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Empire of Debt: The Rise of an Epic Financial Crisis Hardcover – Oct 27 2005


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Product Details

  • Hardcover: 384 pages
  • Publisher: Wiley; 1 edition (Oct. 27 2005)
  • Language: English
  • ISBN-10: 0471739022
  • ISBN-13: 978-0471739029
  • Product Dimensions: 23.1 x 15.5 x 3.6 cm
  • Shipping Weight: 544 g
  • Average Customer Review: 3.7 out of 5 stars  See all reviews (7 customer reviews)
  • Amazon Bestsellers Rank: #624,313 in Books (See Top 100 in Books)
  • See Complete Table of Contents


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Customer Reviews

3.7 out of 5 stars
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8 of 9 people found the following review helpful By Donald Mitchell #1 HALL OF FAMETOP 50 REVIEWER on July 15 2006
Format: Hardcover
I have been a reader of The Daily Reckoning for some time. I didn't expect any new material in Empire of Debt, but I was interested to see how some of my favorite themes were tied together into a book as opposed to an e-letter.

The results are mildly amusing, unsurprising and about as deep as the water on my windshield during a mild drizzle.

The whole book could have been easily summarized into a brief article. But it wouldn't have been as funny.

Here are the key points:

1. Any leader with the power to act imperial will.

2. Most emperors were smart enough to make a profit from the empire.

3. The American empire loses lots of money and makes less economic sense than any other empire in recent memory.

4. American economic policies will lead to an astonishingly rapid decline in the value of the American dollar.

5. American assets are tremendously overpriced and will either fall in price or remain at current price levels for a long time.

6. Buy gold.

If any of those points are new to you, you will probably think this is a four or five star book. Clearly, the authors understand that they are looking at an economic disaster in the making. The book would have been greatly improved by providing more advice about how to improve matters or to profit from them.

I would say that you could skip this book if you already understand those lessons, but the humor is well done. It would be a shame to miss the sections praising "do-nothing" presidents.
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2 of 2 people found the following review helpful By readandtravelasia on June 19 2006
Format: Hardcover
Great warning to a proud nation that now faces huge financial crises. Worth read. But its analysis is not that strong on new global development. For a more insightful book on a changing global economic map, I recommend: China's global reach: markets, multinationals, and globalization by a Chinese journalist George Zhibin Gu, which offers vast cutting-edge ideas about changing China in relation to global development.
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1 of 1 people found the following review helpful By Conrad Ferguson on June 4 2006
Format: Hardcover
The majority of people who will read this book are already concerned with the state of financial condition of this continent...but the vast majority of those of Canadians & Americans who need to know what Bonner imparts may never get the message. I read this book because of my worries about the highly leveraged nature of these nations.

A frightening number of articles in world business journals state lately that China does not consider America (or Canada)to be an economic factor in the period beyond 2016. That is only 10 years away!

Maybe we can still do something to stop the China steamroller.

This book repeats past other nations problems with debt. Bonner is trying to drive home a point; debt is toxic. I sort of wish he would show that everybody is responsible for the debt instead of blaming governments and outsourcing.

Speaking of outsourcing, I also highly recommend Brown & Wilson's THE BLACK BOOK OF OUTSOURCING: HOW TO MANAGE THE CHANGES, CHALLENGES & OPPORTUNITIES (Wiley Publishers, 2005) as it teaches, enlightens and prepares you for the changing world economy. You'll be a better business person for knowing what most are blaming and therefore losing ground. Another 5 star book.
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Format: Paperback
I read this back in 2006, before the you know what hit the fan. Bonner and Wiggin break down all the massive economic mismanagement into a readable form. They give many examples from past debt explosions, and what the results turned out to be. They spell out in detail, why having trillions of dollars in debt can lead to big problems. They also explain how earlier American borrowing was used to develop productive assets. Today people mortgage their house to buy a new plasma TV.
This book will help explain all the current economic problems. You will find answers to problems, that you will never see in the media. This book is not a dull economic textbook type of read. Its fun to read, and the information is extremely important.
I also highly recommend Mobs, Messiahs, And Markets, by Bonner and Rajiva.
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