Book Reviews

Anne Arundel County, Maryland

Empire of Debt
The Rise of an Epic Financial Crisis
Copyright 2006 By Bill Bonner
Published by John Wiley & Sons, Inc.
Hoboken, New Jersey

Book Review 4-25-08 by Brent Herrick

Combine a comedy of sorts, a tragedy yet to obtain, and a catalog of human failures such as greed, corruption, murder in the form of senseless war, and betrayal of a Republican values and there you have a sad epitaph for America titled Empire of Debt.

We had a good but fast run at it and the end is coming soon, very soon. That is the outline that we get from Bill Bonner in this superb book. It is replete with history and historical reference and understanding. He did the quick fix analysis of many of our historical triumphs touted as such here in the U.S. and like any master of his territory, he took a glance, dispensed with the unimportant, and led us to the essential. The precise descriptions and analysis of our slouch toward empire and of course the eventual decline is hard to contest.

The worst and saddest component of how he defines our betrayal here in the U.S. by our politicians is that we didn’t have to run our empire this way. We could have made it pay, or at least not cost us as much. Instead, through the wisdom of the “world improvers” as Bonner describes them, we have ruined a perfectly good enterprise and given away the birthright of our future children. Worse yet, we have more of the same stupidity to come in the form of endless war and endless debasement of our currency until the day it all crashes.

It didn’t start with Greenspan, but he finished it as he became #1 Fed-guy or Fed-goon depending on how you feel about it. He may have sealed our fate with his open spigot on the money supply. Here we have the economy of the United States turned into an addict with just one more fix of cheap money and we keep blowing up this bubble until it must pop. It did in the tech sector, it happened again in Real Estate, and at some time in the future our currency will follow.

Every page of this book rings true, frighteningly true, and makes me anxious whenever I hear about another plan to help out the world or fix some world issue. I see from Bonner’s perspective that it is all one big comedy as one set of fools exit the stage while another set enters to do their worst to the status quo. They can never let well enough alone.

So, what does Empire of Debt tell us to do about it? Other than buy gold, there isn’t much to do or that you can do except keep your eyes open and see what is really happening. Bonner does an excellent job of helping you see. In essence, we are all caught up in the flow of history and if you live in the U.S.A., your days of Imperial glory are bound to disappointment. The ideas of American supremacy are set for a fall as well as our way of life. In some ways the fall may make life a lot simpler, but in others it may become a lot more hazardous such as in financial survival.

I place this book among the best I have read in the realm of economics and history. It is also a financial must read for anyone counting on their 401k or IRA as the basis of their financial security.

Five Stars - Highly Recommend


Disclaimer: Please consult a financial professional for your specific retirement objectives. The ideas presented here are for informational purposes only and do not represent legal or professional advice. Make any financial decisions at your own risk.

Reprinted with permission given by the reviewer: Brent Herrick

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