The U.S. dollar has been the global reserve currency since the end of World War II. If the dollar fails, the entire international monetary system will fail with it. But optimists have always said, in essence, that confidence in the dollar will never truly be shaken, no matter how high our national debt or how dysfunctional our government.
In the last few years, however, the risks have become too big to ignore. While Washington is gridlocked, our biggest rivals—China, Russia, and the oil-producing nations of the Middle East—are doing everything possible to end U.S. monetary hegemony. The potential results: Financial warfare. Deflation. Hyperinflation. Market collapse. Chaos.
James Rickards, the acclaimed author of Currency Wars, shows why money itself is now at risk and what we can all do to protect ourselves. He explains the power of converting unreliable investments into real wealth: gold, land, fine art, and other long-term stores of value.
They say John Maynard Keynes called gold a "barbarous relic."
They say there isn’t enough gold to support finance and commerce.
They say the gold supply can’t increase fast enough to support world growth.
In this bold manifesto, bestselling author and economic commentator James Rickards steps forward to defend gold—as both an irreplaceable store of wealth and a standard for currency.
Global political instability and market volatility are on the rise. Gold, always a prudent asset to own, has become the single most important wealth preservation tool for banks and individuals alike. Rickards draws on historical case studies, monetary theory, and personal experience as an investor to argue that:
• The next financial collapse will be exponentially bigger than the panic of 2008.
• The time will come, sooner rather than later, when there will be panic buying and only central banks, hedge funds, and other big players will be able to buy any gold at all.
• It’s not too late to prepare ourselves as a nation: there’s always enough gold for a gold standard if we specify a stable, nondeflationary price.
Providing clear instructions on how much gold to buy and where to store it, the short, provocative argument in this book will change the way you look at this “barbarous relic” forever.
From the Hardcover edition.
Consider the $20 bill.
It has no more value, as a simple slip of paper, than Monopoly money. Yet even children recognize that tearing one into small pieces is an act of inconceivable stupidity. What makes a $20 bill actually worth twenty dollars? In the third volume of his best-selling Naked series, Charles Wheelan uses this seemingly simple question to open the door to the surprisingly colorful world of money and banking.
The search for an answer triggers countless other questions along the way: Why does paper money (“fiat currency” if you want to be fancy) even exist? And why do some nations, like Zimbabwe in the 1990s, print so much of it that it becomes more valuable as toilet paper than as currency? How do central banks use the power of money creation to stop financial crises? Why does most of Europe share a common currency, and why has that arrangement caused so much trouble? And will payment apps, bitcoin, or other new technologies render all of this moot?
In Naked Money, Wheelan tackles all of the above and more, showing us how our banking and monetary systems should work in ideal situations and revealing the havoc and suffering caused in real situations by inflation, deflation, illiquidity, and other monetary effects. Throughout, Wheelan’s uniquely bright-eyed, whimsical style brings levity and clarity to a subject often devoid of both. With illuminating stories from Argentina, Zimbabwe, North Korea, America, China, and elsewhere around the globe, Wheelan demystifies the curious world behind the paper in our wallets and the digits in our bank accounts.
In 1920-1921, Woodrow Wilson and Warren G. Harding met a deep economic slump by seeming to ignore it, implementing policies that most twenty-first century economists would call backward. Confronted with plunging prices, wages, and employment, the government balanced the budget and, through the Federal Reserve, raised interest rates. No “stimulus” was administered, and a powerful, job-filled recovery was under way by late 1921. Yet by 1929, the economy spiraled downward as the Hoover administration adopted the policies that Wilson and Harding had declined to put in place.
In The Forgotten Depression, James Grant “makes a strong case against federal intervention during economic downturns” (Pittsburgh Tribune Review), arguing that the well-intended White House-led campaign to prop up industrial wages helped turn a bad recession into America’s worst depression. He offers examples like this, and many others, as important strategies we can learn from the earlier depression and apply today and to the future. This is a powerful response to the prevailing notion of how to fight recession, and “Mr. Grant’s history lesson is one that all lawmakers could take to heart” (Washington Times).
When Governor Meyer was appointed by President Clinton to serve on the Federal Reserve Board of Governors in 1996, the United States was entering one of the most prosperous periods in its history. It was the time of "irrational exuberance" and the fabled New Economy. Soon, however, the economy was tested by the Asian financial crisis, the Russian default and devaluation, the collapse of Long-Term Capital Management, the bursting of America's stock bubble, and the terrorist attacks of 9/11.
In what amounts to a definitive playbook of monetary policy, Meyer now relives the Fed's closed-door debates -- debates that questioned how monetary policy should adapt to the possibility of a New Economy, how the Fed should respond to soaring equity prices, and whether the Fed should broker the controversial private sector bailout of LTCM, among other issues. Meyer deftly weaves these issues with firsthand stories about the personalities involved, from Fed Chairman Alan Greenspan to the various staffers, governors, politicians, and reporters that populate the world of the Fed.
Since the end of his term, Meyer has continued to watch the Fed and the world economy. He believes that we are witnessing a repetition of some of the events of the remarkable 1990s -- including a further acceleration in productivity and perhaps another bull market. History does not repeat itself, yet Meyer shows us how the lessons learned yesterday may help the Fed shape policy today.
Originally published in 1912, Ludwig von Mises’s The Theory of Money and Credit remains today one of economic theory’s most influential and controversial treatises. Von Mises’s examination into monetary theory changed forever the world of economic thought when he successfully integrated “macroeconomics” into “microeconomics” —previously deemed an impossible task —as well as offering explanations into the origin, value and future of money.
One hundred years later, von Mises and the Austrian school of economic theory are still fiercely debated by world economists in their search for the solution to America’s current financial crisis. His theorems continue to inspire politicians and market experts who aim to raise up the common man and reduce the financial power of governments. In a preface added in 1952, von Mises urges the people of the world to see economic truth:
“The great inflations of our age are not acts of God. They are man-made or, to say it bluntly, government-made. They are the off-shoots of doctrines that ascribe to governments the magic power of creating wealth out of nothing and of making people happy by raising the ‘national income.’”
“The best book on money ever written.” —Murray Rothbard, economist and historian
“The greatest economist of the twentieth century.” —Sandeep Jaitly, economist
In six concise chapters, Financial Fiasco tells the complex story of the crisis, showing how monetary policy, housing policy, and financial innovations combined to create financial catastrophe. The final two chapters describe the government's mismanagement of the crisis and how we are now dangerously repeating many of the very same mistakes that caused it. An understanding of the roots of the financial crisis is crucial for every American who has felt its effects - and would like to prevent the same disaster from happening again. Financial Fiasco provides that understanding, with great insight, clarity, and wit.
Just as important, the book serves as a profound warning against pursuing the wrong solutions. "After government authorities had helped create the worst financial crisis in generations, the climate of ideas has now shifted dramatically in the direction of bigger and more active government," Norberg writes. Financial Fiasco is the perfect antidote to those ideas, a cautionary tale on how to stop confusing the disease with the cure.
A drumbeat is sounding among the global elites. The signs of a worldwide financial meltdown are unmistakable. This time, the elites have an audacious plan to protect themselves from the fallout: hoarding cash now and locking down the global financial system when a crisis hits.
Since 2014, international monetary agencies have been issuing warnings to a small group of finance ministers, banks, and private equity funds: the U.S. government’s cowardly choices not to prosecute J.P. Morgan and its ilk, and to bloat the economy with a $4 trillion injection of easy credit, are driving us headlong toward a cliff.
As Rickards shows in this frightening, meticulously researched book, governments around the world have no compunction about conspiring against their citizens. They will have stockpiled hard assets when stock exchanges are closed, ATMs shut down, money market funds frozen, asset managers instructed not to sell securities, negative interest rates imposed, and cash withdrawals denied.
If you want to plan for the risks ahead, you will need Rickards’s cutting-edge synthesis of behavioral economics, history, and complexity theory. It’s a guidebook to thinking smarter, acting faster, and living with the comforting knowledge that your wealth is secure.
The global elites don’t want this book to exist. Their plan to herd us like sheep to the slaughter when a global crisis erupts—and, of course, to maintain their wealth—works only if we remain complacent and unaware. Thanks to The Road to Ruin, we don’t need to be.
The world is drowning in cash—and it's making us poorer and less safe. In The Curse of Cash, Kenneth Rogoff, one of the world’s leading economists, makes a persuasive and fascinating case for an idea that until recently would have seemed outlandish: getting rid of most paper money.
Even as people in advanced economies are using less paper money, there is more cash in circulation—a record $1.4 trillion in U.S. dollars alone, or $4,200 for every American, mostly in $100 bills. And the United States is hardly exceptional. So what is all that cash being used for? The answer is simple: a large part is feeding tax evasion, corruption, terrorism, the drug trade, human trafficking, and the rest of a massive global underground economy.
As Rogoff shows, paper money can also cripple monetary policy. In the aftermath of the recent financial crisis, central banks have been unable to stimulate growth and inflation by cutting interest rates significantly below zero for fear that it would drive investors to abandon treasury bills and stockpile cash. This constraint has paralyzed monetary policy in virtually every advanced economy, and is likely to be a recurring problem in the future.
The Curse of Cash offers a plan for phasing out most paper money—while leaving small-denomination bills and coins in circulation indefinitely—and addresses the issues the transition will pose, ranging from fears about privacy and price stability to the need to provide subsidized debit cards for the poor.
While phasing out the bulk of paper money will hardly solve the world’s problems, it would be a significant step toward addressing a surprising number of very big ones. Provocative, engaging, and backed by compelling original arguments and evidence, The Curse of Cash is certain to spark widespread debate.
An Economist Best Book of the Year, 2015
A Bloomberg Best Book of the Year, 2015
The finance sector of Western economies is too large and attracts too many of the smartest college graduates. Financialization over the past three decades has created a structure that lacks resilience and supports absurd volumes of trading. The finance sector devotes too little attention to the search for new investment opportunities and the stewardship of existing ones, and far too much to secondary-market dealing in existing assets. Regulation has contributed more to the problems than the solutions.
Why? What is finance for? John Kay, with wide practical and academic experience in the world of finance, understands the operation of the financial sector better than most. He believes in good banks and effective asset managers, but good banks and effective asset managers are not what he sees.
In a dazzling and revelatory tour of the financial world as it has emerged from the wreckage of the 2008 crisis, Kay does not flinch in his criticism: we do need some of the things that Citigroup and Goldman Sachs do, but we do not need Citigroup and Goldman to do them. And many of the things done by Citigroup and Goldman do not need to be done at all. The finance sector needs to be reminded of its primary purpose: to manage other people's money for the benefit of businesses and households. It is an aberration when the some of the finest mathematical and scientific minds are tasked with devising algorithms for the sole purpose of exploiting the weakness of other algorithms for computerized trading in securities. To travel further down that road leads to ruin.
This book will show you how to 'Have Your
Cake and Eat It'. In other words, you will learn how to buy what you need
without actually spending your own money.
Special qualifications or expert knowledge
is not required and you won’t need a salary increase. Armed with nothing but
the information contained in this book, you can start today with your current
income and take your first step towards financial freedom.
Take the 'Financial Aptitude Test' at the
end of the book and find out if you have the mentality of a Rich, Poor or
Foolish person, then begin at once to strengthen your weak points by re-reading
the relevant chapters. This book will soon become your trusted mentor and the
best gift that you could ever give to your friends and family.
What is money, and how does it work? In this tour de force of political, cultural and economic history, Felix Martin challenges nothing less than our conventional understanding of money. He describes how the Western idea of money emerged from interactions between Mesopotamia and ancient Greece and was shaped over the centuries by tensions between sovereigns and the emerging middle classes. He explores the extraordinary diversity of the world’s monetary systems, from the Pacific island of Yap, where value was once measured by immovable stones, to the currency of today that exists solely on globally connected computer screens. Martin shows that money has always been a deeply political instrument, and that it is our failure to remember this that led to the crisis in our financial system and so to the Great Recession. He concludes with practical solutions to our current pressing, money-based problems.
Money skips nimbly among such far-ranging topics as John Locke’s disastrous excursion into economic policy, Montesquieu’s faith in finance to discipline the power of kings, the social organization of ancient Sparta and the Soviet Union’s ill-fated attempt to abolish money and banking altogether. Throughout, Martin makes vivid sense of a chaotic and sometimes incoherent system—the everyday currency that we all share—in the clearest and most stimulating terms. This is a magisterial work of history and economics, with profound implications for the world today.
Topics covered include exchange rate regimes, contagion (transmission of currency crises across countries), the current account of the balance of payments, the role of private sector investors and of speculators, the reaction of the official sector (including the multilaterals), capital controls, bank supervision and weaknesses, and the roles of cronyism, corruption, and large players (including hedge funds).
Ably balancing detailed case studies, cross-country comparisons, and theoretical concerns, this book will make a major contribution to ongoing efforts to understand and prevent international currency crises.
그러나 아름답게 쓰여지는 돈은 사람을 살리고, 세우며, 세상에 감동을 주는 귀한 것이 될 수 있다. 그리스도인에게 있어서 믿음과 돈, 이 둘의 관계는 참으로 복잡하다. 재물이 있는 곳에 우리 마음이 간다.
현재, 우리는 미래의 삶에 대한 불안감이 증폭된 시대에 살아가지만, 돈도 섬기지 않고, 마음도 빼앗기지 않으며, 살아갈 수 있는 비결이 있다. 언제, 어디서든지 말씀을 읽고 묵상할 수 있는 스마트한 시대를 살아간다. 살아있는 말씀의 능력을 체험할 수 있는 최적의 환경이다.
사람이 하나님에 대한 성경적인 믿음을 갖게 되면, 우리네 인생을 좌지우지하는 재물로부터 자유로울 수 있을까? 예수님께서 말씀하셨다. “너희는 하나님과 재물을 겸하여 섬길 수 없느니라”(누가복음 16:13) 그리스도인의 삶의 질은 믿음과 하나님의 말씀인 성경의 가르침에 대한 실천적인 이해에 달려 있다.
돈(재물)과 관련된 인생의 문제를 찾고자 하는 이들에게 바른 방향을 줄 것이다.
특히 재정상담가, 금융업, 보험업에 종사하는 사람들에게 바른 신앙적 가치를 잡아주는 지침서가 될것이다.
'24가지 십일조에 관한 질문과 답변'은 현대 신앙인들이 겪는 돈과 하나님 사이에 갈등과 고민에 대한 답을 실었다.
In this excellent guide, now fully revised and updated, leading financial journalist Philip Coggan cuts through the headlines, the scandals and the jargon to explain the nuts and bolts of the financial system.
What causes the pound to rise or interest rates to fall? Which are the institutions that really matter? Why is it we need the Money Machine - and what happens when it crashes? Coggan provides clear and concise answers and shows why we should all be more familiar with a system we so intimately depend upon.
Supported by interviews with leading central bankers from around the world, and informed by the latest academic research, Banking on the Future considers such current issues as the place of asset prices and credit growth in anti-inflation policy, the appropriate role for central banks in banking supervision, the ways in which central banks provide liquidity to markets, the efficiency and cost-effectiveness of central banks, the culture and individuals working in these institutions, as well as the particular issues facing emerging markets and Islamic finance. Howard Davies and David Green set out detailed policy recommendations, including a reformulation of monetary policy, better metrics for financial stability, closer links with regulators, and a stronger emphasis on international cooperation.
Exploring a crucial sector of the global economic system, Banking on the Future offers new ideas for restoring financial strength to the foundations of central banking.
The U.S. today is the world’s biggest debtor nation, printing money with abandon to sustain the illusion of prosperity. The federal government owes $7 trillion and its debt is soaring. As a society, we owe more than $37 trillion, or about $500,000 per family of four. Our trade deficit with other countries is staggering, and to finance this mountain of debt we’re flooding the world with dollars. The inevitable result: The dollar will decline until it is displaced as the world’s dominant currency. Precious metals will soar in value, and gold will reclaim its monetary role at the center of the global financial system.
Traditionally a haven during times of uncertainty, gold has risen dramatically since 2001. By the fall of 2004 it was up by nearly 50%, at over $400 an ounce. But this is just the beginning.
James Turk, a leading gold authority and the founder of GoldMoney.com, and veteran financial writer John Rubino, show readers how to capitalize on gold’s dramatic climb. In The Coming Collapse of the Dollar, Turk and Rubino reveal which stocks and bonds will falter as the dollar declines and why that decline is virtually inevitable. They offer strategies for using gold coins, gold stocks, gold-based digital currencies, and other hard assets to create a profitable portfolio. And they explain how to make the most of your gold and other precious metal holdings, identifying the opportunities and pitfalls of buying gold mining stocks and the mutual funds that invest in them.
America’s debt binge has put its economy at grave risk. The value of the dollar is falling; many stocks are once again wildly overvalued; and bonds, tied to an ever-diminishing dollar, are a disaster waiting to happen. By investing in gold and other hard assets, Turk and Rubino explain how you can protect yourself from these dangers.
The Coming Collapse of the Dollar and How to Profit from It is a must read for every investor, whatever the size of his or her portfolio.
For more information, visit www.dollarcollapse.com.