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Sold Out: How Broken Supply Chains, Surging Inflation, and Political Instability Will Sink the Global Economy
From the man who predicted the worst economic crisis in US history comes Jim Rickards’ second prediction – the collapse of our global economy.
The supply chain crisis is coming to a head. Today, your favorite products are missing from store shelves, caught in supply chain limbo somewhere in the Pacific Ocean. But what does this supply chain disruption look like six months, or even three years, from now? While we hope that post-pandemic recovery will absolve these issues, the reality is that digital currency, meme stonks, and social media can’t solve the age-old problem of producing and moving physical goods across oceans and continents. According to Jim Rickards, consumer frustration is only the tip of a very large, menacing iceberg that threatens global economic collapse.
In Sold Out , Rickards shares his predictions for our post-pandemic future and outlines how consumers and business owners can get ahead of the collapse. You’ll learn how energy shortages in China – fueled by the trade war with Australia – are disrupting the steel market and forcing entire factories to shut down. You’ll also learn how rising inflation will ultimately lead to deflation in a few short years – as consumer spending eventually tanks due to higher taxes, excessive debt, and increased layoffs – and why such economic conditions will closely resemble the 1930s. Finally, Rickards will look at the future of money, including the erasure of the American dollar itself.
Our global economy faces unprecedented challenges in the next few months. But whether we sink or swim depends on how prepared we are – and what we do now to thwart the coming collapse.
The supply chain crisis is coming to a head. Today, your favorite products are missing from store shelves, caught in supply chain limbo somewhere in the Pacific Ocean. But what does this supply chain disruption look like six months, or even three years, from now? While we hope that post-pandemic recovery will absolve these issues, the reality is that digital currency, meme stonks, and social media can’t solve the age-old problem of producing and moving physical goods across oceans and continents. According to Jim Rickards, consumer frustration is only the tip of a very large, menacing iceberg that threatens global economic collapse.
In Sold Out , Rickards shares his predictions for our post-pandemic future and outlines how consumers and business owners can get ahead of the collapse. You’ll learn how energy shortages in China – fueled by the trade war with Australia – are disrupting the steel market and forcing entire factories to shut down. You’ll also learn how rising inflation will ultimately lead to deflation in a few short years – as consumer spending eventually tanks due to higher taxes, excessive debt, and increased layoffs – and why such economic conditions will closely resemble the 1930s. Finally, Rickards will look at the future of money, including the erasure of the American dollar itself.
Our global economy faces unprecedented challenges in the next few months. But whether we sink or swim depends on how prepared we are – and what we do now to thwart the coming collapse.
272 pages, Hardcover
First published December 1, 2022
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Displaying 1 - 30 of 30 reviews
February 27, 2023
It's fair to assume we're all affected in some way by global supply chain issues in the last few years, whether it's not finding the items we need at the grocery store or having our work come to a grinding halt because we're out of a critical supply. So I was very intrigued by the premise of this book, having been fascinated to read other books on economic logistics (Rose George's Ninety Percent of Everything: Inside Shipping, the Invisible Industry That Puts Clothes on Your Back, Gas in Your Car, and Food on Your Plate, and Christopher Mims' Arriving Today: From Factory to Front Door-Why Everything Has Changed About How and What We Buy, and even the 80s classic, The Goal: The Process of Ongoing Improvement by Eliyahu Goldratt).
Rickards is an economist and investor and makes a lot of interesting insights in this book, tracing the current supply chain crisis to events from the 1960s until now. The pace and writing went a bit over my head as a layperson. I found the book fascinating for the most part and will definitely be seeking out more books and resources to understand this topic. The thing I took issue with is Rickards' controversial and largely factually incorrect opinions about climate change and COVID. Unless he is also an ecologist, a physician, or a scientist (which I don't see anywhere in his credentials), his opinions on these topics have no place in this book, and unfortunately tarnished it for me and prevent me from recommending it without reservation to others.
Rickards is an economist and investor and makes a lot of interesting insights in this book, tracing the current supply chain crisis to events from the 1960s until now. The pace and writing went a bit over my head as a layperson. I found the book fascinating for the most part and will definitely be seeking out more books and resources to understand this topic. The thing I took issue with is Rickards' controversial and largely factually incorrect opinions about climate change and COVID. Unless he is also an ecologist, a physician, or a scientist (which I don't see anywhere in his credentials), his opinions on these topics have no place in this book, and unfortunately tarnished it for me and prevent me from recommending it without reservation to others.
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December 20, 2022I was browsing through the business section at my local Books-A-Million store yesterday, and I happened across this title. I actually rolled my eyes and chuckled when I read the subtitle. (I always dunk on my classmates, and even on one of my professors, when we have the supply-demand debate in the context of the post-Covid inflation.) But when I saw that Rickards was the author, I grabbed the book and started reading.
Whenever I debate the supply-demand issue, and someone mentions a supply shock, I would always respond: a disruption in supply will result in a localized price increase, not a rise in the general price level. Simply, the price of good X will rise relative to good Y; they will not both rise. (I’m getting this from John Cochrane, whose working on this very topic for his upcoming book on the fiscal theory of the price level.) When the overall price level rises—when the CPI increases over the 2% base—we need a monetary explanation, and that we have in abundance when we look at the fiscal and monetary response to Covid. This is with velocity constant, of course.
I suspect that the emphasis on supply is used to obfuscate—unwittingly by some, knowingly by others—the monetary origins of inflation. For instance, the supply narrative is useful to politicians whose constituents would be disproportionately impacted by a rise in unemployment; it is useful to Wallstreet, whose interests are reflected in media, as low rates equal asset price inflation; it is useful to Powell as it absolves him of responsibility and lends credibility to the “transitory” narrative; it is useful to a government that is predicated on deficit spending and cannot afford increasing debt service costs; it is useful to Keynesian economists who have an a priori ideological commitment to deficit spending; etc. This cui bono analysis inclines me to doubt the explanatory power of the supply narrative. To be clear, I don’t doubt that supply shocks exacerbate inflationary pressure. But if you interrogate the supply argument, you’ll often find that it’s used to justify a dovish monetary policy, of which I am suspicious.
These were my priors when I read this book, but I greatly respect Rickards, and I trust that he is not a mouthpiece for the regime, so I relaxed my biases and heard his argument. Overall, I came away with a greater appreciation for the complexity of the global supply chain (Zeihan is good on this, too). Nevertheless, I’ve yet to come across a rebuttal to Cochrane’s point aforesaid. Rickards discusses the monetary and fiscal factors, too, and I agreed with everything he said in this regard save a single point: commercial banks, not the Fed, cause inflation. I understand the point he’s making, namely, the Fed may lower rates, but commercial banks must make the loans. Nevertheless, demand for loans is a function of the cost of funds and credit expansion is a function of depository requirements, ergo the Fed controls the money supply. That which is imperfect is not necessarily impotent. However, I’m open to the fact that I’m mistaken on this topic, as I’ve only had one macro class, and I’ve never been formally trained in monetary economics. So, if I’m wrong, please point it out.
Whenever I debate the supply-demand issue, and someone mentions a supply shock, I would always respond: a disruption in supply will result in a localized price increase, not a rise in the general price level. Simply, the price of good X will rise relative to good Y; they will not both rise. (I’m getting this from John Cochrane, whose working on this very topic for his upcoming book on the fiscal theory of the price level.) When the overall price level rises—when the CPI increases over the 2% base—we need a monetary explanation, and that we have in abundance when we look at the fiscal and monetary response to Covid. This is with velocity constant, of course.
I suspect that the emphasis on supply is used to obfuscate—unwittingly by some, knowingly by others—the monetary origins of inflation. For instance, the supply narrative is useful to politicians whose constituents would be disproportionately impacted by a rise in unemployment; it is useful to Wallstreet, whose interests are reflected in media, as low rates equal asset price inflation; it is useful to Powell as it absolves him of responsibility and lends credibility to the “transitory” narrative; it is useful to a government that is predicated on deficit spending and cannot afford increasing debt service costs; it is useful to Keynesian economists who have an a priori ideological commitment to deficit spending; etc. This cui bono analysis inclines me to doubt the explanatory power of the supply narrative. To be clear, I don’t doubt that supply shocks exacerbate inflationary pressure. But if you interrogate the supply argument, you’ll often find that it’s used to justify a dovish monetary policy, of which I am suspicious.
These were my priors when I read this book, but I greatly respect Rickards, and I trust that he is not a mouthpiece for the regime, so I relaxed my biases and heard his argument. Overall, I came away with a greater appreciation for the complexity of the global supply chain (Zeihan is good on this, too). Nevertheless, I’ve yet to come across a rebuttal to Cochrane’s point aforesaid. Rickards discusses the monetary and fiscal factors, too, and I agreed with everything he said in this regard save a single point: commercial banks, not the Fed, cause inflation. I understand the point he’s making, namely, the Fed may lower rates, but commercial banks must make the loans. Nevertheless, demand for loans is a function of the cost of funds and credit expansion is a function of depository requirements, ergo the Fed controls the money supply. That which is imperfect is not necessarily impotent. However, I’m open to the fact that I’m mistaken on this topic, as I’ve only had one macro class, and I’ve never been formally trained in monetary economics. So, if I’m wrong, please point it out.
April 17, 2023
Excellent book about the breakdown of the supply chain, especially in the face of macroeconomic, geopolitical, energy, financial and political crisis.
In this book, Jim Rickards takes a detailed look and analysis on the causes of the current supply chain breakdown, and specifically how factors such as bad energy policy, inadequate fiscal policy, bad labor market, and a poor policy-making are causing the supply chains problems worldwide.
I recommend it to anyone interested in these issues.
Великолепна книга за състоянието на веригата на доставки в условията на макроикономическа, геополитическа, енергийна, финансова и политическа криза.
В тази книга Джим Рикардс детайлно разглежда причините за настоящия разпад на веригата на доставки, и по-точно как отделните фактори като лоша енергийна политика, неадекватна бюджетна политика и лош политически климат влияят върху логистичните проблеми в целия свят.
Препоръчвам на всеки, който се интересува от тези проблеми.
In this book, Jim Rickards takes a detailed look and analysis on the causes of the current supply chain breakdown, and specifically how factors such as bad energy policy, inadequate fiscal policy, bad labor market, and a poor policy-making are causing the supply chains problems worldwide.
I recommend it to anyone interested in these issues.
Великолепна книга за състоянието на веригата на доставки в условията на макроикономическа, геополитическа, енергийна, финансова и политическа криза.
В тази книга Джим Рикардс детайлно разглежда причините за настоящия разпад на веригата на доставки, и по-точно как отделните фактори като лоша енергийна политика, неадекватна бюджетна политика и лош политически климат влияят върху логистичните проблеми в целия свят.
Препоръчвам на всеки, който се интересува от тези проблеми.
January 30, 2023
Rickards is convinced that the end of the world is just around the corner. The way that supply chains stretched to the breaking point (and sometimes beyond) during the covid-induced poly-crisis of 2022 is in his mind only the starting shot for a global disaster. That prediction aged like milk. Within six months of the publication of the book, global shipping costs came back to almost pre-crisis levels.
He also predicted the breakdown of international supply-chains, and further trade-war escalations. Chinas inevitable collapse (caused as much by aging as by mismanagement) will force manufacturing to home-shore (or 'friend-shore') more and more manufacturing.
In many ways the book echoes Peter Zeihan's 'The End of the World is just the Beginning'. Both predict that the US will withdraw from the rest of the world, and become self-sufficient in most commodities. Rickards is probably a little less isolationist, and proposes a new 'supply chain 2.0', which is a 'coalition of the willing', where free liberal democracies will be able to exchange freely, without interference from despots.
Rickards also refuses to accept anthropogenic global warming, and believes that during the covid-19 pandemic, government mask- and vaccine- mandates caused more ill than the virus. Topics that have been well researched by people more expert in these respective domains.
Maybe I'm more of an innocent optimist, but I believe in the power of the invisible hand and market forces to keep the global freight system working. Sure - prices may end up higher than before the pandemic, but when shipping costs increased by a factor of ten, the result was that more and bigger ships were being built.
He also predicted the breakdown of international supply-chains, and further trade-war escalations. Chinas inevitable collapse (caused as much by aging as by mismanagement) will force manufacturing to home-shore (or 'friend-shore') more and more manufacturing.
In many ways the book echoes Peter Zeihan's 'The End of the World is just the Beginning'. Both predict that the US will withdraw from the rest of the world, and become self-sufficient in most commodities. Rickards is probably a little less isolationist, and proposes a new 'supply chain 2.0', which is a 'coalition of the willing', where free liberal democracies will be able to exchange freely, without interference from despots.
Rickards also refuses to accept anthropogenic global warming, and believes that during the covid-19 pandemic, government mask- and vaccine- mandates caused more ill than the virus. Topics that have been well researched by people more expert in these respective domains.
Maybe I'm more of an innocent optimist, but I believe in the power of the invisible hand and market forces to keep the global freight system working. Sure - prices may end up higher than before the pandemic, but when shipping costs increased by a factor of ten, the result was that more and bigger ships were being built.
March 6, 2023
Could have been a long magazine article, a la The New Yorker, instead of a full book ... Not as enlightening as his previous books, and his customary simple & logical, yet thorough, writing style deserted him at times. More charts and graphs would have been helpful, although I bet publishers want to avoid those as they don't serve listeners of audiobooks ...
December 12, 2022
Timely and highly efficient, Rickards examines a less familiar area, supply chains, but uses his usual flair for explaining the implications for the world economy.
The book opens by examining the reality of supply chains, something most of us will need a refresher on, and proceeds to explain the ramifications of supply chain break down, and how this can take years, even decades, to rebuild.
The last chapters of the book involve monetary policy of the Fed and the increasing likelihood of deflation, along with some investment recommendations on behalf of the author.
An interesting policy prescription Rickards prescribes is a new world of Supply Chains centred upon a league of democracies, wherein China and other such countries would be excluded. An interesting policy prescription, but one that this reader isn't exactly convinced upon the feasibility of such. However, this is perhaps the only area where this reader doesn't see eye to eye with Rickards in what is yet another superb work and strongly recommended to anyone concerned with the Global Economy.
The book opens by examining the reality of supply chains, something most of us will need a refresher on, and proceeds to explain the ramifications of supply chain break down, and how this can take years, even decades, to rebuild.
The last chapters of the book involve monetary policy of the Fed and the increasing likelihood of deflation, along with some investment recommendations on behalf of the author.
An interesting policy prescription Rickards prescribes is a new world of Supply Chains centred upon a league of democracies, wherein China and other such countries would be excluded. An interesting policy prescription, but one that this reader isn't exactly convinced upon the feasibility of such. However, this is perhaps the only area where this reader doesn't see eye to eye with Rickards in what is yet another superb work and strongly recommended to anyone concerned with the Global Economy.
June 24, 2023
Deeply disappointed
I give one star because the book is not completely useless, as I have learnt something about inflation and the breakdown of the supply chain.
But I am amazed at the display of American moral superiority and the constant China bashing in the book. He accused China of genocide without evidence when the hands of US and its allies were full of blood.
It is quite clear the author is largely blinded by his extreme political ideology and, as a result, while some of his analyses might well be otherwise sound, his conclusions and recommendations are horribly flawed.
For example, the author advocated creating another trading bloc completely excluding China and other countries he labeled as in the "totalitarian" camp, and shutting off American firms which trade with China.
At p.200, he said :
If Apple wants to manufacture in China and sell to the Chinese that’s fine, but they’ll be banned from the U.S. market and the markets of college members.
I rest my case on whether this is a book you want to spend your precious time on.
I give one star because the book is not completely useless, as I have learnt something about inflation and the breakdown of the supply chain.
But I am amazed at the display of American moral superiority and the constant China bashing in the book. He accused China of genocide without evidence when the hands of US and its allies were full of blood.
It is quite clear the author is largely blinded by his extreme political ideology and, as a result, while some of his analyses might well be otherwise sound, his conclusions and recommendations are horribly flawed.
For example, the author advocated creating another trading bloc completely excluding China and other countries he labeled as in the "totalitarian" camp, and shutting off American firms which trade with China.
At p.200, he said :
If Apple wants to manufacture in China and sell to the Chinese that’s fine, but they’ll be banned from the U.S. market and the markets of college members.
I rest my case on whether this is a book you want to spend your precious time on.
April 5, 2023
Sold Out by James Rickards talks about the Supply Chain distributions and has factors about how it works financially. He talks about how the monetary policy and how trade restrictions affect the Supply Chain. I did liked how he used charts and graphs to back up his opinions. I did not like how the book was written. It was bland because it sounded like a long online article. The motif of this book is how the Supply Chain works. I would not see myself reading this book again.
December 22, 2022
It's actually Rickards best book, which is pretty amazing, given the stellar quality of his remarkable body of work. If one wants to understand the economic, demographic and even civilizational predicaments of our current dispensation, this work is peerless in its candor, grasp of fundamentals and delivery. Best book of the year!
"Russia did not inflict this damage on the United States. The damage was self-inflicted due to the ignorance of U.S. officials of the dense interconnectedness of global finance and the boomerang effects of all-out economic warfare. Financial sanctions will reduce global liquidity, increase market uncertainty, and possibly trigger a global financial panic of the kind seen in 2008. Inflation is the first and most obvious symptom; it will be far from the last.
"The point of this expansive list of supply chain impediments is that none are going away soon. Climate change alarm is an effective channel for globalist ambitions in the financial sector. It will not fade quickly, even as its unfounded claims are increasingly disproved. Energy shortages and higher energy prices go hand in hand with the elites’ green agenda promulgated from the bastions of academia, government, and banks. This damage will last for years. The turning point may not occur until elites themselves are freezing in the dark. China’s conscious decoupling from existing supply chains is part of a broader strategy of self-reliance driven by Xi Jinping’s insecure standing and a candid acknowledgment that the West is decoupling from China in any case. Chinese decoupling will take decades unless interrupted by regime change, which will be even more disruptive. In the West, onshoring and reshoring to democratic locales as advocated by the Five Eyes is under way yet will also take decades. The result will be higher costs for consumers, offset by better-paying jobs with benefits and higher-quality products. Russia’s ambitions in Eastern Europe and Central Asia will play out over decades as well. That��s in the nature of empire building, or in this case, rebuilding. Aftereffects of the pandemic will last until the 2050s in the same manner that the frugality of the Great Depression did not fade until the 1960s. Mental-health effects and adaptive behavior last longer than viruses. Dominating all these trends is a demographic disaster the likes of which has not been seen since the Black Death, maybe ever. The demographic ship cannot be turned to a healthier path until 2070 or later.
"Supply chains were nearly perfected over the thirty years from 1989 to 2019. They were disrupted in a mere three years by trade wars, pandemic, climate alarm, decoupling, energy shortages, geopolitics, and demographics. They will be rebuilt in time, but not quickly. In the meantime, money is the medium through which supply chain stress is relayed."
"Russia did not inflict this damage on the United States. The damage was self-inflicted due to the ignorance of U.S. officials of the dense interconnectedness of global finance and the boomerang effects of all-out economic warfare. Financial sanctions will reduce global liquidity, increase market uncertainty, and possibly trigger a global financial panic of the kind seen in 2008. Inflation is the first and most obvious symptom; it will be far from the last.
"The point of this expansive list of supply chain impediments is that none are going away soon. Climate change alarm is an effective channel for globalist ambitions in the financial sector. It will not fade quickly, even as its unfounded claims are increasingly disproved. Energy shortages and higher energy prices go hand in hand with the elites’ green agenda promulgated from the bastions of academia, government, and banks. This damage will last for years. The turning point may not occur until elites themselves are freezing in the dark. China’s conscious decoupling from existing supply chains is part of a broader strategy of self-reliance driven by Xi Jinping’s insecure standing and a candid acknowledgment that the West is decoupling from China in any case. Chinese decoupling will take decades unless interrupted by regime change, which will be even more disruptive. In the West, onshoring and reshoring to democratic locales as advocated by the Five Eyes is under way yet will also take decades. The result will be higher costs for consumers, offset by better-paying jobs with benefits and higher-quality products. Russia’s ambitions in Eastern Europe and Central Asia will play out over decades as well. That��s in the nature of empire building, or in this case, rebuilding. Aftereffects of the pandemic will last until the 2050s in the same manner that the frugality of the Great Depression did not fade until the 1960s. Mental-health effects and adaptive behavior last longer than viruses. Dominating all these trends is a demographic disaster the likes of which has not been seen since the Black Death, maybe ever. The demographic ship cannot be turned to a healthier path until 2070 or later.
"Supply chains were nearly perfected over the thirty years from 1989 to 2019. They were disrupted in a mere three years by trade wars, pandemic, climate alarm, decoupling, energy shortages, geopolitics, and demographics. They will be rebuilt in time, but not quickly. In the meantime, money is the medium through which supply chain stress is relayed."
February 24, 2023
As with all the other James Rickards books that I've read, I came into this one not knowing a ton about what he was writing about and came out a lot more informed. I was curious to read about the supply chain fiasco and its back story given how topical it is now and Rickards does a great job of explaining that for the first 75% of the book. The other 25% wasn't new for me since he talked about the future prospects of inflation/deflation (a topic that he delves into quite a bit in many of his other works) but it was still interesting to read nonetheless given how it ties into the rest of the material.
If you've read (and liked) some of his other stuff then you'll definitely enjoy this as well, but even if you haven't you'll still get a lot out of this one.
If you've read (and liked) some of his other stuff then you'll definitely enjoy this as well, but even if you haven't you'll still get a lot out of this one.
May 3, 2023
This was such a fascinating read -- I had never really stopped to think about how complex the global supply chain actually is, and how various factors can kick off a sort of butterfly effect that has downstream impacts for years to come. I learned a ton from this book, and the author makes some logically consistent predictions around deflation that seem more than plausible now that I have a better understanding of what can trigger it. Highly recommend this book if you want a short, but intense read in regards to the recent supply chain evolution, inflation, and deflation.
February 22, 2023
Last third is kinda dense
October 29, 2023
Found the narration didn't match the books tone. I think some basic premises were oversold and it was laborious to listen to. Not an overly interesting book. It can be a little nauseating when authors refer to politicians as the source of errors rather than deeper societal constraints, ideology. While it was noted once, the elaboration was bare an opportunity missed. Predictable conclusion whereby authors squeeze in some briefly written proposals for the stated ills.
February 13, 2023
The first part of the book on supply chains was very good, but the second part centered on overall economic conditions was quite boring.
June 15, 2023
As this book was written during the Pandemic lockdown, especially the draconian China one, supply chain breakdown was severe as everything was dependent on some ingredients which in turn depend on other. Modern management theory had prioritised cost saving and efficiency, not robustness. So we have a problem when lockdown happens. That’s the good part of the book.
The not so good parts of the book:
1. China is going to collapse because of the aging population
2. Masks and vaccines are useless against Covid
3. We should change our supply chain to work only with democratic countries
4. We are in a super bubble and we are going to have dis-inflation and even deflation
I find all these points objectionable
The not so good parts of the book:
1. China is going to collapse because of the aging population
2. Masks and vaccines are useless against Covid
3. We should change our supply chain to work only with democratic countries
4. We are in a super bubble and we are going to have dis-inflation and even deflation
I find all these points objectionable
May 5, 2023
It seemed to me that Jim Rickards maybe pushed this book out into publication too fast.
I think the overall point that current supply chains are quite complex and, as a result of the complexity, are very fragile. When they are working properly, it's great. When things fall apart, it takes a long time to reconfigure the supply chain or repair the existing one.
Probably could have said all that in 150 pages, not 270.
I think the overall point that current supply chains are quite complex and, as a result of the complexity, are very fragile. When they are working properly, it's great. When things fall apart, it takes a long time to reconfigure the supply chain or repair the existing one.
Probably could have said all that in 150 pages, not 270.
January 28, 2023
This is a very significant book, especially for our current times. If there is one book you read in 2023 this should be it. Overall it was well written and had me engaged. James’ conclusion however, contradicted some of the arguments he made throughout the book.
January 20, 2023
I was not familiar with the author prior to reading this book. I've noticed from his Twitter page that his political views are certainly more conservative than mine. However, I learned quite a bit from this book and in particular about all the elements that go into a "supply chain.”Rickards provided some guidance as to why there are shortages and in many stores, why shelves are bare.
He promoted his views about Covid and how he believed that it was significantly mismanaged. I think it is easy at this point to be critical of what the federal government and state governments did in trying to prevent Covid from spreading. Rickards is critical of the vaccinations, particularly those that were mandated. Rickards' opinions on that topic may turn out to be correct.
Rickards is also not a fan of climate change policies. He feels that they have impacted negatively on business in various economies.
There is a lot of information and opinions within this book. No matter your political orientation, the author has succeeded in at least making you think. His arguments seemed well reasoned and invite to the reader, further investigation.
Rickards is a thought leader whose writings, opinions and books I will consider reading in the future.
He promoted his views about Covid and how he believed that it was significantly mismanaged. I think it is easy at this point to be critical of what the federal government and state governments did in trying to prevent Covid from spreading. Rickards is critical of the vaccinations, particularly those that were mandated. Rickards' opinions on that topic may turn out to be correct.
Rickards is also not a fan of climate change policies. He feels that they have impacted negatively on business in various economies.
There is a lot of information and opinions within this book. No matter your political orientation, the author has succeeded in at least making you think. His arguments seemed well reasoned and invite to the reader, further investigation.
Rickards is a thought leader whose writings, opinions and books I will consider reading in the future.
February 7, 2023
Well, what can I say?
If you are looking for a book to understand supply chains and inflation... keep looking because this one is not it.
Suppose you are looking for a book that could be summarized as a boomer's unending complaint about everything (literally everything, from vaccines to women's emancipation). In that case, this book will be right up your alley.
The worst thing about this invaluable collection of thoughts is that there are truths, but they are buried under a mountain of assumptions, incorrect interpretations, irrelevant numbers, and sometimes even "alternative facts". This men's mind is focused only on the economy, and there is NOTHING more important. Pandemics? Bad for the economy. Wars? Idiots, it's terrible for the economy!! Espionage? It's bad for the economy!! Women not having children? It's very, very bad, but it's worse for the future economy. Climate change? Joking, this one doesn't matter so much, but people who are climate 'alarmists' are bad for the economy!!
It reminded me of this meme from 2020:
If you want reliable information on supply chains and inflation, heed the author's advice and "ask an expert".
If you are looking for a book to understand supply chains and inflation... keep looking because this one is not it.
Suppose you are looking for a book that could be summarized as a boomer's unending complaint about everything (literally everything, from vaccines to women's emancipation). In that case, this book will be right up your alley.
The worst thing about this invaluable collection of thoughts is that there are truths, but they are buried under a mountain of assumptions, incorrect interpretations, irrelevant numbers, and sometimes even "alternative facts". This men's mind is focused only on the economy, and there is NOTHING more important. Pandemics? Bad for the economy. Wars? Idiots, it's terrible for the economy!! Espionage? It's bad for the economy!! Women not having children? It's very, very bad, but it's worse for the future economy. Climate change? Joking, this one doesn't matter so much, but people who are climate 'alarmists' are bad for the economy!!
It reminded me of this meme from 2020:
If you want reliable information on supply chains and inflation, heed the author's advice and "ask an expert".
January 19, 2024
The supply chain is complex, though often treated and talked about in a very simplified manner by most. A supply chain is a make up of different components to make a complex system; the autonomous agents, connectedness, interdependence and adaption. What was not realized, as how I read and understood even from before, the world, in terms of manufacturing and distribution; from raw materials, to components and finish products, was operating at a peak and optimum (from my perspective). This shows the tightly the world and chain are connected. Today, that has shaken and changing, and to get replacement, alternative is easier said than done.
The topic of decoupling is taking fast face, as this is where Supply Chain 2.0 is being build upon. The relationship and partnership of the old is changing and new supply lines are forming and likely be made restrictive to certain regions of the world, depending on the lines draw from politics. Rickards said it best that the geopolitics is the main event to economics.
A good overview to how sensitive the supply lines are and how connected globalization and economics (of the old) has been. The future will look different, yet supply lines will still exist.
The topic of decoupling is taking fast face, as this is where Supply Chain 2.0 is being build upon. The relationship and partnership of the old is changing and new supply lines are forming and likely be made restrictive to certain regions of the world, depending on the lines draw from politics. Rickards said it best that the geopolitics is the main event to economics.
A good overview to how sensitive the supply lines are and how connected globalization and economics (of the old) has been. The future will look different, yet supply lines will still exist.
March 22, 2023
This book brings an interesting perspective to the intricacies of Supply Chain disruptions and includes financial factors such as monetary policy and effects of trade restrictions. Though many of the arguments are strong, the strength of author's opinions and political views seem to dilute arguments at times. It made me wonder whether the author let his own views influence his search for resources and sources of infomation. I teach supply chain, so I feel that I got a lot of useful and deep insight I can bring to my classes, weaving in international finance, policy, and macroeconomic factors. Overall, a good book if you are into supply chains, but may be too technical at times. I'm giving it 5 stars because I find it quite insightful, but it would be at an honest 4.5 for me.
March 13, 2023
Great conversational tilt packed with info.
The Conclusion however was Alice in Wonderlandish:
"This perceptual change may take several paths. The first is toward a benign digital disarray in which government money, private money, and free-floating tokens of moneyness exist in a virtual state space of pulsating values and quantities bumping into each other like ghosts in a large, haunted house."
The Conclusion however was Alice in Wonderlandish:
"This perceptual change may take several paths. The first is toward a benign digital disarray in which government money, private money, and free-floating tokens of moneyness exist in a virtual state space of pulsating values and quantities bumping into each other like ghosts in a large, haunted house."
March 19, 2023
Rickards is a genius. The supply chain is the economy. He touches on many large impact areas that have undergone recent changes and uses insight in a range of disciplines to explain the importance. He also offers a low bias assessment of the pros and cons of these events. He understands and addresses many unintended consequences. He also offers some guidance and predictions on hi probability outcomes to anticipate, prepare and monitor development.
January 22, 2023
required reading
Brilliant! Those who can’t handle the truth will disagree, especially those on the left with zealous but bankrupt monetary philosophies or exhaustive talking points vis a vis the causes of supply chain and monetary collapse. Richards not only explains but offers solutions. I thoroughly enjoyed this book.
Brilliant! Those who can’t handle the truth will disagree, especially those on the left with zealous but bankrupt monetary philosophies or exhaustive talking points vis a vis the causes of supply chain and monetary collapse. Richards not only explains but offers solutions. I thoroughly enjoyed this book.
July 28, 2023
Will you get sold out?
This is group of problems that we have faced before, but now many of them are world wide. It has been only a few times that our currency has been at risk, along with the economy and the stock market. A thorough description, with some recommendations is found in this book. Forewarned enables preparation.
This is group of problems that we have faced before, but now many of them are world wide. It has been only a few times that our currency has been at risk, along with the economy and the stock market. A thorough description, with some recommendations is found in this book. Forewarned enables preparation.
June 20, 2023
Macro View
Great upfront view of the current landscape and future of our global economy. I gained a tremendous amount of perspective from a macro lens, I appreciate the time, dedication and research by the author to make this possible.
Great upfront view of the current landscape and future of our global economy. I gained a tremendous amount of perspective from a macro lens, I appreciate the time, dedication and research by the author to make this possible.
January 2, 2023
Top notch book on supply chain failure and the new supply chain to come, and how those changes will affect the economy and personal finances.
April 20, 2024
Did not completely finish this one. Was an interesting deep dive but I lost interested about halfway through.
May 13, 2024
Just a way for this guy to pedal his climate denial and anti vax thoughts despite not being a medical professional or climate scientist.
September 29, 2023
Kur Savaslari kitabindan sonrakilerin beni cok sarmadigini fark ettim…
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