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

James Rickards
4.4 out of 5 stars  See all reviews (393 customer reviews)

Print List Price: $28.95
Kindle Price: $11.99
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Sold by: Penguin Group (USA) LLC

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Book Description

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 U.S. dollar has been the global reserve currency since the end of World War II. If the dollar fails, the entire international monetary system will fail with it. But optimists have always said, in essence, that confidence in the dollar will never truly be shaken, no matter how high our national debt or how dysfunctional our government.

In the last few years, however, the risks have become too big to ignore. While Washington is gridlocked, our biggest rivals—China, Russia, and the oil-producing 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.

James Rickards, the acclaimed author of Currency Wars, shows why money itself is now at risk and what we can all do to protect ourselves. He explains the power of converting unreliable investments into real wealth: gold, land, fine art, and other long-term stores of value.


Editorial Reviews

Review

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 rave reviews 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.

Product Details

  • File Size: 3154 KB
  • Print Length: 357 pages
  • Page Numbers Source ISBN: 0670923699
  • Publisher: Portfolio (April 8, 2014)
  • Sold by: Penguin Group (USA) LLC
  • Language: English
  • ASIN: B00DMCJOY6
  • Text-to-Speech: Enabled
  • X-Ray:
  • Word Wise: Not Enabled
  • Lending: Not Enabled
  • Amazon Best Sellers Rank: #4,935 Paid in Kindle Store (See Top 100 Paid in Kindle Store)
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Customer Reviews

Most Helpful Customer Reviews
599 of 623 people found the following review helpful
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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132 of 136 people found the following review helpful
4.0 out of 5 stars Plenty to chew 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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268 of 306 people found the following review helpful
2.0 out of 5 stars A CIA-Centric Analysis April 22, 2014
By Tom G
Format:Kindle Edition|Verified Purchase
In interviews Jim Rickards frequently refers to his war games work with the CIA. He sure sounds like an insider and that's good right? It can be if your team has a good track record. So, who's on the team?

In the Death of Money Jim Rickards calls the fictional 911 Commission Report a "monumental and excellent summary". He scoffs at the suggestion of US government involvement and, as expected, won't discuss the free-fall of Building 7 or the coincidental direct hit on the Pentagon in the exact area where they were investigating the trillions in unaccounted defense dollars. These and many other facts contradict the commission report but Rickards is able to compartmentalize away these exceptions to his preferred conclusion.

He then discusses financial markets and the insider trading prior to 911. He says the trading was started by someone in the terrorists' social network (no proof supplied) and Wall Street traders piled onto the little trade to turn it into an innocent big trade. This was explained, Rickards says, by former CIA man Randy Tauss who likes to trade options as a sideline and figured it all out. Really! So, it was a foreign terrorist who did the insider trade and not someone in-the-know within the US? Not true. Max Keiser was one of Wall Street's biggest options traders at the time. He says the trades smell like CIA. "millions of dollars worth of profits from 9/11 insider trading still sit uncollected in an Alex Brown account in Baltimore, just down the road from the CIA's HQ at Langley." (rt.com/op-edge/158988-bankers-killing-suicide-fraud/)

What else did Tauss figure out? I'd ask you to google Randy Tauss and TWA Flight 800. Rickards says Tauss while employed by the CIA solved the mystery of the 1996 TWA Flight 800 crash that killed over 200 people.
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Most Recent Customer Reviews
5.0 out of 5 stars Five Stars
A real eye owner ...
Published 2 days ago by Randy W.
1.0 out of 5 stars Selling fear.
Invalid premise. He is just another fear monger trying to sell booms.
Published 8 days ago by Ed Sadler
1.0 out of 5 stars One Star
Very disappointed, over rated, over priced and very much a doom dayer kids book.
Published 9 days ago by David
4.0 out of 5 stars Rickards appears to have called it
Very interesting point of view from James Rickards. Rickards appears to be the only high profile person who suggests the strong possibility of a deflationary economic collapse. Read more
Published 10 days ago by C. Cannone
1.0 out of 5 stars One Star
keeps on, and on, is not too realist. Too much speculation
Published 10 days ago by Raul Rodriguez
5.0 out of 5 stars When the Dollar Dies!
The author, Rickards, makes it abundantly clear in this fascinating book that the world's paper currencies are engaged in a race to the same oblivion that has met each and every... Read more
Published 10 days ago by Tom Bottaro
5.0 out of 5 stars Insanity is repetition of failed solutions and even though the...
This is an exceptionally objective historical review of how we got into this mess, not just as a country but as a global community. Read more
Published 10 days ago by Jaer
4.0 out of 5 stars Four Stars
Important reading to understand the coming crisis
Published 10 days ago by Lee Yih
5.0 out of 5 stars I highly recommend the book for those who feel they are not ...
Very insightful read on how the world's monetary systems work. Based on the explanations and description, the unprepared will in for a world of pain. Read more
Published 13 days ago by B. Dong
4.0 out of 5 stars If this is a topic that interests you, buy this book!
For less than the price of dinner you can learn how to protect you and your family in the troubled economic times that I believe are sure to come. Read more
Published 16 days ago by Matt R.
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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.


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