The Dollar Crisis: Causes, Consequences, Cures
Author: Richard Duncan
List Price: $29.95
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ISBN: 0470821027
Publisher: John Wiley & Sons (25 July, 2003)
Sales Rank: 2,893
Average Customer Rating: 3.74 out of 5
Customer Reviews
Rating: 3 out of 5
Great points on international trade issues, poor solutions
This book is really worth the read for anyone trying to make sense of our world economic environment. Mr. Duncan makes many persuasive points as he explains the cause of the boom/bust cycles that have occurred since the breakdown of the Bretton Woods agreement. A major point is that the proliferation of a fiat "dollar standard" has created credit inflation in the banking systems of export heavy nations. This increase in credit created much distortion and malinvestment, and the cycle ended with over-capacity and speculation. Asset bubbles were then created in equities and real estate. He also describes the "boomerang dollar" as the money flowing out of the US, because of our current account deficit, finds it's way back here as foreign nations buy our corporate, federal, and agency debt. Our budget deficit is largely financed by foreigners who then add the dollar denominated assets to their bank reserves. The author's work is well researched and presented.
In part four the author presents his solutions to what he believes is a looming global deflationary depression. He describes a global minimum wage, and the empowerment of the IMF to basically become the world's central bank. It was enough to make the Austrian hairs stand up on the back of my neck. I believe his solutions are thankfully unworkable. The cost and logistics of overseeing the minimum wage compliance would be staggering. We have enough trouble enforcing work laws in our own country. How do we expect some UN knockoff to monitor an employer in Saigon or Calcutta? The author's solution to allow the IMF to use special drawing rights to provide global welfare makes me wonder if he may have written the fourth part of his book as an intellectual exercise, target practice if you will.
Mr. Duncan's book is important in its factual examination of some very troubling global economic developments. I'm glad I read it. But, his solutions are way off the mark. Any real solutions come with much pain, it can't be avoided. We need a sound money system, less government intervention, and more reliance on free market forces.
Rating: 1 out of 5
Excellent Analysis and Excreable Solution
The author does an excellent job of analyzing why the U. S. dollar will crash, explaining very well the factors that will lead to such a crisis. His proposed solutions, unfortunately, recommend the same factors that will cause the crisis in the first place. He is employed by the World Bank and I am sure that his book and its proposed solutions were approved by it prior to its publication.Winston Churchill is reported to have said of noted academic of his time that "he knows everything and understands nothing." Unfortunately, this book discloses the same tendencies on the part of its author.
Rating: 5 out of 5
informative
I have zero backgroud on economic. This books helps me to understand the US trade deficit, its cause and consequence. Now I can look at events from a new perspective. This is an excellent book. Similar Products
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