Naval War College Review


Is the United States now engaged in a currency war? Are we involved in an international competition of currency devaluation that will impact America in seldom-studied ways that are critical to its defense? James Rickards suggests that we are, and that today’s cur- rency war could be as devastating to national security as any kinetic war. James Rickards is a counselor, invest- ment banker, and risk manager with over thirty years of experience in capital markets. He advises the De- partment of Defense, the intelligence community, and major hedge funds on global finance. He served as a fa- cilitator for the first-ever financial war games conducted by the Pentagon.