Friday, 15 March 2013
Empire of Debt and US National Debt
"Empire of Debt" is a book written by financial authors Bill Bonner and Addison Wiggin subtitled "The Rise of an Epic Financial Crisis." The latest edition is titled "The New Empire of Debt."
"The New Empire of Debt" is the newly updated revision of Empire of Debt, by the internationally acclaimed author team of William Bonner and Addison Wiggin. In The New Empire of Debt, Bonner and Wiggin return to reveal how the epic financial bubble that is plaguing the United States will soon bring an end to this once-great empire.
Throughout the book, they offer a frightening look at the United States’ precarious position and discuss how government control of the economy and financial system— combined with unfettered deficit spending and gluttonous consumption—has ravaged the business environment, devastated consumer confidence, and pushed the global economy to the brink.
Along the way, Bonner and Wiggin warn of the dangers that lie ahead and offer practical advice to protect your financial well-being as the American empire collapses upon itself. You’ll discover that you don’t have to tie your own fate to the inevitable destruction of America’s system of imperial finance. Instead, you can take some simple steps to weather the crisis. Bonner and Wiggin have been studying the financial landscape for more than twenty years. With "The New Empire of Debt", they not only show you how we got into this mess, but how to get yourself out of it.
Empire of Debt - Lowdown
Among the many things the book looks at is debt - deficit spending to be more specific and how debt threatens the American Dream. The book is timely in light of recent developments mainly America's ballooning national debt and the standoff at Capitol Hill over spending and cuts. In simple language the American Dream financed by debt is becoming unaffordable at federal, state and individual level. Sooner or latter this is becoming more apparent with the Financial Crisis of 2007/2008 as well as the recent downgrade of America' sovereign rating from AAA to AA+ plus a negative outlook by Standard & Poor (S&P).
The debt problem is bipartisan. Democrats have traditionally favoured big government spending - from President Franklin Delano Roosevelt's New Deal to President Lyndon Baines Johnson's Big Society to President Barack Obama's Obamacare - all of which cost money. On the other hand Republican are for smaller government but big military spending like the massive arms buildup under President Ronald Reagan in the 1980s - that also cost money.
In addition America's trade deficits with other nations like China are another source of concern.
The book is a must-read for American leaders and the ordinary person. Simply put debt is unsustainable. For a nation founded by frugal Puritans it is amazing how America had developed an addiction for debt.
Empire of Debt - About Authors
Bill Bonner is President and CEO of Agora, Inc., one of the world’s largest financial newsletter companies. Agora has offices in several countries. Bonner is an international bestseller and his other book include Mobs, Messiahs and Markets, Financial Reckoning Day and Dice Have No Memory Big Bets and Bad Economics from Paris to the Pampas.
Addison Wiggin is the Editorial Director and Publisher of The Daily Reckoning - a newsletter now has more than 500,000 readers in the United States and Great Britain and is translated daily into French, German, and Spanish. Wiggin's other books are Financial Reckoning Day also co-authored with Bill Bonner and The Demise of the Dollar… and Why it’s Even Better for Your Investments. Wiggin has also co-authored a book that was turned into a film called I.O.U.S.A.: One Nation. Under Stress. In Debt. that looks at the rapidly growing national debt and its consequences for the United States and its citizens.