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America’s Bubble Economy is the first book to focus on several simultaneous financial bubbles that are interacting to temporarily boost—and ultimately threaten—the United States and world economies. Filled with expert analysis and straight talk, this book will show you how to turn the coming economic transformation into a once-in-a-lifetime wealth-building opportunity.
- Sales Rank: #913218 in Books
- Published on: 2006-10-06
- Original language: English
- Number of items: 1
- Dimensions: 9.25" h x .80" w x 6.30" l, 1.05 pounds
- Binding: Hardcover
- 288 pages
Review
WORRIED ABOUT THE HOUSING BUBBLE? You should be, but don't let it monopolize your agita. There are four other bubbles also deserving of attention, according to America's Bubble Economy: a stock-market bubble, a foreigner-supported-dollar bubble, a consumer-debt bubble and a U.S.-debt bubble. When the five collide in a "bubblequake," the book's authors predict, the air will rush out of the pumped-up U.S. economy, deflating the average American's assets and standard of living.
But not to panic. America's Bubble Economy has a subtitle: Profit When It Pops. Eric Janszen, one of its four authors, suggests keeping 10%-15% of your assets in gold, which he sees rising "to a peak price of $2,500 to $3,000'' an ounce. Janszen et al. also recommend eurobonds and euro-denominated exchange-traded funds, because most of Europe isn't as indebted as the U.S. and its main currency should outperform the dollar.
A former venture capitalist and founder of the financial Website iTulip, Janszen says the U.S. is repeating errors of the Nixon era, including massive government deficits, under-funded entitlements and an unpopular war the government can't fund with higher taxes or special bonds. Throw in today's growing global demand for commodities, and "... all roads still lead to inflation, whether due to energy costs, unfunded deficits or dollar-currency risks," he says.
Janszen, who was rightly skeptical of the Internet craze early-on, tells Barron's that the current stock-market bubble is "a reflection of monetary inflation" rather than future earnings. A more normal trendline, he says, would put the Dow at about half its present level, or 6,000. Now, that's something to worry about.
—Susan Witty (Barron's, November 13, 2006)
Chosen by Kiplinger’s as one of the 30 Best Business Books of 2007
Paul Farrell, Senior Columnist at Dow Jones MarketWatch said on February 12, 2008, "In short, America's Bubble Economy's prediction, though ignored, was accurate."
Review
"More roadmap than crystal ball, this book doesn’t simply advise a reader what’s coming, it tells a reader exactly how to plan and respond. That it manages to predict an awfully troubling near future while still managing to be readable and even funny in spots, is no mean feat."
—Ken Kurson, co-author with Rudy Giuliani of the No. 1 Bestseller Leadership and financial columnist at Esquire
"A sobering financial wakeup call for all Americans."
—C. Thomas McMillen, Rhodes Scholar and former three term U.S. congressman
"Whether you think it goes too far or hits a bull’s eye, America’s Bubble Economy presents a riveting argument for what may be coming and how to make the most of it."
—Philip J. Gross, former CFO, America Online
"Sound advice in these times, America’s Bubble Economy delivers what we need to hear. Its prognosis may be harsh, but these insights are astute, logical and compelling."
—Dr. Rodney Stevenson, Professor of Business, University of Wisconsin-Madison, past president of the Association for Evolutionary Economics
"Finally, a way to profit from the government’s reckless spending habits!"
—Jim Goldinger, Managing Director, TD Capital Ventures
From the Inside Flap
Real Estate is overpriced and starting to fall, the Dollar is on the decline, Consumer Debt is at an all-time high, the Trade Deficit is massive, and National Debt is now more than $8 trillion—with the federal government borrowing an astro-nomical $7 billion a week. No matter what the experts say, the U.S. economy is headed for trouble, and it's now up to each of us to understand what is coming and how to protect ourselves.
Irreverent and instantly engaging, America's Bubble Economy: Profit When It Pops is the first book to focus, not just on one economic problem, but several simultaneous financial bubbles that are interacting to temporarily boost— and will ultimately threaten—the United States and world economies. While other books address individual issues in isolation, America's Bubble Economy connects the dots to show how all the bubbles interact. With expert analysis and straight talk, this book explains how each bubble supports the others in the boom, and will ultimately collide and drag each other down when they pop.
More importantly, America's Bubble Economy offers priceless, truly original insights about how to protect your home, savings, investment portfolio, and other financial assets when these bubbles pop. And best of all, it shows ordinary people—not just the fabulously wealthy—how to turn the coming economic change into a once-in-a-lifetime wealth-building opportunity.
In addition, America's Bubble Economy is unique in placing the current situation in the historical perspective of how the bubbles developed over the past twenty-five years. The book also goes beyond the recent past to look at how the bubbles are part of the long-term evolution of the economy and society.
Most helpful customer reviews
42 of 44 people found the following review helpful.
quick, interesting read
By john jameson
Original review below so that folks' comments make sense.
Whether or not things crash and burn someday...predicting WHEN is almost impossible, and normal human beings are almost always better off with a boring old balanced portfolio and a reasonable cash reserve...I don't recommend any sort of sector strategies any more...
---
It's a quick read -- big type, cartoons and relatively simple concepts cut it down to one or two evenings -- and not too brain-bending ones at that. The authors feel quite confident about their points, and present them swiftly, without delving deeply into statistics or high-level economics (most points take a common-sense, "when x people do y with z, z goes up or down" approach...often with heavily simplified charts and graphs to illustrate).
If they were trying to sell me on a massive investment plan to get-rich-quick right now, I wouldn't feel sufficiently convinced by their approach. But they're not -- this is a practical guide to a possible future scenario: if the Dollar tanks, and tanks big (and the first half discusses the reasons why that's likely sometime in the coming years), they present sound advice as to what to do with your investments; and, in light of that, what you may want to do with some percentage of them now, as a hedge.
While this isn't Eric Janszen's (of predicting-the-internet-bubble-burst fame) book (he only provided one chapter), the authors' philosophy mirrors that of his "iTulip" Web site -- if you find it intriguing, this will provide background and practical applications. If they're right, and you play it well, things will go very well for you. If not -- even if their reasoning is wrong, their recommendations belong in a well-balanced portfolio at times, anyway.
In-a-nutshell contents:
1) Active bubbles (overinvested sectors, most especially the American currency itself) at play in the American/world economies -- how they formed, how big they are, and what happens if they deflate in tandem
2) What sectors would survive or thrive in the several-year global recession that would result
3) A somewhat tangential last-chapter on the likelihood of the global electronic markets someday evolving out of the current bubble-generating multi-currency morass into global monetary unit
Rather annoyingly, the hyperlinks referenced by the book (most sections have at least one "see x on our site for more information") are all dead at the moment -- but it's a new release, so hopefully they'll finish the site soon.
163 of 184 people found the following review helpful.
Basic ideas would fit in one chapter. Poorly edited.
By Bstone
You can give this book a pass. There's really nothing to it, so save your money. While one might agree wholeheartedly with its premise and conclusions, the exposition here is not the best. For comparison, take a look at Stephen Leeb's Chapter 5 in his "Oil Factor" of 2004 and you will see a much cleaner more informative discussion of just about everything in the "Bubble" book. Leeb is far more succinct and authoritative and manages to avoid what is becoming the most overused word in the language -- "bubble." And he does it in 11 pages.
The investment advice in this book, once you get past all the padding, is to buy gold and euros. The advice on gold at least comes with a cursory analysis of the supply and demand situation, but the advice on the euro is given without support. There's no discussion whatsoever of the economic realities facing the European Union and how they might impact the dollar/euro exchange rates. I'm not saying there isn't a good reason to run to euros, just that it appears nowhere in this book.
One of the other reviewers was as annoyed as I was about the poor editing in this book. In addition to misspelling Warren Buffett's name numerous times, including in the index, there is a general carelessness that made reading each chapter a hunt for mistakes. I expect more from Wiley.
If this is your first exposure to discussion of the multiple problems facing our economy from housing prices, government debt, consumer debt, and foreign exchange risks, it may serve as a readable introduction. However, don't expect too much depth and be prepared for typos and misspellings. A two star rating is pretty generous.
68 of 81 people found the following review helpful.
A repetitive, unimaginative bore
By ThriftyDrifty
The authors' thesis is correct. Yes, the real estate market, the stock market, and the dollar are part of one big bubble, and America will have gum on its face when it pops.
But the book is a repetitive, unimaginative bore. Points are repeated again and again, ad nauseum. After a couple of chapters, I concluded that the authors, motivated perhaps by fast money, slapped this project together, stretching what could have been a one-page magazine piece into a book. "America's Bubble Economy" is largely bereft of original ideas. The statistics and charts are simple-minded, the writing uninspired. Several times, exasperated, I threw the book down and went to sleep. But, almost certain that their thesis (though hardly original) is correct, I plodded on and finished it, like someone forced to take his medicine.
The only bright spot is Eric Janszen's engaging chapter on gold. Recognizing that gold's value will be as a hedge against inflation, Janszen, slyly placing the words in quotes, says that investors can "make money" on gold. That is, until, at some distant time, gold itself becomes a bubble and pops.
And so the book earns a single gold star, rather than none.
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