James Rickards is a consultant, investment banker and risk control expert who has been engaged in the capital market for more than 30 years. He advised the US Department of Defense, intelligence agencies and major hedge funds on world financial issues, and participated in the first financial war exercise held by the Pentagon as one of the planners and coordinators.

He is often invited as a guest by American Consumer News and Business Channel, CNN, Fox, C-SPAN, Bloomberg Finance and NPR, and teaches at Hopkins University and its School of Advanced International Studies.

The major works of James Richards.

"Currency War" mainly introduces that the core of currency war is to devalue the domestic currency by various means, gain price advantage in exports and obtain temporary economic growth at the expense of trading partners, but its long-term effect is economic recession.

This point was fully proved in the first currency war (192 1 ~ 1936) and the second currency war (1967 ~ 1987). But this historical lesson seems hard to learn. The Federal Reserve carried out the quantitative easing policy and issued money indiscriminately, which pushed the world into the third currency war since 20 10.

Three currencies (USD, EUR and RMB) are the main participants in this currency war. Although the G-20 and the International Monetary Fund have mediated, the prospect is not clear and may last for another five years or more.