Financial Reckoning Day: Surviving the Soft Depression of the 21st Century |
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| Title: | Financial Reckoning Day: Surviving the Soft Depression of the 21st Century |
| Author: | William Bonner
Addison Wiggin |
| Publisher: | Wiley [Website] |
| Type: | Book / Hardcover |
| Publication Date: | 29 September, 2003 |
| ISBN / ISBN-13: | 0471449733 / 9780471449737 |
| List Price: | $27.95 |
| You Save: | $24.01 |
| Amazon Price: | $3.94 (via Amazon marketplace seller) |
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Editorial Review / Publisher's Information:
Product Description
"History shows that people who save and invest grow and prosper, and the others deteriorate and collapse.
"As Financial Reckoning Day demonstrates, artificially low interest rates and rapid credit creation policies set by Alan Greenspan and the Federal Reserve caused the bubble in U.S. stocks of the late ’90s. . . . Now, policies being pursued at the Fed are making the bubble worse. They are changing it from a stock market bubble to a consumption and housing bubble.
"And when those bubbles burst, it’s going to be worse than the stock market bubble . . .
"No one, of course, wants to hear it. They want the quick fix. They want to buy the stock and watch it go up twenty-five percent because that’s what happened last year, and that’s what they say on TV."
–Jim Rogers
author of the bestseller Adventure Capitalist
from the Foreword to Financial Reckoning Day Advanced praise from bestselling authors "An investment book that will not only enlarge your investment horizon, but also make you laugh and thoroughly entertain you for a few hours."
–Dr. Marc Faber, author of the bestseller Tomorrow’s Gold "Financial Reckoning Day is . . . in the category of scintillating sex or good vision, something to be savored and enjoyed–before it is too late."
–James Dale Davidson
author of the bestseller The Great Reckoning and The Sovereign Individual "A powerful and insightful vision . . . each paragraph stimulates a new rush of thoughts that fills in gaping holes in the investor’s understanding of what has happened to their dreams . . . while prepping them to confront any new confusion that may arrive."
–Martin D. Weiss, author of the bestseller Crash Profits
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Customer Reviews:
• A Forecast To The Future.
19 December, 2008
I read this book almost three years ago so I read it again last week. They seem to have their heads pointed in the right direction. Recent events have shown that their dire predictions have come true. The fall of the stock market, the bursting of the housing market and the rise in commodity prices.
Somehow they missed out that commodities would be a quick flash in the pan and quickly fall to seek out new lows. It appears that is where we are today. Now we have the govt. trying to bailout the Big 3 auto companies after bailing out most of Wall Street.
They were correct in their prediction of inflation picking up steam which is at the point where the economy is today. With all the govt. spending, world wide, we will see that almost every govt. will have a problem with inflation. Who wins with inflation? Only those that own real assets, or those few that had the foresight to start buying gold and silver years ago when they were much cheaper than they are now.
I have a lot of admiration for the two authors. They have exposed the Bush administration for the big spenders they are in contrast to the fiscal conservatives they claimed to be when they ran for office a long 8 years ago.
I have no doubt that the Obama administration will continue down the same path of big govt. spending in an effort to stimulate the economy. This will be done even at the expense of the downfall of the value of our currency. There is no doubt in my mind that the US dollar will lose its status as the reserve currency in the world. What will replace it, is beyond my area of expertise. I do suspect that it will be a currency that is somehow linked to gold. I have a strong feeling that while the US govt. will strongly push for a common currency with Canada and Mexico, "the Amero", China and the Saudis might have other ideas. Canada just may want to join in with China and the Saudis since they have an abundance of oil and gold potentially making them a powerhouse if there is an economic shuffle of power. Deegan Peter
- Amazon Customer Review
• A Dim View Of The Future
25 June, 2008
Bonner and Wiggins see the world as a complicated place, where things can easily go differently than expected. One of the big problems is the human tendency to hop on the bandwagon, expecting that successful strategies will continue to work even as the chances that they will fail is increasing.
The stock market does not go up year after year, sooner or later there will be some down years. But once people get used to double digit stock returns, they expect them to continue and adjust their spending accordingly.
Stock price growth is dependent on earnings growth, which requires new products and investment. Financial engineering and cost cutting only work in the short run. Managing earnings on a quarterly basis is a sure-fire way to discourage long-term strategic moves.
Investment must come from savings, which represents foregone consumption. If the central monetary authority tries to compensate for inadequate savings by creating too much money, the currency will lose value rather than supporting the creation of wealth.
Some theorists see the Great Depression as the result of not resorting to deficit spending quickly enough. Others blame the failure to create enough money quickly enough. Neither view is sound, per Bonner and Wiggins, because once the economic situation (which started as a speculative boom) got out of hand the government was powerless to correct it.
Similarly, the Japanese government drove interest rates down to virtually zero and engaged in radical deficit spending in the 1990s. Neither tactic cured a prolonged depression in that country.
And guess what, the U.S. seems to be headed for another prolonged depression, which started with a stock market bust around the turn of the century and will go on to a housing bust, etc. The timing is apparently running a few years behind the depression in Japan because the postwar baby boom lasted longer here than there. In recognition that things often turn out differently than expected, however, we will not know for sure what is coming until it happens.
The arguments are well crafted and backed by plenty of historical examples, but the authors' fatalistic tone is a bit hard to take. It would be nice to see some suggestions as to how economic disaster could be avoided. Also, with all due respect, I never did consider gold to be an attractive long-term investment.
- Amazon Customer Review
• This Book Is A Must Read For The Serious Investor
24 August, 2008
It is said that "History Repeats Itself"; the same can be said about investments and investment cycles, as Bill Bonner explains in this book.
Simply put, this book is a must read!
- Amazon Customer Review
• No Longer News
18 February, 2009
I think I can sum up this book: Large groups behave in irrational ways and repeat history. Lots of explanation on how we got into our current economic mess with a two page finale; How to relax and enjoy the end of the world: "The secret to enjoying all mass movements is to be a spectator, not a participant." Thanks. Advice? Buy gold, preferably in 2003.
A more complete explanation of the events leading to our current economic crisis (and a review of other historical crises) is found in The Dollar Crisis. It is educational, factual, not sarcastic, and also has some suggestions for cures. If you don't have lots of free time, I would skip this book.
- Amazon Customer Review
• Read And Understand The Present 2008 Financial Disaster
02 November, 2008
My son gave me this book three years ago. I read a few chapters, and then misplaced it. I found it on the book shelf ,just after the present Market collapse. I dove into it, and it gave me a real picture of how our country got into this mess. It's a must read for understanding the present implosion of our financial system
- Amazon Customer Review
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