Bonner and Wiggin enumerate a long list of chronic ailments that imperil the American financial system--a massive trade deficit, soaring personal and government debt, a housing bubble, runaway military expenditures. These problems "hardly disturb the sleep of the imperial race," the authors write. "[But] all empires must pass away." Bonner and Wiggin argue that American imperial delusions are similar to the fantasies that fueled the dot-com market mania. They recommend readers buy gold as insurance in the event of a financial crisis. Empire of Debt flounders when discussing how America indebted itself; the authors blame the Federal Reserve Board's low interest rates but gloss over the fact that rates were slashed because the U.S. teetered on the brink of deflation in 2002 and 2003. As hardcore libertarians, Bonner and Wiggin also seem to long for the pre-welfare days of the 1920s but forget how that period's policies led to the Great Depression. That said, Empire of Debt contains many revelations that will open eyes. --Alex Roslin --This text refers to the Hardcover edition.
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. Read morePublished on Sept. 14 2009 by Patrick Sullivan
I enjoyed the contents of the book. I found it interesting. Starting from the first chapter until the third one. Read morePublished on Nov. 21 2007 by Handmade Christmas Cards