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Debt & Delusion: Central Bank Follies That Threaten Economic Disaster [Print Replica] Kindle Edition

by Peter Warburton (Preface) Format: Kindle Edition
4.5 4.5 out of 5 stars 19 ratings
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There is an unexploded bomb in the global financial system, threatening to bring the greatest disruption to the lives of people since the Depression on the 1930s. This potential explosion has been created by dereliction of duty by the world's largest central banks, which have helped to create an unsustainable illusion of personal wealth and national prosperity, exposing the public to uninsurable risks in the process. This volume looks at how this economic timebomb has been created by unchecked credit expansion and the potential havoc it could wreak.
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Editorial Reviews

Review

"... a classic 'Financial Reality Bites' read of the highest order." -- John Mackenzie, Safehaven.com, May 8, 2005

"A great book...about this present generation's massive debt...[and] about how Western Civilization has become too dependent on debt." -- David N. Vaughn, Gold Letter, Inc., February 6, 2004

"An undeservedly obscure work of financial economics, Peter Warburton's Debt and Delusion... has become a cult classic among financial contrarians." -- Robert Blumen, Mises.org Daily Articles, August 11, 2004

"What happens if there's an end to this booming economy? That question is clearly answered [in Warburton's] Debt and Delusion." -- J. Tim Thompson, The Trumpet, March/April 2000

From the Publisher

WorldMetaView Press specializes in the kind of books you’re not likely to find in a typical bookstore. Our authors are excellent writers. They are recognized experts in their fields. And, most important of all, they are independent thinkers -- a quality that is all too rare in this time of political correctness, economic orthodoxies, and groupthink.

That’s why we’re pleased to bring back into print Dr. Peter Warburton’s classic, Debt and Delusion. Peter has updated the book with a new Preface and fresh charts in the Appendix. The book’s index has also been greatly improved, making it easier to find what you’re looking for. The most visible change, however, is the gold stamping, leather-like cover, and fine endpapers that make this edition quite suitable as a gift.

One word of warning: The opening pages will scare the hell out of you. But, while he may be a voice crying in the wilderness, Peter is more like the Apollo-cursed Cassandra, whose prophecies were always accurate but never believed.

The Editors
WorldMetaView Press

Table of Contents
List of Figures
Preface
Acknowledgements
Chapter 1 -- Clearing of the Mist
Chapter 2 -- Inflation: Public Enemy Number One
Chapter 3 -- The Pied Pipers of Zurich
Chapter 4 -- Banks Reproved and Re-invented
Chapter 5 -- The Rise and Rise of the Financial Markets
Chapter 6 -- Throwing Caution to the Wind
Chapter 7 -- Risk Markets and the Paradox of Stability
Chapter 8 -- The Illusion of Unlimited Savings
Chapter 9 -- The Bloated Bond Markets
Chapter 10 -- The Erosion of Credit Quality
Chapter 11 -- The Phoney Auction of Private Savings
Chapter 12 -- The Separation of Financial Value from Economic Reality
Chapter 13 -- Diminishing and Vanishing Returns to Debt
Chapter 14 -- Confronting Economic Reality
Chapter 15 -- Borrowed Time
Appendices
Glossary
Bibliography
Index

Product details

  • ASIN ‏ : ‎ B0186EH090
  • Publisher ‏ : ‎ Peter Warburton (November 17, 2015)
  • Publication date ‏ : ‎ November 17, 2015
  • Language ‏ : ‎ English
  • File size ‏ : ‎ 9592 KB
  • Simultaneous device usage ‏ : ‎ Unlimited
  • Text-to-Speech ‏ : ‎ Not enabled
  • Enhanced typesetting ‏ : ‎ Not Enabled
  • X-Ray ‏ : ‎ Not Enabled
  • Word Wise ‏ : ‎ Not Enabled
  • Sticky notes ‏ : ‎ Not Enabled
  • Customer Reviews:
    4.5 4.5 out of 5 stars 19 ratings

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Peter Warburton

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Customer reviews

4.5 out of 5 stars
4.5 out of 5
19 global ratings

Top reviews from the United States

Gary Bosley
5.0 out of 5 stars Outstanding
Reviewed in the United States on December 17, 2012
Verified Purchase
The book is the most cogent and concise treatment on the subject of the monetary and financial structure of modern times (through the end of the 1990's) that I have seen. This means the whole edifice: the completely globalized (meaning interconnected) capital-financial-economic system of the developed and developing world.

The author cites various milestones in the development of the modern system and its evolution to where it is now. And, then he gets into various "what if's."

Consider this quote from the book on page 83: "The global capital market allows a loan to be originated in Manila, funded in Spain, serviced in New York and held in the portfolio of a Swedish pension fund."

Then, consider the following quote from the Wall Street Journal on-line edition of Dec. 27, 2008: "The Isle That Rattled the World:" 'Tiny Iceland Created a Vast Bubble, Leaving Wreckage Everywhere When It Popped' by Charles Forelle:
"...Iceland is an extreme casualty of an era in which it became extraordinarily easy to borrow money. But it was more than that: An examination of the nation's banking system, which collapsed over about 10 days this autumn, reveals the degree to which Iceland was one of the international financial bubble's most enthusiastic players. Home to fewer people than Wichita, Kan., Iceland became so leveraged and so deeply intertwined with the global financial infrastructure that its collapse has rattled the world from Tokyo to California to the Middle East.
In Japan and Hong Kong, bond buyers got stuck holding all-but-worthless debt. In Beverly Hills, a real-estate developer was forced to default after teaming up with an Icelandic bank to build condos near Wilshire Boulevard. A German regional lender, Bayerische Landesbank, suffered big losses on its Icelandic investments contributing to its need for a €30 billion ($42 billion) bailout package..."

The Iceland banks collapsed over the weekend of September 27-28, 2008. On Friday, Sept. 26, the Dow Jones Industrial Average had closed at 11,143.13. When the news of the Iceland banks collapse ran in the Wall Street Journal of Monday, Sept. 29, the Dow Jones fell 777.68 pts in that one day. The Friday before the December article, above, was written (12-26-08), the Dow had closed at 8,515.55.

However, the book should not be considered an "investment book." It was written to warn of the untenable situation that the world's financial structure had progressed to. [People can draw their own investment conclusions.]

While history doesn't record Cassandra having gotten any "thank yous" for her predictions, we can thank Peter Warburton for his underestandable presentation, his analysis, and his prescience.

GB, Castro Valley, CA
3 people found this helpful
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Vietnam 1968
5.0 out of 5 stars Outstanding, Excellent,Intelligent, Author
Reviewed in the United States on October 20, 2012
Verified Purchase
All I can say is I wish I would have read this book when it was first printed in 1999. Peter Warburton must have been a wiz kid on Wall Street in his earlier days. He predicted the crash of 2008 and explains why he knew it would happen. He also predicts the debt bubble we are presently in will eventually crash. Central banks around the world are relying on bonds (debt creation) to fund their governments operations, i.e. the US and Europe, two biggest. The credit markets have outgrown the people's incomes by took many multiples, and that means the central banks simply expand their own currencies to buy their own bonds, since there are not enough buyers for the bonds. With this information one can only conclude, you better have some gold coins in your portfolio. If central banks have some of their wealth in gold, shouldn't you.
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barbara phillips
5.0 out of 5 stars Excellent evaluation of bonds versus stocks and how they balance ...
Reviewed in the United States on August 26, 2014
Verified Purchase
Excellent evaluation of bonds versus stocks and how they balance each other in an economy subject to recent questions of the sustainability of the current markets..
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The Scottish Cafe
4.0 out of 5 stars DEBT & DELUSION
Reviewed in the United States on May 22, 2012
Verified Purchase
What a book. I have just finished reading this book in May 2012 & I can not believe this book was written in 1999. This book is so prophetic apart from being off in timing, that it is uncanny. By now, unless you have been living under a rock, debt levels around the world; government, household & corporate, have been growing exponentially & it is no longer sustainable. It is only a matter of time before this super debt structure comes undone, probably in a spectacular way with the collapse of purchasing power of fiat currencies & the death of the bond markets.

The accuracy of this book is unbelievable. This mess all started in the USA at the beginning of the Vietnam war along with Lyndon Johnson's social programs, the so called, guns & butter policy. It didn't take Europe long to learn the way of the Americans & of course, Japan followed suit in the early 1990s. I believe that the US real estate bubble of 2003-2006 was manufactured by loose regulation of lending standards & negative real interest rates along with the corporate propaganda in encouraging people to borrow money to purchase houses & mass psychology. Mr Warburton predicted that this debt bubble would of burst around 1999-2003. I believe he was wrong in his timing only due to the real estate bubble & since 2008, the US federal government's hard-core abuse of fiscal policy.

I don't understand why more people did not recognise this bubble back in the 1990s. We have been misinformed & manipulated by central bankers, bankers, PR/Marketing gurus & politicians. There will be hard-core negative ramifications to this excessive debt accumulation, it's only a question of time. I do not care what Keynesian economists say, this is a predicament.

This book outlines all the events that have taken place, including corporate efficieny gains, interest rate movements, interest rate spreads, whether inflation is beneficial or not, the bloating of the credit markets, financial sophistication & miscalculation of risk, amongst others. A must read for those that are interested in this topic. Timing is illusive, however that which is unsustainable will not last & I can't see this can kicking down the road lasting any longer than 2023. Thank you Mr Warburton for your contribution to this field.
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