Inflated: How Money and Debt Built the American Dream

Inflated: How Money and Debt Built the American Dream

R. Christopher Whalen

Language: English

Pages: 393

ISBN: 0470875143

Format: PDF / Kindle (mobi) / ePub

Inflated: How Money and Debt Built the American Dream

R. Christopher Whalen

Language: English

Pages: 393

ISBN: 0470875143

Format: PDF / Kindle (mobi) / ePub


Americans as a whole view themselves as reasonably prudent and sober people when it comes to matters of money, reflecting the puritan roots of the earliest European settlers. Yet as a community, we also seem to believe that we are entitled to a lifestyle that is well-beyond our current income, a tendency that goes back to the earliest days of the United States and particularly to get rich quick experiences ranging from the Gold Rush of the 1840s to the real estate bubble of the early 21st Century.

Inflated examines this apparent conflict and makes the argument that such a world view is so ingrained in us that to expect the United States to live in a "deflated" world is simply unrealistic. It skillfully seeks to tell the story of, money inflation and public debt as enduring (and perhaps endearing) features of American life, rather than something we can one day overcome as our policy makers constantly promise.

  • Features interviews with today's top financial industry leaders and insiders.
  • Offer a glimpse into the future of the Federal Reserve and the role it will play in the coming years
  • Examines what the future may hold for the value of the U.S. dollar and the real incomes of future generations of Americans

The gradual result of the situation we find ourselves in will inevitably lead to inflation, loss of economic opportunity, and a decline in the value of the dollar. This book will show you why, and reveal how we might be able to deal with it.

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The failure of Eisenhower to understand the true strategy of the Soviets for post-war Europe is remarkable given that he was supreme commander in Europe. Moscow had already started to set up puppet governments in Eastern Europe even as the Red Army moved westward. By 1947, the Allies and the Soviets were in a confrontation over Berlin, which remained encircled with the Soviet occupation zone. Two years later, the North Atlantic Treaty Organization (NATO) was formed to protect Western Europe

Carter Administration, but apparently his statement was interpreted as a warning to Carter that the Fed was prepared for a confrontation. In so many words what Burns was saying was if the new Administration sought to promote a faster recovery by applying greater fiscal stimulus, then the Fed would raise interest rates further. From the easy money period of 1976, the Fed’s tighter posture in 1977 generated tensions within the business and political communities as the tepid economic growth

negative impact on the U.S. economy by draining reserves from the banking system and effectively reducing the supply of money available to Americans for commerce. By segregating the gold reserves of the government in the Treasury’s own vaults and not keeping these funds on deposit with private banks, the Independent Treasury served to exacerbate the structural deficiencies in the U.S. economy for decades afterward. In the years up through the Civil War and thereafter, the fiscal operations of the

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Hoboken, New Jersey. Published simultaneously in Canada. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning, or otherwise, except as permitted under Section 107 or 108 of the 1976 United States Copyright Act, without either the prior written permission of the Publisher, or authorization through payment of the appropriate per-copy fee to the Copyright Clearance

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