot here: history， philosophy， theory， geopolitics， psychology， economics。 If you enjoy movies like “The Big Short” or “Inception”， there’s a good chance you’ll enjoy cracking this open。 It’s not a book for entertainment， but one that will enhance your knowledge of the world's finances at work。 Some chapters require concentrated reading in quiet environment with few distractions， and others that reward with a-ha moments that will keep you going。 In rating this book， I deducted one star because Currency Wars， at times， resembles an economics textbook more than one written for wider appeal。 Granted， that’s extremely tough when the book’s focus is economics！Also， I was leery that this book might be used as a sales tool for the financial products of the service Jim Rickards contributes to （specifically， Paradigm Press; formerly Agora Financial）， but there was not one mention of Jim’s “side hustles” nor does he steer the reader toward investment or institution。 。。。more
Joel Everett
，
Explores the currency valuations and their relationship to trade deficits and import / exports; especially applied to the States and China。 Although published in 2011， the material is still relevant - especially in the exploration of past financial crisis such the financial Panic of 2008 and the Great Depression。 It explores the Classical Gold Standard prior to Word War I， the Gold Exchange Standard during the Intra-War years （1920s）， the Bretton Woods system post World War II， and the current F Explores the currency valuations and their relationship to trade deficits and import / exports; especially applied to the States and China。 Although published in 2011， the material is still relevant - especially in the exploration of past financial crisis such the financial Panic of 2008 and the Great Depression。 It explores the Classical Gold Standard prior to Word War I， the Gold Exchange Standard during the Intra-War years （1920s）， the Bretton Woods system post World War II， and the current Fiat standard post Nixon's 1971 Gold shock。 Although Cryptocurrency was just coming into existence， and thus not covered， one can certainly see how it might fit into the broader discussion of a new global currency。 Mr。 Rickards also covers the IMF， the World Bank， and SDRs。 Still a recommended read in the 2020s。 。。。more
Ryan_hg
，
Loving it。 It certainly changes my presepctive on how currency works and what it really is worth。 Every detail and relationship between nations， currency and commodities are laid out in perspective。 It is debatable whether or not if you agree to what was written in this book， but it does serve the purpose to open up your minds to view currency and nations in a different angle。
Cyberjoe
，
The author is a gold bug and will massage any data or quotes to support his point of view。 Even though some of his claims are based on outdated data （Rogoff/Rheinhardt had to admit dubious practical statistical practices in 2013）， he continues using the original publication as if nothing had ever happened。 His riling against opt-out retirement plans is naive， given that many （most？） individuals are not able to save and invest on their own。 The suggestion to invest in gold and store it at home （i The author is a gold bug and will massage any data or quotes to support his point of view。 Even though some of his claims are based on outdated data （Rogoff/Rheinhardt had to admit dubious practical statistical practices in 2013）， he continues using the original publication as if nothing had ever happened。 His riling against opt-out retirement plans is naive， given that many （most？） individuals are not able to save and invest on their own。 The suggestion to invest in gold and store it at home （instead of an equity/bond 401（k）） is ridiculous）， but again he finds a curve fit example of his strategy making 0。01% more in 17 years。 There are some fun anecdotes， but overall the book is a grand waste of time。 。。。more
Ozkan Aksit
，
Kesinlikle 5 yilidiz。 Kesinlikle okumalisiniz。 Birbirine sistemin nasil bagli oldugunu ve cokusun aslinda siyah kugu olmadigini bu kadar yalin ve guzel anlatilir。。。hem ogretiyor hem de roman gibi surukluyor。。。
Thomas
，
Interesting perspective of future warfare fought with currency and economy！ It reminds me of the saying "The pen （that writes the checkbook） is mightier than the sword。" Interesting perspective of future warfare fought with currency and economy！ It reminds me of the saying "The pen （that writes the checkbook） is mightier than the sword。" 。。。more
Jonathan
，
This review has been hidden because it contains spoilers。 To view it， click here。 4/10 Rickards is a bit of a conspiracy theorist， as evidences by his 2016 book "The Road to Ruin: The Global Elite's Secret Plan for the Next Financial Crisis"， however that doesn't necessarily invalidate all of the arguments in this book， its mostly his logic that does that。 He follows the Von Clausewitz logic backwards， contending that market manipulation is "War by other means"， and that currency is the new battlefield。 He further contends that the G20 and IMF attempt to regulate this battle 4/10 Rickards is a bit of a conspiracy theorist， as evidences by his 2016 book "The Road to Ruin: The Global Elite's Secret Plan for the Next Financial Crisis"， however that doesn't necessarily invalidate all of the arguments in this book， its mostly his logic that does that。 He follows the Von Clausewitz logic backwards， contending that market manipulation is "War by other means"， and that currency is the new battlefield。 He further contends that the G20 and IMF attempt to regulate this battle through backroom deals so that it rarely erupts onto the world stage， this much is fairly certain。 However he ends by apparently advising that the only way to bow ou of the war is to go back to some sort of gold backed system of exchange， even while saying how problematic and potentially cataclysmic （he references McCarthy's 'The Road' as a possible end） this could be， but still see's it as the best option。 He brings up legitimate issues of devaluation; “From its creation in 1913， the most important Fed mandate has been to maintain the purchasing power of the dollar; however， since 1913 the dollar has lost over 95 percent of its value。 Put differently， it takes twenty dollars today to buy what one dollar would buy in 1913。”， but somehow sees this as greater issue then most。 “America has， in fact， run trade deficits large enough to wipe out its gold hoard under the old rules of the game。 Still， the idea of the gold standard was not to deplete nations of gold， but rather to force them to get their financial house in order long before the gold disappeared。 In the absence of a gold standard and the real-time adjustments it causes， the American people seem unaware of how badly U。S。 finances have actually deteriorated。”His wargame scenario at the beginning was almost laughable。 It has close to zero real world application， as the possibility of the world returning， or even wanting to return to the gold standard， is close to nill。 Overall I found him interesting but alarmist， and just one in a line of many crackpot gold backers， albeit one who has thought out his position at least a little。 。。。more
Nick Cutinello
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Former CIA analyst describes the potential use of currency as a weapon。 A potential attack on the dollar would have serious repurcussions throughout the economy。
Lukasz
，
I loved it！A really great intro to a complex world of international finance。 I'm looking forward to reading the other volumes in the series。 I loved it！A really great intro to a complex world of international finance。 I'm looking forward to reading the other volumes in the series。 。。。more
João Loureiro
，
Tactical currency approach to the real-world among the world's super powerful countries。 War by economic terms and angels。 A new vision of the coming conflicts that every investor should be concerned about。 Tactical currency approach to the real-world among the world's super powerful countries。 War by economic terms and angels。 A new vision of the coming conflicts that every investor should be concerned about。 。。。more
Alper Ünsal Gündoğdu
，
İlk bölümü çok güzel， çok ilgi çekici。 Dünyadaki kur savaşlarını farklı cephelerden ele alması ufuk açıyor。 Bir tek son bölümündeki bir nevi İktisat dersi gibi olan kısmı sevmedim。 O kısım sıktı。Ama onun dışındaki bölümler dünyada olup biteni anlamak açısından gayet yararlı ve geleceğe ışık tutuyor。
Delson Roche
，
Quite an eye opener for me， and a very fascinating read。 The murky world of currency manipulation， trading and risks well explained。
Tam Doan
，
Ch iến tranh tiền tệ là một trong những kết cục đáng sợ và có tính h ủy hoại cao nhất trong kinh tế học quốc tế。 Phá giá tiền tệ là cách đánh cắp sự tăng trưởng từ các quốc gia khác。 In tiền có nghĩa là các khoản nợ công của Mỹ đã giảm giá trị （các chủ nợ nước ngoài sẽ được bồi hoàn bằng đồng USD có giá rẻ hơn）。 Phá giá tiền tệ nghĩa là tỷ lệ thất nghiệp tăng cao hơn tại các nước đang phát triển （vì ngành xuất khẩu của họ trở nên quá đắt đỏ với người Mỹ）。Tại sao lại phá giá tiền tệ？Ta có: GDP = Ch iến tranh tiền tệ là một trong những kết cục đáng sợ và có tính h ủy hoại cao nhất trong kinh tế học quốc tế。 Phá giá tiền tệ là cách đánh cắp sự tăng trưởng từ các quốc gia khác。 In tiền có nghĩa là các khoản nợ công của Mỹ đã giảm giá trị （các chủ nợ nước ngoài sẽ được bồi hoàn bằng đồng USD có giá rẻ hơn）。 Phá giá tiền tệ nghĩa là tỷ lệ thất nghiệp tăng cao hơn tại các nước đang phát triển （vì ngành xuất khẩu của họ trở nên quá đắt đỏ với người Mỹ）。Tại sao lại phá giá tiền tệ？Ta có: GDP = Tiêu dùng （C） + Đầu tư （I） + Chi tiêu công （G） + Xuất khẩu ròng （X-M）。Khi nền kinh tế gặp vấn đề thì C và I đều giảm， G có thể tăng một cách độc lập tuy nhiên lại tăng gánh nặng thuế。 Lựa chọn duy nhất là tăng Xuất khẩu ròng và cách nhanh nhất để làm điều này là phá giá đồng nội tệ。Năm 1971， Nixon ban hành lệnh kiểm soát giá cả quốc gia và chấm dứt chê độ Bản Vị Vàng tại Mỹ， trong một biện pháp cực đoan nhầm chấm dứt cuộc chiến tiền tệ đang diễn ra， cuộc chiến đã hủy hoại niềm tin vào đồng USD。 Nền kinh tế Mỹ được FED dẫn dắt đã liên tiếp chứng kiến nhiều bong bóng tài sản， các vụ đổ vỡ trong vòng 40 năm từ khi rời bỏ Bản Vị Vàng。Tuy nhiên， USD， mặc dù có nhiều sai lầm và yếu điểm， vẫn là trục chính trong toàn bộ các hệ thống tiền tệ。 。。。more
Max Sydney
，
Should be required reading to anyone going into the financial world， politics， economics and international aid。
Yunus
，
It provides the basics to understand how todays economic system works。 It kind of repeats itself after a while， bit towards the end it starts talking about the complex systems and how they are sustained which gives you another perspective about the society and the monetary system。
Nerses
，
Being myself a lawyer， interested in finance and economics， I read books on the topic。 However， I would recommend you to be wary of lawyers who actually write such books。 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。 I might have overrated the book due to my lack of expertise。 The research is not in-depth， but it is still of some value as a more or less fine introduction to the subject。 Also， I was glad to Being myself a lawyer， interested in finance and economics， I read books on the topic。 However， I would recommend you to be wary of lawyers who actually write such books。 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。 I might have overrated the book due to my lack of expertise。 The research is not in-depth， but it is still of some value as a more or less fine introduction to the subject。 Also， I was glad to discover about Collapse of Complex Societies by J。A Tainter。 Haven't read it yet， but it seems a marvelous work。The comments， that the book is "terrifying" or "scary" （found even on the book's cover） are very funny。 I guess， people who share such opinion haven't read a single serious book on human history。 。。。more
Bipin Ramachandran
，
A good read on the history of money， especially starting 20th century。 It explains why the boom-bust cycle is due to the monetary adventurism of central banks and for the layman， placing excessive trust in fiat currency is harmful。 I felt the author places a firm bet of return of some form of currency peg， very likely gold， once the trust on fiat currency is shaken。
Cory Wallace
，
This book talks about the economy and how the U。S。 and other countries use currency to manipulate the economy。 Without the backing of precious metals， countries are exchanging paper。 I think this is worth the read。
Kian。ting
，
I might need to re read this book again a lot of technical economic terms。 It ends with a conclusion that if money is Brough back to the gold standard then there would be no more currency wars as you can no longer manipulate the value of money， at least that’s the gist of it and that’s what I can grok。
Jacob Bailey
，
Man this book is information-dense but enthralling。 I read a page about every 5 minutes to fully comprehend everything。 You will learn a ton。
Turgut
，
Really good book！
Priyesh
，
This review has been hidden because it contains spoilers。 To view it， click here。 Richards summarises how US economy， in turn， global economy is exposed to greatest threat of exchange rates manipulation。 Currency rates are manipulated when country is suffering from high fiscal deficit， higher unemployment， high inflation with lowest or zero interest rates。 He has captivated these points while detailing historical periods from 1921-1936， 1967-1987 & 2010 till date。World has witnessed two major wars viz World war I & World war II which was fought with guns， bullets， bombs and f Richards summarises how US economy， in turn， global economy is exposed to greatest threat of exchange rates manipulation。 Currency rates are manipulated when country is suffering from high fiscal deficit， higher unemployment， high inflation with lowest or zero interest rates。 He has captivated these points while detailing historical periods from 1921-1936， 1967-1987 & 2010 till date。World has witnessed two major wars viz World war I & World war II which was fought with guns， bullets， bombs and finally ended with nuclear weapons。 Currency wars are fought with financial weapons such as interest rates， depleting supply of money （printing more money）， declaring fiscal stimulus and in state of highest emergency by delinking currency from gold standard （done by President Nixon in August 1971） or in worst scenario declaring new currency like Germany had declared Reichsmark in 1921 or like Iran who had recently declared Toman as its legal currency after demolishing Rial。 Author has copiously stressed on strained relationships between China， European Union， Russia and United States。 He demarcated why USA and China cannot have war among themselves and why European Union is predominantly important to both these super powers。 Alongside， he has profoundly laid down Russia’s role to make Rubble as global currency。Subsequently， Jim Rickards outlined shortcomings of Value at Risk models， use of normal distribution to measure risk and failure of Keynesian Multiplier to increase economic output。 Finally， author has justified why each country’s currency should be backed by tangible asset such as gold to increase economic output worldwide。 He has also stated what role IMF should play， to carry out impeccable international financial transactions。 This book is definitely an eye opener for each individual to understand how financial world works and take steps to secure his financial future in this world of financial chaos。 。。。more
Sangam Agarwal
，
Good book to understand current international monetary situation in less time。 Instrumental monetary system developed in more hundreds of years and one book is not enough to understand everything but this book can be read as short summary。 （ Still relevant after ten years）
Remo Uherek
，
An exploration of our global currency system。 I enjoyed the history part。 Not sure I agree with his interpretation。 It has a touch of conspiracy theory。
Neal Aggarwal
，
Currency manipulation can be used as an effective mechanism to destroy an economy。 Are we witnessing this on the global stage at this very time （the time of covid-19）？ How will China retaliate？ With a currency war？ Read this to find out what a currency war is and how it's playing out at this very moment in time。 Some reviewers to do not agree with many things Rickards claims in this work and the same goes for me。 Given the recent adoption of eRMB and other digital modes of money and our own MPES Currency manipulation can be used as an effective mechanism to destroy an economy。 Are we witnessing this on the global stage at this very time （the time of covid-19）？ How will China retaliate？ With a currency war？ Read this to find out what a currency war is and how it's playing out at this very moment in time。 Some reviewers to do not agree with many things Rickards claims in this work and the same goes for me。 Given the recent adoption of eRMB and other digital modes of money and our own MPESA here in Kenya I too feel a return to the gold standard is not in the cards 。。。 but a wholesale adoption of a cryptocurrency？ Yup -- I think that's the way we head。 。。。more
Arun Babji
，
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。 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。 Great read！
Jason Tondre
，