… Islamic capital markets, Middle East economic integration opportunities
New rules of the game will avert disaster when monetary system collapses – Economic expert
photo caption: James Rickards, Chief Global Strategist at West Shore Funds
A leading economic strategist pointing to another collapse of the international monetary system will reveal to global financial experts in Dubai next month how new “rules of the game” will be written to prevent disaster.
James Rickards, the American lawyer, economist, investment banker and best-selling author, says investors should not be surprised if another collapse happens soon, following previous breakdowns of the system in 1914, 1939 and 1971.
“When the system collapses, it is not the end of the world,” says Rickards, one of the speakers at the ICA Conference taking place in Dubai from 6-9 November. “It simply means that the major trading and financial powers in the world come together in a conference to write new rules of the game.”
Rickards, Chief Global Strategist at West Shore Funds, will use the ICA Conference to focus on the potential loss of confidence in the US dollar and a resulting collapse of the international monetary system as we know it today.
“My presentation will show what those new rules of the game might look like, and helps investors understand what they can do today in their portfolios to preserve wealth in the collapse and prosper in the new system,” he said.
Rickards, author of The New York Times bestseller “Currency Wars: The Making of the Next Global Crisis,” and “The Death of Money: The Coming Collapse of the International Monetary System,” joins an impressive line-up of world renowned economists and financial experts appearing at the ICA Conference, taking place at the JW Marriott Marquis Hotel, Dubai.
“The ICA Conference could not come at a more significant and critical time,” said Rickards. “The interaction of geopolitics and global capital markets has never been more densely connected or more important. It’s impossible to understand capital markets today without understanding the geopolitical backdrop behind it.
“Crimea, Ukraine, the Islamic State, Syria, Iraq and Iran are all just as important to the economic story as inflation, deflation, exchange rates and interest rates.”
The four day conference and exhibition is organised by the UAE Financial Markets Association in collaboration with the International Cambist Association (ICA) and strategic partner Dubai International Financial Centre.
Other speakers include Afaq Khan, CEO of Standard Chartered Saadiq, the global Islamic banking business of Standard Chartered Bank; Alia Moubayed, Director and Senior Economist at Barclays Bank; David French, Senior Financial Correspondent, Middle East at Reuters and Jacques Attali, CEO of A&A and President of PlaNet Finance.
Topics to be addressed include how the global economic crisis manifested unexpected resilience and continuity and changed investment behaviour, the maturation of Islamic capital markets and economic integration in the Middle East.
Speaking about the opportunities within the Middle East, Rickards added: “This region has enormous natural resources, good infrastructure and a huge pool of human capital. More emphasis should be given on education and the greater role women can play in boosting growth, while diversification away from dependence on energy exports is also desirable.
“For members of the GCC, progress towards a common currency and a common central bank would also reduce transaction costs and possibly create a new global reserve currency.”
Mohammed Al Hashemi, President of the UAE Financial Markets Association, added: “The global economic crisis was seen as a transformative period with the potential to revamp the global currency system, undermine the dynamics of global trade, reform financial regulation and change economic integration.
“Seven years on, important changes have materialised but the system has almost manifested unexpected resilience and continuity. The calls for replacing the US dollar as the global reserve currency have faded, the Euro-Zone has not only held together but grown, and the globalisation narrative is continuing. The ICA Conference will address how we account for these elements of continuity and question if we are seeing genuine financial resilience today.”
The ICA Conference is supported by Platinum sponsors Emirates NBD and FGB, Gold sponsors Al Hilal Bank and BNP Paribas, and Silver sponsor Murex. More information on registering to attend is available on www.icaconference.com.
– Lindsay Johnston, Total Communications Dubai also photos