The Dollar Crisis: Causes, Consequences, Cures

Revised & Updated 2005 | John Wiley & Sons
In this revised edition of the highly acclaimed international best seller, The Dollar Crisis: Causes, Consequences, Cures, Richard Duncan describes the flaws in the international monetary system that have destabilized the global economy and that may soon culminate in a deflation-induced worldwide economic slump.

The Dollar Crisis is divided into five parts. The first four parts have been left as they appeared in the original edition of the book. The seven chapters that comprise Part Five are entirely new.

Part One describes how the US trade deficits, which now exceed US$1 million a minute, have destabilized the global economy by creating a world-wide credit bubble.

Part Two explains why these giant deficits cannot persist and why a US recession and a collapse in the value of the Dollar are unavoidable.

Part Three analyzes the extraordinarily harmful impact that the US recession and the collapse of the Dollar will have on the rest of the world.

Part Four offers original recommendations that, if implemented, would help mitigate the damage of the coming world-wide downturn and put in place the foundations for balanced and sustainable economic growth in the decades ahead.

Part Five describes the extraordinary evolution of this crisis since the first edition was completed in September 2002. It also considers how the Dollar Crisis is likely to unfold over the years immediately ahead, the likely policy response to the crisis, and why that response is unlikely to succeed.

The Dollar Standard is inherently flawed and increasingly unstable. Its collapse will be the most important economic event of the 21st Century.

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Reviews of The Dollar Crisis: Causes, Consequences, Cures

I held a class for about 150 people on the book entitled “The Dollar Crisis,” authored by Richard Duncan. If you want to better understand why the real estate bubble bust and the crash of the dollar will probably lead to a prolonged recession, you may want to read this book sooner rather than later. If you are in stocks and mutual funds, you definitely want to read this book.
Robert Kiyosaki,
Author of Rich Dad, Poor Dad (2005)

Posterity may remember The Dollar Crisis as a seminal book in the field of 21st century economics. Indeed, rarely has a book offered such a grim yet, well argued view of the current economic situation facing the world.
Steven Irvine,
FinanceAsia (2003)

Duncan writes like a man who’s already seen tomorrow.
James Grant
Grant’s Interest Rate Observer (2003)

I would like every one of my subscribers to click on to Amazon.com and buy a new book that has just been published entitled, “The Dollar Crisis, Causes, Consequences, Cures.” The book costs around twenty bucks and is worth ten times that amount. The author, Richard Duncan has a great background and is as smart as they come. He explains why he sees a crashing dollar and a severe recession coming up in the US – plus a world recession. This is no wild-eyed guru, this is a guy who knows what he’s talking about and a guy who understands money and the world monetary system – he’s worked for both the World Bank and the International Monetary Fund. Please buy this book!
Richard Russell,
Dow Theory Letters (2003)

The two interesting alternative explanations (for the destabilizing global imbalances) are the “savings glut” and the “money glut”. The “savings glut” hypothesis is associated with Ben Bernanke, now chairman of the Federal Reserve….. A substantial excess of savings over investment has emerged, he says, predominantly in China and Japan and the oil exporters. … In the money-glut world, however, the world’s savers are passive victims, profligate Americans are villains and the Federal Reserve is an anti-hero. …This is the line of argument of Richard Duncan, a well-known financial analyst.
Martin Wolf,
The Financial Times (2007)

Richard Duncan crisply explains why payback time for years of credit excesses, payments imbalances and securitized sub-par lending is imminent. Mr. Greenspan, your time is up.
Philip Bowring,
International Herald Tribune (2003)

Richard Duncan’s excellent book… we cannot recommend it enough.
Bill Bonner,
The Daily Reckoning (2003)

Richard Duncan… is one of the brightest financial analysts I know. Richard is the author of one of my favorite books called The Dollar Crisis: Causes, Consequences, Cures.
John Mauldin,
Thoughts from the Frontline (2005)

For a preview of how it might play out, consult Richard Duncan’s recently revised book, The Dollar Crisis: Causes, Consequences, Cures.” Just try to sleep after digesting its thesis that the world’s biggest economy is looking like a huge and growing Ponzi scheme.
William Pesek Jr.,
International Herald Tribune (2005)

Make no mistake – much of the discontent with the global financial system is rooted in the dollar standard. The risk of a dollar crisis is real and the author deserves much praise for clearly exposing a force that many seek to deny. A must read for anyone with a savings deposit.
Jesper Koll,
Chief Economist, Merrill Lynch Japan (2003)

A sobering, timely, wake-up call to the looming dangers of a massive and critically necessary correction in the US. Richard Duncan writes with immense clarity and experience, weaving historical material into a rich tapestry of disturbing patterns, warning that the world cannot afford to ignore the lessons of Asian and Latin American financial crises – and Japan’s malaise – as an ever greater economic threat looms. A must read, with economic seat belt buckled.
David H Satterwhite,
Managing Director, The Economist Conferences Corporate Network – Japan (2003)

Richard Duncan has written a fascinating study of history in the making. He is right to propose that we need joint efforts by different stakeholders to overcome a coming monetary crisis.
Frank J Richter,
Director, Asia, World Economic Forum (2003)

The Dollar Crisis: Causes, Consequences, Cures by Richard Duncan: This book is essential reading for anyone who wants to survive the next 20 years. It explains why the world is entering a global financial crisis.
Robert Kiyosaki,
Author of Rich Dad, Poor Dad (2007)

I’ve read Richard Duncan’s book and I urge you all to do the same.
Stephen Roach,
Chief Economist, Morgan Stanley (2003)

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