Empire of Debt: The Rise Of An Epic Financial Crisis
by Bill Bonner, Addison Wiggin
10 Great Delusions That Will Erode Your Wealth
Baltimore, MD - "Watching the news is a bit like watching a bad opera,” so say bestselling authors Bill Bonner and Addison Wiggin. “You can tell from all the shrieking that something very important is supposed to be happening, but you don't quite know what it is. What you're missing is the plot."
The highly anticipated Empire of Debt: The Rise of an Epic Financial Crisis (Wiley; November 2005; $27.95; 0471739022; Cloth), Bonner and Wiggin’s follow-up to their international bestseller, Financial Reckoning Day, comes at a critical time for the nation's economy; a time when Americans are searching for the answers to pervasive questions of the day:
Why is it so difficult to make money in the sluggish stock market?
Why is public debt skyrocketing?
Why do we keep involving ourselves in expensive wars overseas?
Why is the real estate market so dangerously overvalued?
After a generation of being spoon-fed reality by tabloid-driven media, it's understandable that Americans are woefully misinformed about the state of their nation. And that's where Bonner and Wiggin prove their worth, wielding their sardonic brand of humor to expose the nation for what it really is - an empire built on delusions.
Using the wide scope of history as a guide, Empire of Debt unmasks the Ten Great Delusions that are destined to bring about the end of America's economic dominance:
That one generation can consume - and stick the next with the bill.
That house prices will forever go up.
That the virtues that made America rich and powerful are no longer required to keep it rich and powerful.
Empire of Debt does not spare the icons of either political party as it provides readers with the first in-depth look at how the American character has shifted to accommodate its new imperial role. Americans, assert Bonner and Wiggin, have abandoned the private virtues of personal liberty, economic freedom, and fiscal restraint. Meanwhile, the “guv’mint” has gained control of public life and the economy.
The authors suggest a "great empire" is to the world of geopolitics what a great bubble is to the world of economics - attractive at first but will eventually end in catastrophe. Americans are rapidly facing a choice: recognize these dangerous delusions and take steps to avoid their collapse... or remain ignorant of them and risk losing all of their wealth when the house of cards comes crashing down.
Empire of Debt offers an essential guide for steering readers’ through the rough head winds allied against individual investors in the decade ahead.
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