Currency: A Financial Thriller Paperback – March 6, 2018
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|Paperback, March 6, 2018||
"In An Instant" by Suzanne Redfearn
A deeply moving story of carrying on even when it seems impossible. | Learn more
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"Todd Wood's economic thriller, Currency, spans three centuries and includes tales of pirates and America's early leaders. Currency kept me curious until the very end. A unique page-turner." -- Bill Gertz, senior editor, The Washington Free Beacon
About the Author
- Item Weight : 6.4 ounces
- Paperback : 240 pages
- ISBN-10 : 1947942131
- ISBN-13 : 978-1947942134
- Dimensions : 5.5 x 0.8 x 8.25 inches
- Publisher : Liberty Island; Revised edition (March 6, 2018)
- Language: : English
- Best Sellers Rank: #2,064,699 in Books (See Top 100 in Books)
- Customer Reviews:
Top reviews from the United States
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"Currency" has a strong plot line, with an actually sound economics lesson, well balanced and believable characters. "Currency" includes a sound background history involving the likes of Alexander Hamilton, Aaron Burr and Captain Kidd moving forward and is intertwined with current events related to present day economic issues in the US and foreign powers.
All of the characters, main and secondary, play a vital part in the development of the story, bringing it to a realistic, yet not obvious ending.
I read multiple books a week, but it has been a while since I happily spent as few reading sessions in one day with my nose stuck in any book, print or electronic edition. In less than a day, I used every spare minute and stayed up past my "bed time" reading because I wanted to see how it ends.I was not disappointed and am sure you will not be either.
Five stars doesn't seem like enough of a recommendation considering how much I liked this book.
If you like historically based novels with a strong plot, high quality characters, believable sleuthing and a mind catching flow to the writer's words, this is a must read book for you.
Ladies this book has a huge helping of romance to go along with the excitement, mystery, and history. So, get ready to fall a little bit in love with Conner but keep the tissues handy as you will be taken on an emotional ride. I love this authors ability to bring all these characters to life so much so that you feel you are there getting to know them. This is a book that can be equally enjoyed by everyone. L. Todd Wood is an author you will want to follow. His books are addicting, you can’t just read one…
Now what are the odds that CURRENCY would turn out to be one of the most exciting, interesting historical thrillers I have read. Small right? But that is exactly what it was. This all occurred in the last three days, so you can be certain, this is a book that is so well written, so filled with interesting facts, so contemporary yet chock filled with historical twists that it is a book I simply could not put down!
There are some great reviews here that give more insight into the story, the romance, the fascinating characters that I will simply add that you will thank me later for HIGHLY RECOMMENDING CURRENCY to you and after reading understand when I say that I sincerely hope L. Todd Wood has another yarn coming soon!
Top reviews from other countries
"[The book] deals with the national debt and its national security implications."
This is the 2011 revised second edition
(or the 2014 revised second edition of a book whose first edition was published in 2011?
the book erroneously (???) says copyright 2011.
the book does not indicate the year 2014.)
of a novel which on p.48 quotes USA Central Bank, the Federal Reserve, Governor Ben S. Bernanke saying – as he did in real life - in a 21 November 2002 speech "Deflation: Making Sure "It" Doesn't Happen Here" before the National Economists Club in Washington, D.C., that:
"The USA government has a technology, called a printing press, which allows it to produce as many dollars as it wishes at essentially no cost."
As the book was written by a USA citizen who worked for the USA military and who proudly advertises in the book that "in the USA Air Force he flew for the 20th Special Operations Squadron which started Desert Storm
[which in 1990 attacked Iraq which had threatened to stop pricing oil in USA dollar -
the USA can finance these wars with its "exorbitant privilege" of the dollar being the reserve currency which allows it (the USA) to print dollars at will by buying USA Treasury bonds from the private sector]",
this is however not a book about the collapse of the USA-dollar regime.
A book review should not reveal the plot. However, as this is a book whose title says it wants to make a point about what a currency should be, this reviewer thinks he can first draw attention to a (logical) contradiction in the reasoning of book concerning debt repudiation and the ability to return later to debt markets. Second, the book which was published in 2011 sets its story in 2017, a moment at which, says the book, the euro will have collapsed. This argument will also be attacked in this review. Finally, the book argues that a bequest by which the decedent’s property has been bequeathed to a beneficiary can be overruled, not by interpreting the wording of the instructions in the will, but because government "believes (sic) that the person who made the bequest had an ulterior (sic) motive in mind".
These three points which this review will make could be taken into account for the drafting of the third edition of this novel.
FIRST POINT - I do now outline the contradiction in the book.
The USA government borrows by selling USA Treasury bonds to the USA private sector and to foreign governments. The USA government prints money by buying these securities from the USA private sector and from foreign governments with electronic cash that did not exist before.
Connor, the hero in the book, who will in the epilogue express his satisfaction about having, he thinks, saved the USA – for the time being, he says - complains on pp. 154-155 about the fact that no foreign government is bidding to buy (new) USA Treasury bonds, thereby raising USA interest rates and reducing the values of those bonds to their intrinsic value, zero.
The book, which was published in 2011 and which sets its story in 2017, has the 2017 USA President declare on p. 257 that this refusal referred to on pp. 154-155 by the Chinese and Russians to continue financing the USA budget deficit is an "act of war".
This is what allows the author to argue on his linkedin.com page that the book deals with the national debt and its ... national security implications.
Ergo, the USA government will on p. 276 come up with the bright idea to default on (existing) USA Treasury bonds so that nobody will ever buy USA Treasury bonds again – out of fear that the USA might default again.
On p. 289, the book recognises that if France defaults on its debt, France will never again be granted a loan by China, but somehow this reasoning did not make it into p. 276 of the book.
National security implications, says the author on his linkedin.com page.
SECOND POINT - I do now turn to the 2011 projection or prediction of the collapse of the euro by 2017.
The book argues that a currency should be pegged to something of value.
The old "fixed" gold-standard could however not change human nature which dictates that no ruler can withstand the pressure to print more receipts than he has gold in reserve.
The old "fixed" gold-standard was faced with the problem of matching the amount of gold in the Treasury to the "fix". To make the money stronger, one had to bring in gold, as it took twice as many ounces to back a currency "in circulation" at USA dollar 10 as it did at USA dollar 20. The reverse is true when lowering the money value to USA dollar 40. Then, one half the gold backing had to be removed as only half was now needed to back the USA dollar.
Its chief weakness was however that it could be repealed by the politicians.
The euro was therefore the first currency which had severed the link not only to gold but also to the ... nation state, said European Central Bank President Dr. Willem F. Duisenberg in his May 2002 Acceptance speech of the Charlemagne prize for Aachen.
In Euroland, gold is a free-floating reserve which is being quarterly marked to market (-price).
The USA Treasury still alleges to have some gold stored at Fort Knox, a USA ... Army … post in Kentucky, USA, south of Louisville and north of Elizabethtown, which said Treasury marks to the model of USA dollar 42.2 (originally, i.e., at the 1944 Bretton Woods conference, USA dollar 35) an ounce.
Contrast this marking of its gold reserves to the model of USA dollar 42.2 by the USA Treasury
to the marking to market price by the European Central Bank of the gold reserves held by the European System of Central Banks.
USA President Richard Nixon defaulted on 15 August 1971 on his obligation deriving from the Bretton Woods agreement to convert every USA dollar into gold at the fixed price of USA dollar 42.2 an ounce, which led John Connally, Nixon’s Treasury Secretary, to declare to his counterparts during a Rome G-10 meeting in November 1971: "The dollar is our currency, but your problem." As to the 1971 default, the book which does not quote Connally merely says on p. 250 that through that default which the author does not qualify as a "default", the USA dollar became a fiat global reserve currency.
The European Union and the euro have collapsed in 2017, says the book.
The book’s 2011 argument that the euro will have collapsed before 2018 is based on the fact that the euro is defined by the Maastricht criteria of the Stability and Growth Pact. The argument is based on the fact the euro is not defined by its gold reserves. And the argument says that the entitlement culture created by the welfare states of Euroland will prevent the said criteria from ever being met.
The euro is however not defined by these criteria but by its gold reserves.
The book’s argument fails.
THIRD POINT - I do now turn to the book’s argument that a bequest by which the decedent’s property has been bequeathed to a beneficiary can be overruled, not by interpreting the wording of the instructions in the will, but because government "believes (sic) that the person who made the bequest had an ulterior (sic) motive in mind".
Somehow, the author seems think that when a USA citizen inherits a gold "treasure", the USA government has, p. 298, the "exorbitant privilege" (the book does nowhere use these words of former French then Finance-Minister Valéry Giscard d’Estaing) of overruling that will by invoking the ulterior motive of the person who made the bequest, privilege of attributing the "treasure" to itself (government) which badly needs it to restore the Bretton Woods agreement which USA President Nixon broke in 1971.
To which branch of the USA government should the gold be attributed?
The book argues that a currency should be pegged to gold. Wouldn’t the conclusion then be that the gold should be attributed to the USA Central Bank, the Federal Reserve, the guardian of that currency?
No, the book argues that the gold should be attributed to the USA Treasury (it’s a "treasure", isn’t it?) the branch of the USA government which still alleges to have some gold stored at Fort Knox and which marks it to the model of USA dollar 42.2 an ounce.
The book does thus not argue that the gold should be attributed to the USA Central Bank, the Federal Reserve, which could mark it to market.
It is true that after the USA decoupled from the domestic gold standard in 1933 (as we saw, Nixon would decouple from the international gold standard in 1971), the USA Gold Reserve Act of 30 January 1934 required that all gold and gold certificates held by the Federal Reserve be surrendered and vested in the sole title of the USA Treasury. But why continue with this anomaly?
If we end this anomaly, the USA Federal Reserve could perhaps come up with the pre-Bretton-Woods idea of marking these reserves to market (-price).
CONCLUSION - I now come to my conclusion.
"[The book] deals with the national debt and its national security implications", says the author on his linkedin.com page.
Hindsight is of course 20/20, but when this review was being written in mid-October 2015, Greece and the rest of European Union were faced with a massive influx of refugees from the Middle East. How come there was such a massive flight from the Middle East? We saw a massive refugee influx into the EU because the Middle East had been destabilised. How come the Middle East had been destabilised? The Middle East had been destabilised because of the bombs thrown there by the USA-dollar regime. This bomb throwing started with ... Desert Storm which ... wanted to prevent Iraq from stopping the pricing of oil in USA dollar.
To paraphrase the Machiavelli quote on the fore page of book: Does the dollar regime think it is better for it (said regime) to be feared than to be loved?
Sparknotes.com says that this Machiavelli quote which I copied at the outset of this message means that between benevolence and cruelty, the latter is the more reliable for "The Prince".
The cruel work for the author when drafting the third edition of this novel has hereby been cut out.