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Code Red: How to Protect Your Savings From the Coming Crisis


Praise for Code Red

"Code Red brilliantly exposes the myth that the unconventional policies that global central banks have pursued since the financial crisis ended will ultimately be successful in generating the holy grail of escape velocity they so desperately seek. With history on their side, Mauldin and Tepper provide layers of evidence proving that the Code Red monetary policies will more than likely end up creating a cycle of inflation that few are braced for. The economic and financial sands are shifting under our feet as a result of the unprecedented global monetary experiment aimed at bailing out debtors at the expense of savers. The good news is that Mauldin and Tepper don't merely identify the symptom; they also have come up with solutions for retail investors, portfolio managers, and professional traders as to how to prepare for this transition, from the prior years of deflation to the current reflation to what comes next, which is inflation."
--David Rosenberg, Chief Economist and Strategist, Gluskin Sheff + Associates Inc.

"Central bank policies impact many aspects of our economic life. Mauldin and Tepper pull back the curtain and explain in clear and simple language what central bankers are actually doing and why."
--Mohamed A. El-Erian, CEO, PIMCO

"After reading the highly entertaining and informative Code Red, I can assure you that neither Jonathan Tepper nor John Mauldin will ever be appointed to be Federal Reserve Board of Governors. This is why this book is so valuable and why you should read it."
--Marc Faber, Marc Faber Ltd.

"John Mauldin has a golden Rolodex, and he uses it to share insights from the investing greats of our time."
--Barry L. Ritholtz, Chief Investment Officer, Ritholtz Wealth Management

"A thought-provoking and enjoyable read. Cheap money may not be the root of all evil, but it certainly has responsibility for a considerable part of our current ills. This book offers a timely warning on the 'no way back' dimension of much of the activity central bankers are promoting. We passed the last exit to Brooklyn long ago, especially in Japan, where, as the authors make clear, a most dangerous experiment is being conducted with likely consequences that most policymakers are not able even to comprehend, let alone foresee. In a world where getting through to tomorrow is the watchword, this book may not help the reader sleep better at night, but it will prepare him or her better for the world that is to come the day after tomorrow."
--Edward Hugh, independent economist, blogger, and contributor of A Fistful of Euros

"When you seek strength, you read the Holy Bible. When you want entertainment, you go to Broadway. When you want to learn about the economic big picture, you read John Mauldin--one of the most connected, important, informed, and intelligent market mavens on the Street today. And, he's genuinely a nice guy."
--Rich Yamarone, Chief Economist, Bloomberg

"Jonathan Tepper and John Mauldin analyze the current 'monetary arms race' and its likely disastrous conclusion."
--Christopher Wood, Chief Equity Strategist, CLSA

JOHN MAULDIN is Chairman of Mauldin Economics (, an economic and investment strategy research firm, and President of Millennium Wave Investments, a U.S. registered investment advisor and FINRA registered broker-dealer. John is a renowned financial expert, a New York Times bestselling author, a pioneering online commentator, and the publisher of Thoughts from the Frontline, one of the first publications to provide investors with free, unbiased information and guidance and one of the most widely read investment newsletters in the world. Each week a million readers turn to John Mauldin to gain a better understanding of Wall Street, global markets, and the drivers of the world economy. John is a regular contributor to several financial publications and is a frequent guest on CNBC, Bloomberg TV, and Yahoo's Daily Ticker. He is a keynote speaker at conferences around the world. John is the father of seven children (five adopted) and lives in a high rise in Dallas, Texas.

JONATHAN TEPPER is the Chief Editor of Variant Perception (, a macroeconomic research group that caters to hedge funds, banks, and family offices. He is the coauthor, with John Mauldin, of Endgame: The End of the Debt Supercycle, a book on the sovereign debt crisis. Jonathan has worked as an equity analyst at SAC Capital and as a Vice President in proprietary trading at Bank of America. In addition, he is a founder of Demotix, a citizen-journalism website and photo agency which he sold in 2012 to Corbis, a Bill Gates-owned company. In 2012, Jonathan was a finalist for the Wolfson Economics Prize, an open challenge for economists to find the most efficient and least disruptive way to break up the euro. Jonathan is an American Rhodes Scholar. He lives in London but travels frequently to the U.S., Europe, and Asia to speak at conferences. He earned a BA with highest honors in economics and history from the University of North Carolina at Chapel Hill, and an MLitt in modern history from Oxford University.

Acknowledgments ix

Introduction: Code Red 1

Part I 11

Chapter One: The Great Experiment 13

Chapter Two: Twentieth-Century Currency Wars: The Barbarous Relic and Bretton Woods 33

Chapter Three: The Japanese Tsunami: Starting a Currency War 57

Chapter Four: A World of Financial Repression 91

Chapter Five: Arsonists Running the Fire Brigade 117

Chapter Six: Economists Are Clueless 133

Chapter Seven: Escape Velocity 171

Chapter Eight: What Will Happen When It All Goes Wrong 201

Chapter Nine: Easy Money Will Lead to Bubbles and How to Profit from Them 221

Part II: Managing Your Money 251

Chapter Ten: Protection through Diversification 253

Chapter Eleven: How to Protect Yourself against Inflation 271

Chapter Twelve: A Look at Commodities, Gold, and Other Real Assets 301

Conclusion 319

Afterword 325

Notes 341

About the Authors 343

Index 345