Publisher Description
Americans as a whole view themselves as reasonably prudent and sober people when it comes to matters of money, even though the choices we make at the ballot box and in Washington seem at odds with that self image. Yet Americans as a community also seem to believe that we are entitled to a lifestyle that is well-beyond our current income, a tendency that goes back to the earliest days of the United States. Inflated examines this apparent conflict and makes the argument that such a way of life is so instilled in us that to expect the US to live in a “deflated” world is simply unrealistic. The fact of the dollars role as the means of exchange for the entire world since the middle of the 20th Century and the short-term benefits for our trading partners of deficit spending in the US have encouraged Americas tendency to demand immediate gratification of national wants and needs. No program is too large, no need too great to go unfulfilled by Americas political class and funded by the global investor community, even as the competitive position of the US in many industries has waned. The gradual result of poor decisions taken today by our national leaders must inevitably be inflation, loss of economic opportunity, and a decline in the value of the dollar. This book seeks to tell the story of inflation and public debt as enduring (and perhaps endearing) features of the American story, rather than something we can one day overcome. If our answer throughout history, from taming the frontier in the 1800s to fighting poverty in the 1970s, has been to print more money and go deeper into debt, why on earth would we think now is any different? Or that we could consider alternatives — going back to the gold standard — as real options? Featuring interviews with todays top leaders, like Paul Volcker and Ben Bernanke insiders, this book will offer a glimpse into the future of the FED and the role it will play in the coming years, as well as what the future holds for the value of the US dollar.
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