When the United States stopped backing dollars with gold in 1968, the nature of money changed. All previous constraints on money and credit creation were removed and a new economic paradigm took shape. Economic growth ceased to be driven by capital accumulation and investment as it had been since before the Industrial Revolution. Instead, credit creation and consumption began to drive the economic dynamic. In The New Depression: The Breakdown of the Paper Money Economy, Richard Duncan introduces an analytical framework, The Quantity Theory of Credit, that explains all aspects of the calamity now unfolding: its causes, the rationale for the government's policy response to the crisis, what is likely to happen next, and how those developments will affect asset prices and investment portfolios.
In his previous book, The Dollar Crisis (2003), Duncan explained why a severe global economic crisis was inevitable given the flaws in the post-Bretton Woods international monetary system, and now he's back to explain what's next. The economic system that emerged following the abandonment of sound money requires credit growth to survive. Yet the private sector can bear no additional debt and the government's creditworthiness is deteriorating rapidly. Should total credit begin to contract significantly, this New Depression will become a New Great Depression, with disastrous economic and geopolitical consequences. That outcome is not inevitable, and this book describes what must be done to prevent it.
Alarming but essential reading, The New Depression explains why the global economy is teetering on the brink of falling into a deep and protracted depression, and how we can restore stability.
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Richard Duncan |
Praise for The New Depression
"The economic philosophies of John Maynard Keynes and Ludwig von Mises are obsolete. The world needs a new economist with a new economic philosophy. Richard Duncan is that new worldly economist. For years, I have recommended everyone read his books, The Dollar Crisis and The Corruption of Capitalism. Richard's latest book, The New Depression, is more than recommended reading. It is essential reading."
—Robert Kiyosaki, founder of the Rich Dad Company and Cashflow Technologies, Inc.
"Richard Duncan makes a strong case for paying greater attention to the role of credit creation in understanding macroeconomic performances. He makes an even stronger case for aggressive government borrowing and spending in those areas that are critical for the society's future when the private sector is unable to perform that role. This view is particularly relevant at present when private sectors in so many countries are faced with seriously impaired balance sheets following their involvement in housing bubbles. With the private sector no longer maximizing profits but minimizing debt instead, a failure to implement Richard Duncan's fiscal policy recommendations may well result in an unnecessary implosion of the world economy."
—Richard Koo, Chief Economist, Nomura Research Institute, Tokyo
"Richard Duncan's The New Depression is firstly a masterful analysis of how the credit bubble expanded and why conventional economics failed, leaving policymakers asleep at the switch. Credit, as Duncan explains, was left totally unmoored by the ending of the gold reserve requirement and by changes that allowed banks to create credit almost at will. His Quantity Theory of Credit is compelling, and once accepted, his accounting of how the depression plays out is frightening and all too believable. This book will open your eyes and leave you clutching your wallet."
—James Saft, columnist, Reuters, with works appearing in the International Herald Tribune
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Book Description Hardcover. Condition: New. 1. Why the global recession is in danger of becoming another Great Depression, and how we can stop itWhen the United States stopped backing dollars with gold in 1968, the nature of money changed. All previous constraints on money and credit creation were removed and a new economic paradigm took shape. Economic growth ceased to be driven by capital accumulation and investment as it had been since before the Industrial Revolution. Instead, credit creation and consumption began to drive the economic dynamic. In The New Depression: The Breakdown of the Paper Money Economy, Richard Duncan introduces an analytical framework, The Quantity Theory of Credit, that explains all aspects of the calamity now unfolding: its causes, the rationale for the government's policy response to the crisis, what is likely to happen next, and how those developments will affect asset prices and investment portfolios.In his previous book, The Dollar Crisis (2003), Duncan explained why a severe global economic crisis was inevitable given the flaws in the post-Bretton Woods international monetary system, and now he's back to explain what's next. The economic system that emerged following the abandonment of sound money requires credit growth to survive. Yet the private sector can bear no additional debt and the government's creditworthiness is deteriorating rapidly. Should total credit begin to contract significantly, this New Depression will become a New Great Depression, with disastrous economic and geopolitical consequences. That outcome is not inevitable, and this book describes what must be done to prevent it. Presents a fascinating look inside the financial crisis and how the New Depression is poised to become a New Great Depression Introduces a new theoretical construct, The Quantity Theory of Credit, that is the key to understanding not only the developments that led to the crisis, but also to understanding how events will play out in the years ahead Offers unique insights from the man who predicted the global economic breakdownAlarming but essential reading, The New Depression explains why the global economy is teetering on the brink of falling into a deep and protracted depression, and how we can restore stability. Seller Inventory # DADAX1118157796
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