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The Death of Money: The Coming Collapse of the International Monetary System Hardcover – April 8, 2014
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—The Financial Times
The Death of Money makes a valuable contribution to our economic discourse."
"James Rickards' The Death of Money is ... making it a veritable golden age for smart books on the current state of the global economy."
“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 in an evenhanded tone that steers away from the sensational proclamation yet successfully undercuts conventional market wisdom. Rickards’s insight enables him to connect the dots in a way that few others can. A worthy successor to Currency Wars.”
—JOHN HATHAWAY portfolio manager, Tocqueville Gold Fund
“The Death of Money is an engrossing account of the massive stresses accumulating in the global financial system, especially since the 2008 financial crisis. Jim Rickards is a natural teacher. 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 crucial primer for investors and consumers for what lies immediately ahead for the United States and a world that remains entirely dependent upon the dollar. 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
“Rickards’s analysis of the inflation-deflation paradox, dangerous adversaries to the dollar, and the Fed’s strategy is insightful. Following his bestseller Currency Wars, this book is even better. 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; former board member, Financial Accounting Standards Board
About the Author
Top Customer Reviews
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.Read more ›
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.
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.Read more ›
Most Recent Customer Reviews
A long read, but somewhat prophetic. Some of the scenarios are taking place already.Published 6 days ago by Pork and Beans
Fantastic Read by Jim Rickards. Jim is such a well researched writer and he always gives you so much to think about.Published 7 days ago by Preston Pysh
This book opened my eyes to behind the scenes fact that would not have been able to find out.Published 13 days ago by metro9724
Must read for anybody interested in what's in store for our currency and therefore our economic future.Published 13 days ago by Amazon Customer
Excellent book to read especially with what is going on in the world economy.Published 17 days ago by Amazon Customer
Amazing addition to Currency Wars, fascinating read. However, I do see a lot of pessimism about the dollar which I believe the author exaggerates a little too much. Read morePublished 1 month ago by ComragCommy
A well written book which explains the manner in which currency is created and regulated in today's society. Read morePublished 1 month ago by Amazon Customer