Song Hongbing has released a new sequel to Currency Wars, the 2007 book that made him famous when its precise prediction of the current financial crisis came true.
Currency Wars II (307pp, China Industry and Commerce Publishing House, 39 yuan) continues the focus on international banking, especially the connections between 17 important foreign banking families – especially the Rothschilds and Rockefellers – distributed over Germany, Britain, France and the US. The book claims to expose their hand in worldwide wars, revolutions, coups and crises from 1789 onward.
Song, a Chinese national who has lived in the US since 1994 and is an amateur historian, says money competes as a fourth power against legislative, administrative and judicial powers. He says China must recognize its true opponent in the global market for its economy to thrive.
“Behind cooperation and competition in the global market is a series of informal financial rules under the surface. Without understanding that, we cannot realize he essential reason global financial groups rise and fall, or make wise decisions about how to respond,” he says.
“At present, 90 percent of the financial power on Wall Street is in the hands of Jews. Almost all of the are from Germany, so most of the 17 families I mention in the book are German,” Song says.
Song says he has read over 50 million words worth of reference materials during the last three years while preparing for this book – those include histories of powerful banking families, maps and financial relevant reports.
“The quantity of information in Currency Wars II is 10 times what was present in the last book. It now covers 500 famous people who have steered the development of a global economy,” Song says.
The book explores the puppet masters behind the French Revolution of the 18th century, the rise of Adolf Hitler and his monetary policy and financial policy during World War II and the reason Germany turned around so quickly after the war.
This time, Song predicts that there will be a single worldwide currency by 2024 and it will not be the dollar, the euro, the yuan or the yen.
“The idea of a single currency was first proposed in the 1960s. When a currency becomes a world invoicing note, the country has to export its currency, which always produces a trade deficit. As the trade deficit worsens, it becomes vulnerable to a financial crisis or prolonged recession,” Song says.
“The right to distribute currency is the top power in society. I believed the final aim of the current financial crisis is to abolish the current national currency and set up a single currency system. The year 2024 is not only my guess, but also a reliable point predicted by the [Single Global Currency] Association,” he says.
Although the precious book, which was popular with diverse readers, has been called a “financial novel” by many economists, Song said he does not mind any judgment on the new one.
“It does not matter that someone reads it as a novel or a textbook, or if it receives an award or criticism from an institution or economist. The value of a book is judged by its readers,” he says.