Writing a third edition of a book about a topic as big as the demise of the dollar is like hopping into a time machine. Looking back we got so many things right. The economic themes and trends have changed very little, except to get far more pronounced. We got a lot wrong, too, even with good intentions. It has been my own privilege to read the book again with a purpose. Not a lot of financial books make it to a third edition, especially 20 years after the first. It's an even greater privilege to rewrite and correct the ideas we discovered, either through history, or just experience, we believed strongly but ended up not happening at all. Studying the dollar as a free‐floating currency among a sea of free‐floating currencies and global politics is engaging, if nothing else. The second edition of the book was published in April 2008. So many of the themes we brought forward had to traverse the bailout period following the Panic of ′08 and the great inflation during the pandemic years, 2020–2022.

During all this time I've been muttering to myself and anyone who'd listen about the consumer price index or “transitory inflation” or Bretton Woods. Mostly I was in my “uniform” for work, but during the pandemic, I spent days in, shall we say, “leisure attire” still thinking about the same things. All I can say is, es lo que es.

For all of that… I have to thank my wife, Jennifer, and my kids Henry, August, and Elizabeth. They've put up with me for long enough for the Demise of the Dollar to come out. (Wait until the next two!)

Jennifer, especially, has been as supportive of my career as anyone could hope for. Having been a publisher for two decades and now focusing on writing full time, the challenge is how much time I sit in a chair at the office in our home. Jennifer enters from time to time. She'll ask me about a unique dress she bought for a unique price or what day and time we ought to book our next flight. If I'm in the zone, I may end up staring at her, not understanding anything she's asking. On the other hand, I'll enter the kitchen trying to describe the impact of rising money supply on the gold price or what Triffin's paradox is. She'll likewise look at me with a smile that means something like “okay… .” It must be great fun being married to a writer. Or just annoying. Either way, I'm very grateful.

“Dad,” Augie asked earlier this year, “do you know anything about the stock market?”

“I hope so,” I replied wondering what he thought I'd been doing all his life. Augie's studying to be a veterinarian.

Liz has been dedicated to ballet since she was six years old and recently landed the lead in a production of Cinderella. I'd like to acknowledge that I did, in fact, fall asleep at that one recital. Okay, that other one too. And…well, you get the picture. She's a beautiful dancer.

Henry deserves a different kind of gratitude. He's the eldest of the three and has been doing research and writing for the book you hold in your hands. He's also been helping conceive and write editorials for our daily missive at The Wiggin Sessions. One of the facets I appreciate about Henry's work is the challenge he throws into my Gen X face. Growing up we used to challenge the morés of Baby Boomers. Now I know how they must have felt.

All three kids have thrown parties at different times that have gotten out of hand and caused a fair amount of mayhem. I'd like to acknowledge that they almost always turn the music down when we ask. Almost. They're good kids.

I'd be remiss if I didn't acknowledge Winston, the corgi puppy, who lives in our house. If he's not barking at the mailman, a squirrel, or the wind, he's usually sleeping within a couple of feet of me.

I would like to acknowledge two mentors who've helped guide and persuade me to do more, achieve more, be more. Thank you to Bill Bonner, my erstwhile writing partner. Thank you to Mark Ford, my erstwhile business coach. Both men have been very direct and instructive over the years. I appreciate every moment. The good. The bad. And the ugly.

Jim Rickards helped me to understand a couple of key concepts for this edition of the book. The supply side causes inflation versus the demand side. You'll learn more when you read. Jim also helped me parse the distinction between the US dollar as a reserve currency of the world and as a method of payment for the majority of Americans in their daily lives. Jim also makes a good lunch companion. You’ll also note, Jim was kind enough to write the foreword to this edition.

I want to also thank fellow scrivener, Lawrence Sullivan, for the many off‐hand discussions we’ve had about the writing process itself.

In my professional career, it would be hard not to thank just about everyone I've come into contact with. I've learned what to do—and what not to do—from everyone in a list of contacts that runs several minutes on my phone. The list is exactly why I started The Wiggin Sessions podcast. I've met some amazing, entrepreneurial, innovative, thoughtful, and talented people over the years. The Wiggin Sessions are a way to keep in touch. A way to say thank you. And a way to spread their good works. I've recorded more than 120 interviews, 100 of which are posted on YouTube and available by podcast. I've learned at least one solid new idea from each session. Sometimes more than that. The best way for me to acknowledge them all is to have you go ahead and check them out at jointhesessions.com.

The lockdown period of the pandemic created a period of rapid adaptation for all of us. With that idea in mind I'd like to thank the team who helped me envision and realize a plan to make it through. Judson Anglin, Kate Buck Jr., Itay Bengal, Mark O’Dell, Mia Blank, Henry Wiggin, Oscar Bejerano, Tyler Haynes and Russell Shea all contributed their unique talents to The Wiggin Sessions, allowing me to write and edit daily and work on this edition of Demise. Kate has been pushing for an upgrade to my own head space (and social presence) since 2017. It took a pandemic to make it happen. There's more to come!

Thank you, too, to Kevin Herrald, Susan Cerra, and Premkumar Narayanan at John Wiley & Sons for initiating this edition of Demise of the Dollar. Sheryl Nelson provided astute and thorough edits, helping to keep the story focused and alive for you if you're trying to understand the complexities of the dollar in your pocket.