Published in 2012 and written by distinguished author James Rickards, Currency Wars makes a powerful case for looming financial disaster due to ongoing “currency wars” across the globe.
The book 'Currency Wars' takes a historical view of how our present-day national currencies are triggering a different type of warfare: Currency Wars. Rickards discusses the repercussions of programs such as QE1, QE2, and QE3 and the printing presses that fuel the present policies that allow this type of combat to happen.
“Printing dollars at home means higher inflation in China, higher food prices in Egypt and stock bubbles in Brazil. Printing money means that U.S. debt is devalued so foreign creditors get paid back in cheaper dollars. The devaluation means higher unemployment in developing economies as their exports become more expensive for Americans. The resulting inflation also means higher prices for inputs needed in developing economies like copper, corn, oil and wheat. Foreign countries have begun to fight back against U.S.-caused inflation through subsidies, tariffs, and capital controls; the currency war is expanding fast.”
The book is written in simple language that allows for a clear understanding of how currencies are at war with one another in the 21st century. Rickards takes the reader through a thought-provoking account of the history and progression of paper money.
“From its creation in 1913, the most important Fed mandate has been to maintain the purchasing power of the dollar; however, since 1913 the dollar has lost over 95 percent of its value. Put differently, it takes twenty dollars today to buy what one dollar would buy in 1913.”
Currency Wars is an insightful read concerning the realities of our present day national currency system and how you can personally prepare for its subjugations on your savings.