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Vox Day

The Return of the Great Depression Hardcover – October 29, 2009

by Vox Day (Author)

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In this sophisticated yet readable book, Vox Day - one of the few economics writers to predict the current worldwide financial crisis - explains why it is likely to continue. Day shows that the policies being pursued in Europe, Asia, and the United States are very similar to Japan's failed policies of the past twenty years and, therefore, doomed to similar results. According to Day, the economic theories behind those policies are flawed and account for why most economists were unable to anticipate the recession or see that their expectations of an imminent recovery are incorrect. Day applies a different theory, the one he used to predict the current crisis, to show that the world is in the early stages of a massive economic contraction. Then he turns to the six scenarios presently envisioned by the world's leading economists and assesses which is most likely to unfold. As the title suggests, Day concludes that the most probable scenario is a Great Depression 2.0 that will be larger in scale and scope than that of the 1930s.

Print length

280 pages
Language

English
Publisher

WND Books
Publication date

October 29, 2009
Dimensions

6.56 x 0.94 x 9.24 inches
ISBN-10

1935071181
ISBN-13

978-1935071181
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Editorial Reviews

About the Author

Vox Day graduated in 1990 from Bucknell University with degrees in Economics and Asian Studies. He is a member of the Science Fiction and Fantasy Writers Association, the International Game Developers Association, and Mensa, and helped found the techno band Psykosonik. In addition to his weekly columns, he transmits contagious and controversial memes daily from the Vox Popoli blog.

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Product details

Publisher ‏ : ‎ WND Books; 1st edition (October 29, 2009)
Language ‏ : ‎ English
Hardcover ‏ : ‎ 280 pages
ISBN-10 ‏ : ‎ 1935071181
ISBN-13 ‏ : ‎ 978-1935071181
Dimensions ‏ : ‎ 6.56 x 0.94 x 9.24 inches

Best Sellers Rank: #2,030,684 in Books (See Top 100 in Books)
- #3,046 in International Economics (Books)
- #4,925 in Economic History (Books)
- #5,286 in Economic Conditions (Books)

Customer Reviews:
50 ratings

Customer reviews

5 star		62%
4 star		19%
3 star		8%
2 star		9%
1 star		2%

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Top reviews from the United States

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J. D. Pruett

Well worth the modest cost of purchase and time to read.

Reviewed in the United States on August 2, 2016

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I wish that I had read this book before taking economics in college. Mr. Day begins his book with a clear presentation of theories I never quite understood then or later. His analysis of our situation (current as of 2009) seems accurate still. I am confident that his prescriptions for climbing out of our present state will go down crosswise with many, as he recommends, among things, that we greatly curtail our rôle in foreign lands and stop all immigration into our country. His remedies for the most part find ready acceptance with me but will not with many of our citizens. Read the book and decide for yourself, but read it for the valuable tutorial in basic economics whether you are persuaded by his to policy proposals.

5 people found this helpful

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rgvandewalker

It's come and gone.

Reviewed in the United States on March 8, 2021

Verified Purchase

I think Vox Dei misunderstood the nature and outcomes of the great depression. I believe myself that they are caused by ecological resource limitations, or liquidity crises. Like most economists, he failed to foresee the actual cause of the 2008 depression: A bubble in real-estate mortgages.

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T. Tucker

A Refreshing Look at the Future

Reviewed in the United States on November 28, 2009

Verified Purchase

Vox Day's latest book is both a refreshing and sobering look at the economy. Refreshing in that it throws off the straight-jacket of the Keynesian/Krugman lie that we can borrow our way out of a debt crisis and sobering as you realize that our politicos don't have a clue about the right thing to do.

Vox tells the story simply and eloquently, beginning with the downfall of Japan, then looking at Great Depression 1.0 and taking on the Keynesians and moneterists for their failures to understand the dangers of central banking and credit-based inflation. He briefly lays out and critiques six possible futures. He concludes that the Return of the Great Depression is the most likely future and provides clear policy recommendations on how to best work through the mess we are in.

Interesting, well documented, and easy to read with points illustrated by easy to read graphs and charts, an excellent overview of the times we are in and the troubles to come.

7 people found this helpful

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Eric Mayforth

A Second Deflationary Depression?

Reviewed in the United States on April 18, 2010

Verified Purchase

Vox Day is not buying the current prognostications on the part of many that the United States has hit bottom economically and that we are in a nascent recovery. In "The Return of the Great Depression", he forecasts that, unfortunately, we are in for a contraction somewhat worse than the one our forebears endured eighty years ago.

Day tells the story of how we arrived at our present pass, examining the subprime mortgage crisis and the role of artificially low interest rates and relaxed lending standards in that crisis. He also casts doubt on some of the economic statistics the government releases and offers his reasons for doubting them.

The book delivers a great primer on the differences between Keynesianism, the Chicago School (monetarism), and the Austrian School, and describes how each school views the role of the money/credit supply in an economy.

One of the fundamental tenets of Austrian economics is the view that the severity of an economic contraction is correlated to the volume of malinvestments in the economy prior to the crash. President Obama responded to the recent downturn by injecting massive amounts of useless spending into the economy. He appears to desire to become the American version of Pierre Elliott Trudeau--introduce massive amounts of new spending and government programs and hope that taxes, including both income taxes and a GST or VAT, are eventually raised to pay for them. This massive spending of 2009 and 2010 (on top of Bush's more modest stimulus in 2008) will lead to much higher levels of malinvestment in an economy that already had very high levels of malinvestment in 2008 due to the subprime mortgage crisis.

This leads Day to his conclusion that we are headed for a second Great Depression. He outlines six different scenarios, from very optimistic to very pessimistic, of where the economy is headed and ranks the likelihood of each scenario. He of course thinks that a depression is most likely and explains his reasons for predicting deflation instead of predicting inflation as some Austrian economists are. Day even predicts where the Dow Jones Industrial Average will bottom out in 2012 or 2013.

I am sympathetic to many aspects of Austrian economics, but I fervently hope that Vox Day's prediction is wrong. However, if many of today's Keynesians and monetarists are incorrect about their predictions of recovery, we cannot say that we were not warned that Great Depression II was at the door.

7 people found this helpful

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Top reviews from other countries

Amazon Customer

what went wrong and why it's will again

Reviewed in the United Kingdom on January 26, 2020

Verified Purchase

Interesting read, I think the time scale frame has been disproven but the sentiment seems to be correct

Sylvester Rep

Filled to the brim with quality information without jargon.

Reviewed in Germany on June 25, 2020

Verified Purchase

An economics book that gets straight to the point without jargon, while being effective and entertaining. Vox day does an excellent job breaking down and explaining all the factors involved. Very interesting analogy to the Japanese markets in the 90's in the book.

Feyd

The Austrian School are back

Reviewed in the United Kingdom on February 1, 2010

Verified Purchase

Austrian School economists like Vox Day tend to have an extreme free market viewpoint that favours very small government. Vox has written a lively and enjoyable book, but one with more than a few dangerous misconceptions. The work kicks off with a discussion of the decades long slow down of the Japanease economy from the mid 80s, and then offers a summary of the recent financial crises which is in many ways among the best I've seen. It is flawed however, as while it implies Federal Reserve monetary policy over the last few decades was largely responsible for the asset inflation that preceded the crises, it makes no mention of the trillions of dollars that flooded into the US over the last decade through its capital account as the counter part to the huge current account deficit the US has been running these last 10 years. Not the first time an Austrian school commentator has downplayed the importance of imbalances. The book rightly highlights the economic problems posed by high debt, but it will be difficult for the US to pay back its debt unless imbalances are addressed so the US can start earning more than it spends.

There's a very good chapter discussing various discrepancies in official economic metrics like GDP, some introductory stuff on the Austrian school, numerous straw man attacks on Keynes, and a chapter discussing various scenarios Vox forsees as possibilities for the next few years. I LOLed reading the "Fallout 4 Live" post apocalypse prediction , where Vox jokingly suggests that at least young people are well prepared to cope due to computer games.

When Vox isnt pushing Austrian ideology or attacking Keynes, he makes many good and useful points and has a gift for illuminating and accurate little sketches. Sadly for much of the book hes in gladiator mode, where he seems to make very basic mistakes in his keenness to win one for the Austrian team. For example, in attacking the idea that the savings glut was one of the causes of the recent recession, he merely says global savings were higher back in 1974. This ignores the fact that the early 70s did see economic turbulence and the end to the decades of unprecedented high global growth from the Keynesian golden age and also that the inflation present in the seventies partly mitigated the drag from the high savings. More important, and by far, it ignores the fact that Keynesian theory doesn't say theres any thing wrong with savings as such, they are only a problem when they run ahead of investment. In the 70s there were far more underdeveloped areas to invest in than there have been recently.

Because Austrian school commentators are an important element in the rising resistance to higher taxes infecting the US and elsewhere, they perhaps should no longer be totally ignored. If you want an introduction to the way they think , you could do a lot worse than read a lively author such as Vox Day.

3 people found this helpful

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