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Title: The Dollar Crisis: Causes, Consequences, Cures by Richard Duncan ISBN: 0-470-82102-7 Publisher: John Wiley & Sons Pub. Date: 25 July, 2003 Format: Hardcover Volumes: 1 List Price(USD): $29.95 |
Average Customer Rating: 3.82 (28 reviews)
Rating: 3
Summary: Great points on international trade issues, poor solutions
Comment: This book is really worth the read for anyone trying to make sense of our world economic environment. Mr. Duncan makes many persuasive points as he explains the cause of the boom/bust cycles that have occurred since the breakdown of the Bretton Woods agreement. A major point is that the proliferation of a fiat "dollar standard" has created credit inflation in the banking systems of export heavy nations. This increase in credit created much distortion and malinvestment, and the cycle ended with over-capacity and speculation. Asset bubbles were then created in equities and real estate. He also describes the "boomerang dollar" as the money flowing out of the US, because of our current account deficit, finds it's way back here as foreign nations buy our corporate, federal, and agency debt. Our budget deficit is largely financed by foreigners who then add the dollar denominated assets to their bank reserves. The author's work is well researched and presented.
In part four the author presents his solutions to what he believes is a looming global deflationary depression. He describes a global minimum wage, and the empowerment of the IMF to basically become the world's central bank. It was enough to make the Austrian hairs stand up on the back of my neck. I believe his solutions are thankfully unworkable. The cost and logistics of overseeing the minimum wage compliance would be staggering. We have enough trouble enforcing work laws in our own country. How do we expect some UN knockoff to monitor an employer in Saigon or Calcutta? The author's solution to allow the IMF to use special drawing rights to provide global welfare makes me wonder if he may have written the fourth part of his book as an intellectual exercise, target practice if you will.
Mr. Duncan's book is important in its factual examination of some very troubling global economic developments. I'm glad I read it. But, his solutions are way off the mark. Any real solutions come with much pain, it can't be avoided. We need a sound money system, less government intervention, and more reliance on free market forces.
Rating: 5
Summary: Read between the lines
Comment: Having traded currencies successfully for the past 20 years, I found this book to be a credible resource. With the U.S. deficit spiraling in the wrong direction, we need to be aware of all the possibilities to create optimum contingency plans. This book will provide you with the information to make the informed decisions.
Rating: 5
Summary: Dollar Crisis Accurate and Timely
Comment: I first read The Dollar Crisis four months ago. With each re-read, the author's reasoning for and results of the coming dollar crisis makes more sense. It lays an extremely good foundation for the current world imbalance and makes valid predictions which are based on historical models.
Although I wish the author had given additional recommendations for what we, as individuals, might do to protect ourselves before the eventual dollar demise, I do believe his idea of establishing a Global Minimum Wage may be the best way, internationally, to avoid the collapse of the dollar. I wish him the best of luck if he pursues this ambitious solution.
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