James Rickards Currency Wars made this reader remember what Secretary of the Navy John Lehman so vividly told Tom Clancy after reading. Currency Wars by Song Hongbing, also known as The Currency War, is a bestseller in China, devaluation, see Currency war. For James G. Rickards’ Currency Wars: The Making of the Next Global Crisis, see James G. Rickards. In , President Nixon imposed national price controls and took the United States off the gold standard, an extreme measure intended to end an ongoing.
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He proposes some common sense reforms to forestall that collapse: This ricards illustrates the cracks in the world financial system. This was a fascinating book.
However, he finds the author, by that time the structured finance department manager of Hong Yuan securities,  lacks financial expertise to be qualified to prescribe China with future directions. The threat presented by a collapse of the dollar is both clear and present and the potential outcomes are disturbing. Sep 28, Matthew rated it really liked it Shelves: China could easily swap the long-term maturities for short-term redemptions and call in the liabilities. Song also is of the opinion that the famous U.
Currency Wars: The Making of the Next Global Crisis
The first page itself shows how outdated the book is. In another case, Richards notes that the highly inflationary policies of the Fed are destroying the value of the dollar while advocating significantly reduced tax rates. However, if the signals are missed either intentionally or unintentionally, the author postulates several possible catastrophic outcomes including the collapse of the US Dollar.
Rickards is an interesting guy. 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 s. His investors hated him and wanted to pull out – “Being too early is the same as being wrong.
The currency wars and trade wars continue side by side. Just because trade wars have started does not mean the currency wars are over. America started the 3rd currency war and by all means other nations do have every right to hate us and seek revenge. At best, they offer the sorry spectacle of countries’ stealing growth from their trading partners.
Currency War, Then Trade War — Is Shooting War Next?
Recent headlines about the debasement of the dollar, bailouts in Greece and Ireland, rockards Chinese currency manipulation are all indicators of the growing conflict.
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. The way this book put the concepts in historical and “war” context makes this a interesting read. The Japanese Lost decadethe Asian Financial Crisisthe Latin American financial crisis and others are attributed to this cause.
That would be a massive drain on the US Treasury.
Jan 30, John Martindale rated it it was amazing Shelves: S Federal Reserve in He believes that if China can not be dominant in this system, it should not participate, curgency should be self-hill, have their own sphere of financial influence.
There was quite a bit in the book that was over my head regarding high finance and Wall Street jargon.
Take with an enormous grain of salt. These debts were originated by inexperienced local bankers around the Wwars States and repackaged in the billions of dollars by the likes of Lehman Brothers before they went bust. This happened in the s and it seems to be happening again.
Maybe it just makes it more cynical. There are things to criticize about the book, but I won’t bother to write them. Although he rails against debt and profligacy, he seems to be really on board with this weekend pentagon circle-jerk which the author can’t seem to describe any concrete benefit to. From Wikipedia, the free encyclopedia.
Currency War, Then Trade War — Is Shooting War Next? – The Daily Reckoning
Regardless, the general concept is good enough to really make you see with your own eyes or mind what to expect for the future of fiat money. Trivia About Currency Wars: These relative differences mean not all trading partners will share the currency and its resultant trade re-balancing equally.
Its solutions present hidden new dangers while resolving none of the current dilemmas. The problem with currency wars is that all advantage is temporary and is quickly erased by retaliation.
The book paints a pretty terrifying future of the world economy. It was not the work of some conspiracy theorist, polemicist or radical.