The Death of Money

The Death of Money

The Coming Collapse of the International Monetary System

Book - 2014
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"The next financial collapse will resemble nothing in history. . . . Deciding upon the best course to follow will require comprehending a minefield of risks, while poised at a crossroads, pondering the death of the dollar."

The international monetary system has collapsed three times in the past hundred years, in 1914, 1939, and 1971. Each collapse was followed by a period of tumult: war, civil unrest, or significant damage to the stability of the global economy. 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.

The American dollar has been the global reserve currency since the end of the Second World War. If the dollar fails, the entire international monetary system will fail with it. No other currency has the deep, liquid pools of assets needed to do the job.

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. But in the last few years, the risks have become too big to ignore. While Washington is gridlocked and unable to make progress on our long-term problems, our biggest economic competitors--China, Russia, and the oilproducing nations of the Middle East--are doing everything possible to end U.S. monetary hegemony. The potential results: Financial warfare. Deflation. Hyperinflation. Market collapse. Chaos.

Rickards offers a bracing analysis of these and other threats to the dollar. The fundamental problem is that money and wealth have become more and more detached. Money is transitory and ephemeral, and it may soon be worthless if central bankers and politicians continue on their current path. But true wealth is permanent and tangible, and it has real value worldwide.

The author shows how everyday citizens who save and invest have become guinea pigs in the central bankers' laboratory. 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 real victims of the next crisis will be small investors who assumed that what worked for decades will keep working.

Fortunately, it's not too late to prepare for the coming death of money. Rickards explains the power of converting unreliable money into real wealth: gold, land, fine art, and other long-term stores of value. 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."

Publisher: New York : Portfolio / Penguin, c2014
ISBN: 9781591846703
Branch Call Number: 332.45 RIC
Characteristics: 356 pages


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Jan 07, 2018

The author raises some interesting points, but his opinions and proposals are decidedly fringe or beyond. Worth reading for the mental exercise it induces in assessing his points, after all what other books on finance start off with two chapters on the CIA and Pentagon.

ArapahoeLesley Nov 23, 2016

From what I could follow (I am in no way an economist nor do I hold even a slight understanding of economic matters) this book was frightening and candid and personally makes me root for the downfall to happen sooner rather than later. The egos and destructiveness of our world governments and the free reign of banks is wild. If I could have wrapped my head around more of it I'm sure I could have given it 4*s.

Sep 16, 2015

An holistic look at the interconnections of the global economy and the abuse of money at the hands of governments. The economy is a complex system and it has often been good to bet against central bankers. Whether the predictions come through is debatable, however the book is interesting and worth reading.

redban Jan 10, 2015

With any Economist author, please read their bio, it explains a lot!

Here we have a Wall Street hedge-fund scam artist. Exaggeration? Read his bio again, read up on his involvement with the hedge-fund Long-Term Capital Management (LTCM), and the subsequent bailout it required from the Feds. I hope he writes about those planned loopholes with paid-off politicians/regulators, those seismic Wall Street scams, and those subsequent bailouts by taxpayer money. You know, those repeated punches-to-the-stomach-and-emptying-of-the-wallet of the working class. Oh wait...

Matt Taibbi's Griftopia would bury this book.

Jan 07, 2015

Remember Long-Term Capital Management, which almost brought down both the bond markets and stock markets back in the 1990s? [Would have if not for government intervention] This author was one of those guys including putting together a $1 billion credit default swap - - I kid thee not! Wonder who was a counterparty to that CDS, assuming there was one? Think this guy really knows the score? Wanna buy a bridge in Brooklyn?

Dec 12, 2014

So it's really only money that interests you, or cheap entertainment, like the new Jack The Ripper book. Nobody puts a hold on "The Fatal Strain" book or MP3, which may be well about your life and death, but everybody wants to read this money book. Do you think the present system of money and consumerism will go on forever? Well, no, and by the "Agenda 21" of the United nations by the next century a new Civilization will be established, based on collectivism; the pop will be relocated into "Habitat" reserves and there will be no money, no individual rights and no private property. Barter trade (outside of the System) will be strictly forbidden. No nation states will exist either. This is clearly written down in Dr. John Coleman's book "The Conspirators' Hierarchy," which has recently disappeared from the collection of VPL. Well, if money still so much interests you, you should be glad to have cash as yet. Because it was announced earlier this year in the Vancouver newspapers that in 2021 cash will disappear, only cyber money will exist. In an article in Toronto Star on Dec.10, 2006 (Title: "One Generation Is All They Need") Kevin Haggerty, an expert on security writes that the next generation, using coercion and trickery, will be implanted with a chip in their body, and it will be their bank card too. Chipping will start with the welfare people, prison inmates, then the military, police, gov. employees, then the rest. You find this article on the Net, if you want details.

Dec 11, 2014

I have not read this book, yet I can tell you that economic growth cannot go on forever, and population growth either. It was written in the newspapers this year that the Royal Mint is working on creating a new system, where there will be no cash at all. What does this mean? The reason given is to prevent drug dealers from laundering money, etc. In reality, just imagine when your money exists in cyberspace only and you cannot put aside hard cash. You don't control cyberspace, so you can't control your dough either. Besides, it's been announced in the Media that hackers can attack our monetary systems too. In principle, if there is no cash, someone who controls the electronic money system can conrol even what you can buy and where. Cash is safety, but in a Mega Depression even that's not worth much. Consumerism, so it seems, starts to consume us. Economic growth takes us to an ultimate limit and crash; economic slowdown takes us to where the world was in the 1920s. Prince Charles said ini the Media that Capitalism cannot go on for long and we need a new economic model. I guess it'll be based on modesty and lack of selfish motivations, if we want to survive.

Nov 18, 2014

This is the best analysis I've seen of the complex predicament facing us in 2014. We are in a dreaded deflation, slow economic growth, and high money printing--with the overhang of overwhelming debt and an enormous deficit. The US faces only hard choices. Traditional fiscal and monetary policy tools won't be enough to solve this. Rickard argues convincingly that the root problems are structural and have become too great-- regardless of which path(s) the major players take in response-- we will likely see a global crisis that will last a generation, bigger than the Great Depression. It will be driven by the collapse of the dollar and our international monetary system. Written in a clear, practical manner. A must read.

B. Yoneoka

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