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The Death of Money: The Coming Collapse of the International Monetary System


Author of The Death of Money and New York Times and Wall Street Journal bestseller Currency Wars
Director of Strategy and Operations, Development Economics, World Bank Group
Date: Tuesday, May 13, 2014
Time: 12:30 p.m. - 2:00 p.m. ET (16:30 – 18:00 GMT or convert time)
Location: Online

This event has concluded, view the replay below.

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.

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Read what others are asking
Dr. Ashish Manohar Urkude
First question : Is it a death or evolution? Second question: Is it happening in organised way or in an un-organised way? Third question: Will it benefit rich or poor individuals/ countries! Fourth question: When will be death of next currancy (what ever that enetity be) be expected?
Alex Gloy
Hi Jim, re Japan: if / when their government finances go belly-up, will the US watch its main ally drown (which would enable China to enlarge their influence)? Could the Fed be 'forced' to keep Japan afloat by purchasing JGB's? What would be the repercussions for FX and gold?
United States
Hi Jim, 1) Will the US gov't be desperate enough to raid retirement accounts and turn it into gov't annuities? 2) If SDR was the main currency, does that mean US interest rate will go up since it's highly inflationary? 3) If US dollar loses 80% to 90% of it's value if SDR was the main currency, how does that relate to other currencies? Does that mean other currencies go up in value? 4) If gold really go up in value will the US gov't put a high tax on it? 5) Do you think the US 10 year bond will go down to 0.80% and stay really low like in Japan? Thank you! 3)
B Manchenahalli
Will US Executive permit Arabs to cut oil contracts in currencies other than Us$
Jonatan Barbera
United States
Do you believe the US isn't giving other countries their Gold back because they're holding it hostage in case anything happens to the dollar?
Stan Roberts
United States
Do you believe that capital controls being implemented by H.R.2487 will significantly impact the flow of dollars from U.S. held international accounts back to the U.S.?
United States
G'day! Are you familiar with the view known as Freegold, which proposes the fractionally-reserved gold derivatives market will inevitably experience a breakdown of confidence and the gold market will reset to physical-only? Its proponents believe that the Euro system was designed in anticipation of this transition, with gold marked to market on its balance sheet and not formally linked to the currency, and that a free-floating, physical-only gold market will price currencies relative to each other, balance trade, discipline fiscal & monetary policy on the part of sovereigns, and resolve Triffin's dilemma. What do you think of this hypothetical equilibrium of gold as 'world reserve asset' and, more generally, that of the separation of MoE and SoV functions of money into fiat and gold, respectively? Thanks for your thoughts!
How long will China need to exhaust their gold mines if they continue mining at the rate they are going now?
United States
Jim you say 10% of portfolio in gold , do you consider mining shares as owning physical gold?
United States
Gold, indeed, is the answer. But how far can this metal go and what other metals can it take with it? Mike Maloney estimates $24,000, with the same upshot gold did in 1980. The book predicted $7,000/ounce (using Gold-GDP ratio; given that 4,000 tonnes were obtained by the Chinese). Silver has been known to mankind as most common medium of exchange for labor (also an industrial metal). Platinum, Rhodium, Iridium, Palladium are also precious metals. Wouldn't a sudden rise in re-evaluation of gold shift other metals prices? How does that impact countries who are mining these metals? I am guessing with the same upshot it did in 1980 and silver tailing behind, many production lines will no longer produce goods with other precious metals because of the price hikes. The book could have been taken one extra direction: Richards did not discuss in detail the declining quality of the American labor force, poor education, dependence on welfare, and growing economic disparity, gun ownership (briefly touch), and racial fault lines. These are all societal problems that will affect the post-crisis period. We beg the question (somthing Charles Murray would ask): if the virtues of American working class cease to exist what good is a world class military or the King Dollar?
Geronimo S. Moreno
can I invest money in the fondo monetario Internacional?
Would governments have the right, in a fiscal crisis, to confiscate the private and individual ownership of gold? Or set a fixed price to it, way below what may have been the purchase price over a period of time? Or tax it.......?
United Kingdom
Firstly, do you believe the Fed can only taper because money from MyRA is expected to take over that duty soon (with a proxy in Belgium bridging the gap)? Secondly, if China dumped all their dollars, how much gold would they need for its appreciation to cover their losses?
Dr. Ananh Norasingh
United States
The stability of the global economy is based on the proper development of the international monetary system. Presently, the main objective of World Bank group is to end the poverty by 2030 that along made opportunity for the rich to made money. The methods is to use the off ledger black accounts to generate lot of money for profit. However, nobody really look at the main objective of the goal of the account holder. It is for humanitarian development only and it should have a full feasibility study, then the money will go to the proper channel for development, then the institution will not be at risk.
Tim Saloga
United States
I've heard you in many interviews and you always dodge the question of the insider trading in connection to 9/11 and the connection of our government; more specifically building 7 falling.
New Zealand
Hi James, always wondered what your opinion on Martin Armstrong is. Thanks.
Dr.Rakesh Kumar Manhar
Why some countries are devaluating their own currencies?
United States
why do you recommend only 10% in gold?
Mrs Saranya Sinthuchon
Hi Mr.president Jim, How I can use the money ,Account withe spiritual boy develop in Laos country ?
Delores Perdue
United States
If gold is to be part of the future financial system, why would the US, the largest economy, allow all of its gold to move east?
Hy Alur
United States
The subject is sickening, depressing. What bothers you the most given the overall situation?
Vasco Sampedro
Gold was always the preferred form of money due to its intrinsic qualities. But now, we live in a world where everything can be “commodified” and serve as money due to computerized ledger and accounting. Let me give you the example of crude oil:there are different types of crude, but imagine that an entity (let say, “Crude World Council”) has the capacity to certify WTI as the benchmark for world trade and certify each country amount of WTI. You wouldn’t need to move crude around (of for any other purpose, natural gas, soy beans, etc,). So, why would gold be the preferred form of money to be included in SDR’s?
John Caivano
With do much global public debt in the G7 countries, and no path available to remedy the upcoming fianancial calamity. Why has there been so little 'call to action' in these countries?
J Carlton
United States
Jim, I'd like to hear your thoughts and theories on the future of 401(k) portfolio strategy. Thank you!
Rhonda Doyle
United States
Given the increasing methods of electronic commerce, how functional does an IMF under its current structure remain?
Tony Veiga
United States
Mr. Rickards: I never got Keynesian economics either but I am not nearly as smart as you. Thank you and Keith for making me feel much better. Do you think that the ease of getting inside the decision loop might make your forecast time a little too long? Seems that things happen much more quickly now. I did not expect the 2008 debacle to happen until 2010.