Currency Wars: The Making Of The Next Global Crisis describes the various currency wars that have been waged by nations in an attempt to gain certain economic benefits. The book describes currency wars as a tactic used by different nations to try to boost their own economies. For this to happen, the country must first devalue its own currency, which will cause the exchange rate of the home country's currency to fall in the global market. Once this stage is reached, domestic exports become cheaper while at the same time foreign imports become more expensive. For this reason, domestic industries tend to fare much better; which will lead to even more job opportunities, higher salaries, etc., which will help boost the national economy. When other countries respond by devaluing their own currencies, it is called a currency war. There are almost always no winners when it comes to currency wars. This book describes these currency wars in great detail and attempts to illustrate how chaotic and disastrous they can be. For this reason, Rickards promotes the elimination of currency wars. This book highlights some economic/financial methods used by various governments in an attempt to boost their own economies and place them at the top of the proverbial food chain. Unfortunately, competitive devaluation is one of the main weapons in the arsenal of financial tactics to achieve this goal. Rickards tells us how the great currency wars of the past have always been successful – we should not engage in them. In 1971, President Richard Nixon imposed national price controls and removed the United States from the gold standard. He did this as an extreme measure to end an ongoing currency war that had broken out...... middle of paper ...... Their theories not only malfunctioned in avoiding tragedy, but they caused the currency war. be even worse than they are now. The US Federal Reserve found itself embroiled in the biggest financial risk by printing trillions of dollars in an attempt to revive the US economy. By doing this, the US Federal Reserve is actually creating more problems than it offers solutions. While the final outcome of the current currency war is uncertain, a variant of the worst-case scenario is almost guaranteed if the world's economic leaders do not learn. calculation errors and mistakes of the people who came before them. In Currency Wars, Rickards describes the web of failed paradigms, arrogance and wishful thinking, with the aim of leading to a more effective and enlightened course of action when it comes to nations, governments and wars monetary..