368 books
—
504 voters
Goodreads helps you keep track of books you want to read.
Start by marking “Currency Wars: The Making of the Next Global Crisis” as Want to Read:
Currency Wars: The Making of the Next Global Crisis
by
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 dest
...more
Get A Copy
Hardcover, 304 pages
Published
November 10th 2011
by Portfolio
(first published November 2011)
Friend Reviews
To see what your friends thought of this book,
please sign up.
Reader Q&A
Community Reviews
Showing 1-30

Start your review of Currency Wars: The Making of the Next Global Crisis

If you’ve wondered about the secret to Currency Wars’ best-selling success, here’s a clue: it’s essentially a monetary version of Left Behind for apocalyptic “end the fed” types fearful of an IMF-led New World Order. That’s less a reflection on the tone of James Rickards’ writing—though somewhat alarmist, he’s a lawyer and finance professional, not a Tim LaHaye-like rapture peddler—than the worldviews his book will be used to support. Apart from Rickards’ Twitter spat with Nouriel Roubini, I hav
...more

The author did a good job of explaining the history and politics of currency wars, and yes, there are always nationalistic politics involved. After reading this book, I understand what QE 1, 2 and 3 are: ways for the US to export inflation to China (and others) by devaluing the US dollar. China is the major recipient of the inflation since they peg their currency, the RNB, to the US dollar. The devaluation of the US dollar relative to other counties' currencies makes US exports cost less and is
...more

This is a really good book - but not a particularly "fun" read. The topic is pretty deep, but even with no formal background in economics (like me), the book is readable and the author does a good job of explaining the issues. The basic proposition is quite scary - that currency manipulation can be used as an effective mechanism to destroy an economy. Given the fragility of the US economy (debt being held by China, others), this is more than plausible. He favors a return in some form to a gold s
...more

Rickards frames his book with an anecdote about his participation in a pentagon war game designed to simulate financial markets. The war game, like the book as a whole, disintegrates from promising to insubstantial. The participants in the war game are portrayed as largely clueless, the rules and outcomes appear arbitrary. I can't decide whether Rickards is sworn to secrecy on the details, whether he is just a poor story-teller, or whether the group of paid consultants participating in, and the
...more

Currency Wars: The Making of the Next Global Crisis is ostensibly that: a book about currency wars. But while much of the book does indeed focus on competitive devaluation, what Currency Wars really boils down to is James Rickards' love affair with the gold standard, and, to a lesser extent, his libertarian values and pride in 'Murica ("a nation whose moral values are historically exceptional", my ass).
Full review to come at Amara's Eden. ...more
Full review to come at Amara's Eden. ...more

I received this book for free in a Goodreads First Reads giveaway.
F. Scott Fitzgerald once said "The test of a first-rate intelligence is the ability to hold two opposing ideas in mind at the same time and still retain the ability to function." If that is the case, then James Rickards certainly has that intelligence, because his book is constantly at war with itself to the point that this reviewer cannot recommend it.
When Rickards is addresses the specific issues of monetary policy, both in term ...more
F. Scott Fitzgerald once said "The test of a first-rate intelligence is the ability to hold two opposing ideas in mind at the same time and still retain the ability to function." If that is the case, then James Rickards certainly has that intelligence, because his book is constantly at war with itself to the point that this reviewer cannot recommend it.
When Rickards is addresses the specific issues of monetary policy, both in term ...more

James Rickard is great and easy to understand. I've also watched some of his presentations at investor conferences. I first read "Death of Money" and for some reason got interested in reading "Currency Wars." Based on what I remember from Death of Money, I did not need to read this book. I think they are pretty much the same. Also, I am growing skeptical of his bearish claims. He was predicting the same dire consequences in 2010, that he does in Death of Money. I tend to agree with his thesis, b
...more

This book is frankly terrifying.
Rickards starts with a historical tour, highlighting the near-catastrophic results of two previous currency wars — the first of which led to the Great Depression and World War II, and the second of which led the malaise and stagflation of the 1970s. In each case, governments desperate to bolster domestic employment vastly increased the supply of their currency (by printing money or through other means) in order to prop up exports. In some cases this tactic worked ...more
Rickards starts with a historical tour, highlighting the near-catastrophic results of two previous currency wars — the first of which led to the Great Depression and World War II, and the second of which led the malaise and stagflation of the 1970s. In each case, governments desperate to bolster domestic employment vastly increased the supply of their currency (by printing money or through other means) in order to prop up exports. In some cases this tactic worked ...more

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 fa ...more
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 fa ...more

How does QE export inflation from the US to China and cripple Brazil’s export market? Can the dollar survive as a fiat currency or will it have to be backed by a commodity once again? Why has the Federal Reserve failed on every level since 1913? How might enemy nations bring down the dollar?
These questions are all answered in this alarming book written by former Investment Banker and Risk Manager, James Rickards, who believes the US dollar cannot survive in its current format.
But first, let’s st ...more
These questions are all answered in this alarming book written by former Investment Banker and Risk Manager, James Rickards, who believes the US dollar cannot survive in its current format.
But first, let’s st ...more

James Rickards has combined a thought provoking mix of history, economics, current events, and his own experience to produce a fascinating and thought provoking book. As the title suggests, it focuses on the relative value of the US dollar versus other currencies, and the possible and probable outcomes of the current fiscal and monetary policies (the so-called ‘wars’) of major economies. Crisply written with just the right level of theory to prove points without dragging the reader into detailed
...more

Currency Wars discusses the emergence of a new frontier in the theatre of modern warfare that is often underestimated by the world governments. This book does a great job of explaining the complex economics phenomena involving currency flow, international trading, international monetary systems in simple terms. However, sometimes it becomes hard to follow when the author dives into its subtleties. From WWI to 2010, this book covers, in chronological order, various financial recessions and crisis
...more

This book provides a great brief on the currency wars going on around the world and their impacts on our daily lives. Lots to learn from this read and it's delivered in a historical, economical and financial way. I recommend this to everyone as we can all benefit from learning about the Quantitative Easing and currency devaluation that countries are conducting, despite negative impact to the global economy.
...more

Reading this book felt a lot like watching the movie 2012, after the year 2012. In fact it has a dramatic flair that even exceeds the movie. The first page itself shows how outdated the book is. James Rickards declares that Obama will go back to the gold-backed currency regime. This audacious and miscalculated prediction perhaps makes him cringe now, though his subsequent books suggest otherwise.
Rickards quickly follows it with a financial war game he participated in at the Pentagon. It sounds a ...more
Rickards quickly follows it with a financial war game he participated in at the Pentagon. It sounds a ...more

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 ...more
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 ...more

Thorough and well written. While many parts were very interesting, this is not a light read. At times, it can be dry and complicate day the same time. Scary to think how much our currency is pegged to nothing but perception, and how China could destroy our currency by calling in our debt to then when their bonds come due. Savers lose, speculators stand to win in our world of government-controlled currency.
Empirical data is explained, showing that Keynesian multipliers are negative when governme ...more
Empirical data is explained, showing that Keynesian multipliers are negative when governme ...more

A few notable excerpts:
The classical gold standard.
The classical gold standard (1870-1914) was a period with almost no inflation characterized by technology improvements in communication and transportation.
Bretton Woods System.
The Bretton Woods Conference was held in New Hampshire in July 1944. “The result was a set of rules that shaped the international monetary system for the next three decades.” New monetary system was anchored to gold through a USD convertible into gold at $35 per ounce and ...more
The classical gold standard.
The classical gold standard (1870-1914) was a period with almost no inflation characterized by technology improvements in communication and transportation.
Bretton Woods System.
The Bretton Woods Conference was held in New Hampshire in July 1944. “The result was a set of rules that shaped the international monetary system for the next three decades.” New monetary system was anchored to gold through a USD convertible into gold at $35 per ounce and ...more

I've never thought much about our financial system. Every so often my curiosity is aroused at how it is those Wall Street traders are able to profit so handsomely from things like arbitrage and other forms of cream-skimming, but generally, I'm focused on other things.
So Currency Wars has been quite an education for me, and a very interesting one. I learned from it the relatively immaturity of our particular form of currency, for example. I didn't know that for most of the past two hundred years, ...more
So Currency Wars has been quite an education for me, and a very interesting one. I learned from it the relatively immaturity of our particular form of currency, for example. I didn't know that for most of the past two hundred years, ...more

This book was quite interesting, helping me understand a little more:
Why the FED does all the horrible things it does
Why FDR confiscated American's gold with an executive order &
Why our president could possibly do the same thing if a crisis arises.
Why the GOV is intentionally trying to devalue the dollar with QE
Why the elite laugh at those who speak of the need for a gold standard
Why the last two global currency wars hurt even the winners
Its something else how entangled our world is together ...more
Why the FED does all the horrible things it does
Why FDR confiscated American's gold with an executive order &
Why our president could possibly do the same thing if a crisis arises.
Why the GOV is intentionally trying to devalue the dollar with QE
Why the elite laugh at those who speak of the need for a gold standard
Why the last two global currency wars hurt even the winners
Its something else how entangled our world is together ...more

It is unfortunate that I am unable to fully comprehend the idea as I am not all too familiar with the gold standard. Readers in my shoes should not worry too much as the author however did try his best to give a good history course with some brief explanations on the gold standard. I find that very helpful, albeit very minimal to fully appreciate the whole book. A second round of reading after some thorough study on the gold standard would most definitely be helpful.
Regardless, the general conce ...more
Regardless, the general conce ...more

This was a tough book for me, as I really didn't understand so much of it. That is my own failing and not that of the author's, who did a great job of laying out what a currency war is, how previous currency wars have played out, and what is happening with the current one. I think this book only covers up to 2011, so I wonder how much has changed since he wrote it.
Without a doubt, our current economic situation in the US (as well as the rest of the world) is tremendously stress and headed for v ...more
Without a doubt, our current economic situation in the US (as well as the rest of the world) is tremendously stress and headed for v ...more

Rickards is a well trained and experienced, commentator on economics, geopolitics and finance.
This book illustrates the cracks in the world financial system. It reveals just how fragile the game governments are playing is and how even a currency war with no obvious mortal victims is actually a deadly game of attrition.
The book itself "...reads like a thriller." ~ Max Keiser RT, and with its mentioning of financial war games, government planning, strategy and the nature of money itself, those w ...more
This book illustrates the cracks in the world financial system. It reveals just how fragile the game governments are playing is and how even a currency war with no obvious mortal victims is actually a deadly game of attrition.
The book itself "...reads like a thriller." ~ Max Keiser RT, and with its mentioning of financial war games, government planning, strategy and the nature of money itself, those w ...more

This was a fascinating book. It covers a lot that I feel like I knew generally but gives some technical details to back up the claims making macroeconomics a lot less "theoretical." I also think that the global economy and the dynamics that support it are even more complicated than I thought and the merits of some measure of intervention are a bit more gray than I had imagined. There was quite a bit in the book that was over my head regarding high finance and Wall Street jargon.
The chapter on co ...more
The chapter on co ...more

I never did develop a real interest in macroeconomics topics though I got a degree in economics, probably due to the concepts were quite far away from my twenty-something mind and life. The way this book put the concepts in historical and "war" context makes this a interesting read. Like a Chinese saying "商場如戰場", international trade is always a war zone and currency is no doubt a weapon. Currency wars have happened before, and will happen again, until everyone realizes that it is a mutually dest
...more

"The path of the dollar is unsustainable and therefore the dollar will not be sustained." So writes this clear-thinking author as the first line in his concluding chapter. This is an outstanding book that should be read and digested by every thinking American voter.
Of course, it won't be. And so we all in for perilous times as our thoughtless Fed continues to devalue our dollar and ruin our economy. The racking up of astounding public debt every year doesn't help out either. We're shackling our ...more
Of course, it won't be. And so we all in for perilous times as our thoughtless Fed continues to devalue our dollar and ruin our economy. The racking up of astounding public debt every year doesn't help out either. We're shackling our ...more

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!

Interesting.
Agree with most of the summary except for the author's point that gold is the solution.
Rapid inflation is the enemy. The author believes Keynes is totally wrong. I don't see it that way.
Author believes we can create a system that is self regulating, instead of choosing better rules and better regulators.
Counter cyclical spending is important.
Instead of a gold standard, why don't we just have actual honest inflation numbers? The fed just adjusts the money supply to ensure inflation do ...more
Agree with most of the summary except for the author's point that gold is the solution.
Rapid inflation is the enemy. The author believes Keynes is totally wrong. I don't see it that way.
Author believes we can create a system that is self regulating, instead of choosing better rules and better regulators.
Counter cyclical spending is important.
Instead of a gold standard, why don't we just have actual honest inflation numbers? The fed just adjusts the money supply to ensure inflation do ...more

An interesting, incisive and credible analysis of what is going wrong in the financial world and why the latest currency war is being fought. The author also provides for a prescription to deal with the situation. He is firmly of the view that the Keynesian is not the right one now as the objective conditions are different from what existed during the great depression. The author advocates a proactive role for the IMF and revival of a refined version of the dormant SDR to prevent the currency wa
...more

I really liked this book. It's a complicated issue and I find it difficult to follow all the players and how things have evolved over time, but I think Jim Rickards does a good job explaining the history, the various economic theories that have been used, the flaws in the system, and where we might be headed. I recommend this book to anybody who wants to try to understand where we are currently, in regards to the global economy and the value of our money (US$). If you are keeping up with the new
...more
topics | posts | views | last activity | |
---|---|---|---|---|
Who is 'The Harvard Guy" | 2 | 18 | Nov 30, 2014 01:22PM |
News & Interviews
Need another excuse to treat yourself to a new book this week? We've got you covered with the buzziest new releases of the day.
To create our...
32 likes · 6 comments
No trivia or quizzes yet. Add some now »
“A prohibition on the hoarding or possession of gold was integral to the plan to devalue the dollar against gold and get people spending again. Against this background, FDR issued Executive Order 6102 on April 5, 1933, one of the most extraordinary executive orders in U.S. history. The blunt language over the signature of Franklin Delano Roosevelt speaks for itself: I, Franklin D. Roosevelt . . . declare that [a] national emergency still continues to exist and . . . do hereby prohibit the hoarding of gold coin, gold bullion, and gold certificates within the . . . United States by individuals, partnerships, associations and corporations.... All persons are hereby required to deliver, on or before May 1, 1933, to a Federal reserve bank . . . or to any member of the Federal Reserve System all gold coin, gold bullion and gold certificates now owned by them.... Whoever willfully violates any provision of this Executive Order . . . may be fined not more than $10,000 or . . . may be imprisoned for not more than ten years. The people of the United States were being ordered to surrender their gold to the government and were offered paper money at the exchange rate of $20.67 per ounce. Some relatively minor exceptions were made for dentists, jewelers and others who made “legitimate and customary” use of gold in their industry or art. Citizens were allowed to keep $100 worth of gold, about five ounces at 1933 prices, and gold in the form of rare coins. The $10,000 fine proposed in 1933 for those who continued to hoard gold in violation of the president’s order is equivalent to over $165,000 in today’s money, an extraordinarily large statutory fine. Roosevelt followed up with a”
—
3 likes
“There is hardly a part of the United States where men are not aware that secret private purposes and interests have been running the government.” President Woodrow Wilson”
—
2 likes
More quotes…