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Brunello Rosa

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Smart Money

Best Economics Book 2024 - Financial Times

 '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 struggle for geopolitical supremacy in the twenty-first century.


A New Cold War is underway. Whereas the first Cold War was dominated by the threat of nuclear conflict, the new front line is economic and financial, but still dominated by technology. Who controls its future will help decide the outcome of the geopolitical struggle between China and the US.


Since the end of the Second World War, the US dollar has been the global reserve currency, which has ensured American dominance of the world economy. But no longer. More than a hundred countries are developing Central Bank Digital Currencies (CBDCs), digital equivalents to cash that will utterly transform how we do business at home and abroad.


China was the first country to recognise the potential of this new money. The West's media focused on the new currency's role in China's surveillance state, creating widespread concern about all CBDCs. But they have largely overlooked a more important aspect of its existence: as a tool through which to 'de-dollarise' the developing world at the speed of light. When China's President Xi Jinping officially launched the digital yuan in February 2022, he also agreed a pact of 'limitless co-operation' with Russia. Within days, Russia launched its war on Ukraine, secure in the knowledge it could bypass US sanctions.


Urgent, clear-eyed and ground-breaking, Smart Money shows us how CBDCs are going to impact all of our futures in ways that most of us have failed to even consider. If the West is to compete, it needs to act fast to develop its own global digital currencies that reflect the values of liberal democracies. 



Go to Bloomsbury's page on the book for more comments and the direct purchase: BOOK PAGE



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Reviews

This excellent book takes us into a world where Central Bank Digital Currencies are a fact of life. The Chinese have, inevitably, got there first and among the many implications of this new world is the long-awaited shift from dollar hegemony


Sir Vince Cable former Secretary of State for Business&Trade

This book is the first comprehensive account of the large-scale impact of CBDCs on the global economy and the wider geopolitical landscape. With a broad historical foundation and analytic rigour, it is a must read to understand the future of money and how it will impact all of our lives


Jo Johnson, Baron Johnson of Marylebone

Money, and how money is being used, has always been intertwined with wealth and power and an integral part of the political economy . . . In this book, the ramifications are explored in an interesting way with important food for thought


Stefan Ingves, former governor of Sverige Riksbank

Professor Rosa's work looks at the opportunities and risks of CBDCs, but then moves further by identifying the geopolitical implications. Rosa's conclusion is that either embracing or rejecting CBDCs pose immense consequences that we need to understand. This book is a great place to start understand


Michael Mainelli, Lord Mayor of the City of London

A fascinating read that demonstrates the high stakes geopolitically if the US should continue to dawdle in developing a viable CBDC


Bill Dudley, former President of the Federal Reserve Bank of

"Smart Money" is the essential book to read to understand the geopolitics of CBDCs. CBDCs, far from being just a technical addition to the list of central banks' liabilities, have the potential to massively disrupt global trade and the financial system as we currently know them.


Nouriel Roubini, Co-founder of Rosa & Roubini Associates

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