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"The best book I've read on the history of money, where we are now, and what it all means for your future." (Daniel Ameduri, Future Money Trends)
"Turk and Rubino have done it again! Crisp writing and excellent storytelling illuminate the causes of our inevitable monetary crisis." (Chris Martenson, Ph.D. & Adam Taggart, PeakProsperity.com)
"I wholeheartedly endorse the Money Bubble's main thesis that a major currency crisis is coming and you need to protect yourself from it. Two thumbs up." (Mike Shedlock, Mish's Global Economic Trend Analysis)
About the Author
James Turk and John Rubino are the co-authors of The Coming Collapse of the Dollar and How To Profit From It: Make a Fortune by Investing in Gold and Other Hard Assets (Doubleday, 2004). James Turk is the founder and a director of GoldMoney, a Jersey, Channel Islands company and a leader in online gold trading. He is also a director of the GoldMoney Foundation, a not-for-profit educational organization dedicated to providing information on sound money. After beginning his business career with The Chase Manhattan Bank (now JP Morgan Chase), he went onto manage the Commodity Department of the Abu Dhabi Investment Authority, that country's sovereign wealth fund. He is the author of several monographs and numerous articles on money and banking. He and his wife live in London, England. John Rubino runs DollarCollapse.com, a popular financial website, and contributes regularly to CFA Magazine. His previous books include Clean Money: Picking Winners in the Green-Tech Boom (Wiley, 2008), How to Profit from the Coming Real Estate Bust (Rodale, 2003) and Main Street, Not Wall Street (Morrow, 1998). After earning a Finance MBA from New York University, he spent the 1980s on Wall Street, as a Eurodollar trader, equity analyst and junk bond analyst. During the 1990s he was a featured columnist with TheStreet.com and a frequent contributor to Individual Investor, Online Investor, and Consumers Digest, among many other publications. He lives in Idaho with his wife and two sons.
I'm contributing this because I have benefitted a great deal from other people's book reviews. This is an extremely well written discussion concerning the historical and well as current events in the financial and monetary world. Most of this was in the last book, and also available on the internet. However, it all becomes a very academic exercise if there is no good solution. The disappointing part is that there is precious little usable new information concerning what a person can do to protect themselves. I would have hoped at this late date we would have more concrete guidance on how to mitigate the possible damage. There are too many authors that consider the solution to a risky situation to be doing something that is even more risky to counter it. Great, if your timing is perfect. But if you are that good at timing markets, you are probably going to do OK anyway. The other thing is while I think that you can have somewhat of a handle on the economic situation the political / legal situation is the wild card and we need to know more about this factor. Finally, there is the time factor. Yes, the sun will eventually go supernova, but it may not do that for quite a while, if you get my drift. Meanwhile, life happens. In particular a more balanced view to the investing approaches might be useful, including more of a discussion concerning possible disadvantages.
I would recommend the book to anyone who is not yet familiar with this subject, or who hasn't read the previous book. It might make a good gift.
A very readable book, especially considering how much material it covers.
The book is divided into four parts. Part I explains what a precarious situation the Western financial world is really in, due to “papering over” crisis after crisis with increasing amounts of debt and fiat currency, yet without actually fixing anything. If you’re fairly new to this, Part I will alert you to some major risks (but in plain, rather than alarmist, language). If you’re already somewhat worried, you’ll wish you could make your friends and relatives sit down and read this section, because it lays out the dangers nicely.
Part II explains some of the consequences of all this unfettered debt and currency creation, which go beyond what’s traditionally thought of as economics. There’s the burden of inflation (largely hidden and denied), and the perils of rising interest rates, both of which are well described. But it also discusses increased corruption, an ever-expanding (because easily funded) military-surveillance state, manipulated markets and a resultant loss of trust, and a level of societal complexity which is not sustainable and will end unpredictably (but badly). That’s just a partial list. People who think they’re not interested in economics might be a lot more interested if they understood how “easy money” plays into many of the issues they care about.
Part III highlights some of the features of our slightly bizarre financial system, necessary knowledge for understanding how to protect oneself. It covers open secrets which are easily understood but which much of the public is woefully unaware of: the way fractional reserve banking actually works, the amount of power unelected central bankers wield, and why inflation is a hidden tax that people don’t realize they’re paying. Understanding the unfairness of the financial system makes you want to distance yourself from it, which leads to Part IV, the “what you can do to prepare” section.
Part IV involves, in part, bullish arguments for gold and silver, and there might be some skeptics who’ve grown impatient with precious metals. If you’re in that crowd, this part of the book is an excellent reminder of what the fundamentals really are, which it might be helpful to revisit. The impatient would also benefit from reading the introduction to the book, which gives a good explanation for why the financial breakdown that history dictates has not happened yet.
It should be a useful book for people at different levels of knowledge, from someone just learning about money & economics to someone who knows a lot, but might love to have some clearly outlined talking points to bring to friends and relatives.
This book is clearly a counterpoint to Harry Dent's recent book, The Demographic Cliff. While both books are good at presenting the view of the author(s), Turk and Rubino make a clear case for the eventual demise or radical devaluation of the dollar through inflation. The Money Bubble is, in my opinion, a must-read for every thinking person-- most especially those recently retired or about to. The authors have presented a technical subject in a clear non-technical way that can be understood by Joe Public. It is one of the most recently published books too, so their data is fresh and their conclusions compelling. Their thinking is certainly in line with what I learned many years ago (1974) as I took my degree in Economics. If there were only one book on "predictive economics" The Money Bubble should be that book!