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The Death of Money: The Coming Collapse of the International Monetary System Kindle Edition

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Length: 357 pages Word Wise: Enabled

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Review

A fast-paced and apocalyptic look at the financial future, taking in financiers' greed, central banks' incompetence and impending Armageddon for the dollar ... Rickards may be right that 'the system is going wobbly' Financial Times The Death of Money is making it a veritable golden age for smart books on the current state of the global economy Politico The Death of Money makes a valuable contribution to our economic discourse Forbes A terrifically interesting and useful book...fascinating -- Kenneth W. Dam, former deputy secretary of the Treasury and adviser to three presidents The Death of Money contains very big, provocative ideas clearly explained and delivered...Rickards's insight enables him to connect the dots in a way that few others can -- John Hathaway, portfolio manager, Tocqueville Gold Fund The Death of Money is an important new book for those who worry about the future of our country -- R. Christopher Whalen, noted bank analyst; author of Inflated The Death of Money is an engrossing account of the massive stresses accumulating in the global financial system. Any serious student of financial crises and their root causes needs to read this book -- John H. Makin, Ph.D., resident scholar, American Enterprise Institute; former chief economist, Caxton Associates A great book makes you think differently about the world - and this one does just that -- Don Young, twenty-five-time Institutional Investor All-Star Analyst

About the Author

JAMES RICKARDS is the author of the national bestseller "Currency Wars," which has been translated into eight languages and won raves from the likes of the "Financial Times," Bloomberg, and "Politico." He is a portfolio manager at West Shore Group and an adviser on international economics and financial threats to the Department of Defense and the U.S. intelligence community. He served as facilitator of the first-ever financial war games conducted by the Pentagon. He lives in Connecticut. Follow @JamesGRickards.

Product Details

  • File Size: 3154 KB
  • Print Length: 357 pages
  • Page Numbers Source ISBN: 0670923699
  • Publisher: Portfolio (April 8, 2014)
  • Publication Date: April 8, 2014
  • Sold by: Penguin Group (USA) LLC
  • Language: English
  • ASIN: B00DMCJOY6
  • Text-to-Speech: Enabled
  • X-Ray:
  • Word Wise: Enabled
  • Lending: Not Enabled
  • Enhanced Typesetting: Not Enabled
  • Amazon Best Sellers Rank: #9,866 Paid in Kindle Store (See Top 100 Paid in Kindle Store)
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More About the Author

James Rickards is the author of Currency Wars: The Making of the Next Global Crisis, published by Penguin/Portfolio, November 2011.

He is Senior Managing Director at Tangent Capital Partners LLC, a merchant bank based in New York City, and is Senior Managing Director for Market Intelligence at Omnis, Inc., a technical, professional and scientific consulting firm located in McLean, VA. Mr. Rickards is a seasoned counselor, investment banker and risk manager with over thirty years experience in capital markets including all aspects of portfolio management, risk management, product structure, financing, regulation and operations. Mr. Rickards' market experience is focused in alternative investing and derivatives in global markets. He has also served as General Counsel at several alternative asset management companies and a stock exchange facility and is expert in fund governance and international fund structures.

Mr. Rickards' career spans the period since 1976 during which he was a first hand participant in the formation and growth of globalized capital markets and complex derivative trading strategies. He has held senior executive positions at sell side firms (Citibank and RBS Greenwich Capital Markets) and buy side firms (Long-Term Capital Management and Caxton Associates) as well as technology firms (OptiMark Technologies and Omnis). Mr. Rickards has been a direct participant in many of the most significant financial events in recent decades including the release of US hostages in Iran in 1981 and the LTCM hedge fund collapse of 1998 in which Mr. Rickards was the principal negotiator of the government-sponsored rescue. He was involved in the formation and successful launch of several hedge funds and fund-of-funds. His advisory clients include private investment funds, investment banks, litigation counsel, high-net worth individuals and government directorates. Since 2001, Mr. Rickards has applied his financial expertise to a variety of tasks for the benefit of the U.S. national security community and the Department of Defense. Mr. Rickards is licensed to practice law in New York and New Jersey and various Federal Courts and has held all major financial industry licenses.

Mr. Rickards has been a frequent speaker at conferences sponsored by bar associations and industry groups in the fields of derivatives, the international monetary system and hedge funds and is active in the International Bar Association. He has been the interviewed in The Wall Street Journal and on CNBC, Fox, CNN, NPR and C-SPAN and is an OpEd contributor to the Financial Times, New York Times and the Washington Post.

Mr. Rickards is a graduate school visiting lecturer in finance at Northwestern University, the School of Advanced International Studies and Singularity University. He has delivered papers on econophysics at the Applied Physics Laboratory, the Los Alamos National Laboratory and the NASA Ames Research Center. Mr. Rickards has written articles published in academic and professional journals in the fields of strategic studies, cognitive diversity, network science and risk management. He is an advisor to the Committee on Foreign Investment in the United States (CFIUS) Support Group of the Director of National Intelligence.

Mr. Rickards holds the following degrees: LL.M. (Taxation) from the New York University School of Law, New York City; J.D. from the University of Pennsylvania Law School, Philadelphia; M.A. in international economics from the Paul H. Nitze School of Advanced International Studies, Washington DC; and a B.A. degree with honors from the Krieger School of Arts & Sciences of The Johns Hopkins University, Baltimore.

Mr. Rickards is married, the father of three and lives in Darien, Connecticut. He is an avid sailor with extensive cruising experience in the Caribbean, Mediterranean and New England. He is also an experienced mountaineer following expeditions in the Alps, Andes, Cascades, Canadian Rockies and the Alaska Range.

Customer Reviews

Most Helpful Customer Reviews

Format: Kindle Edition Verified Purchase
The introduction suggests that this book is going to rehash some fairly common themes. Then, delightfully, the first chapters veers off on an unexpected tangent, followed by an equally astute, and unexpected second chapter.

The introduction suggests that we are in for a time of either inflation or deflation, and that they are both equally dangerous. The thesis he repeats throughout the book is that central banks favor inflation for a number of reasons, but that they are having a hard time forcing inflation it to occur. There is simply too much slack in the economy in the form of unused labor, capital, and production capacity. Other authors argue that increases in productivity are inherently deflationary: if automation reduces the cost of manufacturing a car, competitive pressures will force manufacturers to sell them cheaper.

The federal government must have inflation for four reasons. Deflation causes an increase in the real value of the federal debt. It has an adverse impact on the debt to GDP ratio. Third, although banks may benefit initially by being repaid more than they lent, the risk of default increases dramatically in a deflationary environment. The fourth and final problem with deflation is that it reduces federal tax income. As nominal earnings decrease, the tax rate schedules, which are graduated, yield less revenue in real terms. Though asset value may rise in real terms, you cannot tax capital gains unless the nominal value rises.

Central banks throughout the world are fighting the tide as they work to promote inflation. The result of Quantitative Easing has been massive malinvestment by those to whom the newly coined money has been funneled.
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160 of 165 people found the following review helpful By Erez Davidi on April 11, 2014
Format: Hardcover
I very much enjoyed Rickards' first book, "Currency Wars." This was a very good sequel, although in my opinion it doesn't rise to the same level.

The premise of the book is fairly straight forward: The current monetary system is unsustainable and it's bound to collapse. It all can be boiled down to a few reasons: debt, structural problems in the world economy, derivatives, and out-of-control increases in the money supply.

According to Rickards, it's only a question of time. Monetary collapse can sound quite alarmist to some. (The over-the-top title, probably selected by the editor, doesn't help). However, Rickards points out, rightfully so, that it is not as uncommon as people tend to think. In the past century alone, the international monetary system changed three times; the first after WWI, the second after WWII (Bretton Woods agreement), the third was in 1971 after Nixon closed the gold window.

Even though I tend think that a change, at least to some degree, of the monetary system is definitely in the cards, I was not fully convinced by Rickards' arguments. As well, I found the first few chapters on the financial wars entirely unrelated to the premise of the book. Having said that, some chapters were original and intriguing, such as the chapters on the IMF, which will take the lead rule in the new monetary system to come.

I suspect that a lot of readers will not agree with everything Rickards has to say, but I also suspect that a lot of readers will learn something new by reading this thought-provoking book.
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154 of 174 people found the following review helpful By Denis Vukosav TOP 100 REVIEWER on April 10, 2014
Format: Hardcover
‘The Death of Money’ written by James Rickards, although of somewhat apocalyptic name commonly referred to books that only manage to attract with their title, is actually an interesting book that approaches economic issues in a professional and informed manner, in same time being thought-provoking.

The author has succeeded in his book to develop its subject in less than four hundred pages, which is not so often, considering that the books which at the same time speak about economic theory and predictions of the future are usually very extensive, and often illegible except for a narrow academic circle.

I read Rickards previous book ‘Currency Wars’ and his economic forecasts, given that I share same profession with author, largely coincide with my own; consequently I really liked his book.

Exactly the same situation is with his latest book in which the author foreshadows an interesting (at least on paper) future of money and all that could start happening in the world economy in case of some scenarios already seen in the past would repeat.

And even after reading the book it seems that the end is near, the author gives recommendations on how to survive the uncertain times that lie ahead; he gives reasons why this is the right time to change money into objects whose value will certainly not decline in uncertain times that expect the world's currencies, things that have proven its value through the history, such as works of art, land or gold.
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