Greece isn't the only country drowning in debt. The Debt Supercycle when the easily managed, decades-long growth of debt results in a massive sovereign debt and credit crisis is affecting developed countries around the world, including the United States. For these countries, there are only two options, and neither is good restructure the debt or reduce it through austerity measures. Endgame details the Debt Supercycle and the sovereign debt crisis, and shows that, while there are no good choices, the worst choice would be to ignore the deleveraging resulting from the credit crisis. The book: * Reveals why the world economy is in for an extended period of sluggish growth, high unemployment, and volatile markets punctuated by persistent recessions * Reviews global markets, trends in population, government policies, and currencies Around the world, countries are faced with difficult choices. Endgame provides a framework for making those choices.
JOHN MAULDIN is a renowned financial expert, a multiple New York Times best-selling author, and a pioneering online commentator. His weekly e-newsletter, Thoughts From The Frontline, was one of the first publications to provide investors with free, unbiased information and guidance. Today, it is one of the most widely distributed investment newsletters in the world, translated into Chinese, Spanish and Italian. He is regularly seen on TV and in national print media. President of Millennium Wave Investments, he is the father of seven children (five adopted) and lives in Dallas, Texas. JONATHAN TEPPER is the founder and Chief Editor of Variant Perception, a macroeconomic research group catering to hedge funds and high-net-worth individuals.
Acknowledgments xiii 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 Notes 301 About the Authors 309 Index 311
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