Just when you thought you had heard the dangers of the staggering U.S. national debt described from every possible perspective, authors Bill Bonner and Addison Wiggin present it as history. Their fervent approach puts this problem and the American empire into a global and historical context. From the ancient Greeks to President Woodrow Wilson’s misguided adventures in Mexico and Europe, to the prolonged Japanese deflation crisis, the account reads like a historical novel instead of a history. The authors’ writing is refreshing and witty - which is important, since politicians, citizens and the media tend to fall asleep as soon as anyone mentions either imperialism or the national debt, which the authors see as a financial house of cards. Readers may (in fact, probably will) disagree with some of their more politicized projections and opinions, but their contrarian perspective is an intriguing light to shine on such an ambitious, controversial topic. getAbstract recommends this book to history buffs, investment managers and journalists.
In this summary, you will learn
- How the U.S. started down the road to building a global empire;
- Why using deficit financing to underwrite empire building is dangerous;
- What hazards the housing bubble poses for the U.S. economy; and
- What "essentialism" is and how you can apply it.
About the Authors
Bill Bonner is financial newsletter publisher. He founded the newsletter the Daily Reckoning, where Addison Wiggin is editorial director and publisher. Bonner co-authored Financial Reckoning Day. Wiggin wrote The Demise of the Dollar...and Why It’s Great for Your Investments.
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6 years agoI didn't learn so much in all history and economics classes I have taken throughout my school career as I did with that book. Reading the full book is really worth the time and money, the style is just great; always ironic, never boring. If you are a fan of Thomas L. Friedman, you'd better not read the book, they are making fun of him...