Customer Reviews

The New Empire of Debt: The Rise and Fall of an Epic Financial Bubble (Agora Series)

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

 

 

Authors William Bonner and Addison Wiggin, a couple of economic iconoclasts, have compiled a chilling perspective of a crumbling American financial empire; whose irrational economic policy over the years has created huge buget deficits that defy logic; sooner or later, the bubble is going to burst, and this country is in for an economic disaster of epic proportions.

It's not going to be a pretty picture.

The problem began in the post-Reagan years, when any sort of prudent fiscal policy seemed to become a distant memory. Perhaps the greed & hubris of big government is creating an unrealistic perception that creating an unfathomable budget deficit really won't hurt the economy; just keep borrowing. That's no way to run a business and certainly no way to run a country; except to run it into the ground, financially.

We've become a bailout nation, with little regard for any financial common sense. The Stimulis Package is an ill-conceived plan that is going to be ensuring our long term financial devastation, which our children's children will be still paying off, well into their golden years of retirement. Retirement? What's that?

The message delivered by Bonner and Wiggin is startlingly clear; this country is heading down the primrose path of socialism and it's a cost we won't be able to afford. We're crumbling under a mountain of debt, and the inevitable landslide will prove to be catastrophic, unless our fiscal policy is changed; very soon. We don't have much time to waste; our nation's financial future is on very thin ice.

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"Whilst we do not agree with everything that the book has to say, we agree the majority of the arguments and we find the context and perspective that it brings to these issues refreshing, well researched and well-written. Unlike many of the writers in this space, the prose is not verbose, bombastic or shrill. This is a thoughtful and cogent treatment of the most important issue the World is facing today.

You are in good company reading this book. Among those endorsing it are Pete Petersen, Warren Buffett, David Walker, Paul O'Neill, Jim Rogers and others. We recommend that all elected officials and concerned citizens everywhere consider this book required reading."

* Kakistocracy: Government populated by the most corrupt and inept members of a society.

The authors have written not only a well researched and thoroughly documented treatise on economics, history and money -- but they did so in a most enjoyable way! I kept finding myself wanting to read out loud their many pithy and clever 'punch lines' but realized they were enjoyable, clever and funny to me because of the context and background the previous paragraphs (and pages) they had so nicely lofted into my mind! Ah well, some punch lines were SO good that I just couldn't resist sharing them with family and friends. In the end, if said friends didn't understand what I was talking about, I kept recommending they get their own copy of this book. Its an excellent read. Nicely done, gentlemen! You kept me amused while educating me. Plus I had a heck of a good time while reading!

Good summary of the financial problems currently facing the USA and of the Imperial role that this country has assumed in the World since the end of WW2.

The statistics provided, however, seem a bit biased as they do not seem to be related to the growth of GDP.

A useful sequel would be a detailed review of the stakes of Japan and China in this situtation; OK they have lots of US financial assets and they can dump the US dollar, but if they do, won't they also dump their own export oriented economies?

Fundamentally,aren't current economic problems simply due to the fact that the share of labour income as a proportion of total production is constantly declining in the US and elsewhere? US consumers are too indebted to consume, Asian consumers are too poor to do so and The New Empire of Debt: The Rise and Fall of an Epic Financial Bubblenot used to do so.

The fatalism displayed in this book is also depressing; the nature of humankind is to try to improve its environment, not let a marketplace (institutional framework) which produces unsatisfactory results function as it usually does.

Thought provoking insights into how empires have been financed since the Roman era, and how the American empire, by contrast, depends upon unsustainable debt financing to maintain its consumtion-based economy.

I really enjoyed the funny parts in this book. I borrowed it from the library but I want to purchase a copy to have so I can highlight all those great lines! The clever and witty lines in this book are so funny that there should be in a small companion made just for them. This helped keep my interest as I was reading. Very amazing story of how we got into this huge mess. Hope to have some real leaders in Washington one day to rectify this mess.

When this book was released in 2006 it provided truth full facts backed up by mounds and mounds of corroboration. And of course, this well-documented book by Bill Bonner and Addison Wiggin was released before the Financial Meltdown of September, 2008. What they had fore casted based on mathematics, demographics, over-spending, and over-borrowing is now coming to fruition. Not opinions, but facts. And since this book was first published, the national debt (and annual deficits) have grown significantly.

"Empire of Debt" got good reviews then, but less attention from the American Mainstream Media when it was first released. Now, in August of 2010 the Mainstream media has jumped on the bandwagon of not "pessimism" but "realism." And yes, this "realism" is not optimistic. 2006 was the height of the housing bubble, and its subsequent correction (not fall), and US economic crisis of September 08, changed the United States. People are waking up. As usual in human psychology, most people become aware (woke up) after the steep slide had begun.

Now, we have a recently updated "New Empire of Debt." Every American should read this book.

Bonner and Wiggin also collaborated on "Financial Reckoning Day," that was published in 2004. Quite prophetic.

In sum, Pete Peterson, David Walker, Jim Rogers, Warren Buffet and others have endorsed "Empire of Debt." This book is mostly a mature, reality-based explanation of the debt itself and the ramifications that *will* occur because of it. The authors do name, names. The only criticism is the "current event" comparison-analogies and innuendo in the historical part of the book is not needed, and likely targeted to a certain target market of readership (that reminds me of the politically partisan TV and radio shows).

I HAVE FOLLOWED THE AUTHORS FOR SEVERAL YEARS READING THEIR WEBSITE DAILY. SUBSEQUENTLY, I HAVE READ ALL THEIR BOOKS.

AS AN INVESTOR, I APPRECIATED THEIR EARLY WARNINGS REGARDING THE HOUSING/DEBT CRISIS. THEY HAVE HELPED ME FORMULTATE MY MACROECONOMIC POSITION.

I WISH THIS BOOK WAS REQUIRED READING FOR ALL AMERICANS. OUR IGNORANCE OF ECONOMIC HISTORY AND THE CONSEQUENCES OF OUR MISGUDED POLICIES IS A SUBJECT TOO FEW AMERICANS ARE WILLING TO UNDERSTAND, ESPECIALLY OUR ELECTED LEADERS.

"NONE ARE SO BLIND AS THISE WHO REFUSE TO SEE". THIS BOOK SHOULD OPEN SOME EYES AND MINDS.

JIM MCCURRY

This book is well-written, eloquent, and timely.
It addresses the current grave financial situation through a review of political and financial history.

The book demonstrates the close connection between imperial American foreign policy and the economy. They are inseparable.

The survey of past presidents was humorous,yet made a valid point.
The authors point out that in an empire power is centered around the executive and "radiated outward". Nixon and his price fixing policy was an example as well as an excellent section on Woodrow Wilson and his successors who earned the description of being "Wilsonian". Their criticisms are not biased toward either party.

The authors offered a motivation for the formation of the Federal reserve system. The empire builders got the money they need.

On page 115 they make a great statement that fits well with the times-
"Every great movement-and almost every empire-begins in deceit, develops into farce, and ends in disaster."

The authors also detailed the neocon ideology and where the neocons originated from.

This is an excellent book on the relationship between economic bubbles and the American Empire. It's definitely a lively read and I recommend it.

The New Empire of Debit offers an interesting perspective that through sheer global influence the United States is practically an empire. And by being in empire, the rules that applied to previous empires apply to the United States. And, the mistakes that lead to the fall of empires somewhat applied to the United States. It is interesting that the problems the United States had were very similar to that of previous empires.

One of the interesting parts of the book is that it zeroes in the history of President Wilson. I was quite surprised about this because this book is not a political book; it is more of an economic book.

I did not agree with everything in the book but for the most part the book was a good read. The book is more historical than current event. If you know little about the history of empires and like a good primer, this is maybe the book for you. I would recommend this book for those who seek a good understanding of current economic events.