Dec 21 2008
Empire of Debt The Rise of an Epic Financial Crisis
Empire of Debt The Rise of an Epic Financial Crisis
In Empire of Debt, maverick financial writers Bill Bonner and Addison Wiggin provide you with the first in-depth look at how the American character has shifted to accommodate its new imperial role; how we have abandoned the private virtues of personal liberty, economic freedom, and fiscal restraint; and how the government has gained control of public life and the economy.
User Ratings and Reviews
3 Stars doom and gloom view with a historical perspective
Unlike other doom and gloom books on American economy including “the Demise of the dollar”,”The Collapse of the Dollar and How to Profit from It”, “The Bust Ahead”, or “America’s Financial Apocalypse”, this book provides more in depth analysis and commentary about American economy, consumerism culture, and politics from a historical perspective. It’s a 384 pages book, if you have plenty time and enjoy reading about economy and history like myself, you will enjoy this well researched and written book.
There’s no specific investment advice in this volume, but you do find gems and wisdoms about investing here and there. The major theme and idea of this book are succinctly summarized in much less pages in the newly released book and documentary/DVD “I.O.U.S.A.”
1 Star Rambling and repetitive
Bonner can turn a phrase but his arguments get old after about half way through. The book is also dated. Instead of this one, try “Mobs, Messiahs, and Markets,” where he has an outstanding writing partner in libertarian journalist Lila Rajiva. It is much better written on every level (especially if you like savage humor) and speaks to the current crisis in a very sophisticated but accessible way.
5 Stars Economics with a Flair of Irony
I love this book. I must have read it thru ten times already.
Don’t let the title scare you. Bonner and Wiggin bring a dull subject to life with an irreverent but refreshing take on history.
“Would the nation be better off if Lincoln had not slaughtered so many Southerners?” they ask. “Would world history have been worse if Wilson had not meddled in World War 1.”
Political correctness is cast aside. Party propaganda is ignored. National heroes get skewered. “The most popular American presidents were those who stole most beautifully,” they intone, describing the logic of democratic larceny. These guys love to poke fun at pompous politicians.
The authors do get serious. After relating the rise and demise of past empires, they report that America is headed for the same fate. She has moved away from her founding principles, away from the freedoms of republic and into the clutches of empire.
With the inexorable rise of the state come delusions of grandeur and pseudo patriotism. Government intrusion crowds out free enterprise. Civil liberties are tossed in favor of fast money. Original thought gives way to corporate cool. History is relegated to the dustbin.
We are consumed with the running of empire. We mind everyone’s business but our own. We shred the Constitution for wars without end.
Wave good-bye to the American Republic. Say hello to the Empire of Debt.
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