Currency wars: the making of the next global crisis / James Rickards. p. cm. The scanning, uploading, and distribution of this book via the Internet or via any. by: James Rickards collapse of the international monetary system because, . Beyond mere market outcomes, consider financial war. SUMMARY OF THE BOOK: Currency Wars BOOK DETAIL: Author: James Rickards -Language: English -Grade Level: -Product.
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Currency wars [electronic resource (PDF eBook)]: the making of the next global crisis / James Rickards. Main Author: Rickards, James. Foreign exchange. Click here to be a member of our exclusive mailing list (We send free In this book, James Rickards examines the effects of currency wars and how they are. EDITIONCURRENS MATH FOR MEDS DOSAGES AND SOLUTIONS PDF EBOOK EPUB MOBI. Page 1 Currency Wars PDF Summary - James Rickards | 12min Blog currency Currency Wars Free Summary by James Rickards currency.
Baffling to many observers is the rank failure of economists to foresee or prevent the economic catastrophes of recent years. Not only have their theories failed to prevent calamity, they are making the currency wars worse.
The U. Federal Reserve has engaged in the greatest gamble in the history of finance, a sustained effort to stimulate the economy by printing money on a trillion-dollar scale.
Its solutions present hidden new dangers while resolving none of the current dilemmas. While the outcome of the new currency war is not yet certain, some version of the worst-case scenario is almost inevitable if U.
Currency wars have happened before-twice in the last century alone-and they always end badly. Time and again, paper currencies have collapsed, assets have been frozen, gold has been confiscated, and capital controls have been imposed. And the next crash is overdue. Recent headlines about the debasement of the dollar, bailouts in Greece and Ireland, and Chinese currency manipulation are all indicators of the growing conflict.
As James Rickards argues in Currency Wars, this is more than just a concern for economists and investors.
The United States is facing serious threats to its national security, from clandestine gold downloads by China to the hidden agendas of sovereign wealth funds. Still, U.
Looking more closely, we see a veritable cottage industry that computes U. They offer warning signs, as the alternative methods identify U. Anyone shopping for milk, bread, or gasoline would certainly agree with the higher figure.
As telling as these shadow statistics may be, they have little impact on international currency markets or Federal Reserve policy. This pro-inflation policy is an invitation to disaster, even as baffled Fed critics scratch their heads at the apparent absence of inflation in the face of unprecedented money printing by the Federal Reserve and other major central banks.
Many ponder how it is that the Fed has increased the base money supply percent since with practically no inflation.
But two explanations are very much at hand—and they foretell the potential for collapse. The first is that the U.
The second is that the inflation is coming. Both explanations are true—the economy is broken, and inflation is on its way. The Death of Money examines these events in a distinctive way.
The chapters that follow look critically at standard economic tools such as equilibrium models, so-called value-at-risk metrics, and supposed correlations. You will see that the general equilibrium models in widespread use are meaningless in a state of perturbed equilibrium or dual equilibria.
Turbulence is now the norm.
Currency Wars: The Making of the Next Global Crisis
Danger comes from within and without. We have a misplaced confidence that central banks can save the day; in fact, they are ruining our markets.
The value-at-risk models used by Wall Street and regulators to measure the dangers that derivatives pose are risible; they mask overleveraging, which is shamelessly transformed into grotesque compensation that is throwing our society out of balance. When the hidden costs come home to roost and taxpayers are once again stuck with the bill, the bankers will be comfortably ensconced inside their mansions and aboard their yachts.
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The titans will explain to credulous reporters and bought-off politicians that the new collapse was nothing they could have foreseen. While we refuse to face truths about debts and deficits, dozens of countries all over the globe are putting pressure on the dollar. We greatly underestimate the dangers from a cyberfinancial attack and the risks of a financial world war.
Regression analysis and correlations, so beloved by finance quants and economists, are ineffective for navigating the risks ahead. These analyses assume that the future resembles the past to an extent.
The first is that in looking back, they do not look far enough. Most data used on Wall Street extend ten, twenty, or thirty years into the past. The more diligent analysts will use hundred-year data series, finding suitable substitutes for instruments that did not exist that far back.
But the two greatest civilizational collapses in history, the Bronze Age collapse and the fall of the Roman Empire, occurred sixteen hundred years apart, and the latter was sixteen hundred years ago.Federal Reserve has engaged in the greatest gamble in the history of finance, a sustained effort to stimulate the economy by printing money on a trillion-dollar scale.
World countries soon looked for a return to the gold standard they relinquished amid the war.
That year the Federal Reserve dollar index declined to a distressingly low level, and the U. While the word collapse as applied to the dollar sounds apocalyptic, it has an entirely pragmatic meaning.
The first is that the U. Looking more closely, we see a veritable cottage industry that computes U. Recent headlines about the debasement of the dollar, bailouts in Greece and Ireland, and Chinese currency manipulation are all indicators of the growing conflict. Regression analysis and correlations, so beloved by finance quants and economists, are ineffective for navigating the risks ahead.
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