Tags: Review: | Dealing | with | America's | 'Empire | Debt'

Review: Dealing with America's 'Empire of Debt'

Monday, 05 December 2005 12:00 AM

The liberal media outlets sure have found a lot of things to complain about lately — how we're "losing" the war in Iraq; how the Bush Administration "botched" its hurricane response; how many heinous killers have been "inhumanly" put to death in our legal system.

Forget for a moment how misguided and self-serving these reports are when they are presented as news. Instead, think about this: While these "news" organizations are filling the airwaves with their propaganda, many important stories - ones that actually affect you're daily life - go unreported.

For instance, have you heard CNN or The New York Times report that America racks up $80 million of debt every hour of every day?

Or were you aware that by 2008, we'll owe foreigners $8 trillion - a breathtaking 60 percent of our Gross Domestic Product?

Why doesn't Michael Moore make a film about how $6 out of every $10 that you earn in America will go to pay off a loan in China, or Japan or South Korea or some other Asian nation?

Luckily, there are still a few truly independent minds left to bring you the complete, unvarnished story. In their latest book, bestselling authors Bill Bonner and Addison Wiggin tackle the nation's growing debt problem and where it could lead if left unchecked.

The authors build a step-by-step case that many Americans are about to face the worst financial crisis since 1929 - and almost all are completely unprepared.

But don't mistake ‘Empire of Debt' for a laundry list of gloom and doom. The truth is, reading about an impending financial disaster has never been more fun.

Bonner and Wiggin approach their heavy subjects with a refreshingly sardonic sense of humor. Amid the dizzying collection of facts to support their case, you'll discover entertaining quips, anecdotes and insights that will have you chuckling even as you realize how dire the situation is for Americans.

Bonner and Wiggin walk a thin line that bridges humorous irony and serious warnings. Luckily, the duo is more than up to the task.

‘Empire of Debt' is a perfect follow-up to their first bestselling work, ‘Financial Reckoning Day.' And fans will be delighted to learn that Bonner and Wiggin haven't neglected to use the acerbic wit they pour into every issue of their Daily Reckoning e-letter.

Still, it is quite amazing to see how much information they've poured into this tome. The authors start with a brief history of empires before diving into a close examination of America since the early 1900s. As you'll discover, America might be on the cusp of a slow descent brought on by a growing lack of morals and virtue.

It's a story you certainly won't see on the nightly news. But Bonner and Wiggin don't just report about the worsening state of our nation's debt problems. Empire of Debt offers advice on how to prepare for the troubles they see ahead.

They share five simple, but practical, steps you can take right now to protect yourself - including buying the one investment you cannot live without. (Actually, one is such a common sense recommendation, you should be ashamed if it's not already part of your portfolio.)

In the end, ‘Empire of Debt' delivers on every promise from its jacket: "a wry, witty, and erudite look at the state of the empire."

More importantly, this book is a practical guide for prospering in the difficult times Bonner and Wiggin see ahead for America.

103-103

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The liberal media outlets sure have found a lot of things to complain about lately - how we're "losing" the war in Iraq; how the Bush Administration "botched" its hurricane response; how many heinous killers have been "inhumanly" put to death in our legal system. Forget...
Review:,Dealing,with,America's,'Empire,Debt'
578
2005-00-05
Monday, 05 December 2005 12:00 AM
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