James Rickards

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James Rickards, an investment banker for more than 35 years has used his experience along with his vast knowledge of History and Economics to weave a fascinating story of currency being used as a pseudo weapon since the last century. In the modern era, currency is being manipulated to wage a war against competing countries on the economic front. This economic warfare is the subject of this book.
Rickards, initially talks about being involved in a war-game exercise near Washington D.C., where the weapons used were all financial like currencies, stocks, gold etc. Then, the Author explains how the currency wars start from a domestic economy lacking in growth and looking to depreciate its currency to promote its growth. He offers a chronological …show more content…
Countries such as Germany and France, who de-valued their currency gained an unfair advantage over their European neighbours like England, which tried to return to the gold standard. Germany had used hyper-inflation to increase trade competitiveness and also to reduce the burden of war reparations. This war ended with the tripartite agreement among England, the United States and France in 1936. Rickards maintains that the Gold Exchange standard followed in this period was deeply flawed. This standard allowed the central banks to inflate the economy which led to the boom of the 1920s and the subsequent great …show more content…
Thus, the Chinese were left with only 2 options, either to revalue their currency in a controlled environment or to face a creeping inflation. China opted for revaluation and thus the 1st round of this war was won by the USA. Rickards blames the Fed for keeping the liquidity trap running for several years by Quantitative easing. He further says that after years of massive printing of money and explosion of derivatives, the 3rd currency war will be fought on a massive
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