Endgame: The End of the Debt Supercycle and How It Changes Everything
Greece isn't the only country drowning in debt. The Debt Supercycle—when the easily managed, decades-long growth of debt results in a massive sovereign debt and credit crisis—is affecting developed countries around the world, including the United States. For these countries, there are only two options, and neither is good—restructure the debt or reduce it through austerity measures. Endgame details the Debt Supercycle and the sovereign debt crisis, and shows that, while there are no good choices, the worst choice would be to ignore the deleveraging resulting from the credit crisis.
CONTENT Part One: The End of the Debt Supercycle 11
Chapter 1: The Beginning of the End 15
Chapter 2: Why Greece Matters 31
Chapter 3: Let’s Look at the Rules 45
Chapter 4: The Burden of Lower Growth and More Frequent Recessions 73
Chapter 5: This Time Is Different 91
Chapter 6: The Future of Public Debt: An Unsustainable Path 109
Chapter 7: The Elements of Deflation 133
Chapter 8: Inflation and Hyperinflation 157 Part Two: A World Tour: Who Will Face Endgame First? 175
Chapter 9: The United States: The Mess We Find Ourselves In 181
Chapter 10: The European Periphery: A Modern-Day Gold Standard 215
Chapter 11: Eastern European Problems 233
Chapter 12: Japan: A Bug in Search of a Windshield 247
Chapter 13: The United Kingdom: How to Quietly Inflate Away Your Debt 261
Chapter 14: Australia: Could It Follow in Ireland’s Footsteps? 273
Chapter 15: Unintended Consequences: Loose Monetary Policies and Emerging Markets 283