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The New Depression : The Breakdown of the Paper Money Economy: Duncan, Richard: BOOKS KINOKUNIYA
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The New Depression : The Breakdown of the Paper Money Economy
The New Depression : The Breakdown of the Paper Money Economy
Publisher : John Wiley & Sons Inc
Published Date : 2012/04
Binding : Hardcover
ISBN : 9781118157794

BookWeb Price : MYR 119.80
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Language : English
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Book Description
Source: ENG
Place of Publication: United States
Geographic Designator: United States
Review:
Baker & Taylor Forecast - April 2012
Phoenix Public Library Holdings (Internal Code for CLS)
Table of Contents
 
Preface                                            ix
    Chapter 1 How Credit Slipped Its Leash         1  (16)
      Opening Pandora's Box                        1  (2)
      Constraints on the Fed and on Paper Money    3  (2)
      Creation
      Fractional Reserve Banking Run Amok          5  (1)
      Fractional Reserve Banking                   5  (2)
      Commercial Banks                             7  (3)
      The Broader Credit Market: Too Many          10 (2)
      Lenders, Not Enough Reserves
      Credit without Reserves                      12 (1)
      The Flow of Funds                            13 (2)
      The Rest of the World                        15 (1)
      Notes                                        15 (2)
    Chapter 2 The Global Money Glut                17 (16)
      The Financial Account                        18 (2)
      How It Works                                 20 (3)
      What Percentage of Total Foreign Exchange    23 (1)
      Reserves Are Dollars?
      What to Do with So Many Dollars?             24 (2)
      What about the Remaining $2.8 Trillion?      26 (2)
      Debunking the Global Savings Glut Theory     28 (3)
      Will China Dump Its Dollars?                 31 (1)
      Notes                                        32 (1)
    Chapter 3 Creditopia                           33 (18)
      Who Borrowed the Money?                      33 (5)
      Impact on the Economy                        38 (1)
      Net Worth                                    39 (2)
      Profits                                      41 (1)
      Tax Revenue                                  41 (1)
      Different, Not Just More                     41 (4)
      Impact on Capital                            45 (4)
      Conclusion                                   49 (1)
      Note                                         49 (2)
    Chapter 4 The Quantity Theory of Credit        51 (12)
      The Quantity Theory of Money                 52 (3)
      The Rise and Fall of Monetarism              55 (2)
      The Quantity Theory of Credit                57 (2)
      Credit and Inflation                         59 (1)
      Conclusion                                   60 (1)
      Notes                                        61 (2)
    Chapter 5 The Policy Response: Perpetuating    63 (22)
    the Boom
      The Credit Cycle                             64 (1)
      How Have They Done so Far?                   65 (1)
      Monetary Omnipotence and the Limits          66 (1)
      Thereof
      The Balance Sheet of the Federal Reserve     67 (2)
      Quantitative Easing: Round One               69 (2)
      What Did QE1 Accomplish?                     71 (1)
      Quantitative Easing: Round Two               72 (1)
      Monetizing the Debt                          73 (2)
      The Role of the Trade Deficit                75 (1)
      Diminishing Returns                          76 (2)
      The Other Money Makers                       78 (5)
      Notes                                        83 (2)
    Chapter 6 Where Are We Now?                    85 (22)
      How Bad so Far?                              85 (1)
      Credit Growth Drove Economic Growth          86 (2)
      So, Where Does that Leave Us?                88 (1)
      Why Can't TCMD Grow?                         89 (7)
      The Banking Industry: Why Still Too Big      96 (5)
      to Fail?
      Global Imbalances: Still Unresolved          101(3)
      Vision and Leadership Are Still Lacking      104(1)
      Notes                                        105(2)
    Chapter 7 How It Plays Out                     107(14)
      The Business Cycle                           107(2)
      Debt: Public and Private                     109(2)
      2011: The Starting Point                     111(1)
      2012: Expect QE3                             112(2)
      Impact on Asset Prices                       114(1)
      2013-2014: Three Scenarios                   114(4)
      Impact on Asset Prices                       118(1)
      Conclusion                                   119(1)
      Notes                                        120(1)
    Chapter 8 Disaster Scenarios                   121(12)
      The Last Great Depression                    121(5)
      And This Time?                               126(1)
      Banking Crisis                               126(1)
      Protectionism                                127(1)
      Geopolitical Consequences                    128(4)
      Conclusion                                   132(1)
      Note                                         132(1)
    Chapter 9 The Policy Options                   133(16)
      Capitalism and the Laissez-Faire Method      134(6)
      The State of Government Finances             140(2)
      The Government's Options                     142(1)
      American Solar                               143(3)
      Conclusion                                   146(1)
      Notes                                        147(2)
    Chapter 10 Fire and Ice, Inflation and         149(20)
    Deflation
      Fire                                         150(1)
      Ice                                          151(1)
      Fisher's Theory of Debt-Deflation            152(3)
      Winners and Losers                           155(2)
      Ice Storm                                    157(1)
      Fire Storm                                   157(1)
      Wealth Preservation through                  158(2)
      Diversification
      Other Observations Concerning Asset          160(5)
      Prices in the Age of Paper Money
      Protectionism and Inflation                  165(1)
      Consequences of Regulating Derivatives       166(1)
      Conclusion                                   166(1)
      Notes                                        167(2)
Conclusion                                         169(2)
About the Author                                   171(2)
Index                                              173
 

Why the global recession is in danger of becoming another Great Depression, and how we can stop it When the United States stopped backing dollars with gold in 1968, the nature of money changed. All previous constraints on money and credit creation were removed and a new economic paradigm took shape. Economic growth ceased to be driven by capital accumulation and investment as it had been since before the Industrial Revolution. Instead, credit creation and consumption began to drive the economic dynamic. In The New Depression: The Breakdown of the Paper Money Economy , Richard Duncan introduces an analytical framework, The Quantity Theory of Credit, that explains all aspects of the calamity now unfolding: its causes, the rationale for the government's policy response to the crisis, what is likely to happen next, and how those developments will affect asset prices and investment portfolios. In his previous book, The Dollar Crisis (2003), Duncan explained why a severe global economic crisis was inevitable given the flaws in the post-Bretton Woods international monetary system, and now he's back to explain what's next.The economic system that emerged following the abandonment of sound money requires credit growth to survive. Yet the private sector can bear no additional debt and the government's creditworthiness is deteriorating rapidly. Should total credit begin to contract significantly, this New Depression will become a New Great Depression, with disastrous economic and geopolitical consequences. That outcome is not inevitable, and this book describes what must be done to prevent it. Presents a fascinating look inside the financial crisis and how the New Depression is poised to become a New Great Depression Introduces a new theoretical construct, The Quantity Theory of Credit, that is the key to understanding not only the developments that led to the crisis, but also to understanding how events will play out in the years ahead Offers unique insights from the man who predicted the global economic breakdown Alarming but essential reading, The New Depression explains why the global economy is teetering on the brink of falling into a deep and protracted depression, and how we can restore stability.

Contents
Preface ix CHAPTER 1 How Credit Slipped Its Leash 1 Opening Pandora's Box 1 Constraints on the Fed and on Paper Money Creation 3 Fractional Reserve Banking Run Amok 5 Fractional Reserve Banking 5 Commercial Banks 7 The Broader Credit Market: Too Many Lenders, Not Enough Reserves 10 Credit without Reserves 12 The Flow of Funds 13 The Rest of the World 15 Notes 15 CHAPTER 2 The Global Money Glut 17 The Financial Account 18 How It Works 20 What Percentage of Total Foreign Exchange Reserves Are Dollars? 23 What to Do with So Many Dollars? 24 What about the Remaining $2.8 Trillion? 26 Debunking the Global Savings Glut Theory 28 Will China Dump Its Dollars? 31 Notes 32 CHAPTER 3 Creditopia 33 Who Borrowed the Money? 33 Impact on the Economy 38 Net Worth 39 Profits 41 Tax Revenue 41 Different, Not Just More 41 Impact on Capital 45 Conclusion 49 Note 49 CHAPTER 4 The Quantity Theory of Credit 51 The Quantity Theory of Money 52 The Rise and Fall of Monetarism 55 The Quantity Theory of Credit 57 Credit and Inflation 59 Conclusion 60 Notes 61 CHAPTER 5 The Policy Response: Perpetuating the Boom 63 The Credit Cycle 64 How Have They Done so Far? 65 Monetary Omnipotence and the Limits Thereof 66 The Balance Sheet of the Federal Reserve 67 Quantitative Easing: Round One 69 What Did QE1 Accomplish? 71 Quantitative Easing: Round Two 72 Monetizing the Debt 73 The Role of the Trade Deficit 75 Diminishing Returns 76 The Other Money Makers 78 Notes 83 CHAPTER 6 Where Are We Now? 85 How Bad so Far? 85 Credit Growth Drove Economic Growth 86 So, Where Does that Leave Us? 88 Why Can't TCMD Grow? 89 The Banking Industry: Why Still Too Big to Fail? 96 Global Imbalances: Still Unresolved 101 Vision and Leadership Are Still Lacking 104 Notes 105 CHAPTER 7 How It Plays Out 107 The Business Cycle 107 Debt: Public and Private 109 2011: The Starting Point 111 2012: Expect QE3 112 Impact on Asset Prices 114 2013-2014: Three Scenarios 114 Impact on Asset Prices 118 Conclusion 119 Notes 120 CHAPTER 8 Disaster Scenarios 121 The Last Great Depression 121 And This Time? 126 Banking Crisis 126 Protectionism 127 Geopolitical Consequences 128 Conclusion 132 Note 132 CHAPTER 9 The Policy Options 133 Capitalism and the Laissez-Faire Method 134 The State of Government Finances 140 The Government's Options 142 American Solar 143 Conclusion 146 Notes 147 CHAPTER 10 Fire and Ice, Inflation and Deflation 149 Fire 150 Ice 151 Fisher's Theory of Debt-Deflation 152 Winners and Losers 155 Ice Storm 157 Fire Storm 157 Wealth Preservation through Diversification 158 Other Observations Concerning Asset Prices in the Age of Paper Money 160 Protectionism and Inflation 165 Consequences of Regulating Derivatives 166 Conclusion 166 Notes 167 Conclusion 169 About the Author 171 Index 173