As evidence of how nervous we are about global finance, James Rickards‘ book on the subject, released on November 15, has shot all the way to # 3 as a debut selection. News about this appeared in the Wall Street Journal Business Best-Seller Hardcover list, published on November 26-27, p. C14.
Rickards’ title is The Road to Ruin: The Global Elites’ Secret Plan for the Next Financial Crisis (New York: Portfolio). The book is currently # 1 in three Business and Money categories on Amazon.com
This is not Rickards’ first book. As I both paraphrase and quote from his biography published on Amazon.com, he is the Editor of Strategic Intelligence, a financial newsletter, and Director of The James Rickards Project, an inquiry into the complex dynamics of geopolitics and global capital. He is the author of The New Case for Gold (April 2016), and two New York Times’ best-sellers, The Death of Money (2014), and Currency Wars (2011) published by Penguin Random House. “He is a portfolio manager, lawyer, and economist, and has held senior positions at Citibank, Long-Term Capital Management, and Caxton Associates. In 1998, he was the principal negotiator of the rescue of LTCM sponsored by the Federal Reserve. His clients include institutional investors and government directorates. He is an Op-Ed contributor to the Financial Times, Evening Standard, New York Times, and Washington Post, and has been interviewed on BBC, CNN, NPR, C- SPAN, CNBC, Bloomberg, Fox, and The Wall Street Journal. Mr. Rickards is a guest lecturer in globalization and finance at The Johns Hopkins University, The Kellogg School at Northwestern, and the School of Advanced International Studies.”
The essence of this book appears in a description on Amazon.com: “As Rickards shows in this frightening, meticulously researched book, governments around the world have no compunction about conspiring against their citizens. They will have stockpiled hard assets when stock exchanges are closed, ATMs shut down, money market funds frozen, asset managers instructed not to sell securities, negative interest rates imposed, and cash withdrawals denied.”
It remains to be seen whether we will present this book at an upcoming First Friday Book Synopsis. Part of this depends upon the critical reviews the book receives, and how well it performs on upcoming best-seller lists. But, there is little question that the book will continue to receive much attention over the next several months.