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Leverage: How Cheap Money Will Destroy the World Hardcover – December 4, 2017

by Karl Denninger (Author), Charles Hugh Smith (Foreword)
4.5 4.5 out of 5 stars 50 ratings
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How the wealthy and powerful abuse finance to skim immense profits

Debasement of the dollar as a result of ill-use of leverage is destroying the global economy, and in Leverage, well known market commentator Karl Denninger follows the path of money throughout history to prove that currencies are debased when moneyed and powerful interests pull the levers of government and policy to enrich themselves at the expense of the masses. The result is ugly: the value of everything―including gold―falls, and even personal safety is at risk in a world where there is limited money even for essentials like food and fuel. History is littered with the collapse of monetary and economic systems from Rome to Germany to Zimbabwe.

  • Presents an inside look at how moneyed and powerful interests debase the dollar through the willful and intentional failure to honestly represent short and long-term mathematical truths that underlie all economic systems
  • Shows how, if imbalances are not corrected, financial crises will reoccur again and again
  • Authored by Karl Denninger, who has been running the popular website The Market Ticker since 2007
Previous slide of product details
  1. Print length
    224 pages
  2. Language
    English
  3. Publisher
    Wiley
  4. Publication date
    December 4, 2017
  5. Dimensions
    6.41 x 0.86 x 9.3 inches
  6. ISBN-10
    1118122844
  7. ISBN-13
    978-1118122846
  8. See all details
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4.5 out of 5 stars
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Customers find the book's content easy to understand and provides a good overview of fiat currency. They describe it as an engaging read covering a wide range of topics.

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14 customers mention "Clarity"14 positive0 negative

Customers find the book easy to understand, with clear text and graphs that illuminate the content. They describe it as well-written and educational, providing a good overview without being overly technical.

"...Well conceived, well written, educational and does not drag on or put you to sleep...." Read more

"...Ticker blog, has distilled his high-quality Internet ranting into a simple, intelligible diagnosis of the state of our economy and, to some extent,..." Read more

"This book explains the complexities of the monetary world in a way that is easily understood...." Read more

"...banking executives could all be described and understood in a clear and concise manner...." Read more

14 customers mention "Readability"14 positive0 negative

Customers find the book engaging and concise. They say it covers a wide range of topics in a well-received and comprehensive way. Readers appreciate the author's thorough summary of years of research into a clear, detailed overview.

"...This book should be mandatory reading in high school and for any politician, business person or economist." Read more

"...I have to say he's done a great job! He summarized years of work from his site into a well done, macro-view of the issues that, at this rate, WILL..." Read more

"...Leverage is concise and to the point. Enough examples to make strong, factual arguments without getting bogged down in too much detail...." Read more

"There are some outstanding viewpoints in this book, and, unfortunately, some very bad economics...." Read more

Top reviews from the United States

  • JW
    5.0 out of 5 stars The Cure for Our Inflationary Disease
    Reviewed in the United States on May 14, 2024
    Verified Purchase
    Want to know why everything is increasing in price lately? Ever wonder how government spending affects your wallet? Want to know how debt can spiral out of control when interest rates rise?

    This book not only outlines the issues it presents SOLUTIONS.

    Well conceived, well written, educational and does not drag on or put you to sleep. This book should be mandatory reading in high school and for any politician, business person or economist.
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  • Chris Zuber
    5.0 out of 5 stars An important read, and very well done at that
    Reviewed in the United States on November 20, 2011
    Verified Purchase
    I'm a fan of Karl's Market Ticker blog, so I was interested in how he would transfer the discussion topics from that format into a book. I have to say he's done a great job! He summarized years of work from his site into a well done, macro-view of the issues that, at this rate, WILL cause great economic harm to this country. My favorite part is the second part, he makes it very clear that it won't be some absurd "this is how you can protect YOUR money" scam, because in the worst case scenario this isn't even remotely realistic. Instead, he describes what has to happen to correct the path we're on. A very important read for those who care about the direction of this country.
    12 people found this helpful
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  • Caelius Spinator
    4.0 out of 5 stars If Thou A Borrower or Lender Wilt Be...
    Reviewed in the United States on October 9, 2011
    Verified Purchase
    Karl Denninger, the profane and eloquent author of the Market Ticker blog, has distilled his high-quality Internet ranting into a simple, intelligible diagnosis of the state of our economy and, to some extent, our polity. For those familiar with Denninger's blog, you will notice a concerted effort to make an argument that is as inoffensive as possible. It is mostly free of the global warming skepticism and religiosity that likely would dismay the typical American leftist; those on the right will enjoys his condemnations of class warfare and illegal immigration.

    The book itself is an indictment of the abusive borrowing and lending by banks, governments, corporations, and consumers over the last three decades; while this borrowing has driven an illusory prosperity, it will be the eventual cause of a moderately or horribly painful reckoning. The first half of the book discusses key concepts of compound interest and the debt circle, which you probably should have learned in school, and then explained how these basic principles have been intentionally or unintentionally ignored. The most cogent argument Denninger makes is that lending must always be backed with tangible assets equivalent to the value of the loan or else charge interest rates sufficient to compensate the risk bondholders and stockholders take when they provide necessary additional capital to back the loan. The message is clear: lenders keep trying to sell money they don't have.

    The second half of the book takes an important turn. Noting that most books of this type advise how to avoid the catastrophe, Denninger makes a clear and haunting point. There are no shelters. There are no safe havens. The best shelter against catastrophe is to restore honest lending and a sustainable economy and polity in the United States (or wherever your native land may be). The rest of the book discusses a variety of solutions (some borrowed from others with attribution) to make the United States into that kind of nation, touching on tax policy, trade policy, and energy, among other topics.

    The work's weakness lies in Denninger's frequent claim that there is a need for "national conversation and debate" on issue X or Y. The debates Denninger mandates are incredibly difficult, ranging from overhauls of all state and Federal laws, potential Constitutional changes to give Congress additional enumerated powers, to decisions of how indigent people in need of critical care are going to receive or pay for it. Is the civil society that has proven capable of ignoring three decades of gross mismanagement in Congress and boardroom capable of implementing prudent reform in a time of catastrophic economic crisis? Denninger provides no reason to think so, unless he and his enthusiastic forum denizens start running for office. Some readers also might question Denninger's Whiggishness about technology.
    37 people found this helpful
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  • Racer
    5.0 out of 5 stars Leverage -- a must read!
    Reviewed in the United States on December 1, 2011
    Verified Purchase
    This book explains the complexities of the monetary world in a way that is easily understood. The author,explains the impact on the economy of the Financial Accounting Standards Board's modification allowing the banks to mark assets to fantasy. The end game is graphically displayed due to the exponential nature of our debt explosion versus our more sanguine growth in our GDP.

    I found the explanation on why the politicians that claim we are loading costs on our children's future are wrong -- bottom line, we will have to deal with them ourselves sooner rather than later.

    The book is illustrated with easy to understand graphs that further illuminate the text. Definitely a must read for anyone interested in America's future.
    5 people found this helpful
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  • Frank Schoenburg
    5.0 out of 5 stars Leverage exposes massive lies and shows us how to rebalance our economy
    Reviewed in the United States on November 25, 2011
    Verified Purchase
    Karl Denninger shows us how the abuse of leverage has created unsustainable ponzi financed booms & busts. From health care costs, housing, student loans, government spending, and more, leverage has been abused to make everything more expensive than the market would otherwise bear.

    Leverage is concise and to the point. Enough examples to make strong, factual arguments without getting bogged down in too much detail. It's an engaging read.

    Karl does have solutions to our economic and energy problems. They are not pretty. They don't involve magical thinking. Economic contraction will occur. It's just a matter of when and on what terms. On the other side of economic contraction is a vision of affordable housing, college, health care, and more.

    The political will to require one dollar of capital for all unsecured lending, constraining government spending to the amount of money taken in via taxation, building LFTR power plants, and fixing tax & trade policies is no where on sight. However, the first step in fixing our problems is knowing what they are, how they came into being, and what to do about them. Leverage delivers brilliantly on all these fronts.
    6 people found this helpful
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Top reviews from other countries

  • Bernd Maschwitz
    5.0 out of 5 stars Book- Leverage
    Reviewed in the United Kingdom on October 23, 2013
    Verified Purchase
    This book is extremely well written in that it is easy to understand and makes sense when viewed from a normal persons perspective.It highlights the total lack of knowledge expressed by current news reports which continually are proved incorrect.Politicians should perhaps raise their IQ by reading a book like this.
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  • Stefan Park
    5.0 out of 5 stars Easy to digest - an excellent read
    Reviewed in the United Kingdom on November 19, 2014
    Verified Purchase
    A 'must read' for any who wish to understand how our financial systems work.
    Easy to digest - an excellent read.
    Report