The beginning of the end


Currency Wars: The Making of the Next Global Crisis, Author: James Rickards.

By Steven Martinovich – James Rickards, who has an extraordinary educational and career resume, recently waded into the debate with the compelling Currency Wars: The Making of the Next Global Crisis and his effort may be the most distressing yet. Rather than “simple” global economic dislocations which end with the United States assuming a second-tier economic role, civilization itself may collapse due to an unfortunate confluence of factors which includes the growing complexity of interconnected economies and civilization, out of control growth of government spending and debt, irresponsible economic policies and currency manipulation, among others.

Rickards argues that we’re currently entering the first stages of what argues is the third currency war – the first two occurred in the 20th century – with the primary combatants consisting of the U.S., China and Europe. This currency war, he writes, “will be truly global and fought on a more massive scale than ever. Currency War III will include both official and private players. … Today the risk is not just of devaluation of one currency against another or a rise in the price of gold. Today the risk is the collapse of the monetary system itself – a loss of confidence in paper currencies and a massive flight to hard assets.” That collapse could include civilization itself. more>


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