Endgame: The End of the Debt Supercycle and How It Changes Everything

ISBN-13: 9781118004579 / Angielski / Twarda / 2011 / 336 str.

John Mauldin

Opis

Greece isn't the only country drowning in debt. The Debt Supercycle--when the easily managed, decades-long growth of debt results in a massive sovereign debt and credit crisis--is affecting developed countries around the world, including the United States. For these countries, there are only two options, and neither is good--restructure the debt or reduce it through austerity measures. Endgame details the Debt Supercycle and the sovereign debt crisis, and shows that, while there are no good choices, the worst choice would be to ignore the deleveraging resulting from the credit crisis. The book:

• Reveals why the world economy is in for an extended period of sluggish growth, high unemployment, and volatile markets punctuated by persistent recessions
• Reviews global markets, trends in population, government policies, and currencies

Around the world, countries are faced with difficult choices. Endgame provides a framework for making those choices.

Recenzje

In Endgame: The End of the Debt Supercycle and How It Changes Everything, Mauldin and Tepper pull no punches and get directly the point. ... Endgame is a veritable trip around the world, as Mauldin lays out the uncomfortable choices facing nearly every major country. While Mauldin s analysis of the American debt problem is sobering, his comments on Europe are downright frightening Given the noise dominating the newswires, it is refreshing to find clear, coherent thinking. Our compliments to Messrs. Mauldin and Tepper on a job well done.
Charles Sizemore, HS Dent Research Analyst and Editor of the Sizemore Investment Letter

Spis treści

Acknowledgments xiii

Introduction: Endgame 1

Part One: The End of the Debt Supercycle 11

Chapter 1: The Beginning of the End 15

Chapter 2: Why Greece Matters 31

Chapter 3: Let s Look at the Rules 45

Chapter 4: The Burden of Lower Growth and More Frequent Recessions 73

Chapter 5: This Time Is Different 91

Chapter 6: The Future of Public Debt: An Unsustainable Path 109

Chapter 7: The Elements of Deflation 133

Chapter 8: Inflation and Hyperinflation 157

Part Two: A World Tour: Who Will Face Endgame First? 175

Chapter 9: The United States: The Mess We Find Ourselves In 181

Chapter 10: The European Periphery: A Modern–Day Gold Standard 215

Chapter 11: Eastern European Problems 233

Chapter 12: Japan: A Bug in Search of a Windshield 247

Chapter 13: The United Kingdom: How to Quietly Inflate Away Your Debt 261

Chapter 14: Australia: Could It Follow in Ireland′s Footsteps? 273

Chapter 15: Unintended Consequences: Loose Monetary Policies and Emerging Markets 283

Conclusion: Investing and Profiting from Endgame 293

Epilogue: Some Final Thoughts 297

Notes 301

About the Authors 309

Index 311

O autorze

JOHN MAULDIN is a renowned financial expert, a multiple New York Times best–selling author, and a pioneering online commentator. His weekly e–newsletter, Thoughts From The Frontline, was one of the first publications to provide investors with free, unbiased information and guidance. Today, it is one of the most widely distributed investment newsletters in the world, translated into Chinese, Spanish and Italian. He is regularly seen on TV and in national print media. President of Millennium Wave Investments, he is the father of seven children (five adopted) and lives in Dallas, Texas.

JONATHAN TEPPER is the founder and Chief Editor of Variant Perception, a macroeconomic research group catering to hedge funds and high–net–worth individuals.

Blurb

Praise for Endgame

"This is an extremely powerful, sobering, well written and highly accessible book. It will demonstrate to you why there are no painless solutions to the mounting debt problems around the world something that too many people are yet to realize. It will take you on a well–documented journey through the debt super cycle, making stops around the world and at critical junctures. And it is a must–read for anyone wishing to understand the global debt dynamics and ways to protect against its bad consequences. "
Mohamed A. El–Erian, CEO, PIMCO; author of When Markets Collide

"No one has thought more creatively about the economy. Mauldin′s weekly newsletter is a must–read and his book is even more important if you want to understand a rapidly changing world."
Newt Gingrich, former Speaker of the House of Representatives

"Successful investors explore all possibilities. You should read this book so you can succeed in case the Endgame is our future."
Jim Rogers, author of A Gift to My Children

"I read everything John Mauldin writes. He travels the world and shares his financial stories like a good friend sharing a drink. Mauldin is that rarity a skeptical optimist who calls ′em straight and rewards his clients and fans."
Rich Karlgaard, Publisher and Columnist, Forbes magazine

Greece is a basket case, Ireland on life support, and Japan a bug in search of a windshield. In the times ahead, the global sovereign debt and credit crisis will continue to spread like wildfire. And while no nation, developed or emerging, can escape the pain, the extent of the disaster and how it plays itself out will vary from country to country. Endgame provides the road map ahead.

In Endgame, authors Mauldin and Tepper:

• Reveal why the world economy is in for a protracted period of slow growth, high unemployment, volatile markets, and persistent recessions
• Review global markets, country–by–country, detailing population trends, government policies, currency outlooks, and more
• Offer investors practical advice on how to protect their assets through the worst of it and profit from emerging opportunities