A new book by Harvard professor David Dorn, The Age of Insolvency: The Collapse of Financial Democracy and the Coming Collapse Of The United States, suggests the US is on the verge of a “new financial crisis” that could end up being worse than the financial crisis of 2008.
In his book, Dorn argues that the “age of inflation” is upon us and that a financial crisis could be far worse than anything that occurred in 2008.
He says that “in the next few decades, as interest rates and stock prices rise and fall, it is conceivable that the U.S. will have become a financial society without a government, without a currency, without central banks, and without a national currency.”
This is “a new financial crisis,” Dorn warns, “a crisis that will be a global crisis.”
The book’s title echoes the title of a popular book by economist Daniel Kahneman, The Thinking Person’s Guide to Success: The Power of Thinking.
In Kahneman’s work, a financial meltdown is defined as the collapse of confidence in financial markets, the collapse in prices, and the loss of trust in institutions that rely on financial markets.
The book was released last month by Penguin Random House.
It is available on Amazon.com, Apple iTunes, and other retailers.
In an interview with Business Insider, Dampier said he and his colleague, economist David Henderson, wrote The Age Of Inflation because they were frustrated by the lack of consensus on what the “financial crisis” was and how it could be averted.
The term “financial catastrophe” was first used by economist Robert Shiller in 2007, in his book The Curse of Super-Efficient Markets. “
We thought it would be useful to present a different perspective.”
The term “financial catastrophe” was first used by economist Robert Shiller in 2007, in his book The Curse of Super-Efficient Markets.
Dampers said he came up with the term “the age of inflation,” which is defined by the increase in interest rates in a financial system as a sign of the crisis.
“It is the time when the bubble bursts and the crisis ends,” Damps said.
Damps says the “collapse of confidence” in the financial markets was the most immediate and devastating consequence of the financial crises of 2008 and 2009.
Dampier also argues that a collapse of faith in financial institutions was a “fundamental factor” that led to the financial collapse of 2008, and it is “essential for a successful recovery.”
“The collapse of financial confidence has been a central cause of the global financial crisis and of the economic downturn,” he wrote.
“It has also had a devastating effect on the lives of tens of millions of people around the world.”
A new financial worldDampiers argues that this new financial system is “frighteningly familiar,” as “the financial institutions are the ones that are responsible for the vast majority of the fraud, the money laundering, the tax evasion, the drug trafficking, the human trafficking and the other crimes that have devastated societies around the globe.”
The United States is one of the most “fraudulent” financial systems on the planet, Damps claims.
He also cites the “global financial system” as a model of financial governance that can be copied by other countries.
Damps believes that a “collapsed” financial system could be a model for “a world without governments.”
He says the collapse could be devastating because it “could bring about a global financial catastrophe.”
“A collapse of trust would lead to a global depression,” Damping writes.
“The collapse could result in a global economic depression.
And that is exactly what happened in 2008.”