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Endgame: The End of the Debt SuperCycle and How It Changes Everything
John Wiley and Sons Ltd, March 2011, Pages: 320
The End Game looks at the sovereign debt crisis and how it all ends.
The markets have no good choices. They are down to bad and very bad choices. The very bad choice (leading to disastrous - think Greece) is to continue to run massive deficits. The merely bad choice is to reduce the deficits gradually over time.
What is ending for a significant number of countries in the 'developed' world is the Debt Supercycle. The Debt Supercycle is the decades-long growth of debt from small and easily-dealt-with levels, to a point where bond markets rebel and the debt has to be restructured or reduced.
Depending on where you live, the investment implications can be very different. The book is very global and comprehensive in scope. In countries all over the world, difficult choices lie ahead. Mauldin hopes to give people a framework for making those choices and understanding the consequences. The situation is not pretty, but ignoring the tricky investment and economic choices would be the worst choice of all.
Greece isn't the only country drowning in debt. The Debt Supercycle occurs when the easily managed, decades-long growth of debt results in a massive sovereign debt and credit crisis 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. The End Game 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. The Endgame provides a framework for making those choices.
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