The New Empire of Debt: The Rise and Fall of an Epic Financial Bubble

The New Empire of Debt: The Rise and Fall of an Epic Financial Bubble

Addison Wiggin

Language: English

Pages: 368

ISBN: 0470483261

Format: PDF / Kindle (mobi) / ePub


An updated look at the United States' precarious position given the recent financial turmoil

In The New Empire of Debt, financial writers Bill Bonner and Addison Wiggin return to reveal how the financial crisis that has plagued the United States will soon bring an end to this once great empire.

Throughout the book, the authors offer an updated look at the United States' precarious position given the recent financial turmoil, and discuss how government control of the economy and financial system-combined with unfettered deficit spending and gluttonous consumption-has ravaged the business environment, devastated consumer confidence, and pushed the global economy to the brink. Along the way, Bonner and Wiggin cast a wide angle lens that looks back in history and ahead to the coming century: showing how dramatic changes in the economic power of the United States will inevitably impact every American.

  • Reveals the financial realities the United States currently faces and what the ultimate outcome may be
  • Weaves together the worlds of politics, economics, and personal finance in a way that underscores the severity of the situation
  • Addresses the events leading up to the implosion of the U.S. financial system
  • Looks ahead to help you avoid the pitfalls presented by a weaker United States
  • Other titles by Bonner: Empire of Debt, Financial Reckoning Day, and Mobs, Messiahs, and Markets
  • Other titles by Wiggin: I.O.U.S.A., Demise of the Dollar, and Financial Reckoning Day

The United States is heading down a difficult path. The New Empire of Debt clearly shows how this has happened and discusses what you can do to overcome the financial challenges that will arise as the situation deteriorates.

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so many different places. The American empire, circa 2005, still set the trends in fashion, arts, style, and manners—but it neglected engineering, science, and homeland-bound industries. It depended on the periphery states for its savings and its consumer goods.As an empire matures, its center weakens and its backbone bends under the weight. Eventually it either passes off its imperial burden to a friendly power to which it becomes beholden—as England did to America between 1917 and 1950—or its

“real estate gold rush,” said the cover of Fortune magazine. But Americans were suffering from delusions of mediocrity.They took for normal what was actually extraordinary. Prices of American residential real estate, in real terms, rose 66 percent between 1890 and 2004. But all the increase happened in just two brief periods: right after World War II, and after 1998. Other than those two periods, the real price of housing was either flat or falling.The big difference between the period following

increases in consumer prices that modern economists had only seen on news-reels. Consumer price inflation was clocked at 2 million percent in mid-2008. By the end of the year, it was said to have sped up to 230 million percent. Of course, Mr. Gono rolled out all the usual inflation fighting measures—all, that is, except for the one that works. Prices were controlled. Mr. Gono personally went around, found shop owners who had illegally raised prices, and had them arrested. Bank withdrawals were

In March 2004, the New York Times reported that it was now respectable to describe the United States as an empire. “Today,” said the NYT, “America is no mere superpower or hegemon, but a full blown empire in the Roman and British sense.” “No country has been as dominant culturally, economically, technologically and militarily in the history of the world since the Roman Empire,”1 added the columnist in the same paper. Robert Kaplan’s book, Warrior Politics:Why Leadership Demands a Pagan Ethos,

freedom today because of the policies he pursued.” Maybe this is true. Maybe it is not. It is impossible to know what might have happened had Reagan left things alone. Most likely, communism would have fallen apart anyway, perhaps sooner. When a man’s investments go up, he is a genius. He who failed to invest is seen as a fool. By contrast, when investments go down, it is because of events that could not possibly have been foreseen. Likewise, in politics, the link between action and consequence

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