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Endgame: The End of the Debt Supercycle and How It Changes Everything Hardcover – March 8, 2011
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Q&A with Authors John Mauldin and Jonathan Tepper
—Charles Sizemore, HS Dent Research Analyst and Editor of the Sizemore Investment Letter
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Top Customer Reviews
The transition from the debt supercycle to the endgame is characterized, for the most part, by a transfer of debt, not an extinction of it, from the private sector to the public sector (pp. 24-25). Western governments and central banks have run large fiscal deficits and printed massive amounts of money to reduce the impact of the multiyear balance sheet recession in the private sector (pp. 8; 13; 24-25; 29; 58-63; 98-104; 136-141; 155; 158; 172-174; 227; 230; 252; 267-272). To their credit, Mauldin and Tepper clearly explain why deficits matter. Unfortunately, countries like the United States have mostly not run surplus and pay down debt in good times so that there is room for a policy response in bad times (pp. 54-57; 178-180; 188-196; 224; 235; 249). Unless central banks print money, the financing of large government debt runs the risk of crowding out business investment that relies on savings of consumers and businesses (pp. 53; 121-122).
Mauldin and Tepper are not surprised at all about this policy of kicking the proverbial can down the road that will result into greater systemic instability with more macroeconomic volatility and greater variability of inflation rates (pp.Read more ›
So why just three stars? First, I didn't think the analysis was all that new or profound. If you are coming to the subject for the first time, then you'll probably learn a lot. However, if it's a topic that you already know a lot about, then you probably won't learn all that much that's new to you. Second, and more seriously in my opinion, is what I consider an ethical breach on Mauldin's part. In the epilogue, the authors (mostly Mauldin, it seemed to me) were giving reasons why we should be optimistic in the very long term. The authors believe that the advances taking place in various areas of biotechnology will be revolutionary and make life a lot better and longer for a lot of people.Read more ›
Here is the positive:
1) End Game looks at both sides of the flation argument, as opposed to other books that focus on just 1 or the other.
2) Mr. Mauldin tells you what he believes will be the likely outcmes for several countries around the world. 3) The book is straightforward and easy to read.
1) Too much of other people's thinking. This works for his newsletter as you get a broad perspective from a variety of economists. But for a book it just makes it seem like the authors didn't do enough of their own leg work, and were in some hurry to meet a deadline.
2) The chapter on how you should invest shouldn't be called a chapter, it is 4 pages short.
3) While the authors talk both the drivers of inflation and deflation they do not dedicate much time to discussing how, why, and when one will predominate the other. The most specific they get is to say they believe for hte US we will have deflation then inflation, no degrees of, or time frames or things to look out for as to when the change may be occurring.
Overall, I'm happy I bought the book, simply because Mr. Maulding issues such an outstandng e-newsletter for free, that I feel he deservees his royalty fees from my purchase of his book.
Most Recent Customer Reviews
The authors provide a sophisticated, yet understandable, argument about our dangerous accumulation of debt. Read morePublished 22 days ago by D Windley
Outstanding! Presents a thorough analysis of the consequences of the unbridled accumulation of debt (both public and private) all over the world but especially for the US and... Read morePublished 3 months ago by Bayard B.
A little dated. Still a solid analysis of world financial problems in reasonable terminology for most readers. I would recommendPublished 6 months ago by J. Wire
First and foremost, John Mauldin is a perma-bear who has never met a market that he didn't think was overpriced or due for a crisis, including the depths of the 2008-09 financial... Read morePublished 7 months ago by A. Murray
I think the book is well researched and easy to understand. I do with there was better information on investments/safeguards against the worst case scenario.Published 11 months ago by Flag Girl
Great account of where we're at with the debt and future spending. It's a rather depressing book but then again it is called "Endgame". Read morePublished 12 months ago by Charlie G
I believe every word of it. As an old retired guy, I can't afford to take what look to be outlandish risks with my investments. Mauldin has been my guru for many years now.Published 14 months ago by mike mariani