Public Debt Dynamics of Europe and the U.S., provides the evidence and implications of current policies by sovereigns and central banks, in dealing with the debt abyss. It brings in perspective the diversity of opinion reigning in modern economics and finance and outlines the themes which, among themselves, are defining the society in which we live.
Our epoch has accepted the theory that leveraging is good for a person, a company or even a nation. This has led to the debt syndrome and its disastrous aftereffects. Throughout the book evidence emerges that piling up public debt can lead to an unmitigated disaster. This is demonstrated through case studies on Greece, Spain, Italy, France and the United States - in short, those western countries that nowadays have lost control of their senses and of their economy.
This book uses real life examples, using case studies as evidence of good and bad approaches to social, economic and financial life. Live events also help as undisputable demonstrators of successes and failures in the search for solutions in getting out of the hole western governments find themselves. As Denis Healey, a former British chancellor of the Exchequer, once said: "The first law of holes is that if you are in one stop digging.
Table of Contents
PART ONE: THE WEST TODAY Chapter 1 Globalization of a Casino Society Chapter 2 Kingdoms of Debt Chapter 3 Options for this Decade
PART TWO: DESTINY IN THE LAND OF HOMER Chapter 4 The Greek Economy Pays the Price of Drift Chapter 5 Impact of Bailouts on the Economy of a Sovereign Chapter 6 Drachmageddon: Exit from Euroland and Bankruptcy ? or Bankruptcy Within Euroland ?
PART THREE: CASE STUDIES WITH TEETERING SOVEREIGNS Chapter 7 Spain in Free Fall Chapter 8 Italy Tries a U-Turn on the Road to Nowhere Chapter 9 France Is Not Italy. True or False?
PART FOUR: WHO KILLED THE GOLDEN EAGLE? Chapter 10 Public Health Care Is the No. 1 Suspect Chapter 11 Public Debt, Balanced Budgets and Current Accounts Chapter 12 The Merger of Quantitative Easing and Politics Is the No. 2 Suspect
PART FIVE: RETURNS ARE NOT RISING FOREVER Chapter 13 Storm Clouds Over the BRICs
PART SIX: WHICH THERAPY? WHERE ARE THE DOCTORS? Chapter 14 Iceland, Latvia, Ireland, Britain, Germany and a Taste of Fantasy Economics Chapter 15 Ineptocracy and the New Policy of Grabbing
Case Study and Conclusion Ineptocracy, Trickery and Politics: Euroland and the Italian Way
AuthorsDimitris N. Chorafas Independent Financial Consultant and Scholar.
Dr Chorafas has served on the faculty of the Catholic University of America and as visiting professor at Washington State University, George Washington University, University of Vermont, University of Florida, and Georgia Institute of Technology. Also, the University of Alberta, Technical University of Karlsruhe, Ecole d'Etudes Industrielles de l'Université de Genève, Ecole Polytechnic Fédérale de Lausanne, Polish Academy of Sciences and Russian Academy of Sciences.
More than 8,000 banking, industrial and government executives have participated in his seminars in the United States, England, Germany, Italy, other European countries, Asia and Latin America.
Financial institutions which sought his assistance include the Union Bank of Switzerland, Bank Vontobel, CEDEL, the Bank of Scotland, Credit Agricole, Österreichische Länderbank (Bank Austria), First Austrian Bank, Commerzbank, Dresdner Bank, Demir Bank, Mid-Med Bank, Banca Nazionale dell'Agricoltura, Istituto Bancario Italiano, Credito Commerciale and Banca Provinciale Lombarda.
Dr Chorafas is the author of 161 books, translated into several languages.