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Survive the Great Inflation Hardcover – October 14, 2010
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Michael gives some useful advice on how to protect your own "stash." This is also very well laid out and easy to understand. He also poses some options for dealing with the problems of the economy, from a fiscal and not a Federal Reserve System perspective and finally does some blue skying, to which his thoughtful and very readable book is entitled. What else can I say..it's terrific!!
In five parts, Murphy discusses: 1) whether we are headed for inflation or (as some maintain) deflation; 2) the 3 deflationary forces which our government cannot fight, indeed may not even recognize; 3) how our government in general (and Ben Bernanke in particular) is attacking these forces with the wrong tools; 4) what the government should do, but won't; and what you should do to survive and perhaps thrive in the great inflation ahead.
In the first part, Murphy looks at the reasons why some say we are headed for deflation and explains at every point why they are wrong. Inflation is not just higher prices--it is at its essence decreased purchasing power. Ben Bernanke and our government fear deflation so much that they are doing all they can to create money and to cushion the effects of the housing and credit busts. Rather than riding out the deflation, they are on the road to devaluing the dollar so much that its value as fiat currency is in danger of falling off the razor thin path from a slow loss of value (normal inflation) over the edge into worthless paper.
We face 3 deflationary forces about which the government can do nothing: an aging Baby Boomer population past its consumer prime, a new generation which will be afraid of consuming on credit, and the explosion in digital technology. When you read how this transformative technology has improved standards of living while making us more efficient you will see that like other transformative technologies (such as the industrial age and mass production) it has constantly done so at lower and lower costs.
Unfortunately, our government does not accept the fact that deflationary periods can be good for society and do not always mean depression. While deflation discourages borrowing and is thus bad for bankers, it is good for savers and means life is good because things are getting cheaper. Further, our government lacks the tools to measure the productivity of the digital age. Old ways of measuring the economic output, such as bushels of grain or vehicle sales, do not measure the value of technological breakthroughs in medicine or the information age.
While Murphy tells you exactly what you need to do to protect yourself in an inflationary environment, the best part of the book is his recommendation on how the government ought to react to current economic conditions. Alas, it is too radical to ever gain traction, so you had best prepare yourself as Murphy recommends.
This book rates 5 stars for being thought provoking, 5 for being entertainingly written and 5 for being your survival manual for the great inflation around the corner.
A must read to open your eyes and understand the sad future of the dollar.
His thesis on the basis of hard facts and logical processes. Economics not being an exact science, I am not fully convinced murphy's scenario is going to unfold as described, but it certainly raises pertinent questions about our political and financial leadership. I recommend a read followed by one's own critical analysis.