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Mental wellbeing and people are sometimes like houses. At my school, during the inescapable playground fights, the boy to avoid was Duncan, a large, red-haired Scot. As well as being at least. Sykes, author of "An American Hedge. But active investors will soon have a big advantage. Those who forsee this landscape can prepare now to preserve wealth. Provocative, stirring, and full of counterintuitive advice, Aftermath is the book every smart investor will want to get their hands on--as soon as possible.
All previous constraints on money and credit creation were removed and a new economic paradigm took shape. Economic growth ceased to be driven by capital accumulation and investment as it had been since before the Industrial Revolution.
Instead, credit creation and consumption began to drive the economic dynamic. In The New Depression: The Breakdown of the Paper Money Economy, Richard Duncan introduces an analytical framework, The Quantity Theory of Credit, that explains all aspects of the calamity now unfolding: its causes, the rationale for the government's policy response to the crisis, what is likely to happen next, and how those developments will affect asset prices and investment portfolios.
In his previous book, The Dollar Crisis , Duncan explained why a severe global economic crisis was inevitable given the flaws in the post-Bretton Woods international monetary system, and now he's back to explain what's next.
The economic system that emerged following the abandonment of sound money requires credit growth to survive.
Yet the private sector can bear no additional debt and the government's creditworthiness is deteriorating rapidly. Should total credit begin to contract significantly, this New Depression will become a New Great Depression, with disastrous economic and geopolitical consequences. That outcome is not inevitable, and this book describes what must be done to prevent it. Presents a fascinating look inside the financial crisis and how the New Depression is poised to become a New Great Depression Introduces a new theoretical construct, The Quantity Theory of Credit, that is the key to understanding not only the developments that led to the crisis, but also to understanding how events will play out in the years ahead Offers unique insights from the man who predicted the global economic breakdown Alarming but essential reading, The New Depression explains why the global economy is teetering on the brink of falling into a deep and protracted depression, and how we can restore stability.
Williamson take us to the working-class heart of America, bringing to life—through shoe leather reporting, memoir, vivid stories, stunning photographs, and thoughtful analysis—the deepening crises of poverty and homelessness. The story begins in , when the authors joined forces to cover the America being ignored by the mainstream media—people living on the margins and losing their jobs as a result of deindustrialization. Since then, Maharidge and Williamson have traveled more than half a million miles to investigate the state of the working class winning a Pulitzer Prize in the process.
In Someplace Like America, they follow the lives of several families over the thirty-year span to present an intimate and devastating portrait of workers going jobless. The cycle was self-reinforcing: banks lent money to people to buy property, causing prices to rise, making banks more willing to lend, and so on. The C stands for the total credit in the economy, while V is the turnover of credit.
More credit, extended more often, means higher asset prices. This bit of the book needs more detail, and some data on how his theory is supposed to have worked. The Fisher equation is a truism: the amount of money spent equals the value of goods bought.
It is not intuitively obvious that the Duncan equation meets the same standard. Some debt is used to buy consumer goods, some to buy financial assets such as shares, some to buy real assets such as property. It is not clear how these should be aggregated, or indeed how to treat those assets and goods that are not bought with credit.
Still, Mr Duncan has surely grasped a wider truth. During the boom, policymakers ignored rising asset prices—and indeed welcomed them as evidence that all was well—and disregarded accompanying private-sector credit growth. But when asset prices collapsed, and the banks got into trouble, some of that private-sector debt ended up on the public balance-sheet, leading to the current phase of the crisis.
At this point, you might expect Mr Duncan to call for a return to the gold standard. Far from it. Nor does Mr Duncan have much truck with the demands of the tea-party types. He thinks the American government should run big fiscal deficits for the foreseeable future to counteract the lack of private-sector demand for credit. Japan has been able to finance a much higher government debt in relation to its GDP without difficulty.
Sadly for Mr Duncan, there is no real prospect of such a project receiving political approval in America. That may leave the economy reliant on the Federal Reserve, and more quantitative easing QE , a policy which Mr Duncan believes is having diminishing returns. A third round of QE will have a short-term wealth impact via the stockmarket but will quickly lead to higher inflation. Presents a fascinating look inside the financial crisis and how the New Depression is poised to become a New Great Depression Introduces a new theoretical construct, The Quantity Theory of Credit, that is the key to understanding not only the developments that led to the crisis, but also to understanding how events will play out in the years ahead Offers unique insights from the man who predicted the global economic breakdown Alarming but essential reading, The New Depression explains why the global economy is teetering on the brink of falling into a deep and protracted depression, and how we can restore stability.
This book describes what must be done to prevent it. Guide, Murphy reveals the stark truth: free market failure didn't cause the Great Depression and the New Deal didn't cure it.
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