Customer Reviews

Financial Reckoning Day Fallout: Surviving Today's Global Depression

5 star:		(2)
4 star:		(1)
3 star:		(1)
2 star:		(0)
1 star:		(2)

 

 

I have followed Bonner over the years and have appreciated his perspective. This book however was a major disappointment. The book just doesn't cover what the title (and subtitle) states that it is going to cover so from the get-go it is misleading. It spends most of its time doing a haphazard and rambling discourse on the economic history of the last 100+ years with wayyy too much time spent on Japan and Greenspan. The title of the book is "Financial Reckoning Day: Fallout"............precious little space is devoted to the current fallout from 2008-2009. Most of the pages are devoted to 1960-2002. It merely covers the ground that we've all heard ad infinitum over the last two years already in the media/CNBC, nothing really fresh at all and more importantly he does NOT spend much time covering the 'Fallout" scenarios yet to come .

The subtitle is "Surviving Today's Global Depression." You would think, therefore, that there would be pages devoted to 'what you can do in such a depression'. You would be disappointed. Only the last page or so even attempts to address that topic but wanders from it immediately. All Bonner states in gloomy repetition can be summarized by the last sentence in the book: "Our advice? Fold 'em, get up from the table before they clean you out'. I was expecting better and more detailed advice and strategies from someone as experienced. The book is a real downer and I got not one good idea from it.

Bonner and Wiggin are great writers and wonderful at relaying what went wrong in the markets and what we can expect from here. I was a fan of Wiggin's book IOUSA and think this one takes those ideas even further.

The book explores the major correction underway in the US market. According to the author's "the feds' efforts to stop the progress of capitalism will have some spectacular consequences." The first edition of the book was right in its assumption that the US market was heading toward tough times, and based on their perceptive research, I believe their latest set of predications: "Advice to the Class of 2009" (as they put it).

This book will make you think about the risks that you take before you invest and more importantly before you make choices that effect your financial future. Do you really need to take out another line of credit? Living within your means will save you in the long run, and Bonner and Wiggin understand that. Chapter 3 is one of the best looks at the history of the "price of progress" and how a mix between a lack of foresight and an insatiable appetite lead to the economic downturn. I found the writing in the book engaging and often humorous- that's often tough to find.

Financial Reckoning Day Fallout is a collection of history and opinion explaining the lead up of the 2009 Depression. (I think this is a Depression, not a Recession).

This book is not cohesive as The New Empire Debt which maintains the idea the US is practically an empire. This book is a loose collection of history and opinion. I did not enjoy Financial Reckoning Day Fallout as much as the New Empire of Debt.

I would, however, recommend this book to those who want a deep understanding of the current state of the economy.

The highlights in this book are the following:

- the reason why fiat money is a flop
- the influence of demographics, such as the Baby Boomers, on the economy
- the ongoing Japanese recession
- the history of Alan Greenspan.

Deacm's review pretty much covers it. This excruciatingly long book has some interesting stories, but meanders from topic to topic much like a drunk in search of a new bar (the authors like to make statements like this). Basically, the book argues that fiat currency never works; that Allen Greenspan did nothing other than create the greatest bubble in history; that financial collapse is inevitable; that gold is a good idea, but it's probably too late at this point to do anything.

As far as "surviving" goes, there is nothing here. Nothing at all. That is why the title is so misleading. There are lots of books that argue the same basic point. Peter Schiff and Bud Conrad come to mind. At least they have some ideas about what to do.

This book is in desperate need of good pruning, but the best decision, in my opinion, is not to waste your money (even if your dollars are not worth very much!).

I took the bait on a business-book-for-a-buck posted on dealnews a couple of months back. Authors Bonner and Wiggen have not disappointed in this decade update of the economic situation we find ourselves in. Agree or disagree with the content it provides both a pithy analysis and a fun ride for anyone who has ever hesitated to pick up a book on economics.

The 12-page Preface alone was worth the price of admission with it's four basic truths about the stock market, housing and the economy: 1. People do not get what they want or expect from the markets; they get what they deserve (are you still with us Mr. Greenspan?)2. The force of a correction is equal and opposite to the deception that proceeded it (mirroring the economic model that was Japan 10 years ago) 3. Capitalism doesn't always take an economy where it wants to go; but it always takes an economy where it ought to be (can anyone say "legacy for our grandkids?") 4. The severity of a depression is inversely correlated with government's effort to stop it (thank you Mr. Obama).

I am so impressed with this book I find myself in the midst of a re-read of it's 400 pages. And yes the book's value (to this reader) far exceeds the price I paid for it.

There are some good points in the book. Cannot give it more than three stars because it is not clear what his points are. The organization is poor.

P. 55: "The founding fathers of Communism believed that a new era had arrived, founded neither on observation nor on hope but what they thought were laws..." This is fundamentally irrational. Kudos to Bonner for exposing this irrationality, so very prevalent in our modern political society. See the new book, Rational Thinking, Government Policies, Science, and Living. Rational thinking starts with clearly stated principles, continues with logical deductions, and then examines empirical evidence to possibly modify the principles.

pp. 110 ff. The French Revolution was caused by debt. This is an important point, as Obama is now piling up the American debt.

p. 151. "A demagogue will distill his thoughts into a few simpleminded expressions and soon have enough admirers to run for public office." Politicians are simpletons because it is a requirement for the job. "For, en masse, mankind can neither understand complex or ambiguous thoughts nor remember them."

p. 173. The extravagant pay levels of managers are testimony not to the victory of capitalism, but to its defeat. Real capitalists would never allow so much of their money to get into the hands of managers.