Endless Money: The Moral Hazards of Socialism | Date: 28 April 2011, 03:32
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Endless Money: The Moral Hazards of Socialism
By William Baker
* Publisher: Wiley
* Number Of Pages: 417
* Publication Date: 2009-11-02
* ISBN-10 / ASIN: 047047615X
* ISBN-13 / EAN: 9780470476154
Product Description
A detailed look at how, and why, the American financial system has reached its current state
Today?s economy and capital markets are faced with the long–term buildup of public and private credit. Furthermore, we face higher taxes, greater spending, and more debt. We are now at a critical crossroads and our leaders have few realistic solutions. Proposals calling for tax reforms or fewer regulations have fallen on deaf ears. In fact, U.S. democracy has become more socialist and reform is needed immediately. Endless Money is an examination of how the U.S. government and the country?s financial systems have embraced socialism, and why cultural deterioration reinforces the trend and jeopardizes democracy. In it, author William Baker sees this socialism embodied in two things. The first is the socialization of income, the second is the socialization of credit.
* Explores the present socialistic qualities of the American government and its financial system
* Looks back at how today?s conditions relate not just to the Great Depression, but ancient empires such as Rome
* Calls for radical changes such as reduced regulatory power of the Federal Reserve, a considerable devaluation of the dollar in terms of gold, and repeal of income tax
* Includes a Web site devoted to book, with recommendations, quotes from the financial community, and think tank contacts
Insightful and informative, Endless Money examines our current economic condition and describes what the United States can do to get back on the right economic track.
From the Inside Flap While credit crises, which date as far back as the great Roman Republic, arenothing new, the meltdown of the financial sector in 2008 still took the world by surprise. With currency created at the click of a mouse—or produced in quantity when a central bank credits its balance sheet in exchange for government debt, mortgages, or the equally formless currency of other nations—an era of endless money was born. And now, we find ourselves in a very unenviable position.
Nobody understands this better than author William Baker—a financial professional with wover twenty–five years of experience in investment research and equity portfolio management. With Endless Money, he skillfully examines how the U.S. government and the country?s financial systems have embraced socialism, and why cultural deterioration reinforces the trend and jeopardizes democracy. Along the way, Baker reveals how socialism is embodied in two things—the socialization of income and the socialization of credit—and discusses why this is so dangerous.
Page by page, you?ll discover why today?s economy and capital markets are facing the long–term buildup of public and private credit, and how—as we incur more debt through greater government spending, and take on higher taxes—our leaders fail to find few realistic solutions to this situation. Divided into six comprehensive parts, Endless Money offers an honest assessment of where we?re heading and why we cannot continue down this road. Filled with in–depth insights and practical advice, this reliable resource:
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Highlights how the combination of a centrally managed fiat currency system and a tax code that confiscates earned income, rather than mildly taxing changes in wealth, could producen a knockout punch to entrepreneurship and our society
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Looks back at how today?s conditions relate not only to the Great Depression, but also to the evolution of the Roman Republic
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Calls for radical changes such as reduced regulatory power of the Federal Reserve, a considerable devaluation of the dollar in terms of gold, and repeal of income tax
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Addresses the disturbing fact that individual character has given way to the state?s taking over responsibility for indiscretions—financial or otherwise
While we?ve veered off the course that our Founding Fathers set for us, the financial crisis that began in 2008 may trigger a much more effective reexamination of our banking sector and the powers granted to the government. Insightful and informative, Endless Money puts our current economic condition in perspective and describes what we can do to get back on the right track.
Summary: Timely Work by a Thoughtful Academic Practitioner
Rating: 5
William Baker has a produced a timely work on the financial crisis of our generation. As an investment professional Baker has intertwined both academic and practical insights compiling and making relevant economic historical examples providing insights into the present day. He has successfully debunked Keynes "New Economy" and exposing the dark motives and drivers of today's socialist alliance, a combination of the uber rich and the rights of the entitled lower-middle class. The book is a well reasoned cautionary tale providing direction for individuals and our country to avoid calamity. The book is well written and would make a welcome gift for the holidays or as an addition to any serious student of the synthesis of economics, history, politics, and philosophy.
Summary: Insightful and Relevant Must Read
Rating: 5
Must read for anyone who has a thirst for knowledge regarding the financial disaster of today, how it relates to history and the political scene, and what must be done to turn things around!!
Summary: Unquestionably the most in-depth assessment of the US Economy today
Rating: 5
Every library covering economic and current market dynamics will require a copy.
What currently is being overlooked or poorly acknowledged by main stream academia and media is clarified in this profound accountinig of today's economy.
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