![]() I found his history of the global financial system interesting. ![]() The author discusses inflation and deflation in detail as well as the role of banks, central banks and the IMF. Rickard thinks they should have let the market correct itself without intervention. Rickard’s believes “The Fed’s insolvency is looming.” The author claims the reason for this is the US Federal Reserve has mismanaged the financial crisis and recovery. The book is about the decline of the dollar era, and what might come after it if the dollar fails as the reserve currency of choice. 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.”Ī good review of the global financial system Rickards explains the power of converting unreliable money into real wealth: gold, land, fine art, and other long-term stores of value. The real victims of the next crisis will be small investors who assumed that what worked for decades will keep working.įortunately, it’s not too late to prepare for the coming death of money. 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 author shows how everyday citizens who save and invest have become guinea pigs in the central bankers’ laboratory. But true wealth is permanent and tangible, and it has real value worldwide. Money is transitory and ephemeral, and it may soon be worthless if central bankers and politicians continue on their current path. The fundamental problem is that money and wealth have become more and more detached. ![]() Rickards offers a bracing analysis of these and other threats to the dollar. The potential results: Financial warfare. While Washington is gridlocked and unable to make progress on our long-term problems, our biggest economic competitors-China, Russia, and the oil producing nations of the Middle East-are doing everything possible to end U.S. But in the last few years, the risks have become too big to ignore. 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. No other currency has the deep, liquid pools of assets needed to do the job. If the dollar fails, the entire international monetary system will fail with it. The American dollar has been the global reserve currency since the end of the Second World War. 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. Each collapse was followed by a period of tumult: War, civil unrest, or significant damage to the stability of the global economy. ![]() The international monetary system has collapsed three times in the past hundred years, in 1914, 1939, and 1971. ![]()
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