- Inbunden (Hardback)
- Antal sidor
- John Wiley & Sons Inc
- 234 x 158 x 25 mm
- Antal komponenter
- 390 g
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The New Depression
The Breakdown of the Paper Money Economy
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Fler böcker av Richard Duncan
The Dollar Crisis
In this updated, second edition of the highly acclaimed international best seller, "The Dollar Crisis: Causes, Consequences, Cures", Richard Duncan describes the flaws in the international monetary system that have destabilized the globa...
Recensioner i media
The book is well worth reading for its analysis. (The Economist, 7th July 2012) 'Contains a fascinating and powerful diagnosis of how we got to our current pass...he makes an astonishing proposal at the end that made my jaw drop.' (Wealthbriefing.com, 14th August 2012)
Bloggat om The New Depression
Richard Duncan is the author of two earlier books on the global economic crisis. The Dollar Crisis: Causes, Consequences, Cures explained why a worldwide economic calamity was inevitable given the flaws in the post-Bretton Woods international monetary system. It was an international bestseller. The Corruption of Capitalism described the long series of US policy mistakes responsible for the crisis. It also outlined the policies necessary to permanently resolve it. Since beginning his career as an equities analyst in Hong Kong in 1986, Richard has served as global head of investment strategy at ABN AMRO Asset Management in London, worked as a financial sector specialist for the World Bank in Washington, D.C., and headed equity research departments for James Capel Securities and Salomon Brothers in Bangkok. He also worked as a consultant for the IMF in Thailand during the Asia Crisis. He is now chief economist at Blackhorse Asset Management in Singapore. Richard studied economics and literature at Vanderbilt University and international finance at Babson College, and, between the two, spent a year travelling around the world as a backpacker.
Preface ix CHAPTER 1 How Credit Slipped Its Leash 1 Opening Pandora s Box 1 Constraints on the Fed and on Paper Money Creation 3 Fractional Reserve Banking Run Amok 5 Fractional Reserve Banking 5 Commercial Banks 7 The Broader Credit Market: Too Many Lenders, Not Enough Reserves 10 Credit without Reserves 12 The Flow of Funds 13 The Rest of the World 15 Notes 15 CHAPTER 2 The Global Money Glut 17 The Financial Account 18 How It Works 20 What Percentage of Total Foreign Exchange Reserves Are Dollars? 23 What to Do with So Many Dollars? 24 What about the Remaining $2.8 Trillion? 26 Debunking the Global Savings Glut Theory 28 Will China Dump Its Dollars? 31 Notes 32 CHAPTER 3 Creditopia 33 Who Borrowed the Money? 33 Impact on the Economy 38 Net Worth 39 Profits 41 Tax Revenue 41 Different, Not Just More 41 Impact on Capital 45 Conclusion 49 Note 49 CHAPTER 4 The Quantity Theory of Credit 51 The Quantity Theory of Money 52 The Rise and Fall of Monetarism 55 The Quantity Theory of Credit 57 Credit and Inflation 59 Conclusion 60 Notes 61 CHAPTER 5 The Policy Response: Perpetuating the Boom 63 The Credit Cycle 64 How Have They Done so Far? 65 Monetary Omnipotence and the Limits Thereof 66 The Balance Sheet of the Federal Reserve 67 Quantitative Easing: Round One 69 What Did QE1 Accomplish? 71 Quantitative Easing: Round Two 72 Monetizing the Debt 73 The Role of the Trade Deficit 75 Diminishing Returns 76 The Other Money Makers 78 Notes 83 CHAPTER 6 Where Are We Now? 85 How Bad so Far? 85 Credit Growth Drove Economic Growth 86 So, Where Does that Leave Us? 88 Why Can t TCMD Grow? 89 The Banking Industry: Why Still Too Big to Fail? 96 Global Imbalances: Still Unresolved 101 Vision and Leadership Are Still Lacking 104 Notes 105 CHAPTER 7 How It Plays Out 107 The Business Cycle 107 Debt: Public and Private 109 2011: The Starting Point 111 2012: Expect QE3 112 Impact on Asset Prices 114 2013 2014: Three Scenarios 114 Impact on Asset Prices 118 Conclusion 119 Notes 120 CHAPTER 8 Disaster Scenarios 121 The Last Great Depression 121 And This Time? 126 Banking Crisis 126 Protectionism 127 Geopolitical Consequences 128 Conclusion 132 Note 132 CHAPTER 9 The Policy Options 133 Capitalism and the Laissez-Faire Method 134 The State of Government Finances 140 The Government s Options 142 American Solar 143 Conclusion 146 Notes 147 CHAPTER 10 Fire and Ice, Inflation and Deflation 149 Fire 150 Ice 151 Fisher s Theory of Debt-Deflation 152 Winners and Losers 155 Ice Storm 157 Fire Storm 157 Wealth Preservation through Diversification 158 Other Observations Concerning Asset Prices in the Age of Paper Money 160 Protectionism and Inflation 165 Consequences of Regulating Derivatives 166 Conclusion 166 Notes 167 Conclusion 169 About the Author 171 Index 173