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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 (322 customer reviews)

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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 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.”




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: #4,214 Paid in Kindle Store (See Top 100 Paid in Kindle Store)
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Customer Reviews

Most Helpful Customer Reviews
479 of 499 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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95 of 98 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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94 of 102 people found the following review helpful
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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Most Recent Customer Reviews
5.0 out of 5 stars The Death of Money book ...
It's a christmas gift and I think the recipient will love the book. It arrived in very timely fashion and I was pleased about that too.
Published 2 hours ago by Clara
4.0 out of 5 stars In depth and well considered information. It pulls diversified ...
In depth and well considered information. It pulls diversified global possibilities and actions together to reach his conclusion. Takes time to read and consider.
Published 2 days ago by Anne Fullmer
5.0 out of 5 stars It's almost like you're in the same room listening to what he ...
This book is an eye opener for anyone. James Rickards talks with the reader and not to
the reader. It's almost like you're in the same room listening to what he has to say.
Published 2 days ago by Frank Phagan
4.0 out of 5 stars Four Stars
Another point of view to consider.
Published 3 days ago by Jim H.
5.0 out of 5 stars Five Stars
Good Information
Published 3 days ago by Travis Roberts
5.0 out of 5 stars Five Stars
Loved it.
Published 7 days ago by Hefty User
4.0 out of 5 stars Great but not perfect
This book is very timely and informative.The only reason I gave it only 4 stars is because,for the average reader the writing is very difficult at times. Read more
Published 7 days ago by James Pochedly
4.0 out of 5 stars Four Stars
Thanks
Published 7 days ago by Melvin R Greene
5.0 out of 5 stars Did you ever want to know where we came from?
What a great read. I am only 2/3rds in and have to say, there is something here for everyone who just wants to know where we came from and where we are headed. Read more
Published 8 days ago by Scott Rudd
5.0 out of 5 stars A must read!
A must read after you read Currency Wars.
Published 9 days ago by daniel c goodacre
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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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