Chris Martenson Interviews Jim Rickards: Paper, Gold Or Chaos?
Submitted by legalizeliberty on Sat, 02/18/2012 - 14:52History is replete with the carcasses of failed currencies destroyed through misguided intentional debasement by governments looking for an easy escape from piling up too much debt. James Rickards, author of the recent bestseller Currency Wars: The Making of the Next Global Crisis, sees history repeating itself today - and warns we are in the escalating stage of a global currency war of the grandest scale.
Whether it ends in hyperinflation, in the return to some form of gold standard, or in chaos - history is telling us we can have confidence it will end painfully.
On The Cause of Currency Wars
A currency war in the simplest form is basically when there is too much debt and not enough growth. The overhang of debt impedes growth because it clogs up bank balance sheets and clogs up the savings to investment mechanism and has a lot of negative effects. So there is not enough growth to go around. So countries, in effect, try to steal growth from their trading partners by cheapening the currencies.
And indeed, the Fed and the Treasury are trying to do that right now. They are trying to cheapen the dollar, probably for the reason I mentioned. The problem is it does not stop at that. It invites retaliation...
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http://www.zerohedge.com/news/chris-martenson-interviews-jim...
I recently read "Currency Wars" and
I could not put it down. The book is easy to follow, and gives an overview of all three currency wars the world has witnessed including the one we're in as of now.
This country has come to feel the same when Congress is in session as when the baby gets hold of a hammer. ~ W. Rogers; The law will never make men free; it is men who have got to make the law free. ~ H. D. Thoreau
Thanks
Going to look for it in Chapters/Indigo bookstores.
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