Beyond The Keynesian Endpoint: Crushed By Credit And Deceived By Debt — How To Revive The Global Economy

E-Book Overview

During the Great Depression, legendary British economist Keynes advocated using government money to fill the economic void until consumer spending and business investment recovered. But what happens when governments can't do that anymore? You've arrived at "The Keynesian Endpoint": when the money has run out before the economy has been rescued. That's where we are. Exhausted balance sheets leave policy makers with few viable options to bolster economic growth; increasingly, they point leaders and citizens towards brutal choices that were previously unimaginable. Meanwhile, investors struggle to navigate volatile markets overwhelmed by sovereign debt—and, as they do, they lose tolerance for fiscal recklessness.

 

In the U.S. and around the world, debt-fueled spending programs devised to cure the global financial crisis are now morphing into poison. In Beyond The Keynesian Endpoint, PIMCO Executive Vice President and market strategist Tony Crescenzi illuminates the mounting sovereign debt crisis, dissects each of the many scenarios now swirling around it, and reveals the profound implications for governments, investors, and the world economy.


E-Book Content

Beyond the Keynesian Endpoint: Crushed by Credit and Deceived by Debt— How to Revive the Global Economy Tony Crescenzi Vice President, Publisher: Tim Moore Associate Publisher and Director of Marketing: Amy Neidlinger Acquisitions Editor: Jeanne Glasser Editorial Assistant: Pamela Boland Senior Marketing Manager: Julie Phifer Assistant Marketing Manager: Megan Graue Cover Designer: Chuti Prasertsith Managing Editor: Kristy Hart Senior Project Editor: Lori Lyons Copy Editor: Language Logistics, LLC Proofreader: Apostrophe Editing Services Indexer: Lisa Stumpf Senior Compositor: Gloria Schurick Manufacturing Buyer: Dan Uhrig © 2012 by Tony Crescenzi Pearson Education, Inc. Publishing as FT Press Upper Saddle River, New Jersey 07458 This book is sold with the understanding that neither the author nor the publisher is engaged in rendering legal, accounting, or other professional services or advice by publishing this book. Each individual situation is unique. Thus, if legal or financial advice or other expert assistance is required in a specific situation, the services of a competent professional should be sought to ensure that the situation has been evaluated carefully and appropriately. The author and the publisher disclaim any liability, loss, or risk resulting directly or indirectly, from the use or application of any of the contents of this book. The views contained herein are the authors but not necessarily those of PIMCO. Such opinions are subject to change without notice. This publication has been distributed for educational purposes only and should not be considered as investment advice or a recommendation of any particular security, strategy or investment product. Information contained herein has been obtained from sources believed to be reliable, but not guaranteed. Nothing contained herein is intended to constitute accounting, legal, tax, securities, or investment advice, nor an opinion regarding the appropriateness of any investment, nor a solicitation of any type. This publication contains a general discussion of economic theory and the investment market place; readers should be aware that all investments carry risk and may lose value. The information contained herein should not be acted upon without obtaining specific accounting, legal, tax, and investment advice from a licensed professional. FT Press offers excellent discounts on this book when ordered in quantity for bulk purchases or special sales. For more information, please contact U.S. Corporate and Government Sales, 1-800-382-3419,
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