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Trumped! A Nation on the Brink of Ruin... And How to Bring It Back Paperback – October 14, 2016
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He shows that the Fed's destructive ZIRP and QE policies have buried Flyover America in debt while clobbering it with shrinking real wages and vanishing job opportunities. At the same time, the bicoastal elites have prospered mightily from the massive inflation of financial assets in the Wall Street casino and the debt-fueled expansion of Imperial Washington's domestic rackets and global interventions.
Stockman argues that Donald Trump's improbable candidacy happened because Flyover America has had enough of a rigged system that benefits the few but has failed to delivery economic recovery and real prosperity at home and a safer and more stable world abroad.
Stockman's book is no testimonial on behalf of Trump's candidacy, and contends that much of what he advocates is wrong-headed or downright reprehensible. But it does salute him as the rallying force for Main Street political insurrection because the existing regime of Bubble Finance on Wall Street and statist aggrandizement in Washington threatens incalculable harm.
Stockman also argues that there remains a way forward. He suggests the "political outlaw" who considers himself to be the world's greatest dealmaker would need to "make ten great deals" to bring American back from the brink. These include a Peace Deal, a Jobs Deal, a Sound Money Deal, a Super Glass-Steagall Deal, A Liberty Deal and five more.
In this trenchant, wide-ranging and unvarnished account, Stockman draws on his unique 40-year career in Washington and Wall Street. After a career as a Capitol Hill staffer, two-term member of Congress and ultimately as President Ronald Reagan's budget director, Stockman then went to Wall Street. For two decades as an investment banker and private equity investor he had a front row seat as the nation's financial markets mutated into today's Bubble Finance casinos.
- Print length508 pages
- LanguageEnglish
- PublisherLaissez Faire Books
- Publication dateOctober 14, 2016
- ISBN-101621291847
- ISBN-13978-1621291848
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Customers find the book informative and well-written, providing a comprehensive background on various topics. They find it interesting and readable, with the best parts being chapters 20-26. However, opinions differ on the level of detail provided, with some finding it concise and salient, while others consider it more technical than expected.
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Customers find the book informative and interesting. They say it provides a comprehensive background on many points of interest, including entitlements problems. The book is considered timely and important, with amazing facts that are hard to find elsewhere. Readers appreciate the author's perspectives on pretty much everything and the excellent account of the undercurrent in America that gave rise to the Trump/Sanders phenomenon.
"Very relevant and thoughtful exploration of where the USA stands today and where we will likely be within a decade...." Read more
"Stockman's book offers brilliant insights into the massive distortions and bubbles pumped into the global economy by the central banks of the US, EU..." Read more
"Great book for getting a comprehensive background on the many points of interest covered in this book...." Read more
"...The facts included in this book are amazing and hard to get other places. If you are in government or finance industry this is a must read...." Read more
Customers find the book readable and well-written. They say it explains the new administration's issues in a clear way and is a quick read. Readers also mention it's timely and important.
"...Great read; a bit depressing, but at least reading it won't give you a headache." Read more
"On balance it's a really good read...." Read more
"...Whether one agrees with these ideas or not, Stockman's book is well worth reading to gain a much better understanding of the threats and..." Read more
"Great book on how the coastal elites have been enriched in the last 16 to 25 years by easy money from the Fed, printed out of thin air...." Read more
Customers have mixed views on the book's detail. Some find it very detailed and concise, providing a clear explanation of the US's financial situation and advice for policy makers. Others feel it's too technical and difficult to understand, with many points being difficult to grasp.
"...I give the book four stars just for the sheer detail, but that's also why I stop at four and don't go all the way to five...." Read more
"...Due to the fact that it sometimes is very technical, I found myself having to read then re-read sections to ensure I was understanding the points..." Read more
"...fully understand the cause of its plight, Stockman offers a very salient explanation and advice to policy makers to help right our listing ship of..." Read more
"...last 7 chapters, I only give the 4 stars because most of the book is way too detailed, plus I consider its arguments to be based on faulty premises..." Read more
Top reviews from the United States
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- Reviewed in the United States on October 10, 2016Very relevant and thoughtful exploration of where the USA stands today and where we will likely be within a decade. Stockman is a fan of neither 2016 candidate. Although if he had to pick from the two, the fact that DT is an unknown, may offer a sliver of optimism. Stockman has little hope that the revolutionary changes needed can be made in time to significantly alter our course. The completion of that course of events, guided by either DT or HRC, will likely result in the a global economic melt-down that forever alters the economic landscape.
Stockman is not alone, and his insight is not fundamentally different from other forecasters of economic trouble. What's different in his approach is his solutions are reduced to 10 key points. What is different about his book is ease in which it reads. Stockman manages to put forth some fairly sophisticated arguments in a very relaxed manner.
Great read; a bit depressing, but at least reading it won't give you a headache.
- Reviewed in the United States on February 26, 2018On balance it's a really good read. Due to the fact that it sometimes is very technical, I found myself having to read then re-read sections to ensure I was understanding the points that Stockman was making. David presents compelling evidence that supports his view that the US is in big trouble from a debt perspective. He illustrates the many reasons our citizens see the divide between those that have much and those that are struggling and highlights many other issue with US fiscal and monetary policies. David offers practical solutions, and may tough ones, to lead the US out of its current financial problems. Many good ideas presented here. Enjoy!
- Reviewed in the United States on February 17, 2017Stockman's book offers brilliant insights into the massive distortions and bubbles pumped into the global economy by the central banks of the US, EU, Japan, and China. If, like me, you've wondered how the Fed, ECB, BOJ, and Beijing can keep printing money with no apparent limit, and buying up every sovereign and junk bond in sight, then Stockman provides a thorough, if terrifying explanation.
"No!" he argues, the neo-Keynesians/neo-liberals have not relegated the business cycle to the trash dumps of history; the current feeble upticks in economic metrics are the product of insane monetary policy engineered by bankers, and aren't creating the new products and family-wage jobs needed to restore "fly-over" America to prosperity. Quite the opposite--a crash that will make 2008 look like child's play looms imminent, and is likely to be triggered by the explosion of China's gargantuan bubble of over-investment and over-production, if not by the explosion of the Eurozone's fraught single-currency experiment and the prolific and insane bond-buying that's keeping Greece's nose barely above water and all manner of zombie corporations afloat via junk bond issuance. Contrary to popular notions, the US has not "de-coupled" from Europe and China, and the intricate web of financial entanglements will sink us all.
His observations on Japan, which is marching "resolutely toward its destiny as the world's first bankrupt old-age colony," with its sovereign bonds having "morphed into risk-free gambling chips," paint a grim portrait of the nation which has exhausted every fiscal and monetary trick in the Keynesian arsenal--yet continues to sink ever deeper into debt and stagnation.
As timely as are Stockman's alarm bells about the global economy, Part 3: "Imperial Washington and its Global Depredations" is equally topical. His succinct history of the Ukraine (for the last 700 years "a meandering set of borders in search of a country") and its complicated relationship with Russia should invoke serious concern about the "War Party's" (military-industrial complex and their neo-con boosters) effect on American foreign policy. Similarly, he castigates our febrile obsession with Iran going back to the CIA's overthrow of its populist leader back in 1953, and argues persuasively that it should be an natural ally in the fight with Islamic extremism, rather than a perennial boogeyman.
I had to set aside my disdain for many aspects of Stockman's libertarian, bare-knuckled capitalism to fully appreciate his important contribution to dialogues we should be having. In chapter after chapter he points out one naked emperor after another in an energetic attempt to wake up the slumbering masses. "Flyover America" knows the neo-liberal policies of the Clinton's and Obama were more palliative than curative, and that establishment Republicans offer an even more dismal future. Trump has stirred them from their stupor, but thus far seems to have been co-opted by the Christian Right and the neo-liberal consensus he once purported to loathe. I'd love to see Bernie, Rachel Maddow, and other progressives address the issues Stockman raises before all hell break loose.
- Reviewed in the United States on December 16, 2016Great book for getting a comprehensive background on the many points of interest covered in this book. You do have to add several grains of salt to some of the contentious views expressed within, so you will need to cross check with other references to confirm the positions espoused by this author. But I have picked up many facts that I was not aware of as I read through it. The author bravely puts himself out on a limb by condemning the current economic systems to ultimate demise. The problem is in the timing. Many other texts have pointed out why the system is on a road to destruction but so many times the powers that be have found ways to postpone or avoid what should arguably be inevitable.
- Reviewed in the United States on November 19, 2017Wonderful book to educate yourself about complex macro economic issues and the danger the 20 trillion national debt poses to our country. The facts included in this book are amazing and hard to get other places. If you are in government or finance industry this is a must read. Every thirty year old should read this book , they are the ones that will pay the bill for all the excessive spending by politicians. You want to read and re read this book as reference material in your financial planning.
Top reviews from other countries
Mr pizza loverReviewed in Canada on January 30, 20175.0 out of 5 stars Most important financial book of the last 50 years. ...
Most important financial book of the last 50 years.Should be the basis for every economics course in high school, colleges and universities in modern day North America.
Mark WiseReviewed in Australia on January 30, 20172.0 out of 5 stars Interesting
Liked a lot of what the author went into, though disagree with a lot also.
Certainly an old school thinker that fails to 'get' new age disruptive technology and industry. Comparing Facebook to Apple? Cans Teslar as nothing more then a Wall Street fancy, though a comparison between Teslar and Apple would have been more appropriate. Both are using existing technologies, but enhancing and bringing together those technologies to disrupt exisiting or old school industries. Sometimes invention can be as simple as bringing together disparate technologies to create new categories of industry.
Better to compare the Facebooks/Googles to the newspaper/magazine industry as that is what it's destroying, both of which physically produce essentially no manufactured item. Using their indexed PE values to declare the madness of current financial lunacy is perhaps not the best when obviously old school measures such as GDP may not apply.
The emotive language sometimes expressed shows an immature nature of the author, as does some of the simplistic views of cause and effect of world events. However, valid points are raised, though the discourse tends to leave the reader lost in figures and culprit names.
His only solution really just revolves around ending the military-industrial complex influence within Washington and slapping down the Wall Street casino. (Both of which I'd agree would not be undesirable goals).
Overall, could be better.
John ButlerReviewed in the United Kingdom on November 10, 20165.0 out of 5 stars Let's hope 'The Donald' reads this before assuming office!
Already essential reading before the recent election, TRUMPED is even more important now that the country has chosen 'The Donald' to be its 45th president. As Stockman explains cogently, the country has long been on a path to economic disaster; the bipartisan, bicoastal elites have fundamentally mismanaged the country in so many profound ways and for so long that undoing the damage will be painful indeed. Having already analyzed this in exacting, exhausive detail in THE GREAT DEFORMATION, in TRUMPED Stockman devotes considerably more time to trying to show that there are some policy choices that a Trump presidency could make, if of course Congress can be persuaded to go along. These include fundamental reform of entitlements, taxes, the hugely bloated defense budget, the financial system and, most importantly, of money itself. For as Stockman explains so clearly, each and every aspect of the fundamental mismanagement of the country has been financed by the easy money policies of the Federal Reserve, which have also exacerbated inequality. Reforming the Federal Reserve and restoring sound money--perhaps by re-linking the dollar to gold--would thus in turn force a restoration of sound banking and finance; balanced government budgets; a more transparent and less burdensome tax and regulatory structure; and a more affordable (and hence sensible) foreign and defence policy. In brief, Stockman recommends that the country should go back to doing things more or less as they were done under Eisenhower, who was the last president to balance the budget, scale back defense spending and not to be a career politician. Indeed, as Stockman explains, while Trump's campaign policy rhetoric has been all over the place, his relative lack of political experience could be a huge if unknown plus when it comes to making the difficult, practical decisions required in the real world, in which governments do, eventually, have to pay their bills.
David HomeReviewed in Canada on January 21, 20174.0 out of 5 stars This was written prior to the election of Mr Trump ...
This was written prior to the election of Mr Trump. We shall see how his agenda works and if Mr Stockman's predictions and advice is relevant.
Amazon CustomerReviewed in the United Kingdom on October 27, 20165.0 out of 5 stars Everyone should know more about the world finance, politics ...
Everyone should know more about the world finance, politics, and how the world is run by the corporate elites. How over the past 40 years the general public are robbed to ensure the very rich get very much richer.




