The Death of Money

ACKNOWLEDGMENTS

My sincere thanks go to Melissa Flashman and Adrian Zackheim for first encouraging me to write on the challenging subject of international economics several years ago and for supporting me in this task ever since. The Death of Money would not exist without their help and guidance.

There is scarcely a manuscript that cannot be improved by good editing, and I was fortunate to have one of the best editorial teams around to help with The Death of Money. Will Rickards deftly handled the daunting burden of first-draft editing. Hugh Howard did a fine job as development editor, enlivening didactic structures. Janet Biehl’s attention to detail as copy editor rivaled that of Sherlock Holmes, with felicitous results. Niki Papadopoulos, senior editor at Portfolio, was an inspiring muse and rode herd on the entire process. The quality of this book owes a lot to all of them. Any remaining errors are entirely my responsibility.

I am fortunate to have close friends among economists and market professionals, who provide me with candid advice when I need to try out new ideas or explore those of others. I have benefited greatly from their acumen, and I thank John Makin, Dave “Davos” Nolan, Peter Moran, Chris Whalen, Bob Rice, Sorin Sorescu, Benn Steil, Steve Cordasco, John Cassarini, Roger Kubarych, Steve Halliwell, Komal Sri-Kumar, Don Young, Richard Duncan, and Art Laffer for their generosity of time and spirit to help me make sense of an opaque financial landscape.

I owe a special debt to Ken Dam, who literally wrote the book on the IMF, gold, and SDRs. His 1982 classic, The Rules of the Game, is the indispensable source for understanding the IMF today. I follow humbly in his footsteps.

My many invitations to discuss finance in the public square of television, radio, and the Internet have helped to sharpen my analyses in ways that have contributed to this book. My sincere thanks go to Deirdre Bolton, Lauren Lyster, Adam Johnson, Vielka Todd, Max Keiser, Stacy Herbert, Kathleen Hays, Demetri Kofinas, Amanda Lang, and Annmarie Hordern for inviting me onto your programs and holding my feet to the fire through countless discussions of the euro, gold, the Fed, China, and the new depression.

Today a book on finance is as much about Washington as it is about Wall Street, and I am grateful to my friends in public policy, national security, and the media in Washington who have guided me through thickets inside the Beltway. Thank you to Taylor Griffin, Charles Duelfer, Joe Pesce, Mike Allen, and Rob Saliterman for your friendship and great advice.

Of all the research challenges I faced in writing this book, the most daunting involved the mysterious inner workings of the global gold market. I would not have been able to meet this challenge without the assistance and guidance of gold market professionals and friends Alex Stanczyk, Philip Judge, Chris Blasi, Ben Davies, John Hathaway, Ronni Stoeferle, Mark Valek, and Jan Skoyles. Thank you all.

Some of my most valuable guidance came from friends and family who read early drafts of this book, not as experts but as everyday citizens concerned about the economy and the country as a whole. I am grateful to Glen Rickards, Joan and Erv Hobson, Diane Rickards, Gwendolyn van Paasschen, and Bruce Orr for their feedback and early warnings about passages that were too dense or took too much for granted.

My immediate family was a continuous source of support and encouragement. My daughter, Ali; my son Will; my son Scott; his wife, Dominique; and their children, Thomas and Samuel, never cease to amaze me as they grow, prosper, and confront the same economic challenges I write about in this book. They are the future, and their generation gives reason for hope despite the hurdles put up by my own generation. I am deeply indebted to my wife, Ann, for her love, consolation, and endless encouragement. I’m grateful to my entire family for your immense patience during my long stretches of antisocial behavior known as writing. I love you all.