“…a very level-headed book for adventurous readers.” (Accounting Technician, May 2004)
This worthwhile, well-organized book presents insights into the current U.S. economy by comparing contemporary economic events with historical ones, especially such systems as Japan's in the 1990s and the United States in the 1930s. Find out why high-spending, high-borrowing consumerism leveraged the U.S. economy and also what the "soft depression" means for investors. (Best Business Books 2003, Library Journal, March 15, 2004)
"...The authors...come up with some disturbing conclusions..." (The Journal, Newcastle, 5 February 2004)
"...every serious investor should read this book..." (www.iii.co.uk (AMPLE), 6 January 2004)
"...the book has rattled me enough to prompt further inquiry." (The Telegraph, 13 December 2004)
From the Inside Flap
According to maverick investment writers Bill Bonner and Addison Wiggin, the countrys current economic picture mirrors that of Japans decade-old "soft depression"caused by an aging population and a structural reaction to its record-breaking financial boom.
As the U.S. downturn drags on, investors want to know whats behind it all, whats in store, and what they can do to safeguard their investments. Financial Reckoning Day: Surviving the Soft Depression of the 21st Century helps you chart your own financial destiny in todays precarious investing climate. Irreverent and eye-opening, this "big picture" investment book starts with a simple premise: history shows us that investing has less to do with raw economic data and new statisticsthe domain of most other investment booksand more to do with old rules, metaphors, and experience.
Putting this unique metaphorical focus (and its underlying principles) into action, Financial Reckoning Day draws upon military and sociopolitical milestones to highlight the surges and slides of history. Going a step further, the authors emphasize the powerful relevance of these events to todays economic uncertainties.
Brimming with down-to-earth wisdom and take-it-to-heart lessons, Financial Reckoning Day tells you:
- Why the "Information Age" stock boom went bust, with sobering insights into such companies as Amazon.com, Cisco Systems, and Global Crossing
- Why high-spending, high-borrowing consumerism "leveraged" the U.S. economy and what you might expect from the "soft, slow depression" in the decade ahead
- Why Japans "miracle economy" unexpectedly collapsed and why a decade of monetary stimulus has failed to revive it
- How the Civil Warand the financing of wars in generalled to the creation of the central banking system
- What the legacy of Fed chief Alan Greenspan "ought" to be
- How the speculative mania for John Laws Compagnie des Indes in the early eighteenth century presaged the dot.com stock craze
- How the "Aging of the West" is more likely to affect stock prices in the years to come than fiscal policy
As it reveals the hazards of democratic consumer capitalism and the financial follies of history, Financial Reckoning Day warns that depressions are not necessarily a thing of the past. And thats why its so vital to have an essential, wide-angle resource like this on hand . . . to get you through the current crunchand put profits back in your portfolio.