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Beyond the Keynesian Endpoint: Crushed by Credit and Deceived by Debt — How to Revive the Global Economy
- By Tony Crescenzi
- Published Oct 24, 2011 by FT Press.
- Copyright 2012
- Dimensions: 6" x 9"
- Pages: 304
- Edition: 1st
- Book
- ISBN-10: 0-13-259521-4
- ISBN-13: 978-0-13-259521-6
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Product Author Bios
Tony Crescenzi (Newport Beach, CA) is Executive VP, Market Strategist, and Portfolio Manager for PIMCO. He was previously chief bond market strategist at Miller Tabak, where he worked for 23 years, creating the firm's asset management division and serving as chairman. His books include Investing from the Top Down; a recent fourth edition of Marcia Stigum's classic The Money Market, and The Strategic Bond Investor, Second Edition. He appears regularly on CNBC and Bloomberg, has guest-hosted The Wall Street Journal Report with Maria Bartiromo, and taught at Baruch College's executive MBA program for ten years.
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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10 of 12 people found the following review helpful
A Book for America and Europe Today, By
This review is from: Beyond the Keynesian Endpoint: Crushed by Credit and Deceived by Debt — How to Revive the Global Economy (Hardcover)
Customer review from the Amazon Vine™ Program (What's this?)
This is a well written book. It begins by telling us laypeople just what the Keynesian Endpoint is and then how we (or any nation) reached this point in our economic history. Then he tells us the ramifications of having reached this KEP and finally some ways individuals can protect themselves from the position in which we have found ourselves. The author seems to be writing from an Austrian school viewpoint and insightfully lays out the causes of our present economic problems and goes further to address some ways out.Keynes argued essentially that in times of economic downturn that government spending money obtained by borrowing would cause a multiplier effect on the economy thus pulling it out of recession. Crescenzi sets forth to show us what has happened to our economy and why the Keynes theories won't/ can't work in the future. First he shows how we reach the KEP where there is no longer money on our balance sheets to borrow and spend. Chapters 2-8 tell... Read more
7 of 9 people found the following review helpful
Extremely well written, engaging, and illuminating,
This review is from: Beyond the Keynesian Endpoint: Crushed by Credit and Deceived by Debt — How to Revive the Global Economy (Hardcover)
Tony Crescenzi's Beyond the Keynesian Endpoint is written exceptionally well, with engaging and elegant prose not usually found in books dealing with serious subject matter. His writing style enables readers to understand the very complex and profound implications of the sovereign debt crisis. The book provides a wealth of information and insight about how the developed world got into its current situation, doing so in ways that will surprise many readers because of its focus beyond the world of finance and into the world of behavioral economics. For example, Crescenzi focuses on the many psychological and sociological forces that compel people and nations to spend and borrow money. These are powerful influences not to be overlooked yet they often are. There is also an important chapter and discussions throughout the book on the investment implications of the current situation, and a very important insight on the role that demographics (in particular "Gerontocracy" a chapter in...
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9 of 13 people found the following review helpful
Incomplete, By
This review is from: Beyond the Keynesian Endpoint: Crushed by Credit and Deceived by Debt — How to Revive the Global Economy (Hardcover)
Customer review from the Amazon Vine™ Program (What's this?)
During the Great Depression, John Maynard Keynes, argued that the economy could be stimulated through government spending. The initial stimulation, he argued, would result in more growth in the general economy, which in turn would stimulate more production and investment involving still more income and spending and so forth. The Keynesian Endpoint is defined as the point where there are no private or public sector balance sheets left to fuel economic activity and rescue the world's financial system. According to Tony Crescenzi, the USA is now at that point; this means, there can be no more fiscal illusions, consumption binges, or Ponzi schemes.Crescenzi packs his analysis full of facts, figures, analogies and human behavior. There's a lot in this book for any serious student of finance and economics to ponder and learn. The copy I read was labeled Draft Manuscript. So, here are a few suggestions. First, Keyne's General Theory encompasses a lot of issues. Somewhere early... Read more |
Online Sample Chapter
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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