Aftermath
Seven Secrets of Wealth Preservation in the Coming Chaos
(Sprache: Englisch)
As any student of financial history knows, the dizzying heights of the stock market can't continue indefinitely--especially since asset prices have been artificially inflated by investor optimism around the Trump administration, ruinously low interest...
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As any student of financial history knows, the dizzying heights of the stock market can't continue indefinitely--especially since asset prices have been artificially inflated by investor optimism around the Trump administration, ruinously low interest rates, and the infiltration of behavioral economics into our financial lives. The elites are prepared, but what's the average investor to do?
Klappentext zu „Aftermath “
A Wall Street Journal bestsellerFinancial expert, investment advisor and New York Times bestselling author James Rickards shows why and how global financial markets are being artificially inflated--and what smart investors can do to protect their assets
What goes up, must come down. As any student of financial history knows, the dizzying heights of the stock market can't continue indefinitely--especially since asset prices have been artificially inflated by investor optimism around the Trump administration, ruinously low interest rates, and the infiltration of behavioral economics into our financial lives. The elites are prepared, but what's the average investor to do?
James Rickards, the author of the prescient books Currency Wars, The Death of Money, and The Road to Ruin, lays out the true risks to our financial system, and offers invaluable advice on how best to weather the storm. You'll learn, for instance:
* How behavioral economists prop up the market: Funds that administer 401(k)s use all kinds of tricks to make you invest more, inflating asset prices to unsustainable levels.
* Why digital currencies like Bitcoin and Ethereum are best avoided.
* Why passive investing has been overhyped: The average investor has been scolded into passively managed index funds. But active investors will soon have a big advantage.
* What the financial landscape will look like after the next crisis: it will not be an apocalypse, but it will be radically different. Those who forsee this landscape can prepare now to preserve wealth.
Provocative, stirring, and full of counterintuitive advice, Aftermath is the book every smart investor will want to get their hands on--as soon as possible.
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Chapter OneScattergoods
From November 1918 down to the present day, no frontal challenge to state power has ever succeeded in any Western state.
Adam Tooze, The Deluge (2014)
History is the first casualty of media s microsecond attention span. An army of pseudo-savants saturate the airways to explain that tariffs are bad, trade wars hurt growth, and mercantilism (the art of accumulating reserves) is a throwback to the seventeenth century. These sentiments come from mainstream liberals and conservatives and tagalong journalists trained in the orthodoxy of so-called free trade and the false if comforting belief that trade deficits are the flip side of capital surpluses. So what s the problem?
The problem is that perpetual trade deficits have put the United States on a path to a crisis of confidence in the dollar. Capital surplus is a euphemism for excessive debt issuance by corporations and the Treasury. Zero tariffs are an invitation to outsource manufacturing and destroy high-paying U.S. jobs. Mercantilism makes China the fastest-growing major economy, while free trade leaves the United States to languish with depression-level growth. The cherished verities of liberal economics are mostly junk science; a thinly veiled stalking horse for the real goal of global governance and taxation in the name of globalization.
A visit to the history section of a library reveals liberal hero Alexander Hamilton was a staunch protectionist who nurtured U.S. industry with bounties, tariffs, and other obstacles to free trade. Progressive icon Teddy Roosevelt supported the gold standard and a strong dollar. Our first globalist president, Woodrow Wilson, wanted globalism not based on integrated supply chains, but on U.S. hegemony over authoritarian Germany and Russia and imperialist France, Japan, and the U.K. Wilson s way of achieving this was not with arms but with gold, dollars, and Wall Street credit. Conservative champion Ronald Reagan imposed such high
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tariffs on Japanese cars that they moved their factories to Tennessee and South Carolina, where the factories remain today. In fact, America s greatest periods of prosperity were associated with tariffs and mercantilism until the 1990s, when debt and war became all-purpose substitutes for investment in U.S. factories. Now the debt boom is dying, a day of reckoning approaches, and false economic nostrums won t save us.
This conundrum between what works in practice (protection and mercantilism) and modern miseducation (free trade and globalism) must be solved to secure the future strength and stability of the United States. There is ample room for smoothing the rough edges off mercantilism, but only if clear-eyed and historically trained negotiators are assigned to the task. Soft-power globalists are happy to see the United States in relative decline as long as the world is better off. The problem is that most of the world is violent, authoritarian, unethical, and inimical to U.S. values. Enriching China at U.S. expense is not just a weak globalist trade-off; it finances concentration camps and industrial slavery. Globalist champions such as Jeffrey Sachs and Mike Bloomberg are in deep denial on this, yet it s true.
Resolving this conundrum requires talents that range far beyond economics. The quandary can be addressed only by combining experts in geopolitics, history, sociology, law, and complex dynamics. This kind of high-level expert integration with a view to national security is an unsung strength of the Central Intelligence Agency. In this fashion, we turn to the CIA for an inside look at how the United States is using centuries-old tools to meet the twenty-first-century threat from globalization.
A House in Langley Woods
CIA headquarters is a secure compound, with admittance tightly restri
This conundrum between what works in practice (protection and mercantilism) and modern miseducation (free trade and globalism) must be solved to secure the future strength and stability of the United States. There is ample room for smoothing the rough edges off mercantilism, but only if clear-eyed and historically trained negotiators are assigned to the task. Soft-power globalists are happy to see the United States in relative decline as long as the world is better off. The problem is that most of the world is violent, authoritarian, unethical, and inimical to U.S. values. Enriching China at U.S. expense is not just a weak globalist trade-off; it finances concentration camps and industrial slavery. Globalist champions such as Jeffrey Sachs and Mike Bloomberg are in deep denial on this, yet it s true.
Resolving this conundrum requires talents that range far beyond economics. The quandary can be addressed only by combining experts in geopolitics, history, sociology, law, and complex dynamics. This kind of high-level expert integration with a view to national security is an unsung strength of the Central Intelligence Agency. In this fashion, we turn to the CIA for an inside look at how the United States is using centuries-old tools to meet the twenty-first-century threat from globalization.
A House in Langley Woods
CIA headquarters is a secure compound, with admittance tightly restri
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Autoren-Porträt von James Rickards
James Rickards is the author of the acclaimed national bestseller Currency Wars, which has been translated around the world. He is a portfolio manager at the West Shore Group and an adviser on international economics and financial threats to the Department of Defense and the US intelligence community. He lives in Connecticut.
Bibliographische Angaben
- Autor: James Rickards
- 2020, Internationale Ausgabe, 336 Seiten, Masse: 12,8 x 19,2 cm, Kartoniert (TB), Englisch
- Verlag: Penguin US
- ISBN-10: 0525538844
- ISBN-13: 9780525538844
- Erscheinungsdatum: 25.02.2020
Sprache:
Englisch
Pressezitat
"The discussion of why the US middle classes are under pressure, the case for universal basic income and similar ideas is one of the best I have read: humane, lucid and relevant. Rickards has gone and done it again." Wealth Briefing Asia
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