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"Richard Duncan has written a fascinating study of history in the making. He is right to propose that we need joint efforts by different stakeholders to overcome a coming monetary crisis." - Frank J. Richter, Director, Asia, World Economic Forum
"Hard on the heels of the collapse of the "new economy" is that of the "new finance". Richard Duncan crisply explains why payback time for years of US?s credit excesses, payments imbalances and securitized sub-par lending is imminent. Mr Greenspan, your time is up. The wisdom of Ludwig von Mises will prevail." - Philip Bowring, Columnist, International Herald Tribune
"Make no mistake - much of the discontent with the global financial system is rooted in the dollar standard. The risk of a dolar crisis is real and the author deserves much praise for clearly exposing a force that many seek to deny. A must read for anyone with a savings deposit." - Jesper Koll, Chief Economist, Merrill Lynch Japan
"This is a welcome attempt at exploring the symptoms of what may become a major financial storm. Is the world wise to expect the problem to find its own solution? Richard Duncan?s suggestions for a cure imply a degree of worldwide slump that may prove difficult to foster, but his arguments are worth listening to." - Philippe Delhaise, President, Capital Information Services Ltd
The books theme is that the global economy has been destabilized by the United States' enormous trade deficit which now exceeds US$50 million. . . AN HOUR or 1.5% of Global GDP per annum. That trade imbalance, financed through debt, has created tremendous disequilibrium in the global economy and an economic bubble in the United States. When that bubble pops and the global economic disequilibrium unwinds, the world will not be able to avoid a very serious economic slump.
The Dollar Crisis is divided into four parts:
Part One describes how the US trade deficits have destabilized the global economy by creating a world-wide 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 extraordinarioy 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 sutainable economic growth in the decades ahead.
The Dollar Crisis is a must read for investors, bankers, brokers, exporters, economists and anyone else who wants to understand what has gone wrong with the world economy.
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