Synopses & Reviews
"The next financial collapse will resemble nothing in history. . . . Deciding upon the best course to follow will require comprehending a minefield of risks, while poised at a crossroads, pondering the death of the dollar."
The international monetary system has collapsed three times in the past hundred years, in 1914, 1939, and 1971. Each collapse was followed by a period of tumult: war, civil unrest, or significant damage to the stability of the global economy. Now James Rickards, the acclaimed author of Currency Wars, shows why another collapse is rapidly approaching — and why this time, nothing less than the institution of money itself is at risk.
The American dollar has been the global reserve currency since the end of the Second World War. If the dollar fails, the entire international monetary system will fail with it. No other currency has the deep, liquid pools of assets needed to do the job.
Optimists have always said, in essence, that there's nothing to worry about — that confidence in the dollar will never truly be shaken, no matter how high our national debt or how dysfunctional our government. But in the last few years, the risks have become too big to ignore. While Washington is gridlocked and unable to make progress on our long-term problems, our biggest economic competitors — China, Russia, and the oilproducing nations of the Middle East — are doing everything possible to end U.S. monetary hegemony. The potential results: Financial warfare. Deflation. Hyperinflation. Market collapse. Chaos.
Rickards offers a bracing analysis of these and other threats to the dollar. The fundamental problem is that money and wealth have become more and more detached. Money is transitory and ephemeral, and it may soon be worthless if central bankers and politicians continue on their current path. But true wealth is permanent and tangible, and it has real value worldwide.
The author shows how everyday citizens who save and invest have become guinea pigs in the central bankers' laboratory. The world's major financial players — national governments, big banks, multilateral institutions — will always muddle through by patching together new rules of the
game. The real victims of the next crisis will be small investors who assumed that what worked for decades will keep working.
Fortunately, it's not too late to prepare for the coming death of money. Rickards explains the power of converting unreliable money into real wealth: gold, land, fine art, and other long-term stores of value. As he writes: "The coming collapse of the dollar and the international monetary system is entirely foreseeable. . . . Only nations and individuals who make provision today will survive the maelstrom to come."
"A succinct, lucid and compelling account of the causes and consequences of the great meltdown of 2008"—Michiko Kakutani, The New York Times
"A rigorous yet highly readable look at why booms and busts occur and how to keep them from wreaking havoc on the real economy"—Bloomberg
“A succinct, lucid and compelling account of the causes and consequences of the great meltdown of 2008… essential reading for anyone interested in getting a crisp, if opinionated, overview of how the global financial system seized up in the fall of 2008 and what may happen in the months and years to come if serious reforms and new regulations are not embraced.”—Michiko Kakutani, The New York Times
“A rigorous yet highly readable look at why booms and busts occur and how to keep them from wreaking havoc on the real economy.—Bloomberg
“An impressive, timely argument on behalf of transparency and stability for a financial system conspicuously lacking both.”—Kirkus Reviews
"A fast-paced and apocalyptic look at the financial future, taking in financiers' greed, central banks' incompetence and impending Armageddon for the dollar...Rickards may be right that 'the system is going wobbly.'"
and#8212;The Financial Times
The Death of Money makes a valuable contribution to our economic discourse."
"James Rickards' The Death of Money is ... making it a veritable golden age for smart books on the current state of the global economy."and#160;
and#8220;A terrifically interesting and useful book . . . fascinating.and#8221;
and#8212;KENNETH W. DAMand#160;former deputy secretary of theand#160;Treasury and adviser to three presidents
and#8220;The Death of Money contains very big, provocative ideas clearly explained andand#160;delivered in an evenhanded tone that steers away from the sensational proclamationand#160;yet successfully undercuts conventional market wisdom. Rickardsand#8217;sand#160;insight enables him to connect the dots in a way that few others can. A worthyand#160;successor to Currency Wars.and#8221;
and#8212;JOHN HATHAWAYand#160;portfolio manager, Tocqueville Gold Fund
and#8220;The Death of Money is an engrossing account of the massive stresses accumulatingand#160;in the global financial system, especially since the 2008 financial crisis. Jimand#160;Rickards is a natural teacher. Any serious student of financial crises and theirand#160;root causes needs to read this book.and#8221;
and#8212;JOHN H. MAKIN, PH.D.and#160;resident scholar, American Enterpriseand#160;Institute; former chief economist, Caxton Associates
and#8220;A crucial primer for investors and consumers for what lies immediately aheadand#160;for the United States and a world that remains entirely dependent upon the dollar.and#160;The Death of Money is an important new book for those who worry about theand#160;future of our country.and#8221;
and#8212;R. CHRISTOPHER WHALENand#160;noted bank analyst; author of Inflated
and#8220;Rickardsand#8217;s analysis of the inflation-deflation paradox, dangerous adversaries toand#160;the dollar, and the Fedand#8217;s strategy is insightful. Following his bestseller Currencyand#160;Wars, this book is even better. A great book makes you think differently aboutand#160;the worldand#8212;and this one does just that.and#8221;
and#8212;DON YOUNGand#160;twenty-five-time Institutionaland#160;Investor All-Star Analyst; former board member,and#160;Financial Accounting Standards Board
“One of the most urgent books of the fall.”—Mike Allen, Politico
“Let’s hope he’s wrong.”—Financial Times
“Rickards . . . has written one of the scariest books I’ve read this year. Though I was tempted at first to dismiss him as alarmist, his intelligent reasoning soon convinced me that we have more to fear than fear itself. Part history, part primer and analysis, the text covers topics ranging from the “misuse of economics” to complexity theory. The pieces, although disparate, fit together snugly, as in one of those mystery jigsaw puzzles that come with clues in lieu of cover art. The picture that emerges is dark yet comprehensive and satisfying.”—Bloomberg Businessweek
“Unsettling . . . fascinating . . . a thorough analysis of how nations have manipulated their currencies . . . with disastrous consequences.”—Fort Worth Star-Telegram
“Buy Currency Wars
if you want to learn the history and language of the global currency markets and the political economy which they support.”—Chris Whalen, Ritholtz.com
“Jim Rickards highlights dangerous dynamics between national security and the international financial markets. What we assumed was firm ground under our feet is more like the narrowing point of a precipice. Our politicians, national security experts, and financial markets, each chasing carrots dangling in front of them, fail to see that they are leading America right off the edge.”—Charles A. Duelfer, former special adviser to the director of the CIA; author of Hide and Seek: The Search for Truth in Iraq
“Put on your flak vest and helmet and enter the dangerous battlefield of global finance. Jim Rickards takes you through a captivating roller-coaster ride—the past, the present, and a look at the problematical future of our ongoing currency wars.”—Rear Admiral (Ret.) Stephen H. Baker, chief of staff, Fifth Fleet; recipient, Distinguished Service Medal
The sequel to national bestseller Currency Wars predicts the next collapse of the monetary system and shows investors how to survive it
The international monetary system collapsed three times in the past hundred yearsin 1914, 1939, and 1971and the next collapse is already in sight. This time the dollar wont save us. In fact, the dollar itself will be the cause of the crisis.
Central bankers and the head of the IMF candidly admit that monetary policy is in unchartered waters. The world is witnessing no less than a global money experiment. Savers, investors, and everyday citizens are the guinea pigs in the central bankers laboratory.
Bestselling author James Rickards explains why money and wealth have now become separated. Money is transitory, ephemeral, and may soon be worthless if central bankers continue on their current path. Wealth is permanent, tangible, and has real value worldwide. Gold, fine art, and land are forms of wealth. Investors who convert paper money into real wealth will survive the coming monetary maelstrom. But those who do not will lose what they have.
Rickards illuminates the death of money unfolding before our eyes, and helps readers prepare before its too late.
Unsettling . . . fascinating . . . a thorough analysis of how nations have manipulated their currencies . . . with disastrous consequences.” Fort Worth Star-Telegram
One of the scariest books Ive read this year . . . The picture that emerges is dark yet comprehensive and satisfying.” Bloomberg BusinessWeek
One of the most urgent books of the fall.” Politico
The next financial collapse will resemble nothing in history. . . . Deciding upon the best course to follow will require comprehending a minefield of risks, while poised at a crossroads, pondering the death of the dollar.
The U.S. dollar has been the global reserve currency since the end of World War II. If the dollar fails, the entire international monetary system will fail with it. But optimists have always said, in essence, that confidence in the dollar will never truly be shaken, no matter how high our national debt or how dysfunctional our government.
In the last few years, however, the risks have become too big to ignore. While Washington is gridlocked, our biggest rivalsChina, Russia, and the oil-producing nations of the Middle Eastare doing everything possible to end U.S. monetary hegemony. The potential results: Financial warfare. Deflation. Hyperinflation. Market collapse. Chaos.
James Rickards, the acclaimed author of Currency Wars, shows why money itself is now at risk and what we can all do to protect ourselves. He explains the power of converting unreliable investments into real wealth: gold, land, fine art, and other long-term stores of value.
About the Author
is the author of the national bestsellerand#160;Currency Wars
, which has been translated intoand#160;eight languages and won raves from the likes of theand#160;Financial Times
, Bloomberg, and Politico
. He is a portfolioand#160;manager at West Shore Group and an adviser onand#160;international economics and financial threats to theand#160;Department of Defense and the U.S. intelligence community.and#160;He served as facilitator of the first-ever financialand#160;war games conducted by the Pentagon. He lives in Connecticut.