From the Author
This updated and expanded edition offers readers the clarity that comes from the Kondratieff long wave perspective on the ongoing global economic and financial crisis. Only the insight provided by the long wave explains the crises. Irwin Professional, now McGraw-Hill, published the last edition of this book as The K Wave
(1995). That limited edition included charts that illustrated the long wave ending with a real estate crash, global stock market crash, and a global debt bust that combine to bring the long wave winter season to a close. The accuracy of the forecasts made using the long wave approach has generated renewed interest in this book. This updated and expanded edition with 24 long wave charts explains the current status of the long wave and the impact on your investments including stocks, bonds, real estate, commodities and gold. Current long wave and business cycle analysis suggests that overly aggressive fiscal and monetary policy, which produced the real estate bubble, has lengthened the current long wave until 2012. The author has now studied the long wave, other long wave experts, and related technical analysis for more than 25 years. This new edition includes significantly advanced research on the long wave. Readers that genuinely want to understand the global financial crisis and where markets are headed next will enjoy this contribution to the long wave literature and perspective. It was a pleasure to write this new edition for you.
From the Inside Flap
Jubilee on Wall Street: An Optimistic Look at the Global Financial Crash reviews our global economic and financial crises, and presents in clear terms a picture of what the future may hold. Contrary to proponents of gloom and doom, financial market analyst and world-systems analyst David Knox Barker shows that there are positive forces at work that can create The Great Republic--a new golden age that embraces not global socialism and wealth redistribution but true international free-market capitalism.
In Jubilee on Wall Street, Barker explains how the long wave theory, introduced and developed by Russian economist Nikolai Kondratieff, and validated by System Dynamics at MIT, has proven to be a precise forecaster of economic and financial events. The long wave shows how cycles of boom and bust have occurred throughout history--as far back as Leviticus and the insightful laws regarding debt cancellation in the Year of Jubilee.
Barker takes us through a brief historical overview of financial crises, bringing into focus the last two hundred years. He delves into the "seasons" that mark the wave's contraction and expansion. He examines the impact of wars, the role that banks have played, and the influence on stock markets worldwide. He shows the sure disaster if we engage in trade wars. He debunks the myth about the long-term safety of fixed-income securities, and takes a look at the commodity markets and the creation of a new system of international digital gold currency.
In prior editions, Barker accurately predicted the deflationary debt collapse, crashing stock markets, the international banking disaster, and the crisis of capitalism with remarkable accuracy. His latest book offers an optimistic view of the future founded on the theory that the economy thrives on "new beginnings born of adversity caused by prior mistakes and the crises they create." From these crises, he points to the advent of new ideas and technologies, creating a better world economically, politically, and spiritually.