World Famous Comics: The Dollar Crisis: Causes, Consequences, Cures , Revised and Updated
The Dollar Crisis: Causes, Consequences, Cures , Revised and Updated
By: Richard Duncan Publisher: Wiley Average Rating: Binding: Paperback Label: Wiley Number of Items: 1 Number of Pages: 324 Publication Date: June 22, 2005
Product Description: 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 global economy and that may soon culminate in a deflation-induced worldwide economic slump.
The Dollar Crisis is divided into five parts:
Part One describes how the US trade deficits, which now exceed US$1 million a minute, have destabilized the global economy by creating a worldwide credit bubble.
Part Two explains why these giant deficits cannot persist and why a US recession and a collapse in the value of the Dollar are unavoidable.
Part Three analyzes the extraordinarily harmful impact that the US recession and the collapse of the Dollar will have on the rest of the world.
Part Four offers original recommendations that, if implemented, would help mitigate the damage of the coming worldwide downturn and put in place the foundations for balanced and sustainable economic growth in the decades ahead.
Part Five, which has been newly added to the second edition, describes the extraordinary evolution of this crisis since the first edition was completed in September 2002. It also considers how the Dollar Crisis is likely to unfold over the years immediately ahead, the likely policy response to the crisis, and why that response cannot succeed.
The Dollar Standard is inherently flawed and increasingly unstable. Its collapse will be the most important economic event of the 21st Century.
Prophetic economic analysis Subsequent events have proven this book to be somewhat prophetic. Richard Duncan offers a very good, although somewhat dry, exposition of the international financial structures that emerged in the wake of the failure of the Bretton Woods system. The author is reasonably evenhanded in his assessment of these structures, noting that they made extremely rapid development possible, but at the great risk of economic crisis. In the wake of the subprime mortgage setbacks of 2007 and 2008, few well-informed people would argue with the author's indictment of excessive credit expansion. Still, many might argue with his conclusions, especially with his support of a global central bank and a global minimum wage. For those seeking a clear, informed exposition of the systemic vulnerabilities that culminated in the global credit crisis of 2008, getAbstract suggests this book as an excellent starting point.
Crisis explained, need personal solutions The book is excellent, providing charts and graphs to back up almost every statement. Excellent statement of the problem, and even what to do globally to fix. However, I wanted personal strategies I could apply to protect myself against loss, which are not covered in this book.
You need to like numbers and charts to appreciate this book. It's a little slow in the middle, but if you just plow through it, by the end you have a very rewarding understanding of the problem.
Consequences This is a great book. This is not light reading. But in regards to the review of this book, I guess it depends on the age of the reader. I am 100% sure no one under the age of 28 have ever read the book or would care to read it. But I am old enough to know that when I was born there were only 150 million Americans, gas was .25 cents per gallon and the coins in my pocket were 90% silver. My first job paid $1.53 per hour and I can remember going into a country store and telling Mr. Childers "I want .25 cents worth of balogna, cheese and crackers" and I would get stuffed. Mr Duncans Cures? Maybe so, but I believe we will fix nothing and our money is now a joke. Regards, Keith Renick, Peachtree City, Ga.
The Dollar Crisis A very good and readable presentation of the global economy and how the profligate spending and massive debt accumulation of the United States will bring about severe ramifications not seen since the great depression.
Drivers of the Global Economy Best I've read (and re-read) that gives a semi-informed layman an understanding of the dynamics of the global economy. In light of the current global credit crisis, the deflation of the US property bubble, the downturn in US consumer spending and sentiment and the likelihood of the a US recession, this book is amazingly prescient.
The recommended solutions to the credit and currency crises won't happen due to the self-interested nature of national politics, which suggests there is no positive outcome to this.
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