The Dollar Crisis: Causes, Consequences, Cures (Revised And Updated)

In this updated, second edition of the highly acclaimed international best seller, The Dollar Crisis: Causes, Consequences, Cures, Richard Duncan describes the flaws in the international monetary system that have destabilized the global economy and that may soon culminate in a deflation-induced worldwide economic slump. The Dollar Crisis is divided into five parts: Part One describes how the US trade deficits, which now exceed US$1 million a minute, have destabilized the global economy by creating a worldwide credit bubble. Part Two explains why these giant deficits cannot persist and why a US recession and a collapse in the value of the Dollar are unavoidable. Part Three analyzes the extraordinarily harmful impact that the US recession and the collapse of the Dollar will have on the rest of the world. Part Four offers original recommendations that, if implemented, would help mitigate the damage of the coming worldwide downturn and put in place the foundations for balanced and sustainable economic growth in the decades ahead. Part Five, which has been newly added to the second edition, describes the extraordinary evolution of this crisis since the first edition was completed in September 2002. It also considers how the Dollar Crisis is likely to unfold over the years immediately ahead, the likely policy response to the crisis, and why that response cannot succeed. The Dollar Standard is inherently flawed and increasingly unstable. Its collapse will be the most important economic event of the 21st Century.

Richard Duncan has worked as a financial analyst for more than 16 years. During his career, he has worked in many leading companies such as Salomon Brothers, HSBC Securities, International Monetary Fund and The World Bank.

Preface to the Revised Edition.
Introduction.
PART ONE: THE ORIGIN OF ECONOMIC BUBBLES.
Introduction.
Chapter 1. The Imbalance of Payments.
Chapter 2. Effervescent Economies.
Chapter 3. The New Paradigm Bubble.
Chapter 4. The Great American Bubble (of the 1920s).
PART TWO: FLAWS IN THE DOLLAR STANDARD.
Introduction.
Chapter 5. The New Paradigm Recession.
Chapter 6. The Fate of the Dollar: Half a Trillion Reasons Why the Dollar Must Collapse.
Chapter 7. Asset Bubbles and Banking Crises.
Chapter 8. Deflation.
PART THREE: GLOBAL RECESSION AND THE DEATH OF MONETARISM.
Introduction.
Chapter 9. Global Recession: Why, When, and How Hard?
Chapter 10. The End of the Era of Export-led Growth.
Chapter 11. Monetarism is Drowning.
PART FOUR: POLICY TOOLS FOR THE 21ST CENTURY.
Introduction.
Chapter 12. A Global Minimum Wage.
Chapter 13. Controlling the Global Money Supply.
PART FIVE: THE EVOLUTION OF A CRISIS.
Introduction.
Chapter 14. Deflation: The Red’s Greatest Fear.
Chapter 15. The Run on the Dollar, 2003.
Chapter 16. The Great Reflation.
Chapter 17. Understanding Interest Rates in the Age of Paper Money.
Chapter 18. What’s Worrying The Chairman.
Chapter 19. After Reflation, Deflation.
Chapter 20. Bernankeism.
Conclusion.
Index.