Darien author writes about relationship between economics and national security
A local author has garnered national attention for his book about the relationship between the International Monetary Fund and national security.
James Rickards, a financial advisor, investment banker and risk manager, wanted to write a book for the average American to better understand how global economics influence policies in the country. His book, "Currency Wars: The Making of the Next Global Crisis," discusses how dangerous currency wars can become as they can encourage countries to steal growth from each other or cause recessions and spikes in inflation.
"Economists don't really want people to understand what they are doing. They use a lot of jargon and you can't always understand what they are saying even when they are telling you," Rickards said. "I wanted to put what the IMF and economists do in plain English so people can understand it."
Rickards spent a year working on his book and because he already had a strong background in economics he found a lot of the research he needed was already in his head. As he was writing, Rickards found the way the book came together was very exciting.
"Actually being able to see this book come together was really great," he said.
Once the book was released to the public, some presidential candidates like Rick Perry discussed aspects of the book during their campaigns, Rickards said. He knew the topic would inspire debate because he readily admits it is "pretty hard on economists."
One of the key points Rickards said he tried to make to prove how economists don't always know what they're doing is the current Obama Administration's economic policy.
"We've been down this road before and they won't admit it but the administration is pursuing a weak dollar policy," he said. "They think it will help the economy but it really only helps large corporations and hurts average Americans who lose savings as a result of inflation. Our income inequality is set to surpass Mexico's in the future, which is pretty shocking."
Rickards said he is glad people are debating the ideas he presents in his book because that was the purpose -- to get people talking.
"I never expected a warm reception from economists but as long as the debate is taking place that is a good thing," he said.
If anyone has concerns the content of the book may be too difficult to grasp without a background in economics, Rickards said that shouldn't deter them from picking up a copy because he presented the information in as accessible a manner as possible.
"I really want people to know this book is accessible. The information is simplified, not dumbed down, so people shouldn't be put off by the economics," he said. "I hope when people read this book they can understand that if inflation reaches the same levels as in the 1970s then that can have serious consequences. I don't want people to be victimized by the economy," he said.
Rickards is already in discussion about publishing a second book, although he wouldn't share any additional details.
"Right now I'm still working on ideas for another book," he said.