"This is an extremely powerful, sobering, well written and highly accessible book. It will demonstrate to you why there are no painless solutions to the mounting debt problems around the world something that too many people are yet to realize. It will take you on a well–documented journey through the debt super cycle, making stops around the world and at critical junctures. And it is a must–read for anyone wishing to understand the global debt dynamics and ways to protect against its bad consequences. "
Mohamed A. El–Erian, CEO, PIMCO; author of When Markets Collide
"No one has thought more creatively about the economy. Mauldin′s weekly newsletter is a must–read and his book is even more important if you want to understand a rapidly changing world."
Newt Gingrich, former Speaker of the House of Representatives
"Successful investors explore all possibilities. You should read this book so you can succeed in case the Endgame is our future."
Jim Rogers, author of A Gift to My Children
"I read everything John Mauldin writes. He travels the world and shares his financial stories like a good friend sharing a drink. Mauldin is that rarity a skeptical optimist who calls ′em straight and rewards his clients and fans."
Rich Karlgaard, Publisher and Columnist, Forbes magazine
Greece is a basket case, Ireland on life support, and Japan a bug in search of a windshield. In the times ahead, the global sovereign debt and credit crisis will continue to spread like wildfire. And while no nation, developed or emerging, can escape the pain, the extent of the disaster and how it plays itself out will vary from country to country. Endgame provides the road map ahead.
In Endgame, authors Mauldin and Tepper:
- Reveal why the world economy is in for a protracted period of slow growth, high unemployment, volatile markets, and persistent recessions
- Review global markets, country–by–country, detailing population trends, government policies, currency outlooks, and more
- Offer investors practical advice on how to protect their assets through the worst of it and profit from emerging opportunities
Introduction: Endgame 1
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
Conclusion: Investing and Profiting from Endgame 293
Epilogue: Some Final Thoughts 297
About the Authors 309
Charles Sizemore, HS Dent Research Analyst and Editor of the Sizemore Investment Letter