The Money Revolution: How to Finance the Next American Century Audible Audiobook – Unabridged
In The Money Revolution: How to Finance the Next American Century, economist and best-selling author Richard Duncan lays out a farsighted strategy to maximize the United States' unmatched financial and technological potential. In compelling fashion, the author shows that the United States can and should invest in the industries and technologies of the future on an unprecedented scale in order to ignite a new technological revolution that would cement the country's geopolitical preeminence, greatly enhance human well-being, and create unimaginable wealth. In this book, you will find: an important new history of the Federal Reserve that details the transformation of the country's central bank from the passive lender of last resort created by its founders in 1913 into the world's most powerful economic institution today; a fascinating discussion of the evolution of money and monetary policy in the United States over the past century; an examination of the role that credit has played in generating economic growth; a detailed description of the country's capital structure and its dangerous deficiencies; and an urgent call-to-action for the United States to begin a multitrillion-dollar investment program targeting industries of the future.
The Money Revolution is an engaging listen that is ideal for anyone interested in the future of the United States.
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|Listening Length||15 hours and 21 minutes|
|Audible.com Release Date||March 01, 2022|
|Best Sellers Rank|| #85,353 in Audible Books & Originals (See Top 100 in Audible Books & Originals) |
#13 in International Trades & Tariffs
#32 in Political Trades and Tariffs
#33 in International Economics (Audible Books & Originals)
Top reviews from the United States
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My one major criticism of this book is that the author has chosen to use the threat of strategic competition with China as the galvanising force for action. Given the manifest benefits to the US (and other countries) of investing in its domestic infrastructure and R&D, why does there need to be a "bogey man" to drive change? In fact, in light of the potential benefits to humanity as a whole, should the US not seek better cooperation with China on research into technologies and treatments that can tackle the most pressing problems of our time?
Further, as an open-minded sceptic about MMT, I would have liked to see greater elaboration on the risks and mitigations for the potential downsides to embracing the Monetary Revolution that Mr. Duncan identifies, namely:
1) Consumer price inflation;
2) Increased inequality associated with asset price inflation; and
3) Undermining the dollar's status as an international currency.
The book could also have addressed political reforms needed to realise these proposals, as well as the incentive structures that might give rise to resistance.
Perhaps these could be the subjects of Mr. Duncan's next book?
The thesis of his new book "The Money Revolution" is that "we are living in a completely new policy environment....large-scale government investment in new industries and technologies financed by large-scale money creation has the potential to...radically improve the well-being of everyone alive -- all without creating high rates of inflation." (Page 361)
Duncan goes on to say of inflation (Page 455-456), "At the time of writing, it appears likely that inflationary pressures will abate during the second half of 2021 and into 2022...In other words, the inflation of mid-2021 is likely to be transitory, just as the Fed has said that it would be."
Time will tell if Duncan's thesis is ultimately true, but current US economic trends sure seem to be illustrating that eternal truths (and Austrian economic theories) are still true.
Given the oft-illustrated incompetence of the elites running the US, do you really believe it wise to print another $10 trillion out of thin air (or even more) to give them to spend, er, I mean invest, on "industries of the future"? The US is fast on its way to becoming Venezuela, and this would only speed us on our road to destruction.
Duncan illustrates how profoundly the U.S. monetary system and Fed policy has changed, explaining how these changes can now power a resurgence of US economic prominence. Duncan serves-up what, in our political culture, has become the scarcest of resources: leadership: He presents a clear vision of what needs to be done in terms of investing in new industries, and new technologies, showing how such investments would enable the United States to maintain its strategic, economic, and political influence, especially vis-à-vis China. In the process, raising Americans’ standards-of-living. Let’s hope that our policymakers find their way to The Money Revolution.--