A FINANCIAL TIMES ECONOMICS BOOK OF THE YEAR

‘An excellent book’ Vince Cable | ‘A must read’ Jo Johnson | ‘A fascinating read’ Bill Dudley

A timely manifesto on how digital currencies will win the new cold war and the race for geopolitical supremacy in the 21st century.

A new era of cold war is underway. While the first cold war was dominated by the threat of nuclear conflict, the new frontline is economic and financial, but still dominated by technology. Whoever controls its future will help determine the outcome of the geopolitical confrontation between China and the USA.

Since the end of the Second World War, the US dollar has been the global reserve currency, securing America’s dominance in the global economy. But this is no longer the case. More than a hundred countries are developing Central Bank Digital Currencies (CBDCs), digital equivalents of cash that will radically transform the way we conduct business at home and abroad.

China was the first country to recognize the potential of this new currency. Western media focused on its role in China’s state surveillance, creating widespread concern about all CBDCs. However, they have largely overlooked a more significant aspect of their existence: as a tool through which developing world countries will be "de-dollarized" at the speed of light.

When China’s President Xi Jinping officially launched the digital yuan in February 2022, he also agreed to an "unlimited cooperation" agreement with Russia. Day by day, Russia launched its war against Ukraine, confident that it could bypass US sanctions.

Urgent, clear-eyed, and groundbreaking, Smart Money shows us how CBDCs will impact our future in ways most of us have not even imagined. If the West wants to compete, it needs to move quickly to develop its own global digital currencies that reflect the values of liberal democracies.

Pages: 352, Year of Publication: 0304, Dimensions: 15.3x15.3cm