Description
In August of 2007, the debt-fuelled bubble that had created an illusion of prosperity across the western world burst, leading to an international financial crisis of unprecedented scale and duration. Michael Nevin analyses the causes of the crisis in clear and understandable terms, and explains why successive attempts to tackle it by bank bailouts, quantitative easing and other piecemeal responses have failed. He predicts that the Euro cannot survive in its present form, while dollar instability and the inexorable rise in sovereign debt will continue to hamper economic growth worldwide. Unless a radically different approach is taken, an increasingly virulent economic nationalism could threaten the living standards of all of us and lead to a lost generation of young people with no prospect of work.
This book sets out an alternative strategy for sustained recovery,including the orderly dismantling of the Euro, the end of the dollar's privileged status as an international reserve currency, and the restoration of sound money, founded on a new international currency that cannot be manipulated by bankers or politicians - The Golden Guinea.
Michael Nevin's analysis of the credit crisis draws on his extensive experience of investment banking, project finance and economics, to explain what has gone wrong and why, what needs to be done now and what steps need to be taken to ensure it ever happens again.
