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This review is from: Empire of Debt: The Rise of an Epic Financial Crisis (Agora Series) (Hardcover)Bonner is a very entertaining and witty writer.
But in this book he's saying (over and again) not much more than:
1. Empires are created by vainglorious self-deluded fools.
2. Empires always overreach and go broke and collapse.
3. America is an Empire.
4. America buys more from overseas than it sells there, and that's bad.
5. Americans spend too much and don't save enough.
6. The housing market is a bubble due to pop.
7. Gold is a good store of value.
That's about it, along with some fragments of schoolbook history. Hope I "saved" you some money!
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Showing 1-10 of 23 posts in this discussion
Initial post: Oct 30, 2006 2:14:52 PM PST
John Cheshire III says:
Agreed and wish I had read the review before I bought the book!
Posted on Jan 1, 2007 4:36:28 PM PST
[Deleted by the author on Jan 5, 2007 9:19:12 PM PST]
Posted on Apr 18, 2007 7:18:18 AM PDT
Jack Flack says:
This book is not for those who keep up on financial issues. It's for those who don't pay much attention and feel the US government is trustworthy. For those people, this is a book they should read.
Posted on May 17, 2007 12:52:10 PM PDT
Preston Kent Poulter says:
I can't understand this review or anyone who agrees with it. I really have to ask whether they have actually read the book. It is chalk full of history. Not school book history, but history that isn't taught in schools. It is a history book with a thesis and I can't understand this reductionism.
In reply to an earlier post on May 17, 2007 8:14:27 PM PDT
Scott Meredith says:
>It is a history book with a thesis
>and I can't understand this reductionism.
Yes, that's true. It is a history book with a thesis. And its thesis is pretty much just what I listed in my review.
Posted on Jun 8, 2007 9:48:15 AM PDT
Last edited by the author on Jun 8, 2007 9:49:54 AM PDT
The main problem with the book is it's reliance on "Gold" as a hedge against a failing economy. Problem is you can't eat your gold any more then you can eat your paper money. In the end, the value of all money---even gold---is dependent on the overall productivity of the economy for it's value. It can only buy what the economy can produce. Sure, diversify into gold, it will come in handy, but in the event of an economic collapse like the authors are predicting, it's ship will sink along with the rest of the economy. You can't buy what's NOT available, no matter how much GOLD you have. The real solution is communitarian, and voting out the political establishment that controls the 2 party system, and returning the economic foundation of the Republic to some sort of economic common sense. Nothing is a perfect "store of value", it's a libertarian, free market fantasy.
Posted on Aug 15, 2007 11:39:56 AM PDT
William A. Hensler says:
As of August 15th 2007 the sub-prime debacle has hit and hit hard. There are estimates that up to 20% of the bonds that were backed up by the sub-prime loans are now worthless. So, point #6 is very true.
In reply to an earlier post on Aug 28, 2007 10:58:46 PM PDT
Scott Meredith says:
> So, point #6 is very true.
Yes. But dammit, I need for point #7 to get true!
In reply to an earlier post on Oct 10, 2007 4:27:38 PM PDT
Last edited by the author on Oct 10, 2007 4:28:19 PM PDT
Linear Chaos says:
Ever hear of the Byzantine Empire? It might disagree with you about the social and economic consequences of debasing a currency.
In reply to an earlier post on Oct 21, 2007 6:46:39 AM PDT
[Deleted by Amazon on Oct 13, 2008 9:36:30 AM PDT]