Why the global recession is in danger of becoming another Great
Depression, and how we can stop it
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.Presents a fascinating look inside the financial crisis and how
the New Depression is poised to become a New Great
DepressionIntroduces 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 aheadOffers unique insights from
the man who predicted the global economic breakdown
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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