James Rickards

Fascinating survey from someone qualified to observe and opine on the topic. Unlike some books on the topic, Rickards' work is not radical or extreme right-wing in its observations but honest, balanced and thought-provoking. The opening discussion of the Pentagon's financial war game simulation is enlightening, opening a window to the reader of the financial dangers and global consequences which could lie ahead. Rickards' is a bit biased toward some kind of gold standard for all paper money show more but a bias that is not without a factua basis. Highly recommend. show less

A tour d'horizon of the global monetary system, Rickards' book is an apocalyptic read. Rickards is right, I think, that central banks will find it difficult to extricate themselves from the situations they have got themselves into in recent years, but there are a couple of curious points in his analysis.

First, the section on the euro is mid boggling, serving the single currency up as a stunning success story bringing prosperity to the Eurozone periphery. Not only this, but Rickards chides show more critics of the euro for not taking the political will to make the thing work into account. Perhaps, but if political will can warp economic reality in Europe, why can't it do so in the United States, Britain, or Japan, whose economies are on Rickards' Naughty Step.

Secondly, Rickards claims that China's extensive holdings of dollar denominated debt gives it geo-political leverage over the United States. I've heard this argument before; that if the two countries ever faced over, say, Taiwan, the Chinese could threaten to sink the dollar. Of course, in doing so they would also sink the value of those extensive holdings of dollar denominated debt. Rickards argues that this would not concern the Chinese as their game is strategic, not economic, but if the harm would be asymmetric would it not lay in the other direction? If China trashed the dollar, accepting the hit on its reserves, the things those dollars are claims on, all that stuff between Portland, Maine and Portland, Oregon, would still be in the United States. The Chinese would have reduced their command over American assets and those assets would still be in the United States.

These quibbles apart, the world economy is still in a perilous situation. This book does a good job of conveying how perilous. show less

Interesting and challenging assessment of potential for a new (ie 2016 onwards) economic downturn / recession and what to do to be ready for and survive it. Far too repetitive, with what's said on one page repeated (sometimes in much the same words) a page or three later and again and again. The guy needs a good editor. Reads as though he has strung together a series of short pieced without cleaning up enough. But thought provoking and worth reading.

Somehow, the same financial collapse that will be so debilitating to society that bunkers and getaway islands will be impractical and easily overrun will also dissipate like a storm cloud against anyone who owns a nugget of gold.

A nice story with lots of world financial history and insights, but I'm not a Rickards customer.