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 advantages. The book describes a currency war as a tactic used by several nations in an attempt to revive their economy. For this to happen, the country must first devalue its currency, which will lead to a lower exchange rate for the national currency on the global market. Once this step is reached, domestic exports become cheaper while at the same time foreign imports become more expensive. For this reason, domestic industries tend to do much better; leading to additional job opportunities, higher wages, etc., which will help stimulate the national economy. When other countries respond to this situation by devaluing their currency, 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 advocates for an end to currency wars. This book highlights some economic/financial methods used by various governments in an attempt to revive their economy and place them at the top of the proverbial food chain. Unfortunately, competitive devaluation is the primary weapon in the arsenal of financial tactics to achieve just this. Rickards tells us how the great currency wars of the past have always ended badly: we should not participate in them. In 1971, President Richard Nixon imposed national price controls and took the United States off the gold standard. He did this as a last resort measure to end an ongoing currency war that was... half paper... Their theories not only worked poorly to avoid a tragedy, but are causing the currency war. be even worse than they currently are. The US Federal Reserve has been involved in the greatest risk in financial events by printing trillions of dollars in an attempt to jump-start the US economy. In this way, the US Federal Reserve is actually creating more problems than solutions. While the final outcome of the current currency war is uncertain, a variant of the worst-case scenario is all but guaranteed if the world's economic leaders do not learn from the miscalculations and mistakes of those who came before them. In Currency Wars, Rickards describes the web of failed paradigms, arrogance and wishful thinking, in an attempt to lead to a more effective and informed plan of action when dealing with nations, governments and currency wars..