Endless Money : The Moral Hazards of Socialism

by Baker, William; Wiggin, Addison

• ISBN13: 9780470476154
• ISBN10: 047047615X
• Format: Hardcover
• Copyright: 2009-11-02
• Publisher: Wiley

Summary

A detailed look at how, and why, the American financial system has reached its current stateToday'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 contactsInsightful 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.

Author Biography

William Baker is the founder of Gaineswood Investment Management, Inc., where he has managed money since 1996. He has over 25 years of investment experience, including as a portfolio manager for Oppenheimer Funds. Baker received his master's in business administration from Dartmouth College and BA in economics from the University of Pennsylvania.

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Table of Contents

Foreword	p. ix
Introduction	p. xiii
The Calm before the Storm	p. 1
Unknown Unknowns	p. 3
Wings of Wax	p. 18
Endless Money	p. 33
The Rise and Fall of Hard Money	p. 35
Flat-Earth Economics	p. 70
Spitting into the Wind	p. 116
Moral Hazard	p. 135
Faux Class Warfare	p. 163
The Rich are Different from You and Me	p. 165
Sharecroppers	p. 188
Assuming Power	p. 205
The Heart of Financial System	p. 209
A Return to Malaise	p. 221
Democracy: The Achilles' Heel of Capitalism?	p. 232
Socialism-Roman Style!	p. 237
From the Golden Era to Totalitarianism	p. 241
Other Perspectives	p. 257
The Obsolescence of Character	p. 275
Bending to the Modern World	p. 277
Self-Indulgence	p. 300
The New Commandments	p. 314
The Future	p. 333
Elephants in the Room	p. 335
The Elephant Killer-Gold	p. 341
America Invicta	p. 358
Epilogue	p. 369
Notes	p. 381
About the Author	p. 407
Index	p. 409
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