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New Dimensions of Imperial Stupidity
on July 15, 2006
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.