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The New Empire of Debt: The Rise and Fall of an Epic Financial Bubble, by Will Bonner, Addison Wiggin, Agora
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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.
- Sales Rank: #416303 in Books
- Published on: 2009-08-03
- Original language: English
- Number of items: 1
- Dimensions: 9.30" h x 1.15" w x 6.30" l, 1.25 pounds
- Binding: Hardcover
- 368 pages
Review
"How deficit spending, gluttonous consumption and military adventurism, they say, will bring America to its knees…"
— The Economist
"This is a powerful book. In addition to its depth, it is well written, well documented, and vastly readable. I had the feeling of seeing an X-ray of economic reality with the crust removed. It should be made mandatory reading in most circles. Read it, and your views of the world around you will no longer be the same."
—Nassim Nicholas Taleb, author of The Black Swan and Fooled by Randomness
"Now perhaps someone will finally listen!"
—Jim Rogers, author of Investment Biker, Adventure Capitalist, and Hot Commodities
"Instead of trade and work, imperialism breeds militarism, inflation, and debt, as Bonner and Wiggin show. Yet there is a golden hope in freedom and honest money."
—Llewellyn H. Rockwell Jr., President, Ludwig von Mises Institute
"[Empire of Debt] is a fantastic book. It's thoughtful, erudite, witty, well written, practical . . . and spot-on. If you value your financial health, you'll read it from cover to cover. Now!"
—Doug Casey, Chairman, Casey Research, LLC, and author of Crisis Investing
"I laughed, I cried, I renewed my passport. . . . Bonner and Wiggin deliver a steady diet of insight and wit that terrifies the reader, even as it amuses. Empire of Debt is not for everyone, only for those of us who hope to enjoy continuing prosperity amidst difficult conditions."
—Eric Fry, Editor, The Rude Awakening
From the Inside Flap
"The Golden Age of American capitalism is over. . . . In the space of half a century it passed from gold, to silver, to paper, and is now somewhere between plastic and navel lint."
—From The New Empire of Debt
In the last half of 2008, the Empire of Debt received the margin call from Hell. Now, all of its citizens are asked to pay up as the U.S. economy stumbles down a dangerous path of financial turmoil. What exactly went wrong?
When things are good, people tend to believe the most outrageous things—that the financial sector could get rich by lending money to people who couldn't pay it back, and that a whole economy could flourish by luring consumers to spend more than they could afford. These hallucinations created an immense worldwide bubble of debt and dollars. And now—with the U.S. government inflating the biggest bubble in public debt the world has ever seen—a financial whirlpool has formed and threatens to drag the entire country down the drain.
In The New Empire of Debt, the internationally acclaimed author team of William Bonner and Addison Wiggin return to reveal how the epic financial bubble that is plaguing the United States will soon bring an end to this once-great empire. Throughout the book, they offer a frightening look atthe United States' precarious position 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 warn of the dangers that lie ahead and offer practical advice to protect your financial well-being as the American empire collapses upon itself. You'll discover that you don't have to tie your own fate to the inevitable destruction of America's system of imperial finance. Instead, you can take some simple steps to weather the crisis.
Bonner and Wiggin have been studying the financial landscape for more than twenty years. With The New Empire of Debt, they not only show you how we got into this mess, but how to get yourself out of it.
From the Back Cover
PRAISE FOR THE PREVIOUS EDITION
"This is a powerful book. In addition to its depth, it is well written, well documented, and vastly readable. I had the feeling of seeing an X-ray of economic reality with the crust removed. It should be made mandatory reading in most circles. Read it, and your views of the world around you will no longer be the same."
—Nassim Nicholas Taleb, author of The Black Swan and Fooled by Randomness
"Now perhaps someone will finally listen!"
—Jim Rogers, author of Investment Biker, Adventure Capitalist, and Hot Commodities
"Instead of trade and work, imperialism breeds militarism, inflation, and debt, as Bonner and Wiggin show. Yet there is a golden hope in freedom and honest money."
—Llewellyn H. Rockwell Jr., President, Ludwig von Mises Institute
"[Empire of Debt] is a fantastic book. It's thoughtful, erudite, witty, well written, practical . . . and spot-on. If you value your financial health, you'll read it from cover to cover. Now!"
—Doug Casey, Chairman, Casey Research, LLC, and author of Crisis Investing
"I laughed, I cried, I renewed my passport. . . . Bonner and Wiggin deliver a steady diet of insight and wit that terrifies the reader, even as it amuses. Empire of Debt is not for everyone, only for those of us who hope to enjoy continuing prosperity amidst difficult conditions."
—Eric Fry, Editor, The Rude Awakening
Most helpful customer reviews
32 of 36 people found the following review helpful.
Awesome market calls, great prose, suspect argumentation
By Athan
Two confessions first:
1. I've owned the old book since 2006, I looked at it briefly and there was no way I was paying good money to get an extra 50 pages, so the review is actually based on The Empire of Debt. Regardless, I'm rather confident my insights are relevant, for reasons that will hopefully become apparent.
2. I totally loved reading it. I could not put it down. I even went back to re-read some passages, often going on to re-read entire pages or chapters.
Now, for the review proper.
The executive summary is that the authors made a truly amazing set of market calls when this was published in 2005: Sell stocks, sell housing, buy gold. Indeed, "buy gold" are the last two words of the book. At the same time, they based these market calls on a series of hunches and prejudices that it is very difficult for a sensible, educated man to agree with. And the thesis of the book, that the US is an empire in reverse, is preposterous.
But it is so unbelievably funny to read, you kind of wish they were right.
I come from a country that was twice saved by America. Once from the Nazis and soon after that from communism. My parents are to this day unbelievably grateful for this. They paid for me to go study in America, in the process returning a small part of the favor by sending hundreds of thousands of dollars to fund solid American jobs of the kind the authors like, albeit at an institution they probably despise. I can't square this with the authors' vitriol against American intervention in Europe. As a human being, Wilson may have been as bad as they make him sound, possibly FDR too. But the debt these presidents issued to fund these wars is probably a footnote compared to the benefits, pecuniary and otherwise. Would not know where to start with the math, but that's my hunch and I don't feel any more obliged to defend it than the authors do theirs.
Also, from my time spent in America the impression I gathered was of a people that is prepared to make material concessions if there is a principle at stake. Sometimes it can by misguided or beside the point (I don't much care for guns myself, and where I was brought up history says they had no compunctions about tossing malformed babies off a cliff, let alone worry about unborn foetuses) but it's just how it is. So I remain to be convinced George W Bush was an imperialist. Especially as we all know he's an imbecile with strong principles. That'll do it every time.
Equally, the authors treat all debt as one thing. While it can't be denied that there's a level of debt that's too high, it can no more be denied that a bit of debt does grease the wheels of an economy. The authors get unbelievably annoyed and aggrieved about an issue that may have been evident to them because of their market experience or because of their personal prejudices, but who is to know? Also, they do not mention anywhere that the big bucks were in the fees charged for all the lending, not so much in the house appreciation itself. It could be (we'll never find out) that if all the lending had been priced right the party could have carried on for a long time. And maybe not, of course. But people who have studied what happened with the Lloyd's insurance market some twenty years ago have come precisely to that conclusion. It wasn't hurricane Andrew that killed the Lloyds "names," it was the layers upon layers of fees. So it could one day transpire that the US economy can indeed support amounts of debt the authors find disastrous, if we bother to keep record of who lent what to whom, if we give prime loans to people who can afford them rather than trick them into subprime, if we suppress valuation fraud, if we don't take a slice of juice after every repackaging and so on. Maybe one day it will.
Anyway, little point in trying to refute every idea in the book, especially since I'm saying I loved reading it.
So, for example, there's a six page section where they tear into Thomas Friedman who writes for the NYT. God, do I wish I'd written that myself. And how unbelievably brave to publish this book in 2005. And what fantastic prose.
So where I'm left with this book is that first and foremost it entertained me, but it also exposed me to a series of arguments on which I could develop my own, less strident, views and counterviews. Pretty much what I'd expect from a good book.
But it's so one-sided and absolutist and, frankly, insular in the arguments it makes, that you can hardly say it's great book.
55 of 67 people found the following review helpful.
A Crumbling Financial Empire?
By Larry Underwood
Authors William Bonner and Addison Wiggin, a couple of economic iconoclasts, have compiled a chilling perspective of a crumbling American financial empire; whose irrational economic policy over the years has created huge buget deficits that defy logic; sooner or later, the bubble is going to burst, and this country is in for an economic disaster of epic proportions.
It's not going to be a pretty picture.
The problem began in the post-Reagan years, when any sort of prudent fiscal policy seemed to become a distant memory. Perhaps the greed & hubris of big government is creating an unrealistic perception that creating an unfathomable budget deficit really won't hurt the economy; just keep borrowing. That's no way to run a business and certainly no way to run a country; except to run it into the ground, financially.
We've become a bailout nation, with little regard for any financial common sense. The Stimulis Package is an ill-conceived plan that is going to be ensuring our long term financial devastation, which our children's children will be still paying off, well into their golden years of retirement. Retirement? What's that?
The message delivered by Bonner and Wiggin is startlingly clear; this country is heading down the primrose path of socialism and it's a cost we won't be able to afford. We're crumbling under a mountain of debt, and the inevitable landslide will prove to be catastrophic, unless our fiscal policy is changed; very soon. We don't have much time to waste; our nation's financial future is on very thin ice.
39 of 50 people found the following review helpful.
March of the Kakistocracy
By A. Jurshevski
Read the full review at [...]
"Whilst we do not agree with everything that the book has to say, we agree the majority of the arguments and we find the context and perspective that it brings to these issues refreshing, well researched and well-written. Unlike many of the writers in this space, the prose is not verbose, bombastic or shrill. This is a thoughtful and cogent treatment of the most important issue the World is facing today.
You are in good company reading this book. Among those endorsing it are Pete Petersen, Warren Buffett, David Walker, Paul O'Neill, Jim Rogers and others. We recommend that all elected officials and concerned citizens everywhere consider this book required reading."
* Kakistocracy: Government populated by the most corrupt and inept members of a society.
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