Top positive review
10 people found this helpful
Empire of Debt: The Rise of an Epic Financial Crisis
on January 9, 2007
Anyone who is concerned about his or her financial future needs to read this book. Even though it tackles a topic that was unfamiliar and even arcane for me, it is quite readable, and the message it delivers is shocking.
Like cold water thrown on someone sleeping, this book reveals the real reasons behind our country's indebtedness to China and others, and the dangers this debt presents to personal financial planning. It appalls me that our politicians prefer to debate what are primarily personal issues like abortion and gay marriage, instead of truly tending the core issues of government, more important perhaps evan than global warming: deficit spending, underfunded Social Security, and unfunded Medicare.
Even more discomfiting is learning that the formulae for the very economic statistics we read every day have been so altered that they are now essentially meaningless. The Gross Domestic Product, for example, now contains all mortgage payments (not, to my mind, a true "product") simply because the enormity of these monies hugely inflates the otherwise limp GDP.
How does this impact you? It's hard to underestimate it. A must read!