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Endless Money: The Moral Hazards of Socialism

ISBN: 978-0-470-47615-4
417 pages
November 2009
Endless Money: The Moral Hazards of Socialism  (047047615X) cover image

A detailed look at how, and why, the American financial system has reached its current state

Today'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 contacts

Insightful 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.

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Foreword.

Introduction.

Part 1: The Calm Before The Storm.

Chapter 1 Unknown Unknowns.

Chapter 2 Wings of Wax.

Part 2: Endless Money.

Chapter 3 The Rise & Fall of Hard Money.

Chapter 4 Flat-Earth Economics.

Chapter 5 Spitting into the Wind.

Chapter 6 Moral Hazard.

Part 3: Faux Class Warfare.

Chapter 7 The Rich are Different from You and Me.

Chapter 8 Sharecroppers.

Part 4: Assuming Power.

Chapter 9 The Heart of the Financial System.

Chapter 10 A Return to Malaise.

Chapter 11 Democracy: The Achilles' Heel of Capitalism?

Part 5: Socialism – Roman Style!

Chapter 12 From the Golden Era to Totalitarianism.

Chapter 13 Other Perspectives.

Part 6: The Obsolescence of Character.

Chapter 14 Bending to the Modern World.

Chapter 15 Self-Indulgence.

Chapter 16 The New Commandments.

Part 7: The Future.

Chapter 17 Elephants in the Room.

Chapter 18 The Elephant Killer – Gold.

Chapter 19 America Invicta.

Epilogue.

Notes.

About the Author.

Index.

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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.

Visit www.readendless.com

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November 12, 2009
Endless Money

The meltdown of the financial sector in 2008 took the world by surprise. Yet credit crises have been part of the human experience since before the birth of Christ. Even in the best times of the Roman Republic, a span of about two centuries, there were about a half-dozen credit crises. However, unlike ancient times, the sharp line of demarcation between money and credit has practically dissolved. With currency created at the click of a mouse—or produced in quantity when a central bank credits its balance sheet in exchange for government debt, mortgages, or the equally formless currency of other nations—an era of endless money was born.

In his new book ENDLESS MONEY (Wiley; November 2009; $29.95; 978-0470-47615-4; Hardcover) William Baker—a financial professional with more than 25 years of experience in investment research and equity portfolio management— examines how the U.S. government and the country's financial systems have embraced socialism, specifically, the socialization of income and credit—and why this is so dangerous.

In addition to discussing why today's economy and capital markets are facing the long-term buildup of public and private credit, this book:

  • Highlights how the combination of a centrally managed fiat currency system and a tax code that confiscates earned income, rather than mildly taxing changes in wealth, could produce a knockout punch to entrepreneurship and our society
  • 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
  • Addresses the disturbing fact that individual character has given way to the state's taking over responsibility for indiscretions—financial or otherwise

Baker sees the crisis as an opportunity for self inspection and growth. “Although we have veered far off the course that our founding fathers set for us,” Baker says, “the financial crisis begun in 2008 may contain pressures that should be sufficient to trigger a reexamination of our banking sector and the powers granted to government over the last hundred years or so in a way that is much more deeply fundamental than anything currently under consideration.”

Insightful and informative, Endless Money puts our current economic condition in perspective and describes what we can do to get back on the right track.

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Endless Money: The Moral Hazards of Socialism (US $29.95)

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