Top positive review
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most believable assessment of today's economy
on September 16, 2010
First of all, let me dispense with the negative:
What an awful title for the book! It makes it sound like a guide on how to exploit the human suffering of the economic crisis in order to stay afloat oneself.
What the book actually IS, is a detailed analytical assessment of today's US economy and where it is likely to head in the coming years. Which, of course, is not only useful for us to try to better understand the world around us, but for those of us who are investors to make prudent decisions about where to put our savings.
I have read a number of recent books on the economy. There appears to be a lot of consensus among the intelligent writers on contemporary economics- for example, 1). We are in a deep crisis of overleverage brought on by an accumulation of excessive debt that has gone on for 2-3 decades. 2). The inevitable consequence of this is a massive deleveraging.
One area where experts do differ is whether deflation or inflation will dominate in the coming years. The crux of this disagreement lies in whether one believes that the Federal Reserve has the ability (and the willingness) to turn deflation to inflation through massive money-printing. Conrad clearly falls into the latter camp, and he does so, in my view, very persuasively. (Another area of dispute between the deflationists and inflationists is the extent to which the government will continue to engage in (inflationary) deficit spending.)
At any rate, Conrad's view is that all this is leading us to a currency crisis for the US dollar in coming years. This is a hypothesis that many other contemporary economic commentators have proposed.
While there is a lot of other good writing out there on this subject, I believe Conrad's book gives the most complete, fact-supported, and persuasive assessment of today's economy.
Just one piece of advice: If you believe the Voodoo nonsense of economists like Paul Krugman, this book is not for you.