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"The problem we now face is the most extraordinary financial crisis that I have ever seen or read about." Former Federal Reserve chairman, Alan Greenspan (August 7, 2010, interview in the New York Times)
So begins this extraordinary book that takes the reader through a logical and linear progression toward what is likely to become the worst financial disaster in American history. The financial Armageddon will begin with the collapse of the so-called PIIGS nationsfirst Greece, then Irelandleading to a crisis of confidence in European banks and a sharp devaluation of the euro. Speculation about the fate of the EU will spark a trading frenzy in world equities markets, and the rising uncertainty will bring a rapid decline in world stock markets. The bond markets will all but shut down, and interest rates will spike. In short order, the focus will shift from Europe to the United States and its monumental debt and out-of-control deficit spending. The U.S. Treasury will shift its printing presses into high gear as it churns out additional billions to cover its debts, but America's deteriorating financial condition will cause a spike in interest rates as buyers of U.S. Treasuries lose confidence. Several states will default on their municipal debt; in many cases, retirement checks to former state employees will cease. From there, events inexorably will lead to soaring inflation of an order not seen since the 1970s.
If this grim scenario seems far-fetched to you now, it won't by the time you're done reading this harrowing account of the current state of the world financial system.
Authors Peter Tanous and Jeff Cox brush aside the "blue skies" propaganda coming out of Washington and the New York Fed to offer a cold-eyed assessment of the facts. Step by painful step, they delineate the events that have led us to the current state of affairs until they arrive at the inescapable conclusion that decades of profligate spending by government and reckless speculation in the financial markets have taken us too far down the path of destruction for us to entertain any ideas of turning back. Global economic collapse may be inevitable. The only question remaining now is what you can do to protect your assets until the crisis blows over.
In answer to that question, Tanous and Cox explain why Modern Portfolio Theory and the traditional 60/40 portfolio structure no longer apply. In their place, the authors offer a set of inflation-busting asset allocation strategies that include a substantial investment of real assetsincluding oil, gold, timber, and even farmlandas well as inflation-protected bonds.
A storm is coming. How soon, exactly, it will arrive, no one can say for sure. If you want to know how it will shake out and what you can do to shield your hard-earned assets from the worst of it, read Debt, Deficits, and the Demise of the American Economy.
Praise for DEBT, DEFICITS, AND THE DEMISE OF THE AMERICAN ECONOMY
"Before reading this book, I was concerned. Now I am scared. Hopefully, this admirable message will provide material to those legislators fighting for more robust, low-debt, deficit-free systems. I thank the authors for fighting for economic safety." NASSIM Nicholas TALEB, Distinguished Professor of Risk Engineering, NYU, and author of The Black Swan
"Tanous and Cox brilliantly explain how the United States got into the financial hole. But better yet, they explain how we can get out of it. Here is the sure path to renewed prosperity if we will only follow it." SAM DONALDSON, ABC News Correspondent
"An important business book about how we've ended up at this desperate juncture for our economy. Tanous and Cox don't merely chart the path to our demise, they construct an effective road map back to prosperity that all policymakers should heed." Dr. ARTHUR LAFFER, Chairman, Laffer Associates
"A chilling account of what will happen if our political leaders do not take immediate steps to resolve the number-one threat to our great nation: massive federal budget deficits that are growing exponentially with no end in sight. Must reading." WILLIAM M. ISAAC, former chairman, FDIC, and author of Senseless Panic: How Washington Failed America
"Debt, Deficits and the Demise of the American Economy is a sobering and frightful account of the nation's financial challenges that should be read and understood by all Americans, whether they agree with the authors' conclusions or not." Steve Liesman, Senior Economics Reporter, CNBC
I did enjoy the book but did not agree with the fact that they went on to blame the compliant consumer for the housing/mortgage mess. Read morePublished on July 21, 2011 by RJ
The book is a realist objective book which gives you an look into what is facing the worldwide economies of the world and how it is intertwined into our american economy and how it... Read morePublished on July 9, 2011 by Mark
This is a must read for anyone concerned about the direction government continues taking toward financial ruin. Read morePublished on July 3, 2011 by Tom
What many of us kept in the back of our minds without all the facts. Makes you face reality if you can be a realist. Conversational, mostly easy to read. Read morePublished on June 5, 2011 by big art
This book is a "must read" for anyone who has an interest in the world's economy (which would be just about everybody). Read morePublished on June 2, 2011 by paulymak
Pity this book wasn't published a few years ago . . . . the Greek & Irish economies may have avoided the situation they currently find themselves! Read morePublished on May 12, 2011 by Marysue K. Shore
I extensively read on investments, economics and finance. There is no book I completely agree with, and though this book is not an exception it comes very close to being one. Read morePublished on May 11, 2011 by Amazon Customer