John's Reviews > Currency Wars: The Making of the Next Global Crisis

Currency Wars by James Rickards
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's review
Oct 21, 2011

it was amazing
bookshelves: 2011
Read from December 15 to 20, 2011 , read count: 1

This book is the blueprint to current events. What is happening to the dollar? What is at risk in our fiscal relationship with China? With Europe? What are the implications of Obama's policy to double exports? How will we get out of this depression?

It is most remarkable to read such a prescient book in the midst of what Rickards' calls the third currency war. Many already familiar with how the Federal Reserve works, with deficit spending, and a general knowledge of stocks and bonds may not be familiar with the inner workings of currencies.

Rickards makes the case that there is much more going on at the Fed (and in the White House) than simply printing money. We are in the midst of a full scale currency war that, if perpetuated, can only lead to catastrophe.

While the Fed policies of quantitative easing raise fears of inflation at home, this means world wide inflation--a policy that will lead not only to resentment, but countermeasures that will lead to greater conflict.

This is an outstanding book, and I believe most anyone would do well to become familiar with Rickards' argument. My only criticism is that Rickards seems to have one foot in the hard money camp, and the other in the central banking camp. He explictly argues for a flexible (40%) gold standard, and does not seek to "end the Fed". I would be a bit uncomfortable with someone seemingly so pragmatic with the levers of power. For example, he seems too comfortable with the idea of the Treasury seizing foreign-owned gold that is being stored in New York.
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Comments (showing 1-3 of 3) (3 new)

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message 1: by Nicholas (new)

Nicholas Thank you for your review, can you tell me if this book follows the Austrian economic school of thought?

John Yes, he is of the Austrian School, though he's not Rothbardian in his conception of banking and money. I noticed he lists von Mises in the index in back, though I didn't look for other Austrian economists.

You can become better acquainted with his ideas through King World News podcasts--they're a great resource.

message 3: by Nicholas (new)

Nicholas Thank you John, appreciate the information. The Austrian school of thought really interests me. I am going to read this one after I finish reading "Lessons for the young economist" by Robert P Murphy

Thanks again for the review

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