Doom and gloom are the order of the day in James Rickards latest book. Many will not want to hear what he has to say about our teetering economy but perhaps we should listen. He has credentials as an international economics advisor to the US Dept. of Defence and the US intelligence community among other accolades.
The book speaks of the demise of the US dollar – long seen as the world’s reserve currency. He reviews how the international monetary system collapsed three times this century and predicts that the next one may be catastrophic. The world is at war in a financial sense. Russia, China, among other countries have lost faith in the US dollar and are actively diminishing what faith there is left in it. There is also a major concern with deflation. Deflation will make the US national debt burgeon to a point beyond
hope of ever being paid if we are not there already. Later he speaks of asset bubbles – the most recent that we are familiar with – the 2007-2008 global financial crisis and how the bailout has undermined the future of everyday people. He also talks at length about ever expanding student debt and how this also will likely not end well. Finally he turns the topic to gold and shows how many nations are increasing their stockpiles of this asset more than likely in preparation for a coming shift away from the US currency.
Dommsayers make for good reading although I found the depth of information in this book tiring to wade though. Nevertheless, the message speaks to the corruption of the time. Finance is becoming more and more difficult for most these days. Credit abounds and competition for jobs is fierce. I will go out on a limb and say that Rickards presents a conservative argument for a coming reckoning. When that event happens is elusive to most I’m sure for the majority of us are concerned with day to day living and not global finance. 3/5 stars for readability. 4/5 stars for the importance of the message.
reviewed by glenn @ DPL