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. The book:
- Reveals why the world economy is in for an extended period of
sluggish growth, high unemployment, and volatile markets punctuated
by persistent recessions
- Reviews global markets, trends in population, government
policies, and currencies Around the world, countries are faced with
difficult choices. Endgame provides a framework for making those
"We all know we have seen the end of an era, and now we have
courtside seats to watch the Endgame unfold. We are watching the
end of Act I: The Debt Supercycle. Now we will get to see how Act
II: The Endgame plays out."-John Mauldin & Jonathan Tepper
(Chapter 1, page 4)
Hundreds of books have been written about the financial crisis that
engulfed the world after Lehman Brothers went bankrupt. But what if
the bigger financial crisis is ahead of us, not behind us?
As John Mauldin and Jonathan Tepper deftly illustrate in this
controversial book, the crisis was more than a half-century in the
making. The Great Financial Crisis, however, was merely Act I. Act
II has now begun.
The massive household deleveraging and historic shift of private
debt onto government balance sheets now underway all over the world
represents the end of a sixty-year global Debt Supercycle. We have
now entered the Endgame, a time when bankruptcies and defaults
(disguised as "restructuring") will not be of households
and companies but of governments. The stakes are now higher. The
coming crises will offer policymakers few good choices and many bad
ones. It will require extraordinary clarity and courage from
leaders, courage that so far is largely completely lacking.
Yet, despite the authors' dark forecast, the message in Endgame
is not all gloom and doom. The book lays out positive steps
governments can take to weather the worst of the stormy days ahead,
minimize the inevitable pain and discomfort most of us can expect
to experience, and chart a bold new course to sustained economic
growth and prosperity.
It also offers investors an abundance of useful analysis and expert
advice on how to protect their assets during the worst of it and
prosper from the many new opportunities that will emerge globally
as they present themselves.
In Part 2, the authors take readers on a country-by-country
tour-including the United States, UK, European countries, and
Japan-clearly explaining the problems each country faces, as well
as the good and bad policy options open to each, and the investment
pitfalls and opportunities likely to be found in each national
Whether you call it the Great Recession, the Great Financial
Crisis, or the Global Debt Crisis, what we are experiencing is
unlike anything seen in eighty years. Now is not the time to
succumb to panic and superstition. It is a time for courage and
intelligent decision making informed by the brand of rational
analysis and wisdom you'll find in Endgame.
In Endgame: The End of the Debt Supercycle and How It Changes Everything, Mauldin and Tepper pull no punches and get directly the point. ...Endgame is a veritable trip around the world, as Mauldin lays out the uncomfortable choices facing nearly every major country. While Mauldin's analysis of the American debt problem is sobering, his comments on Europe are downright frightening...Given the noise dominating the newswires, it is refreshing to find clear, coherent thinking. Our compliments to Messrs. Mauldin and Tepper on a job well done." --Charles Sizemore, HS Dent Research Analyst and Editor of the Sizemore Investment Letter
'It's the freshest one hot off the press.' - Seeking Alpha, March 2011
John Mauldin is widely recognized as a leading expert on investment issues. As President of Millennium Wave Investments, he is primarily involved in private money management, financial services, and investments. A prolific author, his books include the Wiley bestseller, Bull's Eye Investing. His financial e-letter, Thoughts from the Frontline, goes to over 1,500,000 readers weekly.He is also a frequent contributor to other financial publications, including the Financial Times and the Daily Reckoning. In addition, he is the author of a free letter on hedge funds and private offerings for accredited investors. A sought-after speaker on financial matters, Mauldin addresses numerous investment conferences and seminars throughout the year.
Acknowledgments. Introduction: Endgame. Part One: The End of the Debt Supercycle. Chapter 1: The Beginning of the End. Chapter 2: Why Greece Matters. Chapter 3: Let's Look at the Rules. Chapter 4: The Burden of Lower Growth and More Frequent Recessions. Chapter 5: This Time Is Different. Chapter 6: The Future of Public Debt: An Unsustainable Path. Chapter 7: The Elements of Deflation. Chapter 8: Inflation and Hyperinflation. Part Two: A World Tour: Who Will Face Endgame First? Chapter 9: The United States: The Mess We Find Ourselves In. Chapter 10: The European Periphery: A Modern-Day Gold Standard. Chapter 11: Eastern European Problems. Chapter 12: Japan: A Bug in Search of a Windshield. Chapter 13: The United Kingdom: How to Quietly Inflate Away Your Debt. Chapter 14: Australia: Could It Follow in Ireland's Footsteps? Chapter 15: Unintended Consequences: Loose Monetary Policies and Emerging Markets. Conclusion: Investing and Profiting from Endgame. Epilogue: Some Final Thoughts. Notes. About the Authors. Index.
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