First published 2011
James Rickards examines how currency wars have shaped global economics from Nixon's 1971 decision to abandon the gold standard through today's monetary conflicts. The author argues that nations now engage in competitive devaluations that steal growth from trading partners and risk triggering crises worse than 2008. Rickards traces patterns from past currency wars, showing how they consistently end in inflation, recession, and retaliation. He warns that current Federal Reserve policies, Chinese gold accumulation, and sovereign wealth fund activities signal a dangerous new phase of monetary warfare. The book connects recent events like Greek and Irish bailouts, dollar debasement, and Chinese currency manipulation to this broader conflict. Rickards contends that economists have failed to prevent or understand these dynamics, making current policies counterproductive. He presents currency wars as national security threats that could lead to dollar collapse, frozen assets, and capital controls. The book offers readers a framework for understanding monetary policy failures and points toward more effective approaches to international economic cooperation.
Genres: history, economics, non-fiction, finance
Vibes: suspenseful, thought-provoking
Tropes: investigative-journalism
Setting: China, Greece, Ireland, United States
Period: 1971, 2008
304 pages · Hardcover · Portfolio