Beyond the Keynesian Endpoint: Crushed by Credit and Deceived by Debt -- How to Revive the Global Economy [NOOK Book]

Overview

During the Great Depression, legendary British economist Keynes advocated using government money to fill the economic void until consumer spending and business investment recovered. But what happens when governments can't do that anymore? You've arrived at "The Keynesian Endpoint": when the money has run out before the economy has been rescued. That's where we are. Exhausted balance sheets leave policy makers with few viable options to bolster economic growth; increasingly, they point leaders and citizens towards...

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Beyond the Keynesian Endpoint: Crushed by Credit and Deceived by Debt -- How to Revive the Global Economy

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Overview

During the Great Depression, legendary British economist Keynes advocated using government money to fill the economic void until consumer spending and business investment recovered. But what happens when governments can't do that anymore? You've arrived at "The Keynesian Endpoint": when the money has run out before the economy has been rescued. That's where we are. Exhausted balance sheets leave policy makers with few viable options to bolster economic growth; increasingly, they point leaders and citizens towards brutal choices that were previously unimaginable. Meanwhile, investors struggle to navigate volatile markets overwhelmed by sovereign debt—and, as they do, they lose tolerance for fiscal recklessness.

In the U.S. and around the world, debt-fueled spending programs devised to cure the global financial crisis are now morphing into poison. In Beyond The Keynesian Endpoint, PIMCO Executive Vice President and market strategist Tony Crescenzi illuminates the mounting sovereign debt crisis, dissects each of the many scenarios now swirling around it, and reveals the profound implications for governments, investors, and the world economy.

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Product Details

  • ISBN-13: 9780132596596
  • Publisher: Pearson Education
  • Publication date: 11/7/2011
  • Sold by: Barnes & Noble
  • Format: eBook
  • Edition number: 1
  • Pages: 300
  • File size: 7 MB

Meet the Author

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Tony Crescenzi is Executive Vice President, Market Strategist, and Portfolio Manager for PIMCO, a leading global investment management firm. He was previously Chief Bond Market Strategist at Miller Tabak, where he worked for 23 years.

Crescenzi appears regularly on CNBC and Bloomberg, has guest-hosted Squawk Box, and has taught at Baruch College’s executive MBA program for 10 years. He has 28 years of investment experience and holds an MBA from St. John’s University and an undergraduate degree from the City University of New York.

His books include Investing from the Top Down, the recent Fourth Edition of Marcia Stigum’s 1,200-page classic The Money Market, and The Strategic Bond Investor, Second Edition.

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Table of Contents

Introduction: Reaching the Keynesian Endpoint 1

Chapter 1 Beware the Keynesian Mirage 9

Chapter 2 The 30-Year American Consumption Binge 39

Chapter 3 How Politicians Carry Out Fiscal Illusions, Deceive the Public, and Balloon Our Debts 81

Chapter 4 The Biggest Ponzi Scheme in History: The Myth of Quantitative Easing 113

Chapter 5 How the Keynesian Endpoint Is Changing the Global Political Landscape 141

Chapter 6 Age Warfare: Gerontocracy 153

Chapter 7 The Hypnotic Power of Debt 187

Chapter 8 When is being in Debt a Good Thing? 217

Chapter 9 The Investment Implications of the Keynesian Endpoint 229

Chapter 10 Conclusion: The Transformation of a Century 271

Endnotes 275

Index 291


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  • Anonymous

    Posted February 19, 2012

    MIssing the Point

    In this book, Tony makes a basic foundational principle that we are at or are nearing the Keynesian Endpoint but appears to misinterpret the facts in order to reach that starting point.

    He correctly points out that America and the world have been on a slippery slope since the 80s, since we adopted Supply Side Economics, aka: Voodoo Economics. But his premise is that we can't continue to prime the economic pump with borrowed money.

    It's my perspective that this initial premise and conclusion are both faulty because though his research and graphs show that we've been at a much higher debt-to-GDP ratio, somehow this time Keynesian policies won't work.

    A fundamental blunder seems to be his failure to express that national debt is not the same as individual debt. National debt is We the People transferring our savings accounts into national bonds. There is no loss of wealth.

    There is good research and good facts in this book, but the initial premise and the conclusion don't seem to follow.

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