From the Inside Flap
While credit crises, which date as far back as the great Roman Republic, arenothing new, the meltdown of the financial sector in 2008 still took the world by surprise. With currency created at the click of a mouse—or produced in quantity when a central bank credits its balance sheet in exchange for government debt, mortgages, or the equally formless currency of other nations—an era of endless money was born. And now, we find ourselves in a very unenviable position.
Nobody understands this better than author William Baker—a financial professional with wover twenty-five years of experience in investment research and equity portfolio management. With Endless Money, he skillfully examines how the U.S. government and the country's financial systems have embraced socialism, and why cultural deterioration reinforces the trend and jeopardizes democracy. Along the way, Baker reveals how socialism is embodied in two things—the socialization of income and the socialization of credit—and discusses why this is so dangerous.
Page by page, you'll discover why today's economy and capital markets are facing the long-term buildup of public and private credit, and how—as we incur more debt through greater government spending, and take on higher taxes—our leaders fail to find few realistic solutions to this situation. Divided into six comprehensive parts, Endless Money offers an honest assessment of where we're heading and why we cannot continue down this road. Filled with in-depth insights and practical advice, this reliable resource:
Highlights how the combination of a centrally managed fiat currency system and a tax code that confiscates earned income, rather than mildly taxing changes in wealth, could producen a knockout punch to entrepreneurship and our society
Looks back at how today's conditions relate not only to the Great Depression, but also to the evolution of the Roman Republic
Calls for radical changes such as reduced regulatory power of the Federal Reserve, a considerable devaluation of the dollar in terms of gold, and repeal of income tax
Addresses the disturbing fact that individual character has given way to the state's taking over responsibility for indiscretions—financial or otherwise
While we've veered off the course that our Founding Fathers set for us, the financial crisis that began in 2008 may trigger a much more effective reexamination of our banking sector and the powers granted to the government. Insightful and informative, Endless Money puts our current economic condition in perspective and describes what we can do to get back on the right track.
From the Back Cover
Praise for Endless Money
"William Baker's Endless Money is a fact filled, grown up, deadly serious essay on the dangers of government grown and growing too large. His observations on the costs of taxation and dangers to our liberties as well as our prosperity are must reading."—Grover Norquist, founder and President, Americans for Tax Reform
"At last, a meaningful, insightful analysis that clearly explains why the country is on the wrong path, and what we can do about it."—James Turk, founder, GoldMoney.com
"Endless Money by William Baker offers an encyclopedic account of the 1971 decision to separate the dollar from gold. Fiat money, based on a floating scale, has introduced unprecedented inflation and a dollar in disrepair. Mr. Baker's book is an antidote to the affliction of a weak dollar since he argues perceptively for change that sensible people can believe in."—Herbert London, President, Hudson Institute
"No old homilies here—Bill Baker takes no prisoners in this engaging analysis of what went wrong in American finance. Read this book—his call for action is absolutely riveting."—Sydney Finkelstein, Professor, Tuck School of Business at Dartmouth; author of bestsellers Think Again: Why Good Leaders Make Bad Decisions and How to Keep It From Happening to You and Why Smart Executives Fail
"Bill has repeatedly demonstrated an ability to discover tremendous investment opportunities that were not in mainstream institutional research. His ability to tear apart complex situations and go against the crowd has yielded some of our best growth ideas for over a decade, regardless of whether we were in a bull or bear market or if growth or value strategies were in vogue. He is one of the best analysts on the street!"—Jerome Dodson, founder, Parnassus Investments
"Bill's thinking is deep and extremely broad in its scope and his conservative philosophy is unique, yet insightful and invigorating. His conclusions are, to say the least, controversial. Nonetheless they are needed now more than ever! I can't imagine anyone who wouldn't benefit from a thorough reading of Endless Money as well as a thoughtful re-reading of Bill's highly researched and far-reaching insights into our world of today."—Charles Knott, founder, Knott Capital Management