Currency Wars: The Making of the Next Global Crisis

Currency wars are one of the most destructive and feared outcomes in international economics. At best, they offer the sorry spectacle of countries' stealing growth from their trading partners. At worst, they degenerate into sequential bouts of inflation, recession, retaliation, and sometimes actual violence. Left unchecked, the next currency war could lead to a crisis worse than the panic of 2008. Headlines about the debasement of the dollar, bailouts in Europe, and Chinese currency manipulation are all indicators of the growing conflict. As James Rickards argues in Currency Wars, this is more than just a concern for economists and investors. The United States is facing serious threats to its national security - from clandestine gold purchases by China to the hidden agendas of sovereign wealth funds. And there is a very real danger of the collapse of the dollar itself.