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 | | The Dollar Crisis: Causes, Consequences, Cures , Revised and Updated by Richard Duncan ISBN-10: 9780470821701 ISBN-10: 0-470-82170-1 ISBN-13: 9780470821701 ISBN-13: 978-0-470-82170-1 Paperback 2005-06-22 Wiley Find Lowest Price |
Editorials | ||
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. | ||
Reviews | ||
deflationary pressure then dollar collapse The author clearly understands this really well. But at first it was confusing how he could say there was going to be deflation and the dollar was going to collapse, which is a hyperinflation sort of thing. Then it was clear, first deflation then Fed responds with lots of money, then dollar collapse. | ||
Best book I've read...3 years too late Mandatory reading for investors trying to understand how governments manipulate monetary policy and the effect upon asset prices. | ||
The Reasons Behind the Economic Crisis The Dollar Crisis introduces the reader to Austrian Economics and according to this theory trade imbalances create excess amounts of capital, which result in a credit boom. Businesses borrow this money and over invest causing a lost of profitability due to the increased amount of competition. The excess capital is then redeployed to other parts of the economy causing an speculative bubble, which eventually pops. This theory explains the Great Depression (after WW I the US had an excess amount of gold), the Latin America Banking crisis (OPEC countries had an excess amount of capitol after the spike in oil prices), and the Japanese bubble (the US/Japan trade deficit). Although the book was originally written in 2003 Richard Duncan could see that US current account deficit was creating speculative bubbles in the US stock, bond, and housing markets. This a good book for anyone interested in economic theories other than Keynesian and monetarism. | ||
This book is certain to get a legendary status If you buy this book you will find yourself reading a true classic. If you wanna know what's exactly is going on in the tumultuous economic times nowadays you can't afford to miss this one . Never before I have read a book so well written on the subject of international trade . Obviously , the author is very familiar with everything that's going on or will happen in the future in the global economy . You have to read this book as soon as possible and find for yourself the invaluable information and insights it contents . If you are trader , investor , businessman ,worker , it doesn't really matter , it will help you to prepare much better for the forthcoming tough economic times . | ||
Good Book, But Falls Short I am reviewing the hardcover edition of the book. The book cogently lays out the foundation of our US Dollar denominated system of global trade, and the tortured history leading to it. It makes a couple of astute observations about the financial imbalances that result from using the U.S. Dollar as a reserve asset as opposed to gold. The book makes compelling arguments about why this current status quo is largely unsustainable. However, and speaking as a layperson, (I'm no economist; I just want to understand macroeconomic trends that may affect me and U.S. society, so I can plan my finances effectively.) this book is somewhat dense and reliant on economic theories and charts, charts, and charts! The book also does not recommend what you can do to 'protect' yourself and your finances should there be a genuine crisis of confidence in the U.S. Dollar. Lastly, one of his proposed solutions (global minimum wage) seem to be unworkable. Thanks to oil and other vital commodities, America still needs to import these in massive quantities every year, and at ever-increasing prices. There will still always be huge trade account deficits, even if there is a global minimum wage. And with huge deficits come huge imbalances in the world global trade. Overall, a good book, for it has helped me understand the 'picture' that accompanies the U.S.'s huge trade deficit with the world. | ||