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The Death of Money

The Coming Collapse of the International Monetary System

Rickards, James

(Book - 2014)
Average Rating: 3.5 stars out of 5.
The Death of Money
Print
"The international monetary system has collapsed three times in the past hundred years, in 1914, 1939, and 1971. Each collapse was followed by a period of tumult: war, civil unrest, or significant damage to the stability of the global economy. Now James Rickards, the acclaimed author of Currency Wars, shows why another collapse is rapidly approaching--and why this time, nothing less than the institution of money itself is at risk. The American dollar has been the global reserve currency since the end of the Second World War. If the dollar fails, the entire international monetary system will fail with it. No other currency has the deep, liquid pools of assets needed to do the job. Optimists have always said, in essence, that there's nothing to worry about--that confidence in the dollar will never truly be shaken, no matter how high our national debt or how dysfunctional our government. But in the last few years, the risks have become too big to ignore. While Washington is gridlocked and unable to make progress on our long-term problems, our biggest economic competitors--China, Russia, and the oilproducing nations of the Middle East--are doing everything possible to end U.S. monetary hegemony. The potential results: Financial warfare. Deflation. Hyperinflation. Market collapse. Chaos"--
Publisher: New York :, Portfolio/Penguin,, [2014]
ISBN: 9781591846703
1591846706
Branch Call Number: 332.4 R
Characteristics: 356 pages ; 24 cm

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Wednesday, June 25.


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Yes, guys, you seem to be very interested in Money - 53 holds for this book! Well, Money interests you, you should be glad to have cash as yet. Because it was announced earlier this year in the Vancouver newspapers that in 2021 cash will disappear, only cyber money will exist. In an article in Toronto Star on Dec.10, 2006 (Title: "One Generation Is All They Need") Kevin Haggerty, an expert on security writes that the next generation, using coercion and trickery, will be implanted with a chip in their body, and it will be their bank card. It will start with the welfare people, prison inmates, then the military, police, gov. employees, then the rest of us. You find this article on the Net, if you want details. I wonder if there will be credit at all as it is now. You buy too many new model cars and condos on credit, and this will bring on us a second Great Depression, as the one of the 1920s and 1930s. People who now (allegedly) demand their salaries in "bit coins" don't realize that once cash ceases to exist, they are the slaves of the cyber money system, and those who control it, can control their accounts too. Actually, Dr. Coleman writes about this in his book "The Conspirators' Hierarchy" available in VPL - he says there will be no money in the world of the (rather near) future, and all trading outside the system (including barter or valuables, like coins or gold) will be forbidden. This means total slave-like dependence on the System. The present plastic paper money is a psychological preparation of us for the exclusive use of "Plastic Money" (cards), but soon those will be replaced also by the body implant chip. This will start in 2021. The Cyber accounts can easily be stopped or hacked into, and then, as there is no cash, you are toast, you can't buy anything. This is the "death of money."

I have not read this book, yet I can tell you that economic growth cannot go on forever, and population growth either. It was written in the newspapers this year that the Royal Mint is working on creating a new system, where there will be no cash at all. What does this mean? The reason given is to prevent drug dealers from laundering money, etc. In reality, just imagine when your money exists in cyberspace only and you cannot put aside hard cash. You don't control cyberspace, so you can't control your dough either. Besides, it's been announced in the Media that hackers can attack our monetary systems too. In principle, if there is no cash, someone who controls the electronic money system can conrol even what you can buy and where. Cash is safety, but in a Mega Depression even that's not worth much. Consumerism, so it seems, starts to consume us. Economic growth takes us to an ultimate limit and crash; economic slowdown takes us to where the world was in the 1920s. Prince Charles said ini the Media that Capitalism cannot go on for long and we need a new economic model. I guess it'll be based on modesty and lack of selfish motivations, if we want to survive.

An insightful read from the viewpoint of an expert.

Nov 18, 2014
  • byoneoka rated this: 5 stars out of 5.

This is the best analysis I've seen of the complex predicament facing us in 2014. We are in a dreaded deflation, slow economic growth, and high money printing--with the overhang of overwhelming debt and an enormous deficit. The US faces only hard choices. Traditional fiscal and monetary policy tools won't be enough to solve this. Rickard argues convincingly that the root problems are structural and have become too great-- regardless of which path(s) the major players take in response-- we will likely see a global crisis that will last a generation, bigger than the Great Depression. It will be driven by the collapse of the dollar and our international monetary system. Written in a clear, practical manner. A must read.

B. Yoneoka

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Rickards, James
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