The book talks about the role of gold in the process too. He favors a return in some form to a gold. I first read "Death of Money" and for some reason got interested in reading "Currency Wars." This is a really good book - but not a particularly "fun" read. . I think they are pretty much the same. Inflation took off, and the estimation of the dollar started to slide relative to gold. Left unchecked, the next currency war could lead to a crisis worse than the panic of 2008. 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. Currency Wars (simplified Chinese: 货币战争; traditional Chinese: 貨幣戰爭; pinyin: Huòbì zhànzhēng), also referred to as The Currency War, is an essay by Chinese author Song Hongbing. Apart from Rickards’ Twitter spat with Nouriel Roubini, I have yet to see a serious argument put forward against this book. If you are keeping up with the news about the falling rouble, devaluation in Venezuela, and how the Chinese are stocking up on gold, then this will be a very interesting read for you. In 'Currency Wars', James Rickards explains how the worldwide currency war, already underway, will soon affect everyone. The author did a good job of explaining the history and politics of currency wars, and yes, there are always nationalistic politics involved. Today we are engaged in a new currency war, and another crisis of confidence in the dollar is on its way. Like a Chinese saying "商場如戰場", international trade is always a war zone and currency is no doubt a weapon. Given the fragility of the US economy (debt being held by China, others), this is more than plausible. The author advocates a proactive role for the IMF and revival of a refined version of the dormant SDR to prevent the currency war from assuming insurmountable proportion. Australian/Harvard Citation. 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 participants in the war game are portrayed as largely clueless, the rules and outcomes appear arbitrary. I would suggest that you take this as a first step in understanding the concepts of money, devaluation, GDP, inflation/deflation etc and then move on to more in-depth reading on each of them. Being myself a lawyer, interested in finance and economics, I read books on the topic. 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 . By no doubt, currency wars can turn ugly. 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. We’d Like to invite you to download our free 12 min app, for more amazing summaries and audiobooks. Can the dollar survive as a fiat currency or will it have to be backed by a commodity once again? It is this brutal economic warfare that is the subject of James Rickards's outstanding new book, Currency Wars: The Making of the Next Global Crisis. Even the prescription needs a serious consideration, I really liked this book. He loaded up on default swaps against subprime loans 2 years early before making huge returns. James Rickards declares that Obama will go back to the gold-backed currency regime. 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. World countries soon looked for a return to the gold standard they relinquished amid the war. 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 $20.67 per ounce. . How does QE export inflation from the US to China and cripple Brazils export market? This was a fascinating book. Is the material outdated? Currency wars have happened before-twice in the last century alone-and they always end badly. I recommend this book to anybody who wants to try to understand where we are currently, in regards to the global economy and the value of our money (US$). . To see what your friends thought of this book, This book focuses on the history of money, its development, and hints a lot on the impending fall of money. This book was quite interesting, helping me understand a little more: It is unfortunate that I am unable to fully comprehend the idea as I am not all too familiar with the gold standard. 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